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High-Tech Gründerfonds – seed investor in high-tech start-ups

High-Tech Gründerfonds – seed investor in high-tech start-ups. „Success factors of a public-private partnership”. Knowledge Economy Forum 2010 “Diversification through Innovation: Prospects for Growth” May 5, 2010 Dr. Alex v. Frankenberg

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High-Tech Gründerfonds – seed investor in high-tech start-ups

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  1. High-Tech Gründerfonds – seed investor in high-tech start-ups „Success factors of a public-private partnership” Knowledge Economy Forum 2010 “Diversification through Innovation: Prospects for Growth” May 5, 2010 Dr. Alex v. Frankenberg High-Tech Gründerfonds Management GmbH

  2. The challenge in 2004: Vastly underutilized potential On one hand … … on the other hand • German economy generates huge trade surplus with high-tech products • German industries are leading in the world economy (machine tools, automotive, medicine, chemicals, …) • Long and successful tradition of small and medium sized companies („Mittelstand”) • Start-up industry under-developed in Germany: 16 seed investments 2004 and 2005 by members of the German VC association • Venture Capital industry rapidly declining / escaping to later stages • No start-up in DAX 30 since SAP • But: Billions of government money spent on technology development

  3. Founded: 2005 Volume: 272 Mio. EUR Investors: German Government, KfW, BASF, Dt. Telekom, Siemens, Daimler, Robert Bosch, Carl Zeiss Planned duration: 6 years investment plus 7 years disinvestment period Focus: Innovative high-tech companies in the seed phase (start of operations < 12 months) Investment: 500.000 – 1.000.000 equity per company lead investor Support: Support through local coaches value add by High-Tech Gründerfonds team High-Tech Gründerfonds: Key facts

  4. Main results Operations Other results • Closing of 186 investments1) / 226 commitments • Closing of 138 follow-on investments by third parties2) • External capital raised: >209 million Euro • Thereof: 71% private capital • Eight exits, five profitable • Set-up of a high-number of working partnerships • Impact on the early stage market on several levels (market share of 50% in the Germany seed market) • Number of “produced” paper millionaires: 89 • Set-up of high performance organization • Fun • 4 in 2005, 52 in 2006, 40 in 2007, 42 in 2008, 34 in 2009, 14 in 2010 • Various public and private investors

  5. Success factors – strategic and conceptual • Involvement of government representatives, experts with background of public financing and private investors • Private contribution to the fund (17m, 6,3%) • Strong understanding of the venture capital business model • Systematic inclusion of relevant know-how (e.g. mistakes from the past) • „Independent“ management company that can focus on goals („no political influence“) • Right timing at the bottom of the market

  6. Success factors – operational • Freedom to set up management company with few restrictions (no strings to an existing organization) • Set-up of a high-performance organization:- Consistent breakdown of company goals and variable pay on individual level- High recruiting standards- Fluctuation consistent with performance • Significant freedom for investment managers- Laptops, mobile phone and mobile e-mail for everyone (2005)- no forms to allow job related travel- Very flexible work hours, no time sheet recording • Strong effort to build a positive performance culture

  7. … looking forward to a fruitful cooperation! Dr. Michael Brandkamp 0228 / 96568501 m.brandkamp@htgf.de Dr. Alex von Frankenberg 0228 / 96568502 m.frankenberg@htgf.de High-Tech Gründerfonds Ludwig-Erhard-Allee 2 53175 Bonn www.high-tech-gruenderfonds.de Dr. Matthias Dill +49.228.9656-8533 m.dill@htgf.de Kay G. Balster 0228 / 96568512 k.balster@htgf.de Clemens von Bergmann 0228 / 96568511 c.bergmann@htgf.de Benjamin Erhart 0228 / 96568514 b.erhart@htgf.de Dr. Caroline Fichtner 0228 / 96568513 c.fichtner@htgf.de Holger Heinen 0228 / 96568518 h.heinen@htgf.de Dr. Bernd Goergen 0228 / 96568536 b.goergen@htgf.de Markus Kreßmann 0228 / 96568532 m.kressmann@htgf.de Klaus Lehmann 0228 / 96568515 k.lehmann@htgf.de Dr. Michael Nettersheim 0228 / 96568507 m.nettersheim@htgf.de Dr. Andreas Olmes 0228 / 96568508 a.olmes@htgf.de Curtis MacDonald 0228 / 96568534 b.momsen@htgf.de Dr. Mehran Rafigh 0228 / 96568539 m.rafigh@htgf.de Andreas Quauke 0228 / 96568531 a.quauke@htgf.de Dr. Björn Momsen 0228 / 96568534 b.momsen@htgf.de Marco Winzer 0228 / 96568506 m.winzer@htgf.de Simon Schneider 0228 / 96568509 s.schneider@htgf.de Romy Schnelle 0228 / 96568535 r.schnelle@htgf.de

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