Annual report venture kick 2011 by IFJ Institut für Jungunternehmen

Annual Report 2011

130.000 to kick your Start-up Explore the Business Potential of your Technology

Supported by venture kick: Dr. Virgine ClĂŠment and Daniel Leutenegger, Stemergie Biotechnology SA

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Index Strong Growing Impact

Mission Statement

Organisation

Activity Report 2011

Project Selection 2011

Impact Analysis

Outlook

Highlights

Finances

Annex: Supported Projects 2011

St.Gallen / Zurich / Lausanne January 25th, 2012

Strong Growing Impact Started in September 2007 venture kick provides spin-off projects at Swiss universities with pre-seed capital, coaching and access to professional investors. Members from a jury pool (100+ leading start-up experts across Switzerland) evaluate and support 16 spin-off projects in three sessions every month. Since the inception of the program, the jury has executed 115 sessions with 389 projects presented. The selected start-up projects received pre-seed capital as well as handson coaching during 97 kickers camps. The Top 100 Ranking of Swiss start-ups in 2011 is listing not less than 49 venture kick start-ups (startup.ch)

The Results of venture kick since 2007 at a Glance • 892 applications received from more than 20 Swiss universities • 389 candidates invited for jury presentations • 203 start-up projects supported with CHF 7.41 mio. in pre-seed capital (up to CHF 130,000 for venture kick winners) • 151 new companies incorporated and still active • 1,421 new jobs (FTEs) have been created in Switzerland • CHF 210 mio. financing volume attracted by the venture kick-promoted start-ups • for each CHF of seed-money granted by venture kick, the spin-offs were able to raise CHF 28

Number of New Jobs (in Fulltime Equivalents) 2000 1800 1600 1400 1200 1000 800 600 400 200 0

Financing Volume (in mio. CHF) 300

1421

250

210

200

937

150 103

100

23 2007

133

313

2007

2008

2009

2010

2011

2009

The objectives for 2011 regarding job creation and financing volume have been significantly surpassed.

2010

2011

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Mission Statement venture kick was launched on June 12th, 2007 in the context of the TV show “start-up” of the Swiss national television. The venture kick initiative closes a gap in the innovation chain. Many research projects pursued at Swiss universities could and should be turned into promising businesses. Unfortunately, the step from academia to the market often fails due to a lack of business interest or know-how from the potential entrepreneurs, as well as insufficient access to pre-seed capital. Both are required for exploring market potential and structuring a strong business case in order to attract investors. venture kick aims at early identification, structuring and promotion of promising business ideas with a clear vision: to double the number of spin-offs at Swiss universities, to accelerate the founding process and 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 start-up potential of their research. Cut Time-to-market by Half We want to speed up the process of structuring business opportunities and start-up companies. Secure more Start-up 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, start-ups can also take advantage of the know-how of experienced experts and entrepreneurs and be granted access to a national network of investors and start-up experts. venture kick provides a unique and leading approach with a proven track-record of creating new high-tech start-ups in Switzerland. Unique venture kick combines donations “à fonds perdu” with an achievement-oriented awarding procedure to early-stage entrepreneurs. The beneficiaries of venture kick are selected by a pool of highly qualified Swiss experts (jury members) comprising private and public investors, entrepreneurs and start-up supporters. Leading venture kick is working in close collaboration with all Swiss universities and relevant organisations in the field of hightech entrepreneurship. A strong link to these organisations is established thanks to the jury pool consisting of one hundred important individuals representing the Swiss start-up ecosystem.

Organisation venture kick is an initiative of private donors. Initial funding came from five leading foundations: Gebert Rüf Stiftung, ERNST GÖHNER STIFTUNG, OPO-Stiftung, AVINA STIFTUNG and Fondation 1796. 1. Legal Structure venture kick is a sub-fund of the umbrella foundation “Fondation des Fondateurs” (FdF), a non-profit, tax-excempt foundation supervised by the Swiss Federal Supervisory Board for Foundations (fondateurs.ch). 2. Purpose The fund’s objectives are to promote entrepreneurship and spin-offs from Swiss universities: a major potential for innovative ideas exist at Swiss universities which are all too often not transferred into practise. venture kick aims to help these innovative ideas to 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 venture kick. The FdF board controls the business activities of venture kick based on an annual reporting (annual activity and accounting reports). FdF members of the board of trustees: Dr. jur. Thomas Sprecher, President; Dr. phil. Philipp Egger, Vice-president; Lori Lutz-Dinkel, Member (passed away in 2011); 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 Fondateurs always compose the majority of the strategy board and select the additional members.

Members of the strategy board, elected 2010-2011: Dr. Pascale Vonmont, representing Gebert Rüf Stiftung, delegate; Dr. Roger Schmid, representing ERNST GÖHNER STIFTUNG and OPO-Stiftung; Evelyn S. Braun, representing AVINA STIFTUNG; 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 Start-up support: Flavio Agosti, Diego Probst, Derek Barras, Dr. Pius Küng, André Brühlmann, Philipp Winteler. Scouting: Daniel Leutenegger, Manuel Ringger. Promotion / Communication: Simon May, Nadine Reichenthal, Thorsten Hainke, Pascal Vermot. 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 technical and as well as 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 2011 Advisory Board • 4 ordinary strategy board meetings on January 26th, May 15th, August 29th an November 29th; • 2 extraordinary strategy meetings on July 28th and August 29th; • several meetings between the management and the delegate of the strategy board; • strategy benchmarking field trip to the Swedish entrepreneurship support ecosystem.

Communication The initiative received an important media echo. Several of the supported projects have been featured in print media and even on TV.

Jury Sessions In general, eight projects are presented at stage 1, and four at stages 2 and 3. The jury is composed of approximately eight to twelve members at each session. • 13 jury sessions stage I, venture pitch (support of projects with CHF 10,000): 11.01., 10.02., 01.03., 05.04., 25.05., 21.06., 05.07., 30.08., 21.09., 11.10., 08.11., 29.11.,13.12.; • 11 jury sessions stage II, venture case (support of projects with CHF 20,000): 12.01., 02.02., 02.03., 06.04., 30.05., 22.06., 06.07., 31.08., 22.09., 12.10., 09.11.; • 5 jury sessions stage III, venture kick (support of projects with CHF 100,000): 26.01., 30.03., 30.06., 28.09., 02.11.

The initiative has been promoted on well-known online platforms of the Swiss start-up and innovation scene (venturelab.ch, inno-swiss.com, ifj.ch, eStarter.ch, startup.ch, businessplan.ch), through the IFJ and venturelab newsletters (over 60,000 subscribers) and the start-up channel of news.ch.

Kickers Camp After each stage, the successful candidates benefit from two days of intensive support. They receive a detailed feedback from the jury and are intensively prepared for the next stage. • 28 two days intensive workshops for start-ups in the support process (14 camps stage I, 9 camps stage II and 5 camps stage III). Venture Summit A large part of the start-ups supported by venture kick as well as members of the jury, have participated at the venture summit, a unique in its kind 24-hour networking event held in Zurich and Lucerne in the context of «Jump into the (ad)venture!» from July 1st to 2nd (venturesummit.ch).

In addition, many universities and other relevant institutions in the Swiss innovation and start-up scene have mentioned venture kick in their newsletters and on their online platforms.

It has also been presented at several events related to startups, such as the recurring “venture apéros” from IFJ in the German (about 11 monthly, reaching more than 8,000 people directly), and the Rezonance events in the French speaking part of Switzerland. Last but not least, the initiative has been promoted intensively in all academic institutions of 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 start-up related events on campuses (e. g. venturelab courses and events) as well through poster and flyer campaigns directly on site.

Project Selection 2011

In 2011, a total of 223 projects applied to the venture kick program. The number of submissions is usually around 18 per month. Approximately 60% came from the German part of Switzerland, and 40% from the French part. The full list of supported projects in 2011 is shown in the appendix. 54% of the supported projects originate from the Swiss Federal Institutes of Technology of Zurich and Lausanne, a considerable increase compared to 2010. 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 2011, 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 13%

Supported Projects per University

ETH Zürich 20%

ZFH, ZHW, FHNW, FH, OHTW, FHZ 18%

EPF Lausanne 18%

Uni GE, LS 7% Uni SG, BS, BE 15%

ZFH, ZHAW, FHNW, FH, FHZ 12%

HES-SO 7% ETH Zürich 21%

Uni GE, LS 3% Uni SG, BS, BE 15%

Uni Zürich 9%

EPF Lausanne 33%

Uni Zürich 9%

Only 9% 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 29% ICT 40%

Materials/ Chemicals 2% Micro/Nano Technology 2% Cleantech 7%

Materials/ Chemicals Micro/Nano 1% Technology 4% Cleantech 10%

Other 6%

ICT 37%

Biotech 6%

Biotech 7%

Medtech 7%

Electronics/ Mechanics 6%

Medtech 18%

Electronics/ Mechanics 18%

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Impact Analysis Supported Projects Until December 2011, 389 candidates out of 892 applications have been invited for a stage I presentation, starting in September 2007. Out of the 389 presented projects, 203 have received CHF 10,000. Out of the 203 projects supported at stage I, 169 have been invited to present at stage II and 89 received the additional support grant of CHF 20,000. Out of these 89 projects the first 72 projects have presented at stage III, of which the following 36 spin-offs were granted the final kick of CHF 100,000: • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

Dr. Stefan Tuchschmid, virtamed.com Dr. Jochen Mundinger, routerank.com Stéphane Doutriaux, poken.com Dr. Bettina Ernst, preclinbiosystems.com Dr. Manuel Aschwanden, optotune.com Dr. Martin Bartholet, celeroton.com Dr. Sadik Hafizovic, zhinst.com Dr. Vincent Schickel, prediggo.com Dr. Patrizia Fischer, pearltec.ch Dr. Marc Gitzinger, bioversys.com Dr. Barbara Yersin, minsh.com Dr. Giorgio Pietramaggiori, labseed.com Dr. Wolfgang Moritz, insphero.com Dr. Kristin Kapitza, aiducation-international.org Dr. Nicolas Burri, streamforge.com Dr. Rémi Charrier, stereotools.com Dr. Christophe Canales, imina.ch Christof Roduner, mirasense.com Dr. Ralph Schiess, proteomedix.ch Christoph Gebald, climeworks.com Michael Dubertuis, geroco.com Prof. Dr. Markus Aebi, malcisbo.com Dr. Jean-Christophe Zufferey, sensefly.com Dr. Francesco Dell’Endice, qualiysense.com Alfredo Bruno, aot-swiss.com Dr. Nicolas Durand, abionic.com Dr. Thorsten Schwenke, thelkin.com Marc Spafford, delicioustaste.ch Susanne Wechsler, bookbridge.ch Prof. Martin Odersky, typesafe.com Dr. Dominik Bell, aeon-scientific.com

• • • • •

David Bonzon, pandora-uwe.com Dr. Nils A. Reinke, winterthurinstruments.com Prof. Dr. Amin Shokrollahi, kandou.com Timo Hafner, gastros.ch Andreas Brülhart, bcomp.ch

The complete list of supported projects can be found on our website venturekick.ch. The high quality of projects should be emphasised: The number of projects that would deserve a support grant from the experts jury perspective has regularly been above the financial resources currently available. Consequently, some promising projects could unfortunately not be supported. 151 Newly Created High-tech Start-ups with 1,421 Jobs The quality of the projects supported by venture kick is 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 203 projects, supported with a cumulated CHF 7.41 mio.: • 151 have turned into spin-offs; • they have raised over CHF 210 mio. in additional financing (own funds, business angels/VC’s investments, loans, CTI projects, prizes, etc.); • they have created 1,421 new jobs. So far less than 8% of the supported projects have been stopped, but only 2 of the incorporated companies. The average age of the incorporated companies is currently 25 months. The incorporation takes on average place 4.5 months after the first successful presentation of a project at 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 of the projects supported so far are expected during the coming months. Hence for each franc of support granted by venture kick, the spin-offs were able to raise another CHF 28.

Outlook The above results and the very positive feedbacks from experts, universities and spin-offs strongly motivate the initiators to further develop the support program. For 2012, the following figures are planned: • 200+ applications; • 164 projects presented in 29 jury sessions (96 venture pitch/48 venture case/20 venture kick); • 82 projects funded (48 at CHF 10,000/24 at CHF 20,000/10 at CHF 100,000); • 29 kickers camps (2-day intensive workshops in small groups); • CHF 1.96 mio. in granted support. The major challenge is to secure a sustainable funding of venture kick for the coming years. In addition to the existing commitments of the donating foundations CHF 1.5 mio. is needed for the 2013/2014 budget, in order to valorise the existing innovation potential of Swiss universities and to realise the vision of doubling the number of spin-offs in Switzerland. 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 confident to achieve the following cumulated figures by the end of 2012: • 200+ newly incorporated innovative high-tech companies; • 300+ mio. CHF financing volume invested in these companies; • 2000+ high-quality and sustainable jobs.

InSphero AG was incorporated 2010. They plan to grow to a 50+ employee company by 2014.

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

Capturing CO2 from air: Climeworks AG is commercializing a patented, highly efficient technology for CO2 capture from ambient air. With this technology, the vision of the ETH Spin-off company is to become the leader in the supply of atmospheric CO2 as a feedstock for liquid fuel synthesis to increase energy security and to stabilise global CO2 emissions. Climeworks has been shortlisted for the USD 25 mio. Virgin Earth Challenge, that covered more than 2,600 submissions. Last but not least the founders Jan Wurzbacher (l.) and Christoph Gebald (r.) announced the closing of its series A financing round at the end of 2011.

The greatest alternative to hotels: HouseTrip.com is Europe’s largest holiday apartment booking website, where you can find, book or list your holiday apartment easily and securely. The concept is simple: when taking a trip, anyone can book a whole apartment or villa for the price of a hotel room. HouseTrip already has listings in more than 350 destinations worldwide, with new accommodations being added every day, and raised USD 17 mio. in the early summer 2011. The company was founded in 2009 by Junjun Chen (l.) and Arnaud Bertrand (r.) and has offices in Switzerland (Lausanne), Portugal (Lisbon) and the UK (London).

Switching off bacterial resistance: BioVersys AG is a biopharmaceutical company located in Basel, that focuses on research and development of new drugs and compounds, which switch-off drug resistance within bacterial pathogens and restore the efficacy of approved antibiotics. 2011 was a great year for the venture kick winners Marc Gitzinger (l.) and Marcel Tigges (r.): They raised CHF 2.5 mio. in a Seed Financing round, moved into new facilities within the Technologiepark Basel and received the Swiss Technology Award 2011 in the start-up category for its innovative technology.

The inventor of the Scanner Mouse: Dacuda AG is a software company based in Zurich with the vision to change the experience of scanning for everyone. 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. The Scanner Mouse of CFO Michael Born (l.) and CEO Dr. Alexander Ilic (r.) was launched globally with the electronic partner LG. Also 2011, the ETH Zurich spin-off took the prestigious Swiss Economic Award in the high-tech sector, finished in the second tier rankings of the Top 100 Swiss start-ups and appeared on Red Herring’s Global 100 list.

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 2011 the proportion of project vs. operations cost are approximately 90% vs. 10%. For the fourth full year of operation, this can be considered as good.

Actual 2010

Actual 2011

Budget 2012

1,850,000 510,000 440,000 900,000

1,960,000 520,000 440,000 1,000,000

1,960,000 480,000 480,000 1,000,000

Support Process Individual support/instructions /feedback Development and delivery of tools and checklists „kickers camps“ – organisation and execution

777,600

723,160

716,760

Jury Sessions Evaluation applications /selection process Preparation and execution of jury sessions Administration and expenses

363,200

308,030

306,000

Communication and Promotion Direct promotion (phone, promotion at universities and events) Promotional material for universities and events Media relations and advertising Online-marketing (homepage, newsletters, partner-sites, start-up profiles) Translations, administration and expenses

220,000

204,036

198,000

Management Strategy / planning / development /reporting Development of support process Optimization of selection process Development and composition of jury Revision/Fondation des Fondateurs

155,000

142,100

139,500

VAT

115,624

110,186

108,821

3,481,424

3,447,512

3,429,081

Support Money – Total Projects at CHF 10,000 Projects at CHF 20,000 Projects at CHF 100,000

Total (incl. VAT)

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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