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Financing and business accelerators for
high-growth firms in Finland
Pertti Valtonen, Counsellor
Ministry of Employment and the Economy, Finland
International Workshop on Entrepreneurial Ecosystems and
Growth-Oriented Entrepreneurship
The Hague, 7 November, 2013
Government policy in financing highgrowth firms
• Bringing continuity to the market with a fund of EUR 1 billion.
• Starting to use asymmetric profit sharing to attract private
investors.
• Alongside supply of capital to support demand with Vigo
accelerators.
• Alongside providing capital to use tax incentive for business angels
and R&D tax incentive for enterprises.
• Streamlining the seed and early stage government financing.
• Moving from direct investments to fund investments.
• Changing priority from subsidies to equity investments.

Pertti Valtonen

11/07/2013

2
Vigo Accelerators
• The Vigo Accelerators are private companies
that are run by experienced entrepreneurs.
• The Accelerators offer their proven business
expertise, funding, and extensive contact
networks to the target companies.
• The Accelerators invest both money and time
into the target companies and take on both a
strategic and an operative role in the
companies.
• The Accelerators have been selected from the
best applicants in their respective fields in a
public procurement process.

Pertti Valtonen

11/07/2013

3
Combine The Best Forces to:

Increase The Number of Successful Growth Companies and
To
Develop the Ecosystem

Public and private
funding

Experienced serial entrepreneurs
The most
Potential start-ups

Pertti Valtonen

11/07/2013

4
Vigo Venture Acceleration Process
For Potential High Growth Start-ups
Deal flow
sources

Venture accelerators

Universities and
Research Centers
Regional centers
and COE’s*
Pre-seed
accelerators
Incubators
Innovation Foundation
Corporate spin-offs
Other

Pertti Valtonen

Further financing
options

VC’s

Experience
Involvement
Investment

(Super)angels

Industrial investors
Organic growth,
other

11/07/2013

5
How does Vigo work?
Company
applies directly
to the
accelerator of
it’s choice.

Acceptance is
based upon
eva-luation of
the business
idea, team and
sui-tability of the
company for the
program.

The accelerator
invests time and
money and
becomes a
shareholder in
the company

The accelerator
managers take
a hands-on role
in operations
and biz
development

1
2
3
4
 The acceleration period lasts 18 to 24 months
.
.
.
.
 The accelerators’ main revenue model is based on the growth in the

Fast
Growth

2009

company’s value at the point of exit. Monthly fees may also be included in the
Descriptio
model.
n
 The companies are able to utilize Tekes’s and Finnvera’s funding (grants,
loans and investments).
 Total funding package (private and public) for the Acceleration Period varies
between 1 to 2 million euros.

Pertti Valtonen

11/07/2013

6
Vigo Accelerators

Pertti Valtonen

11/07/2013

7
Investors and VC’s:
MHS
Capital

AMBIENT SOUND INVESTMENTS

Juuranto Invest
Troll Capital
Kasvurahastojen Rahasto

Pertti Valtonen

11/07/2013

8
Great case stories!

Pertti Valtonen

11/07/2013

9
Growth of Funding (%) Between
1July12 and 30June13 by Source

Pertti Valtonen

11/07/2013

10
Cumulative funding, M€

Private and Public Funding in
Target Companies

Pertti Valtonen

11/07/2013

11
Framework conditions for
entrepreneurship

Source: Nordic Growth Entrepreneurship Review 2012

Pertti Valtonen

28.1.2013

12
Policy statements
• Critical mass of passionate entrepreneurs striving for rapid growth,
• Infusion of top-level business experience into startups to guidance
on how to achieve breakthroughs in global markets,
• Strong enough incentives for seed investors (tax breaks,
asymmetric profit sharing),
• Government funding to match private investments, if needed.

Pertti Valtonen

11/07/2013

13

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11.b. valtonen financing and accelerators for hg fs in finland_rev

  • 1. Financing and business accelerators for high-growth firms in Finland Pertti Valtonen, Counsellor Ministry of Employment and the Economy, Finland International Workshop on Entrepreneurial Ecosystems and Growth-Oriented Entrepreneurship The Hague, 7 November, 2013
  • 2. Government policy in financing highgrowth firms • Bringing continuity to the market with a fund of EUR 1 billion. • Starting to use asymmetric profit sharing to attract private investors. • Alongside supply of capital to support demand with Vigo accelerators. • Alongside providing capital to use tax incentive for business angels and R&D tax incentive for enterprises. • Streamlining the seed and early stage government financing. • Moving from direct investments to fund investments. • Changing priority from subsidies to equity investments. Pertti Valtonen 11/07/2013 2
  • 3. Vigo Accelerators • The Vigo Accelerators are private companies that are run by experienced entrepreneurs. • The Accelerators offer their proven business expertise, funding, and extensive contact networks to the target companies. • The Accelerators invest both money and time into the target companies and take on both a strategic and an operative role in the companies. • The Accelerators have been selected from the best applicants in their respective fields in a public procurement process. Pertti Valtonen 11/07/2013 3
  • 4. Combine The Best Forces to: Increase The Number of Successful Growth Companies and To Develop the Ecosystem Public and private funding Experienced serial entrepreneurs The most Potential start-ups Pertti Valtonen 11/07/2013 4
  • 5. Vigo Venture Acceleration Process For Potential High Growth Start-ups Deal flow sources Venture accelerators Universities and Research Centers Regional centers and COE’s* Pre-seed accelerators Incubators Innovation Foundation Corporate spin-offs Other Pertti Valtonen Further financing options VC’s Experience Involvement Investment (Super)angels Industrial investors Organic growth, other 11/07/2013 5
  • 6. How does Vigo work? Company applies directly to the accelerator of it’s choice. Acceptance is based upon eva-luation of the business idea, team and sui-tability of the company for the program. The accelerator invests time and money and becomes a shareholder in the company The accelerator managers take a hands-on role in operations and biz development 1 2 3 4  The acceleration period lasts 18 to 24 months . . . .  The accelerators’ main revenue model is based on the growth in the Fast Growth 2009 company’s value at the point of exit. Monthly fees may also be included in the Descriptio model. n  The companies are able to utilize Tekes’s and Finnvera’s funding (grants, loans and investments).  Total funding package (private and public) for the Acceleration Period varies between 1 to 2 million euros. Pertti Valtonen 11/07/2013 6
  • 8. Investors and VC’s: MHS Capital AMBIENT SOUND INVESTMENTS Juuranto Invest Troll Capital Kasvurahastojen Rahasto Pertti Valtonen 11/07/2013 8
  • 9. Great case stories! Pertti Valtonen 11/07/2013 9
  • 10. Growth of Funding (%) Between 1July12 and 30June13 by Source Pertti Valtonen 11/07/2013 10
  • 11. Cumulative funding, M€ Private and Public Funding in Target Companies Pertti Valtonen 11/07/2013 11
  • 12. Framework conditions for entrepreneurship Source: Nordic Growth Entrepreneurship Review 2012 Pertti Valtonen 28.1.2013 12
  • 13. Policy statements • Critical mass of passionate entrepreneurs striving for rapid growth, • Infusion of top-level business experience into startups to guidance on how to achieve breakthroughs in global markets, • Strong enough incentives for seed investors (tax breaks, asymmetric profit sharing), • Government funding to match private investments, if needed. Pertti Valtonen 11/07/2013 13