KTO co-operation with venture capitalists how to design effectively?

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1 Knowledge Transfer Stakeholder Forum IU21KT Study Brussels, 13 February 2014 KTO co-operation with venture capitalists how to design effectively? James Burnham Venture capital consultant A study on behalf of the European Commission

2 The European Venture Landscape Still tiny as an asset class at best no more than 5 billion per annum VC Managers are highly heterogeneous making it difficult to draw conclusions from statistics Fragmented on regional lines both in terms of investment activity and capital raised Overall performance as an asset class is uncompetitive KT Stakeholder Forum Brussels, 13/2/2014 2

3 Investment trends in European Venture Capital Funds 45% Academic inst. / Endowments / Founda 40% 35% 30% 25% 20% 15% 10% 5% 0% Banks Capital markets Corporate investors Family offices & Private individuals Fund of funds & Other asset managers Government agencies Insurance companies Pension funds Sovereign wealth funds billion New funds raised (excluding capital gains) Source: EVCA / PEREP_Analytics KT Stakeholder Forum Brussels, 13/2/2014 3

4 Mainstream European VC struggles to compete for investors European Middle Market Buyouts (Country Focused) US Middle Market Buyouts ($500m - $2.5bn) Growth Capital Funds European Middle Market Buyouts (Pan-European) US Small Market Buyouts (< $500m) Asian Country Focused Funds Restructuring Funds Distressed Debt Funds Infrastructure Funds Pan-Asian Funds Energy Funds Mezzanine / Credit-Focused Funds Secondary Funds Cleantech / Green-Focused Funds US Large Buyouts ($2.5-5bn) US Venture Capital Emerging Markets (ex-asia) Mega Buyout Funds (>$5bn) European / Israeli Venture Capital Other Niche Sectors Timber Funds KT Stakeholder Forum Brussels, 13/2/2014 4

5 A traditional analysis of VC activity does not capture a shift in behaviour Venture Capital Investment by Sector (2011) 0.21% Agriculture 3.82% 2.74% 2.08% Business & industrial products Business & industrial services Chemicals & materials 17.64% 17.79% Communications Computer & consumer electronics 0.51% Construction 4.51% 3.26% Consumer goods & retail Consumer services 11.38% Energy & environment 2.81% Financial services 31.09% Life sciences 0.33% 1.24% 0.58% Real estate Transportation Unclassified 30% 25% 20% 15% 10% 5% 0% Source: EVCA / PEREP Analytics KT Stakeholder Forum Brussels, 13/2/2014 5

6 European VC investment activity is changing to respond to investor and company demands Users (M) 450 (b) 400 (a) (c) (b) 150 (a) 100 (a) (b) (b) 50 (b) 0 0 0,5 1 1,5 2 2,5 3 3,5 4 4,5 5 Years post launch (b) (b) (a) (b) Registered users; (b) Unique visitors; (c) Monthly active users Source: Atomico KT Stakeholder Forum Brussels, 13/2/2014 6

7 VCs attracting institutional capital have a rocket fuel mentality for companies A few go up Many do not KT Stakeholder Forum Brussels, 13/2/2014 7

8 VC success may look more like King and less Cambridge Silicon Radio Developers of Candy Crush Saga Founded August 2003 First VC round 2005 (Apax, Index approximately $50 million) Potential IPO in 2014 of 3 billion on Nasdaq Founded in 1998 to commercialise single chip technology for Bluetooth First VC round in April 1999 ( 6 million Amadeus, Gilde, 3i followed by Intel + corporates) IPO LSE in 2004 Potential IPO in 2014 of 3 billion on Nasdaq KT Stakeholder Forum Brussels, 13/2/2014 8

9 VC Activity in Europe is still regional 210m Non-European private equity firms investing in portfolio companies in Europe 369m European private equity firms investing in portfolio companies outside Europe 610m Cross-border investments within Europe 2,365m Domestic investments in European countries Source: EVCA / PEREP_Analytics KT Stakeholder Forum Brussels, 13/2/2014 9

10 What about corporate venture capital? Source: EVCA / PEREP_Analytics KT Stakeholder Forum Brussels, 13/2/

11 Do spin offs actually suffer from a lack of capital (1)? Source: Policies in support of High Growth Innovative Enterprises 2013, Empirica KT Stakeholder Forum Brussels, 13/2/

12 Do spin offs actually suffer from a lack of capital (2)? Perceived Barriers for HGIE Growth Source: Policies in support of High Growth Innovative Enterprises 2013, Empirica KT Stakeholder Forum Brussels, 13/2/

13 The role of specialist PRO/University seed funds Used to fill the equity gap. But overall performance is difficult to judge Recent study shows that portfolio companies attract more follow on capital but poorer at exits study raises more questions than it answers Most interesting/replicable funding vehicles manage to blend a level of private sector finance with public capital + university endowment(s) and are attached to a university/group of universities (e.g UMIP in Manchester U.K, Rock Spring Ventures(?) All will require the creation of new company with legal personality *Source: FROM THE LAB TO THE STOCK MARKET? AN ANALYSIS OF THE IMPACT OF UNIVERSITY-ORIENTED SEED FUNDS IN EUROPE, Federico Munari*, Martina Pasquini, and Laura Toschi, University of Bologna KT Stakeholder Forum Brussels, 13/2/

14 VC fund managers may invest in later stages: even VC seed financing is in relatively mature companies KT Stakeholder Forum Brussels, 13/2/

15 VCs invest (in many cases) via established networks KT Stakeholder Forum Brussels, 13/2/

16 Due diligence takes time.. Source: Triangle Ventures KT Stakeholder Forum Brussels, 13/2/

17 In summary VC funding is scarce and in many cases not suitable for TT/KTO activity There are opportunities for VCs with the right skill set but investment in VC funds will not be from traditional sources KTOs themselves may be better placed to establish commercially orientated seed funds and seek out coinvestments from investment clubs/networks Building relationships with funds takes time KTOs can plug into existing VC deal flow networks KT Stakeholder Forum Brussels, 13/2/

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