amadeus 1 advisory board - 8 december 1997
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Slide 1
Miracles
Hermann Hauser
Cambridge HVM MNT Expo December 2006
Slide 2
Why do Miracles happen?
• People• Disruptive Technology• Clusters and Venture Capital• Community
Slide 3
From R to D
Product Development
Research TechnologyDevelopment
UniversityCorporate Research,
ConsultancyBig Company
Start-ups Big CompanyUniversity
Old: AT&T
New: CISCO M&A, IPO
Slide 4
European Miracles
• Google• Wilex• ARM• CSR• Skype• Solexa• Plastic Electronics
Slide 5
Wilex
• Biopharmaceuticals• Cancer• Munich based• > $200m market cap• 1996: winner business plan competition• Frankfurt stock exchange
Slide 6
ARM
• Acorn Team plus Sir Robin Saxby• Acorn Risc Machine• Value: Low Power, Low Cost, Instruction set• ARM Platform: 2 BILLION in 2005• De Facto Standard:
– Mobile Phones– PDAs– iPod– Gameboy
• ARM Community• Market value $3bn
Slide 7
Slide 8
Skype
• Founded 2002• Nicolas Zenstroem• Janus Friis• Sold to Ebay €2.6bn +€1.4bn earn out• P2P VOIP on internet
Slide 9
CSR• CCL team spun out in 1999• First Single chip Bluetooth: low power, low
cost, small form factor• First single chip 802.11: low power, low cost,
small form factor• Fabless Chip company• BT, 802.11 WIFI standard• Mobile phone community• 2005: Revenues:$500m, Profits: $100m• Market value $2bn
Slide 10
Cambridge
• University ranked #3 in the world• 72 Nobel laureates:
– global #1– More than any country except US and UK
• High-tech cluster: #1 in Europe– 1,000 high-tech companies– 40,000 employees
• ARM, CSR, CDT, Plastic Logic
Slide 11
Cavendish Laboratory
• Maxwell: useful equations• JJ Thomson: electron• Earnest Rutherford: Proton• Chadwick: Neutron• Crick & Watson: DNA• Richard Friend, Jeremy Burrows: OLEDs• Henning Sirringhaus: Plastic transistors, C-
mos
Slide 12
Plastic Electronics
• Richard Friend, Henning Sirringhaus, Stuart Evans + Ink-jet cluster
• Plastic transistors: low cost, flexible, large area
• New Value stack for Plastic Electronics• Flexible displays• Cambridge Ink-jet, polymer community• PEM centre?
Slide 13
First Transistor Printed Transistor20th Century 21st Century
• •
Slide 14
Slide 15
E-Newspapers
Sour
ce: I
BM
Slide 16Photolithographic patterning, high
temperatures & vacuum processing
Direct printing & solution processing
Conventional Semiconductor
Printed PlasticElectronics
Silicon vs. Plastic…
Slide 17
Slide 18
Solexa
• Ultrafast Gene-sequencing• Origin: Chemistry Dept. David
Klenerman, Subramanan• CEO: John West• Whole Genenome in less than one
Week, for less than $100,000• Personalised medicine• Camp: Sanger centre, Lynx
Slide 19
Corporate Venture Capital
• ICT: Intel, Cisco, Siemens• BIO: more UK activity• Most important MISSING link
Slide 20
When is Innovation Successful?
When a defensible break-through connects with a large market.
Slide 21
Where does Innovation happen?
In Clusters like
Silicon Valley, Route 128, North Carolina Cambridge, LondonMunich, Paris, Stockholm, Helsinki,
Slide 22
Clusters
• World Class University• Entrepreneurial Spirit• Venture Capital• Supportive Government: CGT, R&D credits,
Immigration• Close Relationship with Lead Companies• Infrastructure: Legal, Accounting, Leasing• Real Estate: Availability, Short Leases• People Network!
Slide 23
Venture backed IPO’s
2126 24
1811
1523
32
5462
67 65
4841
5749
28
14 139 6 5
915
2128
35 37
69
82 85
21
46
22
46
24
4847
13
69
0102030405060708090
4Q Q102
2Q 3Q 4Q Q103
2Q 3Q 4Q Q104
2Q 3Q 4Q Q105
2Q 3Q 4Q Q106
2Q 3Q
Tota
l No
of IP
Os
over
the
last
12
mon
ths
USEurope
Source: VentureSource
Slide 24
Average Deal Size, Seed & First stage
41% 40% 35% 32% 34%48% 46%
71%
110% 115%
138%
121% 115%
178%
68%
142%
0%10%20%30%40%50%60%70%80%90%
100%110%120%130%140%150%160%170%180%
1999 2000 2001 2002 2003 2004 2005 2006e*
Ave
rag
e D
eal S
ize
(€m
)
US Europe Amadeus Companies
Note: Later Rounds include Second, subsequent Rounds & Restarts. Europe shown as percentage to US
Source: VentureSource, Amadeus Analysis
No of rounds 7 20 9 2 5 2 2 4 (Amadeus companies) * 06 estimate is based on Q1-Q3 2006
Slide 25
Serial Entrepreneurs
17%
41%
100%
0%
20%
40%
60%
80%
100%
AM I AM II AM III
No.
of C
ompa
nies
Source: VentureXpert
Serial Entrepreneurs
Slide 26
Conclusion
• Miracles happen all the time• Technology Development Key• Plastic Electronics NEXT Growth Sector• Needs Clusters and VC• Have Faith in Europe
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