1. Vigo Venture Accelerators
Driving Fast Growth of High Potential Start-ups

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What is the Vigo Program?
• Vigo is a new type of acceleration program designed to
complement the internationally acclaimed Finnish innovation
ecosystem.
• The Vigo Program assigns selected independent accelerator
companies to provide drive, experience and financing
opportunities for high-potential Finnish start-ups.
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Combine The Best Forces to:
Increase The Number of Successful Growth Companies and To
Develop the Ecosystem
Public and private
funding
The most Experienced serial
Potential start-ups entrepreneurs
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Vigo Venture Acceleration Process
For Potential High Growth Start-ups
Deal flow Venture accelerators Further financing
sources options
Universities and VC’s
Research Centers
Regional centers
and COE’s* Experience (Super)angels
Pre-seed Involvement
accelerators
Investment Industrial investors
Incubators
Innovation Foundation
Corporate spin-offs Organic growth,
Other other
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Key objectives
• The key objectives of the Vigo Program are to:
– Motivate the best business developers to help the most
promising start-ups grow into successful companies
– Ensure early stage funding for the target companies,
increase their shareholder value, and make them attractive
targets for venture investors
– Raise significant venture capital investments for continued
expansion of the target companies after the acceleration
stage
– Develop the Finnish venture capital market and bring more
international acceleration and venture capital players into
Finland
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Program Governance and Execution
• The Ministry of Employment and The Economy (TEM) decided to start
the Vigo Program in March 2009 in cooperation with Tekes* and
Veraventure**.
• A Steering Group representing significant experience and expertise in
the international growth business was nominated by the TEM in August
2009.
• Tekes is responsible for program implementation and based on Tekes’
mandate, the program is coordinated by Profict Partners ltd.
• An independent evaluation of the Program was made in the fall 2012ˆ.
• The Guiding Principles were renewed and the Steering Group re-
nominated from March 1st, 2013.
*Finnish Funding Agency for Technology and Innovation
**Currently Finnvera VC (The VC part of Finnvera investing public funds in
early stage companies)
ˆThe Vigo Program, Mid-Term Evaluation, MEE report 4/2013
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Vigo Accelerators
• The Vigo Accelerators are private companies
that are run by experienced entrepreneurs.
• The Accelerators offer their proven business
expertise, funding, and extensive contact
networks to the target companies.
• The Accelerators invest both money and time
into the target companies and take on both a
strategic and an operative role in the
companies.
• The Accelerators have been selected from the
best applicants in their respective fields in a
public procurement process.
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Vigo Accelerators 1/2
Cleantech
”Investing in clean future”
ICT, media
”Building businesses investors would love to own”
Digital media, analytics, commerce
“We produce new business”
Health, web, games, advanced tech
”Co-creating category leaders”
Clean, energy, ICT
”Inventions with good intentions”
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Vigo Accelerators 2/2
,
Fashion, design, lifestyle
”Helping to establish fashion and design brands”
UKKO Partners Life Science, health
”Investors in clinical development”
Online services
”Turning ideas into innovations”
B2B and B2B2C ICT
”Looking for the next big thing”
ICT, applications, media
”Finnish innovations to Asian markets”
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How does Vigo work?
Company
Acceptance is
applies directly
based upon eva-
to the The accelerator
luation of the
accelerator of it’s invests time and
business The accelerator
choice. money and
idea, team and managers take a
sui-tability of the becomes a hands-on role in
company for the shareholder in operations and
program. the company biz development
Fast
Growth
1 2 3 4
. .
 The acceleration period lasts 18 to 24 months
. . 200
 The accelerators’ main revenue model is based on the growth in the company’s Descriptio
9
value at the point of exit. Monthly fees may also be included in the model. n
 The companies are able to utilize Tekes’s and Finnvera’s funding (grants, loans
and investments).
 Total funding package (private and public) for the Acceleration Period varies
between 1 to 2 million euros.
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Great case stories!
3/25/2013 Total portfolio 67 companies (30.12.2012)!

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Investors and VC’s:
MHS
Capital
AMBIENT SOUND INVESTMENTS
Juuranto Invest
Troll Capital
Kasvurahastojen Rahasto
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Angel Investors
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Esther Dyson
Esther Dyson is an active angel investor in a
variety of start-ups, for-profit and otherwise,
around the world. She also operates as the
Internet’s court jester, a person of no institutional
importance who somehow manages to speak the truth and to
be heard when and where it matters. She does business as
EDventure, the reclaimed name of the company she owned for
20-odd years before selling it to CNET Networks in 2004.
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Private and Public Funding in
Target Companies
160 €
Cumulative funding, M€
140 €
120 €
100 €
080 €
Total private
060 €
Total public
040 € Grand total
020 €
000 €
19 months 23 months 29 months 35 months 41 months
By 28.2.2011 By 30.6.2011 By By 30.6.2012 By
31.12.2011 31.12.2012
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Distribution of Cumulative Funding
in Target Companies
By 31.12.2011 By 31.12.2012
Totally 70,7 M€ Totally 135,4 M€
Accelera- Accelera-
Finnvera tors own Tekes Finnvera tors own
Tekes Domestic Domestic
8% 6% R&D 6% 5%
R&D private private
15% 18% 16% 20%
Tekes NIY Tekes NIY
Foreign 19% Foreign
20% private private
33% 34%
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Results Summary (by 31Dec 2012), 1/2
• Total cumulative funding in target companies was 135,4 M€, 60%
from private and 40% from public sources.
• Accelerators have invested 7,4 M€ in three years.
• Foreign private investments were 46,3 M€ representing 34 %
of total cumulative funding.
• Domestic private investments were 27,4 M€ (20% of total)
• Tekes NIY was 25,2 and R&D about 21,0 m€ and Finnvera VC
8,1 M€.
• Four exits by the end of 2012.
• Commitments into Accelerator Funds totally about 27 M€.
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Results Summary (by 31Dec 2012), 2/2
• Total service portfolio is 58 named companies (as reported by
the accelerators). Total service and investment portfolio is 67
companies.
• Totally there were 580 employees in target companies
(increase by 350 employees since signing of contract).
• Total revenue of target companies was 95 M€ (est).
• Outlook: Accelerators estimate portfolio sizes to grow clearly
during 2013.
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19. Satisfaction with Cooperation between
Start-Ups and Vigo Accelerators
Service Quality 4.16
Accelerators Competence 4.47
Acclerators Availability 3.63
Importance of Cooperation 3.68
Importance for Financing 4.11
1 1.5 2 2.5 3 3.5 4 4.5 5

20. Accelerators Impact in Key
Business Areas of Start-Ups
Sales/Customer Acquisition 3.16
Marketing 3.26
Product Development 2.95
Financing 4.26
Internationalization 3.79
HR Management 3.11
Business Strategy 3.95
1 1.5 2 2.5 3 3.5 4 4.5 5

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What’s in It for Me?
• For investors: • For the accelerators:
• Professionally qualified • Significant public leverage in target
opportunities company financing
• Experienced and committed • Financial returns with successful
management teams exits
• High leverage initial funding (R&D • Rewarding and challenging career
and BD grants& loans) options
• For start-up companies: • For the community
• Business competence • Jobs and tax-payers
• Experience • Export income
• Drive for growth • Increasing knowledge capital
• Customers, contacts and further • Wealth and prosperity
financing
>> Accelerated growth, increasing value
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If You Are a Foreign High Potential Start-up
Looking for Fast Growth and…
• Need experienced hands-on strategic and operative
guidance/support
• Need funding to make it all happen and…
• Are flexible to accept outside (venture type) equity funding
• Are willing to relocate (some of) your operations to Finland
…teaming-up with a Vigo AcceIerator might
be the best option for you!
• You can start by checking out www.vigo.fi and …
• We can help you to get going!
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23. Thank You!
www.vigo.fi
seppo.ruotsalainen@profict.fi
marit.tuominen@profict.fi