Venture Cup Booklet 2010

VENTURECUP TEAM...NATIONAL OFFICE

Michael BakManaging Director

MID JUTLAND

SOUTHERN DENMARKZEALAND

Johan JessenMarketing Manager

Christian TostFinance

Anja LarsenRelations Manager

Michael MandrupRegional Manager

Morten AxelsenProject & Marketing Coordinator

Zenia W. FranckerRegional Manager

Louise KruchovRegional Manager

NORTHERN JUTLAND

Maiken Holm NorsRegional CommunicationsManager

Kenneth Stenkjær P.Regional Manager

Jesper Egelund HansenIT Project Coordinator

Copyright © 2010Venture Cup Denmark

Mathilde GrønProject Manager, Cleantech

Nicolai WatzenigProject Manager,Business Relations

Martin KubertEditor in ChiefVenture Cup TV

COPENHAGEN

Zenia W. FranckerRegional Manager

Amanda BorupProject Coordinator

Handan YildiranProject Coordinator

AND FRIENDS.

FEATURING

ABOUT VENTURE CUP

Boosting the economy We love helping entrepreneurs It’s a small worldThe big guys like us

DISCOVERING NEW ENTREPRENEURS

OrocleanNKK Innovation InVitroQComputerfriendKkloud Winners Idea Competition

PREVIOUSLY DISCOVERED ENTREPRENEURS

SmartShare Systems Health Equipment Denmark Proud of our Alumni

VENTURE CUP NETWORK

Jury Advisors Sponsors Partners Member Universities Board of Directors

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VENTURECUPBOOSTING THE ECONOMY

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students are in contact with Venture Cup each year

business ideas are entered in the competitions

companies have been through Venture Cup as part of their entrepreneurial journey

jobs have been created by alumni companies

million DKK is contributed to the danish economy by alumni companies

biggest entrepreneurship competition in the world = Venture Cup Denmark + Venture Cup Sweden + Venture Cup Norway + Venture Cup Finland

Since inception of Venture Cup in Denmark, ten years ago, we’ve experienced a steady growth in participation in our competitions.

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VENTURECUP EXISTSFOR PEOPLE WITH LOFTY IDEASFOR THE AMBITIOUS,FOR THE DREAMERSAND THE DRIVEN- AND FOR THOSE WHO WANT TOMAKE A DIFFERENCE.

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WE LOVEHELPING ENTREPRENEURSAND WE HAVE TO DO IT+ A GREAT NETWORK

5 AWESOME TOOLS

COMPETITIONS

ENTREPRENEURIAL TRAINING

NETWORKING EVENTS

VENTURECUP TV

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We believe that practice makes perfect and therefore, during the year we organise practical trainings at all universities where students can get practical skills in entrepreneurship, innovation and business management, and complement what they learn in school.

We are strongly connected with the business community and we are good at facilitating contact between participants and our network. We organise different events during the year, where students can meet our network and vice versa.

Yes! We also run an online TV channel, where we make TV by entrepreneurs for entrepreneurs! We interview successful role models, who share their advice and experience with the startup community.

The idea competition runs in the autumn, where teams hand in executive summaries. The primarily goal of the idea competition is to generate interest in entrepreneurship.

The startup competition runs in spring and teams hand in full business plans.

All ideas submitted to the competitions are evaluated and given feedback by our really cool jury of investors, business executives and serial entrepreneurs.

Check out the judges!

Venture Cup’s competitions are our most well known product. We run both an idea competition and a startup competition, and they are split into five industry specific categories:

Applied Technology CleantechLife Science & MedtechServicesSoftware

1 ADVISOR PROGRAM

Because even the best of entrepreneurs need advice, we have a team of advisors who assist the participating teams in turning their ideas into strong business cases. Serial entrepreneurs, who want to help the new generation, make up our advisor team. They all volunteer their time to help the participating teams in further developing their business ideas.

See who the advisors are!

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THEJUDGES Acto, Kim Plesner-JacobsenAir Alsie, Steffen G. BrandenhoffAkselera Danmark, Jørgen Scheuer-LarsenArla Foods, Lene Vognsen Awapatent, Sidsel HaugeBang&Olufsen, Liz SørensenBoliga, Ricco ZuschlagBullGuard, Claus VillumsenCenter for Ledelse, Frank A. MathiasenCiklum, Torben MajgaardCKO, Rasmus Wiinstedt TscherningClimate Leadership Action, Jacob Fink FerdinandCoachkompagniet, Mette FersumColoplast, Kenneth SvenningsenCONNECT Denmark, André ElmCONNECT Denmark, Henrik BrorsenCONNECT Denmark, Jens Christian FogedCONNECT Denmark, Mikael TipsmarkCopenhagen Capacity, Stephan Skare NielsenDamsbo, Peter DamsboDanfoss, Dennis WestergaardDanfoss IXA, Henrik Gedde MoosDansk Erhverv, Søren Friis LarsenDantherm Power, Kim KjølhedeDELTA Microelectronics, Sharon AklerDong Energy, Troels ØbergDupont Lightstone, Christopher Duponte-conomic, Tejn Vanting NielsenErhverv.net, Bent Benemann BischoffErhvervssammarbejdet Sjælland, Asger ClausenForskerparken CAT, Leif Helth JensenFortius Partners, Thomas AndersenFUHU, Mikkel Bülow SkovborgGirlTalk, Christina Høi Google, Thomas BeringGrundfos, Mads PrebensenGrundfos, Thorbjørn MachholmGTS, Ragnar Heldt NielsenHoist, Anders PollasHoist, Jon FrodaHoist, Kasper HulthinHouse of Bianco, Sussi BiancoHøiberg, Susanne HøibergIDEA House, Martin B. JusteseniMotions, Jakob de Lemos

Innoption, Carsten SnedkerInsights Nordic, Christian HvashøjIntegra Law, Kim HansenInventure Capital, John F. DascherInventure Capital, Ole TrudslevIT Practice, Torben FalholtJuriqa, Charlotte SørensenKeystones, Kenneth LarsenKPMG, Steffen HansenLaxo, Valdemar SiesbyeLego, Jan ChristensenLeo Pharma, Peter VilladsenManto, Anna Porse NielsenMedDevCon, Henrik EgesborgMobile Weaver, Umar AkramNetpeople/People Group, Terje Mose PederseNorthCap Partners, Søren J. NielsenNovo Nordisk, Lars NordholmNovo Seeds, Stephan ChristgauNovozymes, Kristoffer GandrupNovozymes, Peter Faaborg-AndersenNovozymes, Thomas RasmuseenNovozymes, Troels Balmer Christensen Patrade, Peter ElsnerPowersense, Martin SpeiermannQ2Con, Simon NielsenRainmaking, Kasper VardrupSiemens Wind Power, David GramSEED Capital, Niels Vejrup CarlsenSEED Capital, Ole Bitsch-JensenSEED Capital, Rasmus BjerngaardShell, Jacob KunstmannSHiFT interactive communication, Ulf Gaardsted Sirius Advokater, Benjamin LundströmSocialsquare, Trine-Maria KristensenSolo Innovation, Hans Hasselby-AndersenST Ericsson, Sune HøjfeldtStirling, Lars JagdSyddansk Innovation, Morten Stærdahl AndersenSyddanske Forskerparker, Peter MadsenTBK Consult, Hans Peter BechTDC, Gitte FredborgThe Exploring Company, Simon LyngsøVelux, Klaus Lorentzen Vestas, John Agerholm

ARE INVESTORS, AND PEOPLE WHO HAVE DONE IT THEMSELVES - EITHER AS AN ENTREPRENEUR OR AS A SENIOR EXECUTIVE.

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THEADVISORSBullGuard, Morten Stengaard Nielsen CCI Magazine/Knowbody, Søren RehnéConzortium, Christian DrachmannCopenhagen Living Lab, Anne Sofie Josephsen Dynaton, Lars Høg-IversenAccelerace, Thomas Eskebæk House of Beer, Mads BrinksIngenCO2.dk, Morten Nielsen INAGEN, Thomas KledalINTELLEX Technology, Jan DombernowskyKMD, Troels LindgårdManpower Professional, Michael ChristiansenMTIC, Michael K. ReeslevMicrosoft, Thomas Gudman MyBanker, John NordenMyBanker, Nikolaj Hendriksen Office123, Mikkel KinnerupOptionDirect, Michael Kjøller-PetersenPA Consulting, Lars Henrik JuelPape Kongaa, Jesper Hvid KongaaRadical Innovation, Allan SilfverbergRequirementOne Inc., Martin G. PedersenSecunia, Maria Eriksen Jensen SmartShare Systems, Morten Brørup TEO, Zahid AbdullahVæksthus Midtjylland, Mogens ThomsenVæksthus Sjælland, Jonas Ørts HolmYouSee, Anders BrørupZgene, Zoran Gojkovic

OUR JUDGES AND ADVISORS PROVIDE THEIR TIME AND EXPERTISE TO VENTURE CUP’S PARTICIPANTS ON A VOLUNTEER BASIS.

VENTURE CUP WOULD LIKE TO THANK THEM FOR THEIR SUPPORT.

ARE SERIAL ENTREPRENEURS AND PEOPLE WITH STRONG EXPERIENCE FROM THEIR INDUSTRY.

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VKR Holding, Jesper DalsgaardVækstfonden, Mads LacoppidanVæksthus Hovedstadsregion, Max DamgaardWemind, Jakob BomanYellowman, Maria AnderssonYouNoodle, Torsten KolindZacco, Bent LundsagerZacco, Casper StruveZacco, Inga Marie WollnyZacco, Nadeem-Asim MohammadØstjysk Innovation, Gyda Bay

Venture Cup collaborates with a broad range of international organisations and programmes to ensure Danish entrepreneurs get international experience.

Among them are:

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SMALVenture Cup Denmark is a founding partner of a new Nordic cleantech competition for seed-stage startups, called Nordic Cleantech Open.

The competition is largely financed by Nordic Innovation Center. The initiative aims to identify and upgrade the best seed stage cleantech startups in the Nordic region and later display them to the world.

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INTERNATIONAL PARTNERS

NORDIC CLEANTECH OPEN

WORLD

Innovation Center Denmark in Silicon Valley, USAMIT, USA, and their Global Startup Workshop conferenceCambridge University Technology Entrepreneurs Club (CUTEC), UK Cleantech Open, USA (formerly California Cleantech Open)Kauffmann Foundation, USAVenture Cup Sweden, Venture Cup Norway, Venture Cup Finland & Innovit Iceland.

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BUT THE GUYS LIKE US!

I’m very glad that Novo can sponsor Venture Cup, as it is a great initiative that allows us to support the development of viable projects.

Stephan Christgau Investment Director

Novo Seeds

Denmark needs to support entrepreneurship from an early stage, so that students can develop to their full potential. That is why Venture Cup is important for our society.

Mads PrebensenGroup Senior Vice President

Grundfos

We support Venture Cup because it gives us the possibility to keep our finger on the pulse of the new ideas that emerge from the universities.

Niels Vejrup Carlsen Investment Manager

SEED Capital

We were very happy to participate in Venture Cup. The professional feedback and the network we got through the competition provided us with a good foundation for 3Shape’s success.

Nicholaj Deichmann Co-Founder & CFO

3Shape

Venture Cup helps to create more companies in Denmark and that is why we support them. I see Venture Cup as a culture bearer and an important player to promote entrepreneurship among the students.

Henrik BrorsenManaging Director

CONNECT Denmark

As a professional investor, I feel it is our responsibil-ity to support the entre-preneurial community, it is where we live from and where we invest. I choose Venture Cup because I feel it is one of the best organ-isations to provide that support.

John F. Dascher Investment Director

Inventure Capital

BIG

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DISCOVERINGNEW ENTREPRENEURS

DISCOVERINGNEW ENTREPRENEURS

1000 people send their ideas to Venture Cup every year. That is 1000 individuals with hopes and dreams, drive and determination. That is 1000 entrepreneurs in the making.

We are proud to introduce some of the top entrepreneurs of the last competitions.

OROCLEANTHE BUSINESS IDEA

OroClean from the Technical University of Denmark (DTU) won not only this year’s Venture Cup Cleantech competition, but also the main prize as overall winner of Venture Cup Startup Competition 2010 - and the prize of 250,000DKK that comes with the title! OroClean has developed a centrifuge, which can remove the use of mercury in smaller gold mining facilities in developing countries. Their solution doesn’t only benefit the miner’s health, but also improves his economy and helps the environment.

THE VENTURECUP EXPERIENCE

Jakob from OroClean thinks the experience has been great for the entire team, especially because they are all DTU students and this was their first experience in a profit oriented competition. They have taken part in several other competitions where the product was in focus, but this time, it was their ability to make a professional business plan and commercialize their product, which would be put to the test, and they all learned a lot from both the jury and the entire process around the competition.

THE FUTURE

After they were celebrated as winners of the overall Venture Cup Startup Competition 2010, things really started going fast for the team. They have participated in several other competitions with good results, and have met people who have helped them in their process. Among other things, they have started a partnership with Geocenter Copenhagen, which already works within this field. OroClean will have their story and logo on the center’s webpage, and will be allowed to use their research facilities. They have started working on the prototype, and are aiming to finish it before January, when they are going to Tanzania and try it out on site. They are currently searching for investors to help them upscale the project, so they can go further than the prototype.

The guidance and constant feedback we have received from the jury has really helped us to develop our product

FIRST PRIZE WINNER OF VENTURE CUP 2010

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José Cerdán (ITU), Billal Ali (CBS), Ana Boyadjieva (CBS), Jakup Otocki (CBS), and Ian Jorgensen (KU).

NKK INNOVATIONAPPLIED TECHNOLOGY WINNER OF VENTURE CUP 2010

THE BUSINESS IDEA

NKK Innovation, which consists of the two brothers Kristian Dollerup and Niels Dollerup, from AAU Esbjerg, won this year’s Venture Cup Applied Technology competition and with the title, a prize of 50,000DKK. NKK Innovation has developed a design solution called “Wall-Click-System”, which simplifies a part of the building process on site and dramatically reduces the time for construction of light walls. At the same time, their system offers better working conditions and reduces the use of material.

THE VENTURE CUP EXPERIENCE

Kristian Dollerup from NKK Innovation strongly emphasizes that the competition has been a great experience for both team members. The unique opportunities to network at the final and other events were for them the most important part of the competition. Their product idea was developed when they entered the competition, but they had the opportunity to sharpen up their investor pitch in a positive way. Knowing every aspect of your product is a good thing, but it is extremely important to get the feedback from the market – without

risking the whole deal. Through winning the competition and the exposure that followed, the team has been able to “kick in the door” in places where they would have had a tough time prior to their participation. Now they are not just another name in the book – they got a stamp of approval.

THE FUTURE

The future is looking bright for NKK Innovation, they are in the process of finalizing their funding with investors, as well as looking to expand their product idea to other segments. On the product side, NKK Innovation is looking forward to presenting a social account for, amongst other things, showing how much their product can help the working conditions.

Through Venture Cup we were able to start a dialogue with people that could really help us in the journey to success

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INVITROQTHE IDEA

The team behind InVitroQ, Morten Voss (AU), Patrick Bundin (Lunds University) together with Theodor Kamp Nielsen and Brian Bilenberg from NIL Technology ApS, won this year’s Venture Cup Life Science & Medtech competition and the first prize of 50,000DKK. InVitroQ has developed a new and smart petri dish, which allows for the expansion and differentiation of controlled stem cells. A product that could potentially have great implications in future research in the area.


For some of the team members, Theodor and Brian, this is not their first Venture Cup experience. They participated in 2005 where they were celebrated as 2nd place winner in the overall competition. The idea they have entered with this year was actually started after the launch of their first company NIL Technology ApS. Their first client was Aarhus University where Morten was working on this particular idea and together with different partners across the Øresunds Region. After a lot of hard work the idea for forming InVitroQ came together. The team decided

to enter the Venture Cup Startup Competition, and started working on turning their idea into a business plan. Theodor Kamp Nielsen thinks the competition and the deadlines for submitting entries helped them keep up the motivation to finalize their business plan and making it operational, which they had been working on for almost one and a half year before.

THE FUTURE

Since the final, the team has been working with two things that they need to get done to progress with their business plan. First of all, they need to get the final agreement with investors in place, and are working hard on that. Second, they are negotiating with Aarhus University on the license to sell the product, since the IPR is owned by the university. The ambition is to have these two things in place in early 2011, so the company can really start up. They are aiming to have a product out in the market approximately in 18 months.

Venture Cup is a great way to get competent feedback and guidance if you have an idea for a new startup company

LIFE SCIENCE & MEDTECH WINNER OF VENTURE CUP 2010

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COMPUTERFRIENDSERVICES WINNER OF VENTURE CUP 2010

THE IDEA

Computerfriend who consists of Thomas Wiborg Steen og Torben Christensen (AAU Esbjerg) samt Morten Toft Holm og Ulrik Blom (EASV) won this year’s Venture Cup Services competition and the first prize of 50,000DKK. Computerfriend offers direct 24h online support for the private sector as well as small-medium sized businesses by building a platform, which allows “everyday experts” to use their expertise in solving IT problems for a large number of users. In other words they are organizing private IT-supporters by offering a platform for them to easily help others and get paid for performing their services.


“Guidance” is the word Thomas Wiborg Steen from Computerfriend emphasizes when asked about the teams experience with Venture Cup. Although they had the idea from the very beginning, they received help and advice throughout the competitions, from how to make a great business plan to ways of improving their pitch to the jury. After utilizing these new skills to win the Services category, guidance from some of the competition sponsors, partners and network in general was the next step. This was something very valuable to Computerfriend, and they saved a lot

of time, research - and future troubles - having these “quality approved” advisors and resources picked out and presented to them by Venture Cup.

THE FUTURE

A few days before the Venture Cup Startup final in June, the team was able to finalize their agreement with an investor making it possible for the team to move along with their product. The team believes the positive decision from the investor was definitely influenced by their victory in the Venture Cup Idea Competition in January, and the fact that they were once again in the final, because it helped to argue that they had not only a great idea but also a great business idea. Right now the team consists of these 4 guys in Esbjerg (DK) and 4-6 developers in Pakistan were the development of the product has been outsourced. The next step for the team is a planned launch of the platform in the spring of 2011.

It has been a great experience for us having to approve our concept over and over again – this has really helped us to be where we are today

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KKLOUDSOFTWARE WINNER OF VENTURE CUP 2010

THE IDEA

Kkloud with Tobias Baunbæk Christensen and Mathias Buus Madsen (AU) won this year’s Venture Cup Software competition and the first prize of 50,000DKK. kkloud has developed a new way to share files directly through the internet browser, which allows for uploading and downloading of large files to take place simultaneously. This technology is significantly different from current solutions.


If you ask kkloud, they will emphasize the great importance of getting your idea out in the open. Before they knew about Venture Cup they “just” had a product. Now, because of the continuous feedback, they are on the way to creating a real and successful business. Participating in the competition pushed them to take the next step, and at this journey from idea to business they learned how to make a serious business plan, find the right business model, how to pitch in front of potential investors and much more. Tobias Baunbæk Christensen highlights that their greatest learning from Venture Cup is that it is not just “training for the real world”. They have met a lot of very experienced people

– advisors, jury members, other students and entrepreneurs etc. - that quickly have become a part of their everyday life. The experience has been so great for kkloud that Tobias has already recommended participating in Venture Cup to several of his friends; not just thinking about it but actually doing it.

THE FUTURE

After winning the Software category in Venture Cup 2010, things have really started moving forward for kkloud. Right now, they are in the stage of further developing their business model, with the clear goal of attracting investors. The technology has many uses and they want to continuously develop their business. Since the final they have also taken the big decision to move from Aarhus to Copenhagen, taking advantage of the additional prize for the Software category winner of three months free rent at 5te’s incubator facilities. Besides that they have already hired two additional team members that will be partners in the business.

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There is nothing to lose – no matter what, participating will make you learn a lot of things that you can take with you.

PEOPLE’S CHOICE AWARD WINNER - KUIDM HOODS

SUPERLIGHT STRUCTURES

IVOTESHOPPINGPEOPLE’S CHOICE AWARD WINNER - SDU

FIRST PRIZE WINNER - AAUCOMPUTERFRIEND

FIRST PRIZE WINNER - CBS/DTU

APPLIED TECHNOLOGY

VENTURECUPCATEGORIES

A team made up from a DTU scientist and three CBS students, Super Light Structures competed with a technology that had already received interest from venture capitalists.

More than 20 years ago DTU scientist Kristian Hertz started working an this construction technology, which opens up for constructing load bearing building structures with cost and energy savings of up to 50%. In 2009 his son Peter started the process of commercializing the invention and teamed up with Alexander Wulff and Mads Løntoft, both studying International Business at CBS. Peter, Alexander and Mads are now working full time commercializing Super Light Structures, which already has obtained proof-of-concept and a patent.

IDM Hoods from SDU has developed a range hood which is operated automatically, without the need for buttons or manual settings. Among the core strengths of the team is its multidisciplinary mix of designers, mechanical engineers and IT people. The team consists of Simone T. Andersen and Kristina Lagoni of SDU, Integrated Design, Miha Srebot and Min Gyeol Yoon who studies Mechanical Engineering at SDU and finally Michael Bejer-Andersen and Emil Holmegaard from the Data Technology study at SDU.

Thomas Wiborg Steen and Torben Christensen from AAU in Esbjerg and team mates Ulrik Blom and Morten Toft Holm from Erhvervsakademi Sydvest are good at IT. Therefore they are often contacted by frustrated friends and family in need of IT assistance. That is the basis of the idea behind Computerfriend, a platform which allows IT savvy people to provide computer support for their friends from home while getting paid.

The team has already launched a beta of computerfriend.dk, and is now working on their strategy and getting investors to launch the final version.

IVOTESHOPPING.dk is a portal where customers can meet and gain better prices by buying together.

The team is made up from Nicolai Eilstrup, the founder of MEETIN and a student at KU, Casper Christensen who studies law at KU and finally Rune Theill Knudsen who studies organisational innovation and entrepreneurship at CBS.

SERVICES

VENTURECUP’S COMPETITIONS AWARD THE BEST IDEAS WHITHIN FIVE CATEGORIES.

MEET THE WINNERSOF THELAST IDEA COMPETIITION.

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MALARITECTFIRST PRIZE WINNER - AU/ASB FIRST PRIZE WINNER - AU

FUTURECAD

PEOPLE’S CHOICEAWARD WINNER - AAUEQUI SOCIALIZINGU

PEOPLE’S CHOICE AWARD WINNER - AAU

FIRST PRIZE WINNER - DTU/CBSBLUE POWER TECHNOLOGIES

THE ISCR COMPANYPEOPLE’S CHOICE AWARD WINNER - SDU

SOFTWARE CLEANTECHLIFE SCIENCE & MEDTECH

The team behind MalariTect has multidisciplinary skills; Anders Pedersen and Christian Jølck from ASB are commercially trained while Jakob Pedersen, David Tordrup and Jakob Virenfeldt from Aarhus University are working with molecular biology and medicine.

They have developed a new technology, which may be able to reduce the costs and time spent in determining immunity towards malaria medicine.

According to WHT half of the world’s population live in areas where malaria can occur. And immunity towards malaria medicin is a big and growing problem, which makes it difficult for doctors to determine which medicin to prescribe.

Jens Tranholm Olesen, Mikkel Gram, Ema Erkocevic og Mette Frydensbjerg Bøg all study health technology at Aalborg University. As a course of their studies that have looked into patient needs as nursing homes and through this developed a new, easy to use, rehabilitative tool to be used on patients whose motoric abilities have been affected by the likes of stroke, brain hemorrhage or other paralysis.

FutureCad is a digital software solution providing visual overview of building information. Despite his young age, the man behind the idea Frank Nørgaard, already has solid knowledge of high-tech projection technology and the construction industry. Frank worked on consultancy projects at The Institute of Technology together with Asbjørn Levring, who is now his partner, and seeing that the information on building and construction was impossible to overview, the idea for FutureCad was born.

The team is working on a beta version of FutureCad now, which they hope to be able to offer to selected municipalities by mid 2010 and hereafter to private companies.

Computer Scientists Daniel J. Kold and Michael H. J. Pedersen, both from AAU have developed a platform for interactive games. The game entered into the Venture Cup competition allowed for a combination of physical experiences at specific interesting destinations linked to a digital game. The game also allows players to compete against eachother.

Keld Lundgaard and Jonathan Højberg, both DTU nanotech students, have developed a power take-off system aimed for ocean wave energy. The power take off system is able to convert mechanical energy stored in the ocean waves into electricity.

Teaming up with Bjørn Lund-Nielsen from CBS to couple their technical capabilities with business savvy, Blue Power Technologies have created the basis for commercializing their product. Currently, Keld and Jonathan have mobilized no less than 12 of their fellow students in developing and testing the technology and are looking to integrate the development of their product in DTU classes.

Students from DTU have developed this technology that integrates DCCS solar panels directly into the roof tiles making it possible to sell an integrated solar cell tile. The team consists of Kristoffer Nyrup (Chemical Engineer), Pernille Ravn Pedersen (Integrated Design Engineer), Martin Hjorth Jessing Lund (Construction Engineer), Johannes C. A. Jørgensen (Integrated Design Engineer), Morten Kronborg Andersen (Construction Engineer) and Anders Bo Haughuus (Chemical Engineer).

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We love to keep in touch with our previous participants as they start and grow their ventures.

We are proud to be part of the entrepreneurial journey of more than 80 companies and we would like to share some of their stories.

OUR PREVIOUSLY

DISCOVEREDENTREPRENEURS

OUR PREVIOUSLY

DISCOVEREDENTREPRENEURS

oday, Morten Brørup is the founder and CTO of SmartShare Systems, a successful technology company founded in 2004.Morten shares with us

how he incidentally spotted an opportunity and turned it into a sucessful startup.

ENTREPRENEURIAL MINDSET

The first time Morten came in touch with his entrepreneurial side was during his last year of high school, when he started his first company together with a good friend. They sold sunglasses, videotapes, computer disks, and anything they could buy cheap in large quantities.

Later on, while studying at DTU, he also created an electronic device to be sold online together with a fellow student, and cofounded a website.

For Morten initially, starting different companies was just a hobby, and it was only about 10 years ago, that he decided to give one of his startups a real try, so he quit his job, and together with an old friend from DTU, they started working on the launch of one of the first MP3 players. The plan was ‘simple’: build a prototype and sell it to a big company, but -even though they hired extra help- they could not sell it. So they closed down the company and got a job again.

A GROUNDBREAKING IDEA

Morten had worked with development of network chips for several years, and back in 2003, some of his friends asked him if he could help solve a network problem they had in their building. The apartments in the building were sharing an internet connection, so they could all get very cheap internet. But every time one of the neighbors downloaded something from the internet, it became very slow for everyone else.

Morten started looking around, asking

friends and colleagues, but they couldn’t find a good solution. The problem became a personal challenge for him and he just needed to find a solution. Morten kept seeking inspiration from friends, and eventually – while discussing the problem at a good evening of barbecue and beer – the groundbreaking idea came to him.

He built a concept prototype using a normal PC, so he could test his brand new algorithm. It worked!

He talked to a patent attorney and he guided him to file a patent application. Around the same time, Morten hooked up with his cousin Anders Brørup, who was studying in CBS, and decided to write a business plan to participate in Venture Cup.

Morten arranged a manufacturing agreement with a factory in Asia, specialized in small quantity orders and determined the absolute minimum requirements so they could quickly develop a product they could sell. More features could always be added later.

In true entrepreneurial spirit, Morten gathered a couple of his programmer friends for some weekends and worked like crazy on the product according to his minimum specifications, FairRouter version 1 was born.

When the first product was ready, Morten quit his job, started the company and hired a salesman.

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SMARTSHARE SYSTEMS

ABOUT

• SmartShare Systems is a leading supplier of WAN Optimization Appliances delivering intelligent bandwidth management products

• Currently has sales offices in USA and Germany

• It is a privately held Danish company backed by international venture funds with channel partners globally

• Their solutions are now being used in commercial businesses, housing associations, hotels and schools

• Nominated to Ernst & Young’s Entrepreneur of the Year 2009 in the Startup category

VENTURE CUP ALUMNI

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THE PRODUCT

SmartShare StraightShaper is a plug-and-play box that optimizes internet access without the need to upgrade the bandwidth or change the network configuration. Installed at any company’s internet connection, it accelerates response times for all internet based services. The product is perfectly positioned as a key enabler for software-as-a-service and cloud computing in small and medium businesses.

CAT Science got on board as the first investor. Soon after, Morten head-hunted his former boss to be the CEO, and they put together a board of directors who had qualifications in different areas where the team needed expertise.

One day, they got a call from a technician at a hosting company who had found their “internet sharing router” online, and he thought that it might solve one of their customer’s problems. This event made Morten and his team turn their focus towards the business segment and confirmed that there was a market

outside Denmark. The second round of financing came from Vækstfonden with an investment of 10 million kroner.

The FairRouter had the right core technology, but the packaging was not adequate for business customers, as they wouldn’t be interested in completely replacing their existing router. So the solution was: the StraightShaper, which could simply be added to the customer’s network without any reconfiguration.

Software-as-a-Service, Cloud Computing, Hosted Desktop, IP Telephony, Unified

Communications and Video Conferencing are not just buzzwords, they are trends. They work via the internet, and they will only be successful if they are not slowing down the business productivity. This means that a slow internet connection becomes a bottleneck for doing business efficiently.

SmartShare Systems has the technology to prevent internet slowdowns, and is in the process of launching a business model to match these trends.

Morten BrørupFounder & CTO

HEALTH EQUIPMENT DENMARK

A

VENTURE CUP ALUMNI

bout five years ago, Kristian Rye Veedfald and Mads Hemdorff Petersen started working on a project to solve the problem

with fixating medical tubes during

dialysis treatments. Kristian’s father, Henning Veedfald, who was a dialysis patient for many years, mentioned that many problems were caused simply by the lack of a safe and secure mean of fixation for the tubes. Henning died four years ago, but he managed to support

the launching a project that is currently helping a great number of dialysis patients both in Denmark and abroad.

Kristian Rye Veedfald and Mads Hemdorff Petersen

TAKING OVER THE EU MARKET

Hospitals in most European countries are replacing the old fashioned tape to secure medical tubes and needles used on dialysis patients. Instead, they choose to use the innovative plastic clip developed by danish entrepreneurs Kristian and Mads, founders of HED.

Using these clips gives great advantages to the patients: they feel more secure as they are no longer afraid that the tubes will fall off, and the clip also allows them to move around much more.

But the clips are also great help for the hospital staff, who has an easier time handling the tubes.

Kristian and Mads developed the clip by experimenting with a paper clip and a clip for an orchid. One of their friends translated it to a 3D drawing and a tangible prototype was moulded.

They won several prizes in different entrepreneurship competitions, among them, one Venture Cup 2005. They have received capital investment from

Østjysk Innovation, who invested in the project and provided the company with a great network. Through that, Kristian and Mads found two of their board members: Hans Houlind and Jørn Falch.

This enabled Kristian and Mads to develop the project even further, and the product was designed so it would accommodate all the demands put forth by the hospitals.

The clip is actually made in modules that can be switched. That means, that

it can also be used for other types of treatments within health service.

After only six months of launching, HED had the 90% of the danish dialysis market. Their success continues also abroad, they distribute now to many european countries.

Two new products are in the pipeline, and in testing phase.

Its great to come to the hospitals and see the patients and staff brighten up when they realize how smart our product is, and how it can help them eliminate so many unnecessary risks.

ABOUT

• Health Equipment Denmark is an innovative organization concentrating on research and development for science and technology for the medico industry

• HED develops and distributes applications that are helpful for patients and staff in hospitals globally

• Currently has distribution partners in 10 european countries

• More than 20,000 clips have been sold and delivered

• HED was nominated to Ernst & Young’s Entrepreneur of the Year 2009 in the Startup category

• Kristian Veedfald was nominated for the Ivækstpris 2009 in the ‘Young Entrepreneur’ category

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WE ARE

» CONTRIBUTE WITH 67M DKK TO THE DANISH ECONOMY » » HAVE CREATED MORE THAN 430 JOBS » » HAVE RAISED 155M DKK IN INVESTMENT CAPITAL » » 68% EXPORT TO INTERNATIONAL MARKETS » » OPERATE PREDOMINANTLY WITHIN HI-TECH INDUSTRIES

OF OUR ALUMNI PROUD

1Calendar2FRESH 2FOLLOW 2cent Interactive 3Shape Advalight AlCo Company ArtCompaz Axon7 BaisikeliBAKOBA basechat.com BrainReader ByPilot CartopolCepa Mobility DampTech D-FRAC Dormicor Dragon Talent NetworkDupont LightStone Dynaton EMP GroupEuroMedicin FlexAcoustics FreePhoneNames Freeprint FRIDRIX FutureMatch.dk Gi Den Gas Palads Hardcore Processing

HertArt Health Equipment Denmark Hoist Now Holtech Medical HøreService ICU-Lite ImmeasureIMMUTELL iMotions INAGEN InMold Biosystems Intertisement.com Invacc Kontraframe Kuneco LoveFilm.dk Mangospot Medichanical Innovation Medineering MESH Technologies MicroChemix MinReklame Mobile Weaver MPSOFTWARE MultiaerobicsMybanker.dk Netamia NIL Technology Oddlabs 42Tools

OptionDirect Pot8oz Quality Entertainment Quantumwise Radical Innovation Consulting Regnskabskompagniet RequirementOne RSP Systems SafeVote Sapio Systems Scape TechnologiesSmartShare SystemsSonderborg Student Foundation Sund på Job Sutwell TEO The Antibody Project The Kono BusinessUgly Duckli Unity Technology ViroGates Vistachild YellowmanZGene

MORE THAN 80 COMPANIESHAVE BEEN THROUGH VENTURECUP AS PART OF THEIR ENTREPRENEURIAL JOURNEY

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ALUMNI COMPANIES - SOURCES OF CAPITAL

Not sure2% Innovation

incubators18%

Friends, family & founders

34%

Bank Loans

8%

International Sources

1%

Business Angels8%

Seed Financing10%

Corporate investors2%

Venture Capital13%

Public Grants4%

54% 36% 32%46%

Only Denmark

NordicCountries

European Union

USA Rest of the World

32%

ALUMNI COMPANIES - EXPORTS TO INTERNATIONAL MARKETS

Innovation incubators and venture capitalists are the main sources of capital for the alumni companies

The majority of the alumni companies export to international markets

GRAPHLOVERSFOR THE

Alumni companies generated 67 million DKK in direct economic activity both within Denmark and internationally

ALUMNI COMPANIES - AMOUNT OF INVESTMENT

50-100

100-500

0-50

*in thousands

2

500-2000

2000-5000

5000-10000

10000+

Not sure

4

6

8

10

12

ALUMNI COMPANIES - REVENUE 2008

*in thousands

1,000-5,00017%

500-1,00017%

300-500, 8%

5,000+15%

Not Sure4%

No Revenue27%

0-50, 2%

50-100, 4%

100-300, 6%

Alumni companies have raised 155 million DKK in investment capital

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BREEDINGGROUNDFORFUTUREENTREPRENEURS

THANKSTO ALL THAT SUPPORT VENTURECUP

OUR SPONSORS

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Sponsors of the finals: INCUBA Science Park, Østjysk Innovation, CAT Science, Cassiopeia, ICT Norcom, COBIS, Dansk Erhverv and Odense Erhvervsservice. Sponsors of prizes: 5te & Office123.

OUR PARTNERS

MEMBER UNIVERSITIES

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ChairmanMette MønstedVice Dean of EntrepreneurshipCopenhagen Business School

Tanveer SharifCEO & FounderVopium

Helle SchrollHead of Career CentreUniversity of Southern Denmark

Tine ThygesenCEO23

Susan DalumBusiness Development DirectorAarhus Entrepreneurship CenterUniversity of Aarhus

Alex Farcet, Startup BootcampAnders Hoffman & EBSTBrian GjestrupCarsten Collin, Ernst & YoungCarsten Snedker, Innoption IMEADitte Rude Pedersen, Ernst & YoungFlemming Bahner, Bahner.dkGus Murray, Startup CompanyJakob Boman, WemindJan Priis-Heje, RUCJohn F. Dascher, Inventure CapitalJonas Åradsson, Boliga

Kasper Hulthin, HoistKim Müller ChristensenKim Plesner-Jacobsen, ActoLaila Agerholm, VestasMartin B. JustesenMorten Mølgaard Jensen, COBISNiels Bojsen, PRESEEDNiels Christian Sidenius, INCUBA Nikoline Lohmann, Digital StorylabPeter Damgaard Kristensen, AUPeter Ladegaard Bølling, PhotographerSine Sambach, RUC

Stephan Christgau, Novo SeedsStine Rasmussen Sylvia Hansen NedeltchevThomas Rasmussen, Novozymes

BOARD OF DIRECTORS

WE WOULD ALSO LIKE TO THANK

Merete ReussHead of EducationTechnical University of Denmark

Christian VintergaardManaging DirectorFonden for Entreprenørskab

Stephan ChristgauInvestment DirectorNovo Seeds

Niels Maarbjerg OlesenHead of SecretariatAalborg University

Dorte Fredskilde BraadDirector’s SecretariatUniversity of Copenhagen

Sune Kaspar Testrup-FriisHead of Section, RUCInnovationRoskilde University

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in

Venture Cup Booklet 2010

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