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VC Risikokapital in richtigen (zittrigen) Händen || Klaus Nathusius


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Klaus Nathusius (Genes Ventures): VC - Risikokapital in richtigen (zittrigen?) Händen?

Klaus Nathusius (Genes Ventures): VC - Risikokapital in richtigen (zittrigen?) Händen?

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  • 1. Georg-August-Universität Göttingen Wirtschaftswissenschaftliche Fakultät Entrepreneurship& Entrepreneurial Finance Presentation on March 18, 2011 Berlin at the Conference „ Startup Camp Berlin 2011“ Kontaktinformationen: Prof. Dr. Klaus Nathusius Managing General Partner GENES GmbH Venture Services Tel: +49-2234-955460 Kölner Straße 27 Fax: +49-2234-955464 [email_address] D-50226 Frechen Mob. +49-171-9960847 Georg-August-Universtät Göttingen Platz der Göttinger Sieben 3 D-37073 Göttingen Prof. Dr. Klaus Nathusius VENTURE CAPITAL – Risikokapital in richtigen (zittrigen?) HÄNDEN? Zerstören deutsche VCs "Innovationen" und Arbeitsplätze durch ihre Risikoaversion? GENES GmbH Venture Services Venture Capital Fonds Management Early Stage Consulting und Coaching VENTURE CAPITAL – Risikokapital in richtigen (zittrigen?) Händen? Zerstören deutsche VCs "Innovationen" und Arbeitsplätze durch ihre Risikoaversion?
  • 2. GENES GmbH Venture Services
    • Founded in 1978 by Prof. Dr. Klaus Nathusius
    • Venture Capital (VC) management company and venture consulting company
    • GENES was the pioneer of VC in Germany following the US mode of operation
    • First VC Fund: International Venture Capital Partners S.A. Holding, Luxembourg
    • Second VC Fund: Euroventures Germany, C.V., Eindhoven/Netherlands
    • Ex Chairman of EVCA European Private Equity and Venture Capital Association, Brussels
    • 1992 – 2002 VC investments in East German industrial companies after the German unification
    • Since 1978 entrepreneurship teaching and training programs in German Universities and Chambers of Commerce
    • Since 2002 VC investments (Seed and Start Up Capital) in university and industrial spin offs
  • 3. Venture Capital Definition (1)
    • equity financing
    • early stage financing
    • pre stockmarket financing
    • duration of financing: 3 to 7 years
    • financing + value adding
  • 4. Venture Capital Definition (2)
      • VC = „apprenticeship“ business
      • VC = „pedestrian“ business
      • no „Lifestyle Ventures“
      • target: Middle Market Ventures
      • target: High Potential Ventures
  • 5. Types of Start Up Financing and Financial Instruments seed capital business angels venture capital corporate venture capital private equity mezzanine financing private placement IPO + financial instruments of low budget model equity and debt financing Medium + Big-Budget-Model several financing rounds founders capital F+F capital bank debt suppliers leasing public funds and subsidies equity and debt financing Low-Budget-Model one financing round sweat equity R+D project financing moonlighting prepayments „ self feeding business“ No-Budget-Model no financing round Financial instruments Types of Financing Base Models
  • 6. Optimal Financing Structures and Corporate Life Cycle profit time product development market entrance market penetration market diffusion equity equity Mezzaninecapital debt. Debt. Mezzaninecapital equity IPO debt.
  • 7. Structure of Equity-Financing Public Equity stockmarkets
    • Later Stage Financing
    • development
    • growth
    • MBO/MBI
    • Turnaround
    • change of ownership
    • Re Starts
    • („Vulture Fonds“)
    Private Equity non listed shares Equity
    • Early Stage Financing
    • Venture Capital
    • Pre Seed
    • Seed
    • Start Up
    • early development
  • 8. Exit-Routes
    • IPO (Initial Public Offering)
    • trade sale
    • secondary purchase
    • buy back
    • write off
  • 9. Venture Capital Process: Players Investee Companies Investors VC Process Venture Capital Company
  • 10. Venture Capital - Framework ressources chances people context risiks
  • 11. VC Management as Financial Intermediary Banks, Insurance Comp., Pension-Funds, Industrial Investors, Private Investors, Government investment decisions capital-infusion distribution fund-initiative capital-acquisition reporting investment-process monitoring value adding exit-strategy VC-Investors Intermediary VC-Investees VC Management-Team VC Fund Portfolio
  • 12. Venture Capital Decision Criteria
      • management team
      • marketable (innovative) product
      • marketpotential
      • scaleble business model
      • convincing profit potential
      • international potential
      • acceptance of partnership with financial investor
      • exit routes
      • not dividend oriented, but value increase oriented
      • company valuation acceptable
  • 13. Venture Capital Cycle phase 1: sourcing and first contact phase 2: screening and first selection phase 3: due diligence and valuation phase 4: financial structuring and investment proposal phase 5: negotiating and investment decision phase 6: closing phase 7: value adding + monitoring phase 8: exiting Phase Dauer 4 weeks –– 1-3 months 2 weeks 1-2 months –– 3-5 years 0,5 - 1,5 years
  • 14. Performance of a Venture Capital Portfolio (sample, fund size: € 10 mill.) 33 total return (before transactions costs and taxes) 2 x 10 = 20 multiple of 10 plus 2 x 5 = 10 two – to five times money back 3 x 1 = 3 no „capital gain“ 3 x 0 = 0 total losses Cash Return in mill. € Performance Segments
  • 15. Finanzierungsgenese von Quelle: Marcus, James: amazonia, Five Years at the Epicenter of the Juggernaut, New York 2004 50,0 Börsen-Erstemission (IPO) 1997 Quartal 2 8,0 Venture Capital (Kleiner Perkins) 1996 Quartal 1 0,1 Gründerfinanzierung Family&Friends (F&F) 1995 Quartal 3 Kapitalzufluss in Mio. US $ Finanzierungsinstrument Jahr
  • 16. Finanzierungsgenese von Quelle Zahlenmaterial: Mayringer, Heinz: Corporate Financing in the Growth Industries, Basics & Case Studies, Salzburg 2001 7,5 Bridge Finanzierung (Aktienemission an bisherige Investoren) Januar 2000 21,9 (Institutionelle) Investoren (Aktienemission an 3i, Commerzbank Beteiligungs Gesellschaft, Sal. Oppenheim, Wilhelm von Finck Senior und Junior, AXA Colonia) August 1999 180-224 Börsengang (IPO) Februar 2000 8,0 Venture Capital & Business Angel (3i, Bayview, Dr. Georg Baumann) Juni 1999 0,1 Aktienkapital (Ausgründung aus CINETIC GmbH) Januar 1999 Kapitalzufluss in Mio. € Finanzierungsinstrument Jahr
  • 17. Resümee und Ausblick
    • Deutschland braucht
      • bessere unternehmerische Sensorik (Opportunity Recognition)
      • mehr und qualifiziertere Gründungen und Gründer
      • mehr Gründungskapital
        • Business Angels
        • Seed Capital Fonds
        • Early Stage Venture Capital Fonds
      • qualifizierteres Gründungskapital (Venture Training)
      • bessere Rahmenbedingungen für Gründungsinvestoren
      • insbesondere steuerliche Anreize
      • bessere Rahmenbedingungen für Entrepreneurship Ecosysteme