Herausforderungen und Möglichkeiten der Finanzierung von Gründervorhaben in den KUER Branchen Energie & Synergie – Netzwerktreffen der Startbahn Experten Klaus Lehmann Bochum, 20.08.2014 Dilemma The Dilemma Markets Technology How to bring technology, markets, management and capital together? Management Capital Challenge The Challenge •Cost intensive development •Time consuming testing •Teams research focused Technology Management •Reserved towards equity markets •Missing essential business skills •Customers mostly state owned/ affiliated •Slow to adapt to new technology •Demand proof of concept Markets Lack of capital prohibits proof of concept! Capital •Wary of early stage investments •Demand proof of concept •Require first sales Solution The Solution Technology Management Capital Markets • Cost intensive development • Time consuming testing • Teams are research focused • Reserved towards equity markets • Missing essential business skills • Slow to adapt to new technology • Demand proof of concept • Demand proof of concept • Require first sales • Low burn-rate • Detailed up-front cost prediction • Sufficient liquidity to proof of concept • Inform founders about VC investors • Bridging gaps with the help of strong partners • Coaching founders • Adding business skills to the team • Identify most innovative utility providers • Early contact to potential customers • Friendly customers • Multi-stage investors • Governmental funding • Use private investments to leverage public funds Foresight & Austerity! Reacting to Markets’ Appetite for Cleantech The seed-financing gap Preparation Company Concept Start up Product Maturity Growth Production & Sales Channels Sustainable Growth Consolidation, Acquisitions, Spin-off Sale MBO, MBI Maturity Expansion Profit Research Inception (Seed) Rapid Growth IPO, Acquisition Loss Time Roll Out Prototype Venture Capital Firms & Corporate Investors Reacting to Markets’ Appetite for Cleantech The cleantech-financing gap Preparation Research Inception (Seed) Company Concept Validation Phase Start up Extensive Testing Product Maturity Sustainable Growth Growth Production & Sales Channels Consolidation, Acquisitions, Spin-off Sale MBO, MBI Profit Maturity Expansion Rapid Growth Time Roll Out Loss IPO, Acquisition Proof of Concept Prototype Venture Capital Firms & Corporate Investors Stages of financing and typical sources of capital of High-Tech Startup companies stage: duration: Foundation preparation Foundation (Seed) 0,5-2 Y. 1-2 Y. Start-Up 3-5 Y. Growth Fast……..stable 3-5 Y. Establishm ent in the market 5-X Y. Venture Capital (classic VC, PIPE) High-Tech Gründerfonds ERP-Programs (z.B. Startfonds, fund of funds) Regional Seed Fonds Sources of Capital: (e.g.) strategic investors, partners Business Angels Public markets; IPO, bonds etc. Own resources Support programs BMBF, BMWi, Länder z.B. EXIST-Gründerstipendium & Forschungstransfer, GO-Bio Bank loans Development & Research support programs High-Tech Gründerfonds I und II: Key Facts Fonds I Fonds II Founded 2005 2011 Volume 272.0 mio. € 304 mio. € Investors Planned duration 6 years investment plus 7 years disinvestment period Focus Innovative high-tech companies in the seed phase (start of operations < 1 year) Investment type Up to 2 mio. € per company, thereof 0.5 mio. € in the seed round, equity participation and mezzanine means Value Add Operational support through local coaches Hands-on and strategic support by investment managers Venture capitalist or public subsidy program? venture capital • Venture Capital model: HTGF-business model is based on appreciation of shares, exit • Limited fund lifetime, investors expect return • Focus on high-tech and growth companies public subsidy program • High number of investments (>300) • Standardized, attractive conditions: 1. round: 0.5 mio. € for 15% of the shares plus convertible loan as anti-dilution • Acceptance of higher risks • Focus: German high-tech companies younger than 1 year Value adding investment Coaches • Acquisition phase: • Contact establishment to HTGF • Support in business planning and presentation • SWOT review and initiation of appropriate actions (e.g. team completion, IP strategy) • Mentoring & management phase: • Support during operative starting phase (e.g. establishment of controlling, reporting recruiting, early business development) • Detection/monitoring of critical issues • Side investment High-Tech Gründerfonds • Support in acquiring follow-on investments • Support in management recruiting • Strategic focus • Cost controlling • Portfolio as growing know-how source • Network (e.g. sector experts, industry contacts, legal & accounting firms) Networking Family Day • Biggest seed stage Private Investors Circle • Bi-annual get-together of High-Tech Partnering Conference • >120 industry decision networking event in germany approx. 50 entrepreneurial- makers meet 60 portfolio over the past few years minded Private Investors companies • >800 participants in 2013 • Presentation of approx. 12 • Interexchange and numerous cooperations among our portfolio companies • Get-together with relevant Venture Capitalists • Numerous pitches top-performing Portfolio companies • > 20 Investments in Portfolio • First-class speakers • Technology workshops • >200 organised 1:1 Meetings • Initiation of long term industry cooperations Formal investment criteria Age • Operational for less than 1 year (Cash flow < 30k €) SME • Fulfills the criteria of a „small and medium enterprise“ Localization Founders Shareholder structure • At least a subsidiary of the company has to be installed within Germany, be operational and economically active! • Are in full possession of the technical „Know-How“ and allocate 100% of their time for the business • Founders remain the largest shareholder group Overview of the standard investment terms: • Typically 0.5 mio. € seed financing, plus 1.5 mio. € in follow-on rounds • Standard terms: • 15 % equity stake without valuation • plus convertible loan as dilution protection • Deferral of interests in the first 4 years • Conversion of loan and interest into equity in follow-on financing rounds • Obligatory contribution by the founders: • ≥20% (≥10% in former Eastern Germany and Berlin) relative to HTGF-investment • Typical example: 0,5 High-Tech Gründerfonds 0,1 founders 0,1 = 0.7 mio. € side investor / seed funds / family offices Selection process 4 steps to the investment submission of exec. summary & business plan evaluation of the documents founder reference by coach, business angel, VC or other network partner 1 week due diligence meetings with management investment committee presentation review by ext. experts 4-6 weeks ~ every 2 months Energie, Energieeffizienz, Cleantech ENERGIEMANAGEMENT NEXT Kraftwerke Kiwigrid Enexion Cuculus Enercast ERZEUGUNG / SPEICHERUNG SENSORIK / MESSTECHNIK Heliatek Corrmoran ibk Bioanalytik Smart Hydro Power MinCell MOBILITY TDispatch Autoaid Saperatec Energie Fox4x Viamon EcoIntense WeSustain reAngel Contros SOFTWARE Custom Cells Itzehoe Recycling Permundo Sunhill FAZUA Compositence Umwelt / Cleantech By 31.07.2014, 449 Commitments have been made in 129 Committee meetings As of: 31.07.2014 Follow-on financing rounds in the portfolio of High-Tech Gruenderfonds 186,2 Mio. € 124,2 Mio. € 120,9 Mio. € 99,8 Mio. € 70,1 Mio. € 78,7 Mio. € 53,7 Mio. € 28,3 Mio. € As of: 31.07.2014 HTGF continuously expands its investor universe Nearly 1,000 different investors engaged in HTGF portfolio companies 700 Business Angels, Priv. Investoren Venture Capitalists # of different investors (per type) 600 Corporates & Corp. VCs 500 Public Investors 400 300 200 100 0 2006 2007 2008 2009 2010 2011 2012 status: 31.07.2014 2013 2014 Trusted quality: shareholdings or acquisitions of HTGF portfolio companies through corporates and corporate investors (until July 2014) High-Tech Gründerfonds: key achievements since 09-2005 up to 07-2014 • 366 portfolio companies • 637 follow-on financing rounds with a contribution through third parties totalling 696 mio. €, thereof: • ~74 % private capital (59% VC, 24 % BA, 17 % Corp.Inv.) • ~159 mio. € sourced from foreign investors into 81 companies • 35 exits (thereof 28 profitable) • 89 insolvencies • > 100 management additions/replacements within portfolio companies • Sustainable stimulation of the German seed- and VC-market • Multiple partnerships • Over 80 „paper millionaires“ • Highly motivated team … eine forward gute Zusammenarbeit! …auf looking to working with you! Dr. Michael Brandkamp +49.228. 82300 - 101 m.brandkamp@... Committee 1: hardware, automation, optical technologies, energy Dr. Alex von Frankenberg +49.228. 82300 - 102 a.frankenberg@... High-Tech Gründerfonds, Schlegelstraße 2, 53113 Bonn …@high-tech-gruenderfonds.de Benjamin Erhart +49.228. 82300 - 114 b.erhart@... Dr. Andreas Olmes +49.228. 82300 - 108 a.olmes@... Michael Strzyz +49 228. 82300 - 105 m.strzyz@... Klaus Lehmann +49.228. 82300 - 115 k.lehmann@... Dr.Guillem Sagué +49 228. 82300 - 152 g.sague@... Dr. Ansgar Kirchheim +49 228.82300 - 156 a.kirchheim@... Kay G. Balster +49.228. 82300 - 112 k.balster@... Dr. Bernd Goergen +49.228. 82300 - 136 b.goergen@... Ron Winkler +49.228. 82300 - 144 r.winkler@....... Dr. Matthias Dill +49.228. 82300 - 133 m.dill@... Dr. Christian Jung +49.228. 82300 - 145 c.jung@... Marco Winzer +49.228. 82300 - 106 m.winzer@... Corinna Heppner +49.228. 82300 - 159 c.heppner@... Dr. Martin Pfister +49.228.82300 - 123 m.pfister@... Dr. Sebastian Schöfer +49.228. 82300 - 163 s.schoefer@... Dr. Torsten Löffler +49.228. 82300 - 161 t.loeffler@... Committee 2: life science, materials science, diagnostics, healthcare Committee 3: telecommunication, media, software, e-Commerce Marvin Andrä +49.228. 82300 - 153 m.andrae@... Curtis MacDonald +49.228. 82300 - 141 c.macdonald@... Dr. Sebastian Suhr +49.228. 82300 - 157 s.suhr@... Dr. Tanja Emmerling +49.228. 82300 – 164 t.emmerling@... Simon Schneider +49.228. 82300 - 109 s.schneider@... Stefan Wendel +49.228. 82300 - 154 s.wendel@... Holger Heinen +49.228. 82300 - 118 h.heinen@... Romy Schnelle +49.228. 82300 - 135 r.schnelle@... Michael Wieser +49.228. 82300 - 162 m.wieser@... Markus Kressmann +49.228. 82300 - 132 m.kressmann@... Chiara Sommer +49.228. 82300 - 158 c.sommer@...
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