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AlAdInn Ventures 2012

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AlAdInn Ventures 2012

  1. 1. Structured solutions for financing innovation: Venture Capital case Roberto della Marina, PhD Head of Investments Venture Capital Friulia SGR SpA
  2. 2. Company Stages and Finance 17/02/2009 2
  3. 3. VC back start-ups along the «death valley» € Revenues Venture Capital EBITDA Cash Flow INCORPORATION BEP operativo Financial BEP Time SEED START UP EARLY DEVELOPM BUY OUT & STAGE ENT REPLACEMENT DEVELOPMENT • Personal • Lead • Sales • Cash Flow • Buy out PHASE finance contracts • Venture (operating) • Mezzanine • Grants and First Capital •Venture • Family & client Capital Friends • Grants • Incubators • Business SOURCE OF angels FINANCING • Venture Capital Venture Capital invests in the early stage phases of a company’s life 17/02/2009 3
  4. 4. What does a Venture Capital fund do ? • Raises capital from institutional investors (banks, foundations, fund of funds, pension funds) • Finances young, fast growing, high tech companies • Acquires minorities in the equity of such companies • Gets a seat in the BoD and influences strategic decisions • Creates value through active involvement in the company and support to the management team • Bears high risks targeting high returns • Works on the long term (3-5 years holding period expected) • Makes money at the exit (trade sale or IPO) 17/02/2009 4
  5. 5. Venture Capital vs. Private Equity PRIVATE EQUITY VENTURE CAPITAL (or BUY OUT) • Money in the company (equity) • Company acquisition (money to • (Qualified) minority stakes former shareholders) • High tech sectors, VCs look for • Majority stakes (looking for the next breakthrough and control) disruptive technologies • Traditional business sectors • Young and small companies (or • Consolidated companies with teams)… with very ambitious proven track records business plan and high growth • Structured finance (debt + potential and high risk equity) • Equity • More conservative target of ROI: • Outstanding targets of return on e.g. put/call option (Euribor + investment: trade sales or IPO spread) (5x-10x) A Venture Capital fund IS NOT a traditional Private Equity fund 17/02/2009 5
  6. 6. Offer side: VC players in Italy in 2010 • Only 7% of private equity investors in Italy are early stage VC investors • In 2010 89 early stage investments for a total of 106 M€ • Average size of 800k€ per investment Source: “Il mercato italiano del Private Equity e Venture Capital nel 2010”, AIFI - PWC 17/02/2009 6
  7. 7. Offer side: Italian VC market in 2010 • Friuli Venezia Giulia, despite its small size, is second overall in Italy for PE investments • Biotech and Medtech hold 44% of the high tech total deal share 17/02/2009 7
  8. 8. AlAdInn Venture at a glance • First venture capital fund focused on North-Eastern Italy, with cross-border ambitions (Alpe Adria Euroregion) • Sectors: life sciences, cleantech, nanotech, ICT and components • Phases: seed, start-up and early expansion • Investments size: € 250k - € 3mn • Exit: 3-5 years through IPO or trade sale • Fund’s size: € 28,6 mn • Outstanding and long experienced sponsor (Friulia S.p.A.) • Dedicated management company (Friulia SGR S.p.A.) 17/02/2009 9
  9. 9. AlAdInn Ventures – positioning LATE STAGE – SEED – EARLY GROWTH STAGE CAPITAL • €20k – 200k • € 2Mln – per deal • € 200k – 5Mln per • € 5Mln – 50Mln • Seed funds 2Mln per deal per deal deal • 2nd Level • Growth Capital – • 1st level VC VC Mezzanine ANGEL INVESTING EARLY STAGE – LATE STAGE 360 °Capital AlAdInn Ventures 17/02/2009 10
  10. 10. Investment strategy by geographical area • North Eastern Italy, Southern Austria and Slovenia are developing a winning model of collaborative trans-national economic system (Euroregion) and are very active in fostering R&D and innovation • Lots of good early stage opportunities in the area and limited competition on deals • Real “hands on” VC style thanks to limited distances (invest where you can drive!) Regional Innovation Scoreboard 2006 (1) Stockholm, best UE Key Innovation Indicators (44) Lazio - best Italy (63) Slovenia Knowledge workers = Number of technical-scientifical degrees per year (95) FVG Med/hi-tech manufacturing = Employment rate in manufacturing (102) Kartner companies using mid to high technology Public R&D = Impact of public expenditure on R&D (GDP %). (122) Veneto Patents = Number of patents registered at EPO – European Patent 0 500 1000 1500 2000 Office per million of inhabitants Knowledge workers life-long learning Life-long learning = Number of employees taking part at training and med/hitech manufacturing hi-tech services educational activities Public R&D Business R&D Hi-tech services = Employment rate in services using mid and high Patents technology Business R&D = Impact of private expenditure on R&D (GDP %) Source: European Regional Innovation Scoreboard 2006 17/02/2009 11
  11. 11. Organizational structure Investors Advisory Board 17/02/2009 12
  12. 12. Management Company - Friulia S.G.R. Friulia S.G.R. Board of Directors Friulia S.G.R. SpA - SGR is a “Società di Gestione del Risparmio” created under Risk Management Internal Audit the D.M. n. 228 of May 24, 1999 - Founded in July 2006 - Authorized by Bank of Italy in December 2006 Investment Area Outsourcing Area - Sole shareholder: Friulia S.p.A. • TFM Compliance srl - Regulations Compliance - The company was Renewable Energy * established in order to Venture Capital • Other funds * PA Practice Audit srl - Internal Audit manage closed-end non ... • State Street Bank speculative funds - Fund Administration - Depository Bank • Friulia SpA - Administration - Risk Management - Company Secretary - General Services - ICT 17/02/2009 * To be launched 13
  13. 13. Friulia complementary financial tools Friulia’s Equity investment Venture Capital (AlAdInn Fund) Business Incubation (Bic Incubatori FVG) Development Project Venture Quasi-equity Company buy out Buy Out Financing Capital SMEs (Friulia) (Friulia) Risk Regional Development (Friulia) Promotion and support for company internationalization (Finest) Logistics Project Financing (Friulia) (Friulia) Leasing and Medium term loans (Banca Mediocredito FVG) Return on capital INVESTMENT ACTIVITY INVESTMENT SIZE TARGET WAY OUT TERMS FOCUS It invests through minority equity SMEs already active in the stakes and long term loans. It has market with the aim of supporting focused on small and medium Put - call options and FRIULIA DEVELOPMENT AND EXPANSION From € 250,000 to € 5 million companies (SMEs), as well as 5-6 years eventually trade sale their chances of growing and keeping their shareholders operates in several financing structures stages, including turnaround. Small Companies at Early Stage Companies highly innovation SGR VENTURE CAPITAL Up to € 3 million 3 – 5 years IPO or trade sale (Seed, Start up) oriented Enterprise workshops 17/02/2009 Possibility of getting access from 40 to 200 sq m, To favour enterprise start up and INCUBATORI FVG BUSINESS INCUBATORS to the full range of financial services offered by the Friulia Group Technologically advanced spin offs and start ups 3 years management coaching and development in a centre of excellence 15 functional tutoring
  14. 14. Investment strategy by sector Features Strategy • LIFE SCIENCE • Consolidated VC investment • Trend Follower sectors • Creation of • CLEANTECH • Growth rates and exit opportunities yet very promising technologiesinitiatives synergistic clusterssubportfolios • Very recent VC sector • Trend Setter • NANOTECH • Great potential in materials and • Risk mitigation by building life sciences applications specific know how and by implementing prudent asset allocation • Very differentiated investment • Opportunistic approach • Components sectors • ICT • Mature companies expanding • Synergic with traditional through innovative products manufacturing districts in the North Eastern area 17/02/2009 16
  15. 15. Investment strategy by phase Key points Investment attitude • Proprietary and well protected • € 0,25-0,75 mn, targeting € 1 mn technology (patents, licenses) with follow-on rounds • SEED • Excellent team • Rich R&D and products pipeline • Co-investment with more specialized • Entrepreneurship funds and/or extensive technology due diligence • Compelling product idea • € 0,75-1,5 mn • Successful launch • Lead-investor in known • START UP • Visibility on revenues backlog technologiessectors • Reasonable equity price • Networking to accelerate commercial • Round size adequate to reach break development even phase • Earn out formulas • Leading brand • € 1,5 – 3 mn • Successful product • Lead-investor or sole investor • EXPANSION • High growth rate • Detailed market analysis • High margins • Acceleration through M&A • Detailed use of proceeds 17/02/2009 17
  16. 16. VC role in the innovation ecosystem • Picking the best: deal flow selection is extremely competitive, <4/100 SELECTION success rate • Coaching and accelerating success GROWTH • Creating a virtuos cicle for early stage financing EXIT The role of early stage VCs as Aladinn Ventures, is to accelerate success and give to the next “Google” time and resources to grow their products a/o services before becoming “cash-flow positive”. 17/02/2009 18
  17. 17. Networking and international projects can help in a critical and time-consuming activity! SCOUTING Scientific excellence and brilliant ideas are not enough ... Valuable for a VC are also business model, business plan, management team, IPR, shareholders’ agreement … 17/02/2009 19
  18. 18. Smart Money: be part of an ecosystem… Public Institutions Disctricts and clusters Universities FRIULIA AlAdInn Ventures Tech Park and incubators Companies 17/02/2009 20
  19. 19. Deal flow selection 100 40 20 10 7 4 PRELIMINARY DUE ORIGINATION SCREENING NEGOTIATION CLOSING ASSESSMENT DILIGENCE Fund Investment Investiment screening screening Technology Governance contract criteria criteria Milestones, BP Shareholders Market lock up, non evaluation agreement competition IP, Legal, IPR New statute Accouting, management Fiscal Exit rights New CFO / (drag/tag CEO / Mkyg along, and Sales liquidation) Director New Board of Directors, Auditors, 17/02/2009 21
  20. 20. SELECTION – choosing the best • Focus on businesses showing signs of success willing to raise money to grow faster. • Look for target companies with strong value chain positioning: – Compelling macro-factors – Clear market demand / no existing solutions – Great product idea – Technical leadership • Focused and capable management teams able to execute the business plan • Rigorous due diligence and deal negotiation processes • Realistic valuations 17/02/2009 23
  21. 21. GROWTH - portfolio companies’ coaching • Becomes a full partner playing an active role in the corporate governance • Works closely with company management to optimize business strategy and operations – maximize impact of board representation by taking a fully active role – advise on business development and operations to facilitate plan execution – advise on financial management, reporting and capital budgeting – develop quality managements through mentoring and recruitment advice • Connects with industry partners and potential additional VC and PE funds 17/02/2009 24
  22. 22. EXIT – AV creates value in a virtuous cycle for innovation’ financing • AV harvesting strategy is 3-5 years depending upon business sector and company life stage • At the right time, Friulia’s 100+ companies portfolio is expected to generate networking and partnering opportunities as well as management team expertise which could be exploited to profitably generate exit via: – Merger – Trade Sale – Initial Public Offering 17/02/2009 25
  23. 23. Portfolio Companies is a spin-off of University is developing a new of Udine developing generation of surgical robotic innovative products, solutions, bringing space coming from proprietary technologies to fruition in the Biotech technologies in cell Med-tech/ MIS rapidly growing field of Udine culture and tissue Verona Computer Assisted Robotic June 2007 engineering. October 2009 Surgery. is a biotechnology drug development company operates in R&D, manu- Biotech focused on novel cancer Clean-tech facturing and commercia- therapies, cancer diagno- lization of advanced products Trieste stics and concepts for Trieste for sustainable chemistry and July 2008 anti-infective agents. March 2010 drugs production. is a start-up of AREA Science Park developing services and products in the field of nutrigenetics, ICT/Food offering solutions for wellness and weight Trieste management based upon Dec 2011 genetic profiling 17/02/2009 28
  24. 24. www.friuliasgr.it 17/02/2009 29

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