06 telcos corporate venturing - t-venture thomas grota 18032015
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Telco’s Corporate Venturing
Thomas Grota, Investment Director T-VentureDeutsche Telekom AG
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Venture Capital is a tough and risky Business.
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55% of US investments are written off
x<0.5 0.5<x<1 x=1 1<x<2 2<x<5 x>505
101520253035404550
% Cost % Value
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62% of EU investments are written off
x<0.5 0.5<x<1 x=1 1<x<2 2<x<5 x>50
10
20
30
40
50
60
% Cost % Value
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2000 2005 2010 2012
441
119 75 86
… low number leads to dominant VCs seeking Unicorn investments.
# of active VCs declined, big Funds raised.
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Entrepreneurs need less capital to start… Thanks to cloud, viral marketing via social & easy payment.
1995 2005 2010 2014
4.000.000 €
400,000 €
40,000 € 4,000 €
Cos
t nee
ded
to st
art a
n IT
com
pany
TechnologyDrivers
Open Source
Cloud + AWS
DevelopersStart Companies
99% cost reduction
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Cisco Amazon Microsoft LinkedIn Twitter facebook Alibaba
0.2 0.4 0.8 4.3
18
Private investor capture gains today
Previous Tech Cycle
Current market cap:$139B+ $173B+ $347B+
$33B+
$30B+
$206B+ $212B+
New Tech Cycle
Market Capitalization at IPO ($B)
*) Data from Q1 2015.
104 150
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So the Markets have changed – and so did VCs.
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Late stage financing produces lofty valuations
Seed Stage Early Stage Later Stage
Larger Later stage rounds after
validation
More seed rounds as costs decline & sources of capital increase
Traditional VC
Today’s VC
ValuationBetter equity position for early stage investors and founders
competitive areas(Big funds needed)
… When a concept works the competition is fierce.
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T-Venture’s Portfolio of 100co’s
3 Unicorns & 5 IPOs$1B+ in Value
20+ Centaurs$100m+ in Value
40+ of Little Ponies$10m+ in Value
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Where business runs Everywhere on…
We life in a complex World
Fast Secure ubiquitous
Networks
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But before you can Sell digital
Data – Services – Apps – Productivity
You need to make them available & accessible
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VCs invest in the Pillars of this World
Software-driven Space
Hardware-driven Space
Contents & Advertising
Social Networks
Security Platforms
Connected Computing
curr
ent v
alua
tion
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Telco’s Chance to benefit
Partnering & Venturing
Contents & Advertising
Social Networks
Security Platforms
Connected Computing
Opportunities of Venturing
Opportunities of Partnering
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Advertising is based on two things:
Big Data & Customer Insights
SCALE TECHNOLOGY&
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Challenges of Today
“Mobility Demand”Connectivity everywhere
“Tsunami is here” Connected Devices (IoT)
“More needs More” Efficient data centers
“Secure Access” Platform Management
Telco Networks
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Investments Today – 5y in Future
“Mobility Demand”
“Tsunami is here”
“More needs More”
“Secure Access”
Telco CVC
ETA Devices
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Seek smart partnerships for reach and trust
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Seek smart partnerships for reach and trust
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Like Startups – VCs are risking to burn $$$ of LPs