Si University Spin-offs from a Venture Capitalist Perspective Vienna | Silicon Valley | Munich | | Speedinvest University Spin-offs from a Venture Capitalist Perspective Q2/2017 Page 1
Si Speedinvest in a nutshell • One of the leading European digital venture funds with EUR 100M under management • A center of gravity for the digital start-up ecosystem in CEE due to competent investors and strong partners • Proven success via unique entrepreneurial approach and strong links to the US Vienna | Silicon Valley | Munich | | Speedinvest University Spin-offs from a Venture Capitalist Perspective Q2/2017 Page 4
Success Factors Success Stories Shpock Sh Exit with >30 multiple CoC Operational involvement Hi Hitbox Global #2 in eSports, exited Holvi Ho Exited to BBVA Bridge to the US Wi Wikifolio Social trading with >180M AuM Fin inanceFox Dealflow and #1 InsurTech deal in Europe 2017 partnerships iM iMobilit ility Corporate incubation Vienna | Silicon Valley | Munich | | Speedinvest University Spin-offs from a Venture Capitalist Perspective Q2/2017 Page 5
Re-inventing Venture Capital Vienna | Silicon Valley | Munich | | Speedinvest
Vienna | Silicon Valley | Munich | | Speedinvest
Exponentially growing dealflow Si2 Si 140 120 Si1 Si 100 80 60 40 20 - 2011 2012 2013 2014 2015 2017 Vienna | Silicon Valley | Munich | | Seite 8 Speedinvest University Spin-offs from a Venture Capitalist Perspective 02/2017
DACH CEE Europe Si Si1 Si Si1 Si Si1 Si2 Si Si2 Si Si Si2 PV PV Deep Tech Si Si1 Si Si1 Exi xit Si Si2 Si Si2 Si2 Si Si Si2 Si Si1 Si Si1 Si2 Si Si2 Si Si Si2 Si Si2 Si Si2 Si Si2 Fin Tech Si Si2 Si Si1 Si2 Si Exi xit Si Si1 Exi xit Exi xit Si1 Si Si2 Si Exi xit PV PV PV PV Si Si1 Si Si2 Si Si2 PV PV PV PV Consumer Tech Exi xit Si Si2 Si Si2 Si Si2 Exi xit PV PV Si Si2 St Studio St Studio St Studio PV PV Si Si2 PV PV
Vienna | Silicon Valley | Munich | | Speedinvest
Bitmovin: Bi : Cloud-based (VR) media processing & streaming bitmovin.com DE DESCRI CRIPTION SPI SPIN-OF OFF LE LEARNINGS • Provides high performance media transcoding, streaming, analytics and • Founders had contracts as playout solutions research assistants • Cloud-native media processing 100x faster, better quality, unparalleled flexibility best-of-breed industry solution • Problems arose: IP was partly university asset KEY MET KEY ETRICS S (Clients, Revenue, Growth, la last round valu luatio ion) • Fear of Google case • + 20% MoM growth • Customers: Ooyala, VEO, Sky, Red Bull, Televisa, Puls4, Orange à IP-Transfer payment to • US expansion university • Last round USD 10,3m, Atomico Vienna | Silicon Valley | Munich | | Speedinvest University Spin-offs from a Venture Capitalist Perspective Q2/2017 Page 11
Aircloak: Ai : Safe sharing or monetization of private data aircloak.com DE DESCRI CRIPTION SPI SPIN-OF OFF LE LEARNINGS • Allows for immediate, safe and legal sharing or monetization of sensitive Al • Max Planck Institut held IP datas dat aset ets rights on aircloak with their • Its te Its technology cr creates s new opportunities s for data monetiza zation while standard royalty system minimi mi mizing the cost of comp mpliance • Recurring revenue vs • At At the same time, privacy is stronger than ever Equity growth • MPI was afraid of MP3 2.0 KEY KEY MET ETRICS • No revenue yet à Agreement on equity, • 6 FTEs, 285k annualized weighted pipeline value licnece fee and claculation scheme in case of exit Vienna | Silicon Valley | Munich | | Speedinvest University Spin-offs from a Venture Capitalist Perspective Q2/2017 Page 12
University • Long-term royalties • Selling IP for cash + follow-up IP IP rights ts payment linked to exit price • Uni selling IP for equity spin-offs • Prof selling IP for equity from a VC • Who is using their product and Product- Pr why? perspective: • Which problem is solved? • market fit ma Potential mismatch of commercialization & research • Clean captable • No dead equity, Founderdriven • cap ta ca table Reasonable valuations • Industry know-how Founder Fo • Entrepreneurial approach • Global mindset • te team Fluent English Vienna | Silicon Valley | Munich | | Speedinvest University Spin-offs from a Venture Capitalist Perspective Q2/2017 Page 13
US programs Success stories The Stanford MBA • According to rankings #1 in terms of start-up- Nike Ni creation Was the result of a case-study • Nothing more to say • 5% equity for structured program The Studio (Cornell Tech) Nanit $6.6M seed funding in Na 2016 • An accelerator program to support postgrads A smart baby monitor for the • Launched various successful ventures since IOT era 2012 The Media Lab (MIT) Bu Buzzfeed $446.3M funding in 6 rounds Buzz feed is redefining online • In its 4th decade and has started over 150 advertising with its social, companies content-driven publishing • Contributed to the emergence of Buzzfeed, technology Optimus Ride and many more… Vienna | Silicon Valley | Munich | | Speedinvest University Spin-offs from a Venture Capitalist Perspective Q2/2017 Page 14
University Spin-offs from a Venture Vienna | Silicon Valley | Munich | | Speedinvest Capitalist Perspective Q2/2017 Page 15
Differences: Pre restige of of entrepr ent epreneur eneurshi hip cultural, academic & MB MBA-cu culture structural In Industr try fu funding & & Bu Budget al alloc ocat ation on In Incenti tives Vienna | Silicon Valley | Munich | | Speedinvest University Spin-offs from a Venture Capitalist Perspective Q2/2017 Page 16
Theoretical Concrete Propositions Solutions Stimulation of entrepreneurship at the grass-root level Possible implementation Employment of experienced 1. Strengthened steering core at the entrepreneurs within the faculty university‘s top-management level Technology transfer offices manage IP 2. Boundary spanning structures rights/commercialization 1. Commitment to a diversified funding Incorporation of VCs base blending public/private sources 2. Pursue of a true multi-disciplinary Introduction of entrepreneurial courses approach Increasing prestige of entrepreneurial 3. Living an overall entrepreneurial role of university researchers culture embracing all university staff Source: Clarke, 1998 Vienna | Silicon Valley | Munich | | Speedinvest University Spin-offs from a Venture Capitalist Perspective Q2/2017 Page 17
EUROPEAN EXAMPLES SUCCESS STORIES ETH Zürich Op Optotune Optotune develops adaptive optical • Supports spin-offs on the basis of research results components based on elastic • Fosters entrepreneurs through consulting & polymers infrastructure • IP issue remains controversial TU München Na Navvis • Accelerator Program “Techfounders” The company provides software for • Provides start-up advising services interior navigation ago and the • Theoretical and practical training from the TUM SoM subsequent creation of a 3D view • Strong industry-partners, such as BMW or Bosch • Makers space FH OOE (Campus Hagenberg) • Established a TTO Ru Runtastic • Matching, Scouting & Mentoring Needless to mention ;-) • Gründersprechtage & advice on IP • Provides co-working spaces Vienna | Silicon Valley | Munich | | Speedinvest University Spin-offs from a Venture Capitalist Perspective Q2/2017 Page 18
Ty Thank You! marie-helene@speedinvest.com Vienna | Silicon Valley | Munich | | Speedinvest University Spin-offs from a Venture Capitalist Perspective Q2/2017 Page 19
Recommend
More recommend
