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070926  Option  Entrepreneuriat  Cours Incubateurs
 

070926 Option Entrepreneuriat Cours Incubateurs

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An analysis of models of incubators before and after the New Economy

An analysis of models of incubators before and after the New Economy

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    070926  Option  Entrepreneuriat  Cours Incubateurs 070926 Option Entrepreneuriat Cours Incubateurs Presentation Transcript

    • Incubators: typology, models and examples ESCP-EAP Option Entrepreneuriat Session 1 Paris, September 26th 2007
    • Foreword This work is licensed under the Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported license. To view a copy of this license, visit http://creativecommons.org/licenses/by-nc-sa/3.0/ or send a lettre to Creative Commons, 171 2nd street, Suite 300, San Francisco, California, 94105, USA.
    • Summary
      • Incubators : what for ?
      • Models of Incubators
      • Incubators in Paris
      • ESCP-EAP Academic Incubator
    • Summary
      • Incubators : what for ?
      • Models of Incubators
      • Incubators in Paris
      • ESCP-EAP Academic Incubator
      • A definition :
      • « Incubator : one that incubates, as
      • (a) an apparatus by which eggs are hatched artificially
      • (b) an apparatus with a chamber used to provide controlled environmental conditions especially for the cultivation of microorganisms or the care and protection of premature or sick babies »
      • Webster dictionary
      • Premature or early stage ?
      Incubators after the New Economy
    • Types of Incubators in the New Economy
      • Venture Incubator : the incubator as we know it
        • Campsix, Cambridge Incubator, IdeaLab !, eCompanies
      • Venture Accelerator : consulting services
        • IntendChange, Reactivity, Mc Kinsey, Yankee Tek
      • Venture Portal : online self service
        • NVST.com, TheElevator.com, Garage.com
      • Venture Network : portfolio of investments + synergies
        • Internet Capital Group, Net Value Holdings, CMGI
      • Source : Oonut Mac Chinsonboom, MIT, 2000
    • Incubators : why do we need them ?
      • Capture potentially successful deals missed by VCs
      • Facilitate idea creation
      • Enhance product and service
      • Accelerate speed of implementation
      • Provide supplemental management
      • Offer more « hand holding » than a typical VC
      • Give access to expertise in marketing, operations, HR, technical, management, strategy, business development, financial, and others
      • Facilitate business development and partnerships
      • Help in finding clients
      • Facilitate sources of fundings, now and later stage
      • Portfolioize seed-stage ventures
      • Provide additional deal-flow and vetting of deals for later-stage investors
    • Incubators : why should an entrepreneur go to them ?
      • Assistance in brainstorming a concept or application for a new technology
      • Provide additional validation
      • Assist in creating the business model and plan
      • Facilitate seed funding
      • Offer more « hands » to the new entrepreneur
      • Provide an option for ventures that were too early or were missed by VC
      • Provide unique access to services in a resource-deficient region (e.g. shortage of office space in Silicon Valley)
      • Financial advantage in that cost savings in a contracted time frame are more than the cost of equity that must be given to the incubator
      • Offer access to uniquely positioned/qualified domain experts or advisors
    • Incubators : different natures for a common objective
      • Before or after the company creation :
        • US : before and after the creation of a company, an ‘innovation center’
        • France : only before (followed by the ‘pepinière’)
      • Walled or unwalled
      • Public or Private
      • Technological or generalist
    • Criterias to analyze incubators
      • Promoters
        • Public : region, state, universities / schools, chambers of commerce, …
        • Private : large companies, individuals, foundations / trusts, associations, research centers, …
      • Mission and objectives
        • Job creation, business activity, transfer of technologies, profit, revitalization of regions, promotion of specific sectors, …
      • Type of projects
        • Generalist, or specialized on one sector (crafts, technology, services, …)
        • To specific populations : students, people in reconversion, …
        • Before, during or after the company creation
      • Type of services offered
        • Real estate, administrative services, consulting and support, training and coaching, networking
      • Financial / business model
        • Rent or services billed to incubated companies, external services, subventions or donations, sponsoring, royalties / dividends / equity
      • Environment
        • Geographical area (rural, industrial, large city …) and network of partners (companies, research centers, business angels / VCs, …)
    • Where are we on the learning curve ? Source : Philippe Albert, CERAM Sophia Antipolis for the French Ministry of Industry, 2002
    • Incubators in Europe vs US Source : Philippe Albert, CERAM Sophia Antipolis for the French Ministry of Industry, 2002
    • The US : an innovative leader
      • Development of incubators is old (first one in 1959)
      • Environment is favorable to the creation of companies (culture, legal, etc…)
      • Entrepreneurial spirit is strong
      • The National Business Incubators Association (NBIA) plays a leading role
      • The public and private sectors are strong
      • VCs and BAs are key partners, especially in technological areas (Silicon Valey, …)
      • Universities are very often involved (research, transfer of technologies, teaching on entrepreneurship, …)
      • Companies plays a minor role
    • The UK : a recent come-back of the government along private cies
      • Some icon successes, but global result is poor
      • Incubators are mainly « company hotels »
      • Many initiatives from the Department of Trade and Industry starting 1999 to improve regulations and incentives
      • Entrepreneurial spirit low
      • Development of local public / private networks and Regional Development Agencies
      • Many consultants selling services to incubators
      • Dynamic BAs network and Stock Exchange
      • The UKBI association plays a leading role
    • Germany : a powerful engine with low return fueled by public money
      • The largest number of incubators in Europe
      • Generally a local partnership between collectivities, chamber of commerce, banks and Länder
      • Entrepreneurial spirit is low
      • Teaching of entrepreneurship is encouraged but universities are slow to adapt
      • Help for SMC are numerous
      • Bavaria and Baden-Würtemberg are leading in High Tech sectors
      • Internationalisation of large German companies is « exporting » incubators where their research centers are
      • Private incubators are in a very difficult situation
      • The crash of the Neuer Markt is dissuading a lot of potential investors
    • France : small initiatives with high return
      • The French territory is covered with many “pépinières”
      • Quality process (ISO) has improved professionalism
      • Government plays a leading role (1999 Allegre law on research, 2002 law Dutreil on economic initiative)
      • Sensibilisation to entrepreneurial spirit is only starting, but universities and schools are slow to pick up
      • Private incubators are searching for a business model
      • VC is limited and concentrated on key industrial sectors (telecom, software, bio-tech) and spin-offs vs pure creations
      • Banks are reluctant
      • BAs are few and very often active outside of France where environment is better
    • Summary
      • Incubators : what for ?
      • Models of Incubators
      • Incubators in Paris
      • ESCP-EAP Academic Incubator
    • Definition and typology of incubators
      • An incubator is an entity designed to nurture business ideas or new technologies to the point that they become autonomous. An incubator typically provides physical space and some or all of the services - legal, managerial, technical - needed for a business idea to be developed
      Sources : faberNovel, Altassets Private Incubators Public Incubators Types of Incubators Incubators of Ideas and Projects Private Investors Incubators Corporate Incubator Local Economic Development Incubators Academic and Scientific Incubators Actors
      • Corporations
      • Venture Funds
      • Corporations
      • Local Government
      • Different types of public actors
      Objectives
      • Business development
      • Return on investment by quick exit
      • External growth
      • Quick return on investment
      • Local economic development
      • Support to particular target groups or industries
      • Development of SMEs and clusters
      • Valorizing research
      • Technology transfer
      Targets
      • Internal and external projects, generally related to the activity of the company.
      • Technological start-ups generally ICT related
      • Startups (external or “excubated”), generally related to the activity of the company.
      • Small commercial craft or service companies.
      • In some cases, high-tech companies.
      • Projects internal to institutions prior to company creation
      • External projects
    • Typology of incubators Private Incubators Public Incubators Incubators Incubators of Ideas and Projects Private Investors Incubators Corporate Incubator Local Economic Development Incubators Academic and Scientific Incubators Offering
      • Giving access to a working site, meeting rooms, communication, office services and secretariat, library, etc, in an environment that is favorable to innovation
      • Support for project management (business case redaction, public financing requests, IP, …)
      • Management and strategy advice
      • Supply of one or several types of financing and search of complementary financing.
      • Personal networks
      • Eventually :
      • Hosting and administrative assistance
      • Legal services, public relations, recruiting, etc…
      • Financial resources
      • Prototype and market testing
      • Access to commercial markets
      • Eventually :
      • Long-term strategic partnership
      • Access to multiple competencies
      • Hosting and shared services
      • Administrative assistance -consulting
      • Eventually :
      • Coaching - training- networking, access to financing
      • Financial resources
      • Prototype and market testing
      • Access to commercial markets
      • Eventually :
      • Long-term strategic partnership
      • Access to multiple competencies
      Main Actors
      • Big technological and pharmaceutical firms
      • Private investors (venture capitalists)
      • Big technological and pharmaceutical groups (via their investment fund)
      • Board of trades, local body
      • Laboratories of public research
      Trends
      • High levels of consolidation and restructuring of the sector
      • Still looking for a successful model
      • Testing of the concept in numerous companies
      • Likely to develop
      • Regular development
      • Increasing territorial coverage
      • Rapid development under the aegis of public programs.
    • Corporate Incubators (CI)
          • Corporate incubators objectives are to develop knowledge and skills on new technologies, business models and markets, and to develop entrepreneurial spirit among research divisions (strategic experimentation)
          • Common success factors in new corporate incubators initiatives:
          • clear, approved and communicated expectations
      Sources : faberNovel, Oseo Corporate Innovators key success factors * CI Culture and Rewards CI Processes CI Resources
      • Top Management Sponsorship
      • “ Failure is Success”
      • Directly linked incentives
      • Efficient end-to-end process
      • Institutionalized internal and external idea/deal flow
      • Clear cut milestones and tollgates
      • Transparent pursue-or-exit path
      • Intelligent, staged funding
      • CI team
      • CI facilities
      • CI services
      • CI funds
    • Examples of successful corporate incubators Early-stage accelerator Technology Incubator
    • Summary
      • Incubators : what for ?
      • Models of Incubators
      • Incubators in Paris
      • ESCP-EAP Academic Incubator
    • Incubateur Académique ESCP-EAP C/o Paris Soleillet
    • Paris’ incubators in 2007 Incubateur Académique ESCP-EAP
    • Agoranov www.agoranov.com Paris Innovation www.agoranov.com Telecom Paris http://www.enst.fr/creation-entreprise/incubateur/ Paris Biotech http://www.parisbiotech.org/ Advancia http://www.advancia.fr/template.asp?chapitre=60 Paris Pionnières http://www.parispionnieres.org/ ESCP-EAP http://www.lenouveaucourrier.ccip.fr/Article.asp?tgt=5&id=487
    • Summary
      • Incubators : what for ?
      • Models of Incubators
      • Incubators in Paris
      • ESCP-EAP Academic Incubator
    • The ESCP-EAP Academic Incubator in one slide
      • Owners : ESCP-EAP et AAESCP-EAP
      • Mission : Research lab on the process to start a new company
      • Objective : Development of projects and creation of innovative and/or growth companies
      • Type of projects concerned : all kinds, including students , at the idea / BP stage
      • Services offered :
        • Coaching (Training, Coaching, Consulting),
        • Hosting in some cases (real estate and shared services in the Pépinière Paris Soleillet)
      • Budget : mixte :
        • School budget (teachers + logistics)
        • Sponsoring and subventions (hardware + office rent)
        • Voluntary (coaching + expertise)
      • Legal type : Internal to business school (part of ESCP-EAP Entrepreneurship Chair)
      A project « launched » in 2003, the structure, the place, the logistics, the first financing, experts and coaches are in place.
    • Allow us now to introduce ourselves…
    • faberNovel’s activities are split into 3 units Galvanize innovative genes Carry out quickly Remain entrepreneur XP Venturi Strategy and organization for growth and innovation Experimentation and project management Interal project development and investment
      • Assisting large groups on methodology, analysis and decision making
      • Innovation consulting:
        • Innovation Strategy
        • Organization and innovation
        • Change Management
        • Knowledge Management
        • R&D portfolio management
      • Strategic experimentation
        • Reduction of innovation risks
        • Fast acquisition of key know-how and skills
      • Conception and development of innovative products and services
        • Functional specification
        • Outsourced project management
        • Conception and business validation
        • Evaluation and identification of partners
        • Piloting and feedback
      • Venture capital, « excubation »
        • Investment and development of internal projects
        • Company creation assistance
        • Capital shares offering additional action leverage
      Timuzo C4Mprod Consulting
    • faberNovel oversees projects from their positioning to their realization
    • faberNovel Consulting heads all of faberNovel’s consulting activities
      • Strategy
        • Growth strategy
        • Innovation platform
        • Project portfolio management
        • Innovation management
      faberNovel Consulting’s mission: galvanize firms’ innovative genes
      • Organization
        • Participative innovation (Idea Management System)
        • Collaborative innovation (Customer Relationship Innovation ®)
        • Intrapreneurship development
      • Change management
        • Sharing best practices
        • Communities animation
        • Knowledge design
        • Technology transfer
      • Prospective intelligence
        • Technologies
        • Markets
        • Uses
      • Implementation
        • Competitive benchmark
        • Functional specifications
        • Partnerships / Monetization
    • If you want to know more on this subject, do not hesitate to contact us… 42, boulevard de Sébastopol I 75003 Paris I France Tel.: +33 1 42 72 2004 I Fax: + 33 1 42 72 2003 Web: www. fabernovel . com E-mail : amaury .de. [email_address] . com