Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

First tuesday bergen 04.09.2012 rune rinnan

682 views

Published on

Rune Runnan på First Tuesday Bergen 4 Sept. 2012 - arrangertes i samarbeid med Deloitte

Published in: Economy & Finance, Business
  • Be the first to comment

  • Be the first to like this

First tuesday bergen 04.09.2012 rune rinnan

  1. 1. En nyskapning innenfor venturebransjenTeleVenture ManagementNorsk Innovasjonskapital Rune Rinnan First Tuesday Bergen 4. september 2012
  2. 2. Hva er NIK?Venturefond tuftet på de beste virksomheter fra: Bergen TeknologioverføringKjeller Innovasjon NTNU TTO&IFE NIK I NIK II NIK III Ledet av TeleVenture Management
  3. 3. Hva er TeleVenture Management?• 6 partnere med bred erfaring innenfor industri, finans, VC – verdiutvikling og nyskapning.• Etablerte og ledet Telenor Venture i 17 år med 8 fond.• 7 bedrifter utviklet med milliardverdi eller milliardomsetning (Telenor Venture).• Partner etablerte SPT Group og deltok i salget til 2,7 milliarder NOK.
  4. 4. TeleVenture har gode resultater gjennom mange årExperienced venture player… …with proven track record• Established in 1993 as the Venture capital arm of • IRR in the range of 23%¹ and 136% on closed funds Telenor group • 7 companies previously under TeleVenture management• 7 funds under management since start-up achieved sales or exit value above NOK 1 billion• More than 150 transactions carried out • Historical survival rate: 74% of managed companies Opplysningen 1881 Q-Free ASA Data Respons ASA Eltek ASA Return: 419% Return: 44% Return: 1204% Return: 305% Fund closing Listed on Oslo Børs Listed on Oslo Børs Listed on Oslo Børs Exit: 2010 Exit: 2005 Exit: 2005 Exit: 2000 NAVIA ASA SCM Microsystems Inc. Cell Networks AB Navia ASA Tandberg Return: 396% Return: 454% Return: 470% Return: 3800% Listed on NASDAQ Listed in Stockholm Listed on Oslo Børs Listed on Oslo Børs Exit: 1999 Exit: 1999 Exit: 1997 Exit: 1995 ¹ In TV II AS, IRR for single investors varied from -11% to 35%, depending on timing of exit during the years 1999-2002
  5. 5. Modell – etablering av «hjulet» Portfolio of • Fondet etableres med tingsinnskudd fra TTO’ene, investmentsRisk og TTO’ene blir derfor eiere i fondet. Stand-alone • TVM velger (kun det beste) og forvalter. investments • Lave inngangsverdier. • Ekstern kapital investert i fondet. • Mål: Maksimal avkastning til investorer.
  6. 6. Forts. modell - etablering av hjulet TeleVenture Management NIK I NIK II NIK III 11 selskaper 5 selskaper 14 selskaper Kjeller Innovasjon BTO NTNO TTO og IFE Venture FFI IMR Oil & Gas NILU UIB Nuclear Technology IFE Bergen Hospital Trust Material Technology (2) NGI UNI research Energy & Environment NORSAR CMR Medical Technology BIOPARKEN Bergen Univ. Colleges Marine & Maritim Technology JV NIFES Information & Comm. Technology ---------------------- ---------------------------- ----------------------------------------- + 5000 ansatte + 4000 forskere + ca 4000 ansatte F & U oppdragsforskn. 4 milliarder NOK pr år i 5 milliarder NOK i omsetning Industri og offentlig fin. Forskn. prosjekter
  7. 7. Ledestjerner • La deg ikke stanse av tilsynelatende hindringer. • For å kunne vinne må du være villig til å tape. Poenget er ikke å vinne alle slagene men å vinne krigen. • Et viktig strategielement er altså at tap og fiasko er del av suksessoppskriften. • Stayer evne og mental styrke er viktig. "Ikke slipp tak i takrenna". • Tilpasningsevne og lønnsomhetsorientering.
  8. 8. Risiko og portefølje diversifisering Portfolio of investmentsRisk Risk-adjusted return Stand-alone investments Risk reduced by selection # companies in portfolio # companies in portfolio Therefore, investment in a A portfolio of several assets that This will result in higher portfolio of companies are less than perfectly correlated, expected risk-adjusted should outperform stand- will reduce risk while maintaining return alone investments in expected return single companies
  9. 9. Investeringskriterier• Ledelse og menneskelige ressurser• Betydelig vekst og lønnsomhetspotensiale• Passe inn i portefølje og utviklingsfase• Konkurranse fortrinn i et internasjonalt marked• Betydelig eierinnflytelse med styrerepresentasjon• Holdning til allianser, industripartnere og kapitaløkninger• Prising og verdsettelse av eierbidrag• Exit strategi
  10. 10. Hva gir næring til vekst?
  11. 11. Anvendt teknologi – en forutsetning” Prospects for economic growth now depend importantly on acountrys capacity to develop and apply new technologies.” Alan Greenspan, tidl. amerikansk sentralbanksjef
  12. 12. Innovators don’tchange theworld.The users oftheirinnovations do.(Michael Schrage, MIT Media Lab)
  13. 13. The portfolio - maturity stage NIK IIBiotech IT Oil & gas,Energy Product dev. Pilot contract Commercial R&D sales
  14. 14. One2Touch NIK II ownership:www.one2touch.no 34.17 %Description Stage Flexible, foldable keyboard for phones and pads Product Pilot Commercia R&D No cables, no charging and no pairing dev. contract l sales Low complexity and low production costs Compatible for Near Field Communication (NFC) enabled android telephones Market Based upon integrated RFID technology • NFC is the next big thing within mobile phones enabling a One2touch’s flexible keyboards are patent pending whole range of new services, including mobile payment world-wide • Number of NFC enabled phones expected to grow from 55 million in 2011 to 550 million in 2015 • First generation will be for Android, keyboards for other operative systems will follow shortly after Customers • First order with Elecom (Japan) - launch expected in Q2 2012 • The two companies will jointly develop a model for the Japanese market, paid 100 % by Elecom. • First order will be 15 000-25 000 keyboards. Elecom is granted four years exclusivity in Japan.
  15. 15. BerGenBio NIK II ownership:www.bergenbio.com 13.71%Description Stage BerGenBio is presently developing the drug AXL, aimed Product Pilot Commercia at malignant drug resistant cancers (see bottom right) R&D dev. contract l sales Development of AXL was facilitated through use of BerGenBio’s patented technology CellSelect, which increases understanding of cancer cell behavior which in Market turn leads to higher success rates in developing new • «Big Pharma» is increasingly outsourcing R&D, but still drugs 80 % of new drug developments fail to see the market With the CellSelect technology, pharmaceutical • The CellSelect technology platform significantly reduces companies will be able to rapidly test newly developed the risk, time and cost associated with new target and compounds in disease mimetic models that will reduce drug discovery the translational risk into clinical trials • Cancer drug market is USD 50bn and growing at 19 % In addition to being a drug development company, p.a. BerGenBio licenses its CellSelect technology to other pharmaceutical companies First application of technology - AXL BerGenBio raised MNOK 53 in December 2011. Investors included Investinor • 90 % of cancer related mortality is caused by metastasis • BerGenBio has discovered a gene that regulates cancer metastasis • Based on this breakthrough, BerGenBio is developing a new therapeutic drug, BGB324, for malignant drug resistant cancers • BerGenBio will team up with a partner for the development of the drug for later stage clinical trials
  16. 16. Hammertech NIK II ownership:www.hammertech.no 32.24% StageDescription AquaField : a flow meter that measures water fraction R&D Product Pilot Commercia dev. contract l sales and salinity in well stream topside or subsea Disruptive technology providing core information on Market reservoir performance • Main application area is upstream oil and gas production Cost advantage: 20 % of competing technology • Global market for multi-phase meters is approx. NOK 1 Value proposition: Allows operators to maximize billion production of oil and gas; provides real time information on reservoir status through online salinity measurements • Low market penetration of only 12.5 % of current installations AquaKeel : a level profiler suited for subsea installation in 3-phase separators • Mainly new application areas which are accessible due to low cost + Potential replacement of existing technology The Level Profiler can detect foaming in 3-phase separators • Joint Development contract with Statoil IPR secured and freedom to operate analysis carried out • A LOOP contract (Leverandørutviklingsavtale) with Statoil successfully was signed January 2011 AquaField AquaKeel Advantages • The single available technology capable of measuring salinity in oil continuous flows • Cheaper and more versatile than current technology • Performs measurements which previously required multiple sensors • Can be developed for downhole applications
  17. 17. METAS NIK II ownership:www.metas.no 25.0 %Description Stage METAS provides systems for monitoring of the marine Product Pilot Commercia ecosystem, including subsea installations within the oil & R&D dev. contract l sales gas industry Product portfolio: a wide range of products from a single underwater camera to complete Lander Systems where Market an scientific acoustic sounder is the main sensor. A wide • Vertical focus on monitoring sub-sea oil & gas and fishery selection of sensors (customer selected) can be added research to this platform • 5.000+ existing subsea wells in addition to new fields METAS was awarded RFFV funding (9/2010) for developing detection system for monitoring leakages • Requirements for leakage detection and monitoring of from CO2 stored in sub bottom reservoirs sub-sea installations are being prepared by DNV METAS was awarded NFR funding (11/2011) for • METAS has a wide range of high tech products for both developing a detection system for monitoring oil and gas monitoring and data collection. MNOK 3 invested in initial leakages from subsea installations. A joint venture preparations for the leak detection programs during 2011 project with Kongsberg Gruppen, Statoil, UiB and CMR • Metas’ technology shall be a partner and cornerstone in a MNOK 150 project with Statoil, IBM, Kongsberg og DnV Customers/Key figures • Main customers are Statoil and research centers such as IMR • Lander systems delivered to Statoil in Norway and Brasil and to Naizak in Saudi Arabia • Revenue/Result of MNOK 12,75/1,75 in 2010
  18. 18. Solid Publication AS NIK II ownership:www.solidpublication.com 8.0%Description Stage Product Pilot Commercia R&D dev. contract l sales Publishing platform Monitor, administrate, analyze social media Market • 900 million Facebook users Monitor digital media (42’ websites in 180 countries) • 2,3 mill Norwegian Facebook users. Average 40min/day • 50 million tweets/day • 1 new LinkedIn user/second • Youtube is the 2. largest search engine in the world • Established January 2011 • 300 customers • 20 employees • Oslo, Stockholm, Copenhagen, Norrköping, Milano Positioning Professional development of social media sites • Norway’s # 1 on creating Facebook sites • Positioned for international launch Applikations, widgets, tabs Advertising, marketing, campaigns, competitions Selected customers
  19. 19. Hva kjennetegner innovasjons selskaper med suksess ?• Leder med spesielle egenskaper.• Aktivt eierskap• Klart definerte ambisiøse mål og strategi• Holdninger, Integritet, Samarbeid men rollefordeling• Det skal være gøy - tjene penger• Kultur miljø - Energi, mot, besluttsomhet, begeistring• Kremmerånd• Ikke rødvinsstyre• Bygge konkurranse fortrinn• Utvikling av mennesker - Interaksjon, kompetanse• Måling
  20. 20. Dødssynder• Uklare mål• Uklart definerte ansvar- og rollefordelinger• Gründer ”skal” være konsernsjef• Gründer / Eier gir ikke fra seg eierkontroll• Ulike agendaer – usikkerhet• Manglende finansiell styring• Manglende integritet
  21. 21. Hvordan skape en kultur for nyskapning ?• Sats på mennesker og miljø• Bygg holdninger, kultur og grunnverdier• Nyskapning som definert mål• Feiling / Fiasko som del av strategien• La det utradisjonelle og ”gale” få utviklingsmuligheter• Skryt av nyskaperne• Incentivordninger• Nyskapning Markedsmuligheter• Feiring ved måloppfyllelse
  22. 22. Venturekapital og innovasjon• Venturekapital ikke alltid ”beste” kapital for gründerbedrifter• Gründere med noe avstumpet følelsesmønster en fordel• Ekstrem fokusering• Energi, mot og begeistring• Timing viktig• Nettverk, kompetanse, og kapitalbase• Ekstrem risiko og ”systematisk” flaks
  23. 23. Hvordan mestre ekstremsituasjoner somleder på vei mot målet?• Ta vare på deg selv• Tenk positivt• Bruk humor• Gi f……• Hold sammen, støtt hverandre• Søvn, ”Fysisk fostring og tran”• Definer delmål og foreta måling, feiring ved måloppfyllelse• Ærlighet mot deg selv og andre
  24. 24. Takk for oppmerksomheten!

×