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EVOLUTION of VENTURE CAPITAL in AUSTRALIA 12Th February, 2014 EVOLUTION OF VENTURE CAPITAL IN AUSTRALIA 12th February, 2014 WHITE PAPER BY SNOWBALL GROUP Level 3, 296 Collins Street Melbourne Victoria 3000 Phone: (613) 9005 2124 Email: [email protected] www.snowballgroup.com.au “Disinterest by private equity investors is resulting in companies leaving our shores in droves and seeking private equity investment in more liquid markets. With them we are losing our innovation, our talent, our commercial future.” Snowball Group - Evolution of Venture Capital in Australia 3 Evolution of Venture Capital in Australia We take a brief look back in history at private equity funds, venture capital funds and start-up funding in Australia and attempt to predict what the future holds. Compared to the USA, Europe and throughout Asia when it comes to investing in start-up and early stage ventures, risk averse Australian investors show a distinct lack of interest and a blatant distain for even bringing them up as an alternative asset class or an investment option. On the other hand, private equity buyout funds and investment in large private companies appears strong, even if Australian institutional investors have abandoned the they’ve demonstrated a genuine appetite private equity sector over the last couple of for some of Australia’s largest and iconic decades. What does this mean for private companies. This hasn’t been without its trials equity investment, and in particular the and tribulations. Nevertheless, amongst a venture capital sector’s future? We take a brief plethora of choice, especially coming out of look back in history at private equity funds, the emerging economies, in particular Asia, venture capital funds and start-up funding they have persisted and continue to show a in Australia and attempt to predict what the genuine interest in Australian businesses. future holds. There is no doubt the strength of the Unfortunately, the Australian Venture Capital private equity buyout sector in recent (VC) sector hasn’t faired as well. In fact, times has been due to some of the largest Australian start-up ventures and early stage private equity firms in the world appearing companies looking for capital to grow their on our shores. Since mid-2008 onwards companies are now abandoning Australian 4 Snowball Group - Evolution of Venture Capital in Australia investors in droves and going offshore. paper reviews the evolution of the venture We are losing our most valuable assets, capital and private equity investment sector “innovation and creativity”. It’s going to in Australia and attempts to determine what overseas investors who’re less risk averse lies in ahead. and more visionary. Overseas venture capitalists and angels appear to be more entrepreneurial and prepared to invest in ventures with higher risk and longer-term horizons than their Australian counterparts. However, those that look to Australia are few in number and constrained in what they can allocate to ‘Down Under’ investments. When it comes to investment in innovation at the seed to start-up stages, irrespective of the public rhetoric and relatively meagre In the beginning... incentives offered by Government, local investor support is abysmal. This isn’t a The origin of VC funds and private equity swipe at those who’ve tried valiantly to (PE) buy-out funds in Australia occurred support start-ups over the last decade. No, relatively recently in our short history. In the we have the greatest respect for those who 1970’s the first VC firm was ‘International clearly have identified where Australia’s Venture Corporation’ Pty Ltd (IVC), dedicated future lies – and it’s not mining and riding to private capital transactions. Indicative on the sheep’s back. It’s more of a hard of the times, the types of early venture long glare at institutional investors, angel capital investments IVC focused on included investors, large VC and PE fund managers, aquaculture, road surfacing and concrete, and more generally at sophisticated consumer finance, leasing, property services, investors who consistently show a marine equipment manufacturing, intensive preference for risk aversion and short- piggeries, off-peak heater manufacturing, term gain, sticking with classical stocks Australian film production, laser equipment, and property investments, without much mineral exploration and pyrophyllite 1 foresight for the future of the country. extraction and processing . To shed light on why this continues to occur ‘Enterprise Management of Australia in Australia while the USA and Asia are in Corporation’ (EMA) followed IVC two years a frenzy investing in innovative start-ups, later. EMA invested in the tourism and let’s first take a step back in time. This white leisure sector, as well as the manufacturing 1. We highly recommend you read ‘Inside Private Equity’ by Bill Ferris, which provides an insightful account of the private equity and venture capital scene in Australia. This book published in 2013 by Allen & Unwin is a main source of many of the historical accounts in this article. In particular refer to pages 208 – 240. Snowball Group - Evolution of Venture Capital in Australia 5 and services sectors. IVC and EMA had mixed momentum in private equity investment results, both selling off their assets in the started picking up pace, it hit a brick wall 1980s. at the first sign of trouble. This began a continuing trend that remains today, Another participant in the private capital reflecting the risk averse nature and short- sector was Hambro-Grantham focusing on tem perspective of Australian investors, small technology companies operating under with little or no commitment to intrinsic 2 the MIC scheme and establishing a parallel value and long-term investment. Right from fund. the gecko Australia’s private equity and venture capital sector faced a rocky pathway, Other initiatives in the 1970’s included the continually stopping and starting in line Australian Innovation Corporation aimed at with health of the financial and economic getting investment in early stage ventures, climate. As we will see, even government and the government owned Australian support and incentives, whether or not done Industry Development Corporation (AIDC) politically derived, or whether considered focused on major manufacturing and mining as ultimately ill conceived have never project finance. The AIDC also invested in been able to overcome the deep seeded small advanced-technology ventures. One structural and cultural problems faced by of their most notable investments was in the Australian private equity sector and local Optus, later going on to ultimately become investors. a subsidiary of the SingTel Group out of Singapore. At he end of the 1970’s it was evident that private equity financial returns weren’t “Right from the gecko compelling enough to shift the attitudes Australia’s private equity and of large superannuation fund managers venture capital sector faced a rocky and their investors away from risk-averse pathway, continually stopping and investment. Industry funds were sufficiently catered for from the steady and less risky starting in line with health of the returns of the top 100 listed companies, financial and economic climate. “ treasury bonds and inflation-driven property assets. Here lies the conundrum. The Although there was evidence of moderate introduction of equity capital markets in success, during those early years there were Australia has been good and bad for the also a number of unsuccessful ventures modern world, and in particular Australia involved in computer equipment, telecoms since their introduction. The ability of and software development. The result publicly listed companies to trade their was an immediate pullback by investors shares on stock exchanges has considerable from private capital investing. Just as the 2. Management and Investment Companies (MIC) scheme was a program introduced in 1984 to encourage investment in innovative startup technology businesses. It offered financial, strategic and administrative assistance to venture capital investors. The government issued MIC licenses to companies who satisfied the Government’s strict criteria. By the end of 1991 the MIC program achieved relatively good success with $225.4 million invested in 155 companies. The scheme provided upfront tax deductions. As a result the tax incentive tended to dominate investors’ motives rather than the investment outcome itself. 6 Snowball Group - Evolution of Venture Capital in Australia benefits in the investment world. It enables and institutional shareholders about the companies to raise capital through their immediate impact to earnings in the next IPO and then later in secondary market quarter. activity. It attracts a wider range of investors from institutional investors, sophisticated investors, to retail investors. It provides greater liquidity within short time frames, with the safety that comes from regulation, strict compliance requirements, operating on a transparent trading market platform. Continuous disclosure is undoubtedly a major plus for having public companies. It ensures fair play and avoids the likelihood of insider trading and ill-informed decisions by buyers and sellers. Over the years Government has stepped in to stimulate private However for all its benefits, the antithesis equity investment is the cultivation of an investment culture where investors generally focus on high In the 1980’s, as a consequence of a 3 turnover, short-term horizons, for market government review a report was released driven gain. There is little
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