We finance the Knowledge
2
2 1.
1. UNIRISCO Galicia SCRUNIRISCO Galicia SCR
A CoruA Coruñña Universitya University
Santiago UniversitySantiago University
Vigo UniversityVigo University 2.
2. LeLeón Universityón University 3.
3. Valladolid University Valladolid University Foundation
Foundation 4.
4. Salamanca UniversitySalamanca University 5.
5. Torres Quevedo Foundation Torres Quevedo Foundation (Cantabria University)
(Cantabria University) 6.
6. Carlos III University (Madrid)Carlos III University (Madrid)
7.
7. Parque CientParque Cientíífico de Madrid fico de Madrid (Aut
(Autóónoma and Complutense noma and Complutense Universities)
Universities) 8.
8. Valencia UniversityValencia University 9.
9. PolitéPolitécnica of Valencia Universitycnica of Valencia University 10.
10. AlicanteAlicante University FoundationUniversity Foundation 11.
11. Miguel HernMiguel Hernández University ández University (Elche)
(Elche) 12.
12. Extremadura UniversityExtremadura University 13.
13. CáCádiz Universitydiz University
14.
14. Empresa Nacional de InnovaciEmpresa Nacional de Innovacióónn
(ENISA
(ENISA –– Ministry of Industry))Ministry of Industry))
Who are the partners?
Who are the partners?
16 Universities
3
3
I+D Unifondo
I+D Unifondo
UNINVEST PROJECT:
UNINVEST PROJECT:
Bridge
Bridge
the
the
gap
gap
…
…
Detect and Detect and evaluate evaluate investment investment opportunities opportunities
Manage the Fund Manage the Fund resources resources Finance Finance technological technological companies companies Financial Financial world world Business Business world world Research Research world world “
“Turning Research Results into Turning Research Results into Profitable Companies
The
The
Fund
Fund
I+D
I+D
Unifondo
Unifondo
Turning
Turning ResearchResearch ResultsResults IntoInto ProfitableProfitable Companies
5
5
Venture Capital Technological Fund
Venture Capital Technological Fund
18.500.000 EUR
18.500.000 EUR
Investing in
Investing in
scientific/ New technology
scientific/ New technology
based companies
based companies
, Start
, Start
-
-
up
up
´
´
s
s
from the
from the
University and/or other Public Research
University and/or other Public Research
Centers (CSIC,
Centers (CSIC,
…
…
)
)
I+D UNIFONDO
6
6
Sectors:
Health Care
Biotechnology
New Materials and Nanotechnology
Information and Communication
Technologies
Environmental Science
Standard Investment.
200,000.-€ up to
1.000.000.-€
Investment
Investment
Profile
Profile
7
7
I+D UNIFONDO
I+D UNIFONDO
Investors= 70% Private
Investors= 70% Private
+ 30% Public
+ 30% Public
Total 18,5 Mill EUR
Total 18,5 Mill EUR
INDITEX
INDITEX
ENISA (Emp. Nacional de Innovaci
ENISA (Emp. Nacional de Innovacióón)n)
Fondo Emprende ( Xesgalicia SGECR SA)
Fondo Emprende ( Xesgalicia SGECR SA)
Grupo San Jos
Grupo San Joséé
Banco Epirito Santo
Banco Epirito Santo
Axis Participaciones (Instituto de Cr
Axis Participaciones (Instituto de Créédito Oficial)dito Oficial)
CaixaGalicia CaixaGalicia CaixaNova CaixaNova Grupo Santader Grupo Santader
8 8
I+D UNIFONDO
I+D UNIFONDO
Investments
Investments
9
9
Venture capital invest on companies and
well structured projects, viable and
managed by a capable team
Venture CAPITAL
10
10
Seed: investments on the previous stages to themassive production (prototypes, R and D, …)
Start-up: initial development and first commercialization (recent created companies)
Expansion: consolidated companies (with profits) that need to cover new business challenges
Replacement: buy-sell of shares between investors
Redirect: relaunchement of companies with financial difficultiesVENTURE CAPITAL
11 11 65,0% 6,7% 21,1% 6,2% 0,2% 0,8% Semilla Start up Expansión Sustitución MBO/MBI Otros MADUREZ MADUREZ
Development degree of invested companies in Spain
Source: ASCRI 2004
RISK CAPITAL IN SPAIN
RISK CAPITAL IN SPAIN
seed capital
Expansion Replacement MBO/MBI Others
12
12
TOTAL VOLUME INVESTED on 2005:
4.117,7 M€
x2 compared to 2004Seed capital
8,4M€ and 50 transactions
Start-up:109,3M€
Transactions:
Jazztel, Imaginarium, Vueling,
Source: “El capital semilla no germina en España” (EL PAIS – 2 de abril de 2006)
ASCRI: www.ascri.org
RISK CAPITAL IN SPAIN
13
13
PROMOTERS
PROMOTERS
It is the most important factor
The financial partner is active but does not take part on the daily management
Settlement of interests: promoters, investors,
technology owners, …
Principal reasons for rejection (Source: EVCA)
Principal reasons for rejection (Source: EVCA)
51% 15% 9% 9% 7% 5% 4%
Management teamManagement team
Project sectorProject sector
Business Plan not solidBusiness Plan not solid
No viability of the projectNo viability of the project
Uncertain/Insufficient marketUncertain/Insufficient market
Insufficient profitabilityInsufficient profitability
No originality at allNo originality at all
RISK CAPITAL
14
14
RISK CAPITAL
RISK CAPITAL
-
-
HOW IT WORKS?
HOW IT WORKS?
Being highly selective
Looking for companies with innovative products and competitive advantages in mature and with high expectation markets
Supporting capable teams
Investing on companies with a real and clear15
15
Venture capital invest on companies and
well structured projects, viable and
managed by a capable team
Venture CAPITAL
16
16
Seed: investments on the previous stages to themassive production (prototypes, R and D, …)
Start-up: initial development and first commercialization (recent created companies)
Expansion: consolidated companies (with profits) that need to cover new business challenges
Replacement: buy-sell of shares between investors
Redirect: relaunchement of companies with financial difficultiesVENTURE CAPITAL
17 17 65,0% 6,7% 21,1% 6,2% 0,2% 0,8% Semilla Start up Expansión Sustitución MBO/MBI Otros MADUREZ MADUREZ
Development degree of invested companies in Spain
Source: ASCRI 2004
RISK CAPITAL IN SPAIN
RISK CAPITAL IN SPAIN
seed capital
Expansion Replacement MBO/MBI Others
18
18
TOTAL VOLUME INVESTED on 2005:
4.117,7 M€
x2 compared to 2004Seed capital
8,4M€ and 50 transactions
Start-up:109,3M€
Transactions:
Jazztel, Imaginarium, Vueling,
Source: “El capital semilla no germina en España” (EL PAIS – 2 de abril de 2006)
ASCRI: www.ascri.org
RISK CAPITAL IN SPAIN
19
19
RISK CAPITAL
RISK CAPITAL
-
-
HOW IT WORKS?
HOW IT WORKS?
Being highly selective
Looking for companies with innovative products and competitive advantages in mature and with high expectation markets
Supporting capable teams
Investing on companies with a real and clear20 20 Santiago de Compostela Santiago de Compostela UNINVEST UNINVEST Edificio CACTUS Edificio CACTUS
Campus Universitario SUR
Campus Universitario SUR
15782
15782 –– Santiago de CompostelaSantiago de Compostela Tel
Telééfonos:fonos: 981 54 70 44981 54 70 44
Madrid Madrid UNINVEST UNINVEST C/Santiago Grisol C/Santiago Grisolíía, 2a, 2 PTM
PTM--Parque CientParque Cientíífico de Madridfico de Madrid 28760
28760 -- Tres Cantos (Madrid)Tres Cantos (Madrid) Tel
Telééfonos: 91 806 07 57fonos: 91 806 07 57
[email protected]
Contacts
I+D UNIFONDO
I+D UNIFONDO
Contact
Contact