Annual report venture kick 2012

YEARS

5

Annual Report 2012

1

5 7 v e n t u re k i c k S t a r t u p s m a d e i t t o t h e To p 1 0 0 42matters AG • Abionic SA • ActLight SA • Advanced Osteotomy Tools - AOT AG • Aeon Scientific AG • Aïmago SA • Aleva Neurotherapeutics SA • Andrew Alliance AG • Attolight SA • Bcomp AG • Biognosys AG • BioVersys AG • CAScination AG • Celeroton AG • Climeworks AG • compliant concept AG • Dacuda AG • Gastros AG • GEROCO SA • Goodshine AG (deindeal.ch) • greenTEG GmbH • HouseTrip SA • Imina Technologies SA • InSphero AG • Jilion SA • Kandou Bus SA • L.E.S.S. - Light Efficient System SA • Lemoptix SA • Mabimmune Diagnostics AG • Malcisbo AG • Mirasense AG (Scandit) • Optotune AG • Pandora Underwater Equipment SA • Pix4D Sàrl • Poken SA • Preclin Biosystems AG • ProteoMediX AG • PumpTire AG • QGel SA • QualySense AG • Qvanteq AG • routeRANK Ltd • Searchbox SA • senseFly SA • ServiceHunter AG • Stemergie Biotechnology SA • StereoTools SA • SWISSto12 Sàrl • Teralytics AG • THELKIN AG • Typesafe Inc. • Uepaa AG • UrbanFarmers AG • Virometix AG • VirtaMed AG • Winterthur Instruments AG • Zurich Instruments AG

2 22

Index Strong Growing Impact

3

Mission Statement

4

Organization

5

Activity Report 2012

6

Project Selection 2012

7

Support Model

8

Impact Analysis

9

Outlook

10

New Support Model

11

Highlights

12

Finances

13

Supported Projects 2012

14

St.Gallen / Zurich / Lausanne January 22nd, 2013

3

Strong Growing Impact Launched in 2007, venture kick has been providing Swiss University based spin-off projects with pre-seed capital, coaching and access to professional investors. Selected members from a Jury pool comprised of the 100+ leading startup experts in Switzerland evaluate and support 16 spinoff projects during three sessions every month.

Since the program’s inception, various juries have held 144 sessions in total and been presented with 483 entrepreneurial projects. The selected startup projects received preseed capital as well as hands-on coaching during 125 kickers camps.

No less than 57 venture kick supported Startups were listed among Switzerland’s 2012 TOP 100 Start-up ranking (startup.ch), 9 even made it to the top 10.

2007-2012: venture kick’s Achievements at a Glance • 1.111 applications received from more than 20 Swiss universities • 483 candidates presented at 144 jury sessions • 251 startup projects supported with CHF 9.390.000 in pre-seed capital. 46 projects received the full amount of CHF 130.000 for venture kick winners.

• 194 new companies incorporated • 2.006 new jobs (FTEs) created in Switzerland • CHF 365. 000. 000 in financing volume attracted by venture kick promoted startups • for each CHF of seed-money granted by venture kick, the spin-offs were able to raise CHF 39

Number of New Jobs (in Fulltime Equivalents) 2200 2000

2006

Financing Volume attracted (in mio. CHF) 400

1800

300

1600

1421

1400 1200 1000

250

150

600 400

100

0

210

200

937

800

200

365

350

103

313 23 2007

50

133

0

2008

2009

2010

2011

2012

2 2007

15 2008

30 2009

2010

The objectives for 2012 regarding job creation and financing volume have been significantly surpassed.

2011

2012

4 22

Mission Statement venture kick was launched on June 12th, 2007 in the context of the Swiss national TV show “Start up”. The venture kick initiative closes a gap in the innovation chain. It is based on the premise that many research projects pursued at Swiss universities could be turned into promising businesses. Unfortunately, the step from academia to market often fails due to a lack of business interest or know-how from potential entrepreneurs, as well as insufficient access to pre-seed capital. Yet, both are required to explore market potential and structure a strong business case in order to attract investors. venture kick aims at the early identification, structuring and promotion of promising business ideas with a clear three fold vision: to double the number of spin-offs at Swiss universities, to accelerate the founding process and to raise the attractiveness of these young companies for professional investors.

Double the Number of Spin-offs We want more scientists at Swiss universities to explore the startup potential of their research.

Cut Time-to-market by Half We want to speed up the process of structuring business opportunities and startup companies.

Secure more Startup Funding and Network We want to improve the quality of projects to attract and secure faster investments from business angels and venture capitalists.

venture kick helps potential entrepreneurs by giving them the opportunity to win up to CHF 130.000 in pre-seed capital. Moreover, startups can also take advantage of the know-how of experienced entrepreneurs and be granted access to a national network of investors and startup experts. venture kick provides a unique and leading approach with a proven track-record of creating successful high-tech startups in Switzerland.

Unique venture kick combines financing for early stage entrepreneurs in 3 stages with a focused business training and the access to a powerful network of investors. The beneficiaries of venture kick are selected by a pool of highly qualified jury members comprising private and public investors, entrepreneurs and startup experts. The full support of CHF 130.000 will be offered as a “founder friendly” equity participation in the company. All financial backflow into the venture kick fund will be used to support more promising spin-offs in the future.

Leading venture kick is working in close collaboration with all Swiss universities and relevant organisations in the field of hightech entrepreneurship. Strong links to these organisations are established thanks to the jury pool consisting of one hundred important individuals representing the Swiss startup ecosystem.

5

Organization venture kick is a philanthropic initiative of a private consortium: Gebert Rüf Stiftung, ERNST GÖHNER STIFTUNG, OPOStiftung, AVINA STIFTUNG, Fondation Lombard Odier and Debiopharm Group.

1. Legal Structure venture kick is a sub-fund of the umbrella foundation “Fondation des Fondateurs” (FdF, fondateurs.ch), a non-profit, tax-excempt foundation supervised by the Swiss Federal Supervisory Board for Foundations.

2. Purpose The fund’s objectives are to promote entrepreneurship and support spin-offs from Swiss universities: a major potential for innovative ideas exists at Swiss universities which is all too often not transferred to the market. venture kick aims to help these innovative ideas prevail at the early stage of their development.

3. Organisation / Governing Bodies 3.1 Board of Trustees of Fondation des Fondateurs The FdF board of trustees has delegated all strategic and managerial competencies of venture kick to the strategy board. The FdF board controls the business activities of venture kick based on a detailed annual reporting.

FdF members of the board of trustees: Dr. jur. Thomas Sprecher, President; Dr. phil. Philipp Egger, Vice-president; Evelyn S. Braun, Member.

3.2 Strategy Board of venture kick The strategy board defines the medium and long-term objectives and orientation of venture kick. It is composed of representatives of the supporting foundations and successful entrepreneurs. The representatives of the foundations always compose the majority of the strategy board and select the additional members.

Members of the strategy board: Dr. Pascale Vonmont, representing Gebert Rüf Stiftung, delegate; Dr. Roger Schmid, representing ERNST GÖHNER STIFTUNG and OPOStiftung; Dr. Igor Fisch, Selexis SA. 3.3 Management of venture kick The strategy board has commissioned the operational management mandate to the Institut für Jungunternehmen, St. Gallen.

Two managing directors, Beat Schillig (head of the Germanspeaking part of Switzerland) and Jordi Montserrat (head of the French-speaking part of Switzerland) share the responsibility for managing venture kick.

3.4 Staff Startup support: Flavio Agosti, Diego Probst, Derek Barras, Dr. Pius Küng, André Brühlmann, Philipp Winteler.

Scouting: Jonas Baer, Jonas Wiesel.

Promotion / Communication: Simon May, Thorsten Hainke.

IT / Administration: Daniel Niklaus, Roger Hammel, Raphael Huber.

3.5 Pool of Experts The jury members evaluating the projects during the jury sessions are all selected from the pool of qualified technology and business experts. The composition of the jury may vary from session to session. The list of experts can be found at venturekick.ch under “Jury”.

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Activity Report 2012 Advisory Board • 4 ordinary strategy board meetings on January 25th, May 14th, September 5th and November 29th; • several meetings between the management and the delegate of the strategy board.

Jury Sessions In general, eight projects are presented at stage 1, and four at stages 2 and 3. The jury is composed of eight to twelve members at each session.

• 12 stage 1 jury sessions: venture pitch (support of 48 projects with CHF 10.000). Held on: 10.1. / 7.2. / 6.3. / 3.4. / 8.5. / 5.6. / 3.7. / 14.8. / 28.8. / 26.9. / 9.10. / 6.11.; • 12 stage 2 jury sessions: venture case (support of 25 projects with CHF 20.000). Held on: 11.1. / 8.2. / 7.3. / 4.4. / 25.4. / 16.5. / 6.6. / 4.7. / 29.8. / 27.9 / 10.10. / 7.11.; • 5 stage 3 jury sessions, venture kick (support of 10 projects with CHF 100.000). Held on: 25.1. / 27.3 / 14.5. / 5.9. / 31.10.

Kickers Camps After each stage, successful candidates benefit from two days of intensive support. They receive detailed feedback from the jury and are intensively prepared for the next stage.

• 28 two days intensive workshops for startups in the support process process (13 stage 1 camps, 10 stage 2 camps and 5 stage 3 camps).

5 Years of venture kick On September 26th, the 5 year anniversary took place at the Härterei Club Zurich to celebrate the success of the initiative. More than 200 guests were entertained by the vibrant program held on stage featuring a dozen top startup entrepreneurs, U.S. Ambassador Donald S. Beyer, Walter Steinlin, president of CTI, and much else many more. A media roundtable was held prior to the event.

Debiopharm Group as a new Supporter This year Debiopharm Group has joined in as a new venture kick support. It is the first private company to join the ranks of the five foundations. Established in 1979, Debiopharm and its founders have always been committed to ongoing innovation, to the advancement of entrepreneurial spirit and to the development of the Swiss economic / fabric. In this sense, Debiopharm's support of the venture kick initiative fits perfectly into its past commitments.

Communication The initiative received important media echo. Several of the supported projects have been featured in print media and even on TV. In addition, many universities and other relevant institutions in the Swiss innovation and startup scene have mentioned venture kick in their newsletters and on their online platforms. The initiative has been promoted on wellknown online platforms of the Swiss startup and innovation scene (venturelab.ch, inno-swiss.com, ifj.ch, eStarter.ch, startup.ch, businessplan.ch, startupticker.ch), through the IFJ, venturelab and venture kick newsletters (over 40.000 subscribers) and the startup channel of news.ch.

It has also been presented at several events related to startups, such as the recurring “Startimpulse” from IFJ in the German speaking part of Switzerland (about 11 events monthly, reaching more than 8.000 people).

Last but not least, the initiative has been promoted intensively in all academic institutions throughout the country as a source of potential future spin-offs. Intense and recurrent communication activities have been conducted through specific newsletters and mailing campaigns, personal promotion to partners (such as technology transfer offices, coaching and support organisms), presentations of the initiative in lectures or startup related events on campuses (e. g. venturelab courses and events) as well through poster and flyer campaigns directly on site.

7

Project Selection 2012 In 2012, a total of 218 projects applied to the venture kick program. The number of submissions is usually around 20 per month. Approximately 60% came from the German part of Switzerland, and 40% from the French part. The full list of supported projects in 2012 is shown on page 14 onwards.

49% of the supported projects originate from the Swiss Federal Institutes of Technology of Zurich and Lausanne.

The remaining projects are distributed among 20 different universities, indicating that venture kick is well implanted on a national level.

The analysis of submissions by sector shows that all hightech disciplines are represented. However, most projects can be counted in the “Information & Communication Technologies”, the largest sector in 2012, followed by Electronics / Mechanics, Medtech, Biotech and Cleantech sectors. The remaining submissions are difficult to assign to a specific sector due to their diversity and interdisciplinary character.

Submissions per University HES-SO 15%

Supported Projects per University

ETH Zürich 20%

ZFH, ZHW, FHNW, FHO, HTW, FHZ 15%

EPF Lausanne 15%

Uni GE, LS, FR 12%

Uni Zürich 8%

Uni SG, BS, BE 15%

HES-SO / TI 15%

ETH Zürich 29%

ZFH, ZHAW, FHNW, FH, FHZ 7% Uni GE, LS, FR 12% Uni SG, BS, BE 12%

Uni Zürich 5%

EPF Lausanne 20%

16% of all submissions are made by women. This is still remarkable if one considers the low proportion of women among doctoral students, professors and assistants pursuing scientific and technological disciplines as well as the low proportion of women active in high-tech companies (e. g. CTI-label Companies). Nevertheless this encourages us to continue promotional efforts in favour of women pursuing a career as entrepreneurs.

Submissions per Sector

Supported Projects per Sector

Other 18% Materials/ Chemicals 2% Micro/Nano Technology 2% Cleantech 5% Biotech 5% Medtech 7%

Micro/Nano Technology 5% ICT 53%

Materials/ Chemicals 2%

Other 5%

ICT 39%

Cleantech 10% Biotech 13%

Electronics/ Mechanics 8%

Medtech 15%

Electronics/ Mechanics 11%

8 22

Support Model

The venture kick funding track starts by presenting innovative business ideas to get the first CHF 10.000, continues by showing solid business cases for CHF 20.000 and finishes by presenting the startup for the final kick of CHF 100.000.

After each session, Startup creators are coached by proven entrepreneurs.

The opportunity to exchange with other young entrepreneurs can also be very useful to improve startups’ strategic approach to customers and investors.

From September 2007 to December 2012, 483 applicants out of a total of 1.111 have been invited for a stage 1 presentation. Out of the 483 presented projects, 251 have received CHF 10.000.

Out of these 251 projects supported at stage 1, 215 have been invited to present at stage 2 and 114 received the additional support grant of CHF 20.000 up to December 2012.

Out of these 114 projects 92 were selected to present at stage 3, 46 of which were granted the final kick of CHF 100.000.

Behind venture kick the greatest network of investors and industry innovation experts in Switzerland awaits participants.

This allows them to benefit from direct feedback and get media coverage on top of attracting more investors.

The complete list of supported projects can be found on our website venturekick.ch. The high quality of projects should be emphasized: The number of projects that would have deserved a support grant from the experts jury perspective has regularly outreached currently available financial resources. Consequently, some promising projects could unfortunately not be supported.

9

Impact Analysis 194 new High-tech Startups and 2.006 Jobs The quality of the projects supported by venture kick has been demonstrated by the impressive number of companies effectively created, as well as by the amount of funds raised by these spin-offs. Out of the 251 projects, supported with a cumulated CHF 9.390.000: • 194 have turned into spin-offs / companies; • they have created 2.006 jobs; • they have raised over CHF 365.000.000 in additional financing (own funds, business angel / VC’s investments, loans, CTI projects, prizes, etc.).

Less than 10% of the supported projects have been stopped, among which only 9 of the incorporated companies. The average age of incorporated companies is currently 30 months. The incorporation takes place typically 5 months after the first successful presentation of a project to the venture kick jury.

Taking into account the time difference between the support of venture kick and the company creation, the current impact of venture kick is only partially visible. More company incorporations, fund raising and job creation subsequent to the projects supported so far are expected to materialize in the coming months.

Hence for each franc of support granted by venture kick, the spin-offs were able to raise another CHF 39.

VirtaMed, the first ever project to win full venture kick support is selling their surgical training systems worldwide now.

10 22

Outlook InSphero AG was incorporated 2010. The company plans to grow to a 100+ employee by 2015.

The achieved results and the very positive feedbacks from experts, universities and spin-offs strongly motivate the initiators to further develop the support program. For 2013, the following figures are planned: • 200+ applications; • 168 projects presented in 30 jury sessions (96 venture pitch / 48 venture case / 24 venture kick); • 84 projects funded (48 at CHF 10.000 / 24 at CHF 20.000 / 12 at CHF 100.000);

existing innovation potential of Swiss universities and to make the vision of doubling the number of spin-offs in Switzerland a reality.

To bridge this financing gap, foundations and private individuals with an entrepreneurial background are invited to join the successful initiative as donors. venture kick is aiming to achieve the following goals, expressed as cumulated figures by the end of 2013:

• 30 kickers camps (2-day workshops in small groups); • CHF 2.160.000 in financial support.

The major challenge is to secure sustainable funding for venture kick for the coming years. In addition to the existing commitments of the donating foundations, CHF 1.5 mio. is needed for the 2014 / 2015 budget, in order to valorize the

• 225+ newly incorporated innovative high-tech companies; • 500+ mio. CHF financing volume invested in these companies; • 2.500+ high-quality and sustainable jobs.

11

New Support Model venture kick support is provided in three stages as described hereafter. At each stage, 50% on average of the presented projects are eligible for support. In addition venture kick supported projects benefit from a 2-days “kickers camps� after each stage with hands-on support to execute on their business development. Selected entrepreneurs are also offered a privileged access to the venture kick network.

A New Entrepreneurial and Philanthropic Model to Support Startups As of January 1st 2013, venture kick has adopted a new support model including equity participation at the third and final stage.

All proceeds from the subsequent shares' sale will be exclusively re-invested into the support of the next generation of promising entrepreneurs. This new model aims at strengthening the philanthropic and entrepreneurial approach of venture kick, where supported startups will be contributing part of their success to the next generation.

The winners of the stage 1 (brilliant business idea) and stage 2 (solid business case) will continue to receive CHF 10.000, respectively CHF 20.000 Ă fonds perdu, with a moral pledge of giving back to the entrepreneurial scene in case of success.

The new participation model is applied at the final stage only, where beneficiaries can receive an additional CHF 100.000. The ownership level will be based on a valuation obtained at a qualiyfying round set for an investment of CHF 500.000. or more at a valuation higher than CHF 1.300.000. If within 3 months before the stage 3 presentation date, the company has closed such a financing round, venture kick will adopt this valuation. If no such financing round has taken place, venture kick will receive 10% of the company, and will adapt its ownership to the valuation obtained at the first qualifying round during the 24 months after the presentation date at the final stage, proportionally reducing its ownership.

The new support model is the result of a strategic reflection initiated by the Strategy Board of venture kick. Its main objective is to strengthen and clarify venture kick's philanthropic and entrepreneurial philosophy where it is made natural to supported startups that their success will directly benefit future generations of entrepreneurs and thus society. At the same time, the new model should contribute to the long term success of venture kick, helping to secure the support of many more innovative projects at Swiss universities.

12 22

Highlights For many Swiss startups, venture kick is a starting point for a sustainable and successful future. Here are some current examples:

The Swiss Multi-Million Dollar startup: HouseTrip.com is one of the largest holiday rental websites in the world, offering holidaymakers and holiday apartment owners a safe and easy-to-use platform to find, book and list holiday apartments, houses and villas securely online. The concept is simple: when taking a trip, anyone can book a whole apartment or villa for the price of a hotel room. By the end of 2012, travellers will have booked more than 3 million nights via HouseTrip since its launch.

The new Swiss TOP 100 winner with offices in Lausanne, Lisbon and London just raised a US $ 40.000.000. Series C funding round in October 2012 and was founded in 2009

by Junjun Chen and Arnaud Bertrand.

Enabling personalized cancer medicine: ProteoMediX is specialized in the identification of novel biomarkers for the early detection of cancer and the personalized treatment thereof. The first product currently developed is a blood-based test that enables the diagnosis of prostate cancer with significantly higher accuracy than today's clinical standard. The result is significant cost savings for the healthcare system and less discomfort for the patient. Year 2012 was great for the venture kick winners Christian Brühlmann (l.) and Dr. Ralph Schiess (r): After raising CHF 2.600.000. in Series A Financing they won the W. A. de Vigier Award, the Life Sciences Prize and the Swiss Technology Award 2012.

Revolutionizing allergy diagnostics: Abionic is developing a portable biomedical device, based on Abionic's proprietary nanofluidic biosensor technologies, that has been designed to detect allergies to substances such as pollen and food or allergies to various domestic animals. Abionic provides a high-quality allergy diagnostic readout within only 15 minutes, based on just a single drop of blood. In 2012 the venture kick winner from Lausanne closed its first financing round led from leading Swiss firms and was granted the Red Herring Top 100 Europe Award.

Paving the way for a new era of scanning: Dacuda, the inventor of the world’s first mouse scanner, is offering low-cost digitization technology based on real-time image processing and computer vision. Dacuda's patent pending, proprietary SLAM Scan® technology enables fast data entry of text and images, instant editing, as well as easy sharing of contents. After the global launch with electronic partner LG, the prize-winning startup is ready for new challenges. In 2012 Dacuda's co-founder Dr. Alexander Ilic has been elected Entrepreneur of the Year® by Ernst&Young in the category “Emerging Entrepreneur”.

13

Finances In addition to the “support money”, the “support process” and “jury sessions” are to be considered as “direct project expenses” (according to Swiss GAAP FER 21). For the year 2012 the proportion of project vs. operations cost is approximately 90% vs. 10%.

For a fifth full year of operation, this can be considered as good.

Actual 2012

Budget 2013

DIRECT STARTUP PROJECT CONTRIBUTION CASH SUPPORT FOR STARTUPS Projects at CHF 10.000 Projects at CHF 20.000 Projects at CHF 100.000

1.980.000

56%

480.000 500.000 1.000.000

2.160.000

60%

480.000 480.000 1.200.000

INDIRECT STARTUP PROJECT CONTRIBUTION BUSINESS DEVELOPMENT SUPPORT FOR STARTUPS

1.098.311

31%

1.060.000

Selection process for more than 220 projects; Evaluation of 300+ applications at all stages; Reference checking and phone interviews; Validation of 168 projects for presentation

121.500

120.000

Connecting with Investors & Supporters; Introductions to Industry and Pilot Customers; Organization and execution of 29 Jury sessions with experts; Management of of Jury and Experts pool

392.000

380.000

Organization and execution of 28 Kickers Camps; Written Feedbackreports and pitch videos; Monthly reporting process; Startup Hotline

361.600

350.000

Press releases and articles, including translations d / f / e for international visibility; Promotion of startup portraits in multiple channels (startup.ch, startwerk.ch, inno-swiss.com)

164.800

160.000

58.411

50.000

Development of business tools, checklists and templates for startups and entrepreneurs; Business Navigator, VekBase, Abaweb

29%

ADMINISTRATIVE COSTS PROGRAM MANAGEMENT Planning / Team Management / Reporting / Controlling Promotion at all Swiss Universities / Partnerships Acquisition of further donors / foundations IT Management / Website / Intranet / Newsletter Strategy Board / Revision / Accounting VAT Total

(8%)

320.300

9%

81.000 94.300 61.600 73.400 10.000

289.156

8%

80.000 90.000 50.000 60.000 9.156

113.489

3%

3.512.100

100%

107.932

3%

3.617.088 100%

14 22

Supported Projects 2012

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venture kick c/o IFJ Institut f端r Jungunternehmen Beat Schillig Managing Director German-speaking Switzerland beat.schillig@venturekick.ch +41 (71) 242 98 68 Kirchlistrasse 1, 9010 St. Gallen Technoparkstrasse 1, 8005 Z端rich

Jordi Montserrat Managing Director French-speaking Switzerland jordi.montserrat@venturekick.ch +41 (21) 533 09 88 PSE-C, 1015 Lausanne