Project TESLA Kick-off Meeting Pilot Actions 9, 10 and 11

Project TESLAKick-off MeetingPilot Actions 9, 10 and 11Diogo Pereira Dias Nunes, LL.M.

Pilot Action 9:Entrepreneurial Finance

2

The VC Cycle, Entrepreneurship & Innovation

3Source: Janke Dittmer & Erik P.M. Vermeulen, The "New"

Venture Capital Cycle: From Venturing to Partnering, (forthcoming 2012).

Early Stage Funding Gap

Why?• Information Asymmetries• Risk Aversion• Financial Crisis• Lack of Entrepreneurial Infrastructure (absence of trusted networks, etc.)

From the Triple Helix to the Quadruple Helix

4

Risk Capital Providers

(Venture Capital)

Risk Capital Providers

(Venture Capital)

Triple Helix Quadruple Helix

The Entrepreneurial Road Show Days

5

Entrepreneurial Road Show DaysEntrepreneurial

Road Show Days

Tilburg University

Tilburg University

Risk Capital

Providers

Risk Capital

ProvidersHPSUsHPSUs

OrganizationAttendance of

the BP presentations

Selection and invitation

Selection, invitation and provision of advice on legal and business aspects of VC finance

Presentation of BPs

Risk Capital Providers: provision of feedback towards HPSUs; if applicable, manifestation of interest in investing.

HPSUs: networking with Risk Capital Providers and receipt of feedback on the presentations’ success; if applicable,

furthering contacts and negotiations for investment.

TRUST & CERTIFICATION

TRANSNATIONAL NETWORK – TRUST & REPUTATION

TRUST & CERTIFICATION

Expected outcome for the Innovation Ecosystem

6

Before…

Unlevel Informational Playing Field

After!

Leveled Informational Playing Field

What do we need to get started!

(1) Assess the possible sources of HPSUs and RCPs within CIT and Tilburg’s regions.

(2) Determine the selection procedure for both HPSUs and RCPs.

(3) Agree on the division of responsibilities as to the legal and business advice: e.g., CIT business side; Tilburg legal side.

(4) Define the contents of the legal and business advice that will be delivered to the HPSUs.

(5) Establish provisional dates for the realization of the two Entrepreneurial Road Show Days (ERSD) events to be held.

(6) Determine a marketing and divulgation strategy within both CIT and Tilburg’s regions.

(7) Agree on the communications methods to be used on a regular basis between CIT and Tilburg.

(8) In the interim, start making invitations and increasing the awareness of this PA’s targets in both CIT and Tilburg’s regions.

7

The Checklist for this PA:

Starting and Closing Dates

• Starting date: January 2013

• Closing date: June 2014

8

Pilot Action 10:Public Procurement for

Knowledge-Intensive SMEs

9

Where do Govts. come in the VC Cycle?

10

GovernmentsGovernments

Investment in the Very Early and Early Stages of Innovative

HPSUs’ Life Cycle

Source: Janke Dittmer & Erik P.M. Vermeulen, The "New" Venture Capital Cycle: From Venturing to Partnering, (forthcoming

2012).

The Role of the Govt. in the Quadruple Helix

11

Risk Capital Providers

(Venture Capital)

Risk Capital Providers

(Venture Capital)

(1) Government Venture Capital (GVC)

(2) Governmental Grants/Subsidies and Loans

(3) Government’s own R&D Projects and Expenditures – e.g. Silicon Valley (USA) and Silicon Wadi (Israel)

(4) Public Procurement Procedures – providing a source of income to innovative startups

Public Procurement (PP) Awareness Days

12

PP Awareness Days

PP Awareness Days

Tilburg University

Tilburg University

Govt. Institutions

Govt. InstitutionsHPSUsHPSUs

Organization

Presentation of current or future

calls for PP tenders

Selection and invitation

Selection, invitation and provision of

workshops on PP and the “tender surgeries”

Attendance of presentations, workshops and

“tender surgeries”

HPSUs submit tenders for calls for PP tenders

Schematic representation:

The “Tender Surgeries” Process

13

Tilburg Univ. &

Bangor Univ.

Tilburg Univ. &

Bangor Univ.

HPSUsHPSUs

PP Awareness Days: provision

of workshops on PP tenders

Govt. Institutions

Govt. Institutions

PP Awareness Days: Govt.

presents current PP tender calls

HPSUs attend presentations and submit tenders to Govt. Institutions

First Phase: Second Phase:

Tilburg Univ. &

Bangor Univ.

Tilburg Univ. &

Bangor Univ.

HPSUsHPSUs

Govt. Institutions

Govt. Institutions

Communicates results of the PP

tender to tendering HPSUs

Together with HPSU, analyses the submitted tender and its

results

Provides advice to HPSU for

improvements in future PP

tenders

What do we need to get started!

14

(1) Assess the possible sources of HPSUs and Govt. Institutions within Bangor and Tilburg’s regions.

(2) Determine the selection procedure for both HPSUs and Govt. Institutions.

(3) Agree on the division of responsibilities for this PA: e.g., materials and contents Bangor; facilities and intermediation Tilburg.

(4) Define the contents and materials of the workshops/training sessions that will be delivered to the HPSUs.

(5) Define the contents and materials of the “tender surgeries” that will be delivered to the HPSUs.

(6) Establish provisional dates for the realization of the two Public Procurement Awareness Days (PPAD) events to be held.

(7) Determine a marketing and divulgation strategy within both Bangor and Tilburg’s regions.

(8) Agree on the communications methods to be used on a regular basis between Bangor and Tilburg.

(9) In the interim, start making invitations and increasing the awareness of this PA’s targets in both Bangor and Tilburg’s regions.

The Checklist for this PA:

• Starting date: January 2013

• Closing date: November 2014

Starting and Closing Dates

15

Pilot Action 11:Code of Best Practices

16

The Code of Best Practices

17

Schematic representation:

Tilburg University

Tilburg University

All PAs of Project TESLA(1 to 10)

All PAs of Project TESLA(1 to 10)

Provision by each PA’s responsible partner of an report including all relevant data acquired

Code of Best Practices

Code of Best Practices

Analysis of reported data, compilation of

the best practices and making of policy

recommendations.

• Compiling and determining what are the best practices to create a vibrant transnational ecosystem for HPSUs.

• Making policy recommendations for lawmakers and policymakers in the EU and/or NWE region, in order to improve the conditions of the ecosystem.

The Code of Best Practices

18

The Objective:

Connecting the dots: reflection on and gathering of the lessons learned!

What do we need to get started!

19

• Define the contents of the template for the report on the data collected from all the PAs;

• Establish guidelines on how to compile and process the collected data into the report template;

• Agree on a schedule for the elaboration and sending of the completed reports on each PA to Tilburg.

• Agree on a schedule for the sending of comments/input on the first draft version of the Code.

• Assess and agree on an independent third party to provide benchmarking to the final revised version of the Code of Best Practices.

• Define amount of copies to be printed and the distribution methods of the Code of Best Practices

• Determine the key stakeholders to whom the Code should be sent.

• Define a communication strategy between Tilburg and each of the PA’s responsible partners.

The Checklist for this PA:

Starting and Closing Dates

20

• Starting date: July 2014

• Closing date: February 2015

An Important Side Note to all TESLAers!

21

http://www.tilburguniversity.edu/about-tilburg-university/schools/law/departments/businesslaw/symposia/june2012/

For more information, please check out our website:

Thank you!Questions/doubts?

22

D.A. Pereira Dias Nunes, [email protected]