EU - Israel Seminar on Technology Transfer with an Emphasis on Clean Tech Financial “horses for courses” in early stage high tech ventures 25-26 November 2012 drs.ing. Jan Dexel Directorate General Enterprise & Innovation Dutch Ministry of Economic Affairs
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EU - Israel Seminar on Technology Transferwith an Emphasis on Clean Tech
Financial “horses for courses” in early stage high tech ventures
25-26 November 2012
drs.ing. Jan DexelDirectorate General Enterprise & Innovation
Dutch Ministry of Economic Affairs
2
The new Dutch Innovation and Industrial policy landscape
• Organizational changes• Ministry of Economic Affairs
• Policy changes• Shift in financial approach;
• Budget cuts• From subsidies to (soft)loans, risk capital & garantees• More emphasis on tax measures: corporate tax
reductions, WBSO (wage tax reduction for R&D) and RDA (tax reduction for R&D-investments)
• Shift in focus of research and innovation, focus on nine top sectors and development of revolving innovation fund.
3
Economic Top sectors
Focus on the nine economic top sectors of the Dutch economy
• Water• Food• Horticulture• High tech• Life sciences• Chemistry• Energy• Logistics• Creative industry
4
DE NL EU-27 OECD
PrivateR&D(%GDP2010)
1,89 0,89 1,18 1,68
Public R&D (%GDP2010)
0,93 0,96 0,73 0,72
Scientific publications (p1000 inhab.)
1,14 2,00 1,39 1,20
Patent applications (pbln GDP)
7,0 6,4 3,8 ---
New/improv’dproducts (% turnover 2008)
17,4 8,9 13,3 ---
Labour productivity 92 100 85 74
0
0,5
1
1,5
2
DE NL EU-27 OECD
0
0,2
0,4
0,6
0,8
1
DE NL EU-27 OECD
0
0,5
1
1,5
2
DE NL EU-27 OECD
0
2
4
6
8
DE NL EU-27 OECD
0
5
10
15
20
DE NL EU-27 OECD
0
20
40
60
80
100
DE NL EU-27 OECD
Dutch situation (1)
5
Dutch situation (2)
6
Typical forms of finance
“grants” / subsidiesSoft / hybrid loans
risk capital - mezzanine finance -garantees
Innovation process and finance
Economic added value
Technicalrisk
high
low
7
Risk
profile
high
low
Loans
Subordinated loans / mezzanine
Banks
FFF Informals
Venture capitalists Private Equity
BMKB GO
Growth facility
FOM
ROM
Seed capital
Micro Credits
Innovation credit scheme
“Right horse for the right course in the financial landscape”
Positioning of schemes in portfolio: risk profile versus maturity phase of company/organisation.
Risk capital
Prepare Start Growth Expansion Consolidation
8
Afbakening en begrippenkader
Developments in the Dutch venturecapital market for early stage high-tech SME’s.
BA-pledge
funds
“Side-car” funds of later stage funds
New boutique funds and CV
New early stageventure capital
funds
9
Developments of the Dutch venture capital market:the impact of the seed capital scheme.
249,8
102,5
0
50
100
150
200
250
2005 2006 2007 2008 2009 2010 2011
Invested venture capital
Raised venture capitalIn mln.€.
cumulative.
10
Some portfolio companies
Jan 29, 2010Merus closes EUR 21.7 million Series B financing and enters