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EUROPE HAS NEVER BEEN BETTER



            Nenad Marovac, DN Capital, 2012
Who reads The Economist?
It’s time to change the record
Ever used this?
Or this?
Or this?
Recognize these?
What do they have in common?
Yes, Europe is the source of many
    global leaders
          8 European Start-ups generated c.$25bn of value* over the last 10 years

                        • Enterprise software
                        • Exit price : $6.5 billion (IPO)                     • Music recognition mobile app
                        • Acquired by HP for $10.2                            • Estimated valuation: $1 billion
                          billion

                        • Exit price: €2 billion (eBay)                       • Mobile gaming company
                        • Spun out and reacquired by                          • Estimated valuation: $1.2
                          Microsoft for $8.5 billion                            billion


                        • Worldwide gaming portal                             • Online dating service
                        • Estimated valuation: $600                           • Current valuation: $360
                          million                                               million


                        • Music streaming software                            • Private-sale online retailer
                        • Estimated valuation: $1                             • Estimated valuation: $3.0
                          billion                                               billion

                                                                                                               9
*THESE VALUATIONS ARE ROUGH ESTMATIONS AND SHOULD NOT BE CONSIDERED AS THE EXACT VALUES OF THE PRESENTED COMPANIES
Putting this in context

       $25bn of Value Generated by 8 Companies


       Reasonably assume that 50% of Equity is
      Owned by Founders and Management Team


           Yes, that is $12.5bn going to the
                    entrepreneurs!

                                                 10
So, what makes Europe so
successful?
 Evolution of the European ecosystem
 Emergence of serial, experienced
 entrepreneurs
 Global leading companies coming from
 Europe and generating substantial returns
 European start-ups going international
 US VCs investing in Europe
A new ecosystem is emerging in
Europe

                          The emergence of serial
                               entrepreneurs




   … helping to create        Higher quality         … supported by high
  the new generation of        companies             profile, experienced
       successful                   .                  angel and seed
      entrepreneurs           Higher returns               funding…



                          … while major events and
                          groups are nurturing the
                               ecosystem…




                                                                            1
The emergence of serial
entrepreneurs
The vibrant entrepreneurial ecosystem in Europe is
led by serial and experienced entrepreneurs:
      Niklas
      Zennstrom




      Lukasz
      Gadowski




      Brent
      Hoberman




      Marc
      Simoncini
Supported by high profile,experienced
       angel and seed funding…
  Giuseppe Nenad     Niklas      Lukasz     Brent      Lars       Xavier   Marc        Stefan
  Zocco    Marovac   Zennstrom   Gadowski   Hoberman   Hinrichs   Niel     Simoncini   Glaenzer




1996      2000       2006         2008                   2009                2010        2011
And of Course the Infamous Trio …
… while major events and groups
are nurturing the ecosystem…
SEEDCAMP                    DLD

           LeWeb Paris
… helping to create the new generation
of successful entrepreneurs
A new wave of young and talented
European entrepreneurs:
     Hi! I Am              Hej jag är
     Alexander             Jacob de
     Ljung                 Geer




     Hej jag är            Hallo ich
     Daniel                bin Dirk
     Ek                    Graber
The Top US VCs have now accepted that
Europe is a great place to start a company
 Bessemer, KPCB, Sequoia and Union Square Venture
 have all invested in European start-ups, including:
Such an ecoystem has enabled European
      start-ups to conquer the world…
                      84m+ tags per month                                                  500K+
                      Shazam for TV – Partnered with 50% of                           Fon Hotspots
                      Super Bowl Advertisers




                                                                     100m+
Stardoll by barbie                                                   downloads of
$20.99 retail price                                                  “Angry Birds”




                                                                                                50% of Kids Aged
                 2m+ app downloads                                                              6-12 have adopted
                                                              Diadmond Dash
                   on mobile devices                                                            a pet
                                                              featured in 14/19 app
                                                              stores in Africa
So where is the action?
            Legend

 > $1bn            Valuation at 1st exit
                   A = Acquired;
 >$100m            I = IPO
                   P = Potential Exit
 Potential
 ($100m or more)
Where is Europe Leading the Way?
 MUSIC             Games




E-commerce        Software
Consumer Digital Media Trends
The “App-economy”




 Revenue from major app stores grew from $830 million in 2009
 to an estimated $5.6 billion in 2012
Consumer Digital Media Trends
Mobile Games
 1 billion downloads

 50m Angry Birds Space
 downloads in 35 days

 Gamers play Angry Birds 200 million minutes
 per day!

 16 years of gameplay every hour!

 Reported valuation of $1 billion+
The market for start-ups in Europe has
never been better



  High quality                 Market ready
 entrepreneurs   Smart Money   for success
 and ecosystem                    stories




                                              24
QUESTIONS ?
THANK YOU!


   Nenad Marovac
nenad@dncapital.com
 +44 (0)20 7340 1600

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European champions in entrepreneurship by Nenad Marovac

  • 1. EUROPE HAS NEVER BEEN BETTER Nenad Marovac, DN Capital, 2012
  • 2. Who reads The Economist?
  • 3. It’s time to change the record
  • 8. What do they have in common?
  • 9. Yes, Europe is the source of many global leaders 8 European Start-ups generated c.$25bn of value* over the last 10 years • Enterprise software • Exit price : $6.5 billion (IPO) • Music recognition mobile app • Acquired by HP for $10.2 • Estimated valuation: $1 billion billion • Exit price: €2 billion (eBay) • Mobile gaming company • Spun out and reacquired by • Estimated valuation: $1.2 Microsoft for $8.5 billion billion • Worldwide gaming portal • Online dating service • Estimated valuation: $600 • Current valuation: $360 million million • Music streaming software • Private-sale online retailer • Estimated valuation: $1 • Estimated valuation: $3.0 billion billion 9 *THESE VALUATIONS ARE ROUGH ESTMATIONS AND SHOULD NOT BE CONSIDERED AS THE EXACT VALUES OF THE PRESENTED COMPANIES
  • 10. Putting this in context $25bn of Value Generated by 8 Companies Reasonably assume that 50% of Equity is Owned by Founders and Management Team Yes, that is $12.5bn going to the entrepreneurs! 10
  • 11. So, what makes Europe so successful? Evolution of the European ecosystem Emergence of serial, experienced entrepreneurs Global leading companies coming from Europe and generating substantial returns European start-ups going international US VCs investing in Europe
  • 12. A new ecosystem is emerging in Europe The emergence of serial entrepreneurs … helping to create Higher quality … supported by high the new generation of companies profile, experienced successful . angel and seed entrepreneurs Higher returns funding… … while major events and groups are nurturing the ecosystem… 1
  • 13. The emergence of serial entrepreneurs The vibrant entrepreneurial ecosystem in Europe is led by serial and experienced entrepreneurs: Niklas Zennstrom Lukasz Gadowski Brent Hoberman Marc Simoncini
  • 14. Supported by high profile,experienced angel and seed funding… Giuseppe Nenad Niklas Lukasz Brent Lars Xavier Marc Stefan Zocco Marovac Zennstrom Gadowski Hoberman Hinrichs Niel Simoncini Glaenzer 1996 2000 2006 2008 2009 2010 2011
  • 15. And of Course the Infamous Trio …
  • 16. … while major events and groups are nurturing the ecosystem… SEEDCAMP DLD LeWeb Paris
  • 17. … helping to create the new generation of successful entrepreneurs A new wave of young and talented European entrepreneurs: Hi! I Am Hej jag är Alexander Jacob de Ljung Geer Hej jag är Hallo ich Daniel bin Dirk Ek Graber
  • 18. The Top US VCs have now accepted that Europe is a great place to start a company Bessemer, KPCB, Sequoia and Union Square Venture have all invested in European start-ups, including:
  • 19. Such an ecoystem has enabled European start-ups to conquer the world… 84m+ tags per month 500K+ Shazam for TV – Partnered with 50% of Fon Hotspots Super Bowl Advertisers 100m+ Stardoll by barbie downloads of $20.99 retail price “Angry Birds” 50% of Kids Aged 2m+ app downloads 6-12 have adopted Diadmond Dash on mobile devices a pet featured in 14/19 app stores in Africa
  • 20. So where is the action? Legend > $1bn Valuation at 1st exit A = Acquired; >$100m I = IPO P = Potential Exit Potential ($100m or more)
  • 21. Where is Europe Leading the Way? MUSIC Games E-commerce Software
  • 22. Consumer Digital Media Trends The “App-economy” Revenue from major app stores grew from $830 million in 2009 to an estimated $5.6 billion in 2012
  • 23. Consumer Digital Media Trends Mobile Games 1 billion downloads 50m Angry Birds Space downloads in 35 days Gamers play Angry Birds 200 million minutes per day! 16 years of gameplay every hour! Reported valuation of $1 billion+
  • 24. The market for start-ups in Europe has never been better High quality Market ready entrepreneurs Smart Money for success and ecosystem stories 24
  • 26. THANK YOU! Nenad Marovac nenad@dncapital.com +44 (0)20 7340 1600