Il Venture Capital - TTO Capital - Nicola Redi.pdf · Fonte: : Venture Pulse, Q1'16, Global...
Transcript of Il Venture Capital - TTO Capital - Nicola Redi.pdf · Fonte: : Venture Pulse, Q1'16, Global...
Il Venture CapitalNicola Redi – Vertis SGR
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While a new idea is a thought about something new or unique,
and making that idea real is an invention, innovation is an
invention that has a socioeconomic effect.
Innovation changes the way people live.
(Wiebe Bijker)
Occorrono nuovi ecosistemi nell’open innovation 2.0 …
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Firm
Start-up
University
Firm
Nascent
Start-up
User
Co-innovator
Creative
Commons
Government
Ecosystem
support
Fonte: Prof. Martin Curley’s, 2013
… che possono create e gestiti da grande imprese …
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Fonte: Open Innovation 2.0 Yearbook 2016
“Large firms are thought to be more effective when implementing OIS as they are better positioned to orchestrate research partnerships [..] are more likely to give a central role to human resources management in order to achieve OIS goals and to adopt a long-term perspective, focusing on both the short-term benefits of technology alliances and the future objectives.”
… supportate da PMI
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Source: Open Innovation 2.0 Yearbook 2016
“the lighter structure of SMEs increases their ability to fast reacting, to changing environment and to quickly adapting to new business models [..] In particular, innovation partnership with large firms can allow SMEs to access external knowledge to develop new technologies, explore new business ideas and commercialise new products.”
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La vera sfida: innovare attorno a chi
userà i vostri prodotti/servizi
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innovation is not innovators
innovating, it is customers adopting
(Michael Schrage, MIT)
80% of Innovation Value comes from the widespread
adoption of Innovation with 20% of value coming from
the production of Innovation
(OECD)
Citazioni tratte da: Prof. Martin Curley, 2013
I disinvestimenti sono prevalentemente industriali
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0
200
400
600
800
1,000
1,200
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Acquisition IPO Buyout
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Acquisition IPO Buyout
Fonte: Pitchbook, 2016
E le grandi imprese rappresentano quasi 3 su 10 investimenti di venture capital
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Fonte: : Venture Pulse, Q1'16, Global Analysis of Venture Funding, KPMG International and CB Insights, Aprile 2016.
I tempi dell’investimento sono lunghi …
1.41.7
1.5 1.4 1.41.6 1.7
2.1 2.12.5 2.3
3.23.5 3.4 3.4 3.5 3.3
3.53.9 3.9
4.2
4.74.4
4.9 4.8 5.05.4
5.0
5.85.5 5.7 5.6 5.7
0
2
4
6
8
10
12
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Seed Series A Series B
6.06.3 6.4 6.5
5.9
6.77.1 6.9
7.2 7.3 7.1
7.3
8.18.3 8.4 8.5
8.28.6
9.29.3
8.8
10.3
0
2
4
6
8
10
12
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Series C Series D+
… e attenzione alla speculazione!Nicola Redi - Vertis SGR
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Un fondo di Venture Capital gestisce capitali di terzi ed è una cerniera fra finanza e industria
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Investitori Venture capital Imprenditore Grande impresa
Mette a
disposizione i
capitali
Seleziona e
gestisce le
partecipate
Apporta
tecnologia e
competenze
Domina i
mercati globali
I gestori di fondi di Venture Capital hanno competenze industriali specifiche
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Il processo di selezione può essere lungo e ogni fase prevede l’approfondimento delle precedenti
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• 1, max 2 pages
• Market description, potential and growth
• Unmet market needs
• USP: unique selling proposition
• Presence of IP
• Competitors
• Team
• Project milestones
• Funds needs and use
• Cash forecasts
• 10/15 slides max
• Market description, potential and growth
• Unmet market needs
• USP: unique selling proposition
• IP and technology brief description
• Competitors
• Team
• Project milestones
• Expected market share and price
positioning
• Funds needs and use
• Cash forecasts
• SWOT
• 30/60 pages
• Executive summary
• Team – full cvs
• Full market description
• Unmet needs in details
• USP: unique selling proposition and
stakeholders advantages
• Detailed technological description and IP
• Competitors and possible reactions
• Detailed development plan
• Marketing plan
• Resource needs
• Cash needs and detailed use
• Provisional P&L, BS and CF
Executive summary Pitch Full business plan
Via mail o sito web (no spam,
personalizzare i messaggi)
Al primo incontro o in caso di
richiesta di ulteriori informazioni
Solo in caso di approfondimenti
e, quando previsto, NDA
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