Entrepreneurship and the Ecosystem

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1 Entrepreneurship and the Ecosystem The Success of the Mittelstand and the Role of Education, R&D Centers and Government What was successful in Germany Friedrich Bornikoel, Managing Partner Workshop HR for Innovative Businesses, Tomsk, May 25, 2011

2 Entrepreneurs need a best-in-class ecosystem ı Andreas von Bechtolsheim: German entrepreneur who decided to start his company Sun Microsystems in Silicon Valley In the early Eighties: ı Andreas von Bechtolsheim was still entrepreneur looking for funding at that time ı The German Federal Minister of Technology made him an offer for a personal grant of > DM1.0M as a start, and full support of his new company, in case he would start Sun Microsystems in Germany ı He declined: California is the best place to start an IT company Venture Capital, pool of IT talent, access to US market Note: Later Andreas von Bechtolsheim was the first angel investor in Google Experienced successful entrepreneurs help young entrepreneurs - 2 -

3 Agenda ı The golden Sixties The creation of the strong German Mittelstand The strength of the multi-tier educational system Providing besttrained personnel on all levels A good foundation ı The drought in the Seventies: Oil crisis, focus on nuclear power, lifetime employment Not worth mentioning ı The Eighties: New R&D policy, laying the foundation for becoming a world champion in export Creation of critical mass in future technologies, new R&D institutes Support by dedicated Mittelstand government programs The ecosystem for turning Mittelstand companies into the Hidden Champions ı The transformation of the R&D ecosystem Fraunhofer Society, Max Planck, Helmholtz, Steinbeis, universities Closer cooperation between R&D centers and industry Extended R&D work bench for Mittelstand Training on the job of scientists and engineers Technical roadmaps, industrial processes, project management - 3 -

4 The German multi-tier education system A perfect basis to create a strong Mittelstand in the Sixties ı Universities Focus on theory, but deep collaboration with industry in engineering, medicine, and chemistry RWTH Aachen, University of Karlsruhe, Technical University Munich, University of Cologne Overarching curriculum including adjacent disciplines Mechanical engineers need deep knowledge about robotics, sensors and electronics, high power electricity, and drives ı Universities of Applied Sciences Fachhochschulen Less theoretical, very much application focused, strong interaction with industry Degree: Diplom-Ingenieur/Fachhochschule ı Tiered vocational training: Industry plus public schools Meister (certified master craftsman): Permit to run a business, and to educate the next generation A German speciality! Industry: Very deep practical education on the job, minimum three years Public schools for theoretical education ( Berufsschulen ) - 4 -

5 The classic approach of the Hidden Champions The German champions in export ı Great read: Hermann Simon, Hidden Champions of the 21st Century ı Approach: Basic invention, technology leadership, plus focus on new, fast growing niche markets ı Examples of world class Mittelstand companies Viessmann: Oil heating systems Kärcher: High pressure water beam cleaning systems Trumpf: Laser cutting Endress & Hauser: Measurement & control systems in the food industry Baader: Equipment for automated fish filet cutting Krones: Inventor of the metal cap for bottles Bottling machines Grenzebach: Glass handling systems, and robots (Kuka) Kathrein: Modern antennas Liebherr: Cranes Testo: Thermo cameras Hilti: Impact drilling machines for concrete Dürr: Painting machines for automotive FINANCING: Out of own cash flow Plus bank loans

6 The Hidden Champion company profile ı Clear market leaders: Hidden Champions are either among the top 3 worldwide (65% of the pool), or No 1 in EU (78% of the pool) ı Technology leaders which dominate their markets ı Market share > 2X of next competitor ı But these are not household brand names: ~90% are unknown to the broader public ı Size of the Hidden Champions by revenues: 5%: > 3.0B 18%: > 500M 30%: M 27%: M ı The vast majority, > 1,000 companies, of Hidden Champions are in Germany (D), plus ~150 in Austria (A) and Switzerland (CH) and Northern Italy ı The Hidden Champions in EU generate revenues of on average 300M per year per company, and ~ 500B per year in total ı ~35% of pool is differentiated by embedded IT/ technology products ı Very export driven: Average export ratio of revenues ~60% ı With strong balance sheets: Average equity ratio ~41% ı Highly profitable: Average Return on Equity before tax 13.6% ı They excel in growth: CAGR over the last ten years of 8.8% p.a., with the new 1B companies of the last decade achieving 11% p.a

7 Examples of German government initiatives that have benefited the Mittelstand ı 1970: Mittelstand initiative started by Federal Minister of Technology A brand of German R&D policy (Master mind: Dr. Uwe Thomas) ı A series of new government programs: On average >> 100M p.a. for each program Robots, CNC machines Semiconductors Special program for application of (embedded) microelectronics Program targeted at Mittelstand companies Microperipheric/ microsystems technology (mission critical components: Smart sensors, actuators, semiconductor power devices, chip card) Photovoltaic Laser Wind energy ı Change of the financial model of R&D centers over time triggering close collaboration of universities and institutes (Fraunhofer, Helmholtz, Max Planck) with the technology industry as an extended work bench The process took two decades, but first results were achieved within 5 years - 7 -

8 Examples of German government initiatives that have benefited the Mittelstand (2) ı : Special program to promote use of microelectronics in products of German Mittelstand companies Sonderprogramm Anwendung der Mikroelektronik Objective: New products with embedded microelectronics inside on every booth of Mittelstand companies at Hanover Fair Total volume DM450M, which in today s value is approximately 1B ($1.4B) R&D grants, covering 40% of cost of development of new industrial products Co-financing triggered a total investment of DM1.0B in more than 2,400 projects at 1,700 Mittelstand companies over 3 years, resulting in 2,200 successful products - 8 -

9 Examples of German government initiatives that have benefited the Mittelstand (3) ı 1985 till today: Program of Federal Minister of Technology: Grants to sponsor R&D in intelligent key components for industrial products Mikrosystemtechnik First program called Mikroperipherik ( ) with total volume of grants ~DM400M for first four years, which in today s value is approximately 900M ($1.3B) R&D grants: Standard terms 50% of cost for industry, 100% of cost for R&D centers Objective: Leading position in key components: Intelligent sensors (fiber optical), smart Field Effect Transistors (FETs), chemical sensors FETs, fiber gyros, semiconductor power devices, power FETs for automotive, chipcard First major joint programs of industry and R&D centers (Fraunhofer, universities) Follow-on program renamed in Mikrosystemtechnik => Equipment for packaged food, and intralogistics/ automated warehousing, handling, and distribution - 9 -

10 How does the system work Some insights ı Focus on post-graduate education of engineers with a balance between Deep technology/ technical know-how and Broad business and management skills - on all levels!!! ı Post-graduate education at university institutes, but also very much at R&D centers in Fraunhofer, Max-Planck, Helmholtz ı Government programs: Co-financing/ financing of projects Very demanding, rigid review by peer group Financing new labs with a world class pool of equipment ı Training on the job in R&D projects sponsored by government and industry Project management: Application, finance, team, lab infrastructure, certification Focus on most advanced technology topics Knowledge about state of the art Collaboration with industry: Deep knowledge about technical roadmaps, industrial processes, product relevant cost structures, and supply chains

11 Transformation of business model of R&D centers Some principles of implementation ı Dual assignment of top professors: Full professor, head of university unit: Lehrstuhl / institute Head and CEO of e.g. Fraunhofer Institute Returning expatriates educated at top US universities ı Top professors A network of top consultants for government and industry ı Change of the financial model over time A period of 3 to 5 years, sometimes longer (Dr. Heinz Keller, President of Fraunhofer Society, ) High incentive for industry collaborations Multi-tier budget Base budget: 100% from government floating with industry quota Government programs: 100% grants for labs, and basic research Support of collaboration: Up to 50% grants by government R&D contracts from industry: 100% from industry

12 Transformation of business model of R&D centers ı Objectives: Creating the technology base and skills in new future fields Robots, laser technology and application, photovoltaic, wind Key components: Sensors, power devices ı Creation of many new institutes: million investments in labs and teams Examples: Fraunhofer IAF (new focus): Fraunhofer ISE: Fraunhofer IZM: Fraunhofer IMS: Fraunhofer IPK/ Uni Berlin: Fraunhofer IPA: TU Stuttgart: Prof. A. Götzberger Integrated optics, chips Prof. A. Götzberger The godfather of the German photovoltaic industry Prof. H. Reichl Chip packaging, sensors, nano, quality Prof. G. Zimmer Elmos: Chips for automotive applications, > 1,000 employees Prof. G. Spur The godfather of robotics 300 employees at university engineers at Fraunhofer Institute Prof. H.-J. Warnecke/ Prof. H.-J. Bullinger Industrial automation Prof. E. Lüder IC for watches, and clocks, LCD

13 Transformation of business model of R&D centers Started in the Seventies Results: ı Close cooperation between universities and R&D centers Opening the ivory tower resulting in full exploitation of R&D results for industrial use Example: Max Planck, Munich-Martinsried, a successful biotech cluster ı Today all R&D institutes and universities are following the basic model ı A fully functioning extended work bench for the industry ı Contract R&D Very important for Mittelstand, but also used by big corporations ı A functioning platform for training on the job of excellent engineers in State of the art applications Industrial processes Creation of leading products Certification requirements Project management

14 Successful entrepreneurs What do they need? ı Entrepreneurs become entrepreneurial, if there is a well understood, big opportunity A new or fast changing market A first of its kind approach ı Clusters are a better place to start Most successful in EU: Cambridge, Baden-Württemberg ı Very demanding customers, nearby A necessity for gaining excellence ı A clear position in a functioning value chain ı Most of the founders in the industrial sector are engineers or scientists!!! ı Experienced management belonging to the peer group of future customers ı A team of excellence Access to an attractive pool of excellent people ı Mentors/ board/ investors Coaching and network ı Financing ı A stable, reliable business environment and legal system

15 Thank you. Munich Boston

16 Annex ı Fraunhofer Society - History: ı Fraunhofer IAF: ı Fraunhofer ISE: ı Fraunhofer IZM: ı Fraunhofer IMS: ı Fraunhofer IPK: ı Fraunhofer IPA: ı TU Stuttgart: ı Prof. H. Reichl: ı Prof. D. Seitzer:

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