Nava Swersky Sofer - Lessons from the Start-up Nation

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La presentazione di Nava Swersky Sofer, venture capitalist israeliana di successo, sul successo del modello start up in Israele, WEF è Start up (22 marzo 2014)

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Nava Swersky Sofer - Lessons from the Start-up Nation

  1. 1. Web Economy Forum Cesena, March, 2014 Nava Swersky Sofer, Founder & Co-Chair Innovation, Israeli Style: Lessons from the Start-Up Nation Nava Swersky Sofer1
  2. 2. Today’s Session  Innovation  What is it?  Why innovate?  Israel – The Start-Up Nation  Where we are  How we got there  Technology transfer  Smart government intervention  Example: nanotechnology  The Innovation Recipe Dialogue is welcome! Nava Swersky Sofer2
  3. 3. Nava Swersky Sofer  International speaker and consultant to companies, governments, universities,World Bank, UN/WIPO. Leading expert on innovation and commercialisation  Start-up company boards and management in Europe, US and Israel  Big pharma 1991-1995  Vice President,Worldwide Head of Pharma Policy and member of management forum, Ciba-Geigy AG (now Novartis), Switzerland  Venture capital 1995-2005  Partner, SanderlingVentures, California, $ 1 Billion leading healthcare fund  Founder & Managing Partner, ColumbineVentures, Israel  Partner, ConcordVentures, Israel, $260 million leading diversified fund  Tech transfer & commecialisation since 2005  President & CEO,Yissum – Hebrew UniversityTechnologyTransfer 2005-2009  President & founding board member, International Commercialisation Alliance, 2011- (non-profit)  Public  NanoIsrael 2009, 2010, 2012, 2014 founder and co-chairperson  Israeli representative to OECD BIAC nanotechnology committee  INSME board member, 2013- ; UNWIPO innovation adviser  Vice Chair, OCE Center for Commercialization of Research, Canada, 2008-2013  Israel’s $50M biotech consortium, 2000; BioJerusamel founding board, 2006-2009; IsarelTechTransfer Organisatio (ITTN) 2008 3
  4. 4. World Population To Grow by 1/3 in 40 Years 4 2050 9.2 Billion 2010 6.9 Billion Source: Scientific American 2010 Nava Swersky Sofer
  5. 5. The Pace of Technology is Accelerating 5 Source: Discover Magazine Nava Swersky Sofer
  6. 6. Innovation Is Essential 6  Key to global competitiveness  On a national scale  On an institutional / company scale  Collaboration essential  Big and small companies  Universities and research institutes  New initiatives to foster innovation  Innovation intermediaries  Commercialization catalysts  Human component essential  Highly educated  Technically skilled  Entrepreneurial and flexible  Globally-oriented Source: InnovationAmerica Nava Swersky Sofer
  7. 7. Innovation 7  “The process by which an idea or invention is translated into a good or service for which people will pay, or something that results from this process”  Business Dictionary Nava Swersky Sofer
  8. 8. “Innovation Distinguishes Between A Leader and a Follower” 8 Steve Jobs, Apple Nava Swersky Sofer
  9. 9. Change To Survive And Thrive 9  “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.”  Charles Darwin Nava Swersky Sofer
  10. 10. Douglas Adams (Author, “Hitchhiker’s Guide to the Galaxy”) “I’ve come up with a set of rules that describe our reactions to technologies: 1.Anything that is in the world when you’re born is normal and ordinary and is just a natural part of the way the world works. 2.Anything that’s invented between when you’re fifteen and thirty-five is new and exciting and revolutionary and you can probably get a career in it. 3. Anything invented after you’re thirty-five is against the natural order of things.” Nava Swersky Sofer10
  11. 11. Israel: The Start-Up Nation 11 Nava Swersky Sofer
  12. 12. Israel Inside 12 Nava Swersky Sofer
  13. 13. Given Imaging’s PillCam Using Military Technology for Medicne Nava Swersky Sofer Acquired by Covidien for $900 Million in February 2014 13
  14. 14. Community-based traffic & navigation app Acquired by Google for $1 Billion in June 2013 Nava Swersky Sofer14
  15. 15. National Expenditure on R&D as Percentage of GDP Source: Bank of Israel; CBS 0.6 0.9 1.0 1.1 1.1 1.3 1.6 1.6 1.6 1.7 1.9 2.0 2.2 2.2 2.5 2.6 2.6 3.1 3.5 3.7 4.5 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 G reeceSpain N ew ZealandIreland Italy C zech R epublic A ustraliaC anadaN orw ay U nited K ingdomFrance average O ECDD enm ark U nited States G erm anyK orea Sw itzerlandJapanFinlandSw eden Israel 15 Nava Swersky Sofer
  16. 16. Highest Venture Capital Availability Venture Capital investment per person, selected countries, 2010, US$ Source: The Economist 2012, based on National Venture Capital Association, European Private Equity & Venture Capital Association, Israel Venture Capital Research Center, UN • 4,800 active tech companies • 600 new companies / year • US$ 1-2 Billion invested / year 0 25 50 75 100 125 150 175 Israel United States Norway Sweden Switzerland Finland Denmark France Britain Ireland Netherlands Belgium Austria Nava Swersky Sofer16
  17. 17. 250 Multinational R&D Centres Employing 50,000 People Nava Swersky Sofer17
  18. 18. Israel: An Innovation Powerhouse Globally Open 2nd highest number of NASDAQ- traded companies >60 companies traded in EU Entrepreneurial 1st in start-ups per capita 2nd in business entrepreneurship World Class Science 1st in quality of scientific research institutions 6 Nobel laureates Human Capital 2nd in availability of qualified scientists & engineers Source: IMD World Competitiveness Report, World Economic Forum Competitiveness Report, 2010 -11 Nava Swersky Sofer18
  19. 19. Start-Up Nation: The Starting Point  Small  New  Isolated  No natural resources, not even water 19 Nava Swersky Sofer
  20. 20. When Life Gives You Lemons… 20  Small  New  Isolated  No natural resources, not even water  Immigration – from 600k to 8 million in 65 years  Interdisciplinary  No strong traditions => Open to change  Strong military => training, innovative technology  International outlook  Brain power, education => innovation  Novel job creation schemes A Culture of Innovation Nava Swersky Sofer
  21. 21.  World pioneer in tech transfer since 1959  Two of world’s top tech transfer companies  Yeda,Weizmann Institute of Science ( est.1959)  Yissum, Hebrew University of Jerusalem (est.1964)  >$22 Billion in licensed product sales  $ hundreds of millions in tech transfer revenues annually  Dozens of spin-off companies  Success stories  Copaxone®, Exelon™, Erbitux®,Azilect™, Doxil™, Rebif®, Cherry tomatoes, peppers, NDS Ltd. encryption algorithm, MobilEye driver assistance system… Successful Academic Commercialization Source: ITTN Nava Swersky Sofer21
  22. 22. The Israeli Tech Transfer Model  Company, not office  Wholly owned subsidiary with business focus  Business leaders on boards  Balance academic viewpoint  Clear IP ownership… … with generous revenue sharing (40-60%)  One-stop-shop for industry – leverage relationship  Sponsored research + licensing  Sometimes consulting  Focused on royalties Nava Swersky Sofer22
  23. 23. Tech Transfer Key Success Factors  Create the right environment  Business-focused organisation with operational independence  Clear IP ownership  Generous revenue-sharing policy  An excellent team with relevant industry experience  Get lucky! Nava Swersky Sofer23
  24. 24. Smart Government Intervention 24  Office of the Chief Scientist supporting private sector innovation since 1969  Strategic decision to create military R&D capabilities  Venture industry created by government => privatised  Incubators: from job creation scheme to pillar of national innovation eco-system  Innovative industry/academia support mechanisms  Evolving policies addressing market needs, e.g.  Early stage funding  Multinationals  Strategic initiatives, e.g. nanotechnology Nava Swersky Sofer
  25. 25. Some OCS Programmes  Academia/industry technology transfer  Proof of concept grants for early stage project, academia-based (100% funding)  Proof of principle grants for academia-based projects with initial industry interest (90% funding, 10% from industry for first look)  Tech transfer grants for academia/industry collaborations between one academic institution and one industry partner (66% funding, 34% industry)  Consortia encompassing several academic institution and several companies  Initial IP protection  Early stage company formation  R&D support for both young and mature companies in the form of grants which are repayable in the case of success and then carry a royalty  Collaborative agreements with multinationals providing matching funding for projects with local companies and academic institutions  Bi-national collaborations (Matimop)  Special initiatives, e.g. military technologies for civilian use; multinationals, nanotechnology Nava Swersky Sofer25
  26. 26. Nanotechnology in Israel  Israel National Nanotechnology Initiative (INNI)  Established 2001 by Israeli government and the Israeli National Academy of Sciences  Strong representation from both industry and academia  Objectives  Promote establishment of local nanotechnology-based industry and academia-industry collaborations  Long range programme for research & technology development and world-class infrastructure  Israel’s high priority challenges as defined in INNI plan  Nanobiotech  Water desalination  Alternative energy  Environment  Electronics  Unique tri-partite funding model: 1/3 government, 1/3 academia 1/3 philanthropic  First centre established at Technion 2005, five others in 2007: Hebrew U,Tel Aviv U, Ben Gurion U, Bar Ilan U, Weizmann Institute  Second five-year term from 2012 after highly successful first five years Nava Swersky Sofer26
  27. 27. Measurable Outcomes in First Six Years of Israel’s National Nanotechnology Initiative Source: INNI  830 academia-industry collaborations  860 patent submissions, of which 270 granted patents  206 companies  6 academic centres establishes  101 world-class scientist recruited as faculty members  220 junior scientists/post-docs  750 PhD students  850 MSc students  7,500 published scientific articles, of which  1,500 articles resulting from industry-academia collaboration  $300 million investment by government & universities Nava Swersky Sofer
  28. 28. The Next Five Years – Focal Technology Areas Nava Swersky Sofer28
  29. 29. Nava Swersky Sofer29
  30. 30. The Innovation Recipe 30 Culture Environ- ment Infra- structure Nava Swersky Sofer
  31. 31. Infrastructure 31  Education  Innovative research  Smart funding  Management  Facilities Infra- structure Nava Swersky Sofer
  32. 32. Environment 32  Regulation  Market access  Tax credits  Institutional investment Environ- ment Nava Swersky Sofer
  33. 33. Culture 33  Breaking old habits  Encouraging entrepreneurship  Learning to embrace failure. It’s part of the package Culture Nava Swersky Sofer
  34. 34. In Summary 34  Make best use of available assets  Research  Facilities  Funding  Supportive environment  Focus on areas of strength  Import best practices  Fine tune for local needs  Culture change takes time Nava Swersky Sofer
  35. 35. Thank you for your attention. Come visit us in Israel! nava@swersky.com @NavaSwerskySofe 35 Nava Swersky Sofer

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