Project TESLA
Kick-off Meeting
Pilot Actions 9, 10 and 11
Diogo Pereira Dias Nunes, LL.M.
Pilot Action 9:
Entrepreneurial Finance
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The VC Cycle, Entrepreneurship & Innovation
Early Stage
Funding Gap
Why?
• Information
Asymmetries
• Risk Aversion
• Financial Crisis
• Lack of
Entrepreneurial
Infrastructure
(absence of trusted
networks, etc.)
Source: Janke Dittmer & Erik P.M. Vermeulen, The "New" Venture
Capital Cycle: From Venturing to Partnering, (forthcoming 2012).
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From the Triple Helix to the Quadruple Helix
Triple Helix
Quadruple
Helix
Risk Capital
Providers
(Venture Capital)
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The Entrepreneurial Road Show Days
TRUST & CERTIFICATION
Tilburg
University
Selection, invitation
and provision of advice
on legal and business
aspects of VC finance
HPSUs
TRUST & CERTIFICATION
Selection and invitation
Organization
Presentation
of BPs
Entrepreneurial
Road Show Days
Attendance of
the BP
presentations
Risk
Capital
Providers
TRANSNATIONAL NETWORK – TRUST & REPUTATION
Risk Capital Providers: provision of feedback towards
HPSUs; if applicable, manifestation of interest in investing.
HPSUs: networking with Risk Capital Providers and receipt
of feedback on the presentations’ success; if applicable,
furthering contacts and negotiations for investment.
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Expected outcome for the Innovation Ecosystem
Before…
Unlevel
Informational
Playing Field
HPSUs
HPSUs
RCPs
RCPs
After!
HPSUs
RCPs
Information
Information
Information
Information
Leveled Informational
Playing Field
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What do we need to get started!
The Checklist for this PA:
(1) Assess the possible sources of HPSUs and RCPs within CIT and
Tilburg’s regions.
(2) Determine the selection procedure for both HPSUs and RCPs.
(3) Agree on the division of responsibilities as to the legal and business
advice: e.g., CIT  business side; Tilburg  legal side.
(4) Define the contents of the legal and business advice that will be
delivered to the HPSUs.
(5) Establish provisional dates for the realization of the two
Entrepreneurial Road Show Days (ERSD) events to be held.
(6) Determine a marketing and divulgation strategy within both CIT and
Tilburg’s regions.
(7) Agree on the communications methods to be used on a regular basis
between CIT and Tilburg.
(8) In the interim, start making invitations and increasing the awareness of
this PA’s targets in both CIT and Tilburg’s regions.
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Starting and Closing Dates
• Starting date: January 2013
• Closing date: June 2014
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Pilot Action 10:
Public Procurement for
Knowledge-Intensive SMEs
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Where do Govts. come in the VC Cycle?
Governments
Investment in the
Very Early and Early
Stages of Innovative
HPSUs’ Life Cycle
Source: Janke Dittmer & Erik P.M. Vermeulen, The "New" Venture
Capital Cycle: From Venturing to Partnering, (forthcoming 2012). 10
The Role of the Govt. in the Quadruple Helix
(1) Government Venture
Capital (GVC)
(2) Governmental
Grants/Subsidies and
Loans
(3) Government’s own R&D
Projects and
Expenditures – e.g.
Silicon Valley (USA) and
Silicon Wadi (Israel)
(4) Public Procurement
Procedures – providing a
source of income to
innovative startups
Risk Capital
Providers
(Venture Capital)
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Public Procurement (PP) Awareness Days
Schematic representation:
Tilburg
University
Selection, invitation
and provision of
workshops on PP and
the “tender surgeries”
Selection and invitation
Organization
HPSUs
Attendance of
presentations,
workshops and
“tender surgeries”
PP Awareness
Days
Presentation of
current or future
calls for PP
tenders
Govt.
Institutions
HPSUs submit tenders for calls for PP tenders
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The “Tender Surgeries” Process
First Phase:
Second Phase:
Tilburg Univ.
&
Bangor Univ.
PP Awareness
Days: provision
of workshops
on PP tenders
Tilburg Univ.
&
Bangor Univ.
Together with
HPSU, analyses
the submitted
tender and its
results
HPSUs
PP Awareness
Days: Govt.
presents current
PP tender calls
HPSUs attend
presentations and
submit tenders to
Govt. Institutions
Govt.
Institutions
Provides advice
to HPSU for
improvements
in future PP
tenders
HPSUs
Communicates
results of the PP
tender to tendering
HPSUs
Govt.
Institutions
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What do we need to get started!
The Checklist for this PA:
(1) Assess the possible sources of HPSUs and Govt. Institutions within Bangor
and Tilburg’s regions.
(2) Determine the selection procedure for both HPSUs and Govt. Institutions.
(3) Agree on the division of responsibilities for this PA: e.g., materials and contents
 Bangor; facilities and intermediation  Tilburg.
(4) Define the contents and materials of the workshops/training sessions that will
be delivered to the HPSUs.
(5) Define the contents and materials of the “tender surgeries” that will be
delivered to the HPSUs.
(6) Establish provisional dates for the realization of the two Public Procurement
Awareness Days (PPAD) events to be held.
(7) Determine a marketing and divulgation strategy within both Bangor and
Tilburg’s regions.
(8) Agree on the communications methods to be used on a regular basis between
Bangor and Tilburg.
(9) In the interim, start making invitations and increasing the awareness of this
PA’s targets in both Bangor and Tilburg’s regions.
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Starting and Closing Dates
• Starting date: January 2013
• Closing date: November 2014
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Pilot Action 11:
Code of Best Practices
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The Code of Best Practices
Schematic representation:
All PAs of Project TESLA
(1 to 10)
Provision by each PA’s
responsible partner of
an report including all
relevant data acquired
Tilburg
University
Analysis of reported
data, compilation of
the best practices and
making of policy
recommendations.
Code of Best
Practices
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The Code of Best Practices
The Objective:
Connecting the dots: reflection on and
gathering of the lessons learned!
• Compiling and determining
what are the best practices to
create a vibrant transnational
ecosystem for HPSUs.
• Making policy
recommendations for
lawmakers and policymakers
in the EU and/or NWE region,
in order to improve the
conditions of the ecosystem.
Risk Capital
Providers
Professional
Services
Providers
Large
Companies
Innovation
Ecosystem
Higher
Education
Institutions
Governments
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What do we need to get started!
The Checklist for this PA:
•
Define the contents of the template for the report on the data collected
from all the PAs;
•
Establish guidelines on how to compile and process the collected data
into the report template;
•
Agree on a schedule for the elaboration and sending of the completed
reports on each PA to Tilburg.
•
Agree on a schedule for the sending of comments/input on the first draft
version of the Code.
•
Assess and agree on an independent third party to provide
benchmarking to the final revised version of the Code of Best Practices.
•
Define amount of copies to be printed and the distribution methods of
the Code of Best Practices
•
Determine the key stakeholders to whom the Code should be sent.
•
Define a communication strategy between Tilburg and each of the PA’s
responsible partners.
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Starting and Closing Dates
• Starting date: July 2014
• Closing date: February 2015
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An Important Side Note to all TESLAers!
For more information, please check out our website:
http://www.tilburguniversity.edu/about-tilburguniversity/schools/law/departments/businesslaw/symposia/june2012/
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Thank you!
Questions/doubts?
D.A. Pereira Dias Nunes, LL.M.
[email protected]
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