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Presentation to the basque region
Connect Midlands welcomed Mr Manuel Urquijo, Vice Minister of Spain and Mr Iñaki Beristain Extabe, Director of Economic Planning of the Basque Country to discuss supporting companies in getting ready for investment. The presentation provided background on Connect Midlands and how it operates to connect entrepreneurs to resources through various programs, workshops, and events. It has helped raise over €70 million for 65 companies. Connect Midlands also discussed plans to expand the Connect model across Europe through a three phase plan to create new organizations, share best practices, and maximize the benefits of a European network.
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Presentation to the basque region
- 1. Connect Midlands welcomes MrManuel Urquijo, Vice Minister Mr Iñaki Beristain Extabe, Director of Economic Planning Supporting companies to get ready for investment Isabell Majewsky, Director
- 2. Agenda • Background • About us • How we operate • Our success • Lessons learned • Connect Europe • Q&A
- 3. Background to ConnectMidlands Formed in April 2001 to address: • the absence of support for entrepreneurs • the lack of mechanisms to access finance • the insufficient pool of available investors
- 4. What is Connect? Started 1986 - University of California, San Diego Connects technology entrepreneurs to the resources they need Nurtures development and growth of technology enterprise
- 5. Connect World-wide 12 activeConnect organisations in USA and Europe and New Zealand In the UK: Connect Scotland (started in1996), Connect Midlands and Connect Yorkshire
- 6. Our Purpose To nurturethe development and growth of technology related enterprise in the British Midlands by connecting entrepreneurs with the resources they need to succeed.
- 7. Our Aim To increasethe number of investment deals in the Midlands, by - holding investment events - preparing investment ready companies - building a network
- 8. Main focus Making investors awareof Midlands based investment opportunities – Filter – Rigorous screening – Careful selection – Thorough customised preparation
- 9. PRINCIPAL FOUNDING SPONSORS FOUNDINGSPONSORS SPONSORS
- 10. The network Venture Capital, Network of Business Angels Intermediaries and and Banks Universities Connect Universities, Professional Research CentresMidland Thank you for listening! and Services and technology s Business Support companies Organisations
- 11. How we meetour objectives Training Workshops Forums Boot Camps Coaching Workshops & Not Investment-Ready Coaching Enterprise Workshop Workshops and Seminars Meet The Entrepreneur ‘ Ready or Not ‘ Technology Briefing Networking Events Investment-Ready Conferences assisting entrepreneurs to raise investment
- 12. FUNDING STAGE Sustained Growth Investment Conference Roundtable Early Growth Springboard Conference Start-up InvoRed Seed Pre-Start Existence Survival Success Take-off Maturity Proof of Concept LIFE CYCLE STAGE InvoRed Springboard Conference Roundtable Investment Conference SMEs receive support to help 12-15 SMEs seeking up to 3-4 SMEs seeking early 15-18 SMEs seeking up to them shape investment ready £0.5m to pitch to an audience of stage finance to present to £3m to pitch to an audience of propositions investors and intermediaries 12 target investors over an investors and intermediaries exclusive lunch or dinner
- 14. Connect InvoRed Assiststechnology companies to: • Understand the finance options • Make their business ‘investor ready’ and attractive to funders • Identify appropriate investors • Make the pitch • Do the deal
- 15. Connect InvoRed package • A heavily subsidised, tailored programme available across the Midlands • Open to high-growth, tech companies whether pre- incorporation or SMEs • Flexible programme with 2 streams giving access to top regional and national specialists • Helping companies to make successful bids for investment
- 16. InvoRed Amber •Amber Stream workshops – 8 half-day workshops on areas key to investors • 2 Business Forums – an opportunity to present to intermediaries and investors and receive valuable feedback • 2 Bootcamps – intensive 1 and 2-day sessions addressing key topics of investment readiness (such as business development and market intelligence)
- 17. Workshop 1 Workshop 2 Workshop 3 Workshop 4 INTRODUCTION TO SALES, MARKETING MANAGEMENT INTELLECTUAL INVESTMENT AND PR PROPERTY Provides a solid Investors will not For many VCs this Understanding, understanding of commit unless is the most defending and the investment they can see high important factor. maximising the options available potential growth. This workshop value of your IP is to young This workshop will will offer advice essential to any companies. help develop your on how to win the bid for investment. Sales and trust of investors. Marketing Plan. Workshop 5 Workshop 6 Workshop 7 Workshop 8 FINANCIAL INVESTMENT DEAL PITCHING TO DEVELOPMENT PLANNING INVESTORS PANEL The all important Get the best deal How to get Test your bottom line. Will for you, the noticed by the proposition with help shape your investor and your investment our development core business business. industry. panel, to give your offering from a investment pitch a financial thorough perspective. evaluation.
- 18. InvoRed Green •Fast track grooming for later stage companies • Customised programme • Full access to Amber stream • Individual attention of experienced coach for 5-10 days over 9-12 months
- 19. InvoRed Green 2 •Meeting ‘Hygiene Factors’ – Review business objectives, strategy and valuation – Develop pitch for investors – Identify appropriate target investor – Facilitate introductions and deliver presentations – Guidance through legal and completion process
- 20. STAGE 7: EXIT Appendix 2 STAGE 6: GROWTH THE INVESTMENT READINESS VALUE CHAIN DEVELOPMENT CAPITAL STAGE 5: CORPORATE FINANCE INVESTMENT READINESS STAGE 4: INVESTMENT STAGE 3: READINESS Amber (1 or 2 day workshops) Amber (8 week workshops) Bootcamp and Business Forum Green Stream Green Stream Elite Green Stream Interim STAGE 2: DIAGNOSTIC STAGE 1: AWARENESS STAGE OF BUSINESS DEVELOPMENT © University of Warwick, 2005
- 21. A one-day showcase Forentrepreneurs seeking investment up to €750k Audience of investors and business professionals
- 22. An informal lunch-time focussedon one sector For entrepreneurs seeking investment up to €1.5m Invited audience of sponsors and investors
- 23. A major event Forcompanies seeking investment up to €5m Strict selection process using CAG Audience of investors and professionals
- 24. Supporting Events Enterprise Workshop Informative seminars finance and funding legal and IP markets and marketing management and more Opportunities to learn & practice new skills Meet The Entrepreneur Experienced entrepreneurs passing on the benefits of their experience Technology Briefing Highlighting today’s Research and Development Identifying potential commercial opportunities for the coming years
- 25. Our success since2001 • 540 active and networking members – Entrepreneurs, Researchers, Investors, Mentors • 200 entrepreneur presentations so far • Over €70m investment raised by 65 companies • Additional €6m of offers • 200 jobs created/safeguarded
- 26. Lessons learned •In start-up phase: – Secure university/ research organisations support – Secure private sector backing – Secure public sector support – Shadow and learn (avoid re-inventing the wheel) – Develop a financial model that works • Never compromise on flexibility
- 27. Lessons learned 2 • In development phase: – Develop the network • Sponsors (add value) • Technology companies (manage expectations) • Inventors (R&D support) • Professional service providers (manage them) • Intermediaries (get close) • INVESTORS (schmooze & focus) • Never compromise on quality
- 28. Lessons learned 3 • In growth phase: – Plan for long-term sustainability – Continually evolve the programme – Don’t loose sight of sponsors – Secure external contracts but protect the core – Get early successes and SHOUT about these – Invest in a virtual platform to maintain momentum • Never compromise on your core ethos & values
- 29. Connect Europe Background •Interest generated from delivering workshop by invitation from EC in Prague, November 2004 • Relevant to the Competitiveness & Innovation Framework (CIP)
- 30. Connect Europe Overview Threedistinct phases: 2. Creating 10 new Connect organisations 3. Sharing best practice 4. Maximising the benefits of a European-wide network
- 31. Phase 1 -Start-up Creating 10 new Connect organisations • Develop an appropriate model for partner regions, establish infrastructure • Business plan for long-term sustainability • Exchange of good practice • Transfer of processes, procedures, management guidance • Start-up capital matched with private & public sector support
- 32. Phase 2 -Consolidation Sharing best practice • Virtual interactive web-platform • Development & launch of a series of programmes – Investment readiness value chain aimed at helping tech- entrepreneurs prepare investment pitch – Investor readiness to help novice angels understand the pitfalls & up-sides of investing in technology – Technology-transfer & business development programmes – Diagnostic workshops to help companies develop corporate strategy • Investment platforms • Post-investment support
- 33. Phase 3 -Growth Maximising the benefits of a European-wide network • Introduction of market readiness programme • Facilitated access to wider network of investors, corporate, trade partners & other collaborators • Powerful network with lots of leverage shared & brokered by Connect organisations
- 34. Potential areas forcollaboration • Joint assessment of Basque Regional suitability by SPRI/ Connect • Hosting of investment platforms by SPRI/ Connect • Incorporation of the Connect web platform into SARATEK/ Science Parks • Development of programmes SARATEK/ Connect
- 35. Action Plan • Consult with partners • Develop business plan in conjunction with partners’ input – 15 August • EC & EP road show in Brussels – 1 week in September
- 36. Questions & Answers? Thankyou for listening.
- 37. Isabell Majewsky Director Tel: (+44) 24 7632 3316 Fax: (+44) 24 7632 3330 E-mail: isabell@connectmidlands.org Web: www.connectmidlands.org
- 38. To nurture the development andgrowth of technology- related enterprise in the British Midlands by connecting entrepreneurs to the resources they need to succeed
Editor's Notes
- #5 What is Connect? Connect was started in 1985 at the San Diego campus of the University of California It was founded in response to adversity The local economy was dominated by the military/defence sector and was badly hit in the 1980s by European and Asian competition and by the US government deciding to balance the defence budget. The first response was to promote inward investment, but there was a major shock in 1985 when two major inward investment projects (in which the University was involved) were lost to other states. This led to a rethink and a determination to nurture to develop and grow indigenous technology enterprise. The University did not have a business or engineering school at San Diego at that time and decided the best contribution it could make would be in facilitating networking… Connecting technology entrepreneurs with the resources - investment - knowledge - business support - they need to grow their businesses.
- #7 As Jeff has mentioned, Connect Midlands was formed in 2001 and offers technology companies throughout the Midlands the opportunity to become part of a network of entrepreneurs, professionals, business advisers and most importantly, investors. Since 2001, Connect Midlands has been strongly supported by the East Midlands Development Agency ( emda), its sister agency Advantage West Midlands and a growing number of private sector sponsors. We have managed over the last 18 active months to help technology companies raise £12m of new equity finance for their growth.
- #8 Ultimately, our aim is to increase the number of investment deals in the West Midlands.
- #9 From the start it was always the intention to span the East and West Midlands region and with emda’s support and particularly with InvoRed we have now two regional bases with dedicated staff. Our main focus is to make investors aware of Midlands based investment opportunities. We do this my rigorously filtering, screening, selecting and preparing the companies we work with.
- #12 So, you have seen that Connect offers conferences and events for those companies which ARE investment ready. Now take a look at what Connect offers through its InvoRed programme for those companies which are NOT investment ready. As you can see here, companies on the InvoRed programme may also have access to the Connect conferences and events as part of their FUNDRAISING ROADSHOW.
- #18 The Amber stream includes 8 seminars delivered by experts in their field. Having spent 10 years in the city, primarily as an industry analyst, Matthew Checkley has an excellent understanding of the investment options available to young companies. Mathew oversees the management of the amber stream workshop series and delivers a number of workshops. Later this evening, you will hear from Rennie Petrie , an experienced deal-maker and accountant, who will deliver workshop 6 on Financial Planning. Rennie will outline his approach to helping companies shape their core business offering from a financial perspective.
- #26 This is where you come in. The Companies Committee plays a pivotal role in the Connect Warwick Investment Conference. First we need your help, knowledge and contacts in scouting for companies which meet the criteria of the conference Secondly - the CC members will visit companies to evaluate whether they are good enough for our conference. The model, which we have taken from Scotland, is that each applicant, who gets through initial screening by WV staff, will be visited by 2 CC members. They will make a brief report to their colleagues as to whether the company meets the CWIC criteria. Thirdly - CC members will sit as a panel and decide whether companies can present at the conference Finally CC members will take part in the process of coaching and rehearsing the applicants - particularly be providing dummy panels for them to rehears their presentations to.