list en t o o t he prob oblem -rich h envi nvironm nm ent nt com e up up w it h h an n idea … t he hen n ano not he her one ne … find peo eople e w ho can hel elp you su succeed eed
list en t o o t he prob oblem -rich h envi nvironm nm ent nt 1. Form groups (3 – 4 people per group) 2. Come up with 4 – 5 challenges or problems in the food area 3. Write each idea on a PostI t note (ONE idea per PostI t Note – you should have at least 4 PostI t notes)
list en t o o t he prob oblem -rich h envi nvironm nm ent nt 1. Form groups (3 – 4 people per group) 2. Come up with 4 – 5 challenges or problems in the food area 3. Write each idea on a PostI t note (ONE idea per PostI t Note – you should have at least 4 PostI t notes) 4. Tell us your one or two favourite challenges or problems
list en t o o t he prob oblem -rich h envi nvironm nm ent nt 1. Form groups (3 – 4 people per group) 2. Come up with 4 – 5 challenges or problems in the food area 3. Write each idea on a PostI t note (ONE idea per PostI t Note – you should have at least 4 PostI t notes) 4. Tell us your one or two favourite challenges or problems 5. Bring your challenges to the front and group with others’
com e up up w it h h an n idea … t he hen n ano not he her one ne … 1. STAY I N THE SAME GROUPS! 2. Choose one problem or challenge YOUR GROUP would like to work on YOU CAN CHOOSE ANY CHALLENGE ON THE BOARD – YOU ARE NOT LI MI TED TO THE ONES YOUR GROUP ORI GI NALLY CAME UP WI TH WRI TE STUFF DOWN! YOU ARE GOI NG TO HAVE TO TELL US ABOUT I T!
com e up up w it h h an n idea … t he hen n ano not he her one ne … 1. STAY I N THE SAME GROUPS! 2. Choose one problem or challenge YOUR GROUP would like to work on 3. I n your groups, come up with some ideas for how you might solve this challenge YOU CAN CHOOSE ANY CHALLENGE ON THE BOARD – YOU ARE NOT LI MI TED TO THE ONES YOUR GROUP ORI GI NALLY CAME UP WI TH WRI TE STUFF DOWN! YOU ARE GOI NG TO HAVE TO TELL US ABOUT I T!
find peo eople e w ho can hel elp you su succeed eed 1. STAY I N THE SAME GROUPS!
Innovent Presentation 21 August 2018
Pacific Channel engages with innovators to form and build ground- breaking technology companies solving worthwhile problems. We invest in these companies in their early stages and provide them with further support to enable growth.
10 Pacific Channel Overview Team Bren rent O Ogilv ilvie Kiera ieran Jin ina Lachla lan N Nix ixon on Dr Dr Gar ary P Pace ace Chairman Managing Director Senior Associate Associate Dr Dr Ti Tina na Ti Tian an Perzaa aan M Mehta Dr Dr Rola oland Toder Bla lair r Prit ritchard rd Greater China Manager Analyst Life Sciences Adviser Clean-Tech Adviser
11 Pacific Channel Overview What Motivates Us? Innovation Growth Impact People passionate Creating wealth and Ventures that make the about addressing a building talent for our world a better place worthwhile problem innovators, co- investors and New Zealand
12 Pacific Channel Overview Specialisation Life Sciences Pacific Channel has a total of 26 portfolio companies. They are ‘deep tech’ companies in the following sectors: Agtech Clean-tech
13 13 Pacific Channel Overview Portfolio Agtech Life Sciences Companies 26 portfolio companies Clean-tech
14 Pacific Channel Overview Tech Company Cycle Exit Growth Company Formation Investment Pacific Channel aims to provide value at each stage of this cycle
15 Pacific Channel Overview Company Our sources of IP: Formation — Universities Pacific Channel forms new companies around ground- breaking intellectual — Crown Research Institutes property. — Corporates — Innovators in garages
16 Pacific Channel Overview Company What do we provide in this process? Formation — Establish business model and set commercial direction Pacific Channel forms new — Validate market companies around ground- breaking intellectual — IP development property. — Technology transfer and commercialisation expertise — Extensive networks within our “ecosystem” (people, strategic partners, other investors etc.) — Entrepreneurial ‘jump start’ team — Establish a management team and board of directors
17 Pacific Channel Overview Investment — Pacific Channel manages its own ‘evergreen’ seed investment fund — Our Fund — Typical investment of NZ$100k - $200k — Generally the lead investor — Typical round size of $500,000 - $1,000,000 — Invests at the pre-seed or seed stages — Invests both into companies that Pacific Channel has helped form as well as other promising new technology companies — Syndicates with other early stage investors including the NZVIF SCIF Fund — Able to underwrite capital raises where appropriate
18 Pacific Channel Overview Investment — Technology that addresses a strong and validated unmet need; — Our Criteria — Technical proof-of-concept; — Freedom to operate; — Strong management & governance; — Coachable and passionate entrepreneur; — Excellent strategy & business model; — An area in which we have specific expertise and can provide value; — A plan to generate a return.
19 19 Pacific Channel Overview Make the World Investment a better place — Our Criteria Passionate and 2-4 Killer tech with coachable people PA Strong IP & FTO Needs <$25m & 10x potential <5 years
20 Pacific Channel Overview Growth Capital Raising Business Growth Where Pacific Channel is the Management, operational, lead investor or an existing business, financial and shareholder commercial development Pacific Channel provides the following support post- investment to its portfolio Grant Funding M&A companies: Aggressively pursue Divestments and acquisitions non-dilutive grants for portfolio companies Corporate Advisory Market Entry Strategy Strategic planning, investment US through affiliate (The documentation, formation of Channel Group LLC), Chinese executive teams, advisory and employees and affiliates with governance boards strong networks in China
21 Pacific Channel Overview Growth Provides a “Channel” for our portfolio companies between New Zealand and the Asia- Pacific Region, especially the USA and Greater China.
22 22 Pacific Channel Overview Exits — Acquired by New Image — Acquired by Z Energy in Group in 2010 2012 — Gross return of 30x for — Z Energy invested >$32m Pacific Channel and our on commercial production seed co-investors of the technology Exits for scrip: 22
23 Pacific Channel Overview Current and Upcoming Co-Investment Opportunities Stage Pre-Seed Seed Series A Series B Life Sciences Clean-tech Sector Ag-tech
24 Pacific Channel Overview Case Study
25 Pacific Channel Overview Our thinking — The problem must be an ‘ice-pick through the eye’ for the eventual customer — Form companies around market problems and not innovation (market pull not technology push) Foc ocus on on sol olving r rea eal — Continual market engagement is pr probl blem ems imperative — Preventing echo chambers “The only thing that matters is getting to product/market fit” – Marc Andreesen
26 Pacific Channel Overview Our thinking — Technology companies naturally tend towards focussing on the product — Business models are often developed at product launch — Too many innovative companies fail Busines ess m model el m matters because their business model does not fit with the market — Hold hands, don’t butt heads (partner early) — Pivoting is inevitable (it’s a contact sport)
27 Pacific Channel Overview Our thinking — The average start-up lasts longer than the average marriage — Success is 90% execution and 10% luck — Chances of success of a serial entrepreneur dramatically higher Peopl ple, e, pe peopl ple, e, pe peopl ple — Choose your team and investors wisely
28 Pacific Channel Overview Our thinking — Roles cannot be narrowly defined in a start-up — In technology companies, the business strategy is informed by the R&D and vice versa Goin ing a all in ll in — Scientists need to become commercially aware, and business team need to love R&D — CEO need to get involved in all aspects of the business — Active and strategic board and shareholders crucial
29 Pacific Channel Overview Our thinking — Execution is everything in the 21st century — People face demand for their attention from all directions — Power shift from builder to consumer If yo you build i it, t, the they w won’t — A better mousetrap isn’t necessarily nece cessarily co come enough — A product does not sell itself — Market needs to be educated about your product — Tech companies still need to focus on marketing and sales
30 Pacific Channel Overview — Niche markets that have little international focus Our thinking — Where there is local expertise to identify and solve problems — B2B not B2C Wher ere s e should N d New — Not ventures that require speed to market Zea ealand t d tec echnology com ompanies f foc ocus? — Not ventures that are too capital intensive “If you have not heard of it or don’t understand it then it has a better chance of success internationally” - Sir Sir Paul C l Callag aghan an
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