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ABNAMRO #TMTecosysteem
  Rotterdam, 15 feb 2013
 herman kienhuis (@kienhuis)
•introduction

•why   corporate venturing
•building   an innovation ecosystem
•Q&A
introduction
chemical engineering /
mckinsey / mba / sanoma
strategy / M&A / product
development / recruiting
family-man / music-maker /
vintage-lover / internet-geek
Sanoma Corporation: European media &
learning group, based in Helsinki; presence in
NL:
•Sanoma   Media: #1 magazine publisher (a.o.
Libelle, Donald Duck, VTWonen, Autoweek), #1
online publisher (a.o. NU.nl, Kieskeurig.nl,
Startpagina.nl, Viva.nl)
•SBS:#2 commercial broadcaster (SBS6, Net5,
Veronica TV), #1 TV-guide publisher (Veronica
Magazine)
•Malmberg:   #1 educational publisher
SanomaVentures
•Venturingarm of Sanoma Corporation, started in
2012, with offices in Amsterdam and Helsinki
•Strategic   investor in early-stage internet start-ups
•Offering
        cash, media, professional network, online
expertise and mentoring; deal size: €100k - €500k
•Focus segments:
•consumer web
•mobile & tablet apps
•video & connected TV
•marketing data & services
•e-commerce
•e-learning
SanomaVentures Portfolio
                   • fashionchick.com:
FASHIONCHICK.COM
                    e-commerce fashion aggregator
                   • veilingacties.nl:
                    auction-based deal site
                   • vault79.com:
                    designer fashion sales
                   • scoupy.nl:
                    mobile couponing app
                   • peerby.com:
                    p2p rental platform
                   • trulyyours.nl:
                    cosmetics e-commerce subscription
                   • virtuagym.com:
                    online fitness platform
                   • nosto.com:
                    e-commerce personalization tools
2012



  nominated         nominated          nominated
‘best web app’   ‘best mobile app’   ‘best investor’
why corporate venturing?
access to unrestricted
    innovation by
entrepreneurial talent
create multiple options for
future portfolio expansion
   and revenue growth
low risk - high potential
 value creation, enforced with our
media reach, expertise and network
right time:
  growing entrepreneurial and
incubator activity and financing
            demand
Sanoma innovation & growth approaches
                     Internal


               Internal
                            BusDev
              accelerator

Talent/                               Customers/
Product                                 Market
               Sanoma
                                M&A
               Ventures



                     External
supporting an innovation ecosystem
start-up funding options
                            >20.000                 start
                                                                                                         stock exchange
                            20.000                                                                                   private equity
                            10.000
                             5.000                                             venture capital
capital need (EUR x 1000)




                             2.500
                                                                                                        bank loans
                             1.000
                                                     strategic (corporate) investors
                             500
                             250
                                                      informal investors
                             100
                                                    crowdfunding
                              50                                                    supplier credit
                                       friends & family
                              25
                                      preparation       start-up    inital growth         fast growth   consolidation   maturity
                                      high risk                                                                          low risk

                                                                       development phase
                                                                                                                        (adaptation of original source: ABNAMRO)
ECOSYSTEM                                              research
                                      corporate       institutes      educational
                                        R&D                           institutions
                                                                                        skilled
                       innovation                                                        labor
                        incentives                                                       force

                                                  invention                                            entre-
                                                                                                    preneurship
                                                                                                      training
          venture
                                                                                 talent
           friendly
         legislation         policy
                                                                                                        incubator
                                                  entrepreneurship                                       centres/
                                                                                                          areas
                                                                             infra-
         economic
        development            demand                                      structure                 support
                                                                                                  professions &
                                                                                                    networks

                    accessible
                                                    funding
                  marketplace /
                                                                                        informal
                   distribution
                                                                                       investors
                                        large
                                                                     venture capital
                                     corporates
                                                       banks
PARC                    STANFORD
  SILICON                                              research
                                                                         BERKELY
                                                SRI
                                        corporate     institutes    educational
VALLEY 1960                               R&D
                                              NASA                  institutions JOSE
                                                                        SAN                       DEFENSE
                                                                                     skilled
                          innovation                                                  labor      INDUSTRY
                           incentives                                                 force
                                                                                                 ENGINEERS
                                                 invention                                          entre-
                                                                                                 preneurship
                                                                                                   training
  SMALL BUSINESS
             venture
                                                                              talent
              friendly
 INVESTMENT legislation
             ACT                policy
                                                                                                     incubator STANFORD
                                                entrepreneurship                                      centres/
                                                                                                       areasINDUSTRIAL PARK
  EMERGING                                                                infra-
  COMPUTER
           economic
          development             demand                                structure                 support
   MARKET                                                                                      professions &
                                                                                                 networks

                        accessible
                                                  funding
                      marketplace /
                                                                                informal
                       distribution
                 HEWLETT-PACKARD                                          DRAPER & JOHNSON
                                                                               investors
                                 large
              FAIRCHILD,VARIAN, XEROX,
                              corporates
                                                                                 DAVIS
                                                                   venture capital    & ROCK
                                                       banks
                      KODAK                                                        MAYFIELD
Importance of physical proximity:
       Silicon Valley = 30km radius around Mountain View




                                    10km

                                                  Amsterdam-
10km                                           Eindhoven: 130km
EINDHOVEN                                                                                TUE
                                                                    research
                                                    NATLAB
                                                corporate          institutes        DESIGN
                                                                                  educational
                                                  R&D                             institutions
                                                                                  ACADEMY
                                                                                                   skilled labor
                            innovation                                                                 force
                             incentives                                                                HARDWARE
                                                              invention                                ENGINEERS
                                                                                                            entre-
                                                                                                                     preneurship
   WBSO, IBSK                                                                                                          training

   TECHNO-venture friendly                                                                    talent
              legislation          policy
    PARTNER
                                                                                                                           HIGH TECH
                                                                                                                         incubator
                                                              entrepreneurship                                              CAMPUS,
                                                                                                                       centres / areas

   EMERGING                                                                              infra-                             STRIJP-S
    LIFESTYLE development
               economic
                                     demand                                            structure
 TECH MARKET                                                                                                          support
                                                                                                                         BRAIN-
                                                                                                                   professions &
                                                                                                                     networks
                                                                funding                                                   PORT
                          accessible
                        marketplace /
                         distribution                                                                informal
                                                                                                    investors
                                          PHILIPS,
                                           large corporates                      venture capital
                                           ASML                     banks
A’DAM-H’SUM-                                         CWI                  UVA,VU, UU
                                                              research
  UTRECHT                                         NOVAY
                                             corporate       institutes   UU, HU, HKU,
                                                                           educational
                                               R&D                         institutions
                                                   URICS                  NIJENRODE
                                                                                              skilled labor
                             innovation                                                           force
                              incentives                                                      DIGITAL
                                                                                             CREATIVES
                                                        invention                                                     ROCKSTART
                                                                                                                   entre-
                                                                                                                preneurship
   WBSO, IBSK                                                                                                          STARTUP-
                                                                                                                  training
             venture friendly                                                           talent                        BOOTCAMP
   TECHNO- legislation              policy
    PARTNER                                                                                                           SCIENCE PARK
                                                                                                                    incubator
                                                        entrepreneurship                                            A’DAM, MEDIAPARK,
                                                                                                                  centres / areas

    EMERGING                                                                       infra-                             UTRECHT INC.
  LIFESTYLE APPeconomic
              development             demand                                     structure
     MARKET                                                                                                    APPSTERDAM
                                                                                                                 support
                                                                                                              professions &
                                                                                                               IMMOVATOR
                                                                                                                networks

                             accessible
                                                          funding                                              MEDIAVALLEY
                           marketplace /
                                ENDEMOL, UPC,
                            distribution                                                        informal
                                                                                               ENDEIT
                                                                                               investors
                                 VODAFONE,
                                     large corporates                      venture capital      PRIME
                                  TOMTOM,                     banks
                                 AHOLD, ING
NL
                                         OPEN / JOINT
                                         corporate
                                                    research
                                                   institutes        educational      EDUCATE &
                                           RESEARCH
                                           R&D                       institutions
                                                                                    ATTRACT MORE
                                                                                       skilled labor
                           innovation                                                 ENGINEERS
                                                                                           force
                            incentives
                                                                                                            EDUCATE
      REDUCE                                      invention                                             entre-
                                                                                                              ENTRE-
                                                                                                     preneurship
  ADMINISTRATIVE                                                                                        PRENEURSHIP
                                                                                                       training
          venture friendly                                                          talent
     BURDENS,legislation   policy                                                                                     REDEVELOP
MORE RISK REDUCING
                                                                                                                    OFFICES INTO
    INCENTIVES                                    entrepreneurship
                                                                                                           incubator
                                                                                                         centres / areas STARTUP

                                                                           infra-                                       CENTRES
              economic
             development            demand                               structure                      support
                                                                                                     professions &
                                                                                                       networks

                         accessible
                                                    funding                                          MORE ENTRE-
                       marketplace /
                        distribution                                                      informal    PRENEURS
                                FACILITATE OPEN                  MORE PROFES-            investors
                                                                                                      BECOMING
                                  INNOVATION,                         SIONAL
                                     large corporates             venture capital
                                                                                                       ANGELS
                                 INCREASE RISK          banks       VENTURE
                                   TOLERANCE                         CAPITAL
RESEARCH W/
                                            UNIVERSITIES,research                                     SHARE
                                             DEVELOPERS,
                                          corporate
                                            R&D
                                                        institutes           educational
                                                                             institutions         EXPERTISE,
                                                   USERS                                      MASTERCLASS,
                                                                                               skilled labor
                        innovation                                                                 force
                         incentives                                                           MEDIAPARADE
       PROVIDE
     GUARANTEES
                                                         invention                                              entre-
                                                                                                             preneurship
                                                                                                               training
      FOR IBSK
         venture friendly                                                                   talent
            legislation        policy                                                                           PROVIDE OFFICE
                                                                                                                     SPACE AND
                                                                                                                 incubator
                                                         entrepreneurship                                      centres FACILITIES
                                                                                                                       / areas

                                                                                   infra-
           economic
          development            demand                                          structure                      LEGAL &
MEDIA REACH,                                                                                                  support

ACCESS TO B2B                                                                                                   FINANCE
                                                                                                           professions &
                                                                                                             networks

  NETWORK, accessible                                      funding                                              SUPPORT
 LAUNCHING marketplace /                                                                        informal
  CUSTOMER
              distribution
                                                                                      PROVIDE  investors

                                      Sanoma
                                      large corporates
                                                               banks
                                                                            venture capital
                                                                                            RISK
                                                                                      CAPITAL
Case: Scoupy
Q&A
more info:
 www.sanomaventures.com
@sanomaventures | @kienhuis

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Sanomaventures and the innovation ecosystem @ ABNAMRO WTT seminar (kienhuis)

  • 1. ABNAMRO #TMTecosysteem Rotterdam, 15 feb 2013 herman kienhuis (@kienhuis)
  • 2. •introduction •why corporate venturing •building an innovation ecosystem •Q&A
  • 4. chemical engineering / mckinsey / mba / sanoma strategy / M&A / product development / recruiting family-man / music-maker / vintage-lover / internet-geek
  • 5. Sanoma Corporation: European media & learning group, based in Helsinki; presence in NL: •Sanoma Media: #1 magazine publisher (a.o. Libelle, Donald Duck, VTWonen, Autoweek), #1 online publisher (a.o. NU.nl, Kieskeurig.nl, Startpagina.nl, Viva.nl) •SBS:#2 commercial broadcaster (SBS6, Net5, Veronica TV), #1 TV-guide publisher (Veronica Magazine) •Malmberg: #1 educational publisher
  • 6. SanomaVentures •Venturingarm of Sanoma Corporation, started in 2012, with offices in Amsterdam and Helsinki •Strategic investor in early-stage internet start-ups •Offering cash, media, professional network, online expertise and mentoring; deal size: €100k - €500k •Focus segments: •consumer web •mobile & tablet apps •video & connected TV •marketing data & services •e-commerce •e-learning
  • 7.
  • 8. SanomaVentures Portfolio • fashionchick.com: FASHIONCHICK.COM e-commerce fashion aggregator • veilingacties.nl: auction-based deal site • vault79.com: designer fashion sales • scoupy.nl: mobile couponing app • peerby.com: p2p rental platform • trulyyours.nl: cosmetics e-commerce subscription • virtuagym.com: online fitness platform • nosto.com: e-commerce personalization tools
  • 9. 2012 nominated nominated nominated ‘best web app’ ‘best mobile app’ ‘best investor’
  • 11. access to unrestricted innovation by entrepreneurial talent
  • 12. create multiple options for future portfolio expansion and revenue growth
  • 13. low risk - high potential value creation, enforced with our media reach, expertise and network
  • 14. right time: growing entrepreneurial and incubator activity and financing demand
  • 15. Sanoma innovation & growth approaches Internal Internal BusDev accelerator Talent/ Customers/ Product Market Sanoma M&A Ventures External
  • 17. start-up funding options >20.000 start stock exchange 20.000 private equity 10.000 5.000 venture capital capital need (EUR x 1000) 2.500 bank loans 1.000 strategic (corporate) investors 500 250 informal investors 100 crowdfunding 50 supplier credit friends & family 25 preparation start-up inital growth fast growth consolidation maturity high risk low risk development phase (adaptation of original source: ABNAMRO)
  • 18. ECOSYSTEM research corporate institutes educational R&D institutions skilled innovation labor incentives force invention entre- preneurship training venture talent friendly legislation policy incubator entrepreneurship centres/ areas infra- economic development demand structure support professions & networks accessible funding marketplace / informal distribution investors large venture capital corporates banks
  • 19. PARC STANFORD SILICON research BERKELY SRI corporate institutes educational VALLEY 1960 R&D NASA institutions JOSE SAN DEFENSE skilled innovation labor INDUSTRY incentives force ENGINEERS invention entre- preneurship training SMALL BUSINESS venture talent friendly INVESTMENT legislation ACT policy incubator STANFORD entrepreneurship centres/ areasINDUSTRIAL PARK EMERGING infra- COMPUTER economic development demand structure support MARKET professions & networks accessible funding marketplace / informal distribution HEWLETT-PACKARD DRAPER & JOHNSON investors large FAIRCHILD,VARIAN, XEROX, corporates DAVIS venture capital & ROCK banks KODAK MAYFIELD
  • 20. Importance of physical proximity: Silicon Valley = 30km radius around Mountain View 10km Amsterdam- 10km Eindhoven: 130km
  • 21.
  • 22. EINDHOVEN TUE research NATLAB corporate institutes DESIGN educational R&D institutions ACADEMY skilled labor innovation force incentives HARDWARE invention ENGINEERS entre- preneurship WBSO, IBSK training TECHNO-venture friendly talent legislation policy PARTNER HIGH TECH incubator entrepreneurship CAMPUS, centres / areas EMERGING infra- STRIJP-S LIFESTYLE development economic demand structure TECH MARKET support BRAIN- professions & networks funding PORT accessible marketplace / distribution informal investors PHILIPS, large corporates venture capital ASML banks
  • 23. A’DAM-H’SUM- CWI UVA,VU, UU research UTRECHT NOVAY corporate institutes UU, HU, HKU, educational R&D institutions URICS NIJENRODE skilled labor innovation force incentives DIGITAL CREATIVES invention ROCKSTART entre- preneurship WBSO, IBSK STARTUP- training venture friendly talent BOOTCAMP TECHNO- legislation policy PARTNER SCIENCE PARK incubator entrepreneurship A’DAM, MEDIAPARK, centres / areas EMERGING infra- UTRECHT INC. LIFESTYLE APPeconomic development demand structure MARKET APPSTERDAM support professions & IMMOVATOR networks accessible funding MEDIAVALLEY marketplace / ENDEMOL, UPC, distribution informal ENDEIT investors VODAFONE, large corporates venture capital PRIME TOMTOM, banks AHOLD, ING
  • 24. NL OPEN / JOINT corporate research institutes educational EDUCATE & RESEARCH R&D institutions ATTRACT MORE skilled labor innovation ENGINEERS force incentives EDUCATE REDUCE invention entre- ENTRE- preneurship ADMINISTRATIVE PRENEURSHIP training venture friendly talent BURDENS,legislation policy REDEVELOP MORE RISK REDUCING OFFICES INTO INCENTIVES entrepreneurship incubator centres / areas STARTUP infra- CENTRES economic development demand structure support professions & networks accessible funding MORE ENTRE- marketplace / distribution informal PRENEURS FACILITATE OPEN MORE PROFES- investors BECOMING INNOVATION, SIONAL large corporates venture capital ANGELS INCREASE RISK banks VENTURE TOLERANCE CAPITAL
  • 25. RESEARCH W/ UNIVERSITIES,research SHARE DEVELOPERS, corporate R&D institutes educational institutions EXPERTISE, USERS MASTERCLASS, skilled labor innovation force incentives MEDIAPARADE PROVIDE GUARANTEES invention entre- preneurship training FOR IBSK venture friendly talent legislation policy PROVIDE OFFICE SPACE AND incubator entrepreneurship centres FACILITIES / areas infra- economic development demand structure LEGAL & MEDIA REACH, support ACCESS TO B2B FINANCE professions & networks NETWORK, accessible funding SUPPORT LAUNCHING marketplace / informal CUSTOMER distribution PROVIDE investors Sanoma large corporates banks venture capital RISK CAPITAL
  • 27. Q&A