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Support to innovative funding instruments TAIEX Workshop Emmanuel Noutary, Director, ANIMA – Invest in Support to innovative funding instruments TAIEX Workshop Emmanuel Noutary, Director, ANIMA – Invest in Med Milan, 26 October 2011 www. anima. coop

ANIMA background Initially: an EU project of 5 years (2002 -2007)… Approx. € 9 ANIMA background Initially: an EU project of 5 years (2002 -2007)… Approx. € 9 m, incl. € 4 m from the EC (high leverage) Foreign Direct Investment academy (60 seminars & conferences, 20 study trips & internships, participation to 79 Euromed events) A Mediterranean think tank (30 studies & observatories) www. animaweb. org (approx. 100 000 visitors/month) …which led ot the creation of a formal network 79 organisations, 22 countries from both Mediterranean rims Investment promotion, territorial and export agencies (south/ north, national/ regional/local) Business networks and org. (Business. Med, EBAN, INSME, AFAEMME…) SME and Innovation support organisations (API, JEDCO, EBN…) International organisations (OECD, GIZ, AFD, WAIPA) The structure ANIMA Investment Network has been created in 2006 October 2011 © ANIMA 2011 2

ANIMA target sectors and activities Strategy / Promotion for the MED territories Studies and ANIMA target sectors and activities Strategy / Promotion for the MED territories Studies and guide books on business opportunities Observatories: Investment, Partnerships, Funds Med. Academy: training sessions and seminars for economic development actors Organisation of annual investment forum (EUROMED INVEST) Sector co-operation / clusters engineering Identify key domains of the global positioning of the Mediterranean Mobilisation and coaching of thematic business networks Promotion of initiatives to develop these niche sectors and transversal issues (Diasporas) Business events, staff exchanges, workshops, business support, etc. Innovation and entrepreneurship Internationalisation of start-ups (coaching, bus. development) Promotion of early stage financing Support to innovation organisations and networks October 2011 © ANIMA 2011 3

How we went to innovation financing Creation of the Med funds observatory, 2008 - How we went to innovation financing Creation of the Med funds observatory, 2008 - 2011 Panorama of private equity funds in the Mediterranean US$ 60 bln funds raised for the Med countries (500 funds) Co-ordination of Medibtikar activities on the Financing of Innovation (EU project 2006 -09) Creation of business angels networks: Morocco, Jordan, Tunisia Publication of « Funding start-ups and SME innovation - Guide for MEDA countries » , June 2008 Pre business plan of a financing facility for Med start-ups (RIFF) Leader of Invest in Med (EU project 2008 -11) Launch of 18 initiatives related to innovation (design, value creation) or entrepreneurship support (access to finance, coaching, …) Med. Ventures –initiative to support the international development of innovative start-ups – Dealflow demonstration, accelerator service Management of the FARO since 2010 (French fund) Seed fund (1 M€) for partnerships between innovative firms Already 15 companies financed Replication in Lebanon October 2011 © ANIMA 2011 4

General development of innovation policies in the MPCs Science parks & technopoles Infrastructures rather General development of innovation policies in the MPCs Science parks & technopoles Infrastructures rather than services Incubators and “pépinières” Different approaches (public vs public-private, coaching vs equity) Networking starts EEN/ CIP/ EBN opened to the Mediterranean FP 7… Projects: Info. DEV/ Medibtikar/MIRA/ Invest in Med Emerging financing market for innovation Grants, guarantees, seed funds, VCs The financing chain unequally covered depending on the country Overall lack of interactions between stakeholders Financing actors and innovation support organisations Innovative firms and sources of finance Public and private 18 octobre 2010 October 2011 Lancement© ANIMA 2010 IT 1 © 2011 5 5

Med. Funds observatory 2011 Overview October 2011 © ANIMA 2011 6 Med. Funds observatory 2011 Overview October 2011 © ANIMA 2011 6

A Med. Funds observatory findings Lack of early stage financing $2, 2 bn (outside A Med. Funds observatory findings Lack of early stage financing $2, 2 bn (outside Israel) on early stages out of $90 bn total PE targeted Slower growth than other stages of financing Targeted amounts by stage of financing (source: Med. Funds 2011) October 2011 © ANIMA 2011 7

Mapping of innovation financing & deal flow - 2008 Mapping Finance Survey of Deal Mapping of innovation financing & deal flow - 2008 Mapping Finance Survey of Deal flow October 2011 Survey of the financing options available across Algeria, Egypt, Jordan, Lebanon, Morocco, Tunisia, Turkey Visited Investment funds, banks, support agency, ministries, business association and representative organisations Estimate the deal flow from Innovative Companies in the MEDA. Measure the quantity in terms of countries and sectors. Assess the quality in terms of sectors and projects. Identify the potential intermediary organizations to source projects. © ANIMA 2011 8

Some results of the finance mapping Context Negative international environment requires risk reduction MEDA Some results of the finance mapping Context Negative international environment requires risk reduction MEDA Opportunities perceived as in privatisations, construction, energy & infrastructures Risk reduction includes larger portfolios, mutualisation of investors & equity guarantees Seed fund / VC Regional actors Algeria Egypt Jordan Lebanon Morocco Syria Tunisia Turkey Main Findings October 2011 4 3 3 Guarantee fund SME 2 11 2 1 1 8 6 1 1 Incubator investors Business Angels Programme Grants 1 6 3 11 3 19 1 3 4 3 2 2 3 6 3 Very limited international funding facilities Major gap in seed funding between 50 -500 K€ Insufficient information linking entrepreneurs and financing actors Innovative companies are failing because internationalisation is not anticipated © ANIMA 2011 9

Estimate Med Deal flow for seed funding Objective Some findings October 2011 Estimate the Estimate Med Deal flow for seed funding Objective Some findings October 2011 Estimate the deal flow quantitatively: by country and sector. . . and qualitatively: type of Innovation, list of projects Identify Partners to source projects Assess the support needed Questionnaires sent returned by 38 Innovation intermediaries Declared potential relevant annual deal flow around 300 to 500 through existing innovation actors Innovation occurs in strong regional sectors such as Agro-Food, Energy, ICT and Health Entrepreneurs need access to international markets to succeed Major risk for Entrepreneurs is finding finance followed by business development Major support required by Entrepreneurs is on finding finance Entrepreneurs in the region are focused on services rather than new products and technologies © ANIMA 2011 10

Support needed by innovative firms International development and networking comes first Access to finance Support needed by innovative firms International development and networking comes first Access to finance is just behind Services needed by 100 start-up companies having participated to Med. Ventures (source ANIMA – Invest in Med) 0. 0% 5. 0% 10. 0% 15. 0% 20. 0% 25. 0% 30. 0% 35. 0% Business partnerships Capital (equity investment) International marketing strategy Connections /networking R&D, innovation, standards International exhibitions Business development Coaching, mentoring, training Legal support Visibility October 2011 © ANIMA 2011 11

Sources of dealflow Partners of Medibtikar dealflow survey (2008) Med. Ventures coaches and partners Sources of dealflow Partners of Medibtikar dealflow survey (2008) Med. Ventures coaches and partners (2010) . Algerian Startup Initiative, Alinov, Genilem (Algeria). EJB, GAFI, Ideavelopers, Itida, Nile Capital (Egypt). Invest in Israel, The Technology Incubators program (Israel). Bedaya Angel Investors Network, El Hassan Science City (Jordan). Berytech, Capital Trust (Lebanon). Fondation Banques Populaires pour la création d'entreprise, Fonds Dayam / Sherpa finance (Morocco). Palestine Information and Communications Technology Incubator (Palestinian Authority). Syrian Enterprise and Business Center (Syria). Sages Capital / Fonds Indet, UTICA (Tunisia). Galata Business Angels, Lab. X, Mersin. BAN (Turkey). And several Euromed networks: ANIMA, European Business Angels Network, European Business Incubators Network, INSME, International Society for Professional Innovation Management (ISPIM), Réseau Méditerranéen des Ecoles de Management, Tech. Wadi (Arab-american technology association) Plus EU partners: . CCIMP, CDC Entreprises, Euroméditerranée, Invest in France, OSEO, Provence Promotion, Publicis Activ Marseille (France). Italian Business Angels Network (Italy) October 2011 © ANIMA 2011 12

The RIFF proposition a regional networking, coaching and financing facility Component 1 Component 2 The RIFF proposition a regional networking, coaching and financing facility Component 1 Component 2 Component 3 NETWORK & MATCH MAKING PLATFORM CONSULTING & COACHING TASK FORCE CO-INVESTMENT/ EQUITY GARANTEES Qualify projects: need analysis Coaching AND/OR Financing Pre/ Post-investment International Pre-seed, Seed, Venture Capital fund Promote projects toward investors: match making events and web platform Due diligence consulting Monitoring (strategic watch) Co-investment with local fund Network of Dealflow providers – Coach - Partners R&D Centers Valorisation October 2011 Innovative Start up/ SMEs Science parks Investment & incubators Schools & Universities funds Industrial MNCs © ANIMA 2011 SMEs 15

Shaping the RIFF Medibtikar Casablanca seminar (25 May 2008) 50 participants agree on a Shaping the RIFF Medibtikar Casablanca seminar (25 May 2008) 50 participants agree on a shared diagnostic and recommendations for boosting innovation and start-up financing Euromed Capital Forum (24 April 2008) Promotion of Med funds and Mapping finance (lobby for more funds on early stage) Launch of the Med. Ventures initiative (March 2010) Medibtikar Marseille Conference (20 November 2008) Implementation of a Signature of the pilot on the component 1 Declaration of Marseille by and 2 30 organisations, asking public donors and private Working Party on Euromed Industry actors to support the Euro. Med Industrial in Nice creation of a RIFF Cooperation (8 June 2009) (6 November 2008) Ministries of Italy, Morocco and Jordan raise the interministerial’s attention on the RIFF The WP mandates ANIMA to study the feasibility of RIFF. Emphasise to be put on Diapora projects promotion. 120 start-ups in “portfolio” (Sept. & Oct. 2011) Coaching and Bus. dev. roadshows on in Tunisa, Lebanon, France Creation of the FARO fund in France fund in Lebanon (May 2010) (Sept. 2011) Funds Up. M innovative projects Med Funds Observatory Mapping innovation financing Dealflow survey October 2011 RIFF Business Plan © ANIMA 2011 Fund raising & implementation 16 16

Thank you for your attention Emmanuel NOUTARY emmanuel. noutary@anima. coop ANIMA Investment Network 11 Thank you for your attention Emmanuel NOUTARY emmanuel. [email protected] coop ANIMA Investment Network 11 b rue Saint Ferréol 13001 Marseille – FR T. +33(0) 4 9611 6760 www. anima. coop