Financing knowledge transfer in Europe

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1 Jacques Darcy Financing knowledge transfer in Europe Jacques DARCY is Head of Division at the EIB / European Investment Fund, where he has spearheaded Venture Capital and Technology Transfer investments throughout Europe. Previously he was with Lazard (M&A). Diplôme (Sciences po Paris), M.A. McGill, MBA INSEAD.

2 Investing in Knowledge Transfer Jacques DARCY Graphene March 2011

3 «If nature has made any one thing less susceptible than all others of exclusive property, it is the action of the thinking power called an idea He who receives an idea from me, receives instruction himself without lessening mine; as he who lights his taper at mine receives light without darkening me. Thomas Jefferson

4 EU 2020Agenda: a vision of Europe's social market economy for the 21st century Objectives To come out stronger from the crisis and turn the EU into a smart, sustainable and inclusive economy delivering high levels of employment, productivity and social cohesion Main Areas For Action Smart growth : developing an economy based on knowledge and Plan for Action innovation Main Obstacles to Innovation Sustainable growth: promoting a more resource efficient, greener and more competitive economy Encourage private-sector to do more Inclusive growth: fostering a highemployment economy delivering social and territorial cohesion Excessive risk Lack of financial resources Lack of qualified human resources Remove obstacles to Knowledge Transfer by facilitating access to adequate financial structuring, financial resources, technology risk assessmen

5 Knowledge Transfer EIB Group products 1 Risk Capital 2 CIP Resources (SME) 3 RSFF (SME / MidCap) 4 Investment Loans Facility: High Growth Innovative SME Scheme (GIF), Ecotech Purpose: IP financing, technology transfer, seed financing, investment readiness Target Group: VC Funds, Business Angels EIF Product: Fund-of- Funds CIP Guarantee schemes Growth financing for SMEs Formal VC Funds, CLOs SME guarantees (loans, microcredit, equity/mezzanine, securitisation RSFF RDI financing SMEs/MidCaps, Banks, PE Investors (subinvestment grade) Loans (incl. Mezzanine), Funded Risk Sharing Facilities with Banks (Investors) Bank Loans and Guarantees Investment Loans RDI financing MidCaps/Large Corporates/Public Sector Entities (investment grade) Loans, Guarantees Formal VC Funds Seed/Early Stage VC Funds Business Angels Entrepreneur, friends, family Seed / Start-Up Phase Emerging Growth Phase Development Phase Later Stage Counterparts

6 "Innovation Union" to improve framework conditions and access to finance for research and innovation so as to ensure that innovative ideas can be turned into products and services that create growth and jobs. Technology Transfer (TT) can be broadly defined as the process of converting scientific findings from research organisations into useful products by the commercial sector through mainly three main different channels: the creation of new companies (spin-outs) licensing collaboration between universities, research organisations and industry notably via research/consulting contracts

7 The knowledge transfer challenge Knowledge or Technology transfer takes different forms of transforming research into concrete products and services: Technology Transfer includes proof of concept, prototypes Contract research with industry Creation of start up and spin off New financial instruments to accelerate / facilitate Knowledge Transfer are an increasingly important area: IP markets, IP funds are two key models All of the above are important to building a healthy, sustainable European Knowledge Transfer ecosystem

8 Tech Transfer dissected a continuum Origination phase Concept and opportunity testing phase Exploitation and start-up phase Stages Scientific discovery Invention disclosure Evaluation of invention for IP protection IP protection decision Marketing of technology to firms Licensing agreement Spin-off decision IP transfer to existing firms Creation of the spin-off Stakeholders University scientist/ researcher -University scientist/ researcher - TTO staff -University scientist/ researcher - TTO staff -University scientist/ researcher - TTO staff -University scientist/ researcher -TTO staff -Firms/ entrepreneur -University scientist/ researcher -TTO staff -Firms/ entrepreneur -University scientist/ researcher -TTO staff -Firms/ entrepreneur IP / Knowledge transfer interlinked Activities Opportunity identification Opportunity selection Proof-of-concept testing IP protection testing Business concept testing Selection and market confirmation Internal advising Network support Compensation schemes Exploitation decision

9 Cash Flow IP Markets Know How intensive Standalone IP Valorisation Maturation

10 European Innovation Scoreboard (EIS 2009) Source: European Innovation Scoreboard (EIS) 2009 Innovation Leaders Innovation Followers Moderate Innovators Catching-up Countries

11 The view from the Rector s office

12 The view from the Rector s office Typical orders of magnitude of university revenues Typical orders of magnitude of university revenues (illustrative) Tech. transfer US (2002): US$ 37bn US$ 3bn US$ 1.3bn? 4,673 licenses 450 start-ups Tuition revenues Research budget / 10 / 3-5 /? Contract Research for industry Licensing Exit proceeds spin offs % from Tech Transfer! Source: TTA interviews, AUTM (212 US institutions) < 1% patents expected to generate 1 million + 1 / 20 expected to generate 10k + 1 license usually generates > ½ of revenues

13 Tech Transfer philosophies / traditions Cluster model or indirect returns, positive externalities: MIT, Cambridge The combative model : Weizmann, Imperial, Oxford The difficult balance of corporate collaboration: the UC Berkeley problematic

14 Pharma shake-out Pharma under pressure ever increasing need for new drugs Pharma R&D productivity is decreasing: current average of 15 years and USD800m to win FDA approval and increasing (PhRMA) Patent expiry / generic competition on the rise Drug patent expiries in the US Top Ten Pharmaceutical Product Sales ($bn) Patent expirations x 3 per year by 2010 Source: Business Insights: The Pharmaceutical Market Outlook to 2018: Key threats and opportunities for Big Pharma (2008) Patent expirations will result in major loss of revenues Business Monitor International: The Patent Cliff: Strategies And Tactics For Survival (March 2009)

15 Many free market models emerging Licensing & Advisory (e.g. Thinkfire, IPvalue, IPotential) Auctions (e.g. ICAP OT, PL-X) Portfolio assertion companies (e.g. Acacia, Mosaid) Investment companies (e.g. Rembrandt IP, Altitude Capital) Strategic acquisition companies (e.g. RPX, Allied Securities Trust) Invention capital companies (e.g. Intellectual Ventures) Help companies commercialise intellectual property Organise several auctions per year Sellers include individuals, large companies Assert individual portfolios Private investment companies Finance later stage development or litigation Agregate for SMEs «Catch and release» acquisition Licenses for investors Capital+expertise+business models Build, buy + partner to develop inventions

16 The IP market is evolving before our eyes CURRENT FUTURE Invention consumers Invention consumers Efficient IP Market Invention suppliers Invention suppliers

17 Learnings from EIF Tech Transfer experience

18 EIF Tech Transfer transactions UMIP UMIP Premier Premier Fund Fund GBP GBP 32m 32m fund fund Signed Signed April April Fund, Fund, managed managed by by MTI, MTI, invests invests in in university university spin-outs spin-outs originating originating from from the the University University of of Manchester Manchester IP IP venture venture fund fund UK UK GBP GBP 31m 31m fund fund Signed Signed September September Fund Fund invests invests 25% 25% of of all all financing financing rounds rounds of of IP IP group group spinouts, spinouts, originating originating from from more more than than UK UK universities universities Chalmers Chalmers Innovation Innovation SEK SEK m Signed Signed July July Investing Investing in in start-up start-up companies companies originating originating from from Chalmers Chalmers University University and and incubated incubated by by the the Chalmers Chalmers Innovation Innovation incubator incubator in in Gothenburg Gothenburg Leuven Leuven CD3 CD3 (Centre (Centre for for Drug Drug Design Design and and Discovery) Discovery) EUR EUR 8m 8m fund fund Signed Signed Mid Mid Financing Financing early early stage stage drug drug development development projects projects originating originating from from Leuven Leuven and and elsewhere elsewhere in in EU EU Karolinska Karolinska Development Development EUR EUR m Signed Signed Nov Nov Co-investment Co-investment fund, fund, investing investing alongside alongside Karolinksa Karolinksa Development Development in in life life science science spin-outs spin-outs throughout throughout Scandinavia Scandinavia Imprimatur Imprimatur (JEREMIE: (JEREMIE: development development objective) objective) - - ongoing ongoing transaction transaction - - EUR EUR 20,4m 20,4m Expected Expected Signature Signature Seed Seed & & Start-Ups Start-Ups / / Tech Tech Transfer Transfer in in Latvia Latvia Fund Fund to to be be managed managed by by the the local local Imprimatur Imprimatur team team in in Riga Riga Back-up

19 Lessons learnt This is not VC Spin-outs are not the entire story -- the importance of licensing IP management required to achieve optimal allocation across IP lifecycle Long-term partnerships with research centres: build trust, no individual entry valuations, ex ante agreements, no dilution -- Privileged access to deal flow and Bears hug Increasing interest from private co-investors Business development and lead-time Longer time-horizon Clear funding gap

20 Illustration (optional) And last no one size fits all approach possible TT operations differ widely Dimension Independent teams Involvement of University / RO University initiatives Small universities Qualitiy of University / RO Leading research powerhouses Desert Quality of entrepreneurial ecosystem Bay area/cambridge/karolinska Small, non dedicated team Scope and quality of team TT/investment professionals SME s (spin-outs) Type of commercialisation IP assets / licensing First concept Maturity of proposal Investment memorandum

21 European Innovation Scoreboard (EIS 2009) Source: European Innovation Scoreboard (EIS) 2009 Innovation Leaders Innovation Followers Moderate Innovators Catching-up Countries

22 IP group Draft-net fishing at 10 universities - 74 spin-outs in 3 years Liquidity vs Listing Illustration (optional) Co-investment fund (seed, post-seed financing Critical mass reached through a network of universities Deal flow and critical mass UP

23 CD3 (K.U.Leuven) - next generation licensing Empowering universities Illustration (optional) Drug development process steps Partnership with university Managed by TTO Invests in drug development projects Target ID Target validation Screening Lead ID Optimisation Pre-clinical development Clinical I Clinical II Clinical III CD3 portfolio Chemical libraries Structural biology Bench synthesis Parallel synthesis Early toxicology UNIVERSITIES CD3 PHARMA/BIOTECH COMPANIES CD3 addresses a demand from both ends of the chain from Universities: be able to offer more finished drug candidates to the industry from the Industry: enrich their pipeline with more proven candidates

24 Chalmers Innovation Secondaries or how to reduce J-curve Illustration (optional) * Due Diligence analysis identified 15 high growth companies suited for future fund investments EIF Co-investors Management team Professionals from the incubator Investment professionals Maximum autonomy Fund Investments at commercial terms Investments in existing TTO start-ups and new start-ups (both university IP based spin-outs as well as start-ups attracted and grown by the incubator) Seed Investors Federal funds Regional funds Other public/private funds BAs, VCs, Tech Transfer process Pre-seed funding Seed funding Post-seed funding Pre-Incubation Incubation Alumni companies Indicative amounts EUR ~50k EUR k EUR 1-3m

25 Manchester the largest UK university research budget Illustration (optional) Manchester University / UMIP Premier Fund 10 year Limited Partnership. Managed by VC firm: MTI partners GBP 32 m raised. 18 months between first pitch to EIF and first closing in 4/2008

26 EIF Tech Transfer : where to next? Development focus Commercial focus 5 JEREMIE + 4 University seed funds Support larger number of university seed funds (development objective) 3 Corporate venturing & other types of large commercial transactions 2 Licensing operations Large royalty funds IP funds Scale 1 Extend current activities Current TTA activities commercial operations with leading research institutions Licensing operations CD3 II (Leuven) - SMEs non-smes final beneficiary

27 Scale is key Market which EIF could address with adequate resources (Jeremie not included) Area # potential transaction s Average EIF investment EURm Total EIF Investment EURm Extending EIFs current activities Licensing operations Corporate venturing and larger TT operations University seed funds Total Source: model calculation based on extrapolations and estimations, timeframe for realisation 3-5 years

28 Knowledge Transfer Strategic Partnership Partners Signed in Rome - 16 June 2010 Creation of joint Working Group between EIF/EIB, Caisse des Dépôts et Consignations (CDC France), Cassa depositi et Prestiti (CDP Italy), Centro para el Desarrollo Tecnológico e Industrial (CDTI - Spain), Innovationsbron (Sweden), KfW-Bankengruppe (Germany) & Veraventures (Finland) Aim of like-minded Partners is to: Support the emergence of European and national Knowledge Transfer Infrastructures Accelerate transfer of European research and technology to the market Facilitate a well functioning Knowledge Transfer and Intellectual Property economy Encourage more open and transparent marketplaces for Intellectual Property Exchange best practices and potentially to analyse investment opportunities jointly

29 MARKET MECHANISM

30 A EUROPEAN IP FUND

31 EIF awaits results by end-2011 of study on IP financial markets "Creating a financial market for IPR" Professor Dr. Oliver Gassmann Institute of Technology Management (ITEM-HSG), University of St. Gallen Professor Dr. Thorsten Posselt FrauenhoferZentrumfürMittel-und Osteuropa(MOEZ) EU-Tender No 3/PP/ENT/CIP/10/A/NO2S003

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