Building visibility and attractiveness in the UK (Bruno Tourme)
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Transcript of Building visibility and attractiveness in the UK (Bruno Tourme)
Building visibility and attractiveness abroad
Innovation Norway, September 2
02/09/2014 Innovation Norway 1
Bruno
• Combination of executive/CEO role in tech with investment banking
• Founded, developed and sold a tech research business (Giga) in 1995. Sold to Forrester research in 2004
• Since 2004, have been advising European tech businesses in their corporate strategy: positioning, research analysts, Build or buy, financing, exit strategy, governance
• Currently, advisor to AGC partners and CEO of Gatewin my own company
• [email protected]; skype: bruno.tourme
02/09/2014 Innovation Norway 2
My understanding
• All of you are Norwegian tech/innovative companies
• Software, mobile, big data, fintech, clean tech
• Presence mainly in Norway and starting to expand
• Up to a few m $/euros revenues
• All growing
• All interested in being more visible and known by the financial/strategic community
• Likely to be UK and North America as a priority
02/09/2014 Innovation Norway 3
What are the challenges?
• Majority of European small/mid size tech companies are not know by financial tech investors or strategic buyers especially North Americans but also In Asia and Europe
• When they decide to raise money or sell their business there is a very significant learning process in order to get them known by the market.
• Investors/buyers are much more comfortable doing business with a company they got to know over time.
• Also there is a need to adapt and deliver the right message to the community of investors: strategic or financial
02/09/2014 Innovation Norway 4
What are the challenges?
• The outcome is very often a very long process, consuming time, resources, energy and often processes that are not going through
• Estimate that 50% of European m&a/fundraising processes are not delivered
• Good news:
– a lot of cash available with financial tech investors and strategic buyers
– ready to invest/acquire assets in Europe
– It is a good period
02/09/2014 Innovation Norway 5
What to do?
• Identify the top 40/50 investors/strategic partners you want to be in contact with
• It is a ceo responsibility
• Build a continuous programme to visit/update them, ideally twice a year
• Quarterly update: financials, major wins, hirings etc etc..
• 1 or 2 road shows/year: London/US east coast
• Non deals meetings
02/09/2014 Innovation Norway 6
What to do?
• Have a very clear/concise message delivered. Differentiate from competition
• Be aware that top vendors and top tech investors receive hundreds/thousands of requests for meetings/calls
• Need to target the right guys: investors/strategic
• Need to have immediate impact
• Key USP
• Clear plan to grow
• Exit plan
• A very few companies are doing this in mainland Europe
• If you have not the time, hire an outside /flexible resource
02/09/2014 Innovation Norway 7
Your key targets • Tech investors:
– Through London you reach the majority of tech investors that may have interest in your business
– Majority of US investors have a London/European presence
– Also target selectively Boston, NYC and San Francisco
• Strategic investors:
– Majority are in US 70/80% – Rest in Asia/Europe
• Other partners:
– Joint ventures – Resellers, OEMs, VARs
02/09/2014 Innovation Norway 8
Typical targets
• Vc’s/growth equity: – accel, index, highland capital, dfj, kennet, Mangrove, nauta
capital, Insight, Battery – Need to have a partner involved
• Strategic: – google, facebook, apple, sap, oracle, cisco, Microsoft, Intel, trip
advisor, priceline – Head of corporate and head of relevant products/business units
• Corporate ventures – Cisco ventures, SAP ventures, Intel capital, Google ventures – Top 100 strategic buyers all have a corporate investment arm
separate from the company
• Family offices
• Business angels networks
02/09/2014 Innovation Norway 9
In all cases
• Will always be useful
• Will tremendously help you the day
– you raise money or
– sell your business
• Can also help you build strategic partnership/JV etc…
02/09/2014 Innovation Norway 10
Research tech analysts
• In the anglo saxon world, tech research guys have a real power as IT shops, marketers, executives use them for a better decision
• Gartner, Forrester, IDC, CEB, some local/verticals guys
• Magic quadrant; like it or not. Is the most used tool by any decision maker/investor in technology
• They can help you in various ways:
• Investors as they are using a lot those source of information
• Winning some businesses as decisions makers use them a lot
• Giving you some good advise regarding products/strategy
• Attend some of their tech conferences
02/09/2014 Innovation Norway 11
Research tech guys
• Put a programme in place to deal with those guys:
• Select the most appropriate research firm: software, digital media, mobile, electronics, communications etc..
• Someone in charge. again It’s a ceo thing. If you can’t, hire a flexible resource
• Quarterly briefing
• Keep them updated
• Sometimes you have to spend money
• Majority of European tech business are just not doing it
02/09/2014 Innovation Norway 12
What else in uk?
• Biggest place in Europe for VCs/tech investors
• Various categories of investors: then target/select smart
– Uk vs international
– Pes/buyout: mature companies
– VCs: start up
– Growth equity
– Debt/mezzanine
02/09/2014 Innovation Norway 13
What else in uk?
• Since 2008 crisis, more Difficult to find 1 to 3 m euros than 10 to 20 m euros
• Target also some selected funds in Europe: berlin, Luxemburg, Barcelona
• Target some selected investors in US, east coast. Need to be investors who already done investments in Europe
• Need to very carefully select your targets
• Attend and speak to either industry or banking conferences. Be selective as they are many of those.
02/09/2014 Innovation Norway 14
Q&A?
02/09/2014 Innovation Norway 15