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This presentation was prepared by EIF. Any estimates and projections contained herein involve significant elements of subjective judgment and analysis, which may or may not be correct.
European InvestmentFund
European Investment Fund in Support of Tech Transfer
1
EIF at a Glance
EU specialised institution for SMEs, risk financingVenture Capital and Mezzanine (fund of funds)
Structuring and Guaranteeing portfolios of SME and microfinance loans/leases
Authorised Capital EUR 3bnEIB: 61%EU: 30 %
Fin. institutions: 9 %
Geographic Focus /IntermediariesEU 27, EFTA,
Candidate CountriesDistributing through
Banks and Funds AAA rated
Dual Objective of meeting EU Policy Goals & Generating a Satisfactory Return on Equity
2
EIF’s Shareholders
EIB: Main shareholder (61%)European Investment Bank’s shareholders: 27 EU Member States
European Community represented by the European Commission (30%)
28 public and private financial institutions from 17 countries (9%) including:
3
VENTURE CAPITAL
PRIVATE EQUITY
StockExchange/PublicEquity
EIF INVESTMENT FOCUS
Later-stageBuy-outMid-Market
ExpansionDevelopment Capital
EarlyStage
SeedStage
Business Angels, Side Funds,Pre-Seed
TechTransfer/Incubators
The PE/VC Market Covered by EIF
INNOVATION
4
Technology Transfer - Converting Research into Products for the Market
MarketUniversity / Research
OrganisationSpin-out
Licensing
Collaboration (contract research,…)
IP / Idea
“technology IP” “prototype IP”
R&D Technology Transfer Marketable Product
Technology Transfer can take different forms to convert scientific findings from research organisations into
commercial products for the market
5
IP / knowledge transfer interlinked
Tech Transfer Dissected – a Continuum
Scientificdiscovery
Stag
esSt
akeh
olde
rs
Evaluation of
invention forIP protection
IPprotectiondecision
Marketing oftechnology
to firms
Inventiondisclosure
Universityscientist/researcher
-University
scientist/
researcher-TTO staff
University
scientist/researcher
TTO staff
Universityscientist/
researcher
TTO staff
Universityscientist/researcherTTO staffFirms/
entrepreneur
Activ
ities
Originationphase
Concept and opportunity testingphase
Exploitation and start-upphase
■ Opportunity identification
■ Opportunity selection
■ Proof of concept testing-
■ IP protection testing■ Business concept testing■ Selection and market confirmation
■ Internal advising
■ Network support■ Compensation schemes
■ Exploitation decision
Licensingagreement
IP transfer
existing firms
Spin--offdecision
Creation ofthe spin- off
to
Universityscientist/researcherTTO staffFirms/entrepreneur
Universityscientist/researcherTTO staffFirms/entrepreneur
6
The Knowledge Transfer Challenge
Knowledge or Technology Transfer takes different forms of transforming research into concrete products and services:
Proof of concept, prototypes
Contract research with industry
Creation of start-up and spin-off
New financial instruments to accelerate / facilitate Knowledge Transfer are an increasingly important area: IP markets, IP funds are two key models
All of the above are important to build a healthy, sustainable European Knowledge Transfer ecosystem
7
Since 2005, EIF has been able to invest resources into Tech Transfer, to create awareness and to develop new TT initiatives with leading research universities
Focus is on research organisations which are leaders in their respective fields and act in an entrepreneurial environment
Accelerated process through framework agreements (covering issues such as company valuations, shareholder structure,…)
Several transactions already, in which EIF played a key role
ElF's Tech Transfer Experience
8
IP venture fund UK• GBP 31m fund • Signed September 2006• Fund invests 25% of all
financing rounds of IP group spinouts, originating from more than 10 UK universities
UMIP Premier Fund• GBP 32m fund• Signed April 2008• Fund, managed by MTI, invests
in university spin-outs originating from the University of Manchester
Chalmers Innovation• SEK 170 m• Signed July 2008• Investing in start-up companies
originating from Chalmers University and incubated by the Chalmers Innovation incubator in Gothenburg
Leuven CD3 (Centre for Drug Design and Discovery)• EUR 24m fund• Signed 2006, extended 2010• Financing early stage drug
development projects originating from Leuven and elsewhere in EU
Imprimatur Capital• (JEREMIE: development
objective)• EUR 20.4m• Signed 2010• Seed & Start-Ups / Tech
Transfer in Latvia
Karolinska Development• EUR 26.7 m• Signed Nov 2009• Co-investment fund, investing
alongside KarolinskaDevelopment in life science spin-outs throughout Scandinavia
3T (“Télécom Technologies Transfert”)
• EUR 20.5m fund• Signed 2010• Early stage TT fund, investing
into start-up companies originating from the InstitutTélécom and its incubators
EIF Tech Transfer Transactions
9
■ 10 year Limited Partnership. ■ Managed by VC firm: MTI partners■ GBP 32 m raised. 18 months between
first pitch to EIF and first closing in 4/2008
Manchester: the Largest UK University Research Budget
Manchester University / UMIP Premier Fund
10
IP Group: Bringing together 12 Universities -26 Spin-Outs in Three Years
■ Co-investment fund (seed, post-seed financing)
■ Critical mass reached through a network of universities
■ Liquidity vs listing
Deal flow and critical mass
IP Venture Fund UK
11
CD3 PHARMA/BIOTECH COMPANIESUNIVERSITIES
CD3 (K.U.Leuven) - Next Generation Licensing Empowering Universities
Drug development process steps
CD3 portfolio •Chemical libraries
•Structural biology
•…
•Bench synthesis•Parallel
synthesis•Early toxicology•…
CD3 addresses a demand from both ends of the chain■ from Universities: be able to offer more finished drug candidates to the industry■ from the Industry: enrich their pipeline with more proven candidates
■ Partnership with university■ Managed by TTO■ Invests in drug development projects
Target ID Target validation
ScreeningLead ID
Optimisation Pre-clinicaldevelopment
Clinical I Clinical II Clinical III
Leuven CD3 (Centre for Drug Design and Discovery)
12
Chalmers Innovation: Secondaries or how to Reduce J-Curve
Co-investorsEIF
Pre-Incubation Incubation Alumni companies
“Fund”•Investments at commercial terms•Investments in existing TTO start-ups and new start-ups (both university IP based spin-outs as well as start-ups attracted and grown by the incubator)
Indicative amounts
EUR ~50k EUR 200-500k EUR 1-3m
“Pre-seed funding” “Seed funding” “Post-seed funding”
Seed Investors
Federal fundsRegional funds
Other public/private fundsBAs, VCs, …
Tech Transfer process
Management team•Professionals from the incubator
•Investment professionals•Maximum autonomy
Chalmers Innovation
13
Lessons Learnt after Five Years of TT Activity
Clear funding gap
Tech Transfer is different to VC and has its own set of rules
Not just spin-outs but also licensing
IP management required to achieve optimal allocation across IP lifecycle
Long-term partnerships with research centres: build trust, no individual entry valuations, ex ante agreements, no dilution -- Privileged access to deal flow and “Bears’ hug”
Increasing interest from private co-investors but still room for improvement
Longer time-horizon for business development and lead-time
14
EU 2020 Agenda: a Vision of Europe's Social MarketEconomy for the 21st Century
■ Turn the EU into a smart, sustainable and inclusive economydelivering high levels of employment, productivity and social cohesion
■ Promote the Innovation Union and improve conditions and access to finance for research and innovation, ensure that innovative ideas can be turned into products and services that create growth and jobs
Objectives
Plan for Action
Remove obstacles to knowledge transfer (excessive risk, lack of financial resources, lack of qualified human resources) by facilitating access to adequate financial resources, financial structuring, technology risk assessment & encouraging the private sector to do more
Active EIF support of EU core objectives through Tech Transfer initiatives
15
non-SMEs
final beneficiary
Scal
e
Corporate venturing & other types of large
commercial transactions
3
Extend current activities1
Licensing operations
IP funds
…
Large royalty funds
2
Licensing operationsCD3 II (Leuven)
Development focus Commercial focus
EIF Tech Transfer : Where to Next?
+
-
JEREMIEJoint European Resources for Micro toMedium Enterprises
5
SMEs
Current TTA activitiescommercial operations with leading research institutions
University seed fundsSupport larger number of
university seed funds (development objective)
4
16
Knowledge Transfer Strategic Partnership
Signed in Rome - 16 June 2010
First initiative to address challenges and widen the reach and scope
Creation of joint Working Group between EIF/EIB, CDC (France), (CDP – Italy), (CDTI - Spain), Innovationsbron (Sweden), KfW-Bankengruppe (Germany) & Veraventures (Finland)
Aim of like-minded Partners is to:
Support the emergence of European and national Knowledge Transfer Infrastructures
Accelerate transfer of European research and technology to the market
Facilitate a well functioning Knowledge Transfer and Intellectual Property economy
Encourage more open and transparent marketplaces for Intellectual Property
Exchange best practices and potentially to analyse investment opportunities jointly
Partners
17
Invention consumers
Invention suppliers
Invention consumers
Invention suppliers
Efficient IP Market
CURRENT FUTURE
European IP Fund (EIPF)– Market Mechanisms
18
EU public researchinstitutions EU SMEs EU corporates
Sell or licensepatents to fund
EIPF■ EUR 400m launch early 2012
■ Establishes portfolio along market / technology themes
■ Pilot reaches 10-15k patents
■ First milestone early 2014
■ Prioritises SMEs
■ Corporates
Small management team (10-15) Uses specialist services (technology, legal, business development
EIPF – How could it Work?
19
Contact
European Investment Fund
96 boulevard Konrad Adenauer
L-2968 Luxembourg
Tel.: (+352) 42 66 881
Fax: (+352) 42 66 88 200
www.eif.org