business angels in switzerland
DESCRIPTION
This is a presentation based on 5 years activities of a Business Angel Club founded by alumni of the Swiss Federal Insitute of Technology, EPFL. Presented at a panel with INSEAD alumni sharing experiences with successful entrepreneurs Kelly Richdale IDQ, Martin Velasco Anecova , Pedro Bados Nexthink, Marco Boella - Lemotpics with assistance of Colin Turner Greentek venturesTRANSCRIPT
http://www.a3angels.ch
Business Angels in Suisse Romande Claude Florin, President A3 Angels
1 Claude Florin [email protected]
http://www.a3angels.ch
• Overview of Business Angel networks in Switzerland and their impact on the investment in early-stage technology companies
• A look at case studies of startups supported by A3 Angels with investments, mentoring, Alumni network.
• Suggestion of events and trainings sponsored by Alumni networks
• Presented at panel by INSEAD and EPFL alumni, April 2013.
Business angels in Suisse Romande
2 Claude Florin [email protected]
http://www.a3angels.ch
1 2 3 4 European Innovation Scoreboard 2013 INSEAD Global Innovation Index 2012
WEF World Competitiveness Index 2010-2011
Leveraging Swiss Innovation leadership
19/03/2013 3 Claude Florin [email protected]
http://www.a3angels.ch
CTI coaching
148
130
143 141
160
171
22 25 25 24 26 27
88 91 92 96 97 100
0
20
40
60
80
100
120
140
160
180
2007
2008
2009
2010
2011
2012
num
ber o
f com
pani
es
year
registrations, admissions, labels
Domain
Information, telecom, media
Biotech & Life sciences
Medtech
Engineering
Interdisciplinary
Cleantech
Micro- Nanotech
Technology startups : >150 / year (~50 in Romandie)
Source: CTI, Switzerland - Q1 2013 : 24-17-2 West : 11-6-2 Source: CTI Phase 3 – Q1 2013 N=99
4 Claude Florin [email protected]
http://www.a3angels.ch
Seed funding ~ mountain guide spirit Every year CHF 50M from BAs
• Business Angels evolution – More professional – Co-investment with public funds
(FIT, Fongit, ZKB) and regional VCs – Networked (CTI-Invest, SECA)
Grants FFF
Angels Crowd funding
Venture Capital
Banks, Customers
Rev
enue
/ E
BIT
DA
BA Ns syndicates
> CHF 50M
5 Claude Florin [email protected]
http://www.a3angels.ch
Seed investments in Switzerland
0.0
50.0
100.0
150.0
200.0
250.0
300.0
2007 2008 2009 2010 2011 2013 VC start-up VC seed Business Angels
-50%
(M CHF)
Source: EVCA/PEREP Analytics, conversion €=1.22 CHF / EBAN 2007-2008 / CTI for 2013, A3 Angels 2009-2012
+40%
Q1-Q3
50M 7M
http://www.a3angels.ch
Networks and members • Networks
• > 300 investors • > CHF 50M / year • >40 investments • Multidisciplinary
Investissement per capita CHF / hab
0
5
10
15
€ M/ M # deals/ M
Swiss Business Angels
Source : A3 Angels ; Nelson Gray, EBAN
7 Claude Florin [email protected]
http://www.a3angels.ch
A3 Angels Members >45, mentors +
investors
Structure Association alumni mentoring et investments seed
Meetings /year
10 diners, seed night, trainings
# Evaluations
40 startups / year
Portfolio 21 (7 + 16 mentoring), > 1M CHF
Notes Founded 2009
BAS
Overview of Business Angels networks
8 Claude Florin [email protected]
Source: A3 Angels, web, in trainings indicatives
Members 58 (29 Suisse Romande)
Structure Association, volunteers, 2 directors
Meetings/year
10 diners
# Evaluations
30 /year
Portfolio 34
Notes Founded 1997, 2007 en Romandie
http://www.a3angels.ch
Go Beyond Members est. 50 CH (100 total)
Structure Company, 5 FTE, 5-10 groups, trainings, group leaders
Meetings/year
3 x 6 in Switzerland + web
# Evaluations
15/year + web
Portfolio 20 startups
Notes Cross border (I, FR, UK, USA) + social impact investing
Investiere
Overview of Business Angels networks
9 Claude Florin [email protected]
Members 2000 web subscribers
Structure 3 Directors, crowdfunding platform, 11% success fee, quality due diligence
Meetings /year
Online deal presentation
# Evaluations
8-15/year
Portfolio 13 startups, 4.2 MCHF
Notes Bureau GE, ZH
Source: A3 Angels, web, in trainings indicatives
http://www.a3angels.ch
Germany Switzerland Equity-based • Investiere (Verve Capital)
• Founded 2010, 14 investments CHF 5M
• C-Crowd – Founded 2011, 2
investments, CHF 0.7M
Project-based (examples) – wemakeit.ch – 100-days.net
Crowdfunding
10 Claude Florin [email protected]
0 1 2 3 4 5 6
>5M€ - 58 investments
Total Seedmatch Innovestment 8 other
Source: LMU Forschungsdatenbank Crowedinvesting
http://www.a3angels.ch
Capital proximité Members 800 investors, Club des
repreneurs 60% HNWI, 15% industry, 25% management
Structure Association, 2 managers, 12 business advisors, 6% fee
Meetings /year
10 startups
# Evaluations
100 , mostly SMEs
Portfolio >120 operations
Notes Founded 1995
CTI-Invest
Overview of Business Angels networks
11 Claude Florin [email protected]
Members 77
Structure Association, BA and VCs, pitch organization
Meetings /year
5 + CEO day
# Evaluations
60 / an
Portfolio 100, 350 M CHF from all investors
Notes Training program, lunches / industry roundtables, CEO day
Source: A3 Angels, web, in trainings indicatives
http://www.a3angels.ch
Mentors Seed investors Profile Experienced
entrepreneurs Senior managers 50+ CXOs in SMEs
40-50+ professionals, career transitions
Investment 5- 10 days/year Accredited investor member of 1-2 Clubs
>10’000 /year for 3 years, in team 5 days/year
Motivation Revenue Mentoring, support to young entrepreneurs Social network Regional or technology interest
Network and advice in area of focus
Revenue Learning experience Technology interest
Typical profile of Business Angels
12 Claude Florin [email protected]
http://www.a3angels.ch
Building a portfolio across technologies Examples
Swiss startups
Biotech & Life sciences
Medtech
Information, telecom, media
Manufacturing
Cleantech
Interdisciplinary
Finance
Biotech, Medtech
Intraining, telecom, media
Cleantech Interdisci-plinary
Source: Web
Source: EBAN, quoted by OECD 2012
EU startups
14 Claude Florin [email protected]
http://www.a3angels.ch
Your health bank
• Intraining services – Generation, analysis, and
secure, storage of gene sequence data.
– Easy access and clear, interpretable visualization.
• Pre-symptomatic surveillance – breast and colorectal
cancers, – cardiovascular diseases
15 Claude Florin [email protected]
Source : A3 Angels – voir le site web de l’entreprise pour intrainings complètes
http://www.a3angels.ch
Domosafety
• Home safety systems for elderly people – Prevention of risks
and accidents – Social care services
management – Familly communication
services
16 Claude Florin [email protected]
http://www.a3angels.ch
Implantable drug delivery
• Implantable wirelessly-controlled pump
• Dedicated to preclinical research – No injections, – Dosing remote control – Targeted delivery <2 ml – multiple solutions refill – Short/extended periods
Claude Florin [email protected] 17
http://www.a3angels.ch
Micro-projectors
• MVIEW ultraminiature laser microprojector based on MEMS.
• Applications – head-up (HUD) displays in
vehicles, – helmet-mounted (HMD)
displays, – smartphones and other
mobile devices. – 3D sensing, printers and
industrial sensors.
Claude Florin [email protected] 18
http://www.a3angels.ch
Sharing experience with lead investors Investor education workshops
19 Claude Florin [email protected]
http://www.a3angels.ch
Experts • 17 lecturers, 8 Clubs
Cursus
Education workshops Register to next workshop on the web site
* Dates on www.angelday.ch
www.angelday.ch
http://www.a3angels.ch
The 4 risks to mitigate
• Product risk
• Financial risk
• Human factors
• Market risks
• Technology, patents
• Cash and financing management
• Entrepreneur + team
• Business model, customer demand
Source : Peter Pfister, Start Angels, Presentation Angel Day, 2012
21 Claude Florin [email protected]
http://www.a3angels.ch
BA teamwork improves success
Evaluation process CTI start-up process
50% Screening
Evaluation
Due diligence
Investment 5-10 %
3% high flyers
3% success
14% runners
80% fail
(~ 170)
25% CTI label 5
~ 40
~120
(~ 50)
~ 30
Source: adapted from CTI data 2012
~20
~ 4
Source: A3 Angels estimations
22 Claude Florin [email protected]
http://www.a3angels.ch
CTI Start-up survival rate > 85%
23 Claude Florin [email protected] 09/04/2013
CTI Label start-ups Companies on the market
http://www.a3angels.ch
Experience sharing – Strategies – Problem management – Goodwill
Impact
0
20
40
60
80
less than 1X
1X to 5X
5X to 10X
10X to 30X
more than 30X
No industry experience
Some industry experience
Impact of “lead investors”
%
Sources: Kaufmann foundation 2007 survey of 539 BAs N=3000, NESTA-BBAA “Siding with the Angels”- May 2009
Source : OECD 2011 “Financing high-growth firms : the role of angel investors”
http://www.a3angels.ch
Mentoring workshops
09/04/2013 25 Claude Florin [email protected]
Raphael Rollier, Mentoring program manager
http://www.a3angels.ch
Mentoring workshops • Tag line : “see the life in
3D” - microscopy to see living cells without dye.
• Mentors : 2 • Duration : 6 months • Sessions : 5, face to face • Topics : market, pricing,
milestones • Feedback :
Mentee : Yann Cotte
Mentoring case study
19/03/2013 26 Claude Florin [email protected]
NanoLive
http://www.a3angels.ch
Mentoring project • Tag line : user-friendly,
high-fidelity simulation software
• Mentors : 4 + MIT VMS • Duration : 1 year • Sessions : 8 face to face • Topics : IP, fundraising,
DD, management, sales • Feedback :
Mentee : Thomas Leurent
Mentoring case study
27 Claude Florin [email protected] 19/03/2013
http://www.a3angels.ch
Mentoring project • Tag line : user-friendly
allergy diagnoses promoting personalized medication
• Mentors : 4 in 2 phases • Duration : 3 years • Sessions : > 12 x 1.5h • Topics : conflicts,
network, friends • Feedback :
Mentee : Nicolas Durand
Mentoring case study
19/03/2013 28 Claude Florin [email protected]
http://www.a3angels.ch
Mentoring project • Tag line : observation at
nanoscopic scale for quality control of semiconductors.
• Mentors : 2 • Duration : 1 years • Sessions : 6 • Topics : board creation • Feedback :
Mentee : Samuel Sonderegger
Mentoring case study
19/03/2013 29 Claude Florin [email protected]
http://www.a3angels.ch
Meet 20 start-ups at the Seed night May 22, 2013 at EPFL Forum Rolex
30 Claude Florin [email protected]
http://www.a3angels.ch
About A3 Angels
• 50 events and presentations – 500 participants at
events, – >600 A3 members
informed
• 25 mentors
• 25 investors
more…
Innovation Promotion CTI
19/03/2013 31 Claude Florin [email protected]