Accelerating high-tech business growth

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1 Accelerating high-tech business growth through maximising the available funding landscape John Leake Business Development Manager UKSPA 30 th anniversary summit July 10 th 2014

2 National science & innovation campus STFC - large science facilities Enterprise Zone Home to > 100 high-tech companies High growth, innovation & collaboration 25 year growth plan 1000 to > 10,000 people

3 Contents Overview of funding landscape Barriers to funding Sci-Tech Daresbury approach Case studies VC Funds & angel networks Advanced Materials and Manufacturing Launchpad Other initiatives Conclusions

4 UK Venture Capital investment Other VC Start-up Seed Source Annual BVCA private equity and venture capital report on investment activity

5 BVCA 10 year returns to 2011 (1996+) 2011 (1996+) Venture (115 firms) 6.9bn raised vs 7.1bn distributed/residual value 102% total value IRR Median (-7)% (Range 90 th -21% 10 th 6.7%. ) Technology (130 firms) 6.4b raised vs 6.8bn distributed/residual value 105% total value IRR median -2.6% (Range 90 th -21% 10 th 1.5%) Cash IRR 4.4%

6 EIS investment EIS investment m Source HMRC statistics Dec 2013 Seed EIS launched in April 2012 Raised 89m by Dec 2013 average 71k per company

7 UK Bank lending BIS paper: SMEs The key enablers of business success & the economic rationale for government intervention (Dec 2013) Significant drop in bank lending driven by: Contraction in supply & lack of demand Slow markets - lack of investment & confidence Costs & guarantees

8 UK Grant Funding Pre-2009 Strong regional funding options through RDAs eg GRAND, specific project funding Framework 7 TSB early days Limited availability of funding TSB developing portfolio BUT reduction in key product funding vs RDAs RGF not fully established, some ERDF More established funding options TSB SMART, Catalysts, Collaborative R&D, SBRI, Launchpad RGF direct or via LEP/LA programmes Direct LEP funding, City deals etc

9 Barriers to Funding Lack of knowledge Don t know what the options are Lack of experience Lean towards what they know Lack of contacts Can t fully exploit options because limited connections/relationships Lack of expert advice Companies fail to secure expertise to increase probability of success Just as relevant for grant funding as for VC investment Lack of strategic planning Companies rule out funding options as haven t planned in advance Eg VC investment typically needs at least 6 months

10 Sci-Tech Daresbury funding overview

11 Sci-Tech Daresbury approach Intelligence on companies future funding requirements Portfolio of options Guidance on best options to evaluate and when Stage of evolution & market adoption Scale of long-term investment required Build strategic relationships with all key sources Banks, Angel networks, Corporate finance brokers, VC funds, Grant funders (eg TSB, I4I), London Stock Exchange/AIM.And advisors Input of expert advice early.and collaborators eg Universities or blue chips Use learning from other entrepreneurs

12 Knowledge of company requirements Build portfolio of relationships Through your companies & networks 12 VC Funds & 3 angel networks Intelligence-driven targeting Develop critical mass of companies & options Provide support Investment readiness VC Funds & angel networks Targeted introductions Nearly 4m investment into 8 companies Seed Fund (up to 500k) Invest in campus companies 1st investment to date

13 Advanced Manufacturing & Materials Launchpad TSB investment of 2m in innovative R&D projects Cluster in the NW Stimulate hotspots Faster commercialisation of new technology 60% of project funding up to 100k Provision of support to help raise further finance Need strong seed funding & angel network

14 Other initiatives Santander Growth Capital Programme Mezzanine loan Fast-growth SMEs > 500k/year Targeted approach through Daresbury-specific programme London Stock Exchange Awareness & aspiration raising Events & direct introductions Horizon 2020 Build awareness, confidence & partnerships Enterprise Europe Network Universities

15 Summary Funding market Growth in VC funding? EIS/SEIS should drive angel investment Bank funding difficult for early stage/high risk businesses Grant funding needs to be fully exploited Challenges Lack of knowledge, experience, contacts, expert advice & time Sci-Tech Daresbury model Intelligence-driven targeting Portfolio of options Guidance on best options to evaluate and when Build strategic relationships with all key funding sources Use learning from other entrepreneurs

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