LET US TELL YOU
A GOOD STORY VENTURECUP
VENTURECUP TEAM... NATIONAL OFFICE
Tine Thygesen Managing Director
Angelica Vargas Marketing Manager
Shumon Islam Technical Manager
Emil H. Jensen Project Coordinator
Louise Kruchov Regional Manager
Anja Larsen Relations Manager
SOUTHERN DENMARK
NORTHERN JUTLAND
Kenneth Stenkjær P. Regional Manager
Martin Kubert Editor in Chief Venture Cup TV
MID JUTLAND
COPENHAGEN
Michael Bak National Manager
Frida Ferdinand Communications Manager
Maiken Holm Nors Regional Communications Manager
Michael Mandrup Regional Manager
Morten Axelsen Project & Marketing Coordinator
ZEALAND
Zenia Francker Regional Manager
Jesper Egelund Hansen Project & Marketing Coordinator
COPYRIGHT © 2010 Venture Cup Denmark
AND FRIENDS.
FEATURING ABOUT VENTURE CUP Boosting the economy We love helping entrepreneurs It’s a small world The big guys like us
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DISCOVERING NEW ENTREPRENEURS Multiaerobics EMP Group Immeasure VC Finalists 09 Winners Idea Competition 10
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PREVIOUSLY DISCOVERED ENTREPRENEURS SmartShare Systems Health Equipment Denmark Proud of our Alumni
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VENTURE CUP NETWORK Jury Advisors Sponsors Partners Member Universities Board of Directors Special Thanks
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VENTURECUP
BOOSTING THE ECONOMY
19,000 300+ 80+ 430+
students are in contact with Venture Cup each year business ideas are entered in the competitions companies have been through Venture Cup as part of their entrepreneurial journey jobs have been created by alumni companies
67+
million DKK is contributed to the danish economy by alumni companies
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biggest entrepreneurship competition in the world = Venture Cup Denmark + Venture Cup Sweden + Venture Cup Norway + Venture Cup Finland Since inception of Venture Cup in Denmark, ten years ago, we’ve experienced a steady growth in participation in our competitions.
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expected
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04/05 05/06 06/07 07/08 08/09 09/10
VENTURECUP EXISTS FOR PEOPLE WITH LOFTY IDEAS FOR THE AMBITIOUS, FOR THE DREAMERS AND THE DRIVEN - AND FOR THOSE WHO WANT TO MAKE A DIFFERENCE.
WE LOVE
HELPING
ENTREPRENEURS
TOOLS AND WE HAVE +5 AAWESOME GREAT NETWORK TO DO IT
1 COMPETITIONS Venture Cup’s competitions are our most well known product. We run both an idea competition and a startup competition, and they are split into five industry specific categories:
• • • • •
Applied Technology Cleantech Life Science & Medtech Services Software
3 ADVISOR PROGRAM Because even the best of entrepreneurs need advice, we have a team of advisors who assist the participating teams in turning their ideas into strong business cases. Serial entrepreneurs, who want to help the new generation, make up our advisor team. They all volunteer their time to help the participating teams in further developing their business ideas. See who the advisors are!
The idea competition runs in autumn, when teams hand in executive summaries. The primarily goal of the idea competition is to generate interest in entrepreneurship. The startup competition runs in spring and teams hand in full business plans. All ideas submitted in the competitions are evaluated and given feedback by our really cool jury of investors, business executives and serial entrepreneurs. Check the judges out!
2 ENTREPRENEURIAL TRAINING We believe that practice makes perfect and therefore, during the year we organise practical trainings in all universities where students can get practical entrepreneurial skills and complement what they learn in school.
4 NETWORKING EVENTS We are strongly connected with the business community and we are good at facilitating the contact between participants and our network. We organise different events during the year, where students can meet our network and viceversa.
5 VENTURECUP TV Yes, we also run an online TV channel, where we make TV from entrepreneurs to entrepreneurs! We interview successful role models, and make entrepreneurial training videos.
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THEJUDGES
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3Shape, Nikolaj Deichmann Acto, Kim Plesner-Jacobsen Air Alsie, Steffen G. Brandenhoff Anybody Technology, Per Sondrup Awapatent, Sidsel Hauge Bahner.dk, Flemming Bahner Boliga, Ricco Zuschlag BullGuard, Claus Villumsen BullGuard, Philip Dall Center for Ledelse, Frank A. Mathiasen Chas Hude, Mikkel Bender Ciklum, Torben Majgaard Coachkompagniet, Mette Fersum Coloplast, Kenneth Svenningsen CONNECT Denmark, André Elm CONNECT Denmark, Jens Christian Foged CONNECT Denmark, Mikael Tipsmark Copenhagen Capacity, Stephan Skare Nielsen Damsbo, Peter Damsbo Dantherm Power, Kim Kjølhede DELTA Microelectronics, Sharon Akler Eiberg Consult, Flemming Eiberg Erhvervssammarbejdet Sjælland, Asger Clausen Erhvervssammarbejdet Sjælland, Kim Valbum Forskerparken CAT, Leif Helth Jensen Fortius Partners, Thomas Andersen GirlTalk, Christina Høi Grundfos, Mads Prebensen Grundfos, Thorbjørn Machholm GTS, Ragnar Heldt Nielsen Hoist, Anders Pollas Hoist, Jon Froda Hoist, Kasper Hulthin House of Bianco, Sussi Bianco Høiberg, Susanne Høiberg IDEA House, Martin B. Justesen iMotions, Hanne Arildsen iMotions, Jakob de Lemos Innoption, Carsten Snedker Insights Nordic, Christian Hvashøj Integra Law, Kim Hansen Inventure Capital, John F. Dascher Inventure Capital, Ole Trudslev InvestorNet, Uffe Budgaard-Jørgensen
are INVESTORS, AND PEOPLE WHO HAVE DONE IT THEMSELVES - EITHER AS AN ENTREPRENEUR OR AS A SENIOR EXECUTIVE.
INVISIO, Jan Larsen Juriqa, Charlotte Sørensen Keystones, Kenneth Larsen MedDevCon, Henrik Egesborg Mobile Weaver, Umar Akram NorthCap Partners, Jacob Bratting Pedersen NorthCap Partners, Søren J. Nielsen Norventum Capital, Jørgen Gransøe NOVI, Steen Palle NOVI, Carl-Erik Jørgensen Novo Nordisk, Lars Nordholm Novo Seeds, Stephan Christgau Novozymes, Kristoffer Gandrup Novozymes, Peter Faaborg-Andersen Novozymes, Troels Balmer Christensen Patrade, Peter Elsner Q2Con, Simon Nielsen Rainmaking, Jesper Krogh Jørgensen SAS, David Gram SEED Capital, Niels Vejrup Carlsen SEED Capital, Ole Bitsch-Jensen SEED Capital, Rasmus Bjerngaard Shell, Jacob Kunstmann SHiFT interactive communication, Ulf Gaardsted Sirius Advokater, Benjamin Lundström Solo Innovation, Hans Hasselby-Andersen Syddansk Innovation, Morten Stærdahl Andersen Syddanske Forskerparker, Peter Madsen The Exploring Company, Simon Lyngsø UCL Advances, Tim Barnes Vestas, Lise Backer VKR Holding, Jesper Dalsgaard Vopium, Tanveer Sharif Vækstfonden, Mads Lacoppidan Væksthus Hovedstadsregion, Max Damgaard Wemind, Jakob Boman Yellowman, Maria Andersson Zacco, Bent Lundsager Zacco, Casper Struve Zacco, Inga Marie Wollny Zacco, Per Höhle Hjulskov Østjysk Innovation, Gyda Bay
BullGuard, Morten Stengaard Nielsen CCI Magazine/Knowbody, Søren Rehné Conzortium, Christian Drachmann Copenhagen Living Lab, Anne Sofie Josephsen Dynaton, Lars Høg-Iversen Accelerace, Thomas Eskebæk House of Beer, Mads Brinks IngenCO2.dk, Morten Nielsen INAGEN, Thomas Kledal INTELLEX Technology, Jan Dombernowsky KMD, Troels Lindgård Manpower Professional, Michael Christiansen MTIC, Michael K. Reeslev Microsoft, Thomas Gudman MyBanker, John Norden MyBanker, Nikolaj Hendriksen Office123, Mikkel Kinnerup OptionDirect, Michael Kjøller-Petersen PA Consulting, Lars Henrik Juel Pape Kongaa, Jesper Hvid Kongaa Radical Innovation, Allan Silfverberg RequirementOne Inc., Martin G. Pedersen Secunia, Maria Eriksen Jensen SmartShare Systems, Morten Brørup TEO, Zahid Abdullah Væksthus Midtjylland, Mogens Thomsen Væksthus Sjælland, Jonas Ørts Holm YouSee, Anders Brørup Zgene, Zoran Gojkovic
OUR JUDGES AND ADVISORS PROVIDE THEIR TIME AND EXPERTISE TO VENTURE CUP’S PARTICIPANTS ON A VOLUNTEER BASIS. VENTURE CUP WOULD LIKE TO THANK THEM FOR THEIR SUPPORT.
THEADVISORS are SERIAL ENTREPRENEURS AND PEOPLE WITH STRONG EXPERIENCE FROM THEIR INDUSTRY.
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IT’S A
SMAL
WORLD
NORDIC CLEANTECH OPEN
Venture Cup Denmark is a founding partner of a new Nordic cleantech competition for seed-stage startups, called Nordic Cleantech Open.
INTERNATIONAL PARTNERS
Venture Cup collaborates with a broad range of international organisations and programmes to ensure Danish entrepreneurs get international experience.
The competition is largely financed by Nordic Innovation Center. The initiative aims to identify and upgrade the best seed stage cleantech startups in the Nordic region and later display them to the world.
Among them are:
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Innovation Center Denmark in Silicon Valley, USA MIT, USA, and their Global Startup Workshop conference Cambridge University Technology Entrepreneurs Club (CUTEC), UK Cleantech Open, USA (formerly California Cleantech Open) Kauffmann Foundation, USA Venture Cup Sweden, Venture Cup Norway, Venture Cup Finland & Innovit Iceland.
BUT THE
I’m very glad that Novo can sponsor Venture Cup, as it is a great initiative that allows us to support the development of viable projects. Stephan Christgau Investment Director
Novo Seeds
We were very happy to participate in Venture Cup. The professional feedback and the network we got through the competition provided us with a good foundation for 3Shape’s success. Nicholaj Deichmann Co-Founder & CFO
3Shape
BIG
GUYS LIKE US!
Denmark needs to support entrepreneurship from an early stage, so that students can develop to their full potential. That is why Venture Cup is important for our society. Mads Prebensen Group Senior Vice President
Grundfos
Venture Cup helps to create more companies in Denmark and that is why we support them. I see Venture Cup as a culture bearer and an important player to promote entrepreneurship among the students. Henrik Brorsen Managing Director
CONNECT Denmark
We support Venture Cup because it gives us the possibility to keep our finger on the pulse of the new ideas that emerge from the universities. Niels Vejrup Carlsen Investment Manager
SEED Capital
As a professional investor, I feel it is our responsibility to support the entrepreneurial community, it is where we live from and where we invest. I choose Venture Cup because I feel it is one of the best organisations to provide that support. John F. Dascher Investment Director
Inventure Capital 11
DISCOVE
ENTREPR
ERINGNEW
RENEURS 1000 people send their ideas to Venture Cup every year. That is 1000 individuals with hopes and dreams, drive and determination. That is 1000 entrepreneurs in the making.
We are proud to introduce some of the top entrepreneurs of the last competitions.
MULTIAEROBICS FIRST PRIZE WINNER OF VENTURE CUP 2009
THE ENTREPRENEURS
THE BUSINESS IDEA
The idea-man behind the 1st prize winning virtual physiotherapist Pepe, is IT entrepreneur José Cerdán (ITU).
Multiaerobics is a virtual exercise platform currently geared for the healthcare and physiotherapeutic industries. The heart of the innovation is a 3D Virtual Person that provides instructions and shows how certain movements should be performed while users imitate it in real time.
During his studies to become a physiotherapist, José once had to design a 60 minute long training programme, but struggling to remember all the exercises, he started thinking of ways in which he could solve this problem. His solution? Pepé – a virtual physiotherapist enabling patients to do their physiotherapy exercises at home. Convinced of the potential in his idea, José teamed up with business student Ana Boyadjieva (CBS) and computer scientists Jakup Otocki (CBS), Billal Ali (CBS) and Ian Jorgensen (KU), in order to develop the software, research the market and write a winning business plan.
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The software behind the interface is connected to a wireless easy-to-wear motion capture device, which will track and record the performance of users during their exercise. Thus, real-time evaluation and appropriate feedback to the users’ performance is provided by the virtual physiotherapist, Pepe. The value added by this product is twofold: first, physiotherapists can achieve better and faster rehabilitation of their patients, while at the same time reducing their own workload at no additional cost; second, patients will be more confident performing their exercises and thus achieve faster and more entertaining rehabilitation, which then reduces the cost and time spent visiting a physiotherapist.
Creating value for physiotherapists and patients by moving healthcare to homecare is at the core of Multiaerobics
José Cerdán (ITU), Billal Ali (CBS), Ana Boyadjieva (CBS), Jakup Otocki (CBS), and Ian Jorgensen (KU).
THE FUTURE The team is working on developing the interface for physiotherapist and patients and has developed a new demo as an application for smartphones. This application will be tested by potential users in cooperation with CBS, Center for Applied ICT in the winter 2010.
system and raise capital for the project in order to start the company. José and his team are planning to assist to the World Confederation for Physical Therapy, which will take place in Amsterdam in June 2010 in order to promote the service worldwide.
Multiaerobics has joined forces with Delta (a Danish electronics company) to define the sensor technology to be used in the 15
EMP GROUP SECOND PRIZE WINNER OF VENTURE CUP 2009
Danny Larsen, Jens Duelund Pallesen, Niels Frederiksen & Dennis Kayser (KU)
THE ENTREPRENEURS
THE BUSINESS IDEA
THE FUTURE
Entrepreneurial computer scientists Jens Duelund Pallesen (KU), Danny Larsen (KU), Dennis Kayser (KU) and Niels Frederiksen (KU) had been working to find a solution to the inability to control and estimate budget, time and scope of IT development projects within one of the largest financial institutions in the Nordics. Like true entrepreneurs, the team started thinking of ways in which they could provide accurate estimates of IT projects, which resulted in a prototype of their Estimation & Management Platform ™ (EMP).
Building on the foundation knowledge gathered while developing the initial prototype, the team developed the software product Estimation & Management Platform™- a Software as a Service (SaaS) solution that runs in any modern browser. More specifically, the product is a web-based estimation service that leverages the newest theoretical research along with innovative ways of using historical data. On this foundation, EMP™ can generate dynamic project estimates of very high accuracy to reduce and clarify overall cost of IT projects, before substantial effort and money has been put into the project. EMP™ enables managers to follow the estimates throughout the entire project. In this way, EMP™ provides a much needed solution to a critical problem that frustrates managers and companies on a daily basis.
EMP Group will in the near term future focus on obtaining a strong client base and presence in the Nordic markets. The company has been expanded with a strong sales competence that will help EMP Group reach this goal. EMP Group aims to be a market leader within the field of cost estimation and will achieve this by focusing on acquiring market leading clients within the financial sector and consulting.
It was during this project that the team realized that cost estimation difficulties were a general source of frustration for many companies. Today vast amounts of hours are spent searching for old estimates for use in new projects, collecting data and compiling reports for management. Also large quantities of estimation spreadsheets and documents are scattered around in the different companies systems. Overall the estimation approach is often very unstructured and uneven within companies. Seeing this pain as a significant business opportunity the team decided to tap into this market by producing an official version of the EMP™ to be sold as a web based service. Dennis, Jens, Danny and Niels set out to found what is now EMP Group A/S.
At the core of EMP Group’s value proposition is that their product enables companies to save time and money, minimize risk, ensure better delivery of projects on time and within budget while at the same time unifying their estimation approach. EMP™ also helps companies gather intelligence on how past and current projects have and are actually progressing With several large financial institutions already using their service, EMP™ Group have proven that their estimation service provides significant added value for their customers.
This victory in the Venture Cup competition gives us new possibilities in the shape of capital and the great contacts we have made. These are tools that will come in handy in our future lives as entrepreneurs.
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IMMEASURE THIRD PRIZE WINNER OF VENTURE CUP 2009
THE ENTREPRENEURS
THE BUSINESS IDEA
Martin Sørensen (DTU), Pranjul Shah (DTU), Kristina Aggergaard (DTU) and Paw Linnemann Larsen (CBS) met at a Venture Cup workshop during the fall of 2008. Their shared interest in starting a successful venture led them to join forces and it was during a brainstorming session the four soon-to-be entrepreneurs came up with a concept of measuring multiple protein concentrations in a single sample.
Aiming to revolutionise the diagnostics industry, Immeasure’s patent-pending technology will enable multiple protein concentration measurement for the first time in history, since measuring multiple protein concentrations from a single sample is not possible with any other technology. Today’s dominating technology uses between 4 – 6 hours just to measure a single protein concentration. Immeasure’s technology will be able to measure 10 protein concentrations within minutes.
Kristina had been working with the ELISA technology currently used for measuring protein concentrations, and frustrated by the time-consuming process she suggested to her newly found team that multiple-protein concentration measurement provided a significant market opportunity. Having different academic and professional experience fuelled the team through the initial process of developing the concept and Immeasure set out to develop a patentable technology aiming to provide a better, cheaper and faster substitute to the inefficient ELISA technology.
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Protein concentration measurements are a serious issue for hospitals and laboratories which usually conduct hundreds of these tests on a daily basis. It is frequently necessary to measure several different protein concentrations just in order to diagnose a single disease. Therefore, Immeasure’s ability to provide a method reducing diagnosis time drastically is urgently needed in the market. By providing a method in which diagnosis time can be reduced, Immeasure aims to provide added value to their customers by significantly lowering the cost per test.
Martin Sørensen, Pranjul Shah, Paw Larsen and Kristina Aggergaard. Students of DTU and CBS.
Venture Cup has given us a totally different dimension than what we had in the beginning - the business part. It has also been amazing to meet so many experienced people within our field, who we would not have met otherwise.
THE FUTURE Immeasure has recently established an ApS with the purpose of commercialising their patent-pending ImmProCon technology. The team is currently working on securing adequate finance to finish the initial R&D phase, complete the patent process, and construct a prototype within a consortium headed by Immeasure ApS.
In an attempt to secure the optimal route for the development of the technology, Immeasure has applied for Proof of Concept money at DTU. The time-to-market is still years from now, but the team is convinced that there is a need and demand for this type of technology.
The plan is now to finish the initial R&D within one year from early 2010, and construct a first prototype capable of validating the feasibility of the technology.
1CALENDAR FINALIST OF VENTURE CUP 2009
Steffen Thilsted and Daniel Daugaard (CBS).
THE ENTREPRENEURS Steffen Thilsted and Daniel Daugaard, two 25 years old students majoring respectively in Economics and Business Administration and Innovation and Business Development at Copenhagen Business School, proposed a new way for helping students organising their time and, in the meanwhile, have their personal chance in the business world. THE BUSINESS IDEA Organisations spend a lot of efforts all the time trying to lean their processes and cut losses of time; the same happens to students trying to organise their time, full of school classes, meetings and nowadays also Facebook events. 20
Their basic goal is “to make 1Calendar the preferred student calendar system for organising school time tables, sociocultural and private events in constant sync with the web and mobile phone”. As they state in their business plan, this concept will make “their business one of the largest event databases in the country”. And they were not the only ones to agree on that. Daniel and Steffen decided to participate in the Venture Cup competition in June 2009 and they made it among the 10 finalists. Furthermore, they quickly found a business angel, Chresten Koed, to invest in their company.
THE FUTURE The potential Danish market consists of more than 200.000 students and 1Calendar has already engaged in formal cooperation with the largest event providers operating in Denmark such as Berlingske Media and Kultunaut.
EPIMETHYLOMICS FINALIST OF VENTURE CUP 2009
Tomasz K. Wojdacz (AU) and Jannik G. Schmidt (ASB).
THE ENTREPRENEURS The team consists of two persons: Tomasz K. Wojdacz, a PhD-student in medicine at Human Genetics Institute, University of Aarhus and Jannik G. Schmidt, MSc in Marketing, specializing in Innovation Management & Entrepreneurship. The two entrepreneurs have been working together on the development of the project since March 2009. THE BUSINESS IDEA Tomasz has invented a novel method enabling the development of highly sensitive tests for early detection of cancer, and tailoring of patient/cancer specific therapy. The method overcomes the main pitfalls of other methods
used in the field of methylation studies therefore it can be applied in both cancer research and diagnostics. EPIMETHYLOMICS business plan assumes introduction of the kits based on proprietary method to the cancer research market and in the long run, expand the use of the kits for cancer diagnostic market. THE FUTURE The future looks bright for EPIMETHYLOMICS as currently the business idea is shaped in to reality as a part of COBIS, incubator program for startup companies within biotech and medtech. One of the benefits of the program for EPIMETHYLOMICS is the
appointed consultant – Morten Heide who is an experienced entrepreneur and a valuable resource to the project at this stage. Furthermore, Tomasz continues to develop the technology with regard to prognostic and diagnostic applications together with academic partners in Denmark and abroad, while Jannik will be following a 6 month specially designed entrepreneurship program with the Kauffman Foundation USA to ensure sufficient management skills and practical knowledge making the success of EPIMETHYLOMICS more likely.
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CENTIVERSE PROJECT FINALIST OF VENTURE CUP 2009
THE ENTREPRENEUR Behind the engine stands a software architect & developer with strong background in search engines and algorithm design. He has spent 4 years on building Centiverse based on new angles and ideas. THE BUSINESS IDEA Launching a new search engine in a market with a dominant 500 pound gorilla (Google) market leader must be a suicide mission. If Microsoft’s Bing.com is struggling to gain market shares with a billion kroner marketing budget, why should Centiverse succeed? Because they don´t attack market leaders directly at their strongest position. They intend to launch a search engine that is many times better than competitors regarding displaying information about blogs.
Frederik Roikjer, Thorsteinn H. Fridriksson & Claus Valgren Christensen.
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Their strengths are, semantics understanding of individual languages, green footprint from low energy consumption systems and clear understanding of the eco system surrounding blogs. With a total search engine advertising market at DKK 100 billion Centiverse will get their share by offering targeted advertisement towards current and relevant blog posts.
There are over 200,000,000 blogs where 54% of bloggers post content daily. 34% of bloggers post opinions about products and brands. 78% of consumers trust peer recommendations. Centiverse wants to offer advertisers ads that target the consumers that are affected by the opinions about products and recommendations. They believe these ads will have greater relevance for user and thereby better conversion and ROI for advertiser. THE FUTURE Centiverse project aka Zooka was launched in September this year in beta and is already close to beat current Danish market leader that has 5 years head start. Next step is to launch in the 11 languages Zooka currently understands semantically, own AdWord system and implement new features. Visit zooka.dk for more information.
THE KONO BUSINESS FINALIST OF VENTURE CUP 2009
THE ENTREPRENEURS
THE FUTURE
Originating in the organisation ViAid and the successful non-profit Cafe Retro, the Kono Business was started up by a group of young women. Educated within design technology, sociology, business development and journalism, these entrepreneurs are equipped to take on the range of challenges connected to the project. Since the beginning, the Kono Business team has grown by 13 new volunteers, focusing on different areas of the project.
With a growing number of interested volunteers, the Kono Business is moving into the future. The next phase of the project will focus on further developing the production in Sierra Leone by improving the women skills within sewing, business and English language. In the beginning of 2010 our designer travels to Sierra Leone to carry out different activities. As the production becomes more efficient, emphasis will be on marketing the products and promoting the concept of the Kono Business through communication and PR. Furthermore, the concept will be developed to include B2B through a cooperation with consulting companies. In the long term, the Kono Business’ products will also be available in a wider range of design shops in Denmark.
THE BUSINESS IDEA
Lone Kogi, Terese Burkal Sørensen, Maria Bammeskov, Rebekka Walker Pedersen, Anna Lundbak, Anni Lyngskær, Rie Frilund Skårhøj.
Aiming to give marginalised women in the poor and devastated Konoprovince in Sierra Leone employment, and in time, the possibility to run their own business, the idea of the Kono Business was developed. The concept entails Danish designers designing bags, scarves and computer sleeves which a group of unemployed, newly educated women from Sierra Leone produce. The products are then sold in Denmark and the money reinvested in the production. The primary customer group is B2C, targeting young, female students wishing to brand themselves as politically conscious customers. An important part of the concept is creating a bond between the producer and the end user which is done through storytelling.
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VENTURECUP CATEGORIES
APPLIED TECHNOLOGY SUPERLIGHT STRUCTURES
COMPUTERFRIEND
A team made up from a DTU scientist and three CBS students, Super Light Structures competed with a technology that had already received interest from venture capitalists.
Thomas Wiborg Steen and Torben Christensen from AAU in Esbjerg and team mates Ulrik Blom and Morten Toft Holm from Erhvervsakademi Sydvest are good at IT. Therefore they are often contacted by frustrated friends and family in need of IT assistance. That is the basis of the idea behind Computerfriend, a platform which allows IT savvy people to provide computer support for their friends from home while getting paid.
FIRST PRIZE WINNER - CBS/DTU
VENTURECUP’S COMPETITIONS AWARD THE BEST IDEAS WHITHIN FIVE CATEGORIES. MEET THE WINNERS OF THE IDEA COMPETIITION 2010.
More than 20 years ago DTU scientist Kristian Hertz started working an this construction technology, which opens up for constructing load bearing building structures with cost and energy savings of up to 50%. In 2009 his son Peter started the process of commercializing the invention and teamed up with Alexander Wulff and Mads Løntoft, both studying International Business at CBS. Peter, Alexander and Mads are now working full time commercializing Super Light Structures, which already has obtained proof-of-concept and a patent.
FIRST PRIZE WINNER - AAU
The team has already launched a beta of computerfriend.dk, and is now working on their strategy and getting investors to launch the final version.
IDM HOODS
IVOTESHOPPING
IDM Hoods from SDU has developed a range hood which is operated automatically, without the need for buttons or manual settings. Among the core strengths of the team is its multidisciplinary mix of designers, mechanical engineers and IT people. The team consists of Simone T. Andersen and Kristina Lagoni of SDU, Integrated Design, Miha Srebot and Min Gyeol Yoon who studies Mechanical Engineering at SDU and finally Michael BejerAndersen and Emil Holmegaard from the Data Technology study at SDU.
IVOTESHOPPING.dk is a portal where customers can meet and gain better prices by buying together.
PEOPLE’S CHOICE AWARD WINNER - SDU
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SERVICES
PEOPLE’S CHOICE AWARD WINNER - KU
The team is made up from Nicolai Eilstrup, the founder of MEETIN and a student at KU, Casper Christensen who studies law at KU and finally Rune Theill Knudsen who studies organisational innovation and entrepreneurship at CBS.
LIFE SCIENCE & MEDTECH
SOFTWARE
CLEANTECH
FIRST PRIZE WINNER - AU/ASB
FIRST PRIZE WINNER - AU
FUTURECAD
BLUE POWER TECHNOLOGIES
The team behind MalariTect has multidisciplinary skills; Anders Pedersen and Christian Jølck from ASB are commercially trained while Jakob Pedersen, David Tordrup and Jakob Virenfeldt from Aarhus University are working with molecular biology and medicine.
FutureCad is a digital software solution providing visual overview of building information. Despite his young age, the man behind the idea Frank Nørgaard, already has solid knowledge of hightech projection technology and the construction industry. Frank worked on consultancy projects at The Institute of Technology together with Asbjørn Levring, who is now his partner, and seeing that the information on building and construction was impossible to overview, the idea for FutureCad was born.
Keld Lundgaard and Jonathan Højberg, both DTU nanotech students, have developed a power takeoff system aimed for ocean wave energy. The power take off system is able to convert mechanical energy stored in the ocean waves into electricity.
MALARITECT
They have developed a new technology, which may be able to reduce the costs and time spent in determining immunity towards malaria medicine. According to WHT half of the world’s population live in areas where malaria can occur. And immunity towards malaria medicin is a big and growing problem, which makes it difficult for doctors to determine which medicin to prescribe.
EQUI
The team is working on a beta version of FutureCad now, which they hope to be able to offer to selected municipalities by mid 2010 and hereafter to private companies.
SOCIALIZINGU
FIRST PRIZE WINNER - DTU/CBS
Teaming up with Bjørn Lund-Nielsen from CBS to couple their technical capabilities with business savvy, Blue Power Technologies have created the basis for commercializing their product. Currently, Keld and Jonathan have mobilized no less than 12 of their fellow students in developing and testing the technology and are looking to integrate the development of their product in DTU classes.
THE ISCR COMPANY
PEOPLE’S CHOICEAWARD WINNER - AAU
PEOPLE’S CHOICE AWARD WINNER - AAU
PEOPLE’S CHOICE AWARD WINNER - SDU
Jens Tranholm Olesen, Mikkel Gram, Ema Erkocevic og Mette Frydensbjerg Bøg all study health technology at Aalborg University. As a course of their studies that have looked into patient needs as nursing homes and through this developed a new, easy to use, rehabilitative tool to be used on patients whose motoric abilities have been affected by the likes of stroke, brain hemorrhage or other paralysis.
Computer Scientists Daniel J. Kold and Michael H. J. Pedersen, both from AAU have developed a platform for interactive games. The game entered into the Venture Cup competition allowed for a combination of physical experiences at specific interesting destinations linked to a digital game. The game also allows players to compete against eachother.
Students from DTU have developed this technology that integrates DCCS solar panels directly into the roof tiles making it possible to sell an integrated solar cell tile. The team consists of Kristoffer Nyrup (Chemical Engineer), Pernille Ravn Pedersen (Integrated Design Engineer), Martin Hjorth Jessing Lund (Construction Engineer), Johannes C. A. Jørgensen (Integrated Design Engineer), Morten Kronborg Andersen (Construction Engineer) and Anders Bo Haughuus (Chemical Engineer).
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OUR PREVIOUSLY
DISCOVE
ENTREPREN We love to keep in touch with our previous participants as they start and grow their ventures.
We are proud to be part of the entrepreneurial journey of more than 80 companies and we would like to share some of their stories.
ERED
NEURS
SMARTSHARE SYSTEMS VENTURE CUP ALUMNI
oday, Morten Brørup is the founder and CTO of SmartShare Systems, a successful technology company founded in 2004. Morten shares with us how he incidentally spotted an opportunity and turned it into a sucessful startup.
T
ENTREPRENEURIAL MINDSET The first time Morten came in touch with his entrepreneurial side was during his last year of high school, when he started his first company together with a good friend. They sold sunglasses, videotapes, computer disks, and anything they could buy cheap in large quantities. Later on, while studying at DTU, he also created an electronic device to be sold online together with a fellow student, and cofounded a website. For Morten initially, starting different companies was just a hobby, and it was only about 10 years ago, that he decided to give one of his startups a real try, so he quit his job, and together with an old friend from DTU, they started working on the launch of one of the first MP3 players. The plan was ‘simple’: build a prototype and sell it to a big company, but -even though they hired extra helpthey could not sell it. So they closed down the company and got a job again. 28
A GROUNDBREAKING IDEA Morten had worked with development of network chips for several years, and back in 2003, some of his friends asked him if he could help solve a network problem they had in their building. The apartments in the building were sharing an internet connection, so they could all get very cheap internet. But every time one of the neighbors downloaded something from the internet, it became very slow for everyone else. Morten started looking around, asking
ABOUT • SmartShare Systems is a leading supplier of WAN Optimization Appliances delivering intelligent bandwidth management products • Currently has sales offices in USA and Germany • It is a privately held Danish company backed by international venture funds with channel partners globally • Their solutions are now being used in commercial businesses, housing associations, hotels and schools • Nominated to Ernst & Young’s Entrepreneur of the Year 2009 in the Startup category
friends and colleagues, but they couldn’t find a good solution. The problem became a personal challenge for him and he just needed to find a solution. Morten kept seeking inspiration from friends, and eventually – while discussing the problem at a good evening of barbecue and beer – the groundbreaking idea came to him. He built a concept prototype using a normal PC, so he could test his brand new algorithm. It worked! He talked to a patent attorney and he guided him to file a patent application. Around the same time, Morten hooked up with his cousin Anders Brørup, who was studying in CBS, and decided to write a business plan to participate in Venture Cup. Morten arranged a manufacturing agreement with a factory in Asia, specialized in small quantity orders and determined the absolute minimum requirements so they could quickly develop a product they could sell. More features could always be added later. In true entrepreneurial spirit, Morten gathered a couple of his programmer friends for some weekends and worked like crazy on the product according to his minimum specifications, FairRouter version 1 was born. When the first product was ready, Morten quit his job, started the company and hired a salesman.
CAT Science got on board as the first investor. Soon after, Morten head-hunted his former boss to be the CEO, and they put together a board of directors who had qualifications in different areas where the team needed expertise. One day, they got a call from a technician at a hosting company who had found their “internet sharing router” online, and he thought that it might solve one of their customer’s problems. This event made Morten and his team turn their focus towards the business segment and confirmed that there was a market
outside Denmark. The second round of financing came from Vækstfonden with an investment of 10 million kroner. The FairRouter had the right core technology, but the packaging was not adequate for business customers, as they wouldn’t be interested in completely replacing their existing router. So the solution was: the StraightShaper, which could simply be added to the customer’s network without any reconfiguration. Software-as-a-Service, Cloud Computing, Hosted Desktop, IP Telephony, Unified
THE PRODUCT SmartShare StraightShaper is a plug-and-play box that optimizes internet access without the need to upgrade the bandwidth or change the network configuration. Installed at any company’s internet connection, it accelerates response times for all internet based services. The product is perfectly positioned as a key enabler for software-as-a-service and cloud computing in small and medium businesses.
Morten Brørup Founder & CTO
Communications and Video Conferencing are not just buzzwords, they are trends. They work via the internet, and they will only be successful if they are not slowing down the business productivity. This means that a slow internet connection becomes a bottleneck for doing business efficiently. SmartShare Systems has the technology to prevent internet slowdowns, and is in the process of launching a business model to match these trends.
HEALTH EQUIPMENT DENMARK VENTURE CUP ALUMNI
bout five years ago, Kristian Rye Veedfald and Mads Hemdorff Petersen started working on a project to solve the problem with fixating medical tubes during
A
dialysis treatments. Kristian’s father, Henning Veedfald, who was a dialysis patient for many years, mentioned that many problems were caused simply by the lack of a safe and secure mean of fixation for the tubes. Henning died four years ago, but he managed to support
the launching a project that is currently helping a great number of dialysis patients both in Denmark and abroad.
Kristian Rye Veedfald and Mads Hemdorff Petersen
TAKING OVER THE EU MARKET Hospitals in most European countries are replacing the old fashioned tape to secure medical tubes and needles used on dialysis patients. Instead, they choose to use the innovative plastic clip developed by danish entrepreneurs Kristian and Mads, founders of HED. Using these clips gives great advantages to the patients: they feel more secure as they are no longer afraid that the tubes will fall off, and the clip also allows them to move around much more. But the clips are also great help for the hospital staff, who has an easier time handling the tubes.
Østjysk Innovation, who invested in the project and provided the company with a great network. Through that, Kristian and Mads found two of their board members: Hans Houlind and Jørn Falch. This enabled Kristian and Mads to develop the project even further, and the product was designed so it would accommodate all the demands put forth by the hospitals.
The clip is actually made in modules that can be switched. That means, that it can also be used for other types of treatments within Its great to come health service.
to the hospitals and see the patients and staff brighten up when they realize how smart our product is, and how it can help them eliminate so many unnecessary risks.
Kristian and Mads developed the clip by experimenting with a paper clip and a clip for an orchid. One of their friends translated it to a 3D drawing and a tangible prototype was moulded.
They won several prizes in different entrepreneurship competitions, among them, one Venture Cup 2005. They have received capital investment from
After only six months of launching, HED had the 90% of the danish dialysis market. Their success continues also abroad, they distribute now to many european countries.
ABOUT • Health Equipment Denmark is an innovative organization concentrating on research and development for science and technology for the medico industry • HED develops and distributes applications that are helpful for patients and staff in hospitals globally • Currently has distribution partners in 10 european countries • More than 20,000 clips have been sold and delivered • HED was nominated to Ernst & Young’s Entrepreneur of the Year 2009 in the Startup category • Kristian Veedfald was nominated for the Ivækstpris 2009 in the ‘Young Entrepreneur’ category
Two new products are in the pipeline, and in testing phase.
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WE ARE
PROUD OF OUR ALUMNI » » » » » » » » »
CONTRIBUTE WITH 67M DKK TO THE DANISH ECONOMY HAVE CREATED MORE THAN 430 JOBS HAVE RAISED 155M DKK IN INVESTMENT CAPITAL 68% EXPORT TO INTERNATIONAL MARKETS OPERATE PREDOMINANTLY WITHIN HI-TECH INDUSTRIES
MORE THAN 80 COMPANIES
HAVE BEEN THROUGH VENTURECUP AS PART OF THEIR ENTREPRENEURIAL JOURNEY
1Calendar 2FRESH 2FOLLOW 2cent Interactive 3Shape Advalight AlCo Company ArtCompaz Axon7 Baisikeli BAKOBA basechat.com BrainReader ByPilot Cartopol Cepa Mobility DampTech D-FRAC Dormicor Dragon Talent Network Dupont LightStone Dynaton EMP Group EuroMedicin FlexAcoustics FreePhoneNames Freeprint FRIDRIX FutureMatch.dk Gi Den Gas Palads Hardcore Processing
HertArt Health Equipment Denmark Hoist Now Holtech Medical HøreService ICU-Lite Immeasure IMMUTELL iMotions INAGEN InMold Biosystems Intertisement.com Invacc Kontraframe Kuneco LoveFilm.dk Mangospot Medichanical Innovation Medineering MESH Technologies MicroChemix MinReklame Mobile Weaver MPSOFTWARE Multiaerobics Mybanker.dk Netamia NIL Technology Oddlabs 42Tools
OptionDirect Pot8oz Quality Entertainment Quantumwise Radical Innovation Consulting Regnskabskompagniet RequirementOne RSP Systems SafeVote Sapio Systems Scape Technologies SmartShare Systems Sonderborg Student Foundation Sund på Job Sutwell TEO The Antibody Project The Kono Business Ugly Duckli Unity Technology ViroGates Vistachild Yellowman ZGene
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FOR THE
GRAPHLOVERS ALUMNI COMPANIES - SOURCES OF CAPITAL
Venture Capital 13%
Public Grants 4%
Friends, family & founders 34%
Corporate investors 2%
Innovation incubators and venture capitalists are the main sources of capital for the alumni companies
Seed Financing 10%
Business Angels 8% Not sure 2%
Innovation incubators 18%
International Sources 1% Bank Loans 8%
ALUMNI COMPANIES - EXPORTS TO INTERNATIONAL MARKETS
32%
46%
54%
36%
32%
Only Denmark
Nordic Countries
European Union
USA
Rest of the World
The majority of the alumni companies export to international markets
ALUMNI COMPANIES - REVENUE 2008
5,000+ 15%
Alumni companies generated 67 million DKK in direct economic activity both within Denmark and internationally
Not Sure 4%
*in thousands
No Revenue 27%
1,000-5,000 17%
0-50, 2% 50-100, 4% 100-300, 6% 500-1,000 17%
300-500, 8%
ALUMNI COMPANIES - AMOUNT OF INVESTMENT
12 10 8
Alumni companies have raised 155 million DKK in investment capital
6 4 2
Not sure
10000+
5000-10000
2000-5000
500-2000
100-500
50-100
0-50
*in thousands
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THANKS TO ALL THAT SUPPORT VENTURECUP
BREEDINGGROUNDFOR FUTUREENTREPRENEURS
OUR SPONSORS
Sponsors of the finals: INCUBA Science Park, Ă˜stjysk Innovation, CAT Science, Cassiopeia, ICT Norcom, COBIS, Dansk Erhverv and Odense Erhvervsservice.
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OUR PARTNERS
MEMBER UNIVERSITIES
38
BOARD OF DIRECTORS Chairman Mette Mønsted Vice Dean of Entrepreneurship Copenhagen Business School Bill Hoover Director McKinsey & Company Helle Schroll Head of Career Centre University of Southern Denmark Trine Nygaard Hansen (Substitute) Executive Assistant COWI Susan Dalum Business Development Director Aarhus Entrepreneurship Center University of Aarhus
Merete Reuss Head of Education Technical University of Denmark Torsten Kolind Group Relationship Manager YouNoodle Inc. Annet Krogsdam Jørgensen Head of Section Danish Agency for Science, Technology and Innovation Niels Maarbjerg Olesen Head of Secretariat Aalborg University Dorte Fredskilde Braad Director’s Secretariat University of Copenhagen Sune Kaspar Testrup-Friis Head of Section, RUCInnovation Roskilde University
WE WOULD ALSO LIKE TO THANK Alex Farcet, Startup Bootcamp Anders Hoffman & EBST Brian Gjestrup Carsten Collin, Ernst & Young Carsten Snedker, Innoption IMEA Ditte Rude Pedersen, Ernst & Young Flemming Bahner, Bahner.dk Gus Murray, Startup Company Jakob Boman, Wemind Jan Priis-Heje, RUC John F. Dascher, Inventure Capital Jonas Åradsson, Boliga
Kasper Hulthin, Hoist Stephan Christgau, Novo Seeds Kim Müller Christensen Stine Rasmussen Kim Plesner-Jacobsen, Acto Sylvia Hansen Nedeltchev Laila Agerholm, Vestas Thomas Rasmussen, Novozymes Martin B. Justesen Morten Mølgaard Jensen, COBIS Niels Bojsen, PRESEED Niels Christian Sidenius, INCUBA Science Park Nikoline Lohmann, Digital Storylab Peter Damgaard Kristensen, AU Peter Ladegaard Bølling, Photographer Sine Sambach, RUC 39 39
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VENTURECUP 2010
DISCOVERING NEW ENTREPRENEURS