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Business Incubator

Business Incubator. 17 September, 2014 Olli Mankonen. Incubation history in Turku. started 1989 1989-2000 ”one man show”: shortage of human resources heavy recession 1990-1994 economical growth 1995-2000 venture capital available 1995-

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Business Incubator

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  1. Business Incubator 17 September, 2014 Olli Mankonen

  2. Incubation history in Turku • started 1989 • 1989-2000 ”one man show”: • shortage of human resources • heavy recession 1990-1994 • economical growth 1995-2000 • venture capital available 1995- • 2000-2001 organization development (4 experts in business development): • development of our services (=more added value) • TULI • 2002- one incubation program, two units: • Biotech Incubator and DIO Business Centre • LIKSA

  3. Incubation team Olli Mankonen Department Manager Juha Achrén Business Development ICT Tapio Hurme Business Development Biotech Johanna Reiman Project Manager TULI-program

  4. Incubation process Exit 1-3 years Incubation period CONSULTING, EDUCATION, LIKSA etc. Selection and finance decisions Finance negotiations Evaluation Business planning TULI, LIKSA

  5. Incubation process • expert services and education for business development • office and lab space • office services (telephonist, copying etc.) • networking: connections to financiers, universities, consultants etc. • financial support • TULI-finance (”from research to business”) • LIKSA-finance (for business planning)

  6. Expert services and education • Business plan development and evaluation • Advising, sparring • Counselling by incubation team • During incubation period • Strategy, marketing, finance • Our input depends on the need • Informal process • Other consultants • services are often subsidised • Education • Short entrepreneurship course (50 h + 1 consultancy day) • Sales • Business plan competition • Short seminars

  7. Networking to other development programs • Source Code Finland • Not successful • GAP • Global Software • Espoo, Oulu, Tampere, Jyväskylä • Next year also Turku • Hermia Business Development Ltd: “Partnership program” • Education: universities, TE-keskus, Finnvera • Technology programs (Tekes) • LIKSA • TULI

  8. Results • 136 start ups • Survival rate over 85 % • About 750 jobs • About 25 companies have received finance from VC-investors or business angels • Growth rate has not been satisfactory

  9. Start-up examples • Eweline Finland Ltd. (Ellibs.com) • First contact November 2001 • Business plan was not acceptable • Strategy was not clear, several product ideas without clear focus, unrealistic goals • Several meetings during 2002 • Strategy development, product definition etc. • Finance negotiations • No venture capital, but some partners have financed • Accepted to incubator on February 2003 • Started in incubator on March 2003 • e-Book lending system, online bookstore for e-books • GAP-program • 200 libraries in Finland has the lending system • England, Sweden, Denmark • Investors are interested, but no agreements • 5 employees • Growth potential is obvious

  10. Start-up examples • 4Pharma Ltd • Data management, data warehousing, statistics, information technology and scientific writing for pharmaceutical industry • First contact July 2001 • Based on university unit CRST (Clinical Research Service Turku) • “Nothing happened” • First business plan (”quick and dirty version”) on March 2002 • Acceptable business plan in the end of March 2002 • Accepted and started in incubator on April 2002 • No venture capital, small loan, positive cash flow • LIKSA-finance on May 2002 • Better business plan • Investor meeting (Eqvitec) organized by incubator on October 2002 • Finance negotiation started • Exit from incubator premises on January 2003, counselling continues • Venture capital investment on June 2003 • 15 people • Profitable and growing company

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