building global innovators_brasil

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Copyright 2009-2010 Audax Center for Entrepreneurship ISCTE-IULCopyright 2009-2010 Audax Center for Entrepreneurship ISCTE-IUL1

ISCTE-IUL MIT-Portugal Venture Competition

A different Global Innovation & Entrepreneurship initiative

Gonçalo AmorimMPP-IEI Program Director

ISCTE-IUL Business School

© ISCTE-IUL, 2011 – All rights reserved

Copyright 2009-2010 Audax Center for Entrepreneurship ISCTE-IULCopyright 2009-2010 Audax Center for Entrepreneurship ISCTE-IUL 23

In a nutshell:

• International tech-based venture competition

• Held once a year, 3rd ed. Launched March'12• 4 Market-application tracks:

1. Lifesciences

2. Sustainable Energy & Transportation systems

3. Information Technology and the Web

4. Consumer Products and Services

Copyright 2009-2010 Audax Center for Entrepreneurship ISCTE-IUL


What is it?

For whom? Teams with a dream:-

• Would-be Entrepreneurs• Innovators (Start-up's / Spin-off's under 5y and <2,5M€)

• An innovation & entrepreneurship, tech-based Venture competition

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Our results thus far (18 months):

• 80% of semifinalist's have launched start-ups

following e-teams I

• 69% of semifinalist's raised funding, €6.0M (over

50% from venture capital)

• 72 new, highly qualified jobs created.

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Our fundamental principles:

1- It's all about people, the right people for the

right job

2- Time is money, and (the right) money can buy

you time

3- If you don't know what you don't know you

scare knowlegeable people away

4- Finalist's may be off to an easier start, but are

most often not garranteed successes

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Our Goals:

• Identify and reward projects at an seed/early stage

with a clear global value proposition

• Enable a 10x to 20x pre-money valuation within first

years of venture

• Connect global Innovators to global Investors


ISCTE-IUL MITPortugal Venture Competition

Up to €1 million

in financial support per edition


Caixa Empreender+ Awards

- Track finalists

Selection phase: 100k€ Venture phase: 100k€*

– Total: 200k€

- Grand finalist

Selection phase: 200k€ Venture phase: 200k€*Total: 400k€

- Expert Coaching (20 start-ups/year)

- Access MIT eco-system (12 Start-ups/year)



Finalists can double their

awards

How?Meet milestones and goals within first 2 years.


Ultimate goal for teams:

� Increase company value from 10 to 20x in the first 3 years

� Minimum pre-money valuation of €2 million � Get ready to raise VC money (series A), €2 - 5 million range



We're not reinventing

the wheel

• 33.600 companies founded by living MIT alumni (76% alive, employing 3.3M)• Annual revenues of $2 trillion (~10x the GDP of Portugal)!• Annual R&D CAPEX: $650M (54% privately sponsored); USD 2B/year budget• 500+ patents/y (280+ filed/y)• $90M license revenue ('08)• 72 MIT Nobel Prize winners (7 current faculty members)


Training / Start-Up accelerators:

– CoHitec (COTEC), GSI (Leadership), Y-Combinator (Stanford),

TED-x, TechStars (USA), Seedcamp (UK), Start-up Lisboa (PT)

• Competitions:

Ideas: eg. Jovem Engenheiro, I2P, Startup Weekend, Poli-

Empreende, EDP University Challenge, ArriscaC, iUP25, start-up

pirates,

Business Plans: ANJE (PT), EDP Richard Branson (PT), BES

Inovação (PT), MIT100k (USA)...

Venture competiitons: ISCTE-IUL MIT-Portugal (PT), Mass

Challenge (Boston/USA), IBM SmartCamp (USA), Vodafone

Mobile Clicks (UK), TT Ventures (IT)...

Positioning our venture competition



In 2010 & 2011, 155 brave

teams submitted

Involving 600+ aspiring globalpreneurs


Some numbers (2011 submissions):

- Increasing quality applications, thanks to our TTO's colleagues

- Applicants from 6 countries: Portugal, Argentina, Belgium, Spain,

UK, USA (13,2% Int. submissions)

- 46.7% already incorporated start-ups!

- 48.3% from IT&Web


Unique aspects: So, how do we do we go about building

global innovators?

€0.5M to 4

Finalists

95

Applications

(2010)

20 Semi-

finalists

€0.5M upon

execution

Teams work on

Award

Milestones

Selection

Stage

Venture

Stage

Up to 5

years

March to

November


Unique aspects: Selection as a learning process for

teams:

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3rd edition (ongoing):- key dates

March 15th Submission period opens

May 31st Deadline for project's submission

July 2nd 20 Semi-finalists' announcement

July 16-19th e-teams Crash Course I

November 13th Track Finals event

November 21-23th e-teams Crash Course II

28th February 2013 Grand Finale event

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Strong & clear Value Propositions: some hints

1. Team: members and fit?

2. How big is the problem you are trying to solve?

3. What is the underlying technology and uniqueness?

4. What makes your product / or service innovative (€)?

5. Market: Is there an opportunity for global impact?

6. What is your business model and entry strategy?

What is the jury looking for?



Evaluated by over 40 International

Judges4 Finalists selected, with access to €500.000Focus on Execution to double award

Lifesciences E&T IT&Web P&S

Track Finalists (2011 ed.):


4 Honorable Mentions granted (2011 ed.),

� With access to,– Privileged track mechanism to venture financing– Access to MIT catalysts– Access to MIT ecosystem (invitation only)




Evaluated by 36 International

Judges4 Finalists selected, with access to €500.000Focus on Execution to double award


Track Finalists (2010 ed.):


4 Honorable Mentions granted (2010 ed.):

� With access to,– Privileged track mechanism to venture financing– Access to MIT catalysts– Access to MIT ecosystem (invitation only)




Spotlight our ventures (2010 ed.)TV, Radio, Press support

10+ TV interviews, 70+ press articles, 350+ web

citations


Thanks for your attention!

Gonçalo Amorim

Program Director, MPP-IEI

[email protected]

Catarina Madeira

Operations Coordinator, MPP-IEI

[email protected]

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