il venture capital - tto capital - nicola redi.pdf · fonte: : venture pulse, q1'16, global...

Il Venture CapitalNicola Redi – Vertis SGR

Nicola Redi - Vertis SGR

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While a new idea is a thought about something new or unique,

and making that idea real is an invention, innovation is an

invention that has a socioeconomic effect.

Innovation changes the way people live.

(Wiebe Bijker)

Occorrono nuovi ecosistemi nell’open innovation 2.0 …


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Firm

Start-up

University

Firm

Nascent

Start-up

User

Co-innovator

Creative

Commons

Government

Ecosystem

support

Fonte: Prof. Martin Curley’s, 2013

… che possono create e gestiti da grande imprese …


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Fonte: Open Innovation 2.0 Yearbook 2016

“Large firms are thought to be more effective when implementing OIS as they are better positioned to orchestrate research partnerships [..] are more likely to give a central role to human resources management in order to achieve OIS goals and to adopt a long-term perspective, focusing on both the short-term benefits of technology alliances and the future objectives.”

… supportate da PMI


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Source: Open Innovation 2.0 Yearbook 2016

“the lighter structure of SMEs increases their ability to fast reacting, to changing environment and to quickly adapting to new business models [..] In particular, innovation partnership with large firms can allow SMEs to access external knowledge to develop new technologies, explore new business ideas and commercialise new products.”


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La vera sfida: innovare attorno a chi

userà i vostri prodotti/servizi


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innovation is not innovators

innovating, it is customers adopting

(Michael Schrage, MIT)

80% of Innovation Value comes from the widespread

adoption of Innovation with 20% of value coming from

the production of Innovation

(OECD)

Citazioni tratte da: Prof. Martin Curley, 2013

I disinvestimenti sono prevalentemente industriali


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0

200

400

600

800

1,000

1,200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*

Acquisition IPO Buyout

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*

Acquisition IPO Buyout

Fonte: Pitchbook, 2016

E le grandi imprese rappresentano quasi 3 su 10 investimenti di venture capital


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Fonte: : Venture Pulse, Q1'16, Global Analysis of Venture Funding, KPMG International and CB Insights, Aprile 2016.

I tempi dell’investimento sono lunghi …

1.41.7

1.5 1.4 1.41.6 1.7

2.1 2.12.5 2.3

3.23.5 3.4 3.4 3.5 3.3

3.53.9 3.9

4.2

4.74.4

4.9 4.8 5.05.4

5.0

5.85.5 5.7 5.6 5.7

0

2

4

6

8

10

12

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*

Seed Series A Series B

6.06.3 6.4 6.5

5.9

6.77.1 6.9

7.2 7.3 7.1

7.3

8.18.3 8.4 8.5

8.28.6

9.29.3

8.8

10.3

0

2

4

6

8

10

12

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*

Series C Series D+

… e attenzione alla speculazione!Nicola Redi - Vertis SGR

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Un fondo di Venture Capital gestisce capitali di terzi ed è una cerniera fra finanza e industria


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Investitori Venture capital Imprenditore Grande impresa

Mette a

disposizione i

capitali

Seleziona e

gestisce le

partecipate

Apporta

tecnologia e

competenze

Domina i

mercati globali

I gestori di fondi di Venture Capital hanno competenze industriali specifiche


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Il processo di selezione può essere lungo e ogni fase prevede l’approfondimento delle precedenti


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• 1, max 2 pages

• Market description, potential and growth

• Unmet market needs

• USP: unique selling proposition

• Presence of IP

• Competitors

• Team

• Project milestones

• Funds needs and use

• Cash forecasts

• 10/15 slides max

• Market description, potential and growth

• Unmet market needs

• USP: unique selling proposition

• IP and technology brief description

• Competitors

• Team

• Project milestones

• Expected market share and price

positioning

• Funds needs and use

• Cash forecasts

• SWOT

• 30/60 pages

• Executive summary

• Team – full cvs

• Full market description

• Unmet needs in details

• USP: unique selling proposition and

stakeholders advantages

• Detailed technological description and IP

• Competitors and possible reactions

• Detailed development plan

• Marketing plan

• Resource needs

• Cash needs and detailed use

• Provisional P&L, BS and CF

Executive summary Pitch Full business plan

Via mail o sito web (no spam,

personalizzare i messaggi)

Al primo incontro o in caso di

richiesta di ulteriori informazioni

Solo in caso di approfondimenti

e, quando previsto, NDA


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il venture capital - tto capital - nicola redi.pdf · fonte: : venture pulse, q1'16, global...

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