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Investment Forum Programme (version 8)

Tuesday 14 September 2010

10.00	Registration open
12.30-13.45	Buffet lunch
(13.00)	Welcome Chair: Reinhard Goebl, Investment Forum Advisory Board, Austria Lena Gustafsson, AALA President, Sweden Henning Seiding, Welfare Tech Region, Denmark
13.45-14.00	Short Break
14.00-15.30	MARKET AND DYNAMICS Chair: Rafael de Andrés Medina, AAL Association, Spain [Draft summary:] The introductory session discusses commercial aspects of the European AAL market from a variety of viewpoints: a journalist, an economist, and a public procurer perspective. AAL market opportunities for the Venture Capitalist NN, Mandag Morgen, Denmark (TBC) Economic opportunities, demographic shift and welfare entitlements in Europe Ib Oustrup, CEO of the Danish Society of Engineers, Denmark (TBC) Unmet needs George Macginnis, PA Consulting, United Kingdom
15.30-16.00	Coffee break
16.00-17.30	PRIVATE INVESTING Chair: Juan Carlos Castrosin, Pi&Pi, Spain [Draft summary:] Experienced private investors from different sectors will discuss their industry to suggest ways for AAL entrepreneurs and public investors to find private investment partners. Life Sciences and ICT from a VC point of view Dr. Nissim Darvish, Orbimed Advisors, Israel Seed Fund Raising: don't forget Angels! Roberto de Saint-Malo, Adara Venture Partners, Spain Financing companies in the new environment – challenges and opportunities Yuval Binur, Accelerated Technologies Partners, United States
17.30	Break
19.00	Reception at Odense Town Hall Buses depart from OCC at 18.30

Wednesday 15 September 2010

9.00-10.30	ENTREPRENEURS Chair : Urs Guggenbühl, University of St. Gallen [Draft summary:] What are the key ingredients for a commercially successful company in the AAL market? Learn from a business, from a business development initiative, and from a matchmaker A success story in the market place: Doro Jérôme Arnaud, DORO AB, Sweden Analysis: what does it take to be a successful entrepreneur? Katy Lethbridge, SEHTA, United Kingdom Need of fund raising and process Kenneth Larsen, Keystones, Denmark	(Regions workshop – not public, invitation only)
10.30- 11.00	Coffee Break
11.00-12.30	Closing Panel: What is the right mix of public and private investors? Chair: Peter Saraga, AAL Association [Draft summary:] The closing panel discussion will bring together public and private investors to explore what all players can do to promote investment and development of the AAL sector and to determine next steps. Initial statements: Regional needs in AAL investments Mikkel Hemmingsen, Syddanmark Region, Denmark View from Europe Erika Mann, former MEP, Germany Private investor Dr. Nissim Darvish, Orbimed Advisors, Israel Finnish SITRA or Vaekstfonden No reaction View from the European Investment Bank EIB representative TBC? Discussion
12.30-13.00	Lunch break before the opening of the AAL Forum

All sessions take place in OCC, room Fyn. All breaks will be in the Foyer.

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George MacGinnis PA Consulting Group

Roberto has extensive experience finding, making and managing direct equity investments. Involvement with over 20 companies, including Cambridge Broadband and eDreams, have provided him with knowledge and experience that is highly valuable for early-stage ventures. Roberto has been making direct equity investments since 1995. He was Executive Director of BHI Corporation and Founder & Managing Partner of tech-VC Latin Rim. During this time he has executed and managed 20 investments, achieving a 25% IRR on completed investment cycles. Roberto’s pre-Adara technology investment experience includes ventures such as Cambridge Broadband (Cambridge, UK), eDreams (Barcelona) and Energia Global (Boston / San José, Costa Rica). He specialises in delivering out of the ordinary programmes and has significant recent experience in shaping and delivering innovative service improvements

Website Changes

The site has been down for a while as a result of job changes and alterations to my work processes. There has been increasing levels of unnecessary overlap as a result of tackling a wide variety of issues within the same space. As a result, Ive had a bit of a spring clean recently.

For fans of the political, economic and social issues covered, the news clippings sections are being split into three seperate sites:

The first is Grimsdale's Ire, focusing on social issues and public policy failure between institutions.

The second is Heron's Eye, focusing on political accountability and propaganda.

The third is Mobius' Loop, focusing on innovation and examining waste of budgets and resources.

These sites are geared towards allowing contribution from multiple users, to contribute visit Nortons Peel for more information. If you were not already aware, Nortons Peel also exists as a directory for navigating organisational issues easier.

For fans of music and cultural press issues, the news clippings sections will eventually move to a new news platform, which is yet to be announced.

My original opinion pieces are going to still be added to this site for the time being, although they may eventually migrate to another site at a later stage.

Music News Bulletin - 30/01/09

Worldwide Independent Network (WIN) appoints Chairman and Vice Chairs
"The Board meeting of the international independent music association WIN at Midem this year marked the completion of AlisonWenham’s two-years of inaugural Presidency, which has seen this grouping extend its membership to labels and independent music trade associations in 25 countries across all continents, while providing collective impetus for the formation of Merlin (www.merlinnetwork.org) to work with the independent sector in commercial exploitation of their copyrights.

The WIN Board unanimously requested Wenham to continue to lead the organisation for the next two years. In line with firmer constitutional proposals relating to structure and funding of WIN, which were also agreed, the organisation reserved the Presidency as a titular position for a possible future appointment and Wenham was voted Chairman. The widening business and geographical focus of WIN was recognised with the appointment of four Vice Chairmen: David Vodicka, Chairman of Australian Independent Records (AIR); Mark Chung, Chairman of German independents trade body VUT; Portia Sabin, representing the American Association of Independent Music (A2IM); and Duncan McKie, President and CEO Canadian Independent Record Production Association (CIRPA)." [RecordOfTheDay]

BPI not impressed with IP Minister’s comments
"Needless to say really, record label trade body the BPI wasn't thrilled by those previously reported comments made by the UK's Intellectual Property Minister David Lammy and printed in The Times. As previously reported, Lammy told the paper that he didn't think the government could introduce laws to force ISPs to cut off persistent file sharers - as some have suggested should happen - because such measures would be wrapped up in legal problems.

But perhaps more worryingly for those who advocate new laws to force net firms to take a more proactive role in policing online piracy, he implied he wasn't completely convinced about the need for legislation to combat filesharing, telling the paper: "We can't have a system where we're talking about arresting teenagers in their bedrooms. People can rent a room in an hotel and leave with a bar of soap - there's a big difference between leaving with a bar of soap and leaving with the television"." [CMUDaily]

WIN reappoint Wenham to top job
"Elsewhere in trade body news, the globally focused body for the indie label sector, the World Independent Network, has confirmed that Alison Wenham, boss of the UK's Association Of Independent Music, will continue to head up the worldwide indie body too. She was re-elected into the top job at a meeting at MIDEM, though her job title will change from President to Chairman because of plans to appoint a titular President to act as a spokesperson for the body." [CMUDaily]

Meeting in the Commons to discuss copyright term
"A meeting organised by the all important Parliamentary Jazz Appreciation Group and recording royalty body PPL next Monday will discuss all things copyright extension. The meeting will take place in the House Of Commons, though will centre more on the progress of legislation at a European level regarding increasing the European recordings copyright term from the current fifty years to something nearer the 95 year term enjoyed by record labels in the US." [CMUDaily]

More from the Tenenbaum Case - The last big P2P lawsuit squabble
"The Recording Industry Association Of America is appealing the judge's ruling regarding the webcasting of that previously reported P2P court case against Boston University student Joel Tenenbaum. As previously reported, the Havard law professor advising Tenenbaum, Charles Nesson, requested that the court case - what could be one of the last RIAA P2P lawsuits against an individual file sharer given the trade body's recent change of strategy - be webcast on the internet, arguing that the case was of great interest to the net community and it should be made public in a way they are comfortable with. Somewhat surprisingly, Judge Nancy Gertner agreed.

The RIAA don't want the case to be webcast to the world, possibly because, while US copyright law is generally on their side when it comes to illegal file sharing, all sorts of tricky and, for the record industry, tedious technicalities can come up when cases go to court. Such technicalities being aired over the web could look bad for the record industry." [CMUDaily]

Music News Bulletin - 23/01/09

Sharkey talks though at MIDEM
"More MIDEM, and the boss of cross-industry trade body UK Music, Feargal Sharkey, often the consolatory voice in the room when the music industry feels it is being abused by government or the internet industry, delivered some fighting talk in his speech.

First the UK government. Despite Culture Secretary Andy Burnham putting pressure on the ISPs to take a more proactive role in combating online piracy, and more recently saying that the government were no longer completely against the idea of extending the sound recording copyright, Sharkey said British ministers should do more to help the music business.

Welcoming the French approach to online piracy (putting obligations on the ISPs to act - and to cut off file sharers - into law), and noting that the UK industry often relied on European legislation to protect label and artists' interests, he said: "Whether it's ensuring that a private copying exception is met with some sort of compensation mechanism, or term extension for sound recordings or simply protection of a creator's moral rights, why is it that UK creators are constantly having to seek support from Brussels and not on our own doorstep?." [CMUDaily]

Industry may start pushing for legislation on net-piracy policing as ISP negotiations falter
Whether it's led by UK Music or the BPI or another trade body, someone may need to step up their lobbying activity regarding making internet service providers take more responsibility for tackling online piracy.

As much previously reported, record label trade body the BPI and six ISPs last year signed a memorandum of understanding which saw the net firms commit send out warning letters to suspected file sharers as a way of preparing the ground for more detailed discussions on how the record companies and net firms could work together to combat piracy and collaborate on new digital music services that could be bundled into ISP's monthly subscriptions." [CMUDaily]

Illegal downloads don’t equate to lost sales, says U.S. judge
"A sort of interesting ruling in the US courts now which may have an impact on how content owners calculate their losses in online piracy cases.
The ruling comes from a criminal copyright action against Daniel Dove, who ran the Elite Torrents message board in 2004 and 2005, providing access to illegal sources of both music and movies. He's already been jailed for 18 months for his involvement in the infringing torrent group, and was ordered to pay a $20,000 fine.

However, two parties, the Recording Industry Association Of America and movie makers Lionsgate Entertainment, have also made claims for 'restitution'; basically they want to be compensated for the losses they claim they suffered as a result of Dove's torrent service (legally speaking, restitution is subtly different to compensation, but that's in essence what they want)." [CMUDaily]

Rough Trade distribution has MBO
"More indie distribution news for you, and Netherlands-based Rough Trade Distribution, linked back in the day to the London based record shop and label but long since a separate entity, has been bought out by its management." [CMUDaily]

Survey Finds ISPs Number One Choice Of Music Provider
"An international survey of more than 1300 music fans has found that the music industry is offering them the wrong kind of new music services. In the research conducted by The Leading Question and Music Ally in the UK, US and France, music fans overwhelmingly backed Internet Service Providers as their favoured music supplier when asked to choose amongst a variety of possible providers.

46% of the survey chose ISPs as their number one music service provider, compared to 10% preferring cable/satellite TV providers, 5% opting for mobile operators while a meagre 3% considered handset manufacturers best placed to deliver music to them. ISPs were also rated top choice provider for ‘unlimited’ music services, this despite mobile operators and handset manufacturers currently offering more of these services." [MusicAlly]

Music News Bulletin - 16/01/09

Talent retains value in publishing: Companies look to grow alternative revenue streams as mechanical income falls
Financial worries may have continued to impact the music industry over the past 12 months but, while record labels have dealt with their diminishing returns through reduced A&R budgets, the big publishers have remained aggressive when it comes to securing new artists. The year’s most sought-after deals – names such as White Lies, Glasvegas and Iglu & Hartly - managed to enter the higher regions of the six-figure price tag, while some of the big songwriter deals eclipsed even this.

As revenue from mechanical royalties continues to fall, however, the publishing sector is beginning to evaluate the validity of those artists worth their signature in new ways. Areas that in the past may have merely supplemented income from record sales can today create key revenue streams for artists and publishers and an artist’s potential in this area can make or break a deal." [MusicWeek]

Sony could post losses of a billion
"I lost a ten pound note the other week and found the whole experience quite stressful, so imagine what it must feel like to lose $1.1 billion. Well, that's the losses Sony Corp might post for the current financial year, ending 31 Mar, according to sources cited by Billboard.

Although some analysts reckon the mainstream entertainment industry will probably be hit less than most by the recession (despite the current turmoil in music retail) as consumers turn to relatively cheap music, film, games and telly to cheer themselves up (instead of more expensive luxury goods or premium pursuits) the economic downturn is already having a big negative impact on those who make and sell consumer electronics, as consumers put off buying that new TV or camcorder amid fears of mounting job insecurity. For an entertainment conglom like Sony, whose electronics business is key, this is not good news." [CMUDaily]

Global digital music sales grow as music industry develops new business models
"The music industry has transformed its business models, offering consumers an increasing range of new services with leading technology partners. Yet generating value in an environment where 95 per cent of music downloads are illegal and unpaid for is still the biggest challenge for music companies and their commercial partners.

The digital music business internationally saw a sixth year of expansion in 2008, growing by an estimated 25 per cent to US$3.7 billion in trade value. Digital platforms now account for around 20 per cent of recorded music sales, up from 15 per cent in 2007. Recorded music is at the forefront of the online and mobile revolution, generating more revenue in percentage terms through digital platforms than the newspaper (4%), magazine (1%) and film industries (4%) combined." [RecordOfTheDay]

Music News Bulletin - 16/01/09

Legal free music service We7 has signed a deal with leading independent music label group, Beggars.
"The deal will allow We7 users access to around 20,000 tracks from Beggars’ catalogue. The tracks will be available on demand, for free, ad-funded streaming and users will also be able to buy them from the We7 online store in high-quality MP3 format.

We7 has music from all four major labels as well as hundreds of independents through deals with distributors including PIAS, The Orchard, Finetunes, InGrooves, Iris and Believe, with individual labels and now Beggars Group.

"Discussions with Beggars, and Simon Wheeler in particular, on digital music in the early days of We7, were both illuminating and significant to the development of our business,” says We7 CEO Steve Purdham. “As such, it is a great honour, to be able to sign a deal with such an influential label group, and to be able to offer our users access to their incredible music catalogue."" [MusicWeek]

One Little Indian/FatCat sign deal with PIAS
"One Little Indian and FatCat records are pleased to announce finalising a new deal with PIAS, who will be taking on UK-wide distribution for all new releases and back catalogue.

Renowned indie institution One Little Indian is currently home to Icelandic leftfield superstar Björk, collaborative ‘The Fireman’ project from Beatles legend Paul McCartney and cult producer Youth. Also of note is acclaimed singer-songwriter Jesse Malin, who has recorded with QOTSA front man Josh Homme and Bruce Springsteen amongst others.-
Since its inception in 1985 One Little Indian has always prided itself on working with artists it feels deserve a wider audience; musicians who make music for the simple pleasure of doing so – passionate about their craft and refreshingly free of pretence." [RecordOfTheDay]

New State ties up distribution deal
"Label group New State Entertainment has become the latest former Pinnacle client to sign a new distribution deal, putting pen to paper with EMI. The deal will cover the company’s physical distribution in the UK. New State will continue to handle its own label digital distribution and New State Digital aggregation business. New State co-director Tim Binns explains, “When Pinnacle went into administration it was a real shock and we had to move fast to tie up a deal for our 2009 and beyond release schedule." [MusicWeek]

Stock crisis for indie labels in warehouse war: “Unlawful” legal threat by Pinnacle creditor denies labels half their stock
"Independent label bosses pulling their hair out in frustration at the slowness of repatriating their stock from Pinnacle have been hit with another shock, after a warehouse landlord threatened to withhold millions of pounds worth of product because he is a major creditor of Pinnacle.

The move is a terrible blow for some companies, who are reporting that as much as half their stock is still held in Pinnacle’s four warehouses, more than a month after the distributor collapsed. Just before Pinnacle went under it held around 8m units of stock, with the majority thought to be at its Teardrop Centre in Swanley, Kent. However, it is now understood the landlord of that complex is owed £50,000 by the distributor and has attempted to put a lien on the stock until payment is made." [MusicWeek]

Anger at more Pinnacle delays and landlord stock claims

"With numerous indie labels increasingly frustrated that they have CDs they could and should be selling locked in the warehouses of defunct distributor Pinnacle, there is anger at the news the landlords of one of those warehouses are trying to claim ownership of some of their stock in lieu of fifty grand of rent they are owed by the collapsed firm.

Many labels are still having to wait to get CDs back, even though they technically own the stock. There are both legal and logistical reasons for the delays - one big problem is that staff who knew their way around the warehouses are long gone so even when labels have permission to get their CDs it's hard for the skeleton staff who remain at Pinnacle bases to find them." [CMUDaily]

EU Public Affairs Monitor - 16/01/09

MA judge OKs streaming of music-swapping hearing
"A federal judge on Wednesday authorized the first online streaming of oral arguments in a U.S. District Court in Massachusetts in a copyright infringement lawsuit that pits a Boston University graduate student against the music recording industry.

U.S. District Court Judge Nancy Gertner restricted the live streaming to a Jan. 22 hearing, saying she will decide later whether to make other proceedings in the case, set for March 30 trial, available online.
The lawsuit is one of a series filed by the Recording Industry Association of America since 2003 against about 35,000 people who allegedly swapped songs online. Most of those sued are college students, and many have defaulted or settled for amounts between $3,000 and $10,000, often without legal counsel." [Google]

DtecNet, the anti-piracy outfit replacing MediaSentry as the RIAA’s chief evidence collector, also operates in several other countries. The Danish company is working for the BPI in Britain in support of its drive to force a “3 strikes” regime, and helping in Australian investigations against alleged pirates. We take a closer look.
"Earlier this month it was confirmed that the RIAA was dumping its anti-piracy partner, MediaSentry. After five years of legal action and mass lawsuits it decided its relationship with the notorious tracking company should come to an end. Some commentators believed that this signaled the end of the RIAA’s legal action against file-sharers, but that is definitely not the case.

The RIAA will now be working with DtecNet, a Danish anti-piracy tracking company which employs largely the same techniques as MediaSentry, but the aims will be slightly different in the majority of cases. The new tactic for the IFPI-headed music industry is to target ISPs instead, lobbying governments to implement the dreaded “3 strikes” or “graduated response” scheme reported so often in recent months." [TorrentFreak]

Universal digital chief on iTunes, DRM, and Android
"Rio Caraeff didn't come up in the music business scouring nightclubs and honkey tonks for talented new acts. Caraeff, executive vice president of Universal Music Group's eLabs, has a background in mobile technology and software. Nonetheless, he just might be the prototype for the label exec of the future.

Unlike more traditional industry suits, Caraeff doesn't believe litigation is the answer to piracy. He doesn't believe in copy-protection software. He doesn't believe that the music industry needs to find a strong competitor to Apple to flourish. What he does believe in nurturing new revenue streams and pruning 10-click online music shopping to one. He believes in the power of mobile devices to sell music (he says Google's cell phone, Android, is proving to be a powerful music-buying tool)." [CNet]

Longer copyrights for songs would deal a blow to our cultural heritage
"If Charlie McCreevy, the European commissioner for the internal market, has his way, the copyright on music will be extended from 50 to 95 years, making the Beatles' ‘Yesterday' and their other early hits ‘free' not in around six years' time but 50 or more years from now.

McCreevy's proposed directive, on which the European Parliament's legal affairs committee will vote in February, pleases the recording industry, which has long lobbied for it, but it has provoked fierce criticism from economists and lawyers. Their criticism is not surprising, for the industry's arguments are flimsy. The Commission has nonetheless been persuaded, aided probably by the idea of a ‘musicians' fund', which would receive 20% of the revenue from selling old recordings.
But most economists argue that a ten-year term should be enough to ‘incentivise' the creative muse. And, for those interested in Europe's culture, the downside of long protection would be that a large part of our heritage would be consigned to a commercial vacuum, with numerous works orphaned because their authors cannot readily be located.

The European Commission acknowledges the problem in the directive's ‘use it or lose it' clause. But this is so poorly drafted it would have little practical effect." [EuropeanVoice]