summit on innovation national science and technology council washington, dc november 30, 1999

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

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


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


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


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.


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


Sustained Opportunities in the “New Economy”

Publ

ic

Publ

icH

ealth

Hea

lth

Information

Information

Infrastructure

Infrastructure

National National SecuritySecurity


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

summit on innovation national science and technology council washington, dc november 30, 1999

Documents