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Innovation and E t
I     ti     d Entrepreneurship i
                            hi in 
Germany
German Technology and Life Sciences Startup Bridges with Silicon Valley


EEITL Seminar
Stanford University 
Dietmar Harhoff
Dietmar Harhoff
University of Munich

February 6th 2012
F b      6th, 2012
                                                                          1
Agenda

•   The LMU Entrepreneurship Center
•   Research and I
    R       h d Innovation in Germany 
                        ti i G
•   Entrepreneurship and VC in Germany
•   German Silicon Valley Accelerator – A New Bridge ‐
    History, Concept and Outlook



                                                         2
THE LMU EC OF TODAY IS THE RESULT OF JOINED EFFORTS




                         2000              2007                       2008                 2011
  Timeline
                  Initial donation of      Winner of major     establishment of    Development of
                 500,000€ from R lf
                 500 000€ f       Rolf   governmentt grant -
                                                    tt    t    formal structure
                                                               f     l t t            the major
                 Dienst, Founder of       400,000€ per year     and creation of   entrepreneurship
                Wellington Partners to       for 3 years         LMU EC Lab       community in the
                Prof. Dietmar Harhoff        2007-2010                            region of Munich


 Students
                         100                   600                   700                 1000
 per year

Number of
incubated                 0                     0                    16                   49
 start-ups
Number of
 industry                 1                     1                     2                   18
 partners


Page 3       July 2011
WHAT WE PROMISED AND WHAT WE ACHIEVED: THE LMU EC AS A
CATALYZER FOR ENTREPRENEURSHIP

                           Mission                               Milestones achieved in 3 years
                                                                   Expansion of course offering from
                             We educate tomorrow‘s
    Teaching                                                       1 faculty in 2007 to all 18 faculties
                             entrepreneurial leaders               of the LMU in 2010


                                                                   49 start-ups and over 120 new jobs
                             We support the creation
         Lab                                                       in 43 months and over 4 million € in
                             of successful ventures                financing raised for founders & start-ups


                                                                   Over 7‘000 members
                             We promote a culture of
  Community                                                        in our online community portal
                             entrepreneurship                      www.entrepreneurship.info



                             We make outstanding contributions     5 research projects in the fields of
    Research                                                       entrepreneurship and intrapreneurship
                             in entrepreneurship research




Page 4         July 2011
LMU Entrepreneurship Center COMMUNITY




         Dr. Thomas               Erich Lejeune,          Walter Gunz,
         Strüngmann,
         Strüngmann               Selfmade entrepreneur   Founder of Media
         Founder of Hexal                                 Markt




                                  Mark Zuckerberg,
                                  Founder of Facebook




         Oliver Samwer,           Arndt Kwiatkowski,      Heinz Herrmann
         Internet entrepreneur    Internet pioneer        Thiele, Knorr-Bremse
                                                          Thiele Knorr Bremse



Page 5          July 2011
LMU Entrepreneurship Center LAB: SUCCESSFUL EARLY-STAGE
INCUBATOR FOR 49 START-UPS
Our Support Services:         Currently 49 Teams (Selected Examples):    Key Success Indicators:

           Material                                              *       • Over 120 jobs created
           Support
                                                *                        • Over 4 M€ of Angel & VC financing
                                        *                *                 for the start-ups

         Coaching and                                                    • Over 1.7 M€ in government
          Mentoring                                                        funding for founders of 28 teams

                                                                         • Survival rate of over 85% 6
                                                    *            *         months after I
                                                                                h f      Incubator exit
                                                                                              b      i
    Financing Search                *
        Support                                                          • Various Awards for LMU EC Start-
                                                                           ups, ie. Munich Business Plan
                                                                     *     Competition, Start-up of the
                                                                                p              p
                                                                           Month, Financial Times, Tesla
                                                                           Award, German Multimedia Award
  Training & Seminars
                                                                           etc.



* 35% of all exiting teams have recieved Angel or VC financing
Page 6         July 2011
LMU Entrepreneurship Center: Structure and Governance


         Ludwig-Maximilians-University
                  München
                                                                      Foundation for
                                                                    Entrepreneurship at
                                                                    the LMU München


             Innovation Chair
                                                                                            A model for future
                  Tech Transfer Center &              Cooperation      100%               cooperations between
                  Spin Off Services                   agreement*    subsidiary               universities and
                                                                                               businesses
                           Te
                         LMU Entrepreneurship
                               Center
                                                                           LMU
                         (Cross-faculty i tit ti
                         (C     f    lt institution                  Entrepreneurship
                             within the LMU)                              GmbH




  * Cooperation agreement between three parties: LMU München, Foundation and
     GmbH

Page 7       July 2011
Research and Innovation in Germany
Research and Innovation in Germany
 Most of
 Most of the slides used in the
                          in the
 following slides orginate from
 annual reports of the Expert 
 Commission Research and
 Innovation.

 The next report „Gutachten 2012“ 
 will be handed to Chancelor
 Merkel on February 29th, 2012.

 English language pdf versions
 available at www.e‐fi.de.




                                     8
Research and Innovation in Germany
Research and Innovation in Germany
• R&D* performed by three major groups
    – enterprises (46.9 billion € – 67%)
    – universities (12.6 billion € ‐ 18%)
    – public research organizations (10.2 billion € ‐ 15%)
• overall R&D intensity now at 2.82% of GDP 
  (
  (since 2009 en par with USA)
                 p            )
• R&D as well as exports strongly focused on 
  automotive, chemicals
  automotive, chemicals and machinery
• much smaller role of ICT, pharma and life science

                                                             9
*Note:  data for 2010
Research and Innovation in Germany
Research and Innovation in Germany
R&D Expenditures as a Share of GDP in Selected Countries




                                                           10
Research and Innovation in Germany
Research and Innovation in Germany
• G
  Germany is not among the l di R&D
            i              h leading R&D performers
                                               f
  (top group comprised of Sweden, Finland, Korea, 
  Japan) 
  Japan)
• structural reasons: industries with high R&D intensity
  not strongly
  not strongly represented in Germany
                            in Germany
• export success almost exclusively driven by
  established industries
• result: political economy not always in favor of VC 
  and entrepreneurship (with some notable changes
  recently)

                                                           11
Entrepreneurship and VC in Germany
                     VC in Germany
• G
  Germany has b
            h been l i other countries in extent of
                     lagging h           i i          f
  entrepreneurship, startup rates and VC investments.
• Si
  Since mid‐1990s various public support schemes t
          id 1990     i      bli        t h      to
  stimulate entrepreneurship
   –   public support for VC funds
                          VC funds
   –   early‐stage support for foundes (EXIST founder stipends)
   –   build up
       build‐up of entrepreneurship centers at universities
   –   a.k.o. Bayh‐Dole for Germany (in 2002)
• moderate success with some clusters being particularly
  moderate success
  successful
• no breakthrough yet for VC tax treatment and
                          VC tax treatment
  regulation
                                                                  12
Entrepreneurship and VC in Europe
                     VC in Europe
VC Investment by Country of Portfolio Company as a Share of GDP in 
Selected Countries




                                                                      13
Entrepreneurship and VC in Germany
                     VC in Germany
• Why are there no hi h
    h      h       high‐growth startups i
                             h          in 
  Germany (Europe)? Why no SAP‐repeat?
• Main reasons?
  – lack of research results and ideas
    lack of
  – lack of capable entrepreneurs
  – cultural aspects
  – lack of appropriate regulation and incentives
  – structural reasons: European market
     t t l              E              k t
    fragmentation
… and some bright spots despite the complaints
                                                    14
Early Stage Venture Capital Investments 
                                               2008‐ 2011 by Bundesland
                                                     2011 by Bundesland
                 140                                                                              Baden‐Württemberg
                                                                                                  Bayern
                 120                                                                              Berlin
                                                                                                  Brandenburg
                 100                                                                              Bremen
                                                                                                  Hamburg
       ent(M€)




                                                                                                  Hessen
                 80
                                                                                                  Mecklenburg‐Vorpommern
Investme




                                                                                                  Niedersachsen
                 60
                                                                                                  Nordrhein‐Westfalen
                                                                                                  Rheinland‐Pfalz
                 40                                                                               Saarland
                                                                                                  Sachsen
                 20                                                                               Sachsen‐Anhalt
                                                                                                  Schleswig‐Holstein

                  0
                            2008             2009              2010            2011**


                       Source: BVK/PEREP Analytics. ** 2011 data estimated based on Q1‐Q3 data.
                                                                                                                        15
German Silicon 
German Silicon
Valley Accelerator
     y

A New Bridge
History, Concept
History, Concept and Outlook



                               16
GSVA history
GSVA history
•   by no means a new concept
      y                       p
•   inspired by Austrian, Canadian, Scandinavian, … examples
•   very helpful report on bridging organizations by Eilif
        y p        p           g g g               y
    Trondsen
•   model validated with in‐depth research of several startup 
    cases, including Aloqa (an LMU startup)
•   concepts refined and financing secured in 2010 and first 
    half of 2011


                                                                 17
GSVA program
GSVA program
•   3 months participation in GSVA program for selected 
              p     p              p g
    startups 
•   3 months extension possible
•   program over 3 years, EUR 2.5m
•   42 companies, 19 extended stays
•   hosted in Plug & Play Tech Center, Sunnyvale
•   main sponsor BMWi (90%), external sponsors 10%
          p              (    ),          p



                                                           18
Who can apply?
Who can apply?
•   incorporated in Germany
         p                   y
•   typically not older than 3‐5 years
•   ITC space (HW, SW, internet, mobile, wireless, medical 
         p     ( , ,             ,     ,         ,
    devices)
•   business plan demonstrates growth potential and 
    international expansion plans




                                                              19
GSVA objectives
GSVA objectives
•   understand Silicon Valley and US „Business 
                            y        „
    Environments“ 
•   develop and understand a US go‐to market strategy
•   gain market feedback from US beta‐customers
•   benchmarking of business plan
•   introduction to fundraising process (business angels/VC 
    investors)
•   successful networking / pitching
•   benchmarking of management team

                                                               20
GSVA is successful when …
GSVA is successful when
•   … startups successfully enter the US market
             p            y
•   … startups establish a presence/operations in Silicon Valley
•   … startups will be more successful in its German/European 
             p                                       /     p
    markets upon return
•   … overall learning (networking, go‐to market strategy 
    definition, team mapping etc.)

•   … GSVA becomes a permanent two‐way bridge for contacts 
    between founders, mentors, venture capitalists, business 
    angels
        l
                                                                   21
GSVA services
GSVA services
•   office space 
             p
    startups are provided with a dedicated semi‐open office 
    space for 1‐2 persons including conference room access 
    and high speed internet.
•   kick‐start workshop
    startups participate in a 3 day training camp to provide an 
     t t          ti i t i 3 d t i i              t      id
    initial overview 
•   networking events
    networking events
    startups have access to network and community events 
•   visa support
    visa support
    startups are supported in obtaining appropriate US visa
                                                                   22
GSVA mentoring
GSVA mentoring
•   mentoring fine‐tuned to each startup’s needs
              g                         p
•   core group of mentors plus specialized mentors
•   Startup to be accompanied by one lead mentor
          p             p       y
•   particularly important themes
    •   US go‐to‐market strategy
    •   marketing, sales and business development
    •   communication & presentation skills
    •   financing strategy
    •   team building and completion


                                                     23
GSVA team
GSVA team
Chairman:     Dietmar Harhoff
CEO:          Dirk Kanngiesser
VP BusDev:    Oliver Hanisch

mentors
Advisory Committee Silicon Valley
Steering Committee Germany
Steering Committee Germany



                                    24
Important GSVA dates
Important GSVA dates
•   2012/2/1 – first startups have arrived at GSVA
        / /                p
•   2012/2/2 – launch event GSVA Silicon Valley



•   2012/3/28  selection of Q3/Q4 2012 participants
    2012/3/28 – selection of Q3/Q4 2012 participants
•   2012/3/28 – launch event GSVA Berlin at TU Berlin




                                                        25
GSVA contacts
GSVA contacts
www.germanaccelerator.com
    g

dirk.kanngiesser@germanaccelerator.com
          g     @g
+1 (408) 840 3475
dietmar.harhoff@germanaccelerator.com
+49 (89) 2180 2239
oliver.hanisch@germanaccelerator.com
+1 (408) 320‐5720


                                         26

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Dietmar Harhoff - UniMunich LMU - GSVA - Stanford Engineering - Feb 6 2012 - Version 20120211

  • 1. Innovation and E t I ti d Entrepreneurship i hi in  Germany German Technology and Life Sciences Startup Bridges with Silicon Valley EEITL Seminar Stanford University  Dietmar Harhoff Dietmar Harhoff University of Munich February 6th 2012 F b 6th, 2012 1
  • 2. Agenda • The LMU Entrepreneurship Center • Research and I R h d Innovation in Germany  ti i G • Entrepreneurship and VC in Germany • German Silicon Valley Accelerator – A New Bridge ‐ History, Concept and Outlook 2
  • 3. THE LMU EC OF TODAY IS THE RESULT OF JOINED EFFORTS 2000 2007 2008 2011 Timeline Initial donation of Winner of major establishment of Development of 500,000€ from R lf 500 000€ f Rolf governmentt grant - tt t formal structure f l t t the major Dienst, Founder of 400,000€ per year and creation of entrepreneurship Wellington Partners to for 3 years LMU EC Lab community in the Prof. Dietmar Harhoff 2007-2010 region of Munich Students 100 600 700 1000 per year Number of incubated 0 0 16 49 start-ups Number of industry 1 1 2 18 partners Page 3 July 2011
  • 4. WHAT WE PROMISED AND WHAT WE ACHIEVED: THE LMU EC AS A CATALYZER FOR ENTREPRENEURSHIP Mission Milestones achieved in 3 years Expansion of course offering from We educate tomorrow‘s Teaching 1 faculty in 2007 to all 18 faculties entrepreneurial leaders of the LMU in 2010 49 start-ups and over 120 new jobs We support the creation Lab in 43 months and over 4 million € in of successful ventures financing raised for founders & start-ups Over 7‘000 members We promote a culture of Community in our online community portal entrepreneurship www.entrepreneurship.info We make outstanding contributions 5 research projects in the fields of Research entrepreneurship and intrapreneurship in entrepreneurship research Page 4 July 2011
  • 5. LMU Entrepreneurship Center COMMUNITY Dr. Thomas Erich Lejeune, Walter Gunz, Strüngmann, Strüngmann Selfmade entrepreneur Founder of Media Founder of Hexal Markt Mark Zuckerberg, Founder of Facebook Oliver Samwer, Arndt Kwiatkowski, Heinz Herrmann Internet entrepreneur Internet pioneer Thiele, Knorr-Bremse Thiele Knorr Bremse Page 5 July 2011
  • 6. LMU Entrepreneurship Center LAB: SUCCESSFUL EARLY-STAGE INCUBATOR FOR 49 START-UPS Our Support Services: Currently 49 Teams (Selected Examples): Key Success Indicators: Material * • Over 120 jobs created Support * • Over 4 M€ of Angel & VC financing * * for the start-ups Coaching and • Over 1.7 M€ in government Mentoring funding for founders of 28 teams • Survival rate of over 85% 6 * * months after I h f Incubator exit b i Financing Search * Support • Various Awards for LMU EC Start- ups, ie. Munich Business Plan * Competition, Start-up of the p p Month, Financial Times, Tesla Award, German Multimedia Award Training & Seminars etc. * 35% of all exiting teams have recieved Angel or VC financing Page 6 July 2011
  • 7. LMU Entrepreneurship Center: Structure and Governance Ludwig-Maximilians-University München Foundation for Entrepreneurship at the LMU München Innovation Chair A model for future Tech Transfer Center & Cooperation 100% cooperations between Spin Off Services agreement* subsidiary universities and businesses Te LMU Entrepreneurship Center LMU (Cross-faculty i tit ti (C f lt institution Entrepreneurship within the LMU) GmbH * Cooperation agreement between three parties: LMU München, Foundation and GmbH Page 7 July 2011
  • 8. Research and Innovation in Germany Research and Innovation in Germany Most of Most of the slides used in the in the following slides orginate from annual reports of the Expert  Commission Research and Innovation. The next report „Gutachten 2012“  will be handed to Chancelor Merkel on February 29th, 2012. English language pdf versions available at www.e‐fi.de. 8
  • 9. Research and Innovation in Germany Research and Innovation in Germany • R&D* performed by three major groups – enterprises (46.9 billion € – 67%) – universities (12.6 billion € ‐ 18%) – public research organizations (10.2 billion € ‐ 15%) • overall R&D intensity now at 2.82% of GDP  ( (since 2009 en par with USA) p ) • R&D as well as exports strongly focused on  automotive, chemicals automotive, chemicals and machinery • much smaller role of ICT, pharma and life science 9 *Note:  data for 2010
  • 10. Research and Innovation in Germany Research and Innovation in Germany R&D Expenditures as a Share of GDP in Selected Countries 10
  • 11. Research and Innovation in Germany Research and Innovation in Germany • G Germany is not among the l di R&D i h leading R&D performers f (top group comprised of Sweden, Finland, Korea,  Japan)  Japan) • structural reasons: industries with high R&D intensity not strongly not strongly represented in Germany in Germany • export success almost exclusively driven by established industries • result: political economy not always in favor of VC  and entrepreneurship (with some notable changes recently) 11
  • 12. Entrepreneurship and VC in Germany VC in Germany • G Germany has b h been l i other countries in extent of lagging h i i f entrepreneurship, startup rates and VC investments. • Si Since mid‐1990s various public support schemes t id 1990 i bli t h to stimulate entrepreneurship – public support for VC funds VC funds – early‐stage support for foundes (EXIST founder stipends) – build up build‐up of entrepreneurship centers at universities – a.k.o. Bayh‐Dole for Germany (in 2002) • moderate success with some clusters being particularly moderate success successful • no breakthrough yet for VC tax treatment and VC tax treatment regulation 12
  • 13. Entrepreneurship and VC in Europe VC in Europe VC Investment by Country of Portfolio Company as a Share of GDP in  Selected Countries 13
  • 14. Entrepreneurship and VC in Germany VC in Germany • Why are there no hi h h h high‐growth startups i h in  Germany (Europe)? Why no SAP‐repeat? • Main reasons? – lack of research results and ideas lack of – lack of capable entrepreneurs – cultural aspects – lack of appropriate regulation and incentives – structural reasons: European market t t l E k t fragmentation … and some bright spots despite the complaints 14
  • 15. Early Stage Venture Capital Investments  2008‐ 2011 by Bundesland 2011 by Bundesland 140 Baden‐Württemberg Bayern 120 Berlin Brandenburg 100 Bremen Hamburg ent(M€) Hessen 80 Mecklenburg‐Vorpommern Investme Niedersachsen 60 Nordrhein‐Westfalen Rheinland‐Pfalz 40 Saarland Sachsen 20 Sachsen‐Anhalt Schleswig‐Holstein 0 2008 2009 2010 2011** Source: BVK/PEREP Analytics. ** 2011 data estimated based on Q1‐Q3 data. 15
  • 16. German Silicon  German Silicon Valley Accelerator y A New Bridge History, Concept History, Concept and Outlook 16
  • 17. GSVA history GSVA history • by no means a new concept y p • inspired by Austrian, Canadian, Scandinavian, … examples • very helpful report on bridging organizations by Eilif y p p g g g y Trondsen • model validated with in‐depth research of several startup  cases, including Aloqa (an LMU startup) • concepts refined and financing secured in 2010 and first  half of 2011 17
  • 18. GSVA program GSVA program • 3 months participation in GSVA program for selected  p p p g startups  • 3 months extension possible • program over 3 years, EUR 2.5m • 42 companies, 19 extended stays • hosted in Plug & Play Tech Center, Sunnyvale • main sponsor BMWi (90%), external sponsors 10% p ( ), p 18
  • 19. Who can apply? Who can apply? • incorporated in Germany p y • typically not older than 3‐5 years • ITC space (HW, SW, internet, mobile, wireless, medical  p ( , , , , , devices) • business plan demonstrates growth potential and  international expansion plans 19
  • 20. GSVA objectives GSVA objectives • understand Silicon Valley and US „Business  y „ Environments“  • develop and understand a US go‐to market strategy • gain market feedback from US beta‐customers • benchmarking of business plan • introduction to fundraising process (business angels/VC  investors) • successful networking / pitching • benchmarking of management team 20
  • 21. GSVA is successful when … GSVA is successful when • … startups successfully enter the US market p y • … startups establish a presence/operations in Silicon Valley • … startups will be more successful in its German/European  p / p markets upon return • … overall learning (networking, go‐to market strategy  definition, team mapping etc.) • … GSVA becomes a permanent two‐way bridge for contacts  between founders, mentors, venture capitalists, business  angels l 21
  • 22. GSVA services GSVA services • office space  p startups are provided with a dedicated semi‐open office  space for 1‐2 persons including conference room access  and high speed internet. • kick‐start workshop startups participate in a 3 day training camp to provide an  t t ti i t i 3 d t i i t id initial overview  • networking events networking events startups have access to network and community events  • visa support visa support startups are supported in obtaining appropriate US visa 22
  • 23. GSVA mentoring GSVA mentoring • mentoring fine‐tuned to each startup’s needs g p • core group of mentors plus specialized mentors • Startup to be accompanied by one lead mentor p p y • particularly important themes • US go‐to‐market strategy • marketing, sales and business development • communication & presentation skills • financing strategy • team building and completion 23
  • 24. GSVA team GSVA team Chairman:  Dietmar Harhoff CEO:  Dirk Kanngiesser VP BusDev:  Oliver Hanisch mentors Advisory Committee Silicon Valley Steering Committee Germany Steering Committee Germany 24
  • 25. Important GSVA dates Important GSVA dates • 2012/2/1 – first startups have arrived at GSVA / / p • 2012/2/2 – launch event GSVA Silicon Valley • 2012/3/28  selection of Q3/Q4 2012 participants 2012/3/28 – selection of Q3/Q4 2012 participants • 2012/3/28 – launch event GSVA Berlin at TU Berlin 25
  • 26. GSVA contacts GSVA contacts www.germanaccelerator.com g dirk.kanngiesser@germanaccelerator.com g @g +1 (408) 840 3475 dietmar.harhoff@germanaccelerator.com +49 (89) 2180 2239 oliver.hanisch@germanaccelerator.com +1 (408) 320‐5720 26