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UK Oil and Gas Industry Venture Capital Fund

UK Oil and Gas Industry Venture Capital Fund. Nova Technology Fund. SUBSTANTIAL IMPACT ON COSTS OR HSE IN THE NORTH SEA BRITISH IDEAS TO BRITISH PRODUCTS CASH RESOURCE TO SMES TECHNICAL & BUSINESS MENTORS. What VCs Want. INNOVATIVE PRODUCTS / SERVICES EXPERIENCED MANAGEMENT TEAM

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UK Oil and Gas Industry Venture Capital Fund

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  1. UK Oil and Gas Industry Venture Capital Fund

  2. Nova Technology Fund • SUBSTANTIAL IMPACT ON COSTS OR HSE IN THE NORTH SEA • BRITISH IDEAS TO BRITISH PRODUCTS • CASH RESOURCE TO SMES • TECHNICAL & BUSINESS MENTORS

  3. What VCs Want • INNOVATIVE PRODUCTS / SERVICES • EXPERIENCED MANAGEMENT TEAM • PROPRIETARY IPR • CLEAR ROUTE TO MARKET • SUSTAINABLE BUSINESS PROPOSITION • EXISTING REVENUE STREAM

  4. What about my company? • Some companies are life-style businesses • (Good living & job satisfaction but unlikely to supply the growth & ROR) • Entrepreneurial businesses have aspirations and good potential for growth. (They have experienced and ambitious teams)

  5. “Normal” Development is about 6 years to a Mature Company MATURITY GROWTH EXPANSION SIZE EARLY STAGE START-UP SEED YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6

  6. Business Development Focus(High Growth Means Rapid Change) Competition Marketing Relative Importance Operations Technology Seed Start-up Early Stage Expansion Growth Maturity

  7. Source of leads

  8. Clusters of Innovation

  9. Innovation in the North East • 40% BELOW UK MEAN (DTI) • 33% LESS SPEND ON R&D (DTI) • 32% LESS GRADUATES IN WORKFORCE (DTI) • HISTORY OF HEAVY INDUSTRY • OVER RELIANCE ON INWARD INVESTMANT • POLITICAL FOCUS ON JOBS NOT INNOVATION OR VALUE

  10. Type of Company

  11. Age of Company

  12. Technology

  13. Typical Company Profile • Based in Aberdeen, Edinburgh-Glasgow belt or London area • Less than 3 years old • Independent, not a member of a trade federation • High proportion of university graduates in team • 15% chance of a university spin-off • Probable SMART award

  14. Rejections (Commercial)

  15. Stick to the knitting Common philosophy, goals & quality standards Avoid information overload Build your team Cash flow Anticipate problems Keep investors & advisors informed Watch your costs Do not anticipate sales Develop a network Look for opportunities but discuss with investors. Guidelines for Success

  16. VC Investment – Scotland£ millions: Jan 2000-April 2002

  17. Technology Maturity Mature Technology 70% Ready to use 30% Development Research Idea

  18. Business Needs Ranking (Subsurface)

  19. Business Needs Ranking (Wells)

  20. Business Needs Ranking (Facilities)

  21. Nova Technology Fund Barry Hood E-mail: barry.hood@novafund.co.uk www.novafund.co.uk Nova Technology Fund Exploration House Aberdeen Offshore Technology Park ABERDEEN AB23 8GX Tel: 01224-705741 Fax: 01224-705841

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