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Beyond the business plan



Copyright 2009-
2010 Audax Center
for
Entrepreneurship
ISCTE-IUL
ISCTE-IUL MIT Portugal Venture Competition

                      What?
                       Is an Entrepreneurial, technology-based Venture
                       competition

                      For? People with a dream,
                         Would-be Entrepreneurs
                         Innovators
                          – Start-up's / Spin-off's under 5y and <2,5M€


Copyright 2009-
2010 Audax Center
for
Entrepreneurship
                  2
ISCTE-IUL
Our Goals:

                    • Identify and reward projects at an seed/early stage
                    with a clear global value proposition
                    • Enable a 10x to 20x pre-money valuation within first
                    years of venture
                    • Connect global Innovators to global Investors



Copyright 2009-
2010 Audax Center
for
Entrepreneurship
ISCTE-IUL
In brief


                    International technology venture competition
                    Held once a year
                    4 Market-application tracks:
                      1. Lifesciences
                      2. Sustainable Energy & Transportation systems
                      3. Information Technology and the Web
                      4. Other Products and Services


Copyright 2009-
2010 Audax Center
for
Entrepreneurship
ISCTE-IUL
Partnership with MIT & MIT-
                      Portugal in tech ventures
                       • 33.600 companies founded
                       by living MIT alumni
                       (76% alive, employing 3.3M)
                       • Annual revenues of $2
                       trillion (~10x the GDP of Portugal)
                       • Annual R&D CAPEX:
                       $650M (54% privately sponsored)
                       • 500+ patents/y (280+
                       filed/y)
                       • $90M license revenue ('08)
                       • 72 MIT Nobel Prize winners
Copyright 2009-
2010 Audax Center
                       (7 current faculty members)
for
Entrepreneurship
                  5
ISCTE-IUL
Creating a Culture for technological Innovation

                       Encouraging researchers to “reach for the
                       stars” and do risky things, cultivating an
                       understanding that “it’s OK to fail.”
                              Nobel Laureate Ivar Giaever (1973) & Chief Technology Officer of Applied
                                                                                           BioPhysics




Copyright 2009-
2010 Audax Center
for
Entrepreneurship
                  6
ISCTE-IUL
Unique aspects:

                    • Target: “Starts” where other BP competitions end
                    • Tools: 100+ hours of training and coaching in Go-to-
                    Market strategies with entrepreneurs, during Selection
                    • Focus: International catalyst ecosystem, during
                    Venture


                     ...all of which, foster connections to international
Copyright 2009-
2010 Audax Center
                    investors.
for
Entrepreneurship
ISCTE-IUL
Audax:- a unique pedigree in fostering
                      entrepreneurship & Innovation
                       • Support 150+ projects in 5y
                                                                                            Finance of
                       (33 start-ups; ~8M€ raised)                     Business          sources of Capital,
                                                                       plans (start-up          inc.
                       • Over 25 strategic partnerships                & follow-on         VC Fund co -
                       (KPMG, CGD, BCP, APCRI, InovCapital, APBA...)   investments)         managment

                       • Unique Educational programs
                       (PEC, PEF)                                                          Consultancy:
                                                                           Pool of         bus. Strategy,
                       • CoHitec Lisboa manager                          investors
                                                                        (BA, VC &
                                                                                             technology
                                                                                            investments,
                       • Annual events:                                  business
                                                                          partners
                                                                                              Advanced
                                                                                               control
                            - Audax TV 2008 (6% share,
                       TV2)
                           - Entrepreneurship conference
Copyright 2009-
                       (+200 participants /y)
2010 Audax Center
for
Entrepreneurship
                  8
ISCTE-IUL
MPP IEI - Making Entrepreneurs' Dream
Process overview

                                      March to
                                      November

                           95                                   Selection
                                      20 Semi-    €0.5M to 4
                       Applications                              Stage
                                      finalists    Finalists
                         (2010)


                             Teams work on
                                 Award
                                                   €0.5M upon   Venture
                                                    execution    Stage
                               Milestones

                                       Up to 5
                                        years
Copyright 2009-
2010 Audax Center
for
Entrepreneurship
ISCTE-IUL
2010 - A Snapshot




                           Visits




                    Entries from 6 countries    367 aspiring     Coaching with
                    Portugal, Spain, France,   globalpreneurs    entrepreneurs
                       UK, Canada, USA                           100+ hours in Go-
                                                                to-Market strategies
Copyright 2009-
2010 Audax Center
for
Entrepreneurship
ISCTE-IUL
2011 Edition:-
                    Completed tasks



                    • Held a joint press conference with MIT-Portugal
                    • Released 1st Venture Competition newsletter
                    • Launched the 2011 competition Rules & Regulations
                    • Completed the Roadshow in Portugal (22 Institutions
                    nationwide)
                    • Gaining social traction Facebook and Linkedin


Copyright 2009-
2010 Audax Center
for
Entrepreneurship
ISCTE-IUL
2011 Edition:- Key
                    Dates

                    February 14th:       Roadshow starts
                    March 10th:          Submission period opens
                    May 15th:            Deadline for project's submission
                    June 30th:           Semi-finalists' announcement
                    July 13-15th:        3-day Crash Course
                    September 22th:      Track Finals event
                    November 17th:       Grand Finale event

Copyright 2009-
2010 Audax Center
for
Entrepreneurship
ISCTE-IUL
IdeaStream @ MIT
                    April 2011
                     •
                         1 week trip: business development basics and networking
                     •
                         Goals
                          −
                              Participation at MIT IdeaStream
                               •   Financing opportunities
                          −
                              Strengthen relationship with US-based Catalysts
                          −
                              Network with teams/ventures
                               •   Links to provide access to US marketplace
                          −
                              Kick-off Quarterly Reviews
                               •   with US-based Catalyst and IEI staff
                     •   Opportunity to strengthen network of Alumni
                     •
                         Significantly expand MIT Portugal “brand” and US-based
Copyright 2009-
2010 Audax Center
                         volunteers for 2011 Competition
for
Entrepreneurship
ISCTE-IUL
IdeaStream:-
                    the Lab-to-Market Symposium




                      IdeaStream gathers together the leading minds in innovation
                      and entrepreneurship for an invitation-only event each spring.
                      Top-name venture capitalists, successful entrepreneurs, and
Copyright 2009-
2010 Audax Center     MIT researchers consider this a must-attend event.
for
Entrepreneurship
ISCTE-IUL
2010 Finalists


                                          • Plux develops innovative solutions for Healthcare,
                                          Sports and Scientific research, like bioPLUX clinical
                    Track: Lifesciences   system an efficient tool for physical therapy.
                                          • Hardware: zero configuration turnkey solution and
                                          Bluetooth wireless; Software: unprecedented usability
                                          User-friendly and intuitive


                                          • Waynergy is a system that converts the linear
                                          motion of the surface to actuate an electromagnetic
                       Track: E&T         technology device that generates electricity.
                                          • It reduces the electric energy costs by 50 to 80% in
                                          places with great affluence of people or vehicles,
                                          applying its energy generation system on the floor.
Copyright 2009-
2010 Audax Center
for
Entrepreneurship
ISCTE-IUL
2010 Finalists

                                       BIPS was the 2010 Winner
                                       • Around Knowledge developed BIPS, a solutions
                                       able to track individual paths, retrieve times and
                                       trends automatically. It is up to 89% less expensive
                                       than traditional solutions, and it is able to preserve
                     Track: IT & Web
                                       privacy.
                                       • It provides higher confidence levels and data in real
                                       time.

                                       • Weadapt develops and sells inclusive products,
                       Track: P&S      aimed at the market of people with special needs,
                                       contributing to their inclusion and rehabilitation by
                                       increasing their self-esteem, well-being, comfort,
                                       autonomy and quality of life.
Copyright 2009-
2010 Audax Center                      • Products: Body Me and Sense Me.
for
Entrepreneurship
ISCTE-IUL
2010 Honorable
                    Mentions

                                          • Acellera Therapeutics is developing a drug: ACE-
                                          1, that reduces the risk of liver transplant rejection and
                                          death for the 70,000 people currently living with
                    Track: Lifesciences   transplanted livers, without the severe adverse effects
                                          of current treatments.
                                          • Competes on efficacy and on price with current
                                          treatments calculated in up to €19,000 per patient in
                                          post-surgical costs.


                                          • PV Solutions is developing a “ribbon” process that
                                          produces wafers for photovoltaic panels, directly
                       Track: E&T         from feedstock, by-passing the 3 most expensive
                                          and energy consuming steps of present technology
Copyright 2009-                           • The silicon wafer accounts for ~74% of the direct
2010 Audax Center
for                                       costs of a state-of-the-art solar cell company.
Entrepreneurship
ISCTE-IUL
MPP IEI - Making Entrepreneurs' Dream
Partners

                    Organising Partners:




                    Award Partner:



Copyright 2009-     Media Partners:
2010 Audax Center
for
Entrepreneurship
ISCTE-IUL
More
                    information?

                    Gonçalo Amorim:
                    goncalo.amorim@iscte.pt
                    MIT Portugal – Innovation & Entrepreneurship
                    Program Manager


                    Catarina Madeira:
                    catarina.madeira@iscte.pt
                    MIT Portugal – Innovation & Entrepreneurship
                    Operations Coordinator
Copyright 2009-
2010 Audax Center
for
Entrepreneurship
ISCTE-IUL
Making entrepreneurs'
                       dreams come true


Copyright 2009-
2010 Audax Center
for
Entrepreneurship
                 22
ISCTE-IUL

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MPP IEI - Making Entrepreneurs' Dream

  • 1. Beyond the business plan Copyright 2009- 2010 Audax Center for Entrepreneurship ISCTE-IUL
  • 2. ISCTE-IUL MIT Portugal Venture Competition What? Is an Entrepreneurial, technology-based Venture competition For? People with a dream, Would-be Entrepreneurs Innovators – Start-up's / Spin-off's under 5y and <2,5M€ Copyright 2009- 2010 Audax Center for Entrepreneurship 2 ISCTE-IUL
  • 3. Our Goals: • Identify and reward projects at an seed/early stage with a clear global value proposition • Enable a 10x to 20x pre-money valuation within first years of venture • Connect global Innovators to global Investors Copyright 2009- 2010 Audax Center for Entrepreneurship ISCTE-IUL
  • 4. In brief International technology venture competition Held once a year 4 Market-application tracks: 1. Lifesciences 2. Sustainable Energy & Transportation systems 3. Information Technology and the Web 4. Other Products and Services Copyright 2009- 2010 Audax Center for Entrepreneurship ISCTE-IUL
  • 5. Partnership with MIT & MIT- Portugal in tech ventures • 33.600 companies founded by living MIT alumni (76% alive, employing 3.3M) • Annual revenues of $2 trillion (~10x the GDP of Portugal) • Annual R&D CAPEX: $650M (54% privately sponsored) • 500+ patents/y (280+ filed/y) • $90M license revenue ('08) • 72 MIT Nobel Prize winners Copyright 2009- 2010 Audax Center (7 current faculty members) for Entrepreneurship 5 ISCTE-IUL
  • 6. Creating a Culture for technological Innovation Encouraging researchers to “reach for the stars” and do risky things, cultivating an understanding that “it’s OK to fail.” Nobel Laureate Ivar Giaever (1973) & Chief Technology Officer of Applied BioPhysics Copyright 2009- 2010 Audax Center for Entrepreneurship 6 ISCTE-IUL
  • 7. Unique aspects: • Target: “Starts” where other BP competitions end • Tools: 100+ hours of training and coaching in Go-to- Market strategies with entrepreneurs, during Selection • Focus: International catalyst ecosystem, during Venture ...all of which, foster connections to international Copyright 2009- 2010 Audax Center investors. for Entrepreneurship ISCTE-IUL
  • 8. Audax:- a unique pedigree in fostering entrepreneurship & Innovation • Support 150+ projects in 5y Finance of (33 start-ups; ~8M€ raised) Business sources of Capital, plans (start-up inc. • Over 25 strategic partnerships & follow-on VC Fund co - (KPMG, CGD, BCP, APCRI, InovCapital, APBA...) investments) managment • Unique Educational programs (PEC, PEF) Consultancy: Pool of bus. Strategy, • CoHitec Lisboa manager investors (BA, VC & technology investments, • Annual events: business partners Advanced control - Audax TV 2008 (6% share, TV2) - Entrepreneurship conference Copyright 2009- (+200 participants /y) 2010 Audax Center for Entrepreneurship 8 ISCTE-IUL
  • 10. Process overview March to November 95 Selection 20 Semi- €0.5M to 4 Applications Stage finalists Finalists (2010) Teams work on Award €0.5M upon Venture execution Stage Milestones Up to 5 years Copyright 2009- 2010 Audax Center for Entrepreneurship ISCTE-IUL
  • 11. 2010 - A Snapshot Visits Entries from 6 countries 367 aspiring Coaching with Portugal, Spain, France, globalpreneurs entrepreneurs UK, Canada, USA 100+ hours in Go- to-Market strategies Copyright 2009- 2010 Audax Center for Entrepreneurship ISCTE-IUL
  • 12. 2011 Edition:- Completed tasks • Held a joint press conference with MIT-Portugal • Released 1st Venture Competition newsletter • Launched the 2011 competition Rules & Regulations • Completed the Roadshow in Portugal (22 Institutions nationwide) • Gaining social traction Facebook and Linkedin Copyright 2009- 2010 Audax Center for Entrepreneurship ISCTE-IUL
  • 13. 2011 Edition:- Key Dates February 14th: Roadshow starts March 10th: Submission period opens May 15th: Deadline for project's submission June 30th: Semi-finalists' announcement July 13-15th: 3-day Crash Course September 22th: Track Finals event November 17th: Grand Finale event Copyright 2009- 2010 Audax Center for Entrepreneurship ISCTE-IUL
  • 14. IdeaStream @ MIT April 2011 • 1 week trip: business development basics and networking • Goals − Participation at MIT IdeaStream • Financing opportunities − Strengthen relationship with US-based Catalysts − Network with teams/ventures • Links to provide access to US marketplace − Kick-off Quarterly Reviews • with US-based Catalyst and IEI staff • Opportunity to strengthen network of Alumni • Significantly expand MIT Portugal “brand” and US-based Copyright 2009- 2010 Audax Center volunteers for 2011 Competition for Entrepreneurship ISCTE-IUL
  • 15. IdeaStream:- the Lab-to-Market Symposium IdeaStream gathers together the leading minds in innovation and entrepreneurship for an invitation-only event each spring. Top-name venture capitalists, successful entrepreneurs, and Copyright 2009- 2010 Audax Center MIT researchers consider this a must-attend event. for Entrepreneurship ISCTE-IUL
  • 16. 2010 Finalists • Plux develops innovative solutions for Healthcare, Sports and Scientific research, like bioPLUX clinical Track: Lifesciences system an efficient tool for physical therapy. • Hardware: zero configuration turnkey solution and Bluetooth wireless; Software: unprecedented usability User-friendly and intuitive • Waynergy is a system that converts the linear motion of the surface to actuate an electromagnetic Track: E&T technology device that generates electricity. • It reduces the electric energy costs by 50 to 80% in places with great affluence of people or vehicles, applying its energy generation system on the floor. Copyright 2009- 2010 Audax Center for Entrepreneurship ISCTE-IUL
  • 17. 2010 Finalists BIPS was the 2010 Winner • Around Knowledge developed BIPS, a solutions able to track individual paths, retrieve times and trends automatically. It is up to 89% less expensive than traditional solutions, and it is able to preserve Track: IT & Web privacy. • It provides higher confidence levels and data in real time. • Weadapt develops and sells inclusive products, Track: P&S aimed at the market of people with special needs, contributing to their inclusion and rehabilitation by increasing their self-esteem, well-being, comfort, autonomy and quality of life. Copyright 2009- 2010 Audax Center • Products: Body Me and Sense Me. for Entrepreneurship ISCTE-IUL
  • 18. 2010 Honorable Mentions • Acellera Therapeutics is developing a drug: ACE- 1, that reduces the risk of liver transplant rejection and death for the 70,000 people currently living with Track: Lifesciences transplanted livers, without the severe adverse effects of current treatments. • Competes on efficacy and on price with current treatments calculated in up to €19,000 per patient in post-surgical costs. • PV Solutions is developing a “ribbon” process that produces wafers for photovoltaic panels, directly Track: E&T from feedstock, by-passing the 3 most expensive and energy consuming steps of present technology Copyright 2009- • The silicon wafer accounts for ~74% of the direct 2010 Audax Center for costs of a state-of-the-art solar cell company. Entrepreneurship ISCTE-IUL
  • 20. Partners Organising Partners: Award Partner: Copyright 2009- Media Partners: 2010 Audax Center for Entrepreneurship ISCTE-IUL
  • 21. More information? Gonçalo Amorim: goncalo.amorim@iscte.pt MIT Portugal – Innovation & Entrepreneurship Program Manager Catarina Madeira: catarina.madeira@iscte.pt MIT Portugal – Innovation & Entrepreneurship Operations Coordinator Copyright 2009- 2010 Audax Center for Entrepreneurship ISCTE-IUL
  • 22. Making entrepreneurs' dreams come true Copyright 2009- 2010 Audax Center for Entrepreneurship 22 ISCTE-IUL