aldo cocchiglia - m31 - european incubators in silicon valley - stanford - jan 3 2011
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European Incubators in Silicon Valley: the M31 case
Aldo Cocchiglia, CEO – M31 USA
Stanford Engineering School, January 3 2011
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M31 is the code name for Andromeda
galaxy
M31 is a galaxy of technology stars
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What’s in a name?
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What does M31 do?
M31 Italia turns innovative technologies into start-ups.
M31 USA turns technology start-ups into successful global companies.
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M31 Italia founded in Padova, Italy in 2006Focus on incubation: working with entrepreneursfrom seed funding to corporate exits
M31 USA established in Silicon Valley in 2010Initial focus: global expansion for Italian high-techcompanies including start-ups and larger high-tech enterprises
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Where and When
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Venture incubation - office space and office shared services
Funding – from seed to 2nd + rounds
Management advisor– from strategy to execution
Global Business Development –from leads to contracts
M31 Operating Model
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Sectors we invest in: Medical Equipment, Embedded Computing, Optical Systems, Software and Web, Sensor Networks
Core competences: Innovative Product Development, Strategic Management, Global Reach
Services provided: from incubation to management, from international expansion to exit
Deal flow: affiliation with universities, research labs, private companies, Angels, early-stage VCs., etc.
Typical investment size: € 50 K to 2.5 M, with syndicate if needed
M31 Focus
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M31 is different from:
Business Plan Competitions
We invest capital
Traditional Incubators
We provide more than just office
space and services
Angels and early stage VCs
Founders retain large equity
stakes and we co-manage the
company with them
Our Value Proposition
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M31 decodes the
start-up DNA
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M31 Portfolio
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software & WEB,
sensor networks,
I-net of things
biomedical
instruments
embedded
electronics & PCs
adaptive
optics
wireless
antennas
WEB services
WEB services
in eyecare
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Shareholders
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Private Investors, including academics, business managers and entrepreneurs
TTVenture - Technology Transfer Venture Capital Fund
M31 Management Team
Funds raised since 2007: $ 10 M
M31 investments: $ 10 M
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Management Team
Ruggero FrezzaPresident, M31 Italia
Riccardo FontanelliCOO, M31 Italia
Aldo CocchigliaCEO, M31USA
Mauro OdoricoBoard Director, M31Chief Investment Officer of TTVenture
Elisabetta GhisiniCMO, M31 USA
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M31 USA
Global Expansion Services• US entry planning• Global expansion planning• Start-up incubation in SV• Innovation tours for Italian companies and university programs• Exit strategy and Fundraising support for additional rounds
Gateway to Italian Technologies• Technology scouting for US companies• Partner/supplier scouting for US companies• High-tech investments in Italy: start-up or product line acquisitions
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M31USA Clients
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M31 Portfolio Companies
University Technology
Transfer Offices
Italian High-Tech
Companies
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M31 portfolio companies: the CenterVue case
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The CenterVue Case
Incorporated in April 2008 - first startup for M31
Develops hw & sw for cost-effective screening programs to detect and treat ocular diseases that bring to blindness
Shareholding: M31 46%, Seed investor 28%, Founders & Management 26%
Total capital raised: $2.4M; headcount: 17
Developed two innovative devices approved by FDA in 2010, and a Web software platform
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The CenterVue Case
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The Eye Knowledge network: a Web platform for eye care, i.e. online continuing education, expert consultation and telemedicine
MAIA: early detection and management of Age Related Macular Degeneration (AMD)
DRS: a fully automated, inexpensive, retinal camera for large scale screening of Diabetic Retinopathy
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The DRS
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Takes digital photo of the backof both eyes in 50 sec. andtransfers it to telemedicineplatform for remote diagnosis
Fully automated: requires noinstallation, no training and nooperators
Sale price: less than half of any competitive product
Can be available at any health-care point nationwidewith no need for skilled operators
Allows for basic and large–scale data collection forprevention of diabetes-related blindness
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The DRS
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Highlights of the CenterVue Story
Major positive impact on social costs of blindness in US and worldwide
Short development time and very limited investment thanks to the “M31 model”
2010 sales: 120+ units
Estimated 2011 sales: 1700+ units in 60 countries for $25+M (64% in US)
Planning an exit via acquisition or IPO in US within 2 -3 years
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M31 Italia SrlVia N. Tommaseo 7735131 Padova – ItalyPh: +39 049 781 1811www.m31.com
M31 USA, LLC4655 Old Ironsides Dr.Santa Clara, CA 95054Ph: +1 408 988 8404www.m31usa.com
M31: Incubation of European Ideas, with European R&D, European job creation and US business development