Opplysningen 1881 Return: 419% Fund closing Exit: 2010
Q-Free ASA Return: 44% Listed on Oslo Børs Exit: 2005
…with proven track record
Data Respons ASA Return: 1204% Listed on Oslo Børs Exit: 2005
Eltek ASA Return: 305% Listed on Oslo Børs Exit: 2000
NAVIA ASA SCM Microsystems Inc. Return: 396% Listed on NASDAQ Exit: 1999
Cell Networks AB Return: 454% Listed in Stockholm Exit: 1999
Navia ASA Return: 470% Listed on Oslo Børs Exit: 1997
Tandberg Return: 3800% Listed on Oslo Børs Exit: 1995
Track record from:
• TTO: Kjeller Innovasjon, IFE
• SPT Group, Oil & Gas technology from IFE, sold to Schlumberger for 460 MUSD
OLGA: Dynamic Flow Simulation Increases recovery of reserves
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ASTP-Proton Annual Conference
15 May 2014
The Norwegian Model: • TVM is the Venture Capital arm of 3 leading TTO’s in Norway: – Kjeller Innovasjon, outside Oslo – BTO, Bergen – NTNU TTO, Trondheim
• TVM is independent, partner owned and negotiates with 3 TTO’s when establishing a new NIK venture fund.
Procedures: • TVM «cherry picks» the companies in the TTO portfolios which meet the criteria to become a NIK portfolio company • TVM negotiates with the TTO’s values and transaction price • TVM analyses all TTO portfolio companies • The TTO’s sell the selected companies to NIK as in-kind contribution • TVM develops a diversified portfolio and raises cash as committed capital to NIK from financial investors
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ASTP-Proton Annual Conference
15 May 2014
Advantages: • The TTO’s secure long term financing of their companies with professional VC management • The TTO’s are significant owners of the NIK-funds • The NIK-funds are secured access to R&D resources and board members from TTO’s • The TTO’s will secure a fair part of future value increase through exit and NIK shares
• The TTO’s after exit will have capital for new projects and co-investments in new NIK-funds
Investment Criteria: • Potential game changers •
Significant growth and profit potential
•
Diversified portfolio
•
Competitive advantages
• Access to management resources • Significant ownership and influence • Price & deal
• Exit strategy
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ASTP-Proton Annual Conference
15 May 2014
The portfolio - maturity stage
NIK I
Biotech
Oil & gas
Energy
Industry
R&D
Product dev.
Pilot contract
Commercial sales NEXT
The portfolio - maturity stage
NIK II
Biotech
Marine industry
ICT
Oil & gas, Energy
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ASTP-Proton Annual Conference
15 May 2014
NIK III
The portfolio - maturity stage Biotech Oil & gas, Energy
ICT
Industry Materials / Nanotech R&D
Product dev.
Pilot contract
Commercial sales
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Televenture management’s role:
• Selection of management • Decision of technology/product platform and business model • Financing: equity, M&A, spin-offs • Benchmarking • Exit
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ASTP-Proton Annual Conference
15 May 2014
Value creation through:
• BoD, daily coaching, control and follow-ups • Securing milestones, goals and budget • Defining and allocating capital required • Business Reviews • Monthly Reports
How to develop a culture for innovation? • Focus on people and environment • Develop attitudes, culture and values • Innovation as a defined goal • Failure as a part of the strategy • Develop the crazy ideas and the unconventional concepts • Tribute to the innovators • Incentives • Innovation
Market
• Celebration
Goal achievement
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ASTP-Proton Annual Conference
15 May 2014
Leading stars • Do not stop due to apparent obstacles • To win you have to risk losing. The goal is not to win all the battles but to win the war • Failing is a part of the success formula • Staying power and mental strength are important. • Adaptability and profitability focus
The Norwegian model:
A successful way of
securing highest possible return for TTO’s and investors
