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© Service des relations industrielles (SRI) © EPFL Quelques Réalités des Start-ups (académiques) ventureideas @ EPFL 24 novembre 2005 Hervé Lebret

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Quelques Réalités des Start-ups (académiques). venture ideas @ EPFL 24 novembre 2005 Hervé Lebret. EPFL spin-offs. US University VC backed spin-offs. Range: 1992-2001 These are VC backed startups EPFL is in the 6-10 range - Snaketech - Cytion - Endoart - IR Microsystems - PowerPoint PPT Presentation

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Tech transfer and research© EPFL
© EPFL
© EPFL
US University VC backed spin-offs
Source: " A STUDY OF ACADEMIC ENTREPRENEURS USING VENTURE CAPITAL DATA“ Junfu Zhang, PUBLIC POLICY INSTITUTE OF CALIFORNIA (2005)
Range: 1992-2001
EPFL is in the 6-10 range
- Snaketech
- Cytion
- Endoart
Institution
Entrepreneurs
Spin-offs
Institution
Entrepreneurs
Spin-offs
Stanford
96
91
© EPFL
“an academic spin-off is a new firm created to exploit
commercially some knowledge, technology or research
results developed within a university”
from “Toward a Typology of University Spin-offs”
Pinay and al. Small Business Economics, 2003
e.g.
- technology developed by founders during their work
Yahoo is not a Stanford spin-off:
- no IP generated
What is an academic spin-off?
© Service des relations industrielles (SRI)
© EPFL
Source: “Toward a Typology of University Spin-offs” Pinay and al. Small Business Economics, 2003
Typologies of academic spin-offs
© EPFL
Typologies of academic spin-off
Source; “Toward a Typology of University Spin-offs” Pinay and al. Small Business Economics, 2003
Type I
Type II
Type III
Type IV
a sole individual
low
high
high
© EPFL
Industry distribution of start-ups
Source: " A STUDY OF ACADEMIC ENTREPRENEURS USING VENTURE CAPITAL DATA“ Junfu Zhang, PUBLIC POLICY INSTITUTE OF CALIFORNIA (2005)
Venture backed entrepreneurs by industry
Industry
© EPFL
Company
Foundation
IPO
© EPFL
Company
Foundation
IPO
© EPFL
Which institutions:
"High-Tech Start-Ups and Industry Dynamics in Silicon Valley" Junfu Zhang, PUBLIC POLICY INSTITUTE OF CALIFORNIA (2003)
In hi-tech
Number of Spin-offs from Leading Institutions in Silicon Valley and the Boston Area
Silicon Valley (a)
Boston Area (b)
© EPFL
Some data:
"The Dynamics of California’s Biotechnology Industry" Junfu Zhang, PUBLIC POLICY INSTITUTE OF CALIFORNIA (2005)
Where do entrepreneurs come from ?
In biotech
Which institutions:
© EPFL
Global Entrepreneurship Monitor; Rapport 2003 sur l’Entrepreneuriat en Suisse
Figure 1: taux d’activité entrepreneuriale
Figure 2: indice d’activité entrepreneuriale des entreprises
Entrepreneurship acceptable as an average
Intrapreneurship maybe a problem
© EPFL
People and infrastructure high quality
Foster what you have
© EPFL
99% of companies
Taille
Entreprises
© EPFL
About 10-15 companies per year, creating in average 80 jobs each
Graph6
1995
1996
1997
1998
1999
2000
2001
2002
2003
Foundation
# Companies
12
16
14
13
12
20
7
5
1
Feuil1
1
Rang
1997
Fondation
978
Collaborateurs
122
Schweiz
3
Rang
1998
Fondation
310
Collaborateurs
44.3
5
Rang
1999
Fondation
290
Collaborateurs
48.3
Esmertec
7
Rang
1997
Fondation
210
Collaborateurs
26.3
Helvetic Airways AG
10
Rang
1995
Fondation
149
Collaborateurs
14.9
12
Rang
2001
Fondation
132
Collaborateurs
33
Medialine Interactive Solutions AG
Zürichstrasse 131, 8600 Dübendorf
cosma dialog ag
16
Rang
2000
Fondation
120
Collaborateurs
24
VisionOne AG
19
Rang
1999
Fondation
100
Collaborateurs
16.7
ERA Suisse
24
Rang
1997
Fondation
85
Collaborateurs
10.6
XEMICS
Ihr Partner Schweiz AG
Lagerhausstrasse 18, 8400 Winterthur
Polyphor Ltd.
Emplois par an
We discover and develop new, safer and more efficacious anti-microbial drugs for the treatment of infectious diseases.
Arpida Ltd
Switzerland
30
Rang
1998
Fondation
70
Collaborateurs
10
Speedel
Tiscali AG
32
Rang
1997
Fondation
65
Collaborateurs
8.1
Axept AG
Industriestrasse 2, 8305 Dietlikon
resource informatik ag
Get Process AG
Suisse
38
Rang
2003
Fondation
60
Collaborateurs
30
39
Rang
1999
Fondation
60
Collaborateurs
10
Integrated Solutions SA
Switzerland
40
Rang
1998
Fondation
60
Collaborateurs
8.6
Emplois par an
Wir sind Spezialist für integrierte Lösungen rund um den Einsatz moderner Internet-Technologie.
Unic Internet Solutions
Schweizer Filiale des führenden Online-Reisebüros in Europa. Hier gibt's in wenigen Klicks Flüge, Mietwagen, Hotels und mehr!
ebookers.ch
43
Rang
2002
Fondation
60
Collaborateurs
20
1. Edutainment Center für Familien mit Kinder unter 12 Jahren
Kindercity AG
Innovative Kartenprodukte für den Einsatz von wired und wireless Technologien - GeoSolutions, GeoMarketing, GeoConsulting
Endoxon AG
bbv Software Services AG
Blumenrain 10, 6002 Luzern
Frontwork AG
47
Rang
1996
Fondation
51
Collaborateurs
5.7
Alteco
48
Rang
1995
Fondation
50
Collaborateurs
5
executive security AG
green.ch
Sensirion AG
metalayer
Tempobrain AG
Dartfish
Switzerland
56
Rang
2000
Fondation
41
Collaborateurs
8.2
Medgate
Emplois par an
The team of Chemspeed Technologies AG can serve you in a most efficient way.
Chemspeed Technologies
ALLTAX AG REGION ZÜRICH
Kirchgasse 50, 8706 Meilen
PIT Solutions
Switzerland
60
Rang
1997
Fondation
40
Collaborateurs
5
VIA NET.WORKS (Schweiz) AG
Riedstrasse 1, 6343 Rotkreuz
pom+Consulting AG
Littlebit Technology AG
SWISS CALL
Suisse
70
Rang
1996
Fondation
37
Collaborateurs
4.1
Baarerstrasse  59, 6300 Zug
Alfix Gerüste AG
24translate GmbH
77
Rang
1996
Fondation
34
Collaborateurs
3.8
Emplois par an
Internet Applikationen im Bereich Sales, Aftersales: von der Website bis zur B2B-Plattform
Online Consulting AG
GlycArt biotechnology AG
Cybernet (Schweiz) AG
84
Rang
1996
Fondation
32
Collaborateurs
3.6
INP Finanz
87
Rang
2001
Fondation
30
Collaborateurs
7.5
BEAMEXPRESS
Suisse
88
Rang
1995
Fondation
30
Collaborateurs
3
Creative Solution Consulting GmbH
Dangelweg 3, 8038 Zurich
Optimizer GmbH
Step Ahead AG
CallTec AG
95
Rang
1996
Fondation
30
Collaborateurs
3.3
SE IMPULS !
98
Rang
1999
Fondation
27
Collaborateurs
4.5
Lust am Sprachenlernen in Minigruppen mit 3-6 Teilnehmenden Englisch, Business Englisch, Franz., Deutsch und 15 weitere Sprachen
Sprachschule Schneider AG
Jucker Farmart AG
iSource AG
Schweiz
3
Rang
1998
Fondation
310
Collaborateurs
44.3
5
Rang
1999
Fondation
290
Collaborateurs
48.3
Esmertec
7
Rang
1997
Fondation
210
Collaborateurs
26.3
Helvetic Airways AG
10
Rang
1995
Fondation
149
Collaborateurs
14.9
12
Rang
2001
Fondation
132
Collaborateurs
33
Medialine Interactive Solutions AG
Zürichstrasse 131, 8600 Dübendorf
cosma dialog ag
16
Rang
2000
Fondation
120
Collaborateurs
24
VisionOne AG
19
Rang
1999
Fondation
100
Collaborateurs
16.7
ERA Suisse
24
Rang
1997
Fondation
85
Collaborateurs
10.6
XEMICS
Ihr Partner Schweiz AG
Lagerhausstrasse 18, 8400 Winterthur
Polyphor Ltd.
Emplois par an
We discover and develop new, safer and more efficacious anti-microbial drugs for the treatment of infectious diseases.
Arpida Ltd
Switzerland
30
Rang
1998
Fondation
70
Collaborateurs
10
Speedel
Tiscali AG
32
Rang
1997
Fondation
65
Collaborateurs
8.1
Axept AG
Industriestrasse 2, 8305 Dietlikon
resource informatik ag
Get Process AG
Suisse
38
Rang
2003
Fondation
60
Collaborateurs
30
39
Rang
1999
Fondation
60
Collaborateurs
10
Integrated Solutions SA
Switzerland
40
Rang
1998
Fondation
60
Collaborateurs
8.6
Emplois par an
Wir sind Spezialist für integrierte Lösungen rund um den Einsatz moderner Internet-Technologie.
Unic Internet Solutions
Schweizer Filiale des führenden Online-Reisebüros in Europa. Hier gibt's in wenigen Klicks Flüge, Mietwagen, Hotels und mehr!
ebookers.ch
43
Rang
2002
Fondation
60
Collaborateurs
20
1. Edutainment Center für Familien mit Kinder unter 12 Jahren
Kindercity AG
Innovative Kartenprodukte für den Einsatz von wired und wireless Technologien - GeoSolutions, GeoMarketing, GeoConsulting
Endoxon AG
bbv Software Services AG
Blumenrain 10, 6002 Luzern
Frontwork AG
47
Rang
1996
Fondation
51
Collaborateurs
5.7
Alteco
48
Rang
1995
Fondation
50
Collaborateurs
5
executive security AG
green.ch
Sensirion AG
metalayer
Tempobrain AG
Dartfish
Switzerland
56
Rang
2000
Fondation
41
Collaborateurs
8.2
Medgate
Emplois par an
The team of Chemspeed Technologies AG can serve you in a most efficient way.
Chemspeed Technologies
ALLTAX AG REGION ZÜRICH
Kirchgasse 50, 8706 Meilen
PIT Solutions
Switzerland
60
Rang
1997
Fondation
40
Collaborateurs
5
VIA NET.WORKS (Schweiz) AG
Riedstrasse 1, 6343 Rotkreuz
pom+Consulting AG
Littlebit Technology AG
SWISS CALL
Suisse
70
Rang
1996
Fondation
37
Collaborateurs
4.1
Baarerstrasse  59, 6300 Zug
Alfix Gerüste AG
24translate GmbH
77
Rang
1996
Fondation
34
Collaborateurs
3.8
Emplois par an
Internet Applikationen im Bereich Sales, Aftersales: von der Website bis zur B2B-Plattform
Online Consulting AG
GlycArt biotechnology AG
Cybernet (Schweiz) AG
84
Rang
1996
Fondation
32
Collaborateurs
3.6
INP Finanz
87
Rang
2001
Fondation
30
Collaborateurs
7.5
BEAMEXPRESS
Suisse
88
Rang
1995
Fondation
30
Collaborateurs
3
Creative Solution Consulting GmbH
Dangelweg 3, 8038 Zurich
Optimizer GmbH
Step Ahead AG
CallTec AG
95
Rang
1996
Fondation
30
Collaborateurs
3.3
SE IMPULS !
98
Rang
1999
Fondation
27
Collaborateurs
4.5
Lust am Sprachenlernen in Minigruppen mit 3-6 Teilnehmenden Englisch, Business Englisch, Franz., Deutsch und 15 weitere Sprachen
Sprachschule Schneider AG
Jucker Farmart AG
iSource AG
© EPFL
Top100 Swiss data
Taille
Entreprises
© EPFL
Source: Personal Compilation from Yahoo data, sept05
Company
IPO
© EPFL
Source: Personal Compilation from Yahoo data, sept05
Company
Foundation
IPO
© EPFL
Total
© EPFL
98% of companies
"The Dynamics of California’s Biotechnology Industry" Junfu Zhang, PUBLIC POLICY INSTITUTE OF CALIFORNIA (2005)
45% of jobs
44% of companies
2.5% of jobs
© EPFL
Size
Enterprises
© EPFL
"High-Tech Start-Ups and Industry Dynamics in Silicon Valley" Junfu Zhang, PUBLIC POLICY INSTITUTE OF CALIFORNIA (2003)
“5 or more employees” might be an interesting measure
© Service des relations industrielles (SRI)
© EPFL
Source: Personal data
US VCs are bigger but there is money in Europe
Some VCs among the biggest
US VC
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Feuil2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
© EPFL
US VCs are bigger but there is money in Europe
from 2000 to Q3 - 2004
© Service des relations industrielles (SRI)
© EPFL
Source: Entrepreneurs from Technology-Based Universities: An Empirical First Look
D. Hsu, E. Roberts and C. Eesley (Draft Sept, 2005)
Company
Microsoft
28/10/1955
M
In 1973, Gates entered Harvard University as a freshman, where he lived down the hall from Steve Ballmer, now Microsoft's chief executive officer. While at Harvard, Gates developed a version of the programming language BASIC for the first microcomputer -
Created MSFT from Harvard
Cisco
1955?
M
Len Bosack got his BSEE from U. of Pennsylvania. Bosack earned a master's in computer science in 1981
Cisco Systems was founded in December 1984 by two members of Stanford's computer support staff: Len Bosack, who was in charge of the computer science department's computers, and Sandy Lerner, who managed the Graduate School of Business' computers.
1984
29
Cisco
1955
F
Sandra Lerner got her BA in Political Science from California State in Chico. Lerner received a master's in statistics in 1981
the 2 founders left in 1990
1984
29
Sun
1955
M
Vinod Khosla went to the Indian Institute of Technology and picked up his masters at Carnegie Mellon, Stanford MBA
1982
27
Sun
1954
M
Bill Joy went to U. of Michigan and picked up a Master's at UC Berkeley (in addition to inventing the sockets protocol for the Berkeley System Distribution of UNIX),
1982
28
Sun
1956
M
Andy Bechtolsheim got his undergraduate training in Germany and got an MS from Carnegie-Mellon
1982
26
Sun
13/11/1954
M
Scott McNealy went to Harvard. Having graduated from Harvard University with a Bachelor of Arts in Economics. He received his MBA from the Stanford Graduate School of Business
1982
28
Google
26/03/1973
M
Larry Page is a graduate of East Lansing High School. Page has a Bachelor of Science degree in computer engineering from the University of Michigan, and a Masters degree from Stanford University. Larry Page is the son of Carl Vincent Page, a professor of
1998
25
Google
8.1973
M
In 1979, when Sergey was five, his family immigrated to Palo Alto, California. Sergey Brin's alma mater is U. of Maryland. In September 1990, after high school, Sergey enrolled in the University of Maryland, College Park to study Computer Science and Math
1998
25
Pierre Omidyar went to Tufts and transferred to UC Berkeley.
1995
28
Yahoo
1966
M
He earned his BS in Computer Engineering from Tulane University and an MS from Stanford University
It's Jerry Yang and David Filo dusting off the heady yesteryear of 1994. That's when these two PhD students started surfing the Web in earnest and, to organize their late-night fun, created the Yahoo! directory to help their Stanford pals locate cool Web
1995
29
Yahoo
06/11/1968
M
Born in Taipei, Taiwan, Yang moved to San Jose, California when aged ten, with his single mother (Lily) and younger brother (Ken). . Jerry Yang (who attended Stanford as an undergrad) at Stanford in Kyoto, Japan
It's Jerry Yang and David Filo dusting off the heady yesteryear of 1994. That's when these two PhD students started surfing the Web in earnest and, to organize their late-night fun, created the Yahoo! directory to help their Stanford pals locate cool Web
1995
27
Intel
02/09/1936
M
Grove worked at Fairchild Semiconductor before becoming the fourth employee at the nascent Intel Corporation.
1968
32
AMD
1937
M
and then went to work for the Douglas Aircraft Company. He eventually moved to Motorola, then to Fairchild Semiconductor.
1969
32
Lotus
1950
In 1978 he bought an Apple II personal computer and worked as an independent software consultant; as the co-developer of Tiny Troll, the first graphics and statistics program for the Apple II; as a product manager for Personal Software Inc., the publisher
1982
32
Ask
1946
F
Sandra Kurtzig was born in Chicago in 1946. She received a bachelor's degree from UCLA in 1967 and later a master's degree from Stanford University. In 1971 she used $2,000 to found a software company, ASK Computer Systems, Inc., which went public in 1974
ASK started as a part-time contract software programming business based in her second bedroom. She received $1,200 from her first client, a telecommunications equipment manufacturer that needed programs to track inventory, bills of material, and purchase
1974
28
1951
M
He attended college at M.I.T., receiving a B.S. in Electrical Engineering/Computer Science in 1973. There he worked at the Laboratory for Computer Science, programming various interactive systems, and where he met Bob Frankston. http://www.bricklin.com/bi
After M.I.T., Dan worked at Digital Equipment Corporation (DEC), where he was involved in computerized typesetting and some editing hardware. He was project leader of the WPS-8 word processing software, helping to specify and develop one of the first stan
1978
27
1949
M
Received SB Degrees in both Computer Science and Mathematics in 1970 and Masters and Engineers Degrees in Computer Science (and EE) in 1974.
Worked at White-Weld and Company in their computer research division, which later became Interactive Data Corporation, in various roles doing systems design and implementation.
1978
29
1979
49
1920
Wang sold the patent to IBM for $50,000 and used it to start the company and raised another $50,000 working capital by selling one third of the company to Warner Swasey, a textile machinary manufacturer.
1951
31
Novell
1961
M
He graduated from BYU in 1961 with History and French degrees. He first found work in the growing minicomputer industry at NCR. It was the start of a long career pursuing the Muse of Technology. He moved to Phoenix were he started working for GE's disk dr
1979
18
Novell
M
He holds a degree in Mathematics from California Polytechnic University, an MBA from Pepperdine University, and a Ph.D. in Human Behavior from Newport University.
1979
Compaq
1982
Forty Largest Technology Companies in Silicon Valley, 1982 and 2002
1982
2002
NOTES: This table was compiled using 1982 and 2002 Dun &
Bradstreet (D&B) Business Rankings data. Companies are ranked by sales.
Courbes
© EPFL
There has been an going debate on the contradiction in
doing quality research and spin-off activity. However:
many studies show a correlation between number of publications and patenting, between quality research and innovation (e.g. Agrawal 2002, Shane 2000)
in biotech, many very successful startups are linked to “Star” scientists, e.g. Genentech, Biogen, Amgen have Nobel Prize founders
who knows Einstein had patents on refrigerators ? (and made money with them!)
clearly Stanford, Berkeley, MIT, Harvard are among
the best for spin-offs
the best in research ranking
“a university’ s national academy membership is the most important variable in explaining its number of academic entrepreneurs” Zhang (2005)
© Service des relations industrielles (SRI)
© EPFL
A few personal thoughts
It seems there may be an advantage for founders who are
ambitious, i.e. focused on growth
young
living in the USA? (at least know how it works)
It is more difficult but possible to succeed in Europe
Wealth and job creation are the two faces of the same coin
I am not sure the lack of resources is a good explanation
for the low success rate and number in Europe
The world is global, I am not sure what a local leader is
© Service des relations industrielles (SRI)
© EPFL
So what?
A few other lessons from the USA, at least from the Silicon Valley…
- Public funding is huge (e.g. $3B for Stem Cell research in California)
- Innovation should be opened (e.g. Saxenian’s work)
- Ambitious projects/people more visible and likely to succeed?
- People keep trying and risk taking is a value
- It may be easier when you are young
© Service des relations industrielles (SRI)
© EPFL
“Success is going from one failure to another, without losing your enthusiasm”
Winston Churchill
“Ever tried, ever failed? keep trying! fail better!” Samuel Beckett
“If I am in total control, I am not going fast enough”
Mario Andretti