sarsia innovation as sarsia innovation as the ‘bergen model’ for commercialisation spans the...
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Sarsia Innovation AS
Sarsia Innovation asThe ‘Bergen Model’ for commercialisation spans the process from identification of a
promising research project on to company growth and international expansion.
Brussels, 11 September 2006
Hans Hekland CEO ”
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How is it done at University of Bergen?
• Sarsia Innovation
– Who is behind and why?
– Track record
• The early-stage gap
– Commercialisation chain
– What's missing an why?
• The development of the Bergen model commercialisation
– Sarsia faces the early-stage gap
– The ideal model ?
– The different players and their interface
– Different shareholders for different phase and corporate government
– Synergies
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Sarsia Innovation as
Industrial Development Corporation of Norway
Institutional investors
Sarsia was established in 2001 on the initiative of :
Bergen High-technology
Centre
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Sarsia Innovation AS shall invest in research-based projects, and develop them into businesses of quality and size interesting for venture capital and industry investors.
Sarsia Innovation – track record
155 Commercialisation projects
23 Start-ups
3 Trade sales
5 VC stage financing rounds
1 IPO
Established ;Sarsia Life Science Fund (M€ 45)
Sarsia Seed Fund (M€ 45)
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University “spin-outs” faces the early-stage gap
new company growth stageseed stageproject
Technology Transfer Office Venture Capital
Business support and investment capital is provided by different commercialisation outfits all focusing at a specific stage of company development.
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Why gap?
The venture capitalist looks for ;
Superior returns
– Break through technologies
– Crisp value proposition
– Experienced Management
– Clear exit options
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Superior returns ?
IRR (Thomson Venture Economics 12 Oct.2004)
– European VC-fund:–Average 7,2%
–Upper half 13,8%
–Upper quarter 19,7%
– European Buy-out fond:–Average 12,2%
–Upper half 22,2%
–Upper quarter 30,2%
European early stage return; (EVCA 2003)
–10yrs = 1,3%
–5yrs = -11,8%
0
50
100
150
200
250
300
Seed Seed VC VC
Later stage; less risky, less work,quick exit
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University “spin-outs” often fails on
Business concept /value proposition
Lack of management resources (int. network)
Unclear funding needs and milestones
Unclear exit (few options)
Inventors unrealistic expectations of value.
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Sarsia Innovation faces the early-stage gap
new company growth stageseed stageproject
Sarsia Innovation Venture Capital
Capital Squeeze
Incubator
De-merger of VC investment
Out source Seed
investment
2005
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‘Bergen Model’ for commercialisation
new company growth stageseed stageproject
BTOSarsia Seed
FundSarsia Life
Science Fund
close cooperation
Sarsia Innovation as a facilitator for innovation
- independent decisions -A linkage point and facilitator in this process.
Investment decisions for the different phases are taken strictly independently.
Information flows freely to allow for smooth cooperation and company development.
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Sarsia Innovation as - a facilitator for innovation
Sarsia Innovation as - a regional innovation network coordinator, which shall support and develop the innovative environment in the region.
Sarsia Innovation shall actively support regional initiatives for:
Incubator participant
Capital
infrastructure
Incubator,
Administrativesupport
Network
Strategy development
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Specialized Network – Life Sciences
Different country strengths
• Norway
– Functional foods, diagnostics, med-tech, bio-marine
– Cancer registry, large cancer hospitals, access to clinical materials
• Sweden
– Pharma, diagnostics, med-tech
– Biotech innovation focus
– Life science private equity players
• Denmark
– Pharma and med-tech
– Several consolidating biotech clusters
• Finland
– Med tech, functional foods
– Innovation culture
– Strong sector growth
Helsinki-Turku
Blå grønn allianse
Medcoast Scandinavia
Medicon Valley
Stockholm-Uppsala
Bioteam south
Network partner
SLSF office
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BTO shall coordinate the commercialization process, manage the projects and IPR and assist in the development towards “Proof of Concept” on behalf of the researcher and the research institutions .
BTO is a non-profit company owned by The University of Bergen, Institute of Marine Research and Bergen University Hospital.
Further more : – Promote commercial utilization of research
– Assist in attracting funding for further research and development
5 -> 8 Advisors
Funded by Norwegian Research Council and the owners
TTO deal-flow
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Sarsia Seed Fund
Sector focusThe seed fund was established in 2006 with €45 million to invest in Norwegian early phase technology companies in the energy and biotechnology fields.
Fund structure30 to 40 seed companies between 2006 and 2013.Initially 0.5-1 MNOK and then up to 4 MNOK in progress-dependent instalments until divestment.
5 to 8 companies to become success stories.
InvestorsThe fund is backed by regional and national private investors, and the Norwegian government.
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Sarsia Life Science Fund as
Sector focusThe venture fund was established in 2006 with €45 million to invest in companies in the Nordic region. The fund has a pure life sciences/ biotechnology focus:
- Diagnostics- Medical technology - Nutraceuticals - (Pharmaceuticals):
Fund structure10 to 15 venture companies before 2010, further 4-6 years in which follow-up investment
In each company, we look to invest 8-40 MNOK in instalments
The fund is backed by private investors
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Capital, Shareholders and Management
Sarsia Life Science Fund as
Sarsia Seed Fund as
SarsiaVenture Management as
Sarsia Seed Management as
Sarsia Innovation as
Institutional investors
Private investors (75%)Public investors (25%)
Private / Public- partnership (50/50)
12%
Bergen Teknologi OverføringTTO
UiB IMR HB
projects
Public funding
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Seed Fund structure and network…
Industrial/academic
advisory board
Dedicated management
FUNDcapitalM€45
Fund BoardInvestment & exit decisions
Portfolio companies
Joint networkand deal-flow
Support
Joint back office
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How is it done at University of Bergen
• Sarsia Innovation
– Who is behind and why?
– Track record
• The early-stage gap
– Commercialisation chain
– What's missing an why?
• The development of the Bergen model commercialisation
– Sarsia faces the early-stage gap
– The ideal model ?
– The different players and their interface
– Different shareholders for different phase and corporate government
– Synergies