Why should we invest in your IP?

ASTP-Proton Annual Conference 15 May 2014 ASTP-Proton Annual Conference 14-16 May 2014 Oslo, Norway Why should we invest in your IP? Rune Rinnan M...
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ASTP-Proton Annual Conference

15 May 2014

ASTP-Proton Annual Conference 14-16 May 2014 Oslo, Norway

Why should we invest in your IP?

Rune Rinnan Managing Partner & Founder

Answer:

We want Game Changers

Profit

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ASTP-Proton Annual Conference

15 May 2014

Televenture Management (TvM) • Management companies leading each NIK-fund with 6 partners • Established in 1993 as VC-arm of Telenor

• Established 11 funds with Telenor, TTO’s and financial investors • Track record • Active owners, never operational role

Televenture Management – Norsk Innovasjonskapital

TvM

• • • •

Owned by partners Competence, resources, network Access to TTO’s companies Access to capital

managing

NIK

• VC – funds with: Portfolio companies & Committed capital (cash)

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ASTP-Proton Annual Conference

15 May 2014

Experienced venture player…

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

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ASTP-Proton Annual Conference

15 May 2014

Thank you!

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