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Phil giesler unilever
- 1. Unilever Technology Ventures Phil Giesler Managing Director November 2006
- 2. Open Innovation in Unilever We donât have a monopoly on new concepts or solutions. That is why we are open for business on Open Innovation. We want to collaborate with the best minds to make the differences that no single firm could make alone. We would rather work with someone who has the answer today than hold out in the hope we can eventually come up with it ourselves tomorrow. Patrick Cescau, Group Chief Executive, Unilever 6th World Conference on Detergents, Montreux 10 October 2006
- 3. What is Open Innovation to Unilever? Closed Innovation Vertically integrated Internal organisation that developed Technology Unilever its technology in-house for its Base Product base sole use Open Innovation Otherâs Out-Licensing Products Commercialise internal and external ideas inside and Internal Technology Spin outs New Unilever outside of existing product/ Technology Business Venture channel base Base Unilever External Product base Technology Base Technology In sourcing
- 4. Open Innovation: Expanding the space to innovate The space to innovate Consumer Consumer Insight Insight doable desirable doable Business Technology Business Technology models profitable options models profitable options
- 5. Unilever objectives from Venturing Unilever Technology Ventures: accesses emerging technology with the potential to help innovation and growth Unilever Ventures: creates new businesses that take Unilever and its brands into new areas or that exploit unused Unilever technology Langholm Capital: creates options for acquisition by taking stakes in businesses that could take UL and its brands into new areas âŹ250MM allocated 2002 to Fund Iâs in these 3 areas âŹ50MM of this to UTV
- 6. Organisation, reporting, decision making Conscious at the start of lessons from Corporate VC failures: Managing corporate venturing without sufficient VC experience Making investments VCâs would not have made, hoping for long-term strategic benefits Each Venture Fund runs along lines as close as possible to external VC funds. Decision making delegated to Fund managers Fund managers targeted on value creation and delivery of VC type returns
- 7. UTV Managing Directors Dion Madsen, B.Comm, Phil Giesler, M.Sc., MBA CFA ⢠1999-2005: Head of ⢠6 years of direct venture Global Household Care experience in R&D biotechnology with RBC ⢠1996-1999: Put in place Capital Partners the Personal Care ⢠Executive experience in Global IC network three operating ⢠Strong Unilever companies, Chiron, relationships and strong Cytovax, Cyberion understanding of the ⢠Strong investment and R&D Organization operating track record
- 8. UTV Venturing Objectives Unilever Objectives UTV Objectives ⢠Access emerging technologies ⢠Access emerging technologies ⢠Generate Strong Financial ⢠Generate Strong Financial â˘Potential use in Unileverâs â˘Potential use in Unileverâs Returns Returns products products Generate strong deal flow Generate strong deal flow â˘Create medium to long term â˘Create medium to long term Develop professional Develop professional value value operational capabilities operational capabilities Gain industry respect for Gain industry respect for ⢠Change culture to âopen ⢠Change culture to âopen adding value adding value innovationâ innovationâ Generate strong returns Generate strong returns â˘Influence research and â˘Influence research and Expand industry and Expand industry and development process development process academic networks academic networks Utilize internal expertise to Utilize internal expertise to gain investing edge gain investing edge ⢠Become self-sustaining ⢠Become self-sustaining
- 9. UTV Fund I - Approach Focus on Materials Science and Life Sciences Fund Investment Nanotechnology Consumer understanding Biotools Targeted delivery Personalised genetics Diagnostic equipment Study Focus Areas Packaging materials Nutraceuticals Water RFID Invest & Manage
- 10. UTV evolution Investments Own deal flow Re-inforce Towards an in funds leadership independent GP Establish VC Self- community sustaining presence Direct venture model LP Strategic Funds from Build deal- investments engagement 2-3 other LPâs flow Fund I ($60m) Fund II ($120m) Fund III 2002 2004 2006 2008 2010
- 11. LP Engagement UTV Bulletins Visiting Associate programmes Open Innovation âreceiver/dialogueâ roles within Unilever Advisory Board