The document describes the Vigo Accelerator Program in Finland, which aims to combine startups, experienced business developers, and public financing to increase the number of successful growth companies. The program will create investor-driven business accelerators to improve early growth companies' investment attractiveness and ensure them growth financing. Accepted companies will receive funding, expertise, networking opportunities and access to speeded public funding processes from Tekes and Veraventure totaling up to 2.2 million euros per company. The accelerators will take an active role in mentoring companies and revenue will be based on companies' eventual exit value and monthly fees.

1. The Vigo Accelerator Program Companies

2. What is Vigo? Vigo is a new investor driven business accelerator program striving to combine the most potential start-ups, experienced business developers and early stage public financing and incentives to increase the number of successful growth companies and improve availability of private capital and financing expertise in Finland.

3. Targets Create investor driven business accelerators to improve the investment attractiveness of early growth companies. Attract - using public sector incentives - the best business developers to drive start-ups into growth companies and ensure them growth financing. Speed up and enhance the venture capital market in Finland and attract international accelerators and investment companies to establish operations in Finland.

4. Vigo Positioning Aimed at young (<6 years) growth companies that: have an innovative business idea with international potential are applying for external investment are willing to reinforce their team Seed Expansion Time span of 3 to 7 years Early growth Start up Vigo focus

5. The Vigo approach Vigo accelerators Vigo accelerators are companies formed by highly experienced business developers (accelerator managers), that offer comprehensive business development and funding for innovative growth companies Accelerator guides its clients throughout their development, and assists them in performing the required phases at the right time and at the highest level and quality, adding to the company's value and chances of success The accelerators are chosen by tendering independent operators

6. What does the Vigo accelerator offer? Know how and experience Management assistance and business consultancy to ensure the highest potential for profitability. Funding Investment 15 000 – 50 000 euros Contacts and the ability to ensure growth financing Network Clients, investors and partners Risk sharing Business, financial and image Other Speeded handling in Tekes’s and Veraventure’s investment process

7. How? The company applies directly to the accelerator of its choice. Acceptance into the Accelerator program will be based upon the Accelerators evaluation of the company’s business idea, team and general suitability for the program. The accelerator invests time and money and becomes a shareholder in the company The accelerator managers takes an active role in business mentoring on an operative level Accelerator’s revenue model The accelerator’s revenue model is based on the growth in the company’s value at point of exit and monthly fees. The companies are able to use Tekes’s YIC-funding for monthly fees.

8. 24.3.2010 Pertti Presentaatio Public Funding

9. Public funding The program’s public funding is granted by Tekes and Veraventure, using existing funding instruments The companies should meet the terms for normal public funding Tekes and Veraventure co-operate in the funding completion, but grant funding independently with a speeded process Funding can reach 1,6–2,2 mil. euros per company Companies can apply also for Finnvera’s loans and assurances

10. Tekes support Tekes supports companies during the 18–24 month growth period using the YIC financing scheme for young and innovative growth companies and R&D-funding YIC-funding terms for companies: Operating for max 6 years Small, under 50 persons and Must indicate innovativeness (min 15% of all costs R&D-related ((if operational history)) YIC-funding may be granted up to a million euros per company. Funding is divided in phases. Companies pay a fee to the accelerators for services they require, YIC-funding may be used for this payment.

11. Veraventure investment Veraventure provides assistance in evaluating and invests in the companies. Investments from ”Aloitusrahasto Vera Oy” (Avera) 1.round investments up to 500 000 euros The investment in most cases depends on Tekes’s YIC-decision The accelerator companies also have access to Veraventure’s business angel network

12. Finnvera financial instruments Loans Working capital loans are intended for newly established and existing enterprises to finance investments and to provide working capital needed because of growth. Entrepreneur loans can be used to finance investments in the share capital of a limited company and/or in the fund of invested unrestricted shareholder’s equity, or to finance investments in a partnership or a limited partnership. Assurances Assurance from banks, investment- or insurance companies for loans and other liabilty bonds Financing investments and/or working capital and business- or corporate acquisition

13. 24.3.2010 Pertti Presentaatio Accelerators

14. Vigo accelerators Accelerator Focus Clean Tech Investment Cleantech innovations Food Process Innovations Grocery innovations Koppi Catch ICT, web, mobile business solutions Lifeline Ventures Life sciences and telecommunications Lots Media technology Veturi Venture Accelerator B2B ICT

15. Cleantech Invest Cleantech Invest is a startup accelerator and seed fund focusing on early stage clean tech ventures. The new accelerator will provide funding for early stage ventures and create growth stories by combining clean tech expertise, industrial experience and capital. Cleantech Invest Oy Annankatu 25 00100 Helsinki Finland Managers: Ismo Rautiainen Timo Linnainmaa Lassi Noponen Tarja Teppo

16. Food Process Innovations Food Process Innovations Ltd. accelerates human nutrition related innovations and businesses with intellectual property edge. FPI offering combines versatile food industry business expertise with scientific research, innovations, consumer and customer marketing as well as utilizing immaterial property rights. Food Process Innovations Oy Tehtaankatu 27 A 00150 Helsinki [email_address] Managers: Marko Saapunki Minna Isotupa Harry Salonaho Seppo Paatelainen Heikki Järvensivu Antti Kosunen Reijo Vihko

17. Koppi Catch KoppiCatch focuses in early stage ventures with hard-core idea/innovation (while the strategy may still need attention), where our team can add value by concrete co-working. We also seek for opportunities within established businesses, where a strategic change is needed and disruptive business models can make a difference and enable scalable business. KoppiCatch Oy Yrjönkatu 23 A 00100 Helsinki Managers Harry Santamäki Inka Mero

18. Lifeline Ventures Founded by experienced serial entrepreneurs, Lifeline Ventures is a startup accelerator that focuses on life sciences and telecommunications. Lifeline Ventures co-creates international growth companies by working side-by-side with the startup core team. Lifeline Ventures Oy Aleksanterinkatu 17 00100 Helsinki www.lifelineventures.com Managers: Timo Ahopelto Jarkko Joki-Tokola Petteri Koponen

19. Lots Lots is the Finnish expert in commercializing media technology products and services. For example gaming, graphics technology, user interfaces, and all digital content creation are media technologies. LOTS Ltd Bulevardi 1 FI 00100 Helsinki Finland [email_address] www.lots.fi Managers Ville Miettinen Panu Wilska Harri Holopainen

20. Veturi Venture Partners Veturi is a venture accelerator that helps entrepreneurs turn innovative ideas into growth businesses. Veturi focuses on innovation-based B2B ICT or ICT enabled growth businesses. Veturi Venture Accelerator Betonimiehenkuja 5 (Design Factory) 02150 Espoo [email_address] Managers: Jussi Harvela Moaffak Ahmed

21. More information PROFict Partners Oy Seppo Ruotsalainen [email_address] Marit Tuominen [email_address] Veraventure Keith Bonnici [email_address] Tekes Liisa Rosi [email_address]