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The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309
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The European Venture Capital Market - Uli Fricke Triangle Ventures Stanford Apr1309

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venture capital, vc, evca, germany, university, stanford, burton lee

venture capital, vc, evca, germany, university, stanford, burton lee

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  • 1. European Venture Capital Market European Entrepreneurship and Innovation Thought Leaders April 13, 2009 13 Uli W. Fricke Managing General Partner Triangle Venture Capital Group Member of the EVCA Executive Committee Copyright Triangle Venture Capital Group Management GmbH, April 2009
  • 2. Agenda A Case for Venture in Europe Europe……………………………………………………….. 3 Status Quo – VC in Europe vs. US………………………………………… 3 Future Perspectives of the European VC Market….……………………. 6 Triangle in the European VC Landscape.………………………………………….. 8 Triangle – An introduction…….…...………………………….…………… 8 Case Study - iOpener Media ..……………………………………......…… 14 Page 2 | April 2009
  • 3. A Case for Venture in Europe Status Quo - VC in Europe vs. US Number of companies financed Europe: fewer deals / smaller amounts 6000 5000 4000 Significantly larger amount of capital g y g p 3000 available in US vs. Europe in 2001-2008 2000 1000 European early stage funds 2001 – 2005 0 vintages expected to outperfom US 2000 2001 2002 2003 2004 2005 2006 2007 counterparts US Europe Ex it m ultiples 16 14 12 10 8 6 4 2 0 2004 2005 2006 2007 Q1 2008 US EU Source: VentureSource / LGT Capital Partners Page 3 | April 2009
  • 4. A Case for Venture in Europe Status Quo - VC in Europe vs. US Average cap invested prior to $100m+ exits in $m 90 80 European VC funded businesses more 70 60 capital efficient both in early and late 50 stage 40 30 20 Exits in the same order of magnitude 10 need only half the amount of VC funding y g 0 in Europe 2004 2005 2006 2007 2008Q1 Europe USA China Israel Higher historical European capital Multiple of cap vs. invested ($100m+ exits) in $m 18 efficiency translates into higher return 16 multiples on similar sized exits 14 12 10 8 6 4 2 0 2004 2005 2006 2007 2008Q1 Europe USA USA (Including Google) China Israel Source: VentureSource / EVCA Page 4 | April 2009
  • 5. A Case for Venture in Europe Status Quo - VC in Europe vs. US $35+ billion of value created in 4.5 years by European VC-backed companies Source: EVCA Page 5 | April 2009
  • 6. A Case for Venture in Europe Future Perspectives of the European VC Market Commercialize the potential of dominant technology innovations in a number of high growth industries UK: biopharmaceuticals, semi-conductors Germany: medical devices and equipment, alternative / clean energy, semi-conductors semi conductors Scandinavia: wireless / telecom technologies, open source software High quality of deal reservoir due to innovative p g q y potential 7 European countries in Top 10 re. R&D as of % of GDP 6 European countries in Top 10 re. Researchers 7 European countries in Top 10 re. Triadic Patent Families A number of European funds already make it to US top quarter performance Page 6 | April 2009
  • 7. A Case for Venture in Europe Future Perspectives of the European VC Market Highly developed Professional Standards generating transparancy as a key factor for success and growth of the European PE/VC market Industry to achieve two major long-term goals to build a stable, long-term relationship with institutional investors and regulators to increase overall transparancy and trust into the asset class Ensure integration of EVCA public p g p policy recommandations into the EU y regulations for the financial sector Maintain an open dialogue with the most relevant EU and worldwide institutions Page 7 | April 2009
  • 8. Triangle in the European VC Landscape Triangle - An Introduction Later rounds Post-Revenue 2nd round 1st round Public/Regional g Research Funds Spin-Offs Pre-Revenue Invest local/ Invest local/ Invest global/ grow local grow global grow global Page 8 | April 2009
  • 9. Triangle in the European VC Landscape Triangle - An Introduction Founded in 1997 Cohesive and experienced investment team of 8 plus leading edge Board of Advisors (technology and industry) Disciplined investment approach: disruptive software and hardware applications for IT, medical devices or clean tech industries € 80 million under management € 100+ million committed to portfolio companies incl co investors incl. co-investors Four funds in two fund generations with superior return to investors Page 9 | April 2009
  • 10. Triangle in the European VC Landscape Triangle – An Introduction me Industry / Consumer Markets Growth x Volum Complexity Pharmaceutical MedTech Financial Services Applied Research pp Infrastructure Complexity Internet Logistics Cognitive tics / Computer Sciences Systems Quantum Applications Macro Economics Driven: Automation Media / Entertainment Market push - open new markets to serve upcoming demands Physics of Social Components oo g Tooling Telecommunication o a o Modeling / Economic Systems Laser Simulation IT Sensing Micro Economics Driven: Planning Micro- / Nano- “Green Systems Market pull - to solve immediate Technologies” application problems Mathemat Distributed Photonics Systems Control Automotive Information Flow Logistics Complexity Physics / Engineering Sciences … Basic Research Page 10 | April 2009
  • 11. Triangle in the European VC Landscape Triangle – An Introduction Uli W. Fricke Wiebke Passmann (*68) (*81) Managing General Partner Investment Manager – Partner ICT ICT 18 years relevant experience 4 years relevant experience Associate producer at the leading BTX (German MBA from University of Paderborn major in risk Paderborn, Internet predecessor) service provider management MBA from University of AS Worms at the age of 22 Summer associate in venture capital firms as CEO at a global educational tour operator well as in industrial corporations. CEO at a global niche market insurance company Founding partner Triangle Dr. Bernd Geiger Georgi Maximov (*60) (*79) Managing General Partner CFO – Partner ICT, Medical Devices Finance, Risk Management Portfolio Companies 22 years relevant experience 7 years relevant experience MS in Physics PhD in Natural Sciences Physics, Project manager at Old Mutual Group R&D work at University of Heidelberg, Karlsruhe, Chief Analyst at Skandia EMU, German Cancer Research Center (DKFZ) Portfolio manager at Feri Wealth Management R&D management at university spin-off Leica MBA from Free University Berlin, major in corporate Lasertechnik, M&S management at Zeiss finance and investment theory Founding partner Triangle Dr. Xin Chen (*82) Analyst 1 – Robert Glootz Investment Manager ICT 5 years relevant experience Analyst 2 – Irina Medova MS in Computer Science PhD in Economics Science, R&D work at University of Karlsruhe and University of Science and Technology, Hefei, China. Analyst 3 – Tobias Nils Krämer Page 11 11 | April 2009 Page Page 11
  • 12. Triangle in the European VC Landscape Triangle – An Introduction Prof. A. Cramer Prof. L. Wolf Joerg Kreisel wireless telecommunication Dr. K. Ebertshuber digital media space technologies accounting / law Prof. H. Salzwedel electronic systems design Prof. M. M. Resch P f M M R h W. Shiebler software design / economics / super computing american VC industry Prof. S. Seeger W. W Rogers chip sensors business development Prof. R. Studer semantic web Dr. G. Seikel law D. Seckelmann HR Prof. H.-J. Mueller Dr. F. Gauper Prof. J. Wolfrum Dr. J. Redmer s/w engineering medical devices laser technologies information technology Page 12 | April 2009
  • 13. Triangle in the European VC Landscape Triangle – An Introduction Fund IV First Gen Page 13 | April 2009
  • 14. Triangle in the European VC Landscape Case Study – iOpener Media iOpener provides and facilitates real-time data into a range of virtual applications, e g applications e.g. race games driver training, and visualization, through its games, training visualization patented technology; using i.e. satellite navigation technology. iOpener provides the real-time link between virtual worlds and the real world. The innovative technological breakthrough enables gamers to join races and compare themselves in real-time with the professionals (1-on-1), and compete directly against professionals (1-to-many) when an actual live event is on. The products create entirely new user involvement by addressing three major market trends: (1) the consumers steady hunger for more exciting, interactive online in-game features, ( ) the g g , (2) game p publishers’ and hardware manufacturers’ search for new revenue streams through unique online game content, and (3) a growing target group of people who prefer entertainment to be interactive, evolving outside the traditional gaming universe. universe Page 14 | April 2009
  • 15. Triangle in the European VC Landscape Case Study – iOpener Media presentation iOpener at ESA investment forum presentation iO i iOpener at T i Triangle l joined meeting with potential customers Demonstration w/ Audi discussion business model 2 LoI signed with tracks signing termsheet Investment Agreement Launch realtime feature Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Market DD Board membership Triangle Tech DD Monitoring of risks and opportunities IPR DD IPR DD R&D h d hardware Legal DD R&D game portal Discussion of business model, target customers Page 15 | April 2009
  • 16. Triangle Venture Capital Group Management GmbH Marktstrasse 65 D-68789 St. Leon-Rot Germany Tel: +49 700 874 26 453 / +49 6251 800830 Fax: +49 700 874 26 329 / +49 6251 800839 www.triangle-venture.com Uli W. Fricke u.fricke@triangle-venture.com Page 16 | April 2009

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