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@H2020SME
Boom or Bust?
Horizon 2020 SME Instrument
Oliver KozakExecutive Agency for Small and Medium-sized Enterprises (EASME)
CIVITAS, Torres Vedras Portugal, 27 29 Sep 2017
1. What is the SME Instrument?
Business accelerator of the EU
High growth – faster and better
• For excellent companies
• Equity-free funding, equity-free support
• High risk in technology, high risk in finance involved
• Started in 2014
We work with SMEs who want
Does your business have these top strategic priorities?
• Get new customers (30%)
• Make new distribution channels (27%)
• Understand the market (21%)
• Find funds after FFF
We work with SMEs who have
Do you have outstanding potential?
• Disruptive innovation
• Great management-team
• Scalable business model
• … and Europe based
The SME Instrument trajectory
2. Why are we doing it?
SME Instrument
EARLY STAGE VC
IPOPUBLIC MARKET
INVESTMENTBANKERS
LATER STAGE VC
VENTURE DEBTH
PE
FFFANGELS
ANGEL SYNDICATIONSSEED CAPITAL
VC
STRATEGICS
ACQUISITIONS/MERGERSSTRATEGIC ALLIANCES
Seed Market fit Expansion Growth
Growth profitabilityBusiness scalabilityTractionTeam opportunity
Product-Market Fit Recruiting, Sales, New Markets Recruiting
Courtesy of Katja Bernmann,Moore ventures
Support EU business, when nobody else does
”Valley of death”
The story behind
Why and how to support as a government?
• European Commission (35 years)– Investment in research through FP1-FP7, today H2020– Research innovation commercialization
– Make it accessible for SMEs
• North-America (25 years)– Early stage, heavy government support works– 100k$ and 1m$ financial intervention works– SBIR: tied to public procurement, big part is “defence” related
• Investor world– Spotting the best potentials– Tied to equity, mostly either money, or support– Interested in own financial growth
Support SMEs, as they need
Why? How?
• SME companies are the right choice– 99% of businesses in EU
– Most enterprises are independent
– High potential of innovation market success
• Single point of contact with EU– Diverse EU-infrastructure of legislation, budgets, decision making
– Different traditions of funding across technology sectors
– Slow wheels of the administration
– “The SMEI magic”: we hide the complexity, and provide a business like, combined, fast service
3. Why choose the SME Instrument?
Big axe for the big tree
Improve the European economy competing in the World market
• Significant funds (and growing)
• World-class support network (and growing)
• Genuine interest to make your company grow
• After 3 years of the SMEI: private investments, exits, IPO
Private investment (early results)
0
100
200
300
400
500
600
700
800
1/1/2015 7/1/2015 1/1/2016 7/1/2016 1/1/2017 7/1/2017
Millio
ns
697 m€ invested:
119 SMEI companies 73 Ph1 only, 46 Ph2
11% of Ph2 got private equity funds
Note:
at least 1 year after SMEI funding
Already: 10 acquisitions, 6 new in 2017
Name Ph Land Industry price paid (m€) Date Acquirer
Comnovo 1 DE hardware undisclosed juil-17 Linde Material Handling (DE)
Carriots 1 SE IOT undisclosed juin-17 Altair (US)Hydro International
2 IE wastewater undisclosed juin-17 BHSL (IE)
Finesse Medical Ltd
2 IE biomaterial undisclosed mai-17 Avery Dennison (US)
PayPlug 2 FR fintech 7 (estimate) avr-17 Natixis (FR)
Amminex 2 DK transportation 68 (estimate) mars-17 Faurecia (FR)Sividon Diagnostics
1 DE manufacturing 50 mai-16 Myriad (CH)
Fianium 2 UK laser 25.2 mars-16 NKT photonics (DK)Multiposting 2 FR services undisclosed oct-15 SAP (DE)
Ubeeqo / Carbox
1 FR transportation undisclosed janv-15 Europcar (FR)
IPO: 4, two new in 2017
Name Phase Land Industry Stock Exchange
earnings at listing Date
Bonesupport 1 SE healthCare Nasdaq First North, Stockholm
47 juin-17
Mantex 2 SE energy Nasdaq First North, Stockholm
4.7 mai-17
Svenska aerogel 2 SE manufacturing Nasqad First North, Stockholm
N/A déc-16
Immunovia 2 SE medical equipment & devices
Nasdaq First North, Stockholm
65 déc-15
Among the biggest accelerators globally
200 accelerator programs in the World, which funded 17000 companies
The SMEI is among the highest in
• Number of companies funded / year
• Funds provided / company (up to 2.5-5m€)
• Rate of acceptance (5-10x higher vs. private accelerators, Y-combinator, Techstars, Wayra)
You can be one of these companies
The SMEs’ growth is our success
• Developed prototype, scaled up, went to market
• Raised funds, grow their team
• Grow bigger than they have ever imagined
BVB Innovate GmbHFunding:October 2014: 2 M€ Phase 2 grant
Founded 2012 in Stuttgart (DE).Website www.bvb-innovate.de
Skeleton TechnologiesFunding:April 2016: 2.5 M€ Phase 2 grantRaised 13 M€ VC funding
Founded 2009 in Tallinn (EE)Website www.skeletontech.com
ImmunoviaFunding:December 2014: 4 M€ Phase 2 grantDecember 2015 IPO at NASDAQ Stockholm
Founded 2007 in Stockholm (SE).Website www.immunovia.se
More companies on the interactive map
https://sme.easme-web.eu
Success Rates
average maximum
primo 4% 7%
resubmission 6% 11%
after Phase 1 11% 17%
2690 companies608 Phase 2
€ 1.1b already distributed€ 990 m in grants over € 500 k
SME Instrument in numbers
Thank you!
@H2020SME
Showcases of companies supported by the SME Instrument
http://ec.europa.eu/easme/sme
Oliver Kozak
EASME SME Instrument
1210 Brussels, Place Rogier 16, Belgium
+32 489 158 749
Continuous Improvement – Senior Advisor
