Program of the Program of the Rocket Ventures Rocket Ventures Greg Knudson Greg Knudson VP of Technology VP of Technology Director of Rocket Ventures Director of Rocket Ventures The Northwest Ohio Manufacturing Forum The Northwest Ohio Manufacturing Forum November 20, 2009 November 20, 2009
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Program of the Rocket Ventures Greg Knudson VP of Technology Director of Rocket Ventures The Northwest Ohio Manufacturing Forum November 20, 2009.
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Program of theProgram of the
Rocket VenturesRocket Ventures
Greg KnudsonGreg KnudsonVP of TechnologyVP of Technology
Director of Rocket VenturesDirector of Rocket Ventures
The Northwest Ohio Manufacturing ForumThe Northwest Ohio Manufacturing Forum
– Lockrey Mfg. and Pinnacle Technologies models – across technologies
• RV needs to find “JV” partners for start-up companies
– Bringing strengths together (engineering, design, manufacturing)
Program Definition• Pre-Seed, Early Stage Venture Fund
• Provide Management, Networking and Capital Resources
• Sponsored by - “Ohio Third Frontier Program”
• Program Financing:
$15.0 Million ODOD
$ 7.5 Million Private Investors
$22.5 Million
Phases of Development
Regional Growth Partnership’s
Launch
Rocket Ventures
IMAGININGthe Commercial
Opportunity
IMAGINING
INCUBATINGto Define
Commercialization
DEMONSTRATINGProducts & Processes
in CommercialViability
Market Entryto Prove Commercial
Viability
Growth &Sustainabilityto Generate
Financial Returns
MobilizingResources for
Incubating
Mobilizing Resources forDemonstrating
MobilizingResources for Market entry
MobilizingResources for
Growth &Sustainability
INCUBATING DEMONSTRATING MARKETING GROWTH
“Valley of Death”
Business Development
Targeted Technologies
Regional Partners and Collaborators• Advan. Materials Commercialization Ctr.• Air Force Research Lab• Annual Collab. for Entrepreneurship (ACE)• BioOhio • Bluffton Center of Entrepreneurship• COACT• EMTEC• Gorillas & Gazelles
• Ohio Aerospace Institute• Ohio’s IT Alliance / Get It Green Ohio• Ohio Manufacturers’ Association (OMA)• Polymer Ohio • State of Ohio / OHIO THIRD FRONTIER• Toledo Business Journal• Toledo-Lucas County Port Authority• Toledo Regional Chamber of Commerce
• Greater Findlay Inc. (GFI)• Great Lakes Entrepreneur's Quest (GLEQ)• Junior Achievement• MAGNET• Market Access Group• New Enterprise Forum (Ann Arbor)• Northwest Ohio Regional Economic Development (NORED)
• Toledo Metropolitan Area council of Governments (TMACOG)• BGSU• Ohio Northern• Owens Community College• University of Findlay• University of Toledo
Located in Northwest Ohio
Early Stage: Imagining, Incubating and Demonstrating Phases
Scalable to $30M - $50M in 5 to 7 years Targeted areas in Technology:
• Biomedical, • Alternative Energy, • Advanced Materials and Manufacturing Technologies
Intellectual Property (IP) Documented & Owned by / Licensed to Company
Clear Business Plan and Exit Strategy
Portfolio Company Screening Criteria
Program Elements
• Enhanced Business Management Services
• Ignite! Development Grant
• The Pre-Seed Fund
Rocket Ventures
Enhanced Business Management Services
Enhanced Business Management Services
Provide Hand’s-on: Business Management Support :
o Market assessmento Financial modeling and planning o Finding sources of capitalo Management expertiseo Technology readinesso Marketing, sales and public relationso Grant pursuit assistanceo Exit strategy development
R e g ion a l G ro w th P a rtne rsh ip
S a va g e C on su lt ingP re -S e ed F un d M a na g er
R o cket V en tu resIn ves tm e nt Fu nd
M ike B ro o ksE IR
Jo n K lo tzE IR
P a u l H o rstE IR
C ra ig O rte gaB u s in e ss P ro jec t M g r.
D a n S lifkoB D M
D a v id M ille rB D M
T o d d D a v iesB D M
Ju lie M ye rsM a rke tin g M a na g er
M ike B og d anIn ve stm en t A na lyst
U n ive rsity In te rn L e s lie S h erm anA d m in A ssis ta n t
T e ch n ica l S a les
G reg K n u dsonD ire c to r
T & CA d v iso ry B o a rd
R V S e rv icesB o ard o f M a n ag e rs
Rocket Ventures
Ignite! Development Grants
Program Elements • Ignite! Development Grant
Up to $50,000 per Grant
26 Awarded
Funding to Accelerate Commercialization
Specific activities:o Marketing Analysis and Planning o Prototype Developmento Beta Site Testingo Business and Technology Validation
Lockrey ManufacturingKeyboard Stand CoreTrainer
Rocket Venture Fund, LLC
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Program Elements
•The Pre-Seed Fund
$13.5 Million - $6.0M State / $7.5M Private Investors
Investment Process1. Inquiry Via Electronic “Intake Form”
2. Fit with the Rocket Ventures Criteria
3. MOU Signed
4. Initial Company Validation (Technology / Business)
5. RV Team Analysis, Review, Comment and Decision
6. RV Commercialization Services Begin • Ignite! Grant – Potential / VC Primer / CEO Primer
7. Due Diligence on High Potential Clients
8. Term Sheet Development and Negotiation
9. Formal Presentation to Investment Committee
10. Investment Closing / Portfolio Company Management
Risk and Return
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Rocket Ventures Portfolio Companies
Rocket Ventures
Performance Metrics
37%
32%
26%9%
BioscienceAlternative EnergyAMMT
AMMT – Advanced Materials, and Manufacturing Technologies (ICE and power systems)
Client Company Profile
SOURCES OF DEAL FLOW + University Spin-Offs + Regional Outreach – 18 Counties + Company Spin-Offs + “ Garage Technologies”+ Joint Venture Partnerships + Marketing, Communications, Events