TeleVenture Management

Norsk Innovasjonskapital

Rune Rinnan

First Tuesday Bergen

4. september 2012

En nyskapning innenfor

venturebransjen

Hva er NIK?

Venturefond tuftet på de beste virksomheter fra:

Bergen Teknologioverføring

Kjeller Innovasjon NTNU TTO&IFE

NIK I NIK II NIK III

Ledet av TeleVenture Management

Hva er TeleVenture Management?

• 6 partnere med bred erfaring innenfor

industri, finans, VC – verdiutvikling og

nyskapning.

• Etablerte og ledet Telenor Venture i 17

år med 8 fond.

• 7 bedrifter utviklet med milliardverdi

eller milliardomsetning (Telenor

Venture).

• Partner etablerte SPT Group og deltok i

salget til 2,7 milliarder NOK.

• Established in 1993 as the Venture capital arm of

Telenor group

• 7 funds under management since start-up

• More than 150 transactions carried out

Experienced venture player…

• IRR in the range of 23%¹ and 136% on closed funds

• 7 companies previously under TeleVenture management

achieved sales or exit value above NOK 1 billion

• Historical survival rate: 74% of managed companies

…with proven track record

Eltek ASA

Return: 305%

Listed on Oslo Børs

Exit: 2000

Data Respons ASA

Return: 1204%

Listed on Oslo Børs

Exit: 2005

Tandberg

Return: 3800%

Listed on Oslo Børs

Exit: 1995

SCM Microsystems Inc.

Return: 396%

Listed on NASDAQ

Exit: 1999

Q-Free ASA

Return: 44%

Listed on Oslo Børs

Exit: 2005

Opplysningen 1881

Return: 419%

Fund closing

Exit: 2010

Cell Networks AB

Return: 454%

Listed in Stockholm

Exit: 1999

Navia ASA

Return: 470%

Listed on Oslo Børs

Exit: 1997

NAVIA ASA

¹ In TV II AS, IRR for single investors varied from -11% to 35%, depending on timing of exit during the years 1999-2002

TeleVenture har gode resultater gjennom mange år

Ris

k

Stand-alone

investments

Portfolio of

investments

Modell – etablering av «hjulet»

• Fondet etableres med tingsinnskudd fra TTO’ene,

og TTO’ene blir derfor eiere i fondet.

• TVM velger (kun det beste) og forvalter.

• Lave inngangsverdier.

• Ekstern kapital investert i fondet.

• Mål: Maksimal avkastning til investorer.

Forts. modell - etablering av hjulet

TeleVenture Management

NIK I 11 selskaper

Kjeller Innovasjon

FFI

NILU

IFE

NGI

NORSAR

BIOPARKEN

JV

----------------------

+ 5000 ansatte

F & U oppdragsforskn.

Industri og offentlig fin.

NIK II 5 selskaper

BTO

IMR

UIB

Bergen Hospital Trust

UNI research

CMR

Bergen Univ. Colleges

NIFES

----------------------------

+ 4000 forskere

4 milliarder NOK pr år i

Forskn. prosjekter

NIK III 14 selskaper

NTNO TTO og IFE Venture

Oil & Gas

Nuclear Technology

Material Technology (2)

Energy & Environment

Medical Technology

Marine & Maritim Technology

Information & Comm. Technology

-----------------------------------------

+ ca 4000 ansatte

5 milliarder NOK i omsetning

Ledestjerner

• La deg ikke stanse av tilsynelatende hindringer.

• For å kunne vinne må du være villig til å tape.

Poenget er ikke å vinne alle slagene men å vinne

krigen.

• Et viktig strategielement er altså at tap og fiasko er

del av suksessoppskriften.

• Stayer evne og mental styrke er viktig. "Ikke slipp

tak i takrenna".

• Tilpasningsevne og lønnsomhetsorientering.

A portfolio of several assets that

are less than perfectly correlated,

will reduce risk while maintaining

expected return

This will result in higher

expected risk-adjusted

return

Therefore, investment in a

portfolio of companies

should outperform stand-

alone investments in

single companies

Ris

k

# companies in portfolio

Ris

k-a

dju

ste

d r

etu

rn

# companies in portfolio

Stand-alone

investments

Portfolio of

investments

Risk reduced by selection

Risiko og portefølje diversifisering

Investeringskriterier

• Ledelse og menneskelige ressurser

• Betydelig vekst og lønnsomhetspotensiale

• Passe inn i portefølje og utviklingsfase

• Konkurranse fortrinn i et internasjonalt marked

• Betydelig eierinnflytelse med styrerepresentasjon

• Holdning til allianser, industripartnere og kapitaløkninger

• Prising og verdsettelse av eierbidrag

• Exit strategi

Hva gir næring til vekst?

Anvendt teknologi – en forutsetning

” Prospects for economic growth now depend importantly on a

country's capacity to develop and apply new technologies.”

Alan Greenspan, tidl. amerikansk sentralbanksjef

Innovators don’t

change the

world.

The users of

their

innovations do.

(Michael Schrage, MIT Media Lab)

The portfolio - maturity stage NIK II

Biotech

Oil &

gas,

Energy

IT

Commercial sales

Product dev. Pilot contract R&D

Stage Description

Flexible, foldable keyboard for phones and pads

No cables, no charging and no pairing

Low complexity and low production costs

Compatible for Near Field Communication (NFC)

enabled android telephones

Based upon integrated RFID technology

One2touch’s flexible keyboards are patent pending

world-wide

One2Touch

www.one2touch.no

Market

• NFC is the next big thing within mobile phones enabling a

whole range of new services, including mobile payment

• Number of NFC enabled phones expected to grow from

55 million in 2011 to 550 million in 2015

• First generation will be for Android, keyboards for other

operative systems will follow shortly after

Customers

• First order with Elecom (Japan) - launch expected in Q2

2012

• The two companies will jointly develop a model for the

Japanese market, paid 100 % by Elecom.

• First order will be 15 000-25 000 keyboards. Elecom is

granted four years exclusivity in Japan.

NIK II

ownership:

34.17 %

R&D Product dev.

Pilot contract

Commercial sales

Description

BerGenBio is presently developing the drug AXL, aimed

at malignant drug resistant cancers (see bottom right)

Development of AXL was facilitated through use of

BerGenBio’s patented technology CellSelect, which

increases understanding of cancer cell behavior which in

turn leads to higher success rates in developing new

drugs

With the CellSelect technology, pharmaceutical

companies will be able to rapidly test newly developed

compounds in disease mimetic models that will reduce

the translational risk into clinical trials

In addition to being a drug development company,

BerGenBio licenses its CellSelect technology to other

pharmaceutical companies

BerGenBio raised MNOK 53 in December 2011.

Investors included Investinor

BerGenBio

www.bergenbio.com

Market

• «Big Pharma» is increasingly outsourcing R&D, but still

80 % of new drug developments fail to see the market

• The CellSelect technology platform significantly reduces

the risk, time and cost associated with new target and

drug discovery

• Cancer drug market is USD 50bn and growing at 19 %

p.a.

First application of technology - AXL

• 90 % of cancer related mortality is caused by metastasis

• BerGenBio has discovered a gene that regulates cancer

metastasis

• Based on this breakthrough, BerGenBio is developing a

new therapeutic drug, BGB324, for malignant drug

resistant cancers

• BerGenBio will team up with a partner for the

development of the drug for later stage clinical trials

Stage

R&D Product dev.

Pilot contract

Commercial sales

NIK II

ownership:

13.71%

Description

AquaField : a flow meter that measures water fraction

and salinity in well stream topside or subsea

Disruptive technology providing core information on

reservoir performance

Cost advantage: 20 % of competing technology

Value proposition: Allows operators to maximize

production of oil and gas; provides real time information

on reservoir status through online salinity measurements

AquaKeel : a level profiler suited for subsea installation

in 3-phase separators

The Level Profiler can detect foaming in 3-phase

separators

IPR secured and freedom to operate analysis carried out

successfully

Hammertech

www.hammertech.no

Market

• Main application area is upstream oil and gas production

• Global market for multi-phase meters is approx. NOK 1

billion

• Low market penetration of only 12.5 % of current

installations

• Mainly new application areas which are accessible due to

low cost + Potential replacement of existing technology

• Joint Development contract with Statoil

• A LOOP contract (Leverandørutviklingsavtale) with Statoil

was signed January 2011

Advantages

• The single available technology capable of measuring

salinity in oil continuous flows

• Cheaper and more versatile than current technology

• Performs measurements which previously required

multiple sensors

• Can be developed for downhole applications

NIK II

ownership:

32.24%

Stage

R&D Product dev.

Pilot contract

Commercial sales

AquaField AquaKeel

Description

METAS provides systems for monitoring of the marine

ecosystem, including subsea installations within the oil &

gas industry

Product portfolio: a wide range of products from a single

underwater camera to complete Lander Systems where

an scientific acoustic sounder is the main sensor. A wide

selection of sensors (customer selected) can be added

to this platform

METAS was awarded RFFV funding (9/2010) for

developing detection system for monitoring leakages

from CO2 stored in sub bottom reservoirs

METAS was awarded NFR funding (11/2011) for

developing a detection system for monitoring oil and gas

leakages from subsea installations. A joint venture

project with Kongsberg Gruppen, Statoil, UiB and CMR

METAS

www.metas.no

Customers/Key figures

• Main customers are Statoil and research centers such as

IMR

• Lander systems delivered to Statoil in Norway and Brasil

and to Naizak in Saudi Arabia

• Revenue/Result of MNOK 12,75/1,75 in 2010

NIK II

ownership:

25.0 %

Stage

R&D Product dev.

Pilot contract

Commercial sales

Market

• Vertical focus on monitoring sub-sea oil & gas and fishery

research

• 5.000+ existing subsea wells in addition to new fields

• Requirements for leakage detection and monitoring of

sub-sea installations are being prepared by DNV

• METAS has a wide range of high tech products for both

monitoring and data collection. MNOK 3 invested in initial

preparations for the leak detection programs during 2011

• Metas’ technology shall be a partner and cornerstone in a

MNOK 150 project with Statoil, IBM, Kongsberg og DnV

Stage Description

Solid Publication AS

www.solidpublication.com

Market

• 900 million Facebook users

• 2,3 mill Norwegian Facebook users. Average 40min/day

• 50 million tweets/day

• 1 new LinkedIn user/second

• Youtube is the 2. largest search engine in the world

• Established January 2011

• 300 customers

• 20 employees

• Oslo, Stockholm, Copenhagen, Norrköping, Milano

Positioning

• Norway’s # 1 on creating Facebook sites

• Positioned for international launch

NIK II

ownership:

8.0%

R&D Product

dev. Pilot

contract Commercia

l sales

Selected customers

Professional development of social media sites

Applikations, widgets, tabs

Publishing platform

Monitor, administrate, analyze social media

Monitor digital media (42’ websites in 180 countries)

Advertising, marketing, campaigns, competitions

Hva kjennetegner innovasjons selskaper

med suksess ?

• Leder med spesielle egenskaper.

• Aktivt eierskap

• Klart definerte ambisiøse mål og strategi

• Holdninger, Integritet, Samarbeid men

rollefordeling

• Det skal være gøy - tjene penger

• Kultur miljø

- Energi, mot, besluttsomhet, begeistring

• Kremmerånd

• Ikke rødvinsstyre

• Bygge konkurranse fortrinn

• Utvikling av mennesker - Interaksjon, kompetanse

• Måling

Dødssynder

• Uklare mål

• Uklart definerte ansvar- og rollefordelinger

• Gründer ”skal” være konsernsjef

• Gründer / Eier gir ikke fra seg eierkontroll

• Ulike agendaer – usikkerhet

• Manglende finansiell styring

• Manglende integritet

Hvordan skape en kultur for nyskapning ?

• Sats på mennesker og miljø

• Bygg holdninger, kultur og grunnverdier

• Nyskapning som definert mål

• Feiling / Fiasko som del av strategien

• La det utradisjonelle og ”gale” få utviklingsmuligheter

• Skryt av nyskaperne

• Incentivordninger

• Nyskapning Markedsmuligheter

• Feiring ved måloppfyllelse

Venturekapital og innovasjon

• Venturekapital ikke alltid ”beste” kapital for gründerbedrifter

• Gründere med noe avstumpet følelsesmønster en fordel

• Ekstrem fokusering

• Energi, mot og begeistring

• Timing viktig

• Nettverk, kompetanse, og kapitalbase

• Ekstrem risiko og ”systematisk” flaks

Hvordan mestre ekstremsituasjoner som

leder på vei mot målet?

• Ta vare på deg selv

• Tenk positivt

• Bruk humor

• Gi f……

• Hold sammen, støtt hverandre

• Søvn, ”Fysisk fostring og tran”

• Definer delmål og foreta måling, feiring ved måloppfyllelse

• Ærlighet mot deg selv og andre

Takk for oppmerksomheten!