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

1. En nyskapning innenfor
venturebransjen
TeleVenture Management
Norsk Innovasjonskapital
Rune Rinnan
First Tuesday Bergen
4. september 2012

2. Hva er NIK?
Venturefond tuftet på de beste virksomheter fra:
Bergen Teknologioverføring
Kjeller Innovasjon NTNU TTO&IFE
NIK I NIK II NIK III
Ledet av TeleVenture Management

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. TeleVenture har gode resultater gjennom mange år
Experienced 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. Modell – etablering av «hjulet»
Portfolio of
• Fondet etableres med tingsinnskudd fra TTO’ene,
investments
Risk
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. 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. 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. Risiko og portefølje diversifisering
Portfolio of
investments
Risk
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. 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. Hva gir næring til vekst?

11. Anvendt teknologi – en forutsetning
” Prospects for economic growth now depend importantly on a
country's capacity to develop and apply new technologies.”
Alan Greenspan, tidl. amerikansk sentralbanksjef

12. Innovators don’t
change the
world.
The users of
their
innovations do.
(Michael Schrage, MIT Media Lab)

13. The portfolio - maturity stage NIK II
Biotech
IT
Oil &
gas,
Energy
Product dev. Pilot contract Commercial
R&D sales

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. 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. Hammertech NIK II
ownership:
www.hammertech.no 32.24%
Stage
Description
 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. 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. 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. 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. 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. 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. 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. Hvordan mestre ekstremsituasjoner som
leder 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. Takk for oppmerksomheten!