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Vc4 R&D

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  • 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. 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. 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. 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. 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. 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. 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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