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Ci venture engineering deans

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Ci venture engineering deans

  1. 1. Introduction to Connecticut Innovations Dan Wagner Lillian Mu Dec 14, 2015
  2. 2. Connecticut Innovations at a Glance 2 Quasi-public organization formed 25 years ago to: • Promote innovation and help promising, early-stage, high-tech companies start and grow • Create and retain high-quality jobs; build economic value We … • Invest using private sector principles to achieve a public purpose • Provide more than money • Fill gaps • Leverage capital
  3. 3. Recognitions and Awards 3 most active early-stage investor most active seed/angel investor “Best Practice Initiative” for SBIR Support Program (2013) “Best Practices Initiative” for Technology Talent Bridge Program (2013)
  4. 4. How does CI help? Stages of Development 4 Research & Development Proof of concept Product Development Launch & early customer traction Scaling & adoption Business expansion  Bioscience Innovation Fund  Regenerative Medicine Research Fund  Pre-seed, seed & growth equity funds  Angel Investor Tax Credit  Grants for technology acceleration  Grants for product innovation  Grants for STEM internships  Loans  Venture debt CTNext—Entrepreneurial Ecosystem, Networks & Partnerships
  5. 5. CTNext  Connecticut’s Innovation Ecosystem  Provide connections to advisors, collaborative work spaces, universities, vendors & other entrepreneurs to help facilitate growth & scalability  Entrepreneur Innovation Awards & Vouchers – Up to $10K competitive grant  Since 2012, provided advisory support to 600+ active companies & committed a total of $654K to 79 unique companies in direct grant dollars  Promote a robust community of entrepreneurs  Provide access to talent, industry expertise and capital  Accelerate company development 5
  6. 6. Small Business Innovation  Technology Talent Bridge Internships Program Highlights  Grants up to $25K  CT Campus Recruitment Guide  22 participating colleges & universities in CT  70% job offer rate as of April 2014 with more in progress  Since 2012, 78 grants to 145 interns, total investment of $1M 6
  7. 7. SBIR/STTR Program Highlights 2014 Activity:  One-on-one outreach to students, faculty & small businesses  Reimbursement to attend SBIR conferences  Accounting support for proposals  Technology Assessment Reports  Webinars & workshops  FAST outreach – dedicated consultant to educate minority- owned, woman-owned & veteran-owned small businesses  Since 2012, provided over $2.3M to SBIR/STTR winners, leveraged over $22M in federal dollars & private investment 77
  8. 8. Angel Investor Tax Credit Program  Certain Connecticut businesses may qualify to participate in the Angel Investor Tax Credit Program if:  The principal place of business is in Connecticut  The business is engaged in bioscience, advanced materials, photonics, clean tech or IT  They must also have:  Gross revenues under $1 million in the most recent income year  Fewer than 25 employees, including shareholders, members or active partners, 75% of whom are Connecticut residents  Operated in Connecticut for less than seven consecutive years  Received less than $2 million in eligible investments from angel investors 8
  9. 9. BioInnovation CT Two key funds supporting innovation in the biosciences: Goal: to speed the commercialization of bioscience breakthroughs. Connecticut Bioscience Innovation Fund (CBIF) Regenerative Medicine Research Fund (Regen) 9
  10. 10. Connecticut Bioscience Innovation Fund (CBIF) 10 For-Profit 41 Academic & Non-Profit 40 • CBIF investment: up to $0.5MM • Any established companies, faculty, or non profits across the state are eligible to apply Prospects since Jan 2014: 81
  11. 11. Regenerative Medicine Research Fund 11 Implemented changes in FY 2015 • Updated committee appointments • Streamlined committee operations; subcommittee for routine approvals • Partnered with independent, reputable scientific peer review group: American Association for the Advancement of Science (AAAS) • Began shifting focus of the fund to translation and clinical applications; broadened regenerative scope Capabilities in FY 2016 • Ability to invest using different instruments beyond grants • Driving more companies to apply • Further improving peer review process • Tracking metrics going forward; collecting historical data
  12. 12. CBIF: Cross-State Initiatives 12 PITCH: Program in Innovative Therapeutics for Connecticut’s Health • CBIF investment: $10MM over 3 years • Royalty-bearing grant structure with defined milestones/tranches • Leverages investments and resources at Yale and UConn • Open to other state entities after defined period of time Bioscience Pipeline Program • CBIF investment: $1MM over 2 years • Leverages resources at collaborating universities • Any established companies, faculty, or student teams across the state are eligible to apply
  13. 13. Lending 1313 • CI offers loans from $25k to $5M mainly in partnership with financial institutions • Partners with other commercial lenders to provide financing for Connecticut businesses wherever a gap exists • Focus on • Building sustainable businesses • Retaining companies & jobs • Encourage innovation Lending Activity: • $15 million loaned to 22 companies in 2014 • $37 million leveraged from CT banks
  14. 14. CI Venture Investing 14
  15. 15. The CI Venture Team 15 Who We Are: Experienced investors, entrepreneurs, managers, executives, company- builders and company-growers.
  16. 16. Investment Philosophy 16 The Companies We Invest in: • Are located in Connecticut or willing to move here • Are primarily early-stage • Are technology or technology-enabled • Are primarily in one of these industries: ‒ Software and IT ‒ Bioscience ‒ Clean Tech ‒ Digital Media ‒ Advanced Manufacturing • Have the potential to be high-revenue and income-generating • Have the potential to spur high quality job growth in Connecticut
  17. 17. Pre-Seed Fund • Focuses on innovation and new company formation • Helps high-tech entrepreneurs turn ideas into companies by providing: • Mentoring • Advisory services • Funding up to $150,000 • Requires 50% matching funds from private investment sources • At least 75% of employees in Connecticut • YEI fund/Huskie Fund 17
  18. 18. Seed Investment Fund • Investments: up to $1 million • Pre-Series A stage of development • Technology-based or -enabled companies • Companies must have: • Proprietary technology • Sustainable competitive advantage • Proof of concept • Beta product near completion • Founders who have committed capital, time and talent • Management team experience sufficient for a seed-stage company • A definable, addressable market • Defensible business plans 18
  19. 19. Eli Whitney Fund • CI’s flagship fund • Investments up to $1.5 million per round • Up to a maximum of $7 million in any one company as a single investor • Syndicates preferred • Investment criteria: • Proprietary technology or expertise • Sustainable competitive advantage • Product in beta stage • Proven management team • Operations based predominantly in Connecticut • Additional investor interest 19
  20. 20. Venture Capital Investment 20 $2.8 $1.5 $6.5 $11.6 $9.0 $12.3 $9.5 $24.6 $21.2 $21.8 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Millions
  21. 21. Our Impact on Connecticut’s Venture Capital Market 21 Source: PitchBook
  22. 22. CI Portfolio Value by Industry $15.9 $26.1 $7.8 $3.2 $0.3 Valuation in Millions Bioscience Information Technology Clean Tech Photonics Other 22
  23. 23. Investment Strategy - What We Look  Solid management teams  Proprietary technology or other entry barriers  Manageable technology risk  Large and growing market  Achievable business model  Ability to further attract capital  Viable exit strategy 23
  24. 24. CI Ventures Summary • 96 active portfolio companies (including pre-seed) • One of the most active early-stage funds in the nation • Historical IRR of ~ 18% • Strong team with diverse experience • Long-standing networks and relationships • Proven investment process • 100% focused on investing and growing portfolio companies • Constant market presence • Ability to attract value-added co-investors • Active Involvement, board seats 24
  25. 25. Network developed over 20+ years • Returning entrepreneurs (14) • Connecticut universities (e.g. Yale, UConn, CCSU, University of Hartford, Quinnipiac, Fairfield) • Out-of-state schools (e.g. UVA, Harvard, Cornell, Columbia) • Portfolio companies • Attorneys, accountants, technology organizations • CI accelerator and pre-seed funding programs Syndicate with private capital sources • Leveraged over $1 billion to date, over 5x investment • Venture firms • Angel investors 25
  26. 26. Track Record 26
  27. 27. Deal Flow – Selected Co-Investors Advantage Capital Atlas Ventures Axiom Venture Partners Bessemer Ventures Canaan Partners Cava Capital Charles River Ventures CHL Medical Partners Collinson, Howe & Lennox Elm Street Ventures Enhanced Capital First Reserve Corp. Flagship Ventures First Reserve Corp. Greycroft Ventures GE Investments 27 Goldman Sachs H.I.G Ventures Hudson Ventures Johnson&Johnson LaunchCapital MedImmune Ventures Menlo Ventures Nth Power Technologies Novartis Venture Funds Oak Investment Partners Oxford Bioscience Partners Rho Ventures Roche Venture Fund SR1 Ventures SV Life Sciences Warburg Pincus
  28. 28. Thank you for your time 28 Dan Wagner Daniel.Wagner@ctinnovations.com Lillian Mu Lillian.Mu@ctinnovations.com

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