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Exploring the San Diego Startup Ecosystem

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Exploring the San Diego Startup Ecosystem

How San Diego has become a premier tech startup city, and information about local resources including incubators, accelerators, university resources, co-working spaces, and funding sources, along with tips for getting started

How San Diego has become a premier tech startup city, and information about local resources including incubators, accelerators, university resources, co-working spaces, and funding sources, along with tips for getting started

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Exploring the San Diego Startup Ecosystem

  1. 1. October 18, 2017 Jason Knapp - @jasonjknapp EXPLORING THE SAN DIEGO STARTUP ECOSYSTEM
  2. 2. SPECIAL THANKS TO  UCLA Anderson Office of Alumni Relations  UCLA Anderson Alumni Panel: Tracy Stevens, John King, and Grai Andreason  EvoNexus  Eric Otterson, UCLA Anderson ‘96, Managing Director, Silicon Valley Bank  Mike Krenn, San Diego Venture Group  Michael Lawless, UCLA Anderson ‘80, Director of Entrepreneurship Initiatives, USD  Lynsey Fitzpatrick, Office of Innovation and Commercialization, UCSD
  3. 3. WHO IS JASON?  Product, UI, workflow  Simplification of the complex  Platforms, consumer data, marketing tech CAREER: INTERESTS: EDUCATION CONSULTING: STARTUP COMMUNITY INVOLVEMENT:
  4. 4. WHAT DO YOU WANT TO LEARN TODAY? Is San Diego a good place for startups? How is the San Diego startup community changing? Isn’t it better to be in Silicon Valley? Where do I get help starting a company in San Diego? Where do I find interesting startups in San Diego? How do I get my company funded in San Diego?
  5. 5. WHAT MAKES A COMMUNITY STARTUP FRIENDLY? UNIVERSITIES  Talent  Ideas & IP BIG TECH COMPANIES COMMUNITY FUNDING  Spawn startups/experie nced employees  Buy and fund startups  Support for new business models (e.g. Lyft/AirBnB)  Supportive organizations & government  Diversity  Wealthy entrepreneurial individuals to provide angel funding  Venture capital community
  6. 6. SAN DIEGO CONTINUES TO MOVE UP US Chamber Of Commerce Startup Friendly City Rankings October 2017 Source: Innovation that Matters, US Chamber of Commerce, October 2017  Involved city and university leadership pushing startup friendly initiatives  Improved connectivity  Improved access to talent  Improved funding access (thanks in part to efforts by Mike Krenn and the San Diego Venture Group)  One hour and $79 from Silicon Valley 2017 RANK CHANGE SINCE 2016 Boston 1 0 Bay Area 2 0 Philadelphia 3 ▲5 San Diego 4 ▲1 Austin 5 ▲1 Atlanta 6 ▲15 Dallas 7 ▲12 Seattle 8 ▲3 New York 9 ▲1 Portland 10 ▲2
  7. 7. SILICON VALLEY IS BECOMING MORE CHALLENGING Source: Innovation that Matters, US Chamber of Commerce, October 2017 CONNECTIVITY SPECIALIZATION CAPITAL CULTURE TALENT DENSITY San Diego CONNECTIVITY SPECIALIZATION CAPITAL CULTURE TALENT DENSITY Bay AreaRANK 4th RANK 2nd▲1 PLACE FROM 2016 UNCHANGED FROM 2016 Bay Area has:  Undisputed tech industry capital  Home of biggest VCs But challenges for Bay Area startups are growing:  High cost of real estate  Ambivalent communities  Lack of diversity  Traffic / spread out 2016. 2017
  8. 8. MULTIPLE TECH INDUSTRIES HAVE HOMES HERE  Sorrento Valley / UTC area had the most funded startups More than half in Life Sciences  La Jolla Hardware & life sciences  Downtown Software Published in Connect San Diego Innovation Report 2016
  9. 9. SAN DIEGO IS ACCESSING BAY AREA TALENT & CAPITAL
  10. 10. VC ECO-SYSTEM RANKING Not surprising to see Silicon Valley and other prominent geographies like New York and Boston on top... Source: Peter Lee, Embark Ventures presentation, October 2017 METRO TOTAL VC INVESTED TOTAL VC FUNDS RAISED VC INVESTED/ FUNDS RAISED NET OUTSIDE VC CAPITAL Silicon Valley 144.7 153.1 95% -24.6 New York 33.9 43.6 78% -9.7 Boston 30.7 41.2 75% -10.5 Los Angeles 21.3 2.7 789% 18.6 San Diego 9.4 1.5 627% 7.9 Seattle 8.4 7.6 111% 0.8 Chicago 8.3 3.4 244% 4.9 Washington DC 8.2 4.8 171% 3.4 Austin 6.6 1.9 347% 4.7 Philadelphia 4.8 3.0 160% 1.8
  11. 11. LA AND SD HAVE THE BIGGEST OPPORTUNITY ...but the more interesting story is how more outside money is flowing into LA and SD from outside vs any other region METRO TOTAL VC INVESTED TOTAL VC FUNDS RAISED VC INVESTED/ FUNDS RAISED NET OUTSIDE VC CAPITAL Los Angeles 21.3 2.7 789% 18.6 San Diego 9.4 1.5 627% 7.9 Austin 6.6 1.9 347% 4.7 Chicago 8.3 3.4 244% 4.9 Washington DC 8.2 4.8 171% 3.4 Philadelphia 4.8 3.0 160% 1.8 Seattle 8.4 7.6 111% 0.8 Silicon Valley 144.7 153.1 95% -24.6 New York 33.9 43.6 78% -9.7 Boston 30.7 41.2 75% -10.5 Source: Peter Lee, Embark Ventures presentation, October 2017
  12. 12. THE MONEY IS FLOWING IN Published in Connect San Diego Innovation Report 2016 San Diego VC Investment by Stage of Company Development AmountofVCInvestmentinMillionsofDollars  Record $1.5 billion in venture funds raised in 2016  Up from the previous record of $1.2 billion in 2015  Does appear to be a move away from seed funding toward larger deals for ventures with more traction Change from 2015 0 100 200 300 400 500 600 700 800 2011 2012 2013 2014 2015 2016 Seed Stage Early Stage Expansion + Later Stage -56% +120% +3% $65M, 16 Deals $40M, 10 Deals $33M, 5 Deals $18M, 8 Deals $135M, 18 Deals $59M, 22 Deals $338M, 41 Deals $512M, 42 Deals $345M, 44 Deals $394M, 41 Deals $320M, 37 Deals $525M, 58 Deals $601M, 57 Deals $355M, 50 Deals $393M, 50 Deals $734M, 50 Deals $757M, 45 Deals $708M, 50 Deals
  13. 13. THE NUMBERS SHOW SAN DIEGO IS NOW A STARTUP HUB  Southern and Northern California had a similar number of new ventures in 2016  San Diego held it’s own with ~2/3rds as many startups as Santa Clara or San Francisco counties Published in Connect San Diego Innovation Report 2016 New Innovation Startups by California County in 2016 1202 477 449 119 82 78 49 48 760 611 341 278 122 81 52 41 264 0 200 400 600 800 1000 1200 1400 Southern CA 2,504 Northern CA 2,550
  14. 14. INCREASINGLY, SAN DIEGO IS THE PLACE TO BE  Unprecedented -- Years of hard work generating results  VSs saw 28 companies pitch and met 20 more CEOs  Very positive feedback, numerous follow-up  30 Exhibitors at San Diego Cool Companies exhibitors raised > $70mil in the last year  200 Exhibitors at Tech Crunch Disrupt Startup Alley raised only $35mil in the last year SDVG has brought over 150 VCs to the area in 2016 Venture Summit drew >100 VCs Cool Companies Event in June drew > 60 VCs Source: Mike Krenn, San Diego Venture Group
  15. 15. SAN DIEGO HAS HIGHLY VALUED INDUSTRIES T Y P E H O W E X A M P L E S M A R K E T M U LT I P L E Asset Builders Make One, Sell One Industrials Hospitals Hotels 1X Service Providers Hire One, Sell One Consultants Financial Services insurance 2X Technology creators Make One, Sell Many Biotech Software Pharma 4X Network Orchestrators Many make, many sell Credit cards Stock exchanges Social networks 8X TECHENABLED 40-year S&P 500 Lookback Source: Deloitte Development presentation to SNS FiRe Conference 2017
  16. 16. AND COMMUNITIES THAT SUPPORT THESE INDUSTRIES THRIVE HIGHER ADOPTION OF INNOVATIVE MODELS LOWER ADOPTION OF INNOVATIVE MODELS Based on 2014-15 data compiled by the Economist Intelligence Unit Presented by Deloitte Development at SNS FiRe 2017 Despite some controversy, San Diego has wide adoption of new innovative models. For example, San Diego is a top city in usage of tools like Uber/Lyft and AirBnB US CHINA MEXICO GDP ▲ JAPAN GERMANY UK GDP ▼
  17. 17. SAN DIEGO UNIVERSITIES ARE PRIORITIZING ENTREPRENEURSHIP  Lavin Center lavincenter.sdsu.edu usdentrepreneurship.com  Social Innovation Challenge  Legacy Entrepreneurship Conference  USD Legal Entrepreneurship Clinic  Hera Hub  Zahn Center / Zip Launchpad
  18. 18. DEEP DIVE: UC SAN DIEGO STATED OBJECTIVES: Removing the barriers to tech transfer Removing startup barriers Integration of support functions for entrepreneurs New approaches to collaboration- Innovation Zones PROGRAMS: ACCOMPLISHMENTS: Six campus incubators Ignite conference, March 6-7, 2018 Partnership with Triton Fund (part of Vertical Ventures) Entrepreneurs-in-Residence Accelerating Innovations to Market (Proof of concept grants) Ranked #4 nationwide for start-up creation! 760+ companies since 1988 106 new companies in 3 years – 43 last year Approx. 200 new jobs created Raised $125M in funding Innovation.ucsd.edu
  19. 19. WAYS TO GET INVOLVED Facilities – access university resources  Qualcomm Institute Innovation Space  Prototyping Lab and core resources open to industry  The Basement and StartR  Supercomputer Center and CALIT2 Events – attend, speak, network  Changemaker Day (social innovation), October 25, 2017  Ignite innovation conference, March 6-7, 2018  Research Expo (engineering), April 2018  Monthly seminars and “Design@Large” series  Biannual accelerator demo days  Office of Innovation & Commercialization weekly newsletter
  20. 20. LARGE TECH COMPANIES ARE INVESTING IN SAN DIEGO Home grown Major local presence
  21. 21. GETTING INVOLVED IN SAN DIEGO STARTUPS Stage 1: LEARNING & NETWORKING ORGANIZATIONS Network with fellow entrepreneurs for inspiration and to learn how it’s done. Google any of the below to find events and times. Organizations (education & events):  CONNECT  MIT Enterprise Forum  Startup San Diego / Startup Week  San Diego Venture Group  Athena – Supporting women in STEM  Hera Hub / Hera Labs / Hera Fund  TechStars / Startup Weekend  Downtown San Diego Partnership  Entrepreneur Organization, San Diego  San Diego Tech Founders  San Diego Tech Scene  Tech San Diego  Product Tank  Cleantech San Diego  San Diego Sports Innovators  Founders.org  San Diego Tech Coffee  Marketing Mondays  Cooley Go – Free self service legal docs Regular Meetups Tools
  22. 22. ANNUAL INNOVATION EVENTS Check eventbrite.com/d/ca--san-diego/startup-events/ for many more May USD Social Innovation Challenge June San Diego Startup Week August Venture Summit October SDVG/TCA Quick Pitch October EvoNexus Demo Day October San Diego Innovation Showcase October USD Legacy Entrepreneurship Conference October Design Forward October TEDx SanDiego November Most Innovative Product Awards November Global Student Entrepreneur Awards
  23. 23. GETTING INVOLVED IN SAN DIEGO STARTUPS Stage 2: ACCELERATORS, INCUBATORS, AND CO-WORKING  Incubators & Accelerators  Cost & funding  Often take equity, although some are free or for modest fees  May give some (e.g. $25k) cash for equity  Competitive programs look for:  Committed leadership team with domain expertise & technology skills  Adequate funds in the bank (e.g. pre-seed or self-funded) to operate for 3-6 months without additional fundraising  Definitions often blurry CO-WORKING •Space & community in exchange for rent INCUBATORS •Generally pre-revenue •3-18 months (or more) •Mentorship oriented ACCELERATORS •Post MVP with market traction •3-6 months •Intense programming
  24. 24. SAN DIEGO INCUBATORS / ACCELERATORS XHIVE Incubator  Office space & mentoring  Charges equity  IOT & Analytics spaces  slpsandiego.com  6 month educational program  Provides education and lab space to health care science related startups  Both early stage and more mature high growth companies  Mentoring  Length varies  fi.co/s/san_diego  Night classes for founder  3 ½ month accelerator for 4% equity In addition to the university programs
  25. 25.  Locations near UCSD and UCI  Irvine company provides class A office space  Completely free: No equity and no cash  Does not provide funding, but can help with networking  >50 sponsors including Qualcomm & ViaSat  Top local executives & entrepreneurs volunteer as mentors and selection committee  Successful applicants generally have:  Technology and business founders who will work full-time from incubator office for at least 6 months without additional funding  At least proof of concept / prototype product or clear IP rights DEEP DIVE: EVONEXUS INCUBATOR Incubator Statistics (Since 2010) 18 AQUISITIONS $1,3B FUNDING & OUTCOMES 74% RECEIVE FUNDING DURING INCUBATION >1,600 APLICATIONS RECEIVED 48 COMPANIES CURRENTLY INCUBATING 181 COMPANIES IN PORTFOLIO 85% COMPANIES ACTIVE >2,500 JOBS CREATED
  26. 26. CO-WORKING  3rd Space  Bio Tech & Beyond  Collective 1939  CyberHive  DeskHub  DowntownWorks  Outsite.co  Real Office Centers (ROC)  The VineSD  WeWork In addition to the university programs
  27. 27. GETTING INVOLVED IN SAN DIEGO STARTUPS Stage 3: FUNDRAISING Pre-seed $100-250k SAFE or Convertible Note Discount off of future round with maximum value, usually $1-2 million Minimum investment usually $25k Use of funds: Build proof of concept Demonstrate market interest Sweat / self / friends & family / wealthy individuals in your network (but be wise!—you/they will probably lose their money!) Seed round  $500k-2mil  May still be a note or could be equity  Usually value of $4-8million  Minimum of $25k, but could take syndicates of smaller investors as well  Use of funds:  Fill core team  MVP  First clients / pilots / case studies  Individual angels, angel groups, prizes  Usually local investors Series A  $2.5-$100mil  Equity  Price highly variable and depends on company progress, industry and potential  Use of funds:  Scale business to attack market  Build out team to sell & support customers  Professionalize product to meet client expectations  Angel funds & VCs  Often involves non-local (Bay Area) investors
  28. 28. LOCAL FUNDING RESOURCES Based on list at: www.sdvg.org/resources/#vcfunds  SEED San Diego  Correlation Ventures  Analytics Ventures  Alexandria Ventures  Avalon  CWC HealthTech Ventures  Domain Associates  Finistere Ventures  JMI Equity  Jackson Square Ventures  CWC HealthTech Ventures  Domain Associates  Finistere Ventures  JMI Equity  Jackson Square Ventures  Ventures 51  Wolfpack Ventures  Illumina  Qualcomm Ventures  ViaSat
  29. 29. TIPS FOR FUNDING YOUR STARTUP When it comes time to go to Silicon Valley, use local resources like San Diego Venture Group & the Beachhead office  Work on the side of your current job to get your business plan and prototype done  Network and recruit co-founders to fill out the needed skills  Self-fund or use friends or family funds with caution: This is a very risky investment—it’s probably not worth putting your home, kids education, or family relationships at risk!  Get feedback from mentors who have done it  Investors want to invest in a big idea: Paint a clear picture of what being successful will look like for your company (both the big idea and it’s ultimate value)  Show exactly how you plan to use the money and what that will achieve  95-99% of your pitches will not result in funding (although people often won’t directly say “no”). So if you haven’t done 100 pitches you shouldn’t be surprised you haven’t gotten to “yes” yet Start with sweat equity Refine your pitch PITCH, PITCH, PITCH
  30. 30. SAN DIEGO TECH & STARTUP EXPERIENCES Grai Andreason EMBA ‘02 VP, Project Management, Spinogenix, Inc. Tracy Stevens MBA‘98 Vice President, Product, AppFolio John King MBA‘03 Founder & CEO, Hyperlight Energy
  31. 31. THANK YOU Jason Knapp - @jasonjknapp

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