View
6
Download
0
Category
Preview:
Citation preview
Research andInnovation
The H2020 SME instrument “Phase 3”
Uffe Bundgaard-Jørgensen Ph.D.
InvestorNet - Gate2Growth
Vice-chairman H2020 Risk Financing Advisory Group
DTI – Tåstrup January 12th 2016.
By
page : 2
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
page : 3
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
page : 4
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
page : 5
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
InvestorNet
page : 6
partner in
page : 7
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth
Partner in Greeonvat-Europe
Funding
• Guarantee schemes for Banks
• Funding for new VC funds
• Other Initiatives to make funding easier
page : 8
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
500 new deals/year
Screening
process
250 selected deals
150 selected deals
10 min/deal
20 min/deal
75 analysed deals 4 Hours/deal
50 negotiation
5-10
investments
10 Days/deal
490 rejected deals
1 month/
investment
Investor questions:
If I believe in the business
plan and the budgets
can I make money?
Do I believe in the business
plan and the budgets?
Is it realistic ? Can this
management deliver the
promised results ?
Ok, would you like to
meet us and discuss?
Are you ready to start
serious negotiations.
The unsolicited deal Funnel
page : 9
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
500 new deals/year
Screening
process
2 min/deal
250 selected deals
150 selected deals
10 min/deal
20 min/deal
75 analysed deals 4 Hours/deal
50 negotiation
5-10
investments
10 Days/deal
490 rejected deals
1 month/
investment
Investor questions:
Do I like the business
concept and - model ?
If I believe in the business
plan and the budgets
can I make money?
Do I believe in the business
plan and the budgets?
Is it realistic ? Can this
management deliver the
promised results ?
Ok, would you like to
meet us and discuss?
Are you ready to start
serious negotiations.
The unsolicited deal Funnel
page : 10
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
500 new deals/year
Screening
process
2 min/deal
250 selected deals
150 selected deals
10 min/deal
75 analysed deals 4 Hours/deal
50 negotiation
5-10
investments
10 Days/deal
490 rejected deals
1 month/
investment
Investor questions:
Do I like the business
concept and - model ?
If I believe in the business
plan and the budgets,
can I then make money?
Is it realistic ? Can this
management deliver the
promised results ?
Ok, would you like to
meet us and discuss?
Are you ready to start
serious negotiations.
The unsolicited deal Funnel
page : 11
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
500 new deals/year
Screening
process
2 min/deal
250 selected deals
150 selected deals
10 min/deal
20 min/deal
75 analysed deals 4 Hours/deal
50 negotiation
5-10
investments
10 Days/deal
490 rejected deals
1 month/
investment
Investor questions:
Do I like the business
concept and - model ?
If I believe in the business
plan and the budgets
can I make money?
Can I trust the business
plan and the budgets?
Is it realistic ? Can this
management deliver the
promised results ?
Ok, would you like to
meet us and discuss?
Are you ready to start
serious negotiations.
The unsolicited deal Funnel
page : 12
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
500 new deals/year
Screening
process
2 min/deal
250 selected deals
150 selected deals
10 min/deal
20 min/deal
75 analysed deals 4 Hours/deal
50 negotiation
5-10
investments
10 Days/deal
490 rejected deals
1 month/
investment
Investor questions:
Do I like the business
concept and - model ?
If I believe in the business
plan and the budgets
can I make money?
Can I trust the business
plan and the budgets?
If it is realistic, can this
management deliver the
promised results ?
Ok, would you like to
meet us and discuss?
Are you ready to start
serious negotiations.
The unsolicited deal Funnel
page : 13
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
500 new deals/year
Screening
process
2 min/deal
250 selected deals
150 selected deals
10 min/deal
20 min/deal
75 analysed deals 4 Hours/deal
50 negotiation
5-10
investments
10 Days/deal
490 rejected deals
1 month/
investment
Investor questions:
Do I like the business
concept and - model ?
If I believe in the business
plan and the budgets
can I make money?
Can I trust the business
plan and the budgets?
If it is realistic, can this
management deliver the
promised results ?
Ok, would you like to
meet us and discuss?
Are you ready to start
serious negotiations.
The unsolicited deal Funnel
page : 14
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
500 new deals/year
Screening
process
2 min/deal
250 selected deals
150 selected deals
10 min/deal
20 min/deal
75 analysed deals 4 Hours/deal
50 negotiation
5-10
investments
10 Days/deal
490 rejected deals
1-3 month/
investment
Investor questions:
Do I like the business
concept and - model ?
If I believe in the business
plan and the budgets
can I make money?
Can I trust the business
plan and the budgets?
If it is realistic, can this
management deliver the
promised results ?
Ok, would you like to
meet us and discuss?
Let us move into the
serious negotiations.
The unsolicited deal Funnel
page : 15
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
500 new deals/year
Screening
process
2 min/deal
250 selected deals
150 selected deals
10 min/deal
20 min/deal
75 analysed deals 4 Hours/deal
50 negotiation
5-10
investments
10 Days/deal
490 rejected deals
1-3 month/
investment
Investor questions:
Do I like the business
concept and - model ?
If I believe in the business
plan and the budgets
can I make money?
Can I trust the business
plan and the budgets?
If it is realistic, can this
management deliver the
promised results ?
Ok, would you like to
meet us and discuss?
Let us move into the
serious negotiations.
The unsolicited deal Funnel
H2020-SME PRE-QUALIFIED
InvestorNet
page : 16
partner in
Lad os drømme!
page : 17
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth
Partner in Greeonvat-Europe
Hvorfor ikke flyve til Agra via Delhi ?
page : 18
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
Er du af og til nervøs for at flyve ?
page : 19
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
Bruger du altid “sikkerhed sele” i taxaen til hotellet ?
Lad os nu forestille os at vi er kommet til Delhi og
tager en taxa til hotellet.
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth
page : 20
Partner in Greeonvat-Europe
The reality is
• Death rate / billion km travelled (British Civil Aviation statistics)
– A: Flying: 0,003
– B: Train: 0,27
– C: Car: 2,57
• Death number (for 2015)
– Aircraft accidents worldwide: 375
– Car accidents (Denmark only): 167
The less familiar you are with a situation, the bigger the perceived risk is,
the more your brain plays tricks with you!
page : 21
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
Your way of making decisions and that of investors
“System 2” allocates attention to the effortful mental activities including complex computation. It is also associated with the subjective experience, choice and concentration.
“System 1” operates automatically
and quickly, with little or no effort and
no sense of voluntary control.
InvestorNet
page : 22
partner in
In face of uncertainty often
”System 1” prevails.
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth partner in
page : 23
If you want to attract investors and have a
working relationship with them, you need to
”talk to” both ”System 1” & ”System 2”
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth
page : 24
Partner in Greeonvat-Europe
Superior
product
Good
Management
Customers
Right
Business
modelInvestment
opportunity
The first part of the book is about requirements for a good business case.
page : 25
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth
Partner in Greeonvat-Europe
Let us move on to investors
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth
page : 26
Partner in Greeonvat-Europe
• Is the mindset of investors different from
the one of normal human beings?
• Is that the reason you often get a NO?
• Investors are normal human beings, and
”fear,” ”greed”, ”lust” and ”anchoring”
effects influence their behavior and
decisions.
• In the end, they base their investment
decisions on a combination of thorough
analysis and ”guts feeling”.
Investors and other human beings
page : 27
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
Investment analysis and due diligence?
Calculation,
statistics
and
financial
modelling?
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth partner in
page : 29
Market analysis deception
• Statistics are better for
world markets.
• Market estimates for
regional or local markets
are uncertain.
• No information about
small market segments.
page : 31
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth Partner in Greeonvat-Europe
Despite all the formal analysis
…the final investment decision is based on a sort of
“holistic” assessment of the opportunity:
do I believe in what I am told?
do I understand it and can I trust them?
is it realistic?
can they make it?
can I make money?
is this opportunity better than all the other
opportunities available?
do I have bad/good experiences from similar cases?
InvestorNet
page : 33
partner in
This is actually what the book is about.
We hope it will be useful for both
entrepreneurs and investors.
page : 34
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth
Partner in Greeonvat-Europe
I was not alone while
writing the book,
here are the co-
authors
Louise Pierrel MikkelsenM.Sc. in Accounting, Strategy and Control6 years of experience: Business Development & Business Skills for Non- MBAs
Rasmus Egvad M.Sc. in International Business6 years of experience: Business Plan evaluation, Business Development, Funding, Consulting
Carmen Bianca SocaciuM.Sc. in International Marketing & Management from Copenhagen Business School3 years of business experience with screening and coaching on investor readiness
page : 35
Gate2Growth is supported by the European Commission
InvestorNet - Gate2Growth
Partner in Greeonvat-Europe
InvestorNet
page : 36
partner in
Recommended