Johan Bjørkevoll Innovation Norway
This document summarizes a presentation given by Johan Bjørkevoll about Innovation Norway, a governmental organization that provides various services to support businesses in Norway. Some key points: - Innovation Norway worked with over 9,000 cases in 2010 and has 650 employees across more than 30 countries. It awarded €680 million in grants, loans, guarantees and equity schemes, with two-thirds going to innovative projects. - The organization provides financing, promotional, networking, competence and advisory services to businesses. It has offices in every county and representation in over 30 countries. - Studies have found that Norwegian value creation and employment would be lower without Innovation Norway's support. However, the organization needs to further increase its focus
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Johan Bjørkevoll Innovation Norway
- 1. Nordic-European Public Investor Initiative Workshop Johan Bjørkevoll Fund Management
- 2. A governmental toolbox • Worked with over 9000 cases in 2010 • 650 employees in over 30 countries • € 680 mill. awarded in various grants, loans, guarantees and g , ,g equity schemes • 2 of 3 € go to innovative projects • Owned by the Ministry of Trade and Industry 51 % • 19 county municipalities of Norway 49 % 8
- 3. Our services Financing Promotional services services Networking Competence services Advisory services services 3
- 4. An international organization OFFICES IN REPRESENTATION IN MORE EVERY COUNTY THAN 30 COUNTRIES
- 5. Contributes to higher value creation ” Without Innovation Norway's measures, there is reason to believe that Norwegian value creation would have been lower" lower . • Correct structure and good organization • Innovation degree must be even higher g g • Has to make the adviser role more clear for owners and principals 5
- 6. Helps businesses grow 150 140 130 120 110 100 90 2003 2004 2005 2006 2007 2008 Verdiskaping i alle IN‐foretak fratrukket foretak som mottar BU‐midler Verdiskaping (Fastlands‐Norge) Sysselsetting i alle IN‐foretak fratrukket foretak som mottar BU‐midler Sysselsetting (Fastlands‐Norge) 6
- 7. Seed capital funds • 15 private funds, € 13 – 45 mill • Governmental capital 50 % – 70 % • Subordinated loans with a loss fund • Horizon up to 15 y p years • Strictly commercial, board decisions • Over 250 investments
- 8. Seed capital funds Private capital Public funding Seed capital fund Co-investors
- 9. Lessons learned Relay race or Food chain?
- 10. Lessons learned Wassum evaluation (NHD), 2003 • Good supply of private capital • Transfer of skills - satisfactory • Unattractive model for risk reduction • Costly administrative form - small funds y
- 11. Lessons learned Menon evaluation (NHD), 2009 Seed Funds established in 1998 • Comprehensive analysis of 175 portfolio companies • Poor results Seed Funds established in 2006 • Positive response from investors • Positive response from entrepreneurial companies • Revealed clear need for a nationwide seed capital funds • Recommend new funds with state participation
- 12. Topic for discussions: Governmental support • What is the difference between governmental support and governmental commercial investments? • What is the preferred way to allocate governmental support? • Risk reduction for the investors • Tax incentives • Asymmetrical returns • Will this always result in second class funds and second class investments?
- 13. Invention & Value creation quiz What is one of the greatest invention of all time? Many would say the wheel wheel.
- 14. Invention & Value creation quiz Smart idea, but a wheel has not created much value.
- 15. Invention & Value creation quiz The person who invented the second wheel made much more impact.