EIF Technology Transfer Activities JRC Round Table Brussels, 11 April 2013 Marc Schublin 1
A few key facts about EIF We ve already supported over 1 Million SMEs 1994 founded and started providing venture capital to European businesses in 1997 2000 Majority owned by the European Investment Bank (EIB) Shareholders 62% EIB, 30% EC, 24 public and private financial institutions holding the remaining 8% AAA-rated We re AAA-rated by all major rating agencies, with a strong capital base 2
Resources We manage resources from different stakeholders European Investment Bank Risk Capital Mandate (RCM) EUR 5bn Mezzanine Facility for Growth (MFG) EUR 1bn European Commission Competitiveness and Innovation Framework Progr. (CIP) EUR 1bn allocated to equity and guarantees Risk-Sharing Instrument (RSI) EUR 120m Progress Microfinance EUR 200m National & Regional Funds 20 European and regional Funds-of-Funds including Germany, Portugal, Spain, Turkey, UK 14 Holding Funds supported by structural funds EUR 1.3bn 3
Counterparts We work with a wide range of counterparts to support SMEs Fund providers and Mandators European Investment Bank European Commission Member States Managing Authorities Funds of Funds Corporates/private Public institutes Intermediaries and counterparts Commercial Banks Development & Promotional Banks Guarantee Institutions Leasing Companies Fund Managers Microfinance Institutions microenterprises, SMEs and small mid-caps 4
Impact Over 1 Million SMEs supported in 30 different countries. EUR 11.7bn in equity and guarantees commitments have mobilised over EUR 60bn from partner banks, investors and other market players. Broad European coverage, - 20 Funds-of-Funds/Holding funds, - 400 Venture and Growth Capital Funds, - 150 banks, guarantee and promotional institutions 5
Helping businesses at every stage Public Stock Markets Portfolio Guarantees & Credit Enhancement Formal VC Funds & Mezzanine Funds VC Seed & Early Stage Microcredit Business Angels, Technology Transfer PRE-SEED PHASE SEED PHASE START-UP PHASE EMERGING GROWTH DEVELOPMENT SME Development Stages HIGHER RISK LOWER RISK 6
Research Commercialization and TT Based on innovative High Tech Partnering with Research Projects and IP licensing Spin-out funds Business incubation and acceleration Development of innovative businesses Bases on innovative ideas and business models Incubators Accelerators With Business Angels 7
EIF TT Transactions Research commercialisation / TT Business Creation and Acceleration Sweden: Karolinska Development UK: Cancer Research Technology Sweden: Chalmers Innovation Latvia: Imprimatur Capital, Seed and VC fund UK: UMIP Premier Fund Lithuania: Strata/Mes Business Angel Co-investment fund UK: IP venture fund UK Lithuania: Practica Incubator and follow-on fund Belgium KU Leuven CD3 Belgium: NausecaBusiness Angel fund 3T (Telecoms Institutes) Bulgaria : Eleven Start-up accelerator Start-up accelerators Bulgaria : LaunchUp Start-up accelerator France: Inria IT2: Digital technologies Elaia (Applied Maths ENS, Dauphine, Collège de F, X) Greece: Openfund, Seed Fund Greece: Piräus Fund, Seed Fund 8
Selected EIF Transactions: Research Commercialization and TT Manager Embedded in University Operation Fund size (meur) EIF invest (meur) Spinouts Licensing IP Single Research centers Multiple Research center Proof-of- Concept Funding Location Chalmers Innovation Seed Fund 17 9 v v v Sweden Karolinska Development 36 27 v v v v Sweden Louvain Vives I v v Belgium Louvain Vives II 43 15 v v v Belgium Leuven CD3 I (Centre for Drug design) Leuven CD3 II (Centre for Drug design) 8 4 v v v v Belgium 16 8 v v v v Belgium External Manchester UMIP Premier Fund 38 11 v v v UK IP Venture Fund I 37 18 v v v UK TT Fund 30 v v v UK T-Source v v v France Demeter Cleantech seed fund 35 15 v v v France Elaia Alpha fund 45 20 v v v France Rockspring 31 10 v v v UK CRT 30 15 v v v v UK 9
Selected Transactions: Business incubation and acceleration Operation Fund size (meur) Business Angel Incubator Accelerator Seed Fund Follow-on Funding Institution Building/Developing market Country Strata/Mes 8 v v Lithuania Imprimatur 12 v v v Latvia Nauseca 18 v Belgium Practica 11 v v v v Lithuania Eleven 11 v v v v Bulgaria Lauchub 9 v v v v Bulgaria Openfund 10 v v Greece Piraeus 14 v v Greece 10
IP markets 11
Key features of Proof of Concept European Investment Facility (not a subsidy programme) Imperative of commercialisation: industry/investment community involved from the earliest stages Rigorous governance: professional, independent decision-making at every step Legal robustness, simple, cost-effective 12
Knowledge Transfer Strategic Partnership Partners Operates as an efficient, open working group to jointly review Knowledge Transfer markets and design financial instruments. Meetings every two months include other institutions ( EC, Brueghel, Canadian, Danish, UK Patent Offices, private sector specialists etc.) EIB Group and public long-term financial institutions from EU Member States Current joint work on POC Patent Facility EU Intellectual Property infrastructures EIBURS University of Bologna Knowledge Transfer Study 13
EIF Challenges Find the appropriate counterpart (linked with University) Small amounts, legal framework, time spent High added-value! Contribute to a system Get 2014 2020 EU Funding! 14