This document summarizes a Nordic-European Public Investor Workshop held in Stockholm, Sweden on November 23, 2011. The workshop aimed to share experiences on tools and models for public investing to increase efficiency. Public initiatives are vital for developing venture capital markets, as no markets exist without public involvement and support. Nordic Innovation's current initiatives include the Nordic Seed Capital Initiative now in execution, and the Nordic-European Public Investor Initiative also now in execution. The workshop provided an opportunity for participants to learn more about Nordic Innovation's efforts to develop a well-functioning Nordic risk capital market.

1. Welcome to Nordic-European Public
l di bli
Investor Workshop
IVAR H. KRISTENSEN, MANAGING DIRECTOR, NORDIC INNOVATION
STOCKHOLM, NOVEMBER 23, 2011
29/11/2011
1

2. The formal co-operation between the Nordic countries is amongst
the oldest and most extensive regional co-operation in the world
The Nordic Council of Ministers
Business, Energy and Regional affairs
‐ Mi i
Ministers of trade & industry
f d &i d
The Come back Most Innovative
M tI ti
kid
EK NE/N + EK NE/E
EK‐NE/N + EK‐NE/E Richest
Ri h t Strongest brand
‐ Committees of senior officials
Happiest
Nordic Innovation
N di I ti
Board
Nordic Innovation

3. The Nordic - a world-leading region for
innovation and sustainable growth
Initiate co-operation and challenge Nordic
actors through new competence and action
Implement political International
initiatives and overview-
communicate the We orchestrate increased
Nordic insight
results
lt value creation through
international
co-operation
Develop and share Work to improve
new competence, conditions for
create platforms
t l tf innovation
i ti
and cross-border trade
We will be known for Our core values
Professionalism Fostering co-operation
Transparency Taking the initiative
Nordic added value Sharing competence

4. Nordic Innovation
– Orchestrating Nordic value creation
h i di l i
Nordic Innovation is a true Nordic institution without national agenda or
considerations
Nordic Innovation functions as a complement to, and cooperates with,
the national public organizations - a catalyst for Nordic cooperation
Initiatives involves private and public market players, Nordic ministries,
legal experts and academia
Nordic Investment Solutions, a Nordic advisory firm within private
equity, has been engaged as coordinator since 2004

5. Why are we here today?
Nordic initiatives have worked well to create relationships between
public players and to influence public policy
y y
For example mandates for public fund-of-funds players have been
changed from national to Nordic
This model is now expanded to more countries for increased benefits
Experience sharing on tools and models is one way of increasing the
efficiency of public investing

6. The importance of public initiatives
Public initiatives are vital for the development of well functioning
venture capital markets
There are no venture capital markets that have been established
without public involvement and support
The private venture capital market is currently under severe pressure
and f
fund raising for new funds is difficult
f f ff
EU policy and funding is important for the development of new
innovative companies that can drive European growth

7. Developing a well functioning Nordic Risk Capital Market
In order to develop a coherent and well buy-out
functioning Nordic risk capital market it’s
it s
vital to focus on all stages of the so venture
called food chain of capital.
seed
d
Nordic Innovation initiatives since 2004 stimulating an effective and integrated Nordic VC industry

8. Nordic Innovation’s current VC initiatives
Innovation s
Nordic Seed Capital Initiative
N di S d C it l I iti ti 2010/2011
now in execution
Nordic-European Public Investor
Initiative
I iti ti now i execution
in ti
Update: “Obstacles to Nordic Venture
Capital Funds”; Legal issues regarding
the t bli h
th establishment of f d and cross
t f funds d
border investments
Possible Nordic Innovation Fund w/EIF

9. Thank Y !
Th k You!
Learn more about the organisation at
www.nordicinnovation.org