The history and achievements of the Israeli VC industry

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1 The history and achievements of the Israeli VC industry Yigal Erlich YOZMA July 2014

2 Introduction Yigal Erlich Former Chief Scientist of Israel s Ministry of Industry, Trade and Labor Established the Technological Incubators Industryin Israel Founder & Manager of Israel s anchor VC, Yozma Seed investor & active board member in technological startups such as Biosense (acquired by J&J for $430M); Conduit (value: $1.35B) and Radiancy (traded in Nasdaq with market cap of $340M). Chairman of Hadasit, TTO of Hadassah hospital; HBL traded on TASE. Consultant to governments and VC on Private Public Partnerships and investments (Russia, EEC, Canada, Portugal, New Zealand, Greece..).

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5 Israel on WEF Rankings World Economic Forum Global Competitiveness Index Quality of scientific research institutions Venture capital availability Additional Sources: World Economic Forum Global Competitiveness Index

6 some R&D indicators (2011 %) R&D expenditure from GDP: 4 (~$10b) 3.9 Israel OECD US Korea R&D performed, of total national expenditure(by business sector) NATIONAL EXPENDITURE ON R&D, BY FINANCING sectors: Business Funds from abroad Government 12.2(4) OECD 2011

7 Ingredients for Success Mixture of knowledge, innovation and entrepreneurship High quality of human resources Entrepreneurial culture Commercialization i of Research (TTO s) Strong presence of major global technology companies Critical mass: capital, investors, VC funds, start ups Modern legal and financial infrastructure Government support: incentive plans, tax benefits

8 Israel VC DNA Drivers of Entrepreneurship and Innovation Going global from inception Must-win attitude, Tolerance of failure Question everything, Knock on any door Using limited resources cost effectively Solution-driven approach to real problems Short history past is not a constraint Chutzpah h Team Ambitious Persistent Improvisation i Creative Capable Family Competitive Integrity Personal Example Communicative Education Friendship Innovative Challenging Vision Action Driven Courage Experimental Out of the box Hard Working Informal Non-Conventional Forward Independent-thinking

9 Innovation Value Chain Private Equity IP value High Risk/ Uncertain Return Gov. Support Low Risk/ High Return PPP s Basic Research RTD&I Growth Sales and profit

10 The R&D Fund 2012 budget is ~ $300M. The R&D Fund is the main instrument of The R&D Law. It gives grants to Approved R&D Projects Grants are from 20 to 50 percent of the total approved R&D expenditures. Companies pay royalties (3-5%) when a granted R&D project is commercially successful up to the amount of the grant plus interest

11 Venture Capital Management Company VC raises money from financial investors (& institutional investors) Invest it and expect to realize capital gains. VC provides equity based capital to fund technology companies. VCs invest in one or all stages (seed to mez/lbo) and with or without tech./market focus VCs take an active role in building the company, do not want to control Ready to take Risk Seek to invest in Management more than in Technology Expect high return on investment (IRR>20%) Yozma Proprietary

12 Startup Sources Repatriate Israelis Defense Corporations Startup Sources Spin offs Universities New Immigrants R&D centers Yozma Proprietary

13 Yozma I Venture Capital ( ) Mission: To create a venture capital market in Israel Policy: Establish a $100M Government investment company. Create professionally managed Funds. Entice VC investments in Israeli early stage companies: (i) create and invest in new VC funds together with experienced partners (from abroad). (ii) make direct investments in startup companies together with professional investors. Yozma Proprietary

14 The Government as a Catalyst Market Failure Government Intervention 1993 Establishment of Yozma Return>$100M 1997 Government Exits Yozma Privatized Problem Solved Yozma Proprietary

15 Yozma III IRR IRR on Investments t 26% IRR on Conduit 107%

16 The Israeli VC Ecosystem Startups New, Closed, Net # 10 Year Total New: 7,027, Closed: 2,882, Net: 4, Internet 41% of Established Established Closed Net Source: IVC Research Center

17 Israel VC Ecosystem VC Investments by Sector 100% 0% Internet is Growing Other Cleantech Semiconductors Internet 20 Life Si Sciences Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/ Communications Software ware Soft Source: IVC Research Center

18 Israel VC Value Creation Select Companies Expected to Reach $1b plus Valuation Internet et IT/SW Communications o Semiconductors Life Science Cleantech

19 Investments in Israeli Startups Year Record $b Year Total: $17b Israeli VC Funds: 35% of total, 2013: 22% Increased activity by foreign investors % 51% 60% 61% 62% 71% 74% 78% 82% 63% 63% 0 45% 49% 40% 39% 38% 37% 37% 29% 26% 22% 18% E Israeli VC funds Foreign & Other Source: IVC Research Center

20 Type Source of Capital Select Foreign Investors in Israeli Startups Increased Activities and Presence Exposure/Mode of Operation Select Investors VC Funds Israeldedicated funds Domestic team Usually co-invest with Israeli funds Sequoia Israel, Greylock Israel, Orbimed Israel, DFJ Tel Aviv, Credit Agricole VC Funds Allocation from main fund Israel is part of investment strategy Most have domestic presence Usually co- invest with Israeli funds Index, Bessemer, Accel, Highland, Battery, Lightspeed, HarbourVest, Canaan, Benchmark, Norwest, USVP, Crescent, SVB, Kima Ventures, Paul Capital, Kreos Capital, Blumberg Capital, Horizon Ventures, Fortrers, Mangrove VC Funds P/E Funds Allocation from main fund Opportunistic approach No domestic presence Usually co-invest in Rounds B, C or later stage with Israeli funds Kleiner Perkins, New Leaf, NEA, Matrix, Mayfield, Opus, MPM, Storm, Charles River, RHO, JK&B, DAG, Globespan, Soffinova, Andresseen Horowitz, Union Square, Atlantic, ta tc,sotba Softbank,,Coller Capital, Silver Lake, Goldman Sachs, JP Morgan, Vector, Apax, Francisco Partners, Susquehanna, Amadeus Source: IVC Research Center Intel Capital, Motorola Ventures, ABB Ventures, Si t l Si T V t GE S J&J

21 Source: IVC Research Center Select Multinationals l Presence in Israel Actively Seeking Technology Innovation

22 The Israeli VC Ecosystem Exits 10 Year Total: $51b M&As: $47b, 93% of Total VC Backed: $22b, 43% of Total $b # M&As VC-backed M&As No. of M&As No. VC-backed M&As includes acquisitions of Mercury by HP $4.5b, and M- Systems by SanDisk $1.6b 2012 includes Cisco acquisition of NDS $5b Source: IVC Research Center

23 Select Multinationals Success Stories in Israel 7,700 employees, first R&D center outside the US, currently 4 R&D centers, 2 manufacturing facilities. Developed: Pentuim, Centrino, Core 2 Duo, acquisitions: $2b, investment $7.3b, growing 800 employees, R&D strategic centers, first R&D center outside US, acquisitions over $700m in , Azure accelerator: 1 of 3 global innovation centers for startups, growing 400 employees, 2 R&D centers, 1 of 3 global support center for startups and growing (just bought Wase for $1bil) 500 employees, first R&D center outside US, first acquisition: $390m, Anobit, today: 3 R&D Centers and growing 400 employees, 4 R&D centers, support center for startups, acquisitions more than $1b, growing (just bought Trusteer for $800M) 1,000 employees, 2 R&D centers, acquisitions: $835m. 3/ MassChallenge, startups ecosystem, first and only program outside of Boston, growing (bought ExtrimIO for $435M in 2012) Source: IVC Research Center

24 Israel VC Performance Global recognition as a leading innovative technology center, 2 nd only to the Silicon Valley $26 billion invested in the VC sector $15 billion raised by Israeli VC funds More than 6,500 startups established M&A: $50 billion, IPO: $4 billion raised NASDAQ: 100 Israeli high tech companies are listed Human capital emerged as Israel s main resource The economy growth engine VC the Accelerator of the High-Tech Industry Innovation and Growth Source: IVC Research Center

25 THANK YOU 25

26 Human Capital Resources High quality academic institutions 8,000 engineers graduating annually exposure to large defense R&D projects skilled labor force, immigration entrepreneurial culture serial entrepreneurs exposure to managerial culture and methodologies of multinationals 150 Engineers Per 10,000 Employees Israel US Japan Netherl. Switzerl. Canada Taiwan UK S. Korea Iceland Singap. 5 nobel prize winners in science in recent years

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