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Vigo Venture Accelerators
Driving Fast Growth of High Potential Startups
What is Vigo?
• Vigo is a new type of acceleration program designed to
complement the internationally acclaimed Finnish innovation
ecosystem.
• The Vigo Program assigns selected independent accelerator
companies to provide drive, experience and financing
opportunities for high-potential Finnish start-ups.
30/10/2014
2
Combine The Best Forces to:
Increase The Number of Successful Growth Companies and To
Develop the Ecosystem
30/10/2014
3
Experienced serial
entrepreneurs
The most
Potential start-ups
Public and private
funding
Vigo Venture Acceleration Process
For Potential High Growth Start-ups
Deal flow
sources
Experience
Involvement
Investment
Universities and
Research Centers
Regional centers
and COE’s*
Incubators
Innovation Foundation
Corporate spin-offs
Other
Further financing
options
VC’s
(Super)angels
Industrial investors
Organic growth,
other
Venture accelerators
Pre-seed
accelerators
30/10/2014
4
Key objectives
• The key objectives of the Vigo Program are to:
– Motivate the best business developers to help the most
promising start-ups grow into successful companies
– Ensure early stage funding for the target companies,
increase their shareholder value, and make them attractive
targets for venture investors
– Raise significant venture capital investments for continued
expansion of the target companies after the acceleration
stage
– Develop the Finnish venture capital market and bring more
international acceleration and venture capital players into
Finland
30/10/2014
5
Program Governance and Execution
• The Ministry of Employment and The Economy (TEM) decided to start
The Vigo Program in March 2009 in cooperation with Tekes* and
Veraventure**.
• A Steering Group representing significant experience and expertise in
the international growth business was nominated by TEM in August
2009.
• Tekes is responsible for the implementation of the program and has
contracted Profict Partners Oy to coordinate the implementation.
• An independent evaluation of the Program was made in the fall 2012ˆ.
• The Guiding Principles, the Steering Group with its charter and
members were renewed from March 1st, 2013 by the ministry.
*Finnish Funding Agency for Technology and Innovation
**Currently Finnvera VC (The VC part of Finnvera investing public funds in
early stage companies)
ˆThe Vigo Program, Mid-Term Evaluation, MEE report 4/2013
30/10/2014
6
Vigo Accelerators
• The Vigo Accelerators are private companies
that are run by experienced entrepreneurs.
• The Accelerators offer their proven business
expertise, funding, and extensive contact
networks to the target companies.
• The Accelerators invest both money and time
into the target companies and take on both a
strategic and an operative role in the
companies.
• The Accelerators have been selected from the
best applicants in their respective fields in a
public procurement process.
30/10/2014
7
Vigo Accelerators 1/2
Cleantech
”Investing in a Clean Future”
ICT, Media
”Building Businesses Investors Would Love to
own”
4/15/2015
8
ICT
”Focusing on Innovative ICT and Asia”
Digital East Europe
” It’s a shorter journey when you have a paying
customer”
Enterprise SaaS, Education Software and
Consumer Internet Apps
“International sales-focused Acelerator for
Innovative Software Companies”
Vigo Accelerators 2/2
Fashion, design, lifestyle
”Helping to establish fashion and design brands”
,
Online services and B2B services
”Accelerating international growth”
B2B and B2B2C ICT
”Looking for the Next Big Thing”
30/10/2014
9
Clean, energy, ICT
”Inventions with good intentions”Newentures
Health, web, games, advanced tech
”Co-creating category leaders”
Media Analytics, Commerce, Learning
“We produce New Business”
How Does Vigo work?
200
9
1
.
2
.
3
.
4
.
Company
applies directly
to the
accelerator of it’s
choice.
Acceptance is
based upon eva-
luation of the
business idea,
team and sui-
tability of the
company for the
program.
The accelerator
managers take a
hands-on role in
operations and
biz development
Fast
Growth
Descriptio
n
 The acceleration period lasts 18 to 24 months
 The accelerators’ main revenue model is based on the growth in the company’s
value at the point of exit. Monthly fees may also be included in the model.
 The companies are able to utilize Tekes’s and Finnvera’s funding (grants, loans
and investments).
 Total funding package (private and public) for the Acceleration Period varies
between 1 to 2 million euros.
The accelerator
invests time and
money and
becomes a
shareholder in
the company
30/10/2014
10
Great Start-ups in Portfolios!
Total portfolio over 100 companies!30/10/2014
11
Exits
30/10/2014
12
Protogeo/ Moves
World Class Investors and VC’s:
MHS
Capital
AMBIENT SOUND
INVESTMENTS
Juuranto
Invest Troll CapitalKasvurahastojen
Rahasto
30/10/2014
13
Angel Investors
30/10/2014
14
Esther Dyson
15.4.2015
15
Private and Public Funding in
Target CompaniesCumulativefunding,M€
0,0 €
50,0 €
100,0 €
150,0 €
200,0 €
250,0 €
300,0 €
350,0 €
400,0 €
By 31.12.2011 By 31.12.2012 By 31.12.2013 By 31.12.2014
Total private
Total public
Grand total
Distribution of Cumulative Funding
in Target Companies
15.4.2015
16
Accelerators
own
4 %
Foreign
private
56 %
Domestic
without
accelerators
16 %
Tekes NIY
10 %
Tekes R&D
9 %
Finnvera
direct
4 %
TeSi
1 %
By 31.12.2013
Totally 288 M€
Accelerators
own
4 %
Foreign
private
53 %
Domestic
without
accelerators
17 %
Tekes NIY
11 %
Tekes R&D
10 %
Finnvera
direct
4 %
TeSi
1 %
By 31.12.2014
Totally 354 M€
Performance Summary
• Funding raised in target companies (cumulative)
– Private funding 261 M€, 74 %
– Private foreign funding 187 M€, 53%
– Public funding 93 M€, 26%
– Tekes 74 M€ (21%), Finnvera 14,5 M€ (4%), TeSi 4 M€ (1%)
– Total funding 354 M€,
– Public funding leverage factor 2,8
• Total cumulative take-up 142 target companies (14 accelerators, incl.
LOTS, FPI, )
• Current investment and service portfolios include 100 companies
• In active acceleration 62 companies
• First round of accelerators (those selected in 2009) have raised 92 %
of total cumulative funding, 84% during the period (2H15)
• Service portfolios 31/35 (“first 4” vs. “5 to 11” accelerators)
• Investment portfolios 26/12 (“first 4” vs. “5 to 11”)
30/10/2014
17
What’s in It for Me?
• For investors:
• Professionally qualified
opportunities
• Experienced and committed
management teams
• High leverage initial funding (R&D
and BD grants& loans)
• For start-up companies:
• Business competence
• Experience
• Drive for growth
• Customers, contacts and further
financing
>> Accelerated growth, increasing value
• For the accelerators:
• Significant public leverage in target
company financing
• Financial returns with successful
exits
• Rewarding and challenging career
options
• For the community
• Jobs and tax-payers
• Export income
• Increasing knowledge capital
• Wealth and prosperity
30/10/2014 Vigo Accelarator Program
18
If You Are a Foreign High Potential Start-up Looking for
Fast Growth and…
• Need experienced hands-on strategic and operative guidance/support
• Need funding to make it all happen and…
• Are flexible to accept outside (venture type) equity funding
• Are willing to relocate (some of) your operations to Finland
…teaming-up with a Vigo AcceIerator might be the best
option for you!
• You can start by checking out www.vigo.fi and …
• We can help you to get going!
30/10/2014
19
Thank You!
www.vigo.fi
seppo.ruotsalainen@profict.fi
marit.tuominen@profict.fi

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Vigo presentation 15/04/2015

  • 1. Vigo Venture Accelerators Driving Fast Growth of High Potential Startups
  • 2. What is Vigo? • Vigo is a new type of acceleration program designed to complement the internationally acclaimed Finnish innovation ecosystem. • The Vigo Program assigns selected independent accelerator companies to provide drive, experience and financing opportunities for high-potential Finnish start-ups. 30/10/2014 2
  • 3. Combine The Best Forces to: Increase The Number of Successful Growth Companies and To Develop the Ecosystem 30/10/2014 3 Experienced serial entrepreneurs The most Potential start-ups Public and private funding
  • 4. Vigo Venture Acceleration Process For Potential High Growth Start-ups Deal flow sources Experience Involvement Investment Universities and Research Centers Regional centers and COE’s* Incubators Innovation Foundation Corporate spin-offs Other Further financing options VC’s (Super)angels Industrial investors Organic growth, other Venture accelerators Pre-seed accelerators 30/10/2014 4
  • 5. Key objectives • The key objectives of the Vigo Program are to: – Motivate the best business developers to help the most promising start-ups grow into successful companies – Ensure early stage funding for the target companies, increase their shareholder value, and make them attractive targets for venture investors – Raise significant venture capital investments for continued expansion of the target companies after the acceleration stage – Develop the Finnish venture capital market and bring more international acceleration and venture capital players into Finland 30/10/2014 5
  • 6. Program Governance and Execution • The Ministry of Employment and The Economy (TEM) decided to start The Vigo Program in March 2009 in cooperation with Tekes* and Veraventure**. • A Steering Group representing significant experience and expertise in the international growth business was nominated by TEM in August 2009. • Tekes is responsible for the implementation of the program and has contracted Profict Partners Oy to coordinate the implementation. • An independent evaluation of the Program was made in the fall 2012ˆ. • The Guiding Principles, the Steering Group with its charter and members were renewed from March 1st, 2013 by the ministry. *Finnish Funding Agency for Technology and Innovation **Currently Finnvera VC (The VC part of Finnvera investing public funds in early stage companies) ˆThe Vigo Program, Mid-Term Evaluation, MEE report 4/2013 30/10/2014 6
  • 7. Vigo Accelerators • The Vigo Accelerators are private companies that are run by experienced entrepreneurs. • The Accelerators offer their proven business expertise, funding, and extensive contact networks to the target companies. • The Accelerators invest both money and time into the target companies and take on both a strategic and an operative role in the companies. • The Accelerators have been selected from the best applicants in their respective fields in a public procurement process. 30/10/2014 7
  • 8. Vigo Accelerators 1/2 Cleantech ”Investing in a Clean Future” ICT, Media ”Building Businesses Investors Would Love to own” 4/15/2015 8 ICT ”Focusing on Innovative ICT and Asia” Digital East Europe ” It’s a shorter journey when you have a paying customer” Enterprise SaaS, Education Software and Consumer Internet Apps “International sales-focused Acelerator for Innovative Software Companies”
  • 9. Vigo Accelerators 2/2 Fashion, design, lifestyle ”Helping to establish fashion and design brands” , Online services and B2B services ”Accelerating international growth” B2B and B2B2C ICT ”Looking for the Next Big Thing” 30/10/2014 9 Clean, energy, ICT ”Inventions with good intentions”Newentures Health, web, games, advanced tech ”Co-creating category leaders” Media Analytics, Commerce, Learning “We produce New Business”
  • 10. How Does Vigo work? 200 9 1 . 2 . 3 . 4 . Company applies directly to the accelerator of it’s choice. Acceptance is based upon eva- luation of the business idea, team and sui- tability of the company for the program. The accelerator managers take a hands-on role in operations and biz development Fast Growth Descriptio n  The acceleration period lasts 18 to 24 months  The accelerators’ main revenue model is based on the growth in the company’s value at the point of exit. Monthly fees may also be included in the model.  The companies are able to utilize Tekes’s and Finnvera’s funding (grants, loans and investments).  Total funding package (private and public) for the Acceleration Period varies between 1 to 2 million euros. The accelerator invests time and money and becomes a shareholder in the company 30/10/2014 10
  • 11. Great Start-ups in Portfolios! Total portfolio over 100 companies!30/10/2014 11
  • 13. World Class Investors and VC’s: MHS Capital AMBIENT SOUND INVESTMENTS Juuranto Invest Troll CapitalKasvurahastojen Rahasto 30/10/2014 13
  • 15. 15.4.2015 15 Private and Public Funding in Target CompaniesCumulativefunding,M€ 0,0 € 50,0 € 100,0 € 150,0 € 200,0 € 250,0 € 300,0 € 350,0 € 400,0 € By 31.12.2011 By 31.12.2012 By 31.12.2013 By 31.12.2014 Total private Total public Grand total
  • 16. Distribution of Cumulative Funding in Target Companies 15.4.2015 16 Accelerators own 4 % Foreign private 56 % Domestic without accelerators 16 % Tekes NIY 10 % Tekes R&D 9 % Finnvera direct 4 % TeSi 1 % By 31.12.2013 Totally 288 M€ Accelerators own 4 % Foreign private 53 % Domestic without accelerators 17 % Tekes NIY 11 % Tekes R&D 10 % Finnvera direct 4 % TeSi 1 % By 31.12.2014 Totally 354 M€
  • 17. Performance Summary • Funding raised in target companies (cumulative) – Private funding 261 M€, 74 % – Private foreign funding 187 M€, 53% – Public funding 93 M€, 26% – Tekes 74 M€ (21%), Finnvera 14,5 M€ (4%), TeSi 4 M€ (1%) – Total funding 354 M€, – Public funding leverage factor 2,8 • Total cumulative take-up 142 target companies (14 accelerators, incl. LOTS, FPI, ) • Current investment and service portfolios include 100 companies • In active acceleration 62 companies • First round of accelerators (those selected in 2009) have raised 92 % of total cumulative funding, 84% during the period (2H15) • Service portfolios 31/35 (“first 4” vs. “5 to 11” accelerators) • Investment portfolios 26/12 (“first 4” vs. “5 to 11”) 30/10/2014 17
  • 18. What’s in It for Me? • For investors: • Professionally qualified opportunities • Experienced and committed management teams • High leverage initial funding (R&D and BD grants& loans) • For start-up companies: • Business competence • Experience • Drive for growth • Customers, contacts and further financing >> Accelerated growth, increasing value • For the accelerators: • Significant public leverage in target company financing • Financial returns with successful exits • Rewarding and challenging career options • For the community • Jobs and tax-payers • Export income • Increasing knowledge capital • Wealth and prosperity 30/10/2014 Vigo Accelarator Program 18
  • 19. If You Are a Foreign High Potential Start-up Looking for Fast Growth and… • Need experienced hands-on strategic and operative guidance/support • Need funding to make it all happen and… • Are flexible to accept outside (venture type) equity funding • Are willing to relocate (some of) your operations to Finland …teaming-up with a Vigo AcceIerator might be the best option for you! • You can start by checking out www.vigo.fi and … • We can help you to get going! 30/10/2014 19