Vigo Venture Accelerators
Driving Fast Growth of High Potential Start-ups
What is Vigo?
• Vigo is a new type of acceleration program designed to
complement the internationally acclaimed Finnish innovation
• The Vigo Program assigns selected independent accelerator
companies to provide drive, experience and financing
opportunities for high-potential Finnish start-ups.
Combine The Best Forces to:
Increase The Number of Successful Growth Companies and To
Develop the Ecosystem
Public and private
Vigo Venture Acceleration Process
For Potential High Growth Start-ups
• The key objectives of the Vigo Program are to:
– Motivate the best business developers to help the most
promising start-ups grow into successful companies
– Ensure early stage funding for the target companies,
increase their shareholder value, and make them attractive
targets for venture investors
– Raise significant venture capital investments for continued
expansion of the target companies after the acceleration
– Develop the Finnish venture capital market and bring more
international acceleration and venture capital players into
Program Governance and Execution
The Ministry of Employment and The Economy (TEM) decided to start
The Vigo Program in March 2009 in cooperation with Tekes* and
A Steering Group representing significant experience and expertise in
the international growth business was nominated by TEM in August
Tekes is responsible for the implementation of the program and has
contracted Profict Partners Oy to coordinate the implementation.
An independent evaluation of the Program was made in the fall 2012ˆ.
The Guiding Principles, the Steering Group with its charter and
members were renewed from March 1st, 2013 by the ministry.
*Finnish Funding Agency for Technology and Innovation
**Currently Finnvera VC (The VC part of Finnvera investing public funds in
early stage companies)
ˆThe Vigo Program, Mid-Term Evaluation, MEE report 4/2013
• The Vigo Accelerators are private companies
that are run by experienced entrepreneurs.
• The Accelerators offer their proven business
expertise, funding, and extensive contact
networks to the target companies.
• The Accelerators invest both money and time
into the target companies and take on both a
strategic and an operative role in the
• The Accelerators have been selected from the
best applicants in their respective fields in a
public procurement process.
”Investing in clean future”
ICT, applications, media
”Finnish innovations to Asian markets”
Digital East Europe
” It’s a shorter journey when you have a paying
”Building businesses investors would love to
Digital media, analytics, commerce
“We produce new business”
Health, web, games, advanced tech
”Co-creating category leaders”
Clean, energy, ICT
”Inventions with good intentions”
Fashion, design, lifestyle
”Helping to establish fashion and design brands”
”Turning ideas into innovations”
B2B and B2B2C ICT
”Looking for the next big thing”
How Does Vigo work?
accelerator of it’s
based upon evaluation of the
team and suitability of the
company for the
invests time and
The acceleration period lasts 18 to 24 months
managers take a
hands-on role in
The accelerators’ main revenue model is based on the growth in the company’s Descriptio
value at the point of exit. Monthly fees may also be included in the model.
The companies are able to utilize Tekes’s and Finnvera’s funding (grants, loans
Total funding package (private and public) for the Acceleration Period varies
between 1 to 2 million euros.
Great Start-ups in Portfolios!
Total portfolio 75 companies (30.6.2013)!
World Class Investors and VC’s:
AMBIENT SOUND INVESTMENTS
Esther Dyson is an active angel investor in a
variety of start-ups, for-profit and otherwise,
around the world. She also operates as the
Internet’s court jester, a person of no institutional
importance who somehow manages to speak the truth and to
be heard when and where it matters. She does business as
EDventure, the reclaimed name of the company she owned for
20-odd years before selling it to CNET Networks in 2004.
Cumulative funding, M€
Private and Public Funding in
23 months 29 months 35 months 41 months 47 months
30.6.2011 31.12.2011 30.6.2012 31.12.2012 30.6.2013
Distribution of Cumulative Funding
in Target Companies
Totally 135,4 M€
Totally 172,3 M€
Growth of Funding (%) Between
1July12 and 30June13 by Source
Summary of Cumulative Results by 30June 2013
• Total cumulative funding in target companies was 172 M€, 66%
from private and 34% from public sources.
• Accelerators have invested 9 M€ in three years.
• Foreign private investments were 62 M€ representing 36 % of
total cumulative funding.
• Domestic private investments were 42 M€ (24% of total)
• Tekes NIY funding was 28 and R&D about 23 m€. Finnvera VC
investments were 9 M€.
• Acceleration agreement with 88 companies, 13 are out (exit,
• Total portfolio 75 companies, 57 in active acceleration, 18
through it and in investment portfolio.
What’s in It for Me?
• For the accelerators:
Experienced and committed
High leverage initial funding (R&D
and BD grants& loans)
For start-up companies:
Drive for growth
Customers, contacts and further
• For the community
>> Accelerated growth, increasing value
Significant public leverage in target
Financial returns with successful
Rewarding and challenging career
Vigo Accelarator Program
Jobs and tax-payers
Increasing knowledge capital
Wealth and prosperity
If You Are a Foreign High Potential Start-up
Looking for Fast Growth and…
• Need experienced hands-on strategic and operative
• Need funding to make it all happen and…
• Are flexible to accept outside (venture type) equity funding
• Are willing to relocate (some of) your operations to Finland
…teaming-up with a Vigo AcceIerator might
be the best option for you!
• You can start by checking out www.vigo.fi and …
• We can help you to get going!