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1
Cloning the Silicon Valley will it work for
Sunrise Valley? Innovation through Corporate
Venturing Experiences and outlook
  • Carsten Gaarn-Larsen
  • Vice President, TDC Innovation
  • Vilnius, November 28, 2002

2
Agenda
  • About the TDC Group
  • TDC Innovation
  • Facts
  • Objectives
  • Investments
  • Some guidelines from Silicon Valley
  • A Danish example
  • IT Katrinebjerg, Aarhus
  • Conclusions

3
TDC assets in Europe
TDC Hakemistot OY (100) InterNordia (100) TDC
Forlag AB (100) Bite (100) Polkomtel
(19.6) TDC Internet, Polska (51) Ceske
Radiokommunikace (18) through Bividion Contactel
(50) UMC (16.3) HTCC (32.1) Connect
Austria - One (15) Bold indicates direct
control
  • StorbyGuiden (100)
  • Tele Danmark Internordia (100)
  • TDC companies (100)
  • Talkline (100)
  • Belgacom (16.5)
  • TDC Switzerland (78.7)

4
TDCs long term financial performance
Net revenues EBITDA CAGR 14.2 CAGR 8.1
DKKbn
DKKbn
5
TDC InnovationFacts
  • Established April 2000
  • Offices in Copenhagen and Aarhus
  • Initial capital of Euro 40m (DKK 300m)
  • Approx. Euro 22m (DKK 160m) invested to date

6
The bottom line.
  • Through active investments in and collaboration
    with start-up growth companies
  • Leverage own and Innovators strengths and
    competences
  • Contribute to TDCs growth and earnings
  • Accelerate TDCs innovational ability within
    growth areas

7
TDC InnovationPortfolio companies
8
The mediator dilemmaLarge corporation vs.
start-up
Portfolio

TDC Group
  • Customers
  • Channels
  • Sales organisation
  • Technical expertise
  • Infrastructure
  • Management expertise
  • Capital

TDC Companies
9
Characteristics of the Habitat
  • Place where technologies are turned into
    businesses
  • A dense and flexible network of tight
    relationships among people who know how to
    translate ideas into new products and services
    fast enough to stay on the edge of innovation
  • Networks continually connect people with good
    ideas and test the changing market

Source William F. Miller, Professor
Emeritus Standford University
10
The entrepreneurial habitatSome characteristics
  • Favorable Rules of the Game
  • Strong value-added business services
  • Free flow of capital to most effective uses
  • Free flow of people to best application of talent
  • Free flow of ideas to enhance collective learning
  • Global linkages to other industrial clusters

Source William F. Miller, Professor
Emeritus Standford University
11
A regional innovation habitat (I)IT
Katrinebjerg, Aarhus
  • Geographical concentration of IT programmes
  • Research environments in which public and private
    companies cooperate
  • Science park, development park, incubator
  • entrepreneurs are offered initial support in the
    form of management support, technology support
    and capital contribution

12
A regional innovation habitat (II)IT
Katrinebjerg, Aarhus
  • IT Business Centre - offering office service,
    restaurant and other facilities for independent
    businesses within the IT and venture capital area
  • Outgoing public facilities including a Virtual
    Reality Centre, a 3D panoramic display, café
    environment, theatre and gallery
  • IT infrastructure in the form of high-speed
    networks, wireless networks and physical
    infrastructure, which meet the soft as well as
    the hard local traffic

13
Involvement of TDC IT Katrinebjerg, Aarhus
  • INCUBA A/S
  • Incubator, seed investor, venture capital
  • Expected contractor of new incubator
  • Investors
  • Schouw Co (industial)
  • Research Fund of Aarhus University
  • Dansk Kapitalanlæg (venture)
  • TDC Innovation (corporate venture)
  • Innovation Lab
  • Show cases
  • Projects with universities, research
    institutions, etc
  • Direct investments

14
Conclusions
  • Face-to-face interaction core to success
  • This is not likely to be enough with the
    Internet, because it only allows for long
    distance conversations but not handshakes.
  • Long term relationships pre-requisite which
    requires stamina of corporations and their long
    term visions, strategies and investments
  • Expect that new companies will evolve from
    initiative and we will invest indirectly and
    directly
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