CRUI WIPO Training Programme

Transcript

1 CRUI WIPO Training Programme Theme 9: Use of IP Assets as a Tool for Accessing Financial L impresa science based tra scienza e mercato dei capitali: strategie di acquisizione di risorse finanziarie per lo start up (informal venture capital) Ing. Paolo ANSELMO Associazione IBAN Centro Sviluppo SpA 28 marzo 2006

2 FINANZIAMENTO DEL PROGETTO INDEBITAMENTO FINANZIAMENTI PUBBLICI VENTURE CAPITAL: Formal Venture Capital Informal Venture Capital (business angels)

3 FINANCIAL SUPPLY CHAIN Prerequisites Banks Guaranties Leasing Factoring Grants Micro-credits Other public support Own resources FFF Loans on trust Pre-seed Loans for investors Reimbursable advance payments BA Corporate Venturing Seed capital VC IPO ools Infrastructure: business angels networks, incubators, etc. Advice: investment readiness program, tutorship Expertise: professional fund managers FFF : Family, Friends, Fools BA : Business angels VC : Venture capital IPO : Initial Public Offering

4 THE ENTERPRISE FINANCING PROCESS THE ENTERPRISE FINANCING PROCESS Financing needs High Risk Growth Business Angels Bank Formal Loans Venture Equity capital Public sector aid I.P.O MARKET GAP MARKET GAP GUARANTIES Low Risk Entrepeneur; Family, Friends Seed Capital SEED STAR T-UP PH ASE EARLY GROWTH EXPANSION Financing stage

5 THE ENTERPRISE FINANCING PROCESS Risk Efforts made by financiers Cash flow Time Innovation Seed Capital Funds and Public funding Private Investors and Business Angels Commercial and Savings Banks Corporate Fund and Venture Capital Idea Start-Up Market introduction Growth Maturity Transfer

6 THE ENTERPRISE FINANCING PROCESS Stage in Cycle R&D Start-up Early growth Accelerating growth Sustaining growth Maturity growth Type of Funding Proof of Concept Funding Seed Corn First Round Second Round Development Capital Replacement Capital MBO / MBI Development Capital ource of Funding Public Sector Founders, family and friends Business angels Corporate venturing Venture capital funds Public listing / IPO

7 IS A COMPANY READY? Business plan? Stage of development of the company Type of investment? Valuation? Management team ready? Has the management team enough time and energy to raise funds? Is the team shaped to talk to investors? Does the company know where to go?

8 VENTURE CAPITAL (formal( & informal) Operatori istituzionali (formal Soggetti privati Banche Assicurazioni Corporate venture capital formal venture capital) Operatori non istituzionali (informal Business Angels informal venture capital)

9 BUSINESS ANGEL (BA) - definition A Business Angel is a middle aged male with reasonable net income, personal net worth, previous start up experience, who makes one investment a year, usually close to home or office, prefers to invest in high technology and manufacturing ventures with an expectation to sell out in three to five years time. (Kelly and Hay, 1996) Business angels (informal investors, independent investors) are investors who provide risk capital directly to new and growing businesses in which they have no prior connection. (Harrison and Mason, 1996)

10 BUSINESS ANGEL (BA) Attitudes, behaviour and characteristics: male, rarely female successful experience as an entrepreneur or manager high net worth individual and / or sophisticated investor have a declared propensity to invest and to risk in a start-up firm invest their own money (around 50K 250K euro) (part of their cash capital: %) Seeking profit, but also fun (seeking minimum 20% return) are willing to share their managerial skills and their enterprise background often invest in their region of residence make one investment a year prefer high-technology and manufacturing take a minor participation medium term investment are willing to wait for an exit for 3-5 years

11 ANGEL S success stories Company name Angel Investor Business Investment Value at Exit Apple Computer (Name Witheld) Computer hardware $ $154 million Amazon.com Thomas Alberg Online bookshop Blue Rhino Andrew Filipowski Propane cylinder replacements Lifeminders.com Frans Kok Internet reminder service Body Shop Ian McGlinn Body care products ML Laboratories Kevin Leech Kidney medical treatment Matcon Ivan Semenenko Bulk containers $ $26 million $ $24 million $ $3 million million million million

12 ANGEL STRATEGY High-growth start-ups: new businesses that are likely to see sales grow to around 1M and employment to between 10 and 20 people in early years and export oriented. Key selection criteria of risk capital investors (generally): New products or technological improved products in an existing market A product or service that can be taken to market without further development (i.e. past the initial concept stage) Creation of new markets Company s growth should expected to be higher than market growth Increase of market share against competitors Superiority regarding competitors

13 ANGEL DUE DILIGENCE PROCESS Technology Technology development Product development Process development Product supply Deliveries Organization Recruitment Board Network of service suppliers Office Market Marketing Sales PR Competitors IPR Economy / Finance Cash forecast Finance activities Cost estimate Budget

14 PRIORITIES FOR EQUITY PROVIDERS Equity providers Business angels or informal investors Eligibility Criteria Meeting or matching of individual entrepreneurs with the angel Atmosphere of trust between individuals Credible business plan in the eyes of the angel Good management Fiscal incentives Market knowledge of the entrepreneur Availability of exit route Return on investment (capital gain) Venture capital and Financial corporate venturing Business plan credibility Business plan with patent technology Track record (over previous years) Ability to grow fast and deliver quick ROI Management team quality

15 FORMAL AND INFORMAL EQUITY PROVIDERS Personnel Firms funded Due diligence Investment's location Contracts used Monitoring ex-post Exiting the firm Rates of return Business Angels Entrepreneurs Small, early stage Minimal Of concern Simple Active 'hands-on' Of lesser concern Of lesser concern Formal venture capital Investors Large, mature Extensive Not important Comprehensive Strategic Highly important Highly important * Source: van Osnabrugge, 1998, p.2

16 FORMAL AND INFORMAL EQUITY PROVIDERS VC Easy to find via directories BA Difficult to find Your request is only one among many hundred a VC receives Request often strong personal involvement Can often via syndication provide large investment Thorough and formal due diligence and investment process Exit route very important Limited amount to invest Investment decisions often quick and less formal Syndication more and more usual Exit route less in focus

17 INTERCETTARE IL CAPITALE DI RISCHIO Vantaggi per l impresa l science based : reperibilità di mezzi finanziari per lo sviluppo consulenza finanziaria ed operativa accrescimento visibilità e prestigio impresa a livello internazionale attrazione migliori talenti con stock options rafforzamento potere contrattuale con sistema creditizio, clienti e fornitori possibilità di way out e valorizzazione

18 LE ASIMMETRIE INFORMATIVE L IMPORTANZA DEI FABBISOGNI INFORMATIVI, PER GLI INVESTITORI, NELLA VALUTAZIONE DEL PROGETTO per valutare il rendimento dell investimento per ridurre il rischio di opportunismo dei proponenti COSA E COME VALUTARE Informazioni economico-finanziarie (quantitative/consuntive) Business plan (quantitativo/prospettico) Giudizio qualitativo sulle determinanti della fiducia nel progetto

19 GLI APPROCCI FIRM-ORIENTED Criterio 1: approcci basati sui costi (storico e/o di sostituzione) Criterio 2: approcci basati sul valore??.., qual è l OGGETTO della valutazione? Fattori immateriali non brevettabili Proprietà intellettuali (peso della dimensione scientifica vs il peso della dimensione economico-finanziaria finanziaria ) Prospettive reddituali (forte influenza dello stadio di sviluppo del prodotto/servizio rispetto al mercato)

20 LI APPROCCI INDIVIDUAL-ORIENTED Approcci basati su variabili qualitative (soggettività dei proponenti): Variabili demografiche della figura imprenditoriale Variabili sociali di tipo politico redazionale Contesto di origine: provenienza accademica o industriale (capacità tecnico-scientifiche e manageriali) N.B. I CRITERI DI VALUTAZIONE DIPENDONO DAL TIMING DELL INTERVENTO FINANZIARIO (fase dell impresa) E OSCILLANO DAL POLO DEL GIUDIZIO QUALITATIVO SULLE PERSONE (valore del capitale umano) A QUELLO DELLA STIMA QUANTITATIVA DEL VALORE DELL IMPRESA (reputazione dell impresa).

21 RUOLO DELLA COMUNITÀ SCIENTIFICA (+) i KNOWLEDGE WORKERS attratti,, perché? opportunità di accrescere competenze tecniche opportunità di arricchire il proprio CV aumentare la visibilità nella comunità di appartenenza accesso a network scientifico globale gestione capace dell eventuale eventuale atteggiamento elitario (-)) l intrinseca l mobilità dei KNOWLEDGE WORKERS (generatrice di un rischio di volatilità delle conoscenze e/o di cessione di know-how a terzi)

22 LA REPUTAZIONE DELL IMPRESA E una risorsa estremamente importante in fase di start up per limitare le pressioni ambientali ed attrarre le risorse necessarie Come si costruisce: Accordi collaborativi verticali (Università,, imprese) Sistemi relazionali e partecipazione a network (capitale di tipo sociale ) N.B. Più relazioni sociali forma un impresa, maggiore dovrebbe essere il potenziale di reputazione e fiducia che potrà maturare nel tempo.

23 STRATEGIE DI LEGITTIMAZIONE RICERCA DEL CONSENSO - CONTESTO RELAZIONALE (pe aumentare il grado di apertura verso l esterno) l Accesso a Network scientifico (per acquisire risorse uman qualificate) Accesso a Network finanziario (per reperire le risorse finanziarie) ie) Accesso a Business Network (per acquisire risorse manageriali) STRATEGIE Atteggiamento passivo (brevettazione( dei risultati della ricerca) Atteggiamento attivo (localizzazione presso i luogh dell innovazione) Atteggiamento proattivo (comunicazione dei successi scientific ottenuti)

24 BAN THE NETWORK Venture Capital, Business Angels and Banks Network of Intermediaries and Universities Universities, Research Centers and technology companies BAN Professional Services and Business Support Organizations Thank you for listening!

25 Grazie per l attenzionel Ing. Paolo ANSELMO Associazione IBAN Italian Business Angels Networks Centro Sviluppo Spa Via Lavoratori Vittime Col du Mont, Aosta Italy T: F: info@centrosviluppo.it