18. SEPTEMBER 2018 HØRINGSKONFERANSE KAPITALTILGANGSUTVALGET NOU 2018: 5 KAPITAL I OMSTILLINGENS TID

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1 18. SEPTEMBER 2018 HØRINGSKONFERANSE KAPITALTILGANGSUTVALGET NOU 2018: 5 KAPITAL I OMSTILLINGENS TID

2 NOU 2018: 5 KAPITAL I OMSTILLINGENS TID PROGRAM N o r g e s H a n d e l s h ø y s k o l e, B e r g e n Velkommen ved rektor Øystein Thøgersen, Norges Handelshøyskole Introduksjon ved Aksel Mjøs, førsteamanuensis NHH og leder av Kapitaltilgangsutvalget Innledning ved næringsminister Torbjørn Røe Isaksen Finansielle reguleringer Risikokapital til vekstselskaper Lunsj enkel mat & mingling EU s nye initiativ for kapital til markedsutvidende høyrisikoinnovasjoner - Horizon Europe Langsiktig forvaltning av pensjonskapital Skattemessige virkemidler som påvirker kapitaltilgangen Oppsummering ved statssekretær Magnus Thue

3 N o r g e s H a n d e l s h ø y s k o l e, B e r g e n 18. September 2018 Sesjon 3 NOU 2018: 5 KAPITAL I OMSTILLINGENS TID EU s nye initiativ for kapital til markedsutvidende høyrisikoinnovasjoner - Horizon Europe - Nicolas Sabatier, Advisor to Director B, Open Innovation, European Commission (Skype)

4 EIC Instruments Pathfinder and Accelerator Sandrine Laurent & Nicolas Sabatier, Adviser to Director B Directorate for Open Innovation and Open Science

5 Challenges Market issues Lack of complementarity of FP tools incl. With national ones: Silo effect

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8 The Pathfinder for Advanced Reseach Aim of nurturing potential market-creating innovations, developing breakthrough and disruptive innovation (TRL 1 to 5/6) Run by Programme Managers Based on topics or challenges identified in the work programme and continuous bottom-up call for proposals. Drivers: technological outlook (supply), but also radical ideas (demand) Support for assessing business opportunities and developing business plans granted Pathfinder transition activities".

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10 The Accelerator The Accelerator builds on the SME Instrument Phase II Enhances it to focus on initiatives with a clear EU added-value. Aim of funding high-risk, market-creating innovation from TRL6 down to TRL9 included. Support may include TRL5 activities (further assessment of business opportunities & plan) Priority shall be given to deep-tech and long innovations cycle Support shall be allocated on a first-arrived first-served basis, to reduce time to feed-back

11 How will the Accelerator work? EIC *bottom-up* open call with regular cut-off dates grant and/or equity request included in proposal Initial remote evaluation of proposals based on the excellence criteria, the other criteria by a team of by a team of business angels, venture capitals, entrepreneurs on impact and EU added-value/risk. Most promising projects may be invited for a face-to-face evaluation Initially the EC will start paying the grant agreement, while the equity is being negotiated by an EIC investment vehicle (parallel process).

12 Equity agreement should come within 3-6 months after signing grant agreement, as a first project milestone The EIC investment vehicle will actively look for additional co- or altgernate investors: impact investment over return on investment, bring project to investors, not crowd-out investors Programme manager will follow and monitor the progress of the project as it accelerates and scales up Support services will be provided and paid for along the way, such as coaching, mentoring, technical assistance, brokerage events, etc.

13 When the company - matures - successfully accelerates and scales up - begins to receive profit - begins to receive financing from the market the company may return the equity or the Commission may sell it, proceeds going directly back into the EIC budget. The EC will then reinvest in innovation high-risk high-impact/eu added value projects which requires this patient capital

14 Additional activities EIC Business acceleration services: develop an active ecosystem, in close relation with actors Be part of the overall innovation landscape see Pillar 3 activities on European ecosystems for innovation

15 European Union, 2017 Picture olly, # , Source fotolia