Innovation Capital White Paper Final

8/2/2019 Innovation Capital White Paper Final

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Synchrony Venture Management | 10 Post Ofce Square, Suite 615n, Boston, MA 02109 | 617.247.6300 | www.synchronyvm.com

Communications in this document are deemed condential & proprietary, unless otherwise noted.2

Introduction

The recent global ocus on the importance o innovation has onceagain placed corporate venture capital (CVC) in the spotlight. With aburst o new programs and the recommitment o long-time players,CVC is certainly back but with signicant dierences than in itsearlier incarnations.

With the resurgence o CVC, an old debate once again arises: shouldprograms pursue the amiliar ROI metric o nancial returns, or shouldstrategic measures be placed at the oreront o priorities

Simply chasing nancial returns in concert with the boys rom Sand HillRoad has always been seen by some particularly securities analysts,whose capital asset pricing models dont handle private equity risk terriblywell as a somewhat dubious enterprise. But measuring success basedon ROI does have its charms, chie among them that making money isnever bad, and a simple metric provides a convenient place to hang the olcompensation hat.

While useul to some degree, ROI has some major drawbacks. It saysnothing about how much a deal may (or may not) contribute to the parentsstrategic goals. It is a binary, long-cycle measure which provides little inthe way o in-game eedback particularly problematic in a managementculture which thrives on well-granulated metrics served up everyquarter. Since strategic value is orthogonal to nancial return1, it distortsthe pursuit o strategic gains. Perhaps most importantly, it robs CVCmanagers o the opportunity to clearly demonstrate what they door internal stakeholders, and thereby earn their rightul place ashigh-value partners.

Most CVC managers agree that delivering strategic value back to theenterprise is more important than chasing ROI, but given the mantra

i it cant be measured it doesnt exist, rare is the rm that can resist it.Like the drunk who looks or his lost car keys under the streetlight, its notthat its where they really expect to nd value; its just where they can shedsome light.

And indeed the problem o eectively dening and tracking the actualstrategic elements o a strategic investment is a thorny one. Consider theollowing analogy:

Youre responsible or eeding 8 kids. Theyre ruitarians2 each likesonly certain kinds o ruit, and each has a particular order o preerence;one likes apples, bananas, and pears, in that order and another likesoranges, strawberries, and bananas. Theyre going to pay or the ruitwith their allowance, and because some o them are cheap and not verydiscerning, while others are more profigate and extremely picky, each hasa dierent price/quality preerence which must be taken into account.

1 At best some would argue that pursuing standard ROI inevitably overpowersa strategic focus, and that the relationship is therefore inverse rather than merelyunrelated.

2 RIP Steve Jobs

Benets of Partnering with

Early Stage Firms

Relevantnewcapabilitiesarebeing

discoveredinternationallyatarate

muchfasterthanthatoftheexisting

R&Dorganization

Disproportionaterevenue

potentialrelativetoinvestment;

becausermsonlyfundasmall

percentageofdevelopmentCapEx,

early-stagepartnershipshave

greaterROIforcorporatepartners

thaninternalR&D

Early-Stagecompaniesareoften

quickerandmoreagilethan

corporateR&Ddepartments,and

generallyfacelessheadwindin

respondingtochangingconditions

Externalequityinvestmentisa

balancesheetactivity;partners

developmentexpensedoesnot

affectrmsP&L

Early/eld-of-useexclusiveaccess

toportfoliocompanysproprietary

technology

Finely-targetedtechnologiesare

sourcedforspecicproducts

andserviceswheregapsor

opportunities(a/k/agapportunities)

havebeenidentied

Early-Stagecompaniesproducethe

majorityofdisruptivetechnologies;

thesecanprovidepowerful

marketplacedifferentiatorsand

drivereturnsveryfarinexcessof

normativehurdlerates

Firmgetsanearlywindowonnew

technologiesearlysignalsof

marketandtechnologyshiftsand

caninuencetheapplicationof

thosetechnologiesinitseld-of-use

Smallcompaniesidentifyand

respondtomarketopportunities

inafractionofthecorporation

commercializationcycle,yielding

powerfultime-to-marketgains

Abilitytotargettechnologies

outsideofanannualR&Dbudgeting

cycle,allowingforimmediate

development


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Communications in this document are deemed condential & proprietar y, unless otherwise noted 3

O you go to the supermarket. When you get there you nd that although they do, indeed, have lots o ruit,they will only sell it to you in baskets. To make matters even more dicult, each basket contains a dierentassortment o ruit, with dierent pieces having dierent levels o quality. Each has a dierent price, and thereare hundreds o baskets.

Your kids pooled allowance allows you to buy between4 and 8 deals (uhbaskets o ruit), depending on theassortment you choose.

Sowhats the right mix?

Replace kids with technology (or business) areas,kinds o ruit with strategic drivers, and baskets withdeals, and youve got a reasonable approximationo what you have to contend with to do strategicinvestment rationally.

But it actually gets a little worse. While kids will tellyou in no uncertain terms what they will and will noteat, internal stakeholders technologists, product

developers, marketers, etc. arent necessarily all thatgood at articulating whats missing rom products &services. Not only is it dicult or them to know whatthey dont know3, but they oten dont have enoughexposure to the innovation ecosystem to see what maybe possible. Consequently, the CVC manager has tostart by guring out the appetites o dozens i nothundreds o internal stakeholders, each o whomhas a dierent potential to aect rm nances, and adierent potential to impact on non-nancialstrategic goals.

Seems like an intractable problem, doesnt it?

Not anymore.

The Innovation Capitalsm System

This paper describes a structured, analyt ic,empirical ramework by which large, establishedcorporations can identiy, assess, compare, value,and track opportunities to invest in early-stage rmsand their success in meeting strategic criteria. Itestablishes an approach dubbedInnovation Capital by which a large rm can transorm the strategicinvestment/partnering activity rom a subjective,

dicult-to-describe and oten opportunistic activityinto a repeatable, scalable, and widely-acceptedmechanism or acquiring competitive-advantageconerring capabilities.

3 The Rumsfeldian unknown unknowns

TechBriefsm

TheTechBriefisastructureddocumentwhichisbuiltin

closeconcertwithinternalstakeholdersaswetakeadeep

diveintoatechnologyorbusinessarea.Workingtogether

engagesthemfromtheoutsetinidentifyingandprioritizing

innovationopportunitieswhatwecallgapportunities

andallowsustobringbeginnersmindtotheprocess.

TheTechBriefisthestartingpointforcollectingdata

inbuildinganInnovation Capitalprogram,butit

hastremendousstand-alonevalueasathorough,well-

structuredsnapshotofaparticularfacetoftheclients

business.

TheTechBrieflooksatmanyfacetsoftheinnovation

potentialincluding:

Inclusions/Exclusions:Whichtechnologiesarebeing

soughtandwhichtechnologiesareperipheralbut

notincludedinthepresentsearch?Wheredothese

technologiesoverlap/diverge?

Descriptionofproblemsthatnewtechnologyshould

address

Whataretherelevanttrendsintheeldisthereahot

topicthatmightbeexploitedinconcertwithanexternal

innovator?Whatrecentadvancesandeventsinthisarea

makeitripeforgainingcompetitiveadvantage,etc.

Whichclient-heldtechnologiesarecomplementarytopotentialexternalinnovations

Whatisthecurrentviewofinternalstakeholders,and

howmightwevalidate(orcalibrate)thoseviewsinlight

ofexternalinnovation?

Wouldapotentialinnovationbestbedevelopedbyan

earlystagetechnology,oramorematurecompany,orin

in-houseresearch?

Whatkindsofpartnershipswouldbesttrelativetothe

internalstateofplay?

Geo-politicalfactors:changesinresourceavailability,

environmentalregulations;cleanerandgreeneroptions

TheTechBriefisimmenselyvaluableforbothSynchrony

andfortheclient.Initialstrategicvariablesandparameters

aredened,andtheinternalstakeholdersareimmediately

engagedinasharedprocesswhichquicklyidenties

gapportunitiesandtheirpotentialtoimpacton

enterprisepriorities.


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TheInnovation Capitalsystem establishes an empirically-driven,objective, and sustainable method or:

Discovering and ranking strategic priorities

Determining which technology and business areas within the rmhave the most potential to contribute to advancing those priorities, and

which specic gaps and/or opportunities (gapportunities) in thoseareas have can benet most rom innovation

Concisely articulating potential strategic gains, and screening dealfowrelative to those gains

Establishing specic value-creation thresholds or deals/partnershipsand tracking perormance over time

Simply and succinctly reporting to senior management, andarticulating the value created by strategic investments

TheInnovation Capitalsystem is built around a customizable rameworkwhich allows a wide range o disparate innovation opportunities to becompared to one another. Financial variables (i.e. increased revenue,improved margins, cost savings); Key Perormance Indicators (i.e.eciency increase, time-to-market decrease, establishment o acompetitive barrier, product dierentiators); and dicult-to-measureintangible benets (technological infuence, learnings, know-how,market-signaling) are reduced to a single, easy-to-understand two-partexpression. This expression establishes a common language or evaluatingopportunities, no matter how dierent they may be rom one another,and serves as the basis or a highly ecient, stream-lined process odetermining which deals warrant deeper exploration. It presents data in aneasy, visually-compelling way, and allows managers a compelling meanso calibrating the tradeo between traditional nancial measures and

strategic gains.Using theInnovation Capitalsystem, Synchrony collects data about arms strategic needs, technology and/or business gaps, and infectionpoints or innovation at multiple levels. This raw inormation has greatutility (even above and beyond its use or targeting strategic investments),but is very dicult to rame analytically. In addition, the answers aresubjective and observer biased.

TheInnovation Capitalsystem takes the raw data and uses proprietaryalgorithms to transorm the inherently disparate measures into a single,easy-to-understand expression which captures the two most importantcomponents o a strategic investment: its potential to generate operatingprots, and its ability satisy strategic objectives. In the process, it can alsouncover the potential market value o solutions.

The resulting measure is called TotalInnovation CapitalReturns orTiCR. The two components are nancial return on investment (ROI) andstrategic return on investment (sROI).

The simplied expression is as ollows:

TiCR = fROI & sROI

70/30 Rule of Innovation

Capital Partnering

Innovationis,byitsverynature,

aboutsurprises.Intheparlanceof

technology,wecallsuchsurprises

disruptions.

Oneofthepropertiesofadisruption

isthatithasthepotentialtoproduce

eitherastep-functioninanexisting

strategicvariable,orintroduceanew

onealtogether.Asnosystemcan

hopetofullyanticipateadislocation

ofthistype,afail-safeisrequired.In

theInnovation Capitalsystem,the

goldenswansserveasthisfail-safe.

Thisraisesaninterestingquestion

whatproportionofuseful

opportunitiesshouldweexpect

tomakesensetotheInnovationCapitalsystem,andwhatproportion

shouldhitasGoldenSwans?Since

itsimpossibletopredictdisruptions,

eitherinquantityorquality,wemust

relyonotherconsiderationstoset

athreshold.

Westartbyaskingourselveshow

muchtolerancealargeenterprise

hasforrespondingtoout-of-left-eld

opportunities,ontheonehand,vs.

theadvantagesofcalibratingexternal

partneringtotheoverallappetite

forinnovation,ontheother.We

recognizethatnormalizingprocess

isextremelyimportant,andthata

holistic,systematicapproachishighly

valuable.Finally,weconsiderthe

utilityofthesystemasafeedback

mechanismforthestrategicvariables

themselves.Intechnicalterms,we

wanttosetathresholdabovewhich

wecansaywithalargedegreeof

certaintythatthemarketissignaling

thatthermisntbeingambitious

enoughinitseffortstoincorporate

newtechnologies.

Takingallofthisintoaccount,wepegthatsplitat70/30asaninitialstarting

value.Overtime,dependingon

marketconditionsandclientappetite

forrisk/reward,thatthresholdcanbe

movedtowherevermakessense.


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Black Swans are alse positives. Because we only have to concern ourselves with guarding against Black Swansrom among the subset o deals which score above the strategic threshold, they are relatively small in number andcan be handled manually.

Another advantage o the TiCR system coupled with the Golden/Black Swan construct is that together theyprovide a powerul and compelling means o guarding against the risk o well-placed executives attempting toinfuence the strategic investment review process to avor pet projects.

Once the entire set o opportunities has been run through the system, and Golden and Black Swans dealt withappropriately, CVC managers can ocus on the small set o deals which have the potential to have signicantimpact. The result is that each deal sent to internal stakeholders will have the potential to be meaningul;this reduction in the signal-to-noise ratio has obvious implications or establishing and maintaining a strongreputation within the rm.

A Case Study

EarlyPhaseTechnologyInitiative(EPTI):SchlumbergerLimited(SLB)

Schlumberger Limited (NYSE:SLB) is the worlds leading oileld services company, with $39.5BN in 2011revenue, and over 110,000 people working in 80 countries to supply technology, inormation solutions, and

integrated project management to optimize locating and extracting hydrocarbon resources. Customer demand &competitive orces require continuous improvement and constant new capabilities, particularly in areas relating tounconventional gas, deepwater operations, and enhanced recovery (hotter, deeper, harsher environments).

Schlumberger is a strong, engineering-driven organization. Itwas ounded based on a disruptive innovation5, and has enjoyeda reputation as technology leader and innovator over its 100+year history.

In addition to its $1BN+ R&D budget, SLB management hasover the past three years issued an imperative to embrace externaltechnologies as a means o maintaining the rms leadershipposition in the extremely dynamic exploration and production

business. The EPTI was established as a response to the increasingimportance o venture capital-backed innovators as a source onew technologies relevant to SLBs core businesses; the objective isto identiy competitive-advantage conerring technologies beingdeveloped by nascent rms, and to secure their exclusive use orSLB by becoming an early, committed stakeholder.

The value o this kind o open innovation sourcing is particularlysignicant or SLB, as early-stage technologies are:

1. Typically based on IP which is unobtainable to or not-easily-replicated by SLB

2. Initiated in a development environment and direction outside the parameters o a typical SLB R&D project

3. Developed in a geographical region which would not naturally bring it into contact with theSLB R&D organization

4. Oten being developed in elds o use which would otherwise not be visible to SLB (but have tremendouspotential value in SLBs businesses)

5 Intheearlypartofthe20thcenturytheSchlumbergerbrotherswerethersttosuccessfullymeasurecriticalhydrocarbon-bearing formation characteristics deep in oil wells.

Alargecorporationneedsabalanced

portfolioofhigh-to-lowrisk

developmentprojects.Accessto

InnovationEcosystemopportunities

providedbySynchronyisanextremely

effectivemeansofaccessingthe

highriskhighrewarddisruptive

technologiesthathavethepotentialtoreallychangethegame.

Mukesh Kapila, Environmental SolutionsApplied Research, Corporate Director,

Schlumberger Limited


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technology domains encompassing over 170 discreet technologies. While complex, the problem is imminentlysolve-able. Using theInnovation Capitalmethodology, SLB has begun to:

Prioritize the importance o technology areas in terms o their potential to contribute toenterprise-wide goals

Systematically identiy appropriate sources o technology in the external innovation ecosystem

Eciently evaluate the thousands o potential strategic investment opportunities it encounterseach year

Establish a means o articulating the expected outcome o a strategic partnership and its potential tocontribute to strategic goals

Assimilate a cyclic reporting system so that senior management remains engaged and inormed

The Innovation Capital Model: Benets to Schlumberger

For Schlumberger, the Innovation Capital method creates well-dened benets:

Meaningul competitive advantages through partnerships with external innovatorsA consistent, empirically-derived means o establishing metrics or targeting and tracking strategic

value which encompasses equity returns, nancial value created through partnership, andoperating/strategic improvements

Considerations and Strategy to Attract

Early Stage Partners

SLBmustbeclearonwhatitwants/expectsoutofdeals

Dealsshouldbedesignedasawin/winforSLBand

portfoliocompany

Likewise,investorexitsmustberespected,even

whenthosegainsareonlyasmallportionofthetotal

valuetoSLB

Early-Stagepartnershipsarecriticaltolong-term

sustainabilityandvalue-creationforSLB;accessto

theinnovationecosystemisavaluableassetwhich

mustbeprotected.

Process

PartnerswontengageiftheythinkSLBisunpredictable

orunreliable;SLBshouldbeabletolayoutadiligenceandapprovalprocessatthestartofadeal,andmake

everyefforttominimizeunnecessarydisruptionto

early-stagepartners

Connectionstointernalclientsmustbethoughtfullybuilt

andwell-tended

Schlumberger Planning & Targeting

Iftheanalysisandapprovalprocessforeachdealrequires

afresh,multi-stagesellingeffort,theprocesswillbe

unmanageableforallparties;thesignal-to-noiseratio

shouldbeminimizedinanywaypossible

Theseactivitiesareinherentlylong-termandrequireastableeffortovertime;therehastobeaprotectedpath

tosuccessforallstakeholders

Resources & Budgeting

Thereisaneedtoproperlysupportandresourceboth

theinternalpartnershipandearly-stagepartnerinorder

tobesuccessful

SLBmustbearinmindthatitiscompetingfor

opportunitieswithbothcompetitorsandotherpotential

strategicpartners,andlookforwaystobethepartner-

of-choice(intheireld)

Theequitycomponentmustbeseparatedfrom

partnershipbudgettoensurepropervaluation

Culturesofthecorporationandearly-stagermsare

inherentlydifferent.Partnersframe-of-referencemust

beunderstoodandtakenintoaccount;attemptingto

exploitpowerdifferentialswillinevitablybackreinone

wayoranother.


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Communications in this document are deemed condential & proprietar y, unless otherwise noted 9

SLB Portfolio Compnay Case Study

TotalInnovation CapitalReturns:

Anonymizedportfoliocompany

TiCR = (FROI + fROI) & sROI

FROI is the equivalent to the traditional ROI measure of equity

returns (expressed as $$) fROI refers to nancial gains generated

by the partnership between SLB and the portfolio company

(expressed as $$)

sROI is the strategic return on investment (expressed as a score,

highlighting the improvement potential of the deal relative to

strategic priorities)

Inthefollowingexample,weidentifytheelementsthat

gointoeachofthetwocomponentsofthenancialand

strategicreturnsforacompanywherea10%equitystake

wastakentwoyearspriorfor$5M,a$50MMvaluation.

Theportfoliocompanyisdevelopingacomponentthat

enablesrecoveryofprovenhydrocarbonreserveswhich

werepreviouslyunobtainableduetopracticallimitations

onextraction.

Theportfoliocompanywasrecentlyvaluedat$450MM

byanindependent,third-partyrm,peggingSLBsstake

at$45MM,or9xROI(FROIinInnovation Capital

parlance)todate.

fROI=900%

Inaddition,withthetechnologyopeningupanewmarket,

thefollowingstrategicnancialelements(fROI)were

determinedbythebusinessunitmarketingteams:

Annual Revenue gainsof$30Minyearone,

growingto$150Mbyyear3

Cost savings of$10M/yearduetoperformanceimprovementsovertheexistingcomponent(reduced

maintenance,fewersparesrequiredonsite,less

downtime)

Enhanced Market shareof4%inyearonedue

toexclusiveaccesstothenewtechnology,

Lower Environmental costs of$15M/yeardue

toreduceddisposalneeds.

Thenewtechnologyalsoprovidessignicantimprovements

forseveralenterprise priorities,eachofwhichisan

elementofthestrategic return on investment

(sROI)componentoftheTiCRmodel:

Anestimated50%increased life expectancythan

thecomponentitreplaced

Thenewtechnologyisestimatedtobe25%lessprone to failure

Decreased Time-to-market byan

estimated15%

Anabilitytoleapfroganindustryconsortiumwhich

isattemptingtoaddressthereservesproduction

problem,therebyenablingSLBtohaveaproprietary

solutionratherthanacommoditizedsolution

yearsaheadofcompetitors(therebycreatinga

Competitive Barrier)

Reputational gainduetothecomponents

environmentallyfriendliness

Increased safetyduetoenhanced

operationalsimplicity

Finally,SLBwasabletonegotiateeld-of-use exclusivity

andmost favored nation pricingforthiscomponent.

Thesearenotenterprise prioritiesasdenedinthe

Innovation Capital model,buttheyareimportantofthe

overallTiCRevaluation.

UsingtheTiCRexpression:

TiCR = (FROI + fROI) & sROI

Thisopportunityendsupbeingarticulatedovera5year

horizonas:

TiCR = ($45MM + $535MM) & 637

or

$580MM | 637

Where the relative score of 637 highlights the

deal is of signicant strategic importance.

A visible commitment to clarity & best practices which attracts top-tier VC investing partners

Positioning the EPTI to be highly selective with respect to its investing partners has been established as akey priority since the programs launch

Data-driven deal terms & value-apportionment between SLB & portolio company

An ecient way to ante-up in swapping dealfow with other strategic & VC investors


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Helps solve specic, well-identied SLB problems and stimulates orthogonal problem-solving

Proactive targeting o highest-value spaces, rather than a reactive posture

TheInnovation Capitalsystem is a much more relevant, actionable and measurable engagement model

TheInnovation Capital system is a better innovation sourcing model to satisy oreseeable regulatory

compliance challenges (e.g., regulatory changes Green Chemistry)

The TiCR process imparts quantiable nancial value

A dened set o product-development & value metrics, just as with as internal projects

Quanties the intangible elements o strategic investing/partnering to clariy decision-making

Recognition opportunities or internal stakeholders

The opportunity to align compensation model with contribution to achieving strategic goals

Conclusion

I partnering with early-stage rms is to become a sustainable, reliable contributor to helping a acquirecompetitive-advantage conerring capabilities, it must mature and evolve rom a subjective, poorly-measured,and oten politically-infected process to one which provides senior managers with the same kind o analyticramework that they demand rom every other critical corporate endeavor. It must become measurable.

SynchronysInnovation Capitalsystem is a data-driven, empirically sound ramework which allows corporateinvestors to identiy the technology and business areas which have the highest potential to create value throughinnovation; quickly screen and rank incoming opportunities; and track the contribution that strategic investmentsmake to achieving enterprise goals. It engages internal stakeholders based on the priorities articulated by seniormanagement, and can also provide valuable eedback as to whether those priorities are, indeed, aligned with theexternal innovation ecosystem.

TheInnovation Capitalsystem allows widely divergent strategic variables to be expressed in an empirically

sound, easy-to-comprehend metric; this dramatically improves internal uptake and management buy-in. It alsodramatically reduces the time it takes to screen each deal. This allows strategic investment managers to quicklyhone in on the highest-value opportunities rom the hundreds reviewed each quarter, clearly communicatethe potential value o deals in both nancial and non-nancial terms to internal stakeholders, and ensure thattheir own contributions are recognized. The method is scalable; it can be piloted in a limited ashion in a singledivision, and then easily scaled throughout the entire enterprise.

Most importantly, theInnovation Capitalsystem enables the same kind o numbers-driven approach todecision-making used throughout the enterprise. This increases condence throughout the entire population ostakeholders rom R&D to Product Management, Engineering to the C-Suite.

Partnering with early-stage rms represents a compelling, cost-eective, P&L-enhancing means o reversing thedynamics that threaten technology leadership. To be successul, it must be approached and appreciated as a long-

term initiative, and structured to refect innovation ecosystem development processes and timerames. We believethat theInnovation Capitalsystem can provide the means to allow external investment/partnering initiatives toreach their ull potential as a co-equal means o contributing to the value o a major corporations ranchise.


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Communications in this document are deemed condential & proprietar y unless otherwise noted 11

Acknowledgements

The authors are indebted to Heather Sternshein, Jessica Leibovitz, Chris Yan, Richard Williams and Bob Lodi,each o whom contributed invaluably to developing and articulating the Innovation Capital system, and/or to theproduction o this white paper. Much o whats good and useul is owed to them; all that is bad & ridonculous thedomain o the authors.

The Innovation Capital system is patent-pending. Well be sure to let you know when they get issued.

Further Reading

Chesbrough, Henry William. Open Innovation: The New Imperative or Creating and Profting rom Technology.Boston: Harvard Business School Publishing Corporation, 2003.

Christensen, Clayton. The Innovators Dilemna. Boston: Harvard Business School Press, 2011.

OReilly, Tim. http://www.gereports.com/how-will-collaboration-and-disruption-drive-progress-against-breast-cancer-highlights-rom-ges-cancer-campaign-launch/. http://www.gereports.com (accessed December 28, 2011).

Ries, Eric. The Lean Startup: How Todays Entrepreneurs Use Continuous Innovation to Create Radically Successul

Businesses. New York City: Random House, Incorporated, 2011.Todeva, Emanuela, and David Knoke. Strategic Alliances & Models o Collaboration. epubs.surrey.ac.uk.November 19, 2004. http://epubs.surrey.ac.uk/1967/1/ulltext.pd (accessed January 21, 2012).

Rosen, Evan. http://www.businessweek.com/managing/content/apr2010/ca20100419_510753.htm

For more inormation on theInnovation Capitalsm system or Synchronys services, please contact:

Adam CaperFounder & Managing DirectorSynchrony Venture Management10 Post Oce Square North, Suite 615Boston, MA 02109

617.247.6300 [email protected]

www.synchronyvm.com

Documents

Innovation Capital White Paper Final