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ISCTE-IUL MIT-Portugal Venture Competition




                               A different Global Innovation &
                               Entrepreneurship initiative



                                Gonçalo Amorim
                                MPP-IEI Program Director
                                ISCTE-IUL Business School

                                © ISCTE-IUL, 2011 – All rights reserved


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In a nutshell:

                                           •
                                             International tech-based venture competition
                                           •
                                             Held once a year, 3rd ed. Launched March'12
                                           •
                                             4 Market-application tracks:
                                               1. Lifesciences
                                               2. Sustainable Energy & Transportation systems
                                               3. Information Technology and the Web
                                               4. Consumer Products and Services

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ISCTE-IUL MIT-Portugal Venture Competition

                                      What is it?
                                      •An innovation & entrepreneurship, tech-based Venture
                                      competition

                                      For whom? Teams with a dream:-
                                      • Would-be Entrepreneurs
                                      • Innovators (Start-up's / Spin-off's under 5y and <2,5M€)




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                                  Our results thus far (18 months):
                                      •
                                       80% of semifinalist's have launched start-ups
                                      following e-teams I
                                      •
                                       69% of semifinalist's raised funding, €6.0M (over
                                      50% from venture capital)
                                      •
                                          72 new, highly qualified jobs created.




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                                  Our fundamental principles:

                                       1- It's all about people, the right people for the
                                      right job
                                      2- Time is money, and (the right) money can buy
                                      you time
                                      3- If you don't know what you don't know you
                                      scare knowlegeable people away
                                      4- Finalist's may be off to an easier start, but are
                                      most often not garranteed successes

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                                  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




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in financial support per edition
Up to €1 million
                ISCTE-IUL MITPortugal Venture Competition
Caixa Empreender+ Awards
                                  - Track finalists
                                   Selection phase: 100k€
                                   Venture phase:    100k€*
                                            – Total: 200k€

                                  - Grand finalist
                                   Selection phase: 200k€
                                   Venture phase:   200k€*
                                  Total: 400k€

                                  - Expert Coaching (20 start-ups/year)
                                  - Access MIT eco-system (12 Start-ups/year)
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                                  Finalists can double their
                                  awards

                                  How?
                                  Meet milestones and goals within first 2
                                  years.




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Ultimate goal for teams:
                                       Increase company value from 10 to 20x in the first 3 years

                                       Minimum pre-money valuation of €2 million

                                        Get ready to raise VC money (series A), €2 - 5 million
                                      range




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                                 We're not reinventing
                                 the wheel
                                 • 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); USD 2B/year budget
                                 • 500+ patents/y (280+ filed/y)
                                 • $90M license revenue ('08)
                                 • 72 MIT Nobel Prize winners (7 current faculty
                                 members)

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Positioning our venture competition
                                        Training / Start-Up accelerators:
                                           – CoHitec (COTEC), GSI (Leadership), Y-Combinator (Stanford),
                                             TED-x, TechStars (USA), Seedcamp (UK), Start-up Lisboa (PT)

                                       • Competitions:
                                           Ideas: eg. Jovem Engenheiro, I2P, Startup Weekend, Poli-
                                           Empreende, EDP University Challenge, ArriscaC, iUP25, start-up
                                           pirates,
                                           Business Plans: ANJE (PT), EDP Richard Branson (PT), BES
                                           Inovação (PT), MIT100k (USA)...
                                           Venture competiitons: ISCTE-IUL MIT-Portugal (PT), Mass
                                           Challenge (Boston/USA), IBM SmartCamp (USA), Vodafone
                                           Mobile Clicks (UK), TT Ventures (IT)...
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Unique aspects: in what we do?
                                      What's unique

                                      • Our Target: “Start” where Business Plan competitions
                                      end
                                      • Our Tools: 200+ hours of training and coaching in Go-to-
                                      Market strategies with entrepreneurs, during Selection
                                      • Our Focus: Execution, global leverage via International
                                      catalyst ecosystem, during Venture
                                       ...designed to foster strong bonds with international
                                      investors.


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                                  In 2010 & 2011, 155 brave
                                  teams submitted
                                  Involving 600+ aspiring globalpreneurs




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Some numbers (2011 submissions):
                                 - Increasing quality applications, thanks to our TTO's colleagues
                                 - Applicants from 6 countries: Portugal, Argentina, Belgium, Spain,
                                 UK, USA (13,2% Int. submissions)
                                 - 46.7% already incorporated start-ups!
                                 - 48.3% from IT&Web




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Unique aspects:
                                       So, how do we do we go about building
                                       global innovators?
                                                     March to
                                                     November

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


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

                                                      Up to 5
                                                       years

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                            teams:
Selection as a
Unique aspects: learning process for
3rd edition (ongoing):- key dates
                                      March 15th           Submission period opens
                                      May 31st             Deadline for project's submission
                                      July 2nd             20 Semi-finalists' announcement
                                      July 16-19th         e-teams Crash Course I
                                      November 13th        Track Finals event
                                      November 21-23th     e-teams Crash Course II
                                      28th February 2013   Grand Finale event


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What is the jury looking for?
                                      Strong & clear Value Propositions: some hints
                                          1. Team: members and fit?
                                         2. How big is the problem you are trying to solve?
                                         3. What is the underlying technology and uniqueness?
                                         4. What makes your product / or service innovative (€)?
                                         5. Market: Is there an opportunity for global impact?
                                         6. What is your business model and entry strategy?



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Track Finalists (2011 ed.):


                                      Lifesciences              E&T           IT&Web   P&S



                                  ISCTE-IUL MITPortugal Venture Competition


                                  Evaluated by over 40 International
                                  Judges
                                  4 Finalists selected, with access to €500.000
                                  Focus on Execution to double award


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4 Honorable Mentions granted (2011 ed.),



                                      Lifesciences           E&T             IT&Web            P&S




                                              With access to,
                                               – Privileged track mechanism to venture financing
                                               – Access to MIT catalysts
                                               – Access to MIT ecosystem (invitation only)


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Track Finalists (2010 ed.):


                                      Lifesciences              E&T           IT&Web   P&S



                                  ISCTE-IUL MITPortugal Venture Competition


                                  Evaluated by 36 International
                                  Judges
                                  4 Finalists selected, with access to €500.000
                                  Focus on Execution to double award


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4 Honorable Mentions granted (2010 ed.):



                                      Lifesciences           E&T             IT&Web            P&S




                                              With access to,
                                               – Privileged track mechanism to venture financing
                                               – Access to MIT catalysts
                                               – Access to MIT ecosystem (invitation only)


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                                  Spotlight our ventures (2010 ed.)
                                  TV, Radio, Press support

                                  10+ TV interviews, 70+ press articles, 350+ web
                                  citations




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Thanks for your attention!
                                      Gonçalo Amorim
                                      Program Director, MPP-IEI
                                      goncalo.amorim@iscte.pt



                                      Catarina Madeira
                                      Operations Coordinator, MPP-IEI
                                      catarina.madeira@iscte.pt


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Building global innovators start-up lisboa

  • 1. ISCTE-IUL MIT-Portugal Venture Competition A different Global Innovation & Entrepreneurship initiative Gonçalo Amorim MPP-IEI Program Director ISCTE-IUL Business School © ISCTE-IUL, 2011 – All rights reserved 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E 1 L UI- E T C SI 1
  • 2. L UI- E T C SI pi h s r u e n e r p e rt n E r of r et n e C x a d u A 0 1 0 2 - 9 0 0 2 t h gi r y p o C
  • 3. In a nutshell: • International tech-based venture competition • Held once a year, 3rd ed. Launched March'12 • 4 Market-application tracks: 1. Lifesciences 2. Sustainable Energy & Transportation systems 3. Information Technology and the Web 4. Consumer Products and Services 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI 23
  • 4. ISCTE-IUL MIT-Portugal Venture Competition What is it? •An innovation & entrepreneurship, tech-based Venture competition For whom? Teams with a dream:- • Would-be Entrepreneurs • Innovators (Start-up's / Spin-off's under 5y and <2,5M€) 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 5. ISCTE-IUL MIT-Portugal Venture Competition Our results thus far (18 months): • 80% of semifinalist's have launched start-ups following e-teams I • 69% of semifinalist's raised funding, €6.0M (over 50% from venture capital) • 72 new, highly qualified jobs created. 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E 5 L UI- E T C SI 5
  • 6. ISCTE-IUL MIT-Portugal Venture Competition Our fundamental principles: 1- It's all about people, the right people for the right job 2- Time is money, and (the right) money can buy you time 3- If you don't know what you don't know you scare knowlegeable people away 4- Finalist's may be off to an easier start, but are most often not garranteed successes 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E 6 L UI- E T C SI 6
  • 7. ISCTE-IUL MIT-Portugal Venture Competition 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 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E 7 L UI- E T C SI 7
  • 8. L UI- E T C SI pi h s r u e n e r p e rt n E r of r et n e C x a d u A 0 1 0 2 - 9 0 0 2 t h gi r y p o C in financial support per edition Up to €1 million ISCTE-IUL MITPortugal Venture Competition
  • 9. Caixa Empreender+ Awards - Track finalists Selection phase: 100k€ Venture phase: 100k€* – Total: 200k€ - Grand finalist Selection phase: 200k€ Venture phase: 200k€* Total: 400k€ - Expert Coaching (20 start-ups/year) - Access MIT eco-system (12 Start-ups/year) 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 10. ISCTE-IUL MITPortugal Venture Competition Finalists can double their awards How? Meet milestones and goals within first 2 years. 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 11. Ultimate goal for teams: Increase company value from 10 to 20x in the first 3 years Minimum pre-money valuation of €2 million Get ready to raise VC money (series A), €2 - 5 million range 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 12. ISCTE-IUL MITPortugal Venture Competition We're not reinventing the wheel • 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); USD 2B/year budget • 500+ patents/y (280+ filed/y) • $90M license revenue ('08) • 72 MIT Nobel Prize winners (7 current faculty members) 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 13. Positioning our venture competition Training / Start-Up accelerators: – CoHitec (COTEC), GSI (Leadership), Y-Combinator (Stanford), TED-x, TechStars (USA), Seedcamp (UK), Start-up Lisboa (PT) • Competitions: Ideas: eg. Jovem Engenheiro, I2P, Startup Weekend, Poli- Empreende, EDP University Challenge, ArriscaC, iUP25, start-up pirates, Business Plans: ANJE (PT), EDP Richard Branson (PT), BES Inovação (PT), MIT100k (USA)... Venture competiitons: ISCTE-IUL MIT-Portugal (PT), Mass Challenge (Boston/USA), IBM SmartCamp (USA), Vodafone Mobile Clicks (UK), TT Ventures (IT)... 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 14. Unique aspects: in what we do? What's unique • Our Target: “Start” where Business Plan competitions end • Our Tools: 200+ hours of training and coaching in Go-to- Market strategies with entrepreneurs, during Selection • Our Focus: Execution, global leverage via International catalyst ecosystem, during Venture ...designed to foster strong bonds with international investors. 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 15. ISCTE-IUL MITPortugal Venture Competition In 2010 & 2011, 155 brave teams submitted Involving 600+ aspiring globalpreneurs 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 16. Some numbers (2011 submissions): - Increasing quality applications, thanks to our TTO's colleagues - Applicants from 6 countries: Portugal, Argentina, Belgium, Spain, UK, USA (13,2% Int. submissions) - 46.7% already incorporated start-ups! - 48.3% from IT&Web 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 17. Unique aspects: So, how do we do we go about building global innovators? March to November 95 Selection 20 Semi- €0.5M to 4 Applications Stage finalists Finalists (2010) Teams work on €0.5M upon Venture Award execution Stage Milestones Up to 5 years 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 18. L UI- E T C SI pi h s r u e n e r p e rt n E r of r et n e C x a d u A 0 1 0 2 - 9 0 0 2 t h gi r y p o C teams: Selection as a Unique aspects: learning process for
  • 19. 3rd edition (ongoing):- key dates March 15th Submission period opens May 31st Deadline for project's submission July 2nd 20 Semi-finalists' announcement July 16-19th e-teams Crash Course I November 13th Track Finals event November 21-23th e-teams Crash Course II 28th February 2013 Grand Finale event 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E 19 L UI- E T C SI
  • 20. What is the jury looking for? Strong & clear Value Propositions: some hints 1. Team: members and fit? 2. How big is the problem you are trying to solve? 3. What is the underlying technology and uniqueness? 4. What makes your product / or service innovative (€)? 5. Market: Is there an opportunity for global impact? 6. What is your business model and entry strategy? 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E 20 L UI- E T C SI 20
  • 21. Track Finalists (2011 ed.): Lifesciences E&T IT&Web P&S ISCTE-IUL MITPortugal Venture Competition Evaluated by over 40 International Judges 4 Finalists selected, with access to €500.000 Focus on Execution to double award 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 22. 4 Honorable Mentions granted (2011 ed.), Lifesciences E&T IT&Web P&S With access to, – Privileged track mechanism to venture financing – Access to MIT catalysts – Access to MIT ecosystem (invitation only) 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 23. Track Finalists (2010 ed.): Lifesciences E&T IT&Web P&S ISCTE-IUL MITPortugal Venture Competition Evaluated by 36 International Judges 4 Finalists selected, with access to €500.000 Focus on Execution to double award 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 24. 4 Honorable Mentions granted (2010 ed.): Lifesciences E&T IT&Web P&S With access to, – Privileged track mechanism to venture financing – Access to MIT catalysts – Access to MIT ecosystem (invitation only) 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 25. ISCTE-IUL MITPortugal Venture Competition Spotlight our ventures (2010 ed.) TV, Radio, Press support 10+ TV interviews, 70+ press articles, 350+ web citations 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 26. Thanks for your attention! Gonçalo Amorim Program Director, MPP-IEI goncalo.amorim@iscte.pt Catarina Madeira Operations Coordinator, MPP-IEI catarina.madeira@iscte.pt 0 1 0 2 - 9 0 0 2 t h gi r y p o C r of r et n e C x a d u A pi h s r u e n e r p e rt n E L UI- E T C SI
  • 27. 27 27 L UI- E T C SI pi h s r u e n e r p e rt n E r of r et n e C x a d u A 0 1 0 2 - 9 0 0 2 t h gi r y p o C