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Financing innovation in early stage




       April, 2d 2012   Jacques MELER
Business Angels situation in France 2011

 •   3950 Business Angels (+10% /2010)

 •   76 Associations (+5%)

 •   327 investments achieved (+9%)

 •   44,5 M€ invested (for total fund raising of 111M°€)

 •   Average investment : 132 K€ for BA (195K€ in 2009)

 (source France Angels as of December 31st 2011)




                                                           2
2010 INVESTMENTS

Breakdown by activity :
                                     Autre secteur               % EN 2010
                                          9%
       Industrie / Chimie
               7%
      Services et
       transport                                                 NTIC
          10%                                                    45%




                                Santé /
                            Biotechnologie
                                 14%

          Bien de
      consommation /
        distribution
             8%                                      Energie /
                                                     Cleantech
                                                        7%
START UP FINANCING CYCLE

   R&D                   Birth          Survive        1st Success            Take off          Maturity
         REVENUE


                                                                                   Capital Developpement

                                                       Venture Capital                        5 M€ - ….

                                        Early stage        2 à 10 M€                          Public Market

                 Business Angels      100 K€ à 3 M€

Awards            50 - 500 K€
Government help /
Incubators/seed capital
   25 - 150 K€                                                                                        TIME

Idea/Concept     Proof of concept     Product launch                   Industrial growth
           Prototype     1st client             Sales growth                         international
THE REAL CYCLE !.......




                          5
Mission of Seed capital and early stage
                      financing
Finance the « go to Market »

•   Prototypes or pre-series are achieved, validation is done or on
    going
•   Search for 1st reliable customers (≠ subsidized projects)
•   Leverage to finance first equipment
•   Finance BFR



     FINANCE THE FUTURE not PURCHASE THE PAST

                                                                      6
Current Situation of Early Stage + Venture
                     Capital

• 1st Half 2011 vs 1st Half 2010 = - 69% of
  collected Funds : from 231M°€ to 72M°€ !
• Greater selection in projects by professional
  investors
• Greater potential role for BAs
• New players :
        - Web entrepreneurs (Isaï, Jaïna, Kima…)
        - NTIC big groups (Orange, SFR…)
        -Corporate Venture by Industrial groups
  (Schneider, Alstom, Total, Veolia, Suez….)       7
Current Situation of Early Stage + Venture
                        Capital

• As of today 5 Regions have created Co-Investment
  Funds to finance Innovation and Development
• PACA Investment is among the first with 16M°€
• These funds rely on Private co-investors
• We have today in PACA a 3 « storey » system :
    - Individual BAs up to 250/300K€
    - SIBAs idem, additional to BAs
    - PACA Investment from 150 to 750K€ as additional
      co-investor
                                                        8
Conclusion

• BAs are committed to cooperate with new SATT :
       - Select entrepreneurs
       - Select and finance projects coming from
         Academic and Public Research
• Opportunity to balance investment in NTIC with more
  « industrial » projects




                                                        9

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Financing innovation in early stage

  • 1. Financing innovation in early stage April, 2d 2012 Jacques MELER
  • 2. Business Angels situation in France 2011 • 3950 Business Angels (+10% /2010) • 76 Associations (+5%) • 327 investments achieved (+9%) • 44,5 M€ invested (for total fund raising of 111M°€) • Average investment : 132 K€ for BA (195K€ in 2009) (source France Angels as of December 31st 2011) 2
  • 3. 2010 INVESTMENTS Breakdown by activity : Autre secteur % EN 2010 9% Industrie / Chimie 7% Services et transport NTIC 10% 45% Santé / Biotechnologie 14% Bien de consommation / distribution 8% Energie / Cleantech 7%
  • 4. START UP FINANCING CYCLE R&D Birth Survive 1st Success Take off Maturity REVENUE Capital Developpement Venture Capital 5 M€ - …. Early stage 2 à 10 M€ Public Market Business Angels 100 K€ à 3 M€ Awards 50 - 500 K€ Government help / Incubators/seed capital 25 - 150 K€ TIME Idea/Concept Proof of concept Product launch Industrial growth Prototype 1st client Sales growth international
  • 5. THE REAL CYCLE !....... 5
  • 6. Mission of Seed capital and early stage financing Finance the « go to Market » • Prototypes or pre-series are achieved, validation is done or on going • Search for 1st reliable customers (≠ subsidized projects) • Leverage to finance first equipment • Finance BFR FINANCE THE FUTURE not PURCHASE THE PAST 6
  • 7. Current Situation of Early Stage + Venture Capital • 1st Half 2011 vs 1st Half 2010 = - 69% of collected Funds : from 231M°€ to 72M°€ ! • Greater selection in projects by professional investors • Greater potential role for BAs • New players : - Web entrepreneurs (Isaï, Jaïna, Kima…) - NTIC big groups (Orange, SFR…) -Corporate Venture by Industrial groups (Schneider, Alstom, Total, Veolia, Suez….) 7
  • 8. Current Situation of Early Stage + Venture Capital • As of today 5 Regions have created Co-Investment Funds to finance Innovation and Development • PACA Investment is among the first with 16M°€ • These funds rely on Private co-investors • We have today in PACA a 3 « storey » system : - Individual BAs up to 250/300K€ - SIBAs idem, additional to BAs - PACA Investment from 150 to 750K€ as additional co-investor 8
  • 9. Conclusion • BAs are committed to cooperate with new SATT : - Select entrepreneurs - Select and finance projects coming from Academic and Public Research • Opportunity to balance investment in NTIC with more « industrial » projects 9