App4Inno webinar slides - Inspiring sustainable innovation: accelerators and crowdfunding
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Sustainable innovation trends focused on Start-ups (business accelerators and crowdfunding)
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App4Inno webinar slides - Inspiring sustainable innovation: accelerators and crowdfunding
- 1. INSPIRING SUSTAINABLE INNOVATION Accelerators and crowdfunding Ada Giannatelli, Politecnico di Milano - METID Webinar, 23rd January, 2014 11:30 AM CET
- 2. Aim of the webinar To inspire innovation practice in the primary sector •raising awareness of sustainable innovation trends •sharing insights and points of view Webinar outline 1.Definitions 2.Accelerators Case studies Data Brainstorming session 3.Crowdfunding 1.Case study 2.Models and benefits for startups 3.Brainstorming session Duration: 1 hour
- 3. Sustainable innovation, that is… A couple of operational definitions: “Innovation is significant positive change” “Innovation is using something new, or something known, but in a different way, different time or a different place” “able to be used without being completely used up or destroyed” “involving methods that do not completely use up or destroy natural resources” “able to last or continue for a long time” (Oxford dictionary) e.g. process innovation enables new products / services or enhanced cost/performance attributes in existing products/ services Sustainable innovation
- 4. What are we talking about? Crowdfunding open call, essentially through the Internet, for the provision of financial resources either in form of donations (without rewards) or in exchange for some form of reward and/or voting rights in order to support initiatives for specific purposes Crowdfunding open call, essentially through the Internet, for the provision of financial resources either in form of donations (without rewards) or in exchange for some form of reward and/or voting rights in order to support initiatives for specific purposes Accelerator usually involves •application process open to all •pre-seed investment in exchange for equity •focus on small teams •time-limited support •batches of startups beginning the programme at the same time Accelerator usually involves •application process open to all •pre-seed investment in exchange for equity •focus on small teams •time-limited support •batches of startups beginning the programme at the same time Generally speaking, accelerators are slightly more formal than incubators, because they normally have regular cohorts of start-ups and a time-scheduled programme, while incubators (except the virtual ones) operate as coworking spaces with some mentorship and classes Generally speaking, accelerators are slightly more formal than incubators, because they normally have regular cohorts of start-ups and a time-scheduled programme, while incubators (except the virtual ones) operate as coworking spaces with some mentorship and classes
- 5. ACCELERATORS - The “Ivy League of accelerators” Since 2005 Economic sector: technology location: Silicon Valley “guru” model, exclusive approach 2 cycles a year (January - March and June – August) ‘Dinners’: weekly teams present progress made during the previous week to each other and to an eminent person from the startup world
- 6. ACCELERATORS - The “Ivy League of accelerators” Since 2007 Economic sector: technology Location: USA (Austin, Boston, Boulder, Chicago, New York, Seattle) + London “Open source” model Focus on mentoring Global Accelerator Network
- 7. ACCELERATORS - The “Ivy League of accelerators” Ycombinator http://ycombinator.com/ Techstars http://www.techstars.com/ • pioneer in the accelerator-model of start- up funding • typical age range: 20-30 years old • Events: Angel day and Demo day • Alumni network • typical age range: 25-40 years old • Demo day founded by Internet entrepreneur and commentator, Paul Graham founded by a group of successful entrepreneurs and investors about 52 companies per batch funded twice a year about 10 companies per batch funded $14-20k + an $80k note startup gets $18,000 in seed investment and is offered an additional, optional $100,000 convertible debt note by a group of prominent VCs just a room devoted to recruitment, interviews, and office hours offered • required: startup primarily based on site during the programme • working and meeting spaces provided if needed Duration: three-months (2 sessions each year) Duration: 12 weeks #1 in rankings of top accelerators Us and Forbes in 2012 #2 in rankings of top accelerators US and Forbes in 2012
- 8. ACCELERATORS - Case study: GrowthAccelerator http://www.growthaccelerator.com/ Support focuses on one of three areas: _Access to Finance _Business Development _Growth through Innovation + _Leadership and Management training _one-to-one coaching sessions Partnership between private sector business growth experts, backed by UK Government Partnership between private sector business growth experts, backed by UK Government
- 9. ACCELERATORS - Case study: GrowthAccelerator http://www.growthaccelerator.com/ Duration variable but typically around 3 to 9 months Costs one-off fixed fee from £600 to £ 3000 + VAT 700 £ (based on 20% of the nominal value of the service, at £3,500) Government co-investing and contribution
- 10. ACCELERATORS - Key findings Location and localization Europe: higher investments on each start-up and longer programmes comparing to USA Developing countries: focus on services for mobile phones Virtual incubators Networking collision of a variety of skills Mentoring little evidence is available on which kinds of mentoring have the greatest impact Leading organizations Initiatives of big companies (e.g. Telefonica), also in partnership with public bodies (e.g. Cisco BIG initiative) University business schools (e.g. Carnegie Mellon Entrepreneurship Program, Harvard business school) Economics and finance Crucial to identify the best indicators of performance and long term impact
- 11. The accelerator and incubator ecosystem in Europe Independent research (Telefonica, 2013), part of a pledge to the Startup Europe Initiative of the European Commission http://ec.europa.eu/digital-agenda/en/startup-europe _selected Countries: FR, DE, IT, NL, ES, SE, UK, CZ, SK, IE _not only accelerators General trend within the business acceleration and incubation sector towards greater specialisation e.g. sector (financial technology, e-health, gaming…), startup business model (such as software-as-a-service business models), value proposition (accelerators focused on providing the first large brand customer for advertising, creative and media startups)
- 13. The accelerator and incubator ecosystem in Europe Mentoring, marketing expertise, contact with investors and legal advice… are the kind of issues any startup will have to deal with at any moment of its life cycle are among the topics any business school will include in their syllabus are the services generally provided by any accelerator or incubator
- 14. The accelerator and incubator ecosystem in Europe Almost all of the European top 10 business schools have some kind of startup programme (a venture lab, incubator or accelerator) In addition, they usually have official and listed investors’ networks, contributing to knowledge accumulation and transfer and early-stage funding. In the Financial Times Top 50 Global MBA Ranking for 2013, 32% were European institutions. Only the US held a higher percentage (48%)
- 16. CROWDFUNDING - Case study: Credibles https://credibles.org/ A new investment model at the intersection of the Slow Food and Slow Money movements (New York Times) Service for crowd-funding small, sustainable food-related businesses in USA offered by Slow Money and powered by social venture Clearbon
- 17. CROWDFUNDING - Case study: Credibles https://credibles.org/ _currently in limited beta _payment with Paypal _among services offered: promotion platform for prepaid crowdfunding, tracking of credits between businesses and supporters
- 18. Crowdfunding models Model Form of contribution Form of return Motivation of funder Donation Crowdfunding Donation Intangible benefits Intrinsic and social motivation Reward Crowdfunding Donation/Pre- purchase Rewards but also intangible benefits Combination of intrinsic and social motivation and desire of reward Crowdfunded lending Loan Repayment of loan with interest. Some socially motivated lending is interest free Combination of intrinsic Social and financial motivation Equity Crowdfunding Investment Return on investment in time if the business does well. Rewards also offered sometimes. Combination of intrinsic, social and financial motivation Source: “The venture crowd”
- 19. Crowdfunding: benefits for startups 2. increased public awareness about the firm’s existence and higher volume of interactions 3. deeper insights about customers and channel partners in different geographies 1. reduction in marketing and sales costs 4. leveraging expensive resources (i.e., the time of the individuals who participate in the crowd) with a relatively small initial investment 5. attracting big partners and customers
- 21. Follow-up Webinar recording and discussion forum http://network.app4inno.eu/webinar-link#all Webinar slides http://network.app4inno.eu/knowledge-sharing Reference links https://delicious.com/ada.giannatelli/app4inno_webinar Full report on Innovative services for SMEs and companies http://network.app4inno.eu/documents/10180/42928/WP3+act+1+def_M ETID_innovative+services.pdf (login required)
Notes de l'éditeur
- Giving the information to form an opinion of sustainable innovation trends focused on Start-ups The webinar takes the cue from the report written last year – information to access it at the end of the webinar Start-ups: any type of new business. A start-up may refer to an unofficial business which spun-out ofthe university (Nesta, an independent charity that works to increase the innovation capacity of the UK) Webinar recording Communication rules
- Many kinds of startup support services Incubator usually physical space attached to a knowledge centre (e.g. university) to help commercialise its own spinouts and foster business ideas from its network (mentorship network, informal event programmes, consulting services, investor exposure and public funding links) in exchange for a monthly rental fee Accelerator According to Nesta (The Start-up Factories, 2011), the accelerator programme model comprises five distinctive features: 1. application process that is open to all, yet highly competitive web-based application processes through which anybody can apply, usually from anywhere in the world. For high profile accelerators, applicant success ratio between less than one in ten and fewer than 1 per cent 2. provision of pre-seed investment, usually in exchange for equity provision of pre-seed investment in exchange for a minority stake in the startup 3. focus on small teams (generally about 4 people), not individual founders 4. time-limited support comprising programmed events (e.g. demo day) and intensive mentoring, usually between three and six months 5. cohorts / batches / classes’ of start-ups beginning the programme at the same time (rather than individual companies) to enable peer support that start-up teams provide each other of startups Crowdfunding open call, essentially through the Internet, for the provision of financial resources either in form of donations (without rewards) or in ex-change for some form of reward and/or voting rights in order to support initiatives for specific purposes Crowdfunding exploits the capabilities of social networks and other new features of Web 2.0, especially the function of "viral networking and marketing", which enables the mobilisation of a large number of users in specific Web communities within a relatively short period of time
- Y Combinator Y Combinator runs two three-month funding cycles a year, one from January through March and one from June through August ‘Dinners’: teams present progress made during the previous week to each other and to an eminent person from the startup world. Weekly deadlines tend to push people to finish things in order to show them off
- Techstars Mentoring is at the heart of Techstars approach and the first month of the programme consists almost entirely of meeting experienced tech entrepreneurs and investors and receiving often brutal feedback on their businesses Techstars has deliberately set out to ‘open source’ the accelerator model. In January of 2010, TechStars created the Global Accelerator Network in partnership with the White House Startup America initiative. The Network consists of only the highest quality independently owned and operated organizations from around the world that utilize a mentorship-based startup accelerator model. All Global Accelerator Network members have met rigorous standards to gain membership in the Network. Members share best practices, participate in regular networking opportunities, and have access to some of the best perks in the world which they may share with the companies they fund.
- Y Combinator Y Combinator runs two three-month funding cycles a year, one from January through March and one from June through August ‘Dinners’: teams present progress made during the previous week to each other and to an eminent person from the startup world. Weekly deadlines tend to push people to finish things in order to show them off Events – several events; the 2 critical ones are: Angel day (half way through the cycle, when each start-up is teamed with two angel investors, who will work with them to hone their company until Demo day) and Demo day (teams present to over 400 investors; a third of companies will have already raised some angel money by this point) among alumni: Dropbox, Scribd it doesn’t offer office space to teams, but just a room devoted to recruitment interviews and office hour Events: Angel day (half way through the cycle, when each start-up is teamed with two angel investors, who will work with them to hone their company until Demo day) and Demo day (teams present to over 400 investors; a third of companies will have already raised some angel money by this point)
- GrowthAccelerator: partnership between leading private sector business growth experts, Grant Thornton, Pera, Oxford Innovation and Winning Pitch and backed by Government through the Department for Business, Innovation and Skills Business eligibility criteria: determined to grow registered in the UK & based in England fewer than 250 employees turnover of less than £40 million Support focuses on one of three areas: _Access to Finance _Business Development _Growth through Innovation + _Leadership and Management training (access of up to £2,000 funding for every senior manager) _one-to-one coaching sessions with Growth Coach + masterclasses or workshops in the area of support Innovation masterclasses: new innovation and creativity tools and methodologies, support with commercialising new products, services and business models, developing an innovation strategy and generating profitable IP, information on funding opportunities to support innovation projects When coaching ends people continue to be part of the GrowthAccelerator community and their Growth Manager will continue to keep in contact, ready to give additional support and to measure how effective growth and coaching support has been
- GrowthAccelerator: partnership between leading private sector business growth experts, Grant Thornton, Pera, Oxford Innovation and Winning Pitch and backed by Government through the Department for Business, Innovation and Skills Business eligibility criteria: determined to grow registered in the UK & based in England fewer than 250 employees turnover of less than £40 million Innovation masterclasses: new innovation and creativity tools and methodologies, support with commercialising new products, services and business models, developing an innovation strategy and generating profitable IP, information on funding opportunities to support innovation projects When coaching ends people continue to be part of the GrowthAccelerator community and their Growth Manager will continue to keep in contact, ready to give additional support and to measure how effective growth and coaching support has been
- Location and localization Europe: higher investments on each start-up and longer programmes comparing to USA Developing countries: focus on services for mobile phones (e.g. AppLab - Grameen Foundation) Offer of virtual incubators Networking Accelerator programmes bring together different stakeholders and catalyse networks: the collision of a variety of skills is useful to start and grow new companies Mentoring Coaching and mentoring are considered means of supporting entrepreneurship, but little evidence is available on which kinds of mentoring have the greatest impact on company performance Leading organizations Initiatives of big companies (e.g. Telefonica), also in partnership with public bodies (e.g. Cisco BIG initiative) University business schools (e.g. Carnegie Mellon Entrepreneurship Program, Harvard business school): learning and real life experience that accelerators provide compared to traditional business schools “inspire” HE curricula Economics and finance If accelerators continue to grow and start producing thousands of small companies, they could help to create a bubble and consequently a crash in confidence in the sector. Apart from traditional performance indicators (e.g. job creation, talent attraction, stimulation of private investment and business survival), it would be crucial to identify the best indicators of performance and long term impact.
- As the European Commission is planning to allocate €100 million to 20 startup accelerator programmes across Europe, The accelerator and incubator ecosystem in Europe proposes that the European Commission earmarks 10 grants for generalist accelerators and another 10 for specialised accelerators. This will stimulate a diverse pan-European accelerator offering A practical example would be utilising specialised programmes to explore new areas outside traditional ICT, such as re-industrialisation. Startups could fuel an innovation wave to disrupt traditional sectors across Europe currently disconnected from today’s technological capabilities. The report considers not only accelerators, but also incubators, company builders as well as academic and scientific hubs (science/technological hubs, universities and business schools) that have business incubation facilities
- The funding gap for ”Series A” and “Series B” rounds is common throughout Europe All countries surveyed should increase the amount of so-called “Series A” and “Series B” funding available to young companies The top five countries for startups with an international approach are France, Ireland, Sweden, Slovakia and the Czech Republic. This rank could probably be explained by their relatively small size which pushes companies to look beyond their local markets from early on. In the case of France, the reason might be related to the heavy tax schemes. Impact information gap surrounding the entrepreneurial ecosystem in Europe: Entrepreneurs: They have to invest a lot of time researching individual programmes since there is no central benchmark. Investors (private and public): With increased information transparency, investors gain better tools to make informed decisions of where and how to deploy their money. Other data (Silicon valley bank startup outlook report 2013): Twenty-six percent of startups in the U.K. survey have women on founding team, similar to the 22 percent for startups in the U.S. survey. Thirty-seven percent of startups in the U.K. survey have foreign born members on founding team, compared to 46 percent for startups in the U.S. survey
- Offered by Slow Money (national network and a family of local networks, organized around The Slow Money Principles, that is, new ways of thinking about the relationship between food, money and soil), and powered by social venture Clearbon. How it works You’re a fan of a particular food business? You can fund the business by prepaying what you intend buying in the future. Find the business on the Credibles website and choose an amount you’d like to pre-pay. Re-payment of the funding is in-kind – edible credits, or Credibles
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- Data: see also http://www.businessweek.com/articles/2013-04-08/crowdfunders-are-quietly-donating-and-lending-billions UK alternative finance benchmarking report http://www.nesta.org.uk/sites/default/files/rise-future-finance.pdf
- 1.decreased marketing and sales costs. For example., when Accel Partners invested $35 million in 99designs, Patrick Llewellyn, the company’s CEO was quoted as saying: “More than 90% of 99designs’ customers come through word of mouth. Imagine if the company actually invested in sales and marketing.” (Lacy, 2011) 2.increased public awareness about the firm’s existence and a higher volume of interactions. A start-up that makes an open call to a crowd becomes better known in the online community (Walter and Back, 2010). The part of the crowd that responds to the call and completes the tasks becomes aware of what the firm does and why it does it. 3.it provides a start-up deeper insights about customers and channel partners in different geographies. 4.it enables the start-up to leverage expensive resources (i.e., the time of the individuals who participate in the crowd) with a relatively small initial investment. For example, the two co-founders of Threadless (a small fashion company) invested $1,000 of their own money to launch and grow their start-up, and now, the crowd invests its time in creating and submitting 1000 new designs to the website each week. 5.It allows the start-up to attract large partners and customers. When crowdsourcing attracts a significant number of users, large, well-established vendors, partners, and customers become interested in the start-up. For example, large companies such as Dell and Apple are selling Threadless laptops, laptop sleeves, and switch lids, and Griffin and Apple are selling iPhone cases with Threadless designs.