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University of helsinki will cardwell

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  • Wehavehadthemalready in a way, buthavetroublecapturingmarketvalue.Nokia: 2.50 to 60 (1994 to 2001, then 40 to 10 (2008 to present)Whyaretheyimportantnow:Employment? Wealth? RoleModel? AllthreeA Big StoryA SimpleStoryAn EfficientEcosystemDrive / Adhere to TrendsFast
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    • 1. Will.Cardwell@Aalto.Fi Venture Capital: A Practioners View For UNIVERSITY OF HELSINKI
    • 2. My Experience EDUCATION CEO / PARTNER/ DIRECTOR BOARD-MEMBER ADVISOR / INVESTMENT BANKER Bedford Hills, Linkhorne School, EC Glass, Davidson College, Aalto School of Economics, University of North Carolina-Chapel Hill, Aalto School of Science and Technology LTT-Research Finance Institute, Eqvitec Advisors/Robertson Stephens, Eqvitec VenturePartners, Valimo Wireless, Conor Venture Partners, Technopolis Ventures, ACE Valimo Wireless, Smartner/Seven, Frends, Rissa Communications, TIVIT, Amcham, TEKEL, Finnish Mobile Association, Center for Internet Excellence, NS Sports Management, Technopolis Ventures F-Secure, Iobox, Codetoys, Digia, Solid, Footbalance, Microtask, several ongoing 2
    • 3. Entrepreneurship Research Entrepreneurship Education Innovation Services and Technology Transfer Growth Venturing and Start-Up Services What is ACE Today ? Note Combo of Academic And Practice!
    • 4. 0 100000 200000 300000 400000 500000 600000 700000 1999200020012002200320042005200620072008200920102011 Annual IPR Licences 5 7 10 10 10 7 4 5 11 14 0 2 4 6 8 10 12 14 16 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Spin outs 50 66 80 89 110 180 4 12 13 7 22 45 0 20 40 60 80 100 120 140 160 180 200 2006 2007 2008 2009 2010 2011 Inventions priority applications Invention Disclosures 0 2 4 6 8 10 12 14 16 18 TKK08 MIT08 TODAI08 Yissum08 Aalto 2011 IP activity benchmarks Inventions/100 researchers priority filings/100 researchers ACE Innovation Services today and tomorrow * * This is ”Practice” part and it is Critical to future of Finland and must be resourced accordingly!!
    • 5. How VC Firms are Structured 5
    • 6. What Venture Capitalists Do Fundraising Proprietary Dealflow Process / Screen Dealflow Close Attractive Deals Manage / Develop Portfolio Companies | Attract Follow-on Investors Exit Companies 6
    • 7. VC within Course Framework 7 # ’s equal importance in VC
    • 8. Summary of Finnish high-tech company capital raising activity – Q32010 • Finnish high-tech companies announced raising nearly €30 million of risk capital during Q3 of 2010. • The quarterly amount was comparable to Q3 2009, when Finnish high-tech companies were able to attract around €29 million euros of financing. • The amount of investments remained equivalent to the prior year’s Q3 activity, however, the average investment size in Q3 2008 was significantly smaller TECHNOPOLIS PLC 30 January 2015 8 0 2 4 6 8 10 12 14 0 € 5 € 10 € 15 € 20 € 25 € 30 € 35 € 2008 2009 2010 Millions Yearly Q3 Comparison - Investor Types Angel International Domestic #
    • 9. A Comparison: Israel 9
    • 10. Great Finnish Stories in Outlier and Black Swan Framework • Defies Prediction • Makes a Massive Impact • We make up Explanations Afterward Have we ever had any, and why are they so important today? • Endowed with an unfair advantange. • Extreme practice and work
    • 11. 1. The Counter-Intuitive Reality of the Black Swan Link11
    • 12. 2. On Risk-taking and Failure… • Ecosystem: promotes pioneering spirit embracing uncertainty, risk-taking and tolerating failure • Entrepreneur: You must not fail! (but its OK if you do, keep trying!) You just cannot have a Plan B !!Link Link 12
    • 13. 3. On Youth and Energy… • Ecosystem: Attract founders, who are ideally young, energetic and possibly migrants, and support them patiently • Entrepreneur: Start early! Universities will probably drive the next Black Swan. And, DON’T BE PATIENT! 13
    • 14. Company Foundation Founder Age Microsoft 1975 Bill Gates 20 Microsoft 1975 Paul Allen 22 Oracle 1977 Larry Ellison 33 Apple 1976 Steve Jobs 21 Apple 1976 Steve Wozniak 26 Cisco 1984 Len Bosack 29 Cisco 1984 Sandra Lerner 29 Sun 1982 Vinod Khosla 27 Sun 1982 Bill Joy 28 Sun 1982 Andy Bechtolsheim 26 Google 1998 Larry Page 25 Google 1998 Sergey Brin 25 eBay 1995 Pierre Omidyar 28 eBay 1995 Jeff Skoll 30 Yahoo 1995 David Filo 29 Yahoo 1995 Jerry Yang 27 Netscape 1994 Marc Andreesen 23 Intel 1968 Robert Noyce 41 Intel 1968 Andy Grove 32 Amazon 1994 Jeff Bezos 30 HP 1939 Bill Hewlett 26 HP 1939 David Packard 27 Dell 1984 Michael Dell 19 Founder Company Age Hasso Plattner SAP 28 Dietmar Hopp SAP 32 Hans-Werner Hector SAP 32 Klaus Tschira SAP 32 Francis Bernard Dassault >36 Pier Luigi Zappacosta Logitech 30 Daniel Borel Logitech 30 Bernard Liautaud Business Objects 27 Denis Payre Business Objects 27 Jamie Urquhart ARM 32 Mike Muller ARM 31 Tudor Brown ARM 31 André Auberton-Hervé Soitec 31 Jean-Michel Lamure Soitec 44 James Collier CSR 40 Glenn Collison CSR 35 Mike Lynch Autonomy 31 Richard Gaunt Autonomy 28 Marc Lassus Gemplus 49 Daniel Le Gal Gemplus 37 14
    • 15. aaltovg.com twitter.com/ aaltogarage
    • 16. 4. On Customers… • Ecosystem: Willing customers participate in trial and error process with innovators. • Entrepreneur: Get out of the office all the time – live and breathe with customers. And customers: if you don’t pay, you are part of the product or service, act like it! Link16
    • 17. 5a. On Teams • Ecosystem: Freedom offered to talent who should not be snatched from start-ups. Talent (and capital!) MUST be mobile! • Entrepreneur: Bring in the best wherever they come from (and many will come from abroad!) Link 17
    • 18. 5b. On Teams 18 Link
    • 19. 6a. On Pricing Technologies Link
    • 20. 6b. On Pricing Technologies 20 Link
    • 21. 7. On How to be a VC 21 Link
    • 22. What are we trying to do at ACE to enable this? • A Deep International Network – Bring world-class lecturers, practitioners and students IN – Send our community OUT to global hotspots. • Support REGULAR bootcamps and events around key themes • Create winning IP strategies • Raise the overall IMAGE of Growth Entrepreneurship • Collaborate fluently with our national and regional ecosystem! • Get great ideas into the market FAST! 22
    • 23. Select Spin-offs and Start-Ups from Aalto University Some Past Start-Ups Hybrid Graphics F-Secure Sulake Rovio Solid … many others
    • 24. Any Ideas? Invented Something? Contact us directly: Will Cardwell, Head, 040 514 1325 Pauli Laitinen, Innation Services team leader, 050 338 0509 Or looked at: http://ace.aalto.fi 24

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