Vc4 R&D

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Vc4 R&D

  1. 1. VC  for  the   Commercializa0on  of   the  R&D  Output   A.  Mete  ÇAKMAKCI   Technology  Development  Founda0on  of  Turkey   EIB  Regional  Forum  2010  “Smart  Growth  for  Turkey”   22  October  2010,  İstanbul  
  2. 2. Back  to  Industrial  Policy   EIB  Regional  Forum  2010  “Smart  Growth  for  Turkey”      Can  Venture  Capital  be  deployed    as  a  strategic  vehicle   of  a  “sound”  industrial  policy?      Can  public  align  its  interests  and  priori0es  with  those  of   the  private  investors?      How  best  to  balance  the  tempta0on  to  pick  the   winners?     1  
  3. 3. Opportunity  Equity   Value   Knowledge   Value   MARKET   INVESTMENT   VISION   EXECUTION   Exploi0ng  Knowledge   EIB  Regional  Forum  2010  “Smart  Growth  for  Turkey”   Compe00veness   Pre-­‐ Incuba0on   Concept   Start-­‐Up   Growth   Public  Interven0on   Comfort  Zone   2  
  4. 4. Innova0on  takes  systema0c  pa0ence  and  diligence:   VC  provides  the  networks,  valida0on  and  visibility  in  addi0on  to  the   cash.  (A  team  with  hybrid/cross  skills  set)   VC  Is  Not  Just  Money   EIB  Regional  Forum  2010  “Smart  Growth  for  Turkey”   3  
  5. 5. Concept   Start-­‐up   Growth   0,5  –  1  year   1,5  –  2  years   3  –  5  years   Condi0onal   Grants   Convertable   Co-­‐Equity   “Kicker”  Soe-­‐Loans   Tax  Incen0ves   Commercializa0on  Pipeline   Pre-­‐Incuba0on   2  –  3  years   Managing  a  Healthy  Pipeline   EIB  Regional  Forum  2010  “Smart  Growth  for  Turkey”   The  “Valley  of  Death”   4  
  6. 6. Role  Of  the  Public   EIB  Regional  Forum  2010  “Smart  Growth  for  Turkey”      Push  research  establisment  to  commercialize  results      Tie  part  of  the  funding  to  commercializa0on  performance      Grant  researcher  ownership  exclusivity  for  a  limited  period        Pull  private  money  with  leverage  for  investor  risk  and  returns      Promote  best  prac0ce  in  investment  governance  and  ethics      Respect  independence  of  the  VC  management      Facilitate  access  to  the  research  lab  (promote  offices  for  transfer,   encourage  u0liza0on  of  public  research  infrastructure)      Help  researchers  to  understand  the  market  and  the  process      Promote  channels  for  exit  (tax  incen0ves  for  exits  from/M&As  by   large  companies  from/of  a  young  growth  company)   5  
  7. 7. Photos  :    kind  courtesy  of  METUTECH   Technology  Development  Founda0on  of  Turkey   Cyberpark,  Cyberplaza  B  Blok  Kat:6   Bilkent  06800  Ankara,  TURKEY   www.Cgv.org.tr  

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