La presentazione di Nava Swersky Sofer, venture capitalist israeliana di successo, sul successo del modello start up in Israele, WEF è Start up (22 marzo 2014)
Nava Swersky Sofer - Lessons from the Start-up Nation
1. Web Economy Forum
Cesena, March, 2014
Nava Swersky Sofer, Founder & Co-Chair
Innovation, Israeli Style:
Lessons from the Start-Up Nation
Nava Swersky Sofer1
2. Today’s Session
Innovation
What is it?
Why innovate?
Israel – The Start-Up Nation
Where we are
How we got there
Technology transfer
Smart government intervention
Example: nanotechnology
The Innovation Recipe
Dialogue is welcome!
Nava Swersky Sofer2
3. Nava Swersky Sofer
International speaker and consultant to companies, governments, universities,World Bank, UN/WIPO.
Leading expert on innovation and commercialisation
Start-up company boards and management in Europe, US and Israel
Big pharma 1991-1995
Vice President,Worldwide Head of Pharma Policy and member of management forum, Ciba-Geigy AG (now
Novartis), Switzerland
Venture capital 1995-2005
Partner, SanderlingVentures, California, $ 1 Billion leading healthcare fund
Founder & Managing Partner, ColumbineVentures, Israel
Partner, ConcordVentures, Israel, $260 million leading diversified fund
Tech transfer & commecialisation since 2005
President & CEO,Yissum – Hebrew UniversityTechnologyTransfer 2005-2009
President & founding board member, International Commercialisation Alliance, 2011- (non-profit)
Public
NanoIsrael 2009, 2010, 2012, 2014 founder and co-chairperson
Israeli representative to OECD BIAC nanotechnology committee
INSME board member, 2013- ; UNWIPO innovation adviser
Vice Chair, OCE Center for Commercialization of Research, Canada, 2008-2013
Israel’s $50M biotech consortium, 2000; BioJerusamel founding board, 2006-2009; IsarelTechTransfer Organisatio
(ITTN) 2008
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4. World Population To Grow by 1/3 in 40 Years
4
2050
9.2 Billion
2010
6.9 Billion
Source: Scientific American 2010
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5. The Pace of Technology is Accelerating
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Source: Discover Magazine
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6. Innovation Is Essential
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Key to global competitiveness
On a national scale
On an institutional / company scale
Collaboration essential
Big and small companies
Universities and research institutes
New initiatives to foster innovation
Innovation intermediaries
Commercialization catalysts
Human component essential
Highly educated
Technically skilled
Entrepreneurial and flexible
Globally-oriented
Source: InnovationAmerica
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7. Innovation
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“The process by which an idea or invention is translated
into a good or service for which people will pay, or
something that results from this process”
Business Dictionary
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9. Change To Survive And Thrive
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“It is not the strongest of the species that survives, nor
the most intelligent that survives. It is the one that is the
most adaptable to change.”
Charles Darwin
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10. Douglas Adams
(Author, “Hitchhiker’s Guide to the Galaxy”)
“I’ve come up with a set of rules that describe our
reactions to technologies:
1.Anything that is in the world when you’re born is
normal and ordinary and is just a natural part of the way
the world works.
2.Anything that’s invented between when you’re
fifteen and thirty-five is new and exciting and
revolutionary and you can probably get a career in it.
3. Anything invented after you’re thirty-five is
against the natural order of things.”
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13. Given Imaging’s PillCam
Using Military Technology for Medicne
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Acquired by Covidien
for $900 Million in
February 2014
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14. Community-based traffic & navigation app
Acquired by Google for $1 Billion in June 2013
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15. National Expenditure on R&D
as Percentage of GDP
Source: Bank of Israel; CBS
0.6
0.9 1.0 1.1 1.1
1.3
1.6 1.6 1.6 1.7
1.9 2.0
2.2 2.2
2.5 2.6 2.6
3.1
3.5
3.7
4.5
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
G
reeceSpain
N
ew
ZealandIreland
Italy
C
zech
R
epublic
A
ustraliaC
anadaN
orw
ay
U
nited
K
ingdomFrance
average
O
ECDD
enm
ark
U
nited
States
G
erm
anyK
orea
Sw
itzerlandJapanFinlandSw
eden
Israel
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16. Highest Venture Capital Availability
Venture Capital investment per person, selected countries, 2010, US$
Source: The Economist 2012, based on National Venture Capital Association, European
Private Equity & Venture Capital Association, Israel Venture Capital Research Center, UN
• 4,800 active tech companies
• 600 new companies / year
• US$ 1-2 Billion invested / year
0 25 50 75 100 125 150 175
Israel
United States
Norway
Sweden
Switzerland
Finland
Denmark
France
Britain
Ireland
Netherlands
Belgium
Austria
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18. Israel: An Innovation Powerhouse
Globally Open
2nd highest number of NASDAQ-
traded companies
>60 companies traded in EU
Entrepreneurial
1st in start-ups per capita
2nd in business entrepreneurship
World Class Science
1st in quality of scientific research
institutions
6 Nobel laureates
Human Capital
2nd in availability of qualified scientists
& engineers
Source: IMD World Competitiveness Report, World Economic Forum Competitiveness Report, 2010 -11
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19. Start-Up Nation: The Starting Point
Small
New
Isolated
No natural resources, not
even water
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20. When Life Gives You Lemons…
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Small
New
Isolated
No natural resources, not
even water
Immigration – from 600k to
8 million in 65 years
Interdisciplinary
No strong traditions => Open
to change
Strong military => training,
innovative technology
International outlook
Brain power, education =>
innovation
Novel job creation schemes
A Culture of Innovation
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21. World pioneer in tech transfer since 1959
Two of world’s top tech transfer companies
Yeda,Weizmann Institute of Science ( est.1959)
Yissum, Hebrew University of Jerusalem (est.1964)
>$22 Billion in licensed product sales
$ hundreds of millions in tech transfer revenues annually
Dozens of spin-off companies
Success stories
Copaxone®, Exelon™, Erbitux®,Azilect™, Doxil™, Rebif®, Cherry
tomatoes, peppers, NDS Ltd. encryption algorithm, MobilEye driver
assistance system…
Successful Academic Commercialization
Source: ITTN
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22. The Israeli Tech Transfer Model
Company, not office
Wholly owned subsidiary with business focus
Business leaders on boards
Balance academic viewpoint
Clear IP ownership…
… with generous revenue sharing (40-60%)
One-stop-shop for industry – leverage relationship
Sponsored research + licensing
Sometimes consulting
Focused on royalties
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23. Tech Transfer Key Success Factors
Create the right environment
Business-focused organisation with operational independence
Clear IP ownership
Generous revenue-sharing policy
An excellent team with relevant industry experience
Get lucky!
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24. Smart Government Intervention
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Office of the Chief Scientist supporting private sector
innovation since 1969
Strategic decision to create military R&D capabilities
Venture industry created by government => privatised
Incubators: from job creation scheme to pillar of national
innovation eco-system
Innovative industry/academia support mechanisms
Evolving policies addressing market needs, e.g.
Early stage funding
Multinationals
Strategic initiatives, e.g. nanotechnology
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25. Some OCS Programmes
Academia/industry technology transfer
Proof of concept grants for early stage project, academia-based (100% funding)
Proof of principle grants for academia-based projects with initial industry interest
(90% funding, 10% from industry for first look)
Tech transfer grants for academia/industry collaborations between one academic
institution and one industry partner (66% funding, 34% industry)
Consortia encompassing several academic institution and several companies
Initial IP protection
Early stage company formation
R&D support for both young and mature companies in the form of grants
which are repayable in the case of success and then carry a royalty
Collaborative agreements with multinationals providing matching funding
for projects with local companies and academic institutions
Bi-national collaborations (Matimop)
Special initiatives, e.g. military technologies for civilian use; multinationals,
nanotechnology
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26. Nanotechnology in Israel
Israel National Nanotechnology Initiative (INNI)
Established 2001 by Israeli government and the Israeli National Academy of Sciences
Strong representation from both industry and academia
Objectives
Promote establishment of local nanotechnology-based industry and academia-industry collaborations
Long range programme for research & technology development and world-class infrastructure
Israel’s high priority challenges as defined in INNI plan
Nanobiotech
Water desalination
Alternative energy
Environment
Electronics
Unique tri-partite funding model: 1/3 government, 1/3 academia 1/3 philanthropic
First centre established at Technion 2005, five others in 2007: Hebrew U,Tel Aviv U, Ben Gurion U,
Bar Ilan U, Weizmann Institute
Second five-year term from 2012 after highly successful first five years
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27. Measurable Outcomes in First Six Years
of Israel’s National Nanotechnology Initiative
Source: INNI
830 academia-industry collaborations
860 patent submissions, of which 270 granted patents
206 companies
6 academic centres establishes
101 world-class scientist recruited as faculty members
220 junior scientists/post-docs
750 PhD students
850 MSc students
7,500 published scientific articles, of which
1,500 articles resulting from industry-academia collaboration
$300 million investment by government & universities
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28. The Next Five Years –
Focal Technology Areas
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33. Culture
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Breaking old habits
Encouraging entrepreneurship
Learning to embrace failure. It’s part of
the package
Culture
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34. In Summary
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Make best use of available assets
Research
Facilities
Funding
Supportive environment
Focus on areas of strength
Import best practices
Fine tune for local needs
Culture change takes time
Nava Swersky Sofer
35. Thank you for your attention.
Come visit us in Israel!
nava@swersky.com
@NavaSwerskySofe
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