Guide to Starting a Robotics Startup

euRobotics
The European Robotics Coordination Action
Grant Agreement Number: 248552
01.01.2010 – 31.12.2012
Instrument: Coordination and Support Action (CSA)
Guide
for prospective start-ups
in robotics
Jon Agirre Ibarbia & Jennifer Stack (Tecnalia)
Geoff Pegman (R U Robots)
Thilo Zimmermann (GPS)
Deliverable D3.1.2
Lead contractor for this deliverable: Tecnalia
Due date of deliverable: March 01, 2012
Actual submission date: March 01, 2012
Dissemination level: Public
Revision: 1.0

euRobotics Deliverable D3.2.1 – Guide for prospective start-ups in robotics Page 2 of 36
Executive summary
Starting a new high-tech company is not easy. Furthermore, each experience is, by
definition, unique. For example, the team behind the project, the problem which is
addressed, the technology upon which the solution is based, the business context when the
start-up is being launched, etc. A high-tech start-up based on robotics technology is no
different -- each project will be its own. However, despite all the individual characteristics of
each new high-tech start-up, there are also basic elements which are common to virtually all
entrepreneurial projects. Every project needs a business model. Every project needs a team
to execute the model. Every project needs financing to develop its solution, and deliver it
successfully to the marketplace.
This guide has as its objective to serve as a useful, practical reference, a document that can
help lead a new project from the idea stage to a successfully launched high-tech start-up.
The key elements that are covered include the importance of high-tech start-ups to our
economy and society, the specific opportunities and challenges of the robotics marketplace,
characteristics of the right entrepreneur to lead the start-up, evaluating the technological
position upon which the start-up is based, key considerations for defining a business model
and business plan in order to convert the project from an idea to a successful company.
In addition, since the entrepreneurial community consistently stresses the importance of
networking and connecting with third parties as a fundamental way to develop and
strengthen a high-tech start-up, this guide also includes information regarding key services
(business incubators, sources of financing, mentoring) offered in several European countries.
Although the resources included will likely continue to evolve and change over time, this
guide aims to serve as a starting point in terms of issues to be considered and sources to be
consulted.
In summary, this guide has been prepared with the motivation of being as useful as possible
to entrepreneurial projects based on robotics technology, so that we are able to realise that
larger goal of creating a greater number of robotics start-ups that develop and grow into
stable and value-added elements of the larger business and scientific community.

Content
1. High-tech based start-up companies.......................................................................................... 4
2. Robotic technology based start-up companies .......................................................................... 5
3. The entrepreneur........................................................................................................................ 8
3.1. What makes a successful entrepreneur?............................................................................... 8
4. Evaluation of a technological asset on which the company is based ...................................... 11
5. Business model and business plan.......................................................................................... 13
5.1. The Business Model............................................................................................................. 13
5.2. The Business Plan ............................................................................................................... 17
6. Third party support for start-ups............................................................................................... 22
6.1. Financing.............................................................................................................................. 22
6.2. Other lines of support........................................................................................................... 24
6.3. Network! ............................................................................................................................... 25
7. Additional good practices ......................................................................................................... 26
8. Annex........................................................................................................................................ 28
8.1. Services to support the creation and development of technology-based start-ups............. 28
9. References ............................................................................................................................... 36

Chapter 1 − High-tech based start-up companies
1. High-tech based start-up companies
What are high-tech based companies and why are they important?
Creating, exploiting and commercialising new technologies has become essential in the
global race for competitiveness. High-technology or 'high-tech' sectors are key drivers of
economic growth, productivity and social protection, and are generally a source of high value
added and well-paid employment. Technology-intensive enterprises are often referred to as
'high-technology' – or 'high-tech' – companies and are involved in industries as diverse as
food exporting, retail product design, oil extraction, and a host of others. 1
High-technology industries have a great dependence on science and technology innovation
that leads to new or improved products and services. The companies in these industries
generally have a substantial economic impact, fuelled both by large research and
development spending, and a higher than industry average sales growth. These companies
typically are a primary conduit for research results reaching the marketplace.
Young research-intensive SMEs and start-ups play a vital role in the economy. They are a
driving force for the development of new knowledge, and they play a key role in the
translation of new knowledge into products and applications. A solid and healthy population
of young research-intensive SMEs improves the competitiveness of a country.2
This is in large part because innovation demands a trained and talented workforce. The
demand can serve the entire business community by drawing talent to the high tech
companies, as well as by calling upon the resources of other companies and entrepreneurs
in the region and beyond.
Companies grow up around the high tech enterprises and supply raw materials, components,
specialized technical expertise in design, marketing, and knowledge management, skilled
subcontractors, specialty packaging, distribution, and transportation.
Local universities and organizations can benefit from R&D alliances with high-tech
companies. Experts consider active universities a key component in successful high tech
regions, in part because universities can serve as incubators for high-tech start-up
companies, as well as providing ongoing technical support to business.
1
http://epp.eurostat.ec.europa.eu/statistics_explained/index.php/High-tech_statistics
2
“Design measures to promote growth of yound research-intensive SMEs and start-ups”, Report by the CREST
Expert Group (EU Scientific and Technical Research Committee), March 2006.

Chapter 2 − Robotic technology based start-up companies
2. Robotic technology based start-up companies
Robotics certainly appears to be a promising field in which to launch a start-up given the
robust growth forecast for robotics technology. For example according to new report by
Global Industry Analysts, the global service robotics market will reach US$38.42 billion by
2015.3
As testament to this forecast, the total number of professional service robots sold in
2010 rose by 4% compared to 2009 to 13,741 units, with a total sales value of US$3.2 billion,
an increase of 15%.4
In terms of industrial robots, the need to automate the workforce has resulted in numerous
incremental technology advancements in industrial robotics over the last years. Market
maturity in industrial robotics, however, is helping re-direct development interest in service
robotics, such as, field robots, logistic system robots, medical robots, home security and
surveillance robots, handicap assistance robots, underwater robots, entertainment robots,
construction and demolition robots, inspection and maintenance robots, defense, security
and surveillance robots, and domestic robots, among others. In the last 10 years, the market
has seen impressive growth in the use of service robots in professional as well as private
and personal applications, for example, in the private use of robots in homes for domestic
applications.
Sales figures from 2010 indicate 75% of the total unit sales of professional service robots in
2010 were defense or field robots. Service robots in defense applications accounted for 45%
of the total number of service robots for professional use sold in 2010, with unmanned aerial
vehicles being the most important application. The value of this market was estimated at US$
696 million, approximately 4% lower than in 2009, and represents about 22% of the total
sales of professional service robots. The total number of field robots - mainly milking robots -
sold in 2010 accounted for 30% of the total unit supply of professional service robots, valued
at approximately US$744 million, an increase of 5% over the previous year.5
Sales of medical robots, where the most important applications are assisted surgery and
therapy saw impressive volume growth (+14%) in 2010 compared to 2009 but still only
account for 7% of the total sales of professional service robots. However, this market
represents a whopping 43% of the total sales value of professional service robots. Average
unit price of these robots is about US$1.5 million, including accessories and services.6
As for the period 2011-2014, sales of professional service robots are forecast to increase by
about 87,500 units, which represents an average annual growth of 85%, led by sales of more
than 25,500 milking robots. This product group is followed by service robots for defense
applications with more than 22,600 units. These two service robot group make up 55% of the
total forecast of service robots sales for this 4-year period.7
However, there are also many emerging professional service robot markets which are
currently very small but which have the potential for significant growth, in areas as diverse as
inspection, logistics and horticulture. These niche markets are currently too small to be
exploited by large companies but are ideal markets for small companies and start-ups. Many
of Europe’s robotics companies are working in developing these niche markets.
3
http://www.prweb.com/releases/service_robotics/professional_robots/prweb4240924.htm (July 2010)
4
World Robotics 2011 Service Robots, International Federation of Robotics.
5 World Robotics 2011 Service Robots, International Federation of Robotics.
6 World Robotics 2011 Service Robots, International Federation of Robotics.
7

0
2000
4000
6000
8000
Nºunitssold
Defense Field
Service robots sold for professional use
2009 2010 Annual avg 2011-2014
0
500
1000
1500
2000
2500
3000
Nºunitssold
Medicine Logistics Construction Mobile Platforms Cleaning Inspection Underwater Rescue &
security
Service robots sold for professional use
2009 2010 Annual avg 2011-2014
These figures do not include service robots for personal and domestic use since their unit
value is generally substantially less than that of service robots for professional use. In
addition, since they are produced for a mass market, these types of service robots have
completely different pricing and marketing channels. In terms of market size, in 2010, it was
estimated that 1.445 million domestic robots, of all types, were sold, with a value of about
US$369 million. Looking forward, it is projected that sales of all types of domestic robots
(vacuum cleaning, lawn-mowing, window cleaning and other types) could reach over 9.8
million units (average annual growth of 89%) in the period 2011-2014, with an estimated
value of US$4.3 billion.
In is worth highlighting that until now, robots for handicap assistance applications have not
yet taken off as originally expected. However, in the medium-longer term, for example the
next 5-10 years, driven largely by demographic shifts and advances in technology, assistive
robots for disabled and handicapped persons as well as robotic prostheses are likely to be a
key area for service robots, with prototypes currently under development at the research
level.
However, the world market for domestic use service robotics has witnessed deceleration in
growth over the last two years thanks to the impact of the prolonged economic slowdown.
Reduction in investments as a fallout of the economic crisis has severely dented the demand

for robots in both commercial and mass markets. The deep reductions in disposable
spending have impacted demand for entertainment robots like robot toys, and pets.8
0
500
1000
1500
2000
2500
Nºunitssold
Household Entertainment & Leisure
Service robots for domestic use
2009 2010 Annual avg 2011-2014
A key driver behind market growth that is specific to many robotics applications, and
especially service robots, is the issue of product liability risk. Quite often service robots =
close proximity with humans which means the safety issue is especially critical and
legislation needs to be clear.
Inevitably, with millions of robots around, some robots will occasion litigation. Most engineers
work with a “human-centric” approach to personal robotics, building special sensors, motors,
and materials that decrease the risk of active or passive injury. Nevertheless, a completely
foolproof personal robot is unlikely to be possible. Some person or property will inevitably be
harmed, due either to imperfect design, or to the negligence or malice of a person exerting
control over a robot.
Liability for harm caused by a personal robot is going to be very difficult to resolve. Robot
control can range from teleoperation to nearly complete automation. Robots are made up of
hardware but their behaviour is governed by complex software, and both the hardware and
the software can be modified. Open source robotic software particularly could have hundreds
of authors.
In addition, robots generally receive a tremendous amount of media coverage, and early
adopters of robotics are likely to be populations such as the elderly or disabled that need in-
home assistance. These populations would make understandably sympathetic plaintiffs in
the event of litigation.9
In summary, the future for robotics technology does indeed appear quite promising.
However, like many types of technology, there is a big question in when the market will
jumpstart and meet forecasts put forth by robotics associations and the like. One of the key
drivers will clearly be the general economic outlook and the level of spending dedicated to
new equipment for professional applications, and even more so for domestic applications.
And as presented here, the issue of product liability as regards service robots and their
interaction with humans will also be a critical issue to take into account.
8
http://www.prweb.com/releases/service_robotics/professional_robots/prweb4240924.htm
9
http://cyberlaw.stanford.edu/node/6365 (2009)

Chapter 3 − The entrepreneur
3. The entrepreneur
What makes a successful tech-based startup?
Finance is a necessary but not a sufficient condition. Entrepreneurial and management skills
are at least as vital to the start-up’s success. However, work done by European Union
Scientific and Technical Research Committee indicates that young research-intensive SMEs
and start-ups are faced not only with problems concerning their financing, but also that they
often lack entrepreneurial skills, resulting in the failure of potentially successful ideas and
enterprises. Typically, young research-intensive companies are founded by scientists who
were mainly (or still are) involved in carrying out research activities, and who have little or no
experience in running a business, which requires quite different skills and attitudes.
Therefore these companies need specific support for developing and commercialising their
products in the early stages of their life cycle to increase their survival rates. 10
3.1. What makes a successful entrepreneur?
Europe has never been short of talented people with good ideas, yet its entrepreneurs seem
more interested in making products than making money.11
While work remains to be done to strengthen Europe’s entrepreneurial culture and
infrastructure (business mentors, start-up support services, and risk financing), there is a
growing class of young entrepreneurs with good ideas and a strong work ethic, and a
passion to succeed. One advantage many European entrepreneurs seem to enjoy is a more
global perspective. Many are multilingual and have lived or worked abroad. "We are starting
to see very interesting companies forming that are capable of competing on a global basis
from day one," says Danny Rimer, general partner at venture capital firm Index Ventures in
Geneva. "It's partly generational, but also a case of success breeding success. Companies
like Skype have served as an inspiration to a whole generation."12
According to a often-cited article by Walter Kuemmerle, winning entrepreneurs are
passionate enough about their ideas to assume large personal risks to realise their dreams.
Since start-ups operate on shoestring budgets, entrepreneurs often have to take big chances
with their finances. However grand their visions, they are ready to start small and patiently
scrabble in the mud for any deal they can swing. Profoundly opportunistic, they will do
whatever it takes to win the confidence of their customers and investors, knowing that simply
staying in business is the only thing that matters.
A few more questions to consider13
:
10
11
“Blooming”, Economist. June 10 2010.
12
A. Reinhardt, “Europe’s Young Entrepreneurs”. Oct 2006
http://www.businessweek.com/globalbiz/content/oct2006/gb20061008_832774.htm
13
Kuemmerle, W. “A Test for the Fainthearted”, Harvard Business Review, May 2002

1. Does the entrepreneur have the patience to start small?
Smart entrepreneurs recognise that start-ups cannot afford to pass on any opportunity, no
matter how small. The best entrepreneurs also recognise that trying out a business model on
a small scale helps them find out what their industry is about and lets them make mistakes at
those times when they can still afford it. Growth, when it comes, is all the more sustainable
as a result.
Although many aspects of entrepreneurship favour the young, patience does not. Here, more
seasoned business people have the advantage. The impatience and idealism of the young
often lead them astray, pushing them to blindly adopt a get-big-fast philosophy. This
approach makes sense for certain contexts, like on-line recruitment sites because their
competitive advantage lies in the size of their networks. But it does not work for most start-
ups. Many start-ups burn up their capital by trying to expand too soon. Entrepreneurs need to
be ambitious, but they need to be patient as well.
2. Is the entrepreneur prepared to make some enemies?
In general, smart entrepreneurs prefer to go after market niches that incumbents have
overlooked, which can result in making a few enemies along the way. In fact, they often
enjoy playing the underdog and the size of their rivals doesn’t bother them much.
3. Is the entrepreneur willing to shift strategies quickly?
Many would-be entrepreneurs place their strategies on a pedestal. Once they have their plan
on paper, they try not to stray from it. Sticking to their guns, they believe, sends out a positive
signal to customers, investors, and employees. Changing the plan, on the other hand,
undermines credibility.
However, smart entrepreneurs and savvy investors recognise that a new venture gains more
credibility by simply surviving than by doggedly following its original strategy. They are quick
to recognise when they have to change course, and they seldom hesitate to do so.
As shown in the following figure, the start-up game is extremely dynamic, and more so when
based on high technology which will continue to evolve and add additional aspects of change
and shifting sands. 14
14
Kaplan, Jerry, Start-up

4. Does the entrepreneur know how to close deals?
Successful entrepreneurs possess an almost uncanny ability to come in, often at the last
moment, and elbow their rivals aside to close the deal. However tough the market or small
the transaction, they know exactly what they must give up and what they can get away with
while finalising the deal under pressure.
Real entrepreneurs know that using their time to gather extensive information is a luxury they
sometimes cannot afford. They are more concerned that a decision be made than that it be
the best possible choice.
According to Vinod Khosla, an entrepreneur and Venture Capitalist, entrepreneurship is a
management style that involves pursuing opportunity without regard to the resources
currently controlled. Entrepreneurs identify opportunity, assemble required resources,
implement a practical action plan, and generate rewards in a timely, flexible way.

Chapter 4 − Evaluation of a technological asset on which the company is based
4. Evaluation of a technological asset on which the
company is based
The previous chapter addressed the importance of having the right person, the right profile,
to lead a start-up. This issue is indeed a critical part of ensuring the best possibility that a
start-up is successful. But of course having the right entrepreneur isn’t the only point that
matters. The business itself, what it’s based on, the source of its competitive advantage, its
position in the marketplace, etc. are equally fundamental to the company’s success.
The following questions are designed to help evaluate the technology upon which a start-up
is based.
1. What is the level of protection for the technology that forms the basis of the start-up?
Does it have patents? For which countries / geographies? Or is the company
(consciously) following an open IP model?
2. Does the company have freedom to operate for its critical technology and the product
based on this technology?
If not, how will this issue be addressed with the owners of the related technology?
3. Is the technology fully industrialised?
If not, how close is it and with what degree of certainty? Is there already a company
lined up to perform this industrialisation? The associated costs are known and
defined?
4. The technology is state of the art?
Is there an existing technology that is similar? Similar in what aspects?
5. What are the advantages of the technology upon which the company is based?
What evidence exists from the marketplace that this technology and the solution upon
which it is based is valued and that the market is willing to pay for these advantages?
6. Does the market already exist for this technology and the products based on this
technology?
Will a new market need to be created or will the challenge be to switch customers
from existing solutions to the company’s new solution?
7. What is the size of the market?
National market or international market? What are the key factors that will drive
market growth and what is that growth estimated to be?
8. What kind of barriers exist for the technology and the products based on this
technology in the marketplace?
What plans exist to address these?
To help facilitate a reflection on these questions, in particular if the business idea being
pursued is based on proprietary and/or protected technology, the exercise found in
Entrepreneurship_Guide-Tech_Readiness.xls may be useful. Following a couple of
screenshots of the Technology Readiness tool.

Chapter 4 − Evaluation of a technological asset on which the company is based
1. TECHNOLOGY PROTECTION 5,5
Results cannot be patented
Results can be patented,
but we have not prepared
the application
We have presented the
patent application
Patent to cover part of the
technology has been
granted
Patent(s) to cover all of the
technology has been
granted
a 0,045
0 1 0 0 0
Not applicable
(no patent)
National EU‐27
Europe + USA + at least 1
BRIC country
Global
a 0,091
0 0 2 0 0
The information has been
disseminated actively
throughout the world
The critical information is
known by other specialists
in the field
Those with information
critical information have
signed confidentiality
agreements
Access to the critical
information has been
limited to members of the
research team
Critical information is
known only by the leader
of the research team
a 0,136
0 0 0 3 0
Other technology is
involved but we haven't
contacted the owners to
discuss freedom to operate
for our solution
Other technology is
involved, and we have
started negotiations with
the owners to allow us
freedom to operate
Other technology is
involved and we have
signed agreements that
give us freedom to operate
for our solution
The entire solution is
covered by our patents of
our technology.
No other technology is
involved
a 0,091
0 0 2 0 0
Don't know
We don't know what
annual costs will be, but
we know the costs we have
incurred to date for
submitting the application
We know costs incurred to
date for the original
application, and we are
budgetting for extensions
in several countries
Annual IP costs have been
determined and have been
included in the cost
structure of our business
model
There is no net cost
because royalty payments
for the technology for its
use in another application
offset the IP costs for this
solution
a 0,182
0 0 0 0 4
1.5 What are the annual costs related to your IP?
1.1 What is the state of your patent protection?
1.2 What geographies are covered by your
patent?
1.3 What is the state of the confidentiality of your
technology and/or the know‐how behind it?
1.4 What is the relation of other technologies in
your solution?

Chapter 5 − Business model and business plan
5. Business model and business plan
5.1. The Business Model
The answers to the questions of the previous chapter should help prepare for the next step in
the process: defining (and inevitably revising) the company’s business model. A business
model describes the rationale of how an organization creates, delivers, and captures value
(economic, social, or other forms of value).15
The definition of a company’s business model is
a fundamental part of its business strategy.
Every business model has a product and/or service at its centre that focuses on a customer’s
job-to-be-done. This is the value proposition. Before addressing other aspects of the
business model, the company needs to consider some basic questions related to its value
proposition and the customer segments that the company is targeting
First, the company should critically reflect upon how well its value proposition is getting the
target customer’s job done. (This question assumes, of course, that the company knows
what the job is that its customer is trying to complete!)
The company should also consider how many people or companies exist with a similar job-
to-be-done. The answer to this question will help determine market size.
From this point, the company must know how important this job really is for the customer and
if he or she actually is going to spend on it.
A popular structure used for defining a business model is that developed by Alex
Osterwalder and Yves Pigneur. This approach uses a method of the business model
“canvas” which simplifies in the following nine basic building blocks the fundamental aspects
of a business model16
.
15
Osterwalder, A. and Pigneur, Y.
16
Osterwalder, A. and Pigneur, Y., http://www.businessmodelgeneration.com/canvas

These nine building blocks serve as an easy-to-understand structure for a company to define
the different elements of its business model as well as the coherent relationship between
these elements.
a. Customer segments.
• For whom is the company creating value?
• Who are the company’s most important customers?
b. Value proposition.
• What value is the company delivering to its customers?
• Which one of the customer’s problems is the company helping to solve?
• What bundles of products and services is the company offering to each
customer segment?
• Which customer needs are being satisfied?
c. Customer relationships.
• What type of relationship does each customer segment expect to establish
and maintain with the company?
• Which ones have the company already established?
• How are these relationships integrated with the rest of the company’s
business model?
• How costly are they to serve and maintain?
d. Channels.
• Through which distribution channels do the customer segments want to be
reached?
• How are they being reached now?
• Which channels work best?
• Which ones are most cost-efficient?

• How are the different channels integrated with customer routines?
e. Revenue streams.
• For what value are customers really willing to pay?
• For what do they currently pay?
• How much does each revenue stream contribute to overall revenues?
f. Key activities.
• What key activities are required by the company’s value proposition?
• Its distribution channels? Its customer relationships? Its revenue streams?
g. Key resources.
• What key resources are required by the company’s value proposition?
• Its distribution channels? Its customer relationships? Its revenue streams?
h. Key partners.
• Who are the company’s key partners?
• Who are its key suppliers?
• Which key resources can be acquired from partners?
• Which key activities are performed by partners?
i. Cost structure.
• What are the most important costs in the company’s business model?
• Which key resources and key activities are the most expensive?
These questions may seem quite complex, and depending on the start-up’s level of maturity
(just an idea or a team is in place?) the entrepreneur may feel far from knowing the answers
to all of them. However, it’s important to address them as best as possible because the
marketplace is more complex than ever – and extremely dynamic. Even the greatest
products are having an increasingly hard time to achieve a long-term competitive advantage.
That is the reason why it makes sense to shift the focus away from a pure product/market
segment oriented approach towards a more holistic business model approach such as that
promoted by the nine building blocks of the business model canvas.
It’s critical to keep in mind that any business model will be a “work in progress” for some
time. It’s quite common that each revision of those nine building blocks will raise more
questions than it answers. But these revisions are an investment, and time well-spent. They
should help make the business model more robust, or at least show the degree to which a
model is not as robust as it will likely need it to be for the company to be successful.
The following seven questions are included to stimulate still further reflection.17
Although an
entrepreneur may feel frustrated by not immediately having all the answers to all the
questions, it is much better to understand the relative weak spots of the business model
while the start-up is in the definition stage, than waiting until the company is deep in debt and
the management team frustrated by not achieving the results it originally envisioned.
17
„Seven questions to assess your business model design“, sept 14, 2011.
http://www.businessmodelalchemist.com/2011/09/7-questions-to-assess-your-business-model-design.html

1. How much do switching costs prevent customers from churning?
The time, effort, or budget a customer has to spend to switch from one product or service
provider to another is called “switching costs”. The higher the switching costs, the likelier a
customer is to stick to one provider rather than to leave for the products or services of a
competitor.
2. How scalable is the business model?
Scalability describes how easy it is to expand a business model without equally increasing its
cost base.
3. Does the business model produce recurring revenues?
Recurring revenues have two major advantages. Firstly, the costs of sales incur only once for
repetitive revenues. Secondly, recurring revenues make it easier to predict future income.
4. Does the business model allow the company to earn before it spends?
The more that can be earned before spending, the better.
5. How much are others doing the necessary work?
Resources in a start-up are scarce. Therefore it is important that the start-up is able to get
the most out of what it has available. This can involve working with other organisations where
they may put in additional effort for the kudos of helping a small company or getting a better
profile in a certain business sector, or assisting universities in getting grants to undertake
research that is relevant to the business.
6. Does the business model provide built-in protection from competition?
A great business model can provide the company with a longer-term protection from
competition than just a great product. An example of this comes from Apple whose main
competitive advantage arises more from its powerful business model than purely from its
innovative products. It’s easier for Samsung, for instance, to copy the iPhone than to build an
ecosystem like Apple’s appstore, which caters to developers and users alike and hosts
hundred thousands of applications.
7. Is the business model based on a game changing cost structure?
Products and services that provide dramatic cost savings to their target customer group are
easier to sell. Big savings often arise not from the use of the product itself but associated
issues of its use, such as much lower servicing costs, longer life of high value capital
equipment, lower requirements for customer service request handling, etc.
Again, these questions are meant to generate useful reflection and debate. It is not expected
that every entrepreneur will have perfect answers to all of these questions. And just because
there are answers to the questions does not guarantee a successful start-up. However, there
is value in being prepared and having thought about these issues thoroughly. This type of
preparation is important not just for the entrepreneur and start-up team, but also because
investors and other third parties are going to ask about these issues.

The above questions and considerations are valid for any new business opportunity. But
there is an additional challenge that is especially critical for technology-based start-ups,
including robotics: The research valley of death, defined as:
The time in a technology’s lifespan between its early prototyping in the
research lab and its readiness for the kind of cash injection offered at later
stages by venture capitalists18
.
Many promising research prototypes languish in the valley of death, never to emerge as full-
fledged technologies. The following picture shows how the valley of death maps against the
level of technology development discussed in the previous chapter19
.
Lastly, a key part of preparedness comes from testing a business model with third parties. By
practicing the presentation of the model to different critical and qualified audiences – not just
loving family or co-workers who are already familiar with the technology and marketplace --
the company gains great feedback and perhaps has to confront issues that had not
previously been considered. This practice has two essential objectives:
1.) test the soundness and clarity of the business model
2.) refine the entrepreneur’s presentation skills and ability to explain clearly,
succinctly and convincingly why the company’s business model is a winner
Remember the message from the chapter on Entrepreneurs about successful entrepreneurs
being able to adapt and change their model as circumstances dictate. This early testing is
part of this learn, adapt and change process.
5.2. The Business Plan
The first part of this chapter has covered the subject of business models, and now it’s time to
continue on to the Business Plan. A business model is not a business plan and a business
plan is not a business model, but they are related concepts: A business plan documents how
the business model will be executed. Both the business model and the business plan are
18
http://www.allbusiness.com/management/304250-1.html
19
Elaborated by Tecnalia and based upon “Tackling the Innovation Gap” prepared by the Fraunhofer Institute

extremely important – for the company as well as for third parties (investors, suppliers and
customers) interested in the business.
There are no shortages of web pages and reference material dedicated to how to write a
business plan, what a business plan should contain, etc. The information presented here
comes from William Sahlman’s 1997 article published by Harvard Business Review. Despite
the time that has passed, this article remains one of the most frequently cited and used by
leading presenters, such as the Stanford Technology Ventures Program.
Sahlman’s framework systematically assesses the four interdependent factors critical to
every new venture.20
The People. The men and women starting and running the venture, as well as the outside
parties providing key services or important resources for it, such as its lawyers, accountants,
and suppliers.
The Opportunity. A profile of the business itself– what it will sell and to whom, whether the
business can grow and how fast, what its economics are, who and what stand in the way of
success.
The Context. The big picture – the regulatory environment, interest rates, demographic
trends, inflation, and the like – basically, factors that inevitably change but cannot be
controlled by the entrepreneur.
20
Sahlman, W., “How to Write a Great Business Plan”, Harvard Business Review, July-August 1997
Business Plan
People
Team
Capabilities
Attitude
Opportunity
Customers
Strategy
Business Model
Resources
Financial
Physical
Intellectual
Deal
Rewards & Risks
Incentives
Ownership
+ Context (economy, regulatory, industry)

Risk and Reward. An assessment of everything that can go wrong and right, and a
discussion of how the entrepreneurial team can respond.
The assumption behind the framework is that great businesses have attributes that
are easy to identify but hard to assemble. They have an experienced, energetic
managerial team from the top to the bottom. The team’s members have skills and
experiences directly relevant to the opportunity they are pursuing. Ideally, they will have
worked successfully together in the past. The opportunity has an attractive, sustainable
business model; it is possible to create a competitive edge and defend it. Many options exist
for expanding the scale and scope of the business, and these options are unique to the
enterprise and its team. Value can be extracted from the business in a number of ways either
through a sale or by scaling down or liquidating. The context is favourable with respect to
both the regulatory and the macroeconomic environments. Risk is understood, and the team
has considered ways to mitigate the impact of difficult events. In short, great businesses
have the four parts of the framework completely covered.
1. The People
The people part of a business plan should receive special care because, simply stated, that’s
where most intelligent investors focus their attention. Most venture capitalists believe that
ideas are a dime a dozen: only execution skills count. A business plan should candidly
describe each team member’s knowledge of the new venture’s type of product or service; its
production processes; and the market itself, from competitors to customers. It also helps to
indicate whether the team members have worked together before. Not played – as in roomed
together in college–but worked.
14 people-related questions every business plan should answer:
• Where are the founders from?
• Where have they been educated?
• Where have they worked and for whom?
• What have they accomplished in the past?
• What is their reputation within the business community?
• What experience do they have that is directly relevant to the opportunity they are
pursuing?
• What skills, abilities, and knowledge do they have?
• How realistic are they about the venture’s chances for success and the tribulations it
will face?
• Who else needs to be on the team?
• Are they prepared to recruit high-quality people?
• How will they respond to adversity?
• Do they have the mettle to make the inevitable hard choices that have to be made?
• How committed are they to this venture?
• What are their motivations?
2. The Opportunity
The first step for entrepreneurs is to make sure they are entering an industry that is large
and/or growing, and one that’s structurally attractive. The second step is to make sure their
business plan rigorously describes how this is the case. And if it isn’t the case, their business
plan needs to specify how the venture will still manage to make enough of a profit that
investors (or potential employees or suppliers, for that matter) will want to participate. Once it

examines the new venture’s industry, a business plan must describe in detail how the
company will build and launch its product or service into the marketplace.
9 questions about the business every business plan should answer:
• Who is the new venture’s customer?
• How does the customer make decisions about buying this product or service?
• To what degree is the product or service a compelling purchase for the customer?
• How will the product or service be priced?
• How will the venture reach all the identified customer segments?
• How much does it cost (in time and resources) to acquire a customer?
• How much does it cost to produce and deliver the product or service?
• How much does it cost to support a customer?
• How easy is it to retain a customer?
(Several of these questions and concepts also appear in the business model section. This is
not a contradiction or an error. Rather, it reinforces just how important these issues are.)
3. Cash-flow
The following questions should also be addressed so that investors can understand the cash
flow implications of pursuing an opportunity:
• When does the business have to buy resources, such as supplies, raw materials, and
people?
• When does the business have to pay for them?
• How long does it take to acquire a customer?
• How long before the customer sends the business payment?
• How much capital equipment is required to support a dollar of sales?
Investors, of course, are looking for businesses in which management can buy low, sell high,
collect early, and pay late. The business plan needs to spell out how close to that ideal the
new venture is expected to come.
The opportunity section of a business plan must also bring a few other issues to the surface.
First, it must demonstrate and analyze how an opportunity can grow – In other words, how
the new venture can expand its range of products or services, customer base, or geographic
scope.
4. Competition
As for competition, it probably goes without saying that all business plans should carefully
and thoroughly cover this territory. Every business plan should answer the following
questions about the competition:
• Who are the new venture’s current competitors?
• What resources do they control? What are their strengths and weaknesses?
• How will they respond to the new venture’s decision to enter the business?
• How can the new venture respond to its competitors’ response?
• Who else might be able to observe and exploit the same opportunity?

• Are there ways to co-opt potential or actual competitors by forming alliances?
5. The Context
Opportunities exist in a context. At one level is the macroeconomic environment, including
the level of economic activity, inflation, exchange rates, and interest rates. At another level
are the wide range of government rules and regulations that affect the opportunity and how
resources are marshalled to exploit it.
Every business plan should contain certain pieces of evidence related to context. First, the
entrepreneurs should show a heightened awareness of the new venture’s context and how it
helps or hinders their specific proposal. Second, and more important, they should
demonstrate that they know the venture’s context will inevitably change and describe how
those changes might affect the business. Further, the business plan should spell out what
management can (and will) do in the event the context grows unfavourable. Finally, the
business plan should explain the ways (if any) in which management can affect context in a
positive way.
6. The Deal
It is incumbent upon entrepreneurs, before they go searching for funding, to think about
capital acquisition as a dynamic process – to figure out how much money they will need and
when they will need it. How to do that? The trick is for the entrepreneurial team to treat the
new venture as a series of experiments. Before launching the whole show, launch a little
piece of it. Convene a focus group to test the product, build a prototype and watch it perform,
conduct a regional or local rollout of a service. Such an exercise reveals the true economics
of the business and can help enormously in determining how much money the new venture
actually requires and in what stages.
Business plans should contain some numbers, but those numbers should appear mainly in
the form of a business model that shows the entrepreneurial team has thought through the
key drivers of the venture’s success or failure. For example, In manufacturing, such a driver
might be the yield on a production process. The model should also address the break-even
issue: At what level of sales does the business begin to make a profit? And even more
important, When does cash flow turn positive? Without a doubt, these questions deserve a
few pages in any business plan, but near the back.
7. Risk and Reward
A business plan must unflinchingly confront the risks ahead – in terms of people, opportunity,
and context. What happens if one of the new venture’s leaders leaves? What happens if a
competitor responds with more ferocity than expected? What happens if a key raw material is
no longer available (natural disasters, political revolution, massive price increases, etc.)?
What will management actually do?
8. Exit
The business plan should talk candidly about the end of the process. Investors feel a lot
better about risk if the venture’s direction is discussed up front, including how the investor will
realise his return.
In summary, a plan must demonstrate mastery of the entire entrepreneurial process, from
identification of opportunity to exit.

Chapter 6 − Third party support for start-ups
6. Third party support for start-ups
6.1. Financing
During their life cycle, starting from the development of an idea up to market introduction and
further company growth, R&D intensive, high-tech start-ups encounter specific problems. A
particularly complicated problem, which has a strong impact on success rate for young high-
tech start-ups, is sufficient access to capital. Limited access to financial resources results
from market (or system) imperfections on a microeconomic, but also on a macro-economic
scale:
• Small and medium sized enterprises in general have a disadvantage of scale in
accessing the capital market. The costs (risk assessment, legal and administrative
costs, supervision) of providing a small amount of finance are practically identical to
the costs of providing a large amount.
• Furthermore, the risks of innovative, high-tech, fast growing start-ups are much more
difficult for financiers to assess compared to established, conventional and stable
companies with track records. In many cases this results in high-tech start-ups
receiving inadequate finance, thus decreasing their growth potential.
• Because of the higher risks and the generally long development times of their
projects, hardware based, high-tech start-ups have a problem attracting loans and
venture capital for early stage growth. Literature mentions that based on experience,
the anticipated Return On Investment (ROI) for these types of firms lies on average
below 3%, which makes it rather unattractive for private investors.
• At the same time, venture capital and informal investors find that there is a lack of
good propositions and management competences in these companies, which leads
to untapped venture capital available for young high-tech start-ups with interesting
business cases.
This mismatch between venture capital supply and demand occurs particularly at the bottom
end of the capital market. For instance, for high-tech start-ups an “equity gap” has been
noted between supply and demand that lies roughly between €100 000 and €2,5 million per
financing round. The “equity gap”, or more generally the “financing gap”, differs for the
different phases of the lifecycle of high-tech start-up. Especially in the pre-seed and seed
phases it is very difficult to mobilise capital.
21
This difficulty is very often the key factor to
start-ups succumbing to the “valley of death” presented earlier.
Given all the challenges related to financing high-tech start-ups, entrepreneurs need to
understand and know the different sources of capital for high-tech ventures. Some of the
most common are:
Angel investors22
This term refers to anyone who invests his or her money in an entrepreneurial company
(unlike institutional venture capitalists, who invest other people's money).
Angels can be classified into two groups: affiliated and non-affiliated. An affiliated angel is
someone who has some sort of relationship with the entrepreneur or the start-up. A non-
affiliated angel has no connection with either the entrepreneur or the business. It makes
21
22
http://www.entrepreneur.com

sense to start an investor search by seeking an affiliated angel since he or she is already
familiar with the business and/or the team and has a vested interest in the relationship.
Unlike venture capitalists and bankers, many angels are not motivated solely by profit.
Particularly if an angel is a current or former entrepreneur, he or she may be motivated as
much by the enjoyment of helping a young business succeed as by the money he or she
stands to gain. Angel investors vary widely, but they are typically willing to accept risk and
demand little or no control in return for the chance to own a piece of a business that may be
valuable someday.
Boot-strapping
23
To finance a company's start-up and growth with the assistance of or input from others.
Looking for ways to bootstrap a business? Trade credit is one way to maximize financial
resources for the short term. Normally, suppliers extend credit to regular customers for 30,
60 or 90 days, without charging interest. However, when a business is just getting started,
suppliers will want every order COD (cash or check on delivery) until it’s been established
that the company can pay its bills on time. While this is a fairly normal practice, in order to
raise money during its ramp-up period, the company will need to try to negotiate a trade
credit basis with suppliers.
Another option to consider is factoring which involves selling a company’s receivables to a
buyer, such as a bank or commercial finance company. Customers can also help the
company obtain financing by writing a letter of credit.
Bootstrap financing really begins and ends with attention to careful management of a
company’s financial resources. A start-up needs to keep a very close watch on operating
expenses. If interest rates are high, it won't take too many unpaid bills to wipe out a
company’s profits. Discipline and keen awareness on what is spent, and an attention to
keeping overhead low are critical. An overly expensive office or location is an unnecessary
expense unless it's really going to pay off in increased sales.
Venture Capital24
Funds flowing into a company, generally during pre-IPO process, in the form of an
investment rather than a loan. Controlled by an individual or small group known as venture
capitalists, these investments require a high rate of return and are secured by a substantial
ownership position in the business.
VCs can provide large sums of money, advice and prestige by their mere presence. Just the
fact that a company has obtained venture capital backing means that the business has, in
venture capitalists' eyes, at least, considerable potential for rapid and profitable growth.
VCs make loans to--and equity investments in--young companies. The loans are often
expensive, carrying rates of around 20 percent. Many venture capitalists seek very high
rates; a 30 percent to 50 percent annual rate of return. Unlike banks and other lenders,
venture capitalists frequently take equity positions as well. That means that the company
doesn’t have to pay out hard-to-get cash in the form of interest and principal instalments.
23
24

Instead, the entrepreneur gives a portion of his or her and/or other owners' interest in the
company in exchange for the VCs' backing.
Venture capitalists typically invest in companies they anticipate being sold either to the public
or to larger firms within the next several years. Companies they will consider investing in
usually have the following features:
• Rapid, steady sales growth
• A proprietary new technology or dominant position in an emerging market
• A sound management team
• The potential for being acquired by a larger company or taken public in a stock
offering
In addition, venture capitalists often define their investments by the business' life cycle: seed
financing, start-up financing, second-stage financing, bridge financing, and leveraged buyout.
Some venture capitalists prefer to invest in firms only during start-up, where the risk is
highest but so is the potential for return. Other venture capital firms deal only with second-
stage financing for expansion purposes or bridge financing where they supply capital for
growth until the company goes public. Finally, there are venture capital companies that
concentrate solely on supplying funds for management-led buyouts.
6.2. Other lines of support
In addition to the financing sources mentioned above, increasingly there exist other
mechanisms, many of them public or semi-public in origin, specifically designed to support
and promote the creation of successful tech-based start-ups.
One of the more common types of support is business incubators. An incubator can be
defined as an organisation designed to accelerate the growth and success of entrepreneurial
companies through an array of business support resources and services that could include
physical space, capital, coaching, common services, and networking connections.25
The
extent and quality of services depends greatly on the operation behind the incubator and the
resources dedicated to the effort.
Business incubation programs are often sponsored by private companies or municipal
entities and public institutions, such as colleges and universities. Incubators provide
numerous benefits to owners of start-up businesses. Their office and manufacturing space is
offered at below-market rates, and their staff supplies advice and much-needed expertise in
developing business and marketing plans as well as helping to fund fledgling businesses.
Companies typically spend an average of two years in a business incubator, during which
time they often share telephone, secretarial office, and production equipment expenses with
other start-up companies, in an effort to reduce everyone's overhead and operational costs.
Should a start-up be interested in locating to an incubator, the company should be prepared
to submit a fleshed-out business plan to the incubator’s management team. Generally
speaking, the plan will be reviewed by a screening committee to determine whether or not
the business meets the criteria for admission. Incubators carefully screen potential
businesses because their space, equipment, and finances are limited, and they want to be
sure they're choosing to nurture businesses with the best possible chance for success.
25

6.3. Network!
Growing a business can be an all encompassing experience. Many entrepreneurs put so
much attention into their venture that they fail to dedicate the time to make, grow and keep
their business relationships. The immediacy of issues surrounding funding, clients,
employees, vendors, regulations, and product specifications leaves little space for things for
anything that doesn’t directly equate to short-term ROI (return on investment)..
While time is limited and precious, it is important for the entrepreneur to remember that all
opportunities come from people. If the start-up has the right network in place, most of the
challenges faced can be solved by reaching out to its contacts. Introductions from trusted
long-term and mutually beneficial relationships can quickly lead to the right investor, lawyer,
banker, accountant, or other vendor, as well as the necessary employee to take the business
to the next level. However, a company cannot wait until it has a need to try to build a
relationship. Building a network takes time and there are no short cuts to meaningful
connections with people who know, like, understand, and will support the start-up.
It is worth highlighting that entrepreneurs sometimes fall into the habit of only wanting to
network with other entrepreneurs. This is a mistake. A company cannot best grow and learn
when everyone it talks to is largely in the same boat. There must be diversity in a start-up’s
network that includes a diversity of job titles and industries with a variety of access to
information.

Chapter 7 − Additional good practices
7. Additional good practices
While it is clear that technology-based start-ups are regarded as an important source for new
employment and important promoter of technological, change and innovation in almost all
European countries, the reality is that only a minority of these firms fulfil the expectations and
hopes. Few grow into large firms and the majority of them stay small.26
A high-tech start-up will increase its chances for success by adhering to some common-
sense entrepreneurial guidelines—don't spread finances too thin, devise a sound marketing
strategy, hire good employees, weigh the impact on personal relationships, etc. In addition,
people hoping to start or add to a high-technology business should take into account the
following keys, many of which concern taking advantage of available opportunities in such
areas as education, training, and financing:
• Keep up with industry changes. This can be a daunting task, but the entrepreneur
who stays up to date on new technologies and innovations, new applications, and
changing markets will be far better equipped to spot the gaps in products and
services that still dot the high-tech landscape and fill that spot with their own
company's offerings
• Make full use of technology transfer opportunities. In recent years, laboratories and
research institutions operated by universities, government agencies, and corporations
have all shown a much greater inclination to share their knowledge and technology
with entrepreneurs and other business enterprises in commercial industries. "These
types of programs are effectively placing technology in the hands of those most
capable of turning it into viable ventures: entrepreneurs," claimed Page. "Moreover,
not only is it now easier to identify which technologies can make the shift into the
commercial sector, but more systems are being created to facilitate their transfer."
• Use the Internet and other Information Technology (IT) markets to full advantage.
Business models and, in particular, ways of addressing key market segments are
changing rapidly. It is important to keep up with these changes where they are
relevant to the target business sector.
• Reward and challenge employees. Workforce stability and reliability is an important
factor in small business success for just about any entrepreneur, but its importance
may be particularly pronounced in one of the fast-paced high-tech industries. Indeed,
it is a far more serious matter to replace a software programmer three months before
a new product launch than it is to replace a cashier or stock-person. For many small
high-tech companies, workers are among their most valuable assets; the smart
entrepreneur will compensate them accordingly, via salary, benefits, promotion,
responsibility, or some combination thereof, to best ensure a high degree of
employee retention.
• Admit mistakes. Given the rapid pace at which high-tech industries are changing,
companies need to be aggressive in their prosecution of new strategies and
initiatives. Yet almost inevitably, a high-tech business will find itself pursuing a
product or market that, for whatever reason, comes to look decidedly less appetizing
than it appeared when it was first targeted. The key to weathering such
disappointments, say many analysts, lies not only in diligent research and detailed
planning, but also in pulling the plug on plans that have gone sour rather than pouring
additional money and resources into it while competitors pursue more promising
avenues.
26
“The internationalisation of British and German start-up companies in High-technology industries”, O. Bürgel,
A, Fier, G. Licht, G. Murray, E. Nerlinger.

Chapter 7 − Additional good practices
• Explore various funding options. High-technology companies in such areas as
communications, networking, the Internet, and various other software applications
were major recipients of funding from venture capital companies in the 1990s. This
trend declined noticeably in 1999 and 2000 due to convulsions in the stock value of
numerous high-tech firms and the subsequent economic slowdown in the early
2000s. Another option for high-tech start-ups and small businesses is one of large
number of programs sponsored by federal, state, and regional agencies to help them
secure risk capital and research and development funding.
• Utilize education and training opportunities. Entrepreneurial programs have
proliferated across the country in recent years, and many of these feature a heavy
emphasis on technology.27
And a few more useful ideas:
• Stick to a target market that is thoroughly understood and stay focused on that. 28
• Deliver a 100% solution, a whole product or service using partnerships wisely
(minimise the need to do everything in-house) 29
• Look for a mentor, perhaps someone from a fast-growing company and from the
same or similar industry who understands well the specific challenges the company
faces.30
• Look for a partner. This partner should be an equal – a co-founder; an early stage
venture capitalist; or an older, experienced corporate executive hired to fill a senior
position such as CFO. Sometimes the partner will act as a brake by bringing grand
visions down to earth. At other times though, it can be the partner who pushes to
close the deal or challenges assumptions. 31
27
“Keys To Launching And Maintaining A Successful High-Tech Business”, US Legal.
http://definitions.uslegal.com/h/high-tech-business/
28
Stanford Venture Capital http://stvp.stanford.edu/documents/about/presentations/Stanford_London.pdf
29
Stanford Venture Capital http://stvp.stanford.edu/documents/about/presentations/Stanford_London.pdf
30
Keummerle, W. “A Test for the Fainthearted”, Harvard Business Review, May 2002.
31

Chapter 8 − Annex
8. Annex
8.1. Services to support the creation and development of
technology-based start-ups
EUROPEAN LEVEL RESOURCES:
EU projects involving Venture Capital and Business Angels:
• ICT Finance MarketPlace http://www.ict-finance-marketplace.com/
• ICT VentureGate http://www.ictventuregate.eu/
• ACCESS ICT http://www.access-ict.com/
• YMIR www.ymirproject.eu/
EC resources :
• Enterprise and Industry Policies - Access to finance :
http://ec.europa.eu/enterprise/policies/finance/
• Women Entrepreneurship Portal :
http://ec.europa.eu/enterprise/policies/sme/promoting-
entrepreneurship/women/index_en.htm
European Organisations of Venture Capital and Business Angels:
• EBAN – European Business Angel Network www.eban.org/
• European Private Equity and Venture Capital Association (EVCA) http://www.evca.eu
• EVCN – European Venture Capital Network www.evcnetwork.org/
AUSTRIA :
Venture Capital :
• AVCO - Austrian Private Equity and Venture Capital Organisation www.avco.at
BELGIUM :
Entrepreneurship and Start-Up support :
• SO Kwadraat : is a Flemish organisation to help researchers create spin-offs.
www.sokwadraat.be
Venture Capital & Business Angels: :
• Belgian Venture Capital & Private Equity Association : http://www.bva.be
• Belgian Association of Business Angels Networks (BeBAN) :
http://www.beangels.eu/
CZECH REPUBLIC :

Chapter 8 − Annex
Venture Capital :
• CVCA - Czech Venture Capital Association www.cvca.cz
DENMARK :
Venture Capital :
• DVCA - Danish Venture Capital and Private Equity Association www.dvca.dk
FINLAND :
Venture Capital :
• FVCA - Finnish Venture Capital Association www.fvca.fi
• Team Academy, an autonomous unit of the Jyvaskyla Politecnic (www.jamk.fi),
providing a degree in Entrepreneurship and Marketing. www.tiimiakatemia.fi
FRANCE:
Venture Capital and Business Angels:
• Robolution is a mixture between a venture capitalist and a business angel and is
aiming at promoting robotics (service robotics) in Europe through support to the
creation of new businesses or support to the development of existing markets. The
fund was created with Bruno Bonnel former creator of Infogramme and CEO of an
SME in robotics "Robopolis". http://en.wikipedia.org/wiki/Bruno_Bonnell. Renaud
Champion is involved in the first European fund dedicated only to robotics (60M€
fund).
• AFIC - Association Française des Investisseurs en Capital www.afic.asso.fr
• Team Factory, Paris, France. Part time programmes to create social entrepreneurs.
• Team Entrepreuneurs, Angers, France.
• Ecole de Managenent Strasbourg, Université de Strasbourg, Strasbourg, France
GERMANY:
• Business Angel Network Deutschland e.V. (BAND) http://www.business-angels.de/
• German Private Equity Association (incl. Venture Capital) Bundesverband Deutscher
Kapitalbeteiligungsgesellschaften (BVK) http://www.bvkap.de/
Entrepreneurship and Start-Up support -- National Organisations:

Chapter 8 − Annex
• German Chamber of Industry and Commerce (DIHK), topic start-up aid and business
development: http://www.dihk.de/themenfelder/starthilfe-und-
unternehmensfoerderung/unternehmensgruendung
• National program for scientific start-ups: Exist http://www.exist.de/
• National program for high tech companies http://www.hightech-strategie.de
Start up programs -- Federal/national and state-level programmes:
• http://www.foerderstruktur.de/startup-foerderung-land.html
Technical Universities (http://www.tu9.de/ ) and state-level programmes:
• Stuttgart
o Technology transfer initiative (TTI) at University of Stuttgart http://www.tti-
stuttgart.de
o State initiative for founding in Baden-Wurttemberg: ifex http://www.ifex.de
• Munich
o Entrepreneurship @ TU Munich: UnternehmerTUM
http://www.unternehmertum.de
o Start Up Initiative in the state of Bavaria www.startup-in-bayern.de/
• Aachen
o Founder centre at RWTH Aachen https://www.gruenderzentrum.rwth-
aachen.de
o Starter center in the state of NRW http://www.startercenter.nrw.de/index.html
• Berlin
o Entrepreneurship Center of TU Berlin http://www.entrepreneurship.tu-berlin.de/
o Business Startup Network Berlin www.gruenden-in-berlin.de/
• Karlsruhe
o Centre for Innovation and Entrepreneurship at Karlsruhe Institute of
Technology http://www.cie-kit.de/
o State initiative ifex for start-ups http://www.gruendung-bw.de/
• Braunschweig
o Entrepreneurship Center at TU Braunschweig http://www.entrepreneurship-
center.de
o Founding in the state of Lower Saxony
http://www.gruenderfreundliches.niedersachsen.de
• Darmstadt
o Entrepreneur Centre at TU Darmstadt http://www.wisu.de/entrepreneur/ec.htm
o High Tech start up program in the state of Hesse
http://www.existenzgruendung-hessen.de/high-tech-gruendung.html
• Dresden
o Network for start ups at TU Dresden http://www.dresden-exists.de

Chapter 8 − Annex
o State network for start-ups http://www.existenzgruendung-sachsen.de
• Hannover
o Starting business at Leibniz University Hanover www.startingbusiness.uni-
hannover.de
o Financial aid for start ups in Lower Saxony
http://www.nbank.de/Service/Uebersicht_Foerderprogramme.php
GREECE :
• HVCA - Hellenic Venture Capital Association www.hvca.gr
HUNGARY :
• HVCA - Hungarian Venture Capital and Private Equity Association www.hvca.hu
• Team Academy Debrecen, Debrecen, Hungary
IRELAND :
• The Halo Business Angel Partnership is the new national business angel network in
the Republic of Ireland. http://www.businessangels.ie/
• IVCA - Irish Venture Capital Association www.ivca.ie
ITALY:
Incubators:
• M31 : http://www.m31.com/
• Club degli spin-off della Scuola Superiore Sant'Anna :
http://www.sssup.it/context.jsp?ID_LINK=294&area=47
• POLIMI - Technology Transfer Office : http://www.ricerca.polimi.it/index.php?id=2509
• INCIPIT : http://www.incipit.campania.it/
Venture Capitalists:
• IMI San Paolo Atlante Ventures: http://www.imiinvestimenti.it/fondi-chiusi-it/fondo-
atlante.htm
• Quantica: http://www.principiasgr.it/
• Vertis: http://www.vertis.it/

Chapter 8 − Annex
• 360CapitalPartners: http://360capitalpartners.com/en/index.html
• Innogest: http://www.innogest.it/
• AIFI - Associazione Italiana del Private Equity e Venture Capital www.aifi.it
LATVIA :
• LVCA - Latvian Venture Capital and Private Equity Association www.lvca.lv
NETHERLANDS :
• NVP - Nederlandse Vereniging van Participatiemaatschappijen www.nvp.nl
• Team Academie Nederland, Amsterdam and Haarlem, Netherlands. Offers a degree
and vocational training in graphic design and entrepreneurship.
NORWAY :
• NVCA - Norsk Venture - Norwegian Private Equity & Venture Capital Association
www.nvca.no
POLAND :
• PPEA/PSIK - Polish Private Equity Association www.ppea.org.pl
PORTUGAL :
• APCRI - Associacão Portuguesa de Capital de Risco e de Desenvolvimento
www.apcri.pt
SLOVAKIA :
• SLOVCA - Slovak Venture Capital Association www.slovca.sk
SLOVENIA :

Chapter 8 − Annex
• SLEVCA - Slovenian Venture Capital Association www.pcmg.si
SPAIN:
Entrepreneurial resources are generally organised at the Autonomous Community level.
Several of the largest are:
• Madrid: Madrid Emprende : http://madridemprende.esmadrid.com/formacion
• Cataluña: http://www.barcelonactiva.cat/barcelonactiva/en/index.jsp
• Basque Country:
o SPRI :
http://translate.google.com/translate?u=http://www.spri.es/aNS/web/es/index.j
sp&hl=es&langpair=es|en&tbb=1&ie=UTF-8
o Team Academy Euskadi, Bilbao. Part of the Tecnalia strategy to promote
knowledge based entrepreneurial spirit. www.team-academy.euskadi.com
offers part and full time programmes to create team entrepreneurs and
innovative projects.
o Team Academy Mondragon, Mondragon. http://mondragonteamacademy.com
Venture Capital and Angel investors:
• Spanish Association of Risk Capital (ASCRI) http://www.ascri.org
• Basque Country: Sociedad de Capital Desarrollo de Euskadi SOCADE
http://www.socade.com
SWEDEN :
• SVCA - Swedish Private Equity & Venture Capital Association www.svca.se
SWITZERLAND:
High-tech business incubators:
• Swiss national association of incubators and technology parks :
http://www.swissparks.ch/
• Swiss Venture Platform : http://www.cti-invest.ch/Members/Member-List.aspx
• SECA - Swiss Private Equity & Corporate Finance Association www.seca.ch
Mentoring services

Chapter 8 − Annex
Practically, every scientific park includes a coaching service. The following may also be
useful:
• Innovation Promotion Agency CTI : http://www.ctistartup.ch/
• Business Angels & Mentoring Club : http://www.a3angels.ch/
• Plateforme innovation : http://www.platinn.ch/
UK :
Incubators:
• Association of business incubators: http://www.ukbi.co.uk/home.aspx
Venture Capital:
• British Private Equity & Venture Capital Association (BVCA)
http://www.bvca.co.uk/home
Business Angels:
• British Business Angels Association (BBAA) http://www.bbaa.org.uk/
Business mentoring: is very diverse in the UK from individuals to various forms of
organisation offering different services. Some significant ones are:
• Mentorsme: A portal for finding business mentors - http://www.mentorsme.co.uk/
• Business Link: a UK government funded organisation offering general advice and
support to UK businesses. However, recent changes mean that this now is a web
based resource only and no longer offers direct mentoring. Nevertheless, there is
quite a lot of free advice on their web site.
http://www.businesslink.gov.uk/bdotg/action/home
• Several of the UK banks offer business mentoring services such as RBS
(http://www.rbsmentor.co.uk/) and Lloyds
(http://www.supportingbusinesses.co.uk/lloyds/business-mentoring/). The five big UK
banks are behind the Mentorsme service mentioned above.
• Several Universities offering business mentoring services. These include the
University of Central Lancashire
(http://www.uclan.ac.uk/information/business/start_up.php), Bangor University
(http://www.bangor.ac.uk/careers/students/business_mentoring.php.en), Coventry
University
(http://wwwm.coventry.ac.uk/researchnet/enterprise/business/Pages/Business.aspx)
and Northampton University (http://www.northampton.ac.uk/info/200278/the-
enterprise-club). Also the Universities of Batch, Bristol, Exeter, Southampton and
Surrey have a collaboration called SETsquared which offers both advice and
incubation (http://www.setsquared.co.uk/)
• Tiimiakatemia CIC, London, United Kingdom.

Chapter 8 − Annex

Chapter 9 − References
9. References
1
http://epp.eurostat.ec.europa.eu/statistics_explained/index.php/High-tech_statistics
2
“Design measures to promote growth of yound research-intensive SMEs and start-ups”, Report by
the CREST Expert Group (EU Scientific and Technical Research Committee), March 2006.
3
http://www.prweb.com/releases/service_robotics/professional_robots/prweb4240924.htm (July 2010)
4, 5, 6, 7
8
http://www.prweb.com/releases/service_robotics/professional_robots/prweb4240924.htm
9
http://cyberlaw.stanford.edu/node/6365 (2009)
10
11
“Blooming”, Economist. June 10 2010.
12
A. Reinhardt, “Europe’s Young Entrepreneurs”. Oct 2006
http://www.businessweek.com/globalbiz/content/oct2006/gb20061008_832774.htm
13
Kuemmerle, W. “A Test for the Fainthearted”, Harvard Business Review, May 2002
14
Kaplan, Jerry, Start-up
15, 16
Osterwalder, A. and Pigneur, Y., http://www.businessmodelgeneration.com/canvas
17
„Seven questions to assess your business model design“, Sept 14, 2011.
http://www.businessmodelalchemist.com/2011/09/7-questions-to-assess-your-business-model-
design.html
18
http://www.allbusiness.com/management/304250-1.html
19
Elaborated by Tecnalia and based upon “Tackling the Innovation Gap” prepared by the Fraunhofer
Institute
20
Sahlman, W., “How to Write a Great Business Plan”, Harvard Business Review, July-August 1997
21
22, 23, 24, 25
26
“The internationalisation of British and German start-up companies in High-technology industries”,
O. Bürgel, A, Fier, G. Licht, G. Murray, E. Nerlinger.
27
“Keys To Launching And Maintaining A Successful High-Tech Business”, US Legal.
http://definitions.uslegal.com/h/high-tech-business/
28, 29
Stanford Venture Capital
http://stvp.stanford.edu/documents/about/presentations/Stanford_London.pdf
30, 31

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