Transcript Nationella Verifieringsprogrammet

How Can We Become More
Successful in Fostering Early
Stage Ventures?
Kjell-Håkan Närfelt
Chief Strategy Officer, VINNOVA
[email protected]
First some words on
VINNOVA…
VINNOVA is
Sweden’s
Innovation Agency
2015-07-18
Bild 3
2
BY COUNTY WITH
TOP 25 RECIPIENTS
billion SEK were invested in
Swedish R&D 2009 by VINNOVA
500250-500
200-250
150-200
125-150
100-125
75-100
50-75
20-50
0-20
(mkr)
BY SECTOR
1807
R&D projects
received funding
614
of these
involved SME’s
2015-07-18
Bild 4
Public R&D-funding in Sweden per receiving
body (budgets 2008)
Swedish GDP 3 220 bn SEK
Ministry of Education
and Research
Universities
Swedish
Science
Council
Public R&D funding: 0.84 % of GDP = 27.1 bn SEK
Min. of
Environment
Min. of
Health &
Social
Affairs
Formas
FAS
Ministry of Enterprise,
Energy and Communications
VINNOVA
Energy
Agency
Space
Other
Public
Defence
Civilian
reseach
Agencies
Agencies foundations
12 bn SEK 3.6 bn SEK 0.7 bn SEK 0.3 bn SEK 1.8 bn SEK 0.9 bn SEK 0.8 bn SEK 2.8 bn SEK 1.5 bn SEK 1.5 bn SEK
42%
13 %
3%
1%
Mainly curiosity driven
7%
3%
Mainly needs driven
3%
7%
6%
11 %
Sustainable society
Competitiveness of Swedish industry
Improved innovation capabilities
Sweden 2020
Challenge-led
innovation and growth
Sustainable and
attractive cities
Health and
wellness of citizens
Competitive
production in
industry and public
sector
Information
Society 3.0
Production
Health
Environment
ICT
Strategy areas
Swedish Innovation System
Policy
Services
Transport
The Support System for
Commercialisation
New companies
VINNOVA
Create and
Verify
Innovationsbron
Launch and
establish
Market exploitation
intensive
R&Dintensive
Improve and
renew
Grow and
Expand
Venture Cap, e.g.Industrifonden
Established firms
Investment & Utilization of
research and innovation (R&I)
Effective
cooperation
Universities
projects
Coaching
Public
sector
Industry
Research
institutes
R&I projects
for growth
INNOVATIVE
STRENGTH
Participation in
Intl cooperation
Intermediaries
Benchmarking
Catalyzing
meeting places
Strategy
processes
Policy
development
2015-07-18
Innovation
capacity
SMEs
Verification
Globally
competitive innovation
Test- and
environmentsR&I
Demo sites
Bilateral R&I
cooperations
Swedish participation
in EU R&D programs
Global
linkages
Bild 8
We need to be better in
commercialising our research
or..
How Can We Become More
Successful in Fostering Early Stage
Ventures?
Is Our Challenge
A Funding Gap?
Performance of US and EU Seed Funds?
Fund type
3y
5y
10y
20y
US Early/Seed
1.7
3.7
36.0
21.8
US Balanced
4.6
8.4
13.5
14.5
US Later Stage
9.4
8.7
7.5
14.5
US All ventures
4.3
6.4
15.5
17.0
NASDAQ
-10.3
-4.6
-3.2
7.3
S&P 500
-10.0
-4.0
-3.0
6.1
EU Early/Seed
-1.7
-0.2
-2.4
-1.1
EU All Ventures
0.0
2.1
0.4
3.1
EU All Buyouts
8.5
14.1
13.3
14.1
Source: Thomas Reuters Performance Data 2008-12-31
More Money…?
Or are we working ineffectively?
Valorisation of Research and
Technology – Current Situation
Business Plans, Patents, Prototypes
Business Operation
Business
Growth
Technology
Invention
Requirement: A Newco AB
After You Have Received Funding…
Prototyping
Alpha test
Beta test
Launch
Business Operation in
early stages
•
•
It’s all about product
development…
…and execution...
– Drives organisation
development
– Drives sales and
marketing
– Drives costs
Do ventures fail due to the lack
of products or technologies?
No, they fail because they lack customers
and proven business operations
Valorisation – A Reference Model For
Tackling The Right Risks First
Business Invention
Business Creation
Business Operation
Business
Growth
Technology
Invention
• Verify
Business
concept &
customer
value
proposition
• NABC
• Verify Sales
process &
Business Model
• Reference
Customers
• Investor Value
Proposition
• Business
System
• Beachhead
on market
• Operational
Effectiveness
• Operational
Efficiency
• Innovation
Conclusions
Focus on verifying your value
proposition = customer benefits of
business concepts
Then learn how to sell and make money
= business benefits of customer value
propositions
From funding gaps to investment
readiness
it’s about customer driven
invention and verification of
business concepts
From product development and
execution to learning and
discovery driven processes
it’s about understanding and
discovering what will make your
venture successful
You are not out there
selling
–
You are trying to
understand the
customer, the
competition, the market
and the industry
Thanks for
Your Attention!