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The Dawn of the Deep Tech Ecosystem

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The Dawn of the Deep Tech Ecosystem The Dawn of the Deep Tech Ecosystem Journalist Exclusive Content Release Embargoed Until 00:01 ET on 14 March 2019 MARCH 2019 BCG and Hello Tomorrow Deep Tech Publication First Abstract Release "The report is based on in-depth interviews, market research, examinations of funding, patent and publication data, and a survey of more than 2,000 startups from the Hello Tomorrow Challenge, which assesses deep tech startups on four criteria: technological innovation, business model, team skills, and expected impact. The report examines seven fields of deep tech endeavor and the roles of multiple types of deep tech ecosystem participant. We take a tour of the evolving deep tech ecosystem and offer some observations on how the different types of participants can maximize the value of their efforts. If indeed we are on the cusp of a new era in technology R&D, we set the stage for what is to come and, in particular, how corporations, investors, and startups need to think about their roles in the future." 1 Copyright by Boston © 2019 Consulting Group. All rights reserved. Agenda 1 2 3 4 Deep tech is on R&D is changing China and the US are Meet the new the rise globally leading the deep breed of tech race deep tech startups Slides: 3-11 Slides: 12-16 Slides: 17-19 Slides: 20-27 2 Copyright by Boston © 2019 Consulting Group. All rights reserved. 1. Deep tech is on the rise globally 3 Copyright by Boston © 2019 Consulting Group. All rights reserved. DT Market Growth 1 Global Private Investments In Deep Tech Have Soared +22% 17,886 16,407 14,509 9,854 2015 2016 2017 2018 Private investments in deep tech companies ($M) Includes investment in seven deep tech categories: advanced materials, artificial intelligence, biotechnology, blockchain, drones and robotics, photonics and electronics, and quantum computing. Private investment sums are based on transactions with disclosed amounts. Some 41% of private investments in deep tech companies remain undisclosed. Source: Capital IQ, Quid, BCG Center for Innovation Analytics 4 Copyright by Boston © 2019 Consulting Group. All rights reserved. DT Market Growth 1 Deep Tech Is a Global Phenomenon: ~8,600 Companies in ~70 Markets United States (4198) Greater China (746) Germany (455) United Kingdom (435) Japan (363) South Korea (329) Canada (312) France (241) Israel (195) Switzerland (147) India (129) Australia (107) Sweden (103) Netherlands (78) Italy (70) Spain (66) Singapore (65) Denmark (59) Finland (41) Belgium (41) Ireland (39) Austria (35) Norway (33) New Zealand (26) Russia (23) Poland (20) Sources: Tableau; BCG Center for Innovation Analytics. Portugal (10) Note: Analysis is based on 8,682 deep tech companies related to 16 technologies across seven categories: advanced materials, artificial intelligence, biotechnology, blockchain, drones and robotics, photonics and electronics, and quantum computing. Exhibit is missing geographic information for 199 companies. Greater China includes mainland China, Hong Kong, Macau, and Taiwan. 5 Copyright by Boston © 2019 Consulting Group. All rights reserved. DT Market Growth 1 Deep Tech Companies Attract More Private Investment than Others Median private investment funding $M (2015-18) Deep Tech 24.00 Non Deep Tech 8.52 3.97 3.85 3.89 4.39 2.00 2.64 0.80 1.00 1.80 1.07 1.27 1.30 Advanced Artificial Biotechnology Blockchain Drones & Photonics & Quantum Materials Intelligence Robotics Electronics Computing Note Quantum computing has only 8 deep tech companies, with two raising a combined $64 million in 2016 and 2017. Source: Capital IQ, Quid, BCG Center for Innovation Analytics 6 Copyright by Boston © 2019 Consulting Group. All rights reserved. DT Market Growth 1 Corporate Investing in Deep Tech startups rising Sum of private investments ($M) Count of private investments 6,000 300 4,179 4,000 3,773 200 3,464 2,212 2,000 100 0 0 2015 2016 2017 2018 Funding year Count of private investments with corporate participation Includes investment in seven deep tech categories: advanced materials, artificial intelligence, biotechnology, blockchain, drones and robotics, photonics 7 Copyright by Boston © 2019 Consulting Group. All rights reserved. and electronics, and quantum computing. Source: Capital IQ, Quid, BCG Center for Innovation Analytics Trends driving DT 2 What is Driving Deep Tech rise? 1 2 3 The Rise of New Falling Barriers Growth in Platform of Entry Available Capital Technologies Source: BCG and Hello Tomorrow analysis 8 Copyright by Boston © 2019 Consulting Group. All rights reserved. Trends driving DT 2 1/ Deep Tech is the Next Stage of Continuous Progress in Platform Technologies Chips & Computers Internet Digital & Mobile Deep Technologies 1960s-70's 1980s-90's 2000's - Present 2010 – Future Silicon chips enabling modern Processing power enabled new Available all the time, Giving more and more autonomy day computing level of advancements everywhere to machines, and engineering life at a large scale Desktop computers Global instantaneous connectivity Information spreads like wildfire Impact on industries and society still hard to fathom Source: Pew Research Center; Science & Technology Facilities Council; BCG and Hello Tomorrow experience 9 Copyright by Boston © 2019 Consulting Group. All rights reserved. Trends driving DT 2 2/ Barriers to Entry have Significantly Decreased to Enter Cutting- edge Research Data Software and Computing Open IP Ease of access More data Progress Increase of environment to information available in ML/AI computing power AI algorithms are public, Internet, 65-70% of global 90% of global data was Virtualization of research AWS; essentially TESLA making patents population owns a cell generated in last two years; exponential growth in available; Microsoft settling phone 66% by consumers power with Linux and joining the community Hardware Biology Process Decrease Easier access Increase in use Gene sequencing Increase Dissemination of in overall cost to 3D printing of IoT and editing as a of interdisciplinary open innovation of hardware From home to industrial, 10 to 50 devices p.p. from service more reliable, more 2016-2022 research practices materials, millions of free and applications designs Source: Expert interviews; BCG and Hello Tomorrow analysis 10 Copyright by Boston © 2019 Consulting Group. All rights reserved. Trends driving DT 2 3/ Capital Investment in Startups Continuously Expanding Current trends of increased capital Historic investment in tech startups deployment in tech fields Capital invested in tech startups globally (USD B) 250 215 ~30% 37% 200 Increased capital Non-tech corp. 172 invested in European investing in European 158 152 startups tech 150 5-yr CAGR 5-yr CAGR 12-17 12-17 115 100 75 67 65 57 54 47 50 50 37 38 29 30 23 22 26 ~20% 20% Increased deal Increased number flow in European 0 of unique investors startups 5-yr CAGR 5-yr CAGR 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 12-17 12-17 With such growth in AuM expected, anticipation of continued and expanded investment in "other types of investments" (i.e. startups) 11 Copyright by Boston © 2019 Consulting Group. All rights reserved. Source: Pitchbook; Dealroom; BCG analysis 2. R&D is changing 12 Copyright by Boston © 2019 Consulting Group. All rights reserved. BCG and Hello Tomorrow Deep Tech Publication First Abstract Release "Is the shape of technology R&D changing? Is a new model emerging for developing and commercializing deep technologies — novel technologies that still require some advances to be market ready but from which enormous impact is expected? Are the central roles with respect to the development of new scientific discoveries and their transfer to commercial applications traditionally played by large entities and institutions—corporations, governments, universities and others—being increasingly augmented, and in some instance replaced, by startups? Do the many stakeholders with a basic interest in technology R&D need to rethink how they play the game? The overarching answer to all these questions is, yes." 13 Copyright by Boston © 2019 Consulting Group. All rights reserved. DT Ecosystem Dynamics 3 The Deep Tech Ecosystem encompasses diverse types of actors CORPORATIONS technology integration, industrial & commercial capabilities UNIVERSITIES & RESEARCH CENTERS USER IP, talent STARTUPS agility & speed to quickly find new product/market fit GOVERNMENTS INVESTORS FACILITATORS investing in basic research, cash, business guidance, local & international connections, setting the right fiscal & legal network mentoring, facilities env. to foster innovation Source: Hello Tomorrow analysis 14 DT Ecosystem Dynamics 3 Increased Sophistication Towards Innovation from corporations Strategic objectives of internal and external innovation units Description CVC 1 Equity investments to assess and access Mergers Business Incubation new growth opportunities and acquisitions (Incubator and Accelerator) Incubator (“Hatch”) Create new and sustainable business models along a structured approach New CVC 1 Business Incubation (Incubator and Accelerator) Partnerships Support of and cooperation with start-up companies in early stages Tech transfer Tech Transfer Scouting/identification and transfer of innovation/technology by external sources Adjacent into corporate (e.g., IP licensing) Proximity tobusiness core Proximity Strategic partnerships Partnerships/joint ventures that Incubator (“Hatch”) drive incremental revenue for BU Internal research and development Mergers & Acquisitions (M&A) Core Acquisition of developed
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