12 APRIL, 2017

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1 Canadian Corporate Innovation Summit Tawfik Hammoud Senior Partner and Managing Director 12 APRIL, 2017

2 Agenda BCG perspectives on Corporate Venture Capital Corporate Venture Capital in the Canadian context 1

3 BCG perspectives on Corporate Venture Capital 2

4 Corporate venturing is here to stay Share of Fortune 500 companies engaged in corporate venturing CVC investments % of total VC investments (North America) % 38% 48% % 15% 1 1 Top 500 Top 400 Top 300 Top 200 Top Note: VC deals include seed stage, early stage VC, and later stage VC; location is defined as domicile of investors Source: Global Corporate Venturing; PitchBook; BCG analysis 3

5 Insideout Copyright 2017 by The Boston Consulting Group, Inc. All rights reserved. Outside-in Market maturity of innovation Large breadth of external innovation vehicles used by corporates Low Events Scouts University/research partnerships UnGrounded Technology to Business Centers 1 In field of data analytics Accelerators and incubators Corporate Venture Capital Strategic partnerships High Acquisitions Licensing Smart Lens Innovation Labs Spin-off programs 1. Offer scouting as a service Source: Press clippings; company Web sites; BCG analysis Focus of today 4

6 Corporations applying especially three types of venturing tools to act fast & agile Corporate Venture Capital Minority equity investment in start-ups Gain early understanding of market/technologies Create mid-term option room Accelerators and Incubators (incl. partnerships) Fast scan of new business ideas Look into broad array of search fields Structured program with start ups Penetration of vehicles in top 30 companies of 7 focus industries (cumulative) 50% 40% 30% 4 40% Innovation Labs Internal innovation team outside of traditional R&D Rapid delivery of prototypes Fast testing of MVP 1 in market 0% MVP = Minimum viable product Note: Sample includes TOP 30 companies by market value for 7 industries, n=210 (Technology, Communication, Media & Publishing, Automotive, Chemicals, Consumer and Financial Institutions); 1. Accelerator and Incubator counted as one single vehicle and include partnerships Source: BCG analysis 20% 10%

7 Largest companies leading the way Corporate venture capital Accelerators and incubators Innovation labs Excluding Partnerships Including Partnerships Change 2015 vs Penetration in % % 2 2 2% 3 35% ~1/3 of Acc./Inc. in partnerships 4 42% 2% 6 62% 1 1 5% 41% 25% 1 TOP 30 1 TOP 10 2 TOP 30 1 TOP 10 2 TOP 30 1 TOP 10 2 TOP 30 1 TOP 10 2 # of units Number of companies from each sample 1. Sample includes TOP 30 technology companies by market value n=30 2. Sample includes TOP 10 technology companies by market value n=10 3. Number of companies within the sample that have at least one vehicle in the respective category 4. Including accelerators where the corporation partners with others in an accelerator Source: BCG analysis 6

8 Six findings from analyzing venturing vehicles and search fields of the top 30 companies across seven industries Source: BCG analysis Customer loyalty a factor for Financial Services, and (very limited) for Consumer, Media and Publishing, Technology companies Accelerators set up in partnership with other entities have rapidly become more popular in the last 3 years Today, almost a third of the accelerators/incubators in our 7 focus industries are in partnerships Strong increase in Accelerator/ Incubator partnerships 5 CVC investments strongly increase and shift towards software, doubling in last 5 years 6 Customer loyalty/ proximity matters CVC investments shift to Software 4 1 Strategy determines venturing approach Four distinct CVC Models evolved Vehicle/ search field combination differs by industry 3 First, derive venturing search fields vs. internal innovation topics Second: Decide what type of venturing vehicle is best suited for each search field Last: Venturing strategy and vehicles determine operational design 2 Chemicals and Media companies focus on core with CVC Techand Telco companies use combination of CVC and acc./inc. or core and adjacencies FS, Automotive and Consumer companies mainly use acc/inc. for adjacencies Strategic corporate center-led or business unit-led vs. financial return-seeking corporate-led or independent model Across 7 researched industries, Financial return-seeking independent model accounts for 12% of CVC units but higher share of invested US$ 7

9 Copyright 2017 by The Boston Consulting Group, Inc. All rights reserved. Successful corporate innovators have one thing in common: From innovation strategy to venturing strategy to op. design What is your innovation strategy? Derive venturing searchfields vs. internal innovation topics What is your venturing strategy? Decide what type of venturing vehicle is best suited for each searchfield What's your venturing operational design? Strategic objective determines operational design! Venturing strategy and vehicles determine operational design Source: BCG analysis 8

10 Four questions corporates should ask themselves Which search fields can we address internally, and for which search fields should we engage with the entrepreneurs, researchers, and companies that constitute the start-up ecosystem? Have we determined which venturing tools best support our innovation strategy and spur fast and agile innovation? Does the proposed mix of venturing tools and their operational design fit our search fields? Should we create our own tools or work with partners? Source: BCG 9

11 Corporate Venture Capital in the Canadian context 10

12 Canada is lagging in CVC activity While CVC investments is high across NA there is a large discrepancy between Canada and the U.S % 15% % 8% 2% 5% US Canada Note: VC deals include seed stage, early stage VC, and later stage VC; location is defined as domicile of investors Source: Global Corporate Venturing; PitchBook; BCG analysis 11

13 Copyright 2017 by The Boston Consulting Group, Inc. All rights reserved. Backup: In fact, Canada's total R&D spending has stagnated with virtually no growth in real terms post-2000 R&D Funding in Canada (B$ chained to 2010 dollars) $13B 4 3 $13B 4 38% $13B 5% 45% 3 $14B 10% 5% 42% 41% $15B 11% 38% 4 $15B 12% 5% $15B 12% 5% 3 4 $16B 12% 5% 32% 48% $18B 1 30% 4 $19B 15% 31% 45% $21B % $23B % $24B 8% 32% 51% $24B 31% 50% $25B 31% 50% $25B 32% 4 $26B 8% 31% 51% $26B 32% 4 +2% $25B 3 4 $25B 35% 4 $25B 8% 35% 4 $25B 3 4 $26B 3 4 $25B 10% 35% 4 $24B 10% 35% 45% Funds from abroad Private non-profit Higher education Goverment Business enterprise 12

14 Canada with key gaps along the value chain The Innovation value chain The Talent Pipeline Mindset & Culture Startup Ecosystems Growth & Risk Capital Corporate Innovation champions Summary of Toronto/ Canada's key gaps Significant brain drain to US > 300K CAD expats in S. Valley; 68% successful startup exits to US corps. Losing pace in pipeline of talent for the future 20% of Canadian grads in STEM; China with 40% UofT only university among world's Top- 100 most innovative Skilled immigrants not well integrated 2.5 4X higher unemployment rate Startups exiting earlier, smaller Successful Canadian startup exit valuations 2.5 4X lower than U.S. Fewer Canadians IPOs/capita over last decade (vs. US) Lack of marquee celebratory event in Toronto Lacking a globally recognized event celebrating innovation (e.g., Web Summit, SXSW) Innovation wins not broadcast loudly Anemic levels of corporate R&D and research collaboration Canada bottom quartile in OECD; 2.5X below US Top CAD corps. with 40% less spend than in 2002 Some, but not enough research collaboration Low direct gov't support for R&D CAD gov't has historically not picked winners as actively as the U.S. Toronto with 2nd-tier supply of risk capital Within the last 5 years, Toronto- Waterloo with just 5% of venture capital in the Bay Area,10% of NYC, 25% of London and 50% of Berlin Gap widens in laterstage deals ($25M+); startups forced to look abroad for these rounds of funding While many exist, Toronto lacks a globally leading accelerator (e.g., Y-Combinator) Toronto with poor conversion to "unicorns" Despite many startups; only one startup valued at > $1B (Kik Int.) Bay Area with 50+, NYC with 12, Shanghai with 9 Lack of corp. innovation champions Only one corporate among worlds top- 100 innovators High cash reserves Lower appetite for risk among Canadians execs Sources: StatsCan, Globe & Mail, Politico, Thomson Reuters, CB Insights, OECD, Web Summit, SXSW, Atomico, BCG Analysis, Expert Interviews 13

15 Summary of profiles from around the world Dublin Web Summit World renowned technology festival drawing top names and branding Dublin's hub London Future Fifty Government program that prepares later stage firms for IPOs, M&A or global expansion London Barclays Accelerator Corporate accelerator in partnership with Techstars; 4 locations offered Culver City Silicon Valley X-Prize Incentivized global public competitions that encourages tech development Tesla Bond $450M gov't loan to support Tesla's early stage growth SXSW SXSW World leading tech/music festival; historically home to many product launches Moscow Skolkovo ~ $4B government funded innovation space and new technology university Beijing Torch Program 25+ Year program by Chinese Government that has shaped Tech space Mountain View Silicon Valley Boulder Y-Combinator Best in class accelerator that has produced 6 Unicorns CEO Dinner Salesforce CEO has monthly dinners with entrepreneur CEOs Techstars Int'l startup accelerator with strong mentorship; ~ 90% success rate New York Paris Made in NY Cross industry, city wide branding campaign to connect local startups École 42 Private funded non-forprofit tech school offering free top-tier tech education Tel Aviv 8200 EISP Zero equity accelerator founded by military alum; extensive mentorship Shanghai Shenzhen ShanghaiTech Municipal government funded University in the R&D district of Shanghai HAX Accelerator Partnership between Shenzhen (Manufacturing) and Silicon Valley (Funding) Singapore NRF Government funding for local startups and foreign Singapore successful entrepreneurs Denver Galvanize For profit technology education alternative to trad'l university; 7 locations Santiago startup Chile Accelerator targeting int'l entrepreneurs; offering incentives to base in Chile Make in India Campaign to promote FDI in the manufacturing Bangalore sector; focus on Innovation Note: Additional initiatives that have been profiled but not included in this deck are startup Brazil, startup Institute, Cornell E-Labs, NASA Patent Program, TEKES and Google Bus 14

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