Drs. ing. jan dexel

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  • The shapes of the new Innovation landscape are changed in two ways: organizational and policy wise. First organisational
  • Now to compare: We see NL trailing behind Germany and even the EU-average on private R&D and innovative products. We see NL leading in science and labour productivity. These facts seem to be contradictory, but: the level of labour productivity is determined by past investments. GROWTH of labour productivity in NL is slow momentarily; R&D-intensity is an important determinant. From which follows the necessity to step up R&D-intensity in NL.
  • Drs. ing. jan dexel

    1. 1. Dutch Ministry of Economic AffairsEU - Israel Seminar onTechnology Transferwith an Emphasis on Clean TechFinancial “horses for courses” inearly stage high tech ventures25-26 November 2012drs.ing. Jan DexelDirectorate General Enterprise & Innovation
    2. 2. The new Dutch Innovation andIndustrial policy landscape • Organizational changes • Ministry of Economic Affairs • Policy changes • Shift in financial approach; • Budget cuts • From subsidies to (soft)loans, risk capital & garantees • More emphasis on tax measures: corporate tax reductions, WBSO (wage tax reduction for R&D) and RDA (tax reduction for R&D-investments) • Shift in focus of research and innovation, focus on nine top sectors and development of revolving innovation fund. 2
    3. 3. Economic Top sectors Focus on the nine economic top sectors of the Dutch economy • Water • Food • Horticulture • High tech • Life sciences • Chemistry • Energy • Logistics • Creative industry 3
    4. 4. Dutch situation (1) DE NL EU-27 OECD 2 PrivateR&D 1, 5 1 1,89 0,89 1,18 1,68 (%GDP2010) 0 ,5 0 DE NL EU - 2 7 O EC D 1 Public R&D 0,93 0,96 0,73 0,72 0 ,8 0 ,6 0 ,4 (%GDP2010) 0 ,2 0 DE NL EU - 2 7 O EC D 2 Scientific publications 1, 5 1 1,14 2,00 1,39 1,20 (p1000 inhab.) 0 ,5 0 DE NL EU - 2 7 O EC D 8 Patent applications 6 4 7,0 6,4 3,8 --- (pbln GDP) 2 0 DE NL EU - 2 7 O EC D 20 New/improv’dproducts 15 10 17,4 8,9 13,3 --- (% turnover 2008) 5 0 DE NL EU - 2 7 O EC D 10 0 Labour productivity 92 100 85 74 80 60 40 20 0 DE NL EU - 2 7 O EC D 4
    5. 5. Dutch situation (2) 5
    6. 6. Innovation process and finance high Technical risk Economic added low value “grants” / subsidies Typical Soft / hybrid loans forms of finance risk capital - mezzanine finance -garantees 6
    7. 7. “Right horse for the right course in the financial landscape” low BMKB GO Loans Banks FOM Risk Subordinated loans / mezzanine Growth facility profile Micro m e Credits s che ROM it c r ed FFF i on Informals o vat Inn Venture capitalists Private Equity Risk capital Seed capital high Prepare Start Growth Expansion Consolidation Positioning of schemes in portfolio: risk profile versus maturity phase of company/organisation. 7
    8. 8. Developments in the Dutch venturecapital market for early stagehigh-tech SME’s. New early stage venture capital funds funds er stage “Side-car” funds of lat ge d p le A- nds B fu New boutique funds and CV Afbakening en begrippenkader 8
    9. 9. Developments of the Dutch venture capital market:the impact of the seed capital scheme. Invested venture capital Raised venture capital In mln.€. cumulative. 250 200 249,8 150 100 102,5 50 0 2005 2006 2007 2008 2009 2010 2011 9
    10. 10. Some portfolio companies Jan 29, 2010 Robust and reliable in- Merus closes EUR 21.7 million stream river and tidal Layar maker of augmented energy technology Series B financing and enters reaility applicationsoption agreement with the Novartis Option Fund. 10
    11. 11. Investment in Energy and environment 11
    12. 12. The shifting sands of the investor base in European venture capital Sovereign wealth Academic funds institutions Private individuals 0.1% 0.4% Banks 17.7% 16.8%250 Early-stage Later-stage Capital markets 4.5% Growth Pension funds200 12.2% Buyout, rescue/turnaround 2007 Corporate investors and replacement capital 11.3% Endowments and Total investment Other asset foundations150 managers 1.6% 5% Family offices 2.9% Insurance companies Government Fund of funds 5.4% agencies 11.8%100 9.9% Decrease of Insurance Pension funds Private individuals 7.3% more than companies 2.0% Sovereign wealth funds 40 % !! 1.0% 1.0% 50 Banks 1.7% Capital markets 1.9% Corporate 0 investors Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Government TO H1 2011 9.1% agencies Endowments an 56.9% LARGE foundations 2007 2008 200 2009 2010 2011 1.2% 8 SHARE !? Family offices 1.4% Fund of funds 16.4% 12 Source: EVCA/PEREP_Analytics
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