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Corporate venture la poste escp


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Venture capital and corporate venture , tools for innovation for large companies as La Poste

Venture capital and corporate venture , tools for innovation for large companies as La Poste

Published in: Business, Economy & Finance

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  • 1. Venture Capital as an innovation management tool for Big Corporation An exemple with Groupe La Poste
  • 2. What is venture capital ?
    • Venture Capital is in the field of Private Equity
    • Venture Capital is the activity of investing in small and fast growing companies knowing that there are different stages of development and investment :
        • Seed money (Friends, Fool and Familly) : from 10 K€ to 100 K€ to build a prototype
        • Business Angel : From 50K€ to 500 K€ to get a beta version with first customers
        • Venture Capital Round A: From 500 K€ to 5 M€ for those with a significant revenue
        • Venture Capital Round B : above 5M€ for those in fast development
    • Venture Capital, a midterm investment : VC funds raise money from different investors (banks, companies…) and target a payback with high returns within a period of 7 to 10 years.
    30/12/11 PAGE
  • 3. Groupe la Poste and Venture Capital: the origin and the strategy
    • Targeting small and medium size entreprises that could contribute to enrich the offer and the competitiveness of Groupe La Poste
    • Better understanding emerging markets
    • Getting a substantial medium term return on investment
    30/12/11 PAGE Xange Capital was created in 2003
  • 4. The Experience of Xange Capital
    • XAnge Capital is an original investment vehicle sponsored by La Poste Group together with industrial partners and financial institutions.
    • Its mission statement is financing innovative businesses related to postal activity and build opportunities and synergies with its corporate investors .
    • The fund governance includes:
      • A Supervisory Board meeting every quarter,
      • An investment committee meeting every 6 weeks
      • Cornerstone investors are invited to both memberships
    Post-Expo 2010
    • Sponsor
    • Four industrial corporates
    • Four financial institutions
  • 5. XAnge Capital Investment Strategy Post-Expo 2010
    • Invest in related business activities able to bring an innovative potential
    • to Le groupe La Poste …
    • Document intelligence: workflow, EDM, dematerialization, printing, editing
    • Financial services
    • Logistics and supply chain
    • Digital transactions and Identity management: trusted exchanges, payment solutions
    • Customer-centric Intelligence: CRM, Direct Marketing, analytics, loyalty
    • Internet-based services, e-commerce and multi-channel businesses
    • Mobile connectivity, digital communications & Media
    • … With financial industry risks/returns expectations
      • Post seed technology companies
      • Softwares rather than services
      • Low capital intensive
  • 6. The achievements for Xange Capital and Groupe La Poste
    • The original investment thesis is validated by the portfolio successes in postal related areas:
      • Handwriting recognition: A2iA, Vision Objects, Kayentis
      • Logistics: Kiala, MailExpress
      • CRM: Néolane, Kxen, Conexance, Eptica,…
    • Synergies facilitated by XAnge Capital:
      • Kiala, Edipro / Impika / La Poste (industrials contracts)
      • Sefas innovation acquired by La Poste
      • Ucopia acquired by Orange Business Services
    • XAnge Capital funding enabled the international expansion of companies in the portfolio:
      • Vision Objects, Pixways, Néolane, Eptica, Etiam
    Post-Expo 2010
  • 7. What do you get from of a venture capital strategy
    • Market analysis : it is all about the dealflow, a continuous sensor in the start-up ecosystem :
      • Strong trends (social web, location based services…)
      • Technological innovation
      • New business model
      • Ideas
    • Business :
      • Investing in tomorrow’s growth
      • Taking ground on competitor’s business models (ex : Kiala)
      • Signing partnership with small players to infuse innovation in Big corporation
    • Financial :
      • returns on investment even if it is different from a pure venture capital for whom it is the core objective
    30/12/11 PAGE
  • 8. A different approach :Corporate Venture
    • Located within the organization :
      • Funds coming only from the corporation
      • Management is usually close from Strategic Department or Merger & Acquisition
      • They can take a majority stake  really different from classic VC
      • Exit strategy can be a total take over by the corporation or the creation of a subsidiary
    • Corporate Venture invests in start-ups evolving around the corporation activity :
      • according to its development strategy : SFR developpement, Google, Intel, sncf mobilité
      • according to its R & D strategy : Health industry , General Motors Venture
    • Drawbacks
      • Less financial power and accuracy
      • Higher financial risks : specific business focus, majority stake
      • Not a neutral investor
    30/12/11 PAGE
  • 9. La Poste and Xange : a profitable synergy
    • For Xange affiliates :
      • An access to La Poste network
      • A partner who understands their
      • businesses
    • For La Poste :
      • A unique watch over new technologies
      • Ideas for new businesses
      • An early access to innovative solutions
    • One rule : a mutual freedom to act
      • La Poste does not dictate investments to XAnge
      • La Poste is not forced to do business with XAnge affiliates
    Post-Expo 2010 Lab postal Xange affiliates at La Poste