here - Taftie

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here - Taftie

TAFTIE Annual Conference
Growth financing
Challenges in funding innovation for growth
Contents • Foreword 3
• About Taftie 4
• Taftie Members 5
• Overview of the TAFTIE Annual Conference 7
• Conference overview 8
• Workshop overview 8
• Speakers and key contributors 9
• Business innovators showcase 11
• Panelists and moderators 14
1
TaftieAnnual Conference 2014
Growth financing – challenges in innovation growth
TAFTIE Conference Foreword Dear TAFTIE members, Dear Colleagues and Friends, Recent years have brought quite a number of turbulences in global economies. After 2009 collapse, better years have come and in 2013 we have seen distinct improvement in economic situation across different countries. TAFTIE members have put a lot of effort to increase the pace of economic growth, by making strategic decisions every day when investing public money in risky innovative ideas of start‐ups and well‐established enterprises at the same time aiming at maximizing the impact of the support on economies. Innovation for PARP is key. We use and reiterate the word all the time and we constantly act to improve not only the understanding of the phenomenon among entrepreneurs but also implementing innovations in enterprises. What’s more, today we have a clear evidence of the impact of our efforts on business innovation in Poland. The results show that the support given to entrepreneurs has significantly changed their economic reality. It is extremely rewarding for me to see that it is not just the amount of support awarded through PARP that are a testimony to our work, but above all, the measurable results and impact of funding which can be observed in the beneficiaries economic indicators. PARP is chairing TAFTIE in 2014. During this TAFTIE Annual Conference, our panelists and guests will debate on the enormous challenge put in front of public authorities dealing with investing in R&D and innovation. There are few topics that could be more timely than the challenges in funding innovation for growth. The Conference intends to gather cutting edge knowledge and experiences on the financing of R&D and innovation for firms' growth to deliver relevant policy messages and provide sound support for policy making. In addressing this aim, we structured the debate in two panels, first of which will take a close look at the support challenges of the early and start‐up phase of innovative enterprises and the second – of a development and expansion phase of well‐established firms. To explore and debate this issue we have gathered a distinctive number of participants and key speakers from both the public and private sectors. This group of highly experienced innovation policy experts and practitioners will have the opportunity to exchange ideas and develop thought leadership on a topic of financing innovation for growth. I wish you all a fruitful and thought‐provoking discussion. I hope you will enjoy the day. Bożena Lublińska‐Kasprzak President of the Polish Agency for Enterprise Development Chair TAFTIE 2014 3
TAFTIE – THE EUROPEAN NETWORK OF INNOVATION AGENCIES Through TAFTIE a group of 30 organisations from 26 European countries has established an intense collaboration in the field of implementation of national innovation programmes. This is to the benefit of both their governments and regular customers. The Association allows these national organisations to learn best practices from an analysis of how other members run their affairs. It also enables them to collaborate at a European level. This is of utmost importance since the landscape for business R&D and innovation has extended trends already visible in Europe earlier on. For larger firms competition is now clearly global. The pressure is for R&D to become globalised as well. The location of new R&D investment in Europe therefore is under heavy pressure now. In the global economy, challenges produced by the proximity of overseas markets with high‐quality science base on the one hand and high‐level skills on the other hand create a strong incentive for European governments to act together and to create a more favourable environment for research and innovation. It is now recognised that the dynamism of small and medium‐sized enterprises (SMEs) is key for a successful economy. We have a new ecology of industry in which corporate venturing, outsourcing of R&D to SMEs, specialised labs and universities has grown threefold. At the same time innovation increasingly requires close links with customers and suppliers, and with regulators who shape the market. To keep in pace with these developments and with phenomena like open innovation systems, the kind of cooperation TAFTIE offers to Members is even more important. 2014 – THE YEAR OF PARP CHAIRMANSHIP In 2014, the Polish Agency for Enterprise Development (PARP) holds TAFTIE Chairmanship with PARP President Ms Bożena Lublińska‐Kasprzakas TAFTIE Chairperson. PARP is a government agency subordinated to the Minister of Economy, established with the task to implement entrepreneurship and innovation support instruments, with particular consideration given to needs of SMEs. http://en.parp.gov.pl/ 4
TAFTIE MEMBERS * Organisation Full Name Country BICRO Business Innovation Croatian Agency Croatia CDTI Centro para el Desarrollo Tecnológico Industrial Spain CTI The Swiss Innovation Agency Switzerland DASTI Danish Agency for Science, Technology and Innovation Denmark ENTERPRISE ESTONIA Enterprise Estonia Estonia ENEA Ente per le Nuove Tecnologie, I'Energia e l'Ambiente Italy Enterprise Ireland (EI) Enterprise Ireland (EI) Ireland FFG The Austrian Research Promotion Agency Austria IAPMEI Portuguese Agency for Competitiveness and Innovation Portugal IFS Innovation Fund Serbia Serbia IWT Agentschap voor Innovatie door Wetenschap en Technologie Belgium Luxinnovation National Agency for Innovation and Research Luxembourg MATIMOP The Israeli Industry Center for R&D Israel MITA Agency for Science, Innovation and Technology Lithuania National Agency for Innovation Agenzia per la diffusione delle tecnologie per l’innovazione Italy NIH The National Office for Research and Technology Hungary Netherlands Enterprise Agency Rijksdienst voor Ondernemend Nederland Netherlands BpiFrance BpiFrance France PARP Polish Agency for Enterprise Development Poland 5
PERA Pera UK PtJ Project Management Jülich Germany RANNIS The Icelandic Centre for Research Iceland RCN The Research Council of Norway Norway TA CR The Technology Agency of the Czech Republic Czech Republic TEKES Finnish Funding Agency for Technology and Innovation Finland TSB Technology Strategy Board UK TTGV Türkiye Teknoloji Gelistirme Vakfi Turkey VDI/VDE‐IT VDI/VDE Innovation + Technik GmbH Germany VINNOVA Swedish Agency for Innovation Systems Sweden *In alphabetical order, as of May 2014 6
Overview of the TAFTIE Annual Conference 10:30 to16:00 Annual Conference (registration starts at 9:30) 16:00 to 16:20 tour of the Museum of the History of Polish Jews Full Programme 09:30 Registration 10:30 Annual Conference welcome addresses and keynote speeches: • Ms Bożena Lublińska – Kasprzak, President of the Polish Agency for Enterprise Development, Chairperson of Taftie Board • Mr Jerzy Buzek, Prof., MEP, President of the European Parliament 2009‐2012, Prime Minister of Poland 1997‐2001 • Ms Olga Grygier‐Siddons, CEO, PwC Central and Eastern Europe • Ms Ewa Synowiec, Director of the European Commission Representation in Poland 11:45 Business innovators showcase: • Mr Michał Mikulski, EgzoTech Sp. z o.o. • Mr Arkadiusz Patryas, i3D S.A. • Mr Ken Globerman, Tequila Mobile S.A. 12:30 Lunch 13:30 Parallel panel sessions: (Im)patient finance for innovation – Early and growth stage innovation financing. Is there a balance between public and private finance for R&I. Is there a rationale behind the duality of SME support? Panel session 1. Risky money for risky innovative projects The panel session covers access to private and public finance for new and innovative small firms. This involves seed and early‐stage financing for innovative companies. The discussion will tackle the issue of what works best among the plethora of support mechanisms, such as i.a. business angels, seed funds, venture capital funds as well as crowdfunding. Moderator: Mr Jerzy Cieślik, Prof., Koźmiński University in Warsaw, member of PARP Research Council Experts – in alphabetical order: • Mr Michał Bańka, Polish Agency for Enterprise Development (PARP), TAFTIE • Mr Jacek Błoński, ZernikeMeta Ventures • Mr Marek Borzestowski, Giza Polish Ventures • Mr Karol Król, Collaborative Economy Centre • Mr Steve Nesbitt, Entrepreneur and Business leader • Ms Barbara Nowakowska, Polish Private Equity and Venture Capital Association Panel session 2. Access to capital for business development The panel session covers access to private and public finance for innovation at later stages of business growth, including well established businesses. The discussion will tackle the issue of what works best among the plethora of SME support mechanisms, such as i. a. credits and loans, loans/credit guarantees, matching grants, as well as mezzanine financing. Moderator: Mr Arkadiusz Skuza, expert of the Adam Smith Research Centre Experts – in alphabetical order: • Ms Barbara Braun, FFG Austria, TAFTIE • Mr Christian Dubarry, Bpi France, TAFTIE • Mr Paweł Dziekoński, Deutsche Bank • Mr José Fernando Figueiredo, Holding of the Portuguese Credit Guarantee Scheme, European Association of Mutual Guarantee Societies AECM • Mr Michał Popiołek, Department of Structural Financing and Mezzanine, mbank • Ms Karolina Tarnawska, Żywiec Group 15:30 – 15:45 Coffee break 15:45 – 16:00 Wrap‐up session – key findings from the panel sessions: • Mr Jerzy Cieślik, Prof. (panel session 1) • Mr Arkadiusz Skuza (panel session 2) 7
Conference overview The purpose of TAFTIE Annual Conference 2014 on “Growth financing‐ challenges in funding innovation for growth” is to debate on financing R&I among decision‐makers and innovation support designers. Access to finance continues to be the issue of major concern to businesses and governments. Providing support for the dynamic growth of innovative enterprises, especially young leading innovators, as well as building their high growth is crucial for economies willing to stimulate both job creation and innovation. That governments play a major role in shaping the economic environment and financing R&I is beyond any doubt. Furthermore, also non‐government investors, both corporate and private, support innovation and contribute to a more favorable R&I landscape. In this context, we will also look into the matterof ever‐changing role of government agencies and impact of their funding on high‐risk and innovative projects. TAFTIE Annual Conference 2014 brings to Warsaw experts coming from a variety of backgrounds ranging from innovation agencies representing almost thirty countries, to public and private R&I investors to experts from financial institutions and think tanks. Workshop overview From 1:30 pm two parallel workshops will run. You will be asked to register for participation in advance, along with your registration for the Annual Conference. The two workshops address aspects of venture funding from early stage to business development. The following paragraphs will give you more information. Workshop 1: Risky money for risky innovative projects The panel session covers access to private and public finance for new and innovative small firms. This involves seed and early‐stage financing for innovative companies. The discussion will tackle the issue of what works best among the plethora of support mechanisms, such as i.a. business angels, seed funds, venture capital funds as well as crowdfunding. Workshop 2: Access to capital for business development The panel session covers access to private and public finance for innovation at later stages of business development, including grow‐up businesses. The discussion will tackle the issue of what works best among the plethora of SME support mechanisms, such as i.a. credits and loans, loans/credit guarantees, matching grants, as well as mezzanine financing. 8
Speakers and key contributors Bożena Lublińska‐Kasprzak Bożena Lublińska‐Kasprzak was appointed President of the Polish Agency for Enterprise Development in March 2009. Earlier in her career, Mrs Lublińska held various managerial posts in the public funds programming and management branch of public administration. Bożena specialized in funds earmarked for development of agriculture and rural areas as well as entrepreneurship and innovation. She graduated from Maria Curie‐Skłodowska University of Lublin in Economy and from the University of Warsaw in European Integration and was admitted into a PhD program. She completed a number of research and professional fellowships in the USA, the UK, Ireland and at the European Commission. She was an expert for the Parliamentary Group for EU Funds Absorption and for other international consulting projects. She is a certified Prince2 manager. In 2011 she received an Administration Manager of the Year award and placed 10th in the ranking of ‘Tiaras of Management’ of the Polish Market magazine that praises 50 best Polish women managers. From 2009 she has been chairman of the jury for the Polish Product of the Future contest. In 2010 she became a member of the Board of The European Association of Innovation Agencies (TAFTIE). In 2014 Mrs Lublińska is TAFTIE Chairperson. Prof. Jerzy Buzek Jerzy Buzek is a Member of the European Parliament since 2004, currently working in the Parliamentary Committees on Foreign Affairs as well as on Industry, Research and Energy. On 14 July 2009 he was elected the President of the European Parliament with the biggest majority of any EP President since the first direct elections in 1979. He was the first EP President from one of the EU's 2004 enlargement Member States. During Jerzy Buzek's presidential mandate, he presided over the transition from the Nice Treaty to the Lisbon Treaty, playing a key‐role in the finalisation of the ratification process. He was also very active on the energy front, launching together with Jacques Delors the initiative of a European Energy Community aimed at strengthening energy legislation and cooperation within and outside the EU. In 2013 he was an EP rapporteur for completion of the EU Internal Energy Market. He is a chair of High Level Reflection Group of Energy Community ‐ an extension of the EU internal energy market to EU’s neighbourhood – responsible for preparing, by mid‐2014, a development and reform strategy of the Community for next ten years. Defending and promoting human rights all over the world is an intrinsic part of his MEP activity. Jerzy Buzek is a chemical engineer and academic professor. Member of the Solidarność movement from its early days; elected the Chair of the first national Solidarity Congress. He preceded the Works Committee, and became a Chairman of the fourth, fifth and sixth national Congresses. From 1997 to 2001, Jerzy Buzek served as a Prime Minister of Poland, introducing sweeping reforms in pensions, healthcare, local and regional administration, education and the mining sectors. During his period as Prime Minister, Poland acceded to NATO and made key‐steps towards its EU membership. 9
In November 2012, prof. Buzek received the highest Polish state medal ‐ the White Eagle Order ‐ for his contribution to Poland's democratic transformation, for scientific achievements and for accomplishments in political activity in Poland and in the international arena. He is a doctor honoriscausa of numerous Polish and foreign universities as well as an honorary citizen of over ten Polish cities. Olga Grygier‐Siddons Olga Grygier‐Siddons is the Chairman of PwC in Poland, from 1 July 2014 CEO of Central and Eastern Europe. Olga has been with PwC (earlier Coopers & Lybrand) since 1991 when she joined the Corporate Finance team in London. Between 1999 and 2004, Olga was a Corporate Finance Partner in the London team of PwC, working with infrastructure, public sector and energy clients on projects involving private and public sectors cooperation. In 2004 Olga moved to Poland to take the role of Advisory Managing Partner. Olga Grygier‐Siddons has an extensive experience in advising governments, local authorities and leading international corporates from energy and infrastructure sectors. She also has considerable experience in privatization, M&A and restructuring, PPP projects, gathered in Great Britain and Central Europe, including Poland. Olga is a fellow member of the Institute of Chartered Accountants in England and Wales. Ewa Synowiec
Ewa Synowiec works for the European Commission's Directorate General for Communication. She has held the post of the Director of the European Commission Representation in Poland since October 2010. In the years 2006 – 2010 she worked for the Directorate General for Trade; starting from 2007 – as a Director in charge of public procurement, intellectual property and bilateral trade relations with European (non‐EU) and Central Asia countries. Economist by education, she received her PhD in economics from the Warsaw School of Economics. Before joining the European Commission she worked in Poland, first as a researcher at the Foreign Trade Research Institute, then for the public administration, initially at the Office of the Government Plenipotentiary for European Integration and Foreign Assistance, and thereafter as a director at the Office of the Committee for European Integration where she was in charge of coordinating the domestic adjustment processes linked with the accession of Poland to the EU. From 2003 until end of 2005 she was posted in Brussels as Deputy Ambassador, Deputy Permanent Representative of Poland to the EU. She is the author of many publications on association and accession of Poland to the EU. In 2004 Ms Synowiec was decorated by the President of Poland with the Chevalier Cross of the Order of Polonia Restituta for her role in coordinating the process of Poland's adjustment to the EU accession requirements. 10
Business Innovators Showcase Michał Mikulski – CEO and founder, EgzoTech Ltd. http://egzotech.com EgzoTech is the producer and developer of robotized rehabilitation devices and exoskeletons. The lead products of EgzoTech is EgzoEMG, a robot designed to aid physiotherapists in working with difficult orthopedic and neurological patients. EgzoTech aim’s at rehabilitation centers to enhance and enrich the experience of physical training, making rehab not only high quality and effective, but fun as well! Furthermore, because the rehabilitation is almost automatic, a single physiotherapist can now – with EgzoEMG – work with up to four patients at the same time! This provides additional income, minimizes queues and ensures a high quality of rehabilitation services. EgzoTech was established in march 2013 in Poland to ensure a development of advanced rehabilitation robots and has always aimed to be a high growth global startup. As all companies in medical devices, there is almost no “local market”, and any device must go global to ensure its success. The development of rehabilitation exoskeletons started on the Silesian University of Technology, with the first muscle controlled exoskeletons in the early 2010. From that point on a commercially available robots was the main vision behind what was later known as EgzoTech. Exoskeleton technology has evolved to EgzoEMG and the market launch was scheduled to Q4 2014. Starting Q1 2015 EgzoTech will be expanding its EgzoEMG sales to other EU countries and starting pre‐market approval in the US. Because EgzoEMG is in its core an exoskeleton technology, a €200 000 seed round from Jagiellonian Center of Innovation in Cracow was deemed enough to make the necessary R&D and CE certification in EU. The main goal for the seed round is to develop a market‐ready product and sell at least 4 devices. EgzoTech is a beneficiary of Operational Program 3.1 from Jagiellonian Center of Innovation (financed by the Polish Agency of Enterprise Development). It’s the main source of the seed round and will allow a positive cash‐flow for the Company. All of the goals of the program are scheduled for Q4 2014. Because of its core business, EgzoTech has been awarded for technology and innovation all round Europe (Brussels, Warsaw, Moscov) winning numerous awards, as well as for business development – becoming the best startup in Poland and TOP8 in the world (Blackbox.vc accelerator – Palo Alto, CA, Google for Entrepreneurs – Mountain View, CA), as well TOP5 startups in Poland (Google for Entrepreneurs Cravoc, US Consulate Cracow, PACC Chicago, IL). Since the global outreach of EgzoTech, a mutual cooperation with Google was established, making EgzoTech a face of entrepreneurship in “A Tribute to Entrepreneurs” video done by Google for Entrepreneurs (Mountain View, CA) as one of only a handful of companies in the world. EgzoTech employs a total of 12 people from which 6 are full time EgzoTech employees. With the launch of EgzoEMG in Q4 2014, EgzoTech is planning to expand its sales in the EU throughout 2015, and start applying for pre‐market approval in the US. Apart from sales, EgzoTech in cooperation with both Universities and larger companies is applying for R&D funding and business development projects. 11
Arkadiusz Patryas – co‐founder, Board member and Vice President responsible for the development, sales and marketing, i3D S.A. http://i3d.pl i3D successfully combines the research and business fields, creating and implementing innovative projects, including those developmental ones, from the area of advanced virtual reality technologies (HighTechVR). i3D offers the most modern, complex application and equipment solutions in the world which enable interaction and full reproduction of the real world in a virtual reality. 3D solutions are successfully used in the petrochemical, extraction and industrial branch, in marketing, education, design, planning and optimization. An effective and high‐quality execution of services provided by the i3D is possible thanks to the in‐house developed software Quazar3D – the most modern programming platform for creating interactive VR applications. The company’s ambition is to contribute to the development of the technology by running R&D projects such as e‐phisiology, Inter‐Edu, Human Interface, very often benefiting from UE grants. Company was founded in 2007. From the very beginning company it was globally oriented as the inspiration came from US market on which virtual technologies segment was evolving. From 2011 company is being noted in NewConnect Market on Warsaw Stock Exchange. During last few years i3D has been recognized not only as a company with high potential and awarded with “Deloitte Technology Fast 50 Central Europe 2011”, but also its products have been distinguished on the most prestigious contest of virtual reality field – Laval Virtual (France). Nowadays company consists of 60 employees and 100 cooperatives. It executes projects for multinationals such as BP, Boeing, Saudi Aramco, ExxonMobil, Polish local authorities, universities (Medical University of Silesia, Silesian University of Technology) and enterprises – Kopalnia Soli Wieliczka, Muzeum Historii Żydów Polskich, Jastrzębska Spółka Węglowa, Orange, to name but a few. To reach clients situated in North America company has opened subsidiary in Huston, USA. Using the knowledge generated during cooperation with vast range of clients from different business fields i3D aspires to become a one of the world leaders in content development and VR software creation. 12
Ken Globerman – Strategic Advisor to Tequila Mobile’s Board http://www.tequilamobile.com Tequila Mobile SA – a developer and publisher of free‐to‐play games for smartphones and tablets. Tequila operates its own user acquisition and in‐app billing platform Tequila Planet. Tequila games have been installed on over 100 million devices to date. The platform alone has grown to more than 50 million unique players spread across 80 countries world‐wide; the 10 million‐transaction‐mark was reached in Q1’2014. Tequila Mobile was founded in 2008 by a serial entrepreneur Wojciech Woziwodzki (formerly Partner at Carrywater) and gaming experts: Lukasz Deszczulka and Robert Nowak. The company is headquartered in a vibrant city of Wrocław, Poland, with its outposts in London and San Francisco. The company is backed by group of private investors from Warsaw and London. Tequila Games Sp. z o.o. ‐ a Tequila Mobile spin‐off, a joint mobile games studio investment of Tequila Mobile, venture fund Satus Venture (a VC fund partially funded by KFK or the National Fund of Funds) and AiNOT (a seed fund funded by PARP with the 3.1 measure). Tequila Games is a mobile games studio devoted to developing highly engaging games for iOS and Android with a special focus set on the mid‐core audience. Developed hits such as Fantasy Kingdom Defense and BattleFriends at Sea – highly rated games that have been played by 10 million people worldwide. Earthcore: Shattered Elements – currently the company is working on the biggest and most ambitious production in Tequila’s history: an innovative 3rd generation TCG (Trading Card Game) targeted at mid‐
core players. A high‐production value game which has potential to disrupt one of the top‐grossing mobile games categories. To ensure execution of the challenging global project, the company is currently working on the next stage of its game financing with a group of investors. Co‐founder of Tequila Mobile is Wojciech Woziwodzki, a serial entrepreneur who previously founded Carrywater Group (www.carrywater.com and www.netteam.pl) a project‐oriented consulting company focusing on large IT projects for corporations with over 50 consultants in Warsaw and 20 developers in its IT arm in Wroclaw. Wojciech is also co‐founder of Information Market (www.e‐petrol.pl) business information provider, a leader on Polish fuel market information; Active angel investor (www.advertine.pl). MBA graduate of Carlson School of Management, University of Minnesota; Master of Computer Science, Wrocław Technology University. Ken Globerman is a native New Yorker who’s been active in Poland since 2010. Strategic advisor to Tequila Mobile’s Board and founder of Global Group Ventures (network of affiliated consultants and angel investors) specializing in strategy consulting and equity financing issues for start‐ups and high growth SME’s. Creator of "Finance Bootcamp for Entrepreneurs" workshop and lecturer at Warsaw School of Economics in business valuation. Previously Senior Vice President at New York‐based private equity group Midas Medici Group Holdings. Started his career at WPP’s New York media subsidiary MEC (originally Young & Rubicam). Received his MBA in Finance from the Stern School of Business and BS in Mathematics from Carnegie Mellon University. 13
Panelists and moderators in alphabetical order Michał Bańka Michał Bańka ‐ Ph.D. in Economics, associated with the EU Funds since 2004, working in the Ministry of Economy to manage and to mediate of the implementation of the Sectoral Operational Programme “Improvement of the Competitiveness of Enterprises, years 2004 – 2006”. Since 2006 head of financial department of 3 Operational Programs: The Sectoral Operational Programme “Improvement of the Competitiveness of Enterprises for years 2004 – 2006”, Operational Programme “Innovative Economy” and Operational Programme “Infrastructure and Environment”. Since 2008 Deputy Director, and from 2011 Director of the Department of Business Environment Institution Support in Polish Agency for Enterprise Development responsible for the development of the early stage investments and support and development of capital funds, seed funds, business incubators, technology parks and business angels networks. In addition, is responsible for supporting micro, small and medium‐sized enterprises on the way to NewConnect Stock Exchange or the acquisition of a private investor. Another important area is also providing support for cross‐regional clusters and the Business Environment Institutions providing services in innovation and promoting knowledge, as well as benefits of intellectual property protection. Manages the Innovation Support Loan Fund dedicated to micro and small enterprises with business angels or venture capital funds. Co‐finances activities in terms of EEN network and National Contact Point for the Polish Banks Association. Jacek Błoński Jacek Błoński is a Managing Partner in Zernike Meta – Ventures Ingenium Poland and Partner at Meta Group. From 2012 he is a Board Member of European Confederation of Business Angels – Business Angels Europe in Brussels (BAE). Between 2007 and 2012 was a CEO of Lewiatan Business Angels – one of the largest Business Angels Network in Poland and was acting as a Vice‐President of European Business Angels Network (EBAN 2009 – 2012). Prior to this experience Jacek worked as Consultant in Simon Kucher and Patners – global consulting company specializing in pricing, Analyst in Enterprise Investors Corporation – leading PE/VC Fund in the Central and Eastern Europe and as a Head of Product and Pricing in BMW Group (Poland and Germany). Jacek Błoński is an alumni of IESE Business School in Barcelona (Spain), where he finished Advanced Management Program, alumni of Singularity University in California (USA) and also holds Master Degree in Financial Management from the Higher School of Business – National Louis University in Nowy Sacz (Poland). He completed several courses and trainings related to management and investments organized by European Venture Capital Association (EVCA) and Angel Capital Association (ACA): Foundation Course for Investments Professionals, Advanced Training with Negotiations Module, Finance and Administration Course, Divestments Master Class, Valuation Master Class and Power of Angel Investing, Due Dilligence, Valuation, Portfolio Strategies or Divestments Strategies organized by Dave Berkus (http://www.berkus.com/). 14
Marek Borzestowski Marek Borzestowski is a serial entrepreneur, founder of successful internet businesses and partner in the Polish Israeli VC Fund ‐ Giza Polish Ventures. He has over 15 years of experience as a founder and member of the boards of WirtualnaPolska, Gruper.pl. Mind the Kids, InteliWISE and a founder of a first Polish think tank – Sobieski Institute and Sturtup Hub Poland Fundation. He graduated for a Technical University of Gdansk, studied at the University of Wales in Swansea in the UK and in the Nuclear Research Centre in Karlsruhe in Germany. Barbara Braun Barbara Braun is in charge of business and financial evaluation of R&D projects of General Programmes of FFG, the Austrian Research Promotion Agency. General Programmes is the division which focuses on bottom‐up funding for companies of all industries of any size. In this context, Barbara is an expert in different funding schemes (grants, refundable loans or combining both of them). She worked in this field for almost 10 years. Moreover, she is involved in an initiative named Bridge which matches SMEs with scientific/academic partners. Barbara focuses on the evaluation of R&D projects of biotech companies. As this industrial sector is dominated by start‐up companies, she accumulated an in‐depth knowledge in this area. Barbara also gathered experience with start‐up companies from an investor’s point of view while she was working for a Private Equity Capital Company. In a previous assignment she restructured the finance and accounting department of an Austrian office furniture manufacturer. As a management consultant, Mrs Braun worked in the manufacturing industry where she designed business processes and models. Radek Brzózka Radek Brzózka is a journalist working for Polish Public Television (TVP, Channel 1 and TVP Polonia – TVP’s international channel). In 2011 he started working on his own popular‐science show called „How stuff works?” (Jak to działa?). Its goal is to explain the basic rules behind many common appliances and natural phenomena in our everyday life and present the most recent achievements of science and technology. Radek’s goal is to not only explain fundamental laws of physics, biology, chemistry and other fields of science, but also to inspire viewers’ imagination and prove that scientific career could be extremely fascinating. „How stuff works?” is a great opportunity to promote Polish scientists – their projects and achievements. In private life Radek is a paragliding pilot and an active software developer fascinated by what today’s technology has to offer. 15
Prof. Jerzy Cieślik Prof. Jerzy Cieślik is director of the Center for Entrepreneurship at the Kozminski University in Warsaw. Prof. Jerzy Cieślik PhD graduated in 1971 from the Warsaw School of Economics (M.A. in Economics and International Business) and joined the academic staff of the School in the same year. In 1976 he obtained a PhD degree in economics (international economic relations) and habilitated in 1988. In 1990 he suspended his academic career and moved to business. He was a co‐founder of the Ernst & Young audit and consultancy firm in Poland. In the years 1990 – 2003 he served as Board Member and from 1996 to 2000 as Managing Partner of Ernst & Young Poland. He was responsible for building the consultancy practice in Ernst & Young Poland and later moved to tax and accounting service. He is a licensed tax advisor. In 2004 he became Professor at the Kozminski University in Warsaw, Poland, specializing in high‐
potential entrepreneurship (international, technology‐based entrepreneurship). Author of the leading academic textbook in Polish Ambitious Entrepreneurship “How to Start Your Own Business", WAiP, Warsaw, 2010. Currently Prof. Cieslik serves as a Director of the Center for Entrepreneurship at the Kozminski University. Since 2007 he coordinates the Academic Network of Entrepreneurship Educators in Poland (SEIPA) www.seipa.edu.pl. The purpose of SEIPA's actions is to create a solid educational base, which will facilitate the implementation of numerous forms of support for ambitious, innovative entrepreneurship within the academic community, particularly in the non‐economic higher education institutions. Prof. Jerzy Cieślik is a member of the Scientific Council of the Polish Enterprise Development Agency (PARP) and the National Entrepreneurship Council. Christian Dubarry Christian Dubarry is in charge of European affairs at Bpifrance (TAFTIE member). As such, he is in charge of EU related activities including relationships and collaborations between Bpifrance’s sectorial departments and EU institutions (EC, EIB, EIF), the Brussels’ office, promoting the bank’s involvement in EU SME financing initiatives, and providing internal support in terms of European activities. Previously, he was head of the unit gathering NCP and EEN resources at OSEO. Prior, he has been in charge of innovation support activities and EU projects, and has hold positions in the automotive industry. Christian is graduated from Ecole Centrale de Marseille. His past positions included: Head of European strategies OSEO – Paris, OSEO – Coordinator, Enterprise Europe – Bordeaux, Manager IRC / Deputy NCP – OSEO innovation – Bordeaux, IRC coordinator – Méditerranée Technologies – Marseille, Innovation consultant, EU projects manager – RHT – Marseille, Attache for science and technology ‐ French ministry of foreign affairs – Belgrade, Research engineer Renault – Rueil Malmaison. 16
Paweł Dziekoński Paweł Dziekoński holds the position of Credit Products Department Director at Deutsche Bank Poland. He is responsible for the mortgage deals, consumer finance and financial products for companies. Mr. Dziekoński has extensive experience in the banking sector and project financing. He had worked for a long time at Deloitte as director, then he managed a consulting team executing projects for Deutsche Bank PBC, PKO BP, BRE Bank, Raiffeisen Bank, BNP Paribas and Citi Bank. Paweł was involved as an advisor in key Polish financial market projects for the National bank of Poland, FSA, BGK and BFG. He gained experience as an Executive Director at Kredyt Bank, bankauditor at Ernst&Young and a member of Credit Risk Controlling and Quality Management Department at Bank BPH. Paweł Dziekoński has graduated from the Warsaw School of Economics, where he earned his Master’s degree and a PhD in finance and banking. He is passionate about capital markets, business development and risk management. José Fernando Figueiredo José Fernando Figueiredo is Chairman/President of AECM since 2007. AECM – European Association of Guarantee Societies, is the European Association of credit guarantee entities, a non ‐ profit organisation, based in Brussels, representing 39 members from 20 countries of the EU as well as Russia, Montenegro and Turkey. Our members have a total portfolio of more than 80 billion € in guarantees, helping around 2,1 million European SME and entrepreneurs getting access to credit financing to develop their investment projects or to support their business activities. He’s co‐founder of REGAR – Iberoamerican Network of SME Credit Guarantee Organisations, and Invited Member of the Consulting Council of ALIGA, the Latin American Guarantee Institutions Association. He is Chairman and Executive President of Norgarante, Lisgarante, Garval and Agrogarante – the four Mutual Guarantee Societies (MGS) in Portugal ‐ with a total share capital of 200 million euro and an outstanding portfolio of 3 billion euro in guarantees (6 billion in credits), managing more than a 100 thousand files. These guarantees helped the more than 60 thousand SME that are shareholders (mutuals) of the MGS to get access to credit financing for above 12 billion euro since foundation. Also Chairman and Executive President of SPGM – Holding of the Portuguese Mutual Guarantee Scheme that manages the public counterguarantee mechanism (around 950 million euro in own funds), a tool that partially guarantees the guarantees issued by the MGS and deals with the public agencies and the European Investment Fund ‐EIF, also acting as back‐office to all the entities in the Portuguese Guarantee Scheme. Alongside with guarantee activities José is also involved in the VC business as Chairman and partner of 2BPartner SCR, a small Venture Capital firm running a start‐up fund in partnership with local university and some private companies. He’s also member of Invicta Angles – the Oporto Business Angels Network. 17
José started his career at Inter‐Risco, at the time a joint Venture between the British VC 3i and BPI – one of the leading investment banks in Portugal, later he became member of the Board of IAPMEI – Portuguese Small and Medium Sized Enterprises Agency and Chairman and Executive President of PME Investimentos ‐ one of the major Portuguese Venture Capital and Private Equity Companies. José’s family business is in the wine sector and he also acts regularly as international consultant for several governments and international organisations. He holds a 5 year degree in economics and the frequency of a master in industrial economics. Also was an invited professor at Fernando Pessoa University in Porto office furniture manufacturer. Karol Król Karol Król is CEO of Crowdfunding.pl, vice president of the Polish Crowdfunding Society and co‐founder of Collaborative Economy Centre –a non‐profit foundation that helps young entrepreneurs organise financing and develop business and social projects. Author of the book "Crowdfunding. From idea to business, thanks to the crowd" and reports on crowdfunding, crowdsourcing and SME financing. Steve Nesbitt Steve Nesbitt has had a long career in industry and business management since graduating from University in the mid 1970’s. Steve has started 3 companies to date – a software house, venture capital business and a company, started as a concept on a single sheet of paper, that provided specialist parts for heavy trucks which ended up with Global sales and manufacturing in Poland, China and the USA. Steve has also been Chief Executive or Managing Director within industry 7 times ranging from businesses providing services for gas turbine maintenance to building the Eurostar train – the latter being the largest organisation with over 6,000 employees. He has also been directly involved in more than 30 spin out businesses from Universities across the UK and firmly believes the future high value companies are currently ideas within Universities around the world. Steve has always maintained it is the role of the Business Leader to create the right environment for everyone else to succeed and to be prepared to plan for the long term. He has created Customer Facing Strategies in all his businesses with an emphasis on understanding the Customers customer. Steve came to live in Poland full time 2 years ago to retire and complete the writing of an unfinished book but says people keep finding him jobs to do! 18
Barbara Nowakowska Barbara Nowakowska is Managing Director of PSIK, the Polish Private Equity and Venture Capital Association. Barbara Nowakowska has been managing PSIK for 11 years, working for promotion and development of private equity/venture capital industry in Poland and representing interests of the Polish private equity community. Barbara Nowakowska served as an expert on the Polish private equity and venture capital at the European Commission. Prior to joining PSIK in 2003, Barbara Nowakowska was a board member of an independent Polish telecom operator El‐Net S.A. Barbara Nowakowska holds an MA degree in economics. Michał Popiołek Michał Popiołek is head of Structured and Mezzanine Finance in mBank (former BRE Bank), Commerzbank Group. Michał has been working in the investment banking sector in banks and consulting companies for last 18 years, whereas last 15 years in mBank. In years 1999 – 2003 Michał was an investment director responsible for private equity investments of mBank (e.g. Vectra, Billbird, eCard). After the change of the bank’s strategy he has been responsible for the sale of portfolio investment (e.g. Telbank, Elektrim, Polcard, NIF’s). Since 2006, as a Director of Financial Investment Department and Head of Mezzanine Finance, he has been responsible for launching mezzanine activity of mBank. Since 2008 he has held the position of Head of Structured and Mezzanine Finance. In years 2000 – 2003 he was responsible for managing investments of BRE Fundusz Kapitałowy (investment subsidiary of BRE Bank).Prior to joining mBank, Michał worked two years in consulting for EVIP (corporate finance, controlling systems). From 1995 – 1997 he worked for Polski Bank Inwestycyjny S.A. (currently Kredyt Bank) as an investment officer and was involved in several M&A transactions. Prior to PBI he worked for Bank Handlowy w Warszawie S.A. (currently owned by Citibank) as an investment analyst. Prior to the banking activity Michał was co‐owner of software company selling software for construction businesses. Michał has been Supervisory Board Member of many companies (e.g. Vectra S.A., PKM DUDA S.A and mBankn Hipoteczny S.A., Xtrade S.A., BPT Telbank S.A., Mennica S.A., eCard S.A., BRE Agent Transferowy). He holds a Master degree in finance and banking from Warsaw School of Economics and completed the Advanced Management Program at IESE Business School in Barcelona. 19
Arek Skuza Arek is a Chief Revenue Officer, Entrepreneur and a Business maker – he creates companies from seed to growth, deals with exits, funding, sales team management. Arek also acts as a Fund raiser and prepares investors and their portfolio companies. Arek is the Entrepreneurship Business Expert at Adam Smith Research Centre, where he is reviewing strategies of European start‐
ups and growing companies, identifying and assessing the pros and cons of possible strategies in fund raising field as well as advising about fund raising strategies, especially on global arena. Interviewed by Forbes, Newsweek, Huffington Post, Harvard Magazine, Newsweek and more. In 2013 Arek was ranked one of the 50 (26th) most creative entrepreneurs in Poland – according to Brief Marketing Magazine. Karolina Tarnawska Karolina Tarnawska is Treasury & Credit Risk Director at Grupa Żywiec SA (part of Heineken Group). Karolina Tarnawska is responsible for liquidity, insurance, banks relationship and for credit risk management including credit block release, collection and litigation. GZ delivers beer to 60 000 clients including wholesalers, retailers, owners of hotels, restaurants and cafe as well as big multinational clients. She was responsible for designing credit policy rules and implementation it in cross country. Karolina started her carrier at ING Bank where she was responsible for the relation with the main customers of the bank, she managed the accounts with main focus on sales of credit. After that she moved to McDonald's Polska Sp. z o.o. where she was managing Treasury part for 3 years. She graduated Warsaw Economic School, Finance and Banking faculty. In free time, she is sharing free time between her family (she has three daughters) and Foundation MyMind which she established together with her colleague last year. 20
CONFERENCE NOTES ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… 21
CONFERENCE NOTES ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… ……………………………..………………………………………………………………………………………………………………… 26

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