summit on innovation national science and technology council washington, dc november 30, 1999
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Summit on InnovationSummit on Innovation
National Science and Technology CouncilNational Science and Technology CouncilWashington, DCWashington, DCNovember 30, 1999November 30, 1999Dr. Peter L. LevinDr. Peter L. LevinTVM Techno Venture ManagementTVM Techno Venture Management
TECHNO VENTURE MANAGEMENTTECHNO VENTURE MANAGEMENT
www.tvmvc.comwww.tvmvc.com
Page 2 Washington - White House - 29 December, 1999 - Peter Levin www.tvmvc.com
TVM Techno Venture ManagementTVM Techno Venture Management
• Offices in Munich & Boston
• Founded in 1984; TVM I, TVM II, TVM III, TVM IV funds
• 160+ investments in D, USA, F, CH, UK, A, E
• 40+ IPOs
• Have built 22 international companies
• $480 million under current management
Page 3 Washington - White House - 29 December, 1999 - Peter Levin www.tvmvc.com
TVM FocusTVM Focus
• Information Technology• Software• Computer - Network Components and Systems• Telecommunication• IT-Services and E-commerce
• Life Sciences• Genomics and Chemistry• Drug Delivery Systems• Tissue Engineering and Replacement Medicine• Bioinformatics
Page 4 Washington - White House - 29 December, 1999 - Peter Levin www.tvmvc.com
What Venture Capitalists Look ForWhat Venture Capitalists Look For
MARKET
• large and growing space• few or no incumbents• typically non-branded products and services• intelligent, adaptable positioning• channel occupation/expansion• TVM brings strategic value, especially for trans-Atlantic opportunities
FINANCE
FINANCE
TEAMTEAM
MARKET
MARKET
IDEAIDEA
DEALDEAL
TEAM
• expertise• experience• prior success• structure
• leadership, management, and technical positions• advisory board and external relationships
FINANCE
• sensible valuation, reasonable terms• sustainable burn rate• clearly defined, achievable milestones• qualified syndication partners
IDEA
• represents dramatic technical improvement or innovative constellation of services• reasonable barrier to entry fortified by intellectual property protection speed to market• complements or enhances existing products available from large suppliers• scalable
Page 5 Washington - White House - 29 December, 1999 - Peter Levin www.tvmvc.com
Levels of Innovation, and Government’s Role Levels of Innovation, and Government’s Role
componentscomponents
devicesdevices
systemssystems
networksnetworks
designdesign
manufacturemanufacture
integrationintegration
assemblyassembly
The design, prototyping,manufacture, distributionand even sales at differentlevels of hierarchy areincreasingly facilitatedby ubiquitous and inexpen-sive electronic networks.
servicesservices
phonephone radioradio tvtv e-printe-print e-come-com
Government regulation ofaccess and licensing, facilitationof standards and technicalperformance requirements.
Government protection of fair market access, intellectual
property, transparent tax structure and product safety.
Page 6 Washington - White House - 29 December, 1999 - Peter Levin www.tvmvc.com
Where Government and VC Drive InnovationWhere Government and VC Drive Innovation
Exchange Exchange of Goods &of Goods &
ServicesServices
UniversitiesUniversitiesCorporate LabsCorporate Labs
EntrepreneursEntrepreneurs
Government LabsGovernment LabsResearch InvestmentsResearch InvestmentsEducationEducation
Advanced IT services Advanced IT services Public sectorPublic sectorprocurementprocurement
• Protection of intellectual property
• Equal opportunity to access markets
• Regulation, taxation, and product safety
NEWNEW IDEASIDEAS
DemandDemand
• Commercialization and technology transfer
• Forming relationshipsand alliances that enable
new market entrants
• Help create new sectors
Page 7 Washington - White House - 29 December, 1999 - Peter Levin www.tvmvc.com
Sustained Opportunities in the “New Economy”
Publ
ic
Publ
icH
ealth
Hea
lth
Information
Information
Infrastructure
Infrastructure
National National SecuritySecurity
Page 8 Washington - White House - 29 December, 1999 - Peter Levin www.tvmvc.com
Incentives for InnovationIncentives for Innovation
• Infrastructure
• vibrant and active centers where new ideas can be developed and explored; training new participants
• Technology transfer mechanisms
• access to publicly funded break throughs, transparent and enforceable regulations that promote innovation and protect public interest
• Commercial access
• fair and transparent negotiations with incumbent owners of wire-line assets; US access to foreign markets
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