SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes...
Transcript of SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes...
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BNY MELLO
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BNY Mellon
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Panelists
Rena
Nakashima, M
oderator
BNY Mellon
Brennan Klose
Olivia Hun
tInno
vatio
n Financing Ro
undtable
Inno
vatio
n Financing
Roun
dtable
Leslie Platt
Samuel M
oyer
Leslie Platt a
nd Associates L
LCInno
vatio
n Financing
Roun
dtable
Tina
Neal
Perseverance Capital Adviso
rs
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Inno
vatio
n B
onds
:In
trodu
ctio
n
For D
iscu
ssio
nO
ctob
er 2
013
Cop
yrig
ht ©
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
2013
![Page 7: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/7.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
CO
NTE
NTS
1
•In
trod
uctio
n
•R
&D
Bus
ines
s Fr
amew
ork
•In
nova
tion
Bon
ds
•Va
lue
Cre
atio
n: C
omm
erci
al A
gree
men
ts v
ia
Oth
er T
rans
actio
n A
utho
rity
•M
arke
t Gro
wth
and
Acc
eler
atio
n
•Im
pact
: Inn
ovat
ion
Pro
duct
s, J
obs,
and
E
cono
mic
Gro
wth
•Q
&A
![Page 8: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/8.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
AM
ERIC
A N
EED
S A
NEW
INN
OVA
TIO
N F
INA
NC
ING
EC
OSY
STEM
Lega
cy R
&D
fu
ndin
g sy
stem
New
mod
ern
Am
eric
an
inno
vatio
n fin
anci
ng
ecos
yste
m
Am
eric
a’s
choi
ce
•In
nova
tion
stru
ggle
s•
Inno
vatio
n th
rives
Goa
ls•
Est
ablis
h 21
st c
entu
ry m
arke
t-bas
ed in
nova
tion
finan
cing
sy
stem
−O
pen
stan
dard
s fo
r tec
hnol
ogy
trans
actio
ns−
Inno
vatio
n de
als
& a
sset
cla
sses
−E
cosy
stem
of p
artic
ipan
ts, s
ervi
ce p
rovi
ders
and
stru
ctur
ed
trans
actio
ns c
atal
yzed
by
CD
FA a
nd c
olle
ague
s•
Mod
erni
ze d
eliv
ery
of g
over
nmen
t R&
D fu
nds
via
−C
omm
erci
al a
gree
men
ts−
Sta
ndar
d tra
nsac
tion
tem
plat
es−
Exi
stin
g le
gal a
utho
ritie
s−
Sys
tem
atic
eng
agem
ent w
ith th
e ca
pita
l mar
kets
Sou
rce:
Cur
rier &
Ives
; tea
m a
naly
sis
2
![Page 9: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/9.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
CO
NTE
NTS
3
•In
trodu
ctio
n
•R
&D
Bus
ines
s Fr
amew
ork
•In
nova
tion
Bon
ds
•Va
lue
Cre
atio
n: C
omm
erci
al A
gree
men
ts v
ia
Oth
er T
rans
actio
n A
utho
rity
•M
arke
t Gro
wth
and
Acc
eler
atio
n
•Im
pact
: Inn
ovat
ion
Pro
duct
s, J
obs,
and
E
cono
mic
Gro
wth
•Q
&A
![Page 10: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/10.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
•Glo
bal R
&D
: ~$1
.5 T
•US
A O
vera
ll R
&D
: ~$4
00 B
•US
Gov
ernm
ent R
&D
: ~$1
50 B
R&
D S
PEN
DIN
G, 2
013
Sou
rce:
Bat
telle
, NS
F
![Page 11: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/11.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
•Cas
h flo
w 1
: R&
D p
roje
ct s
tage
sup
port
−Sou
rces
: priv
ate
com
pani
es, N
GO
s, g
over
nmen
t−U
ses:
pay
for R
&D
pro
ject
sta
ges
−Sec
uriti
zabl
e
•Cas
h flo
w 2
: pro
duct
reve
nues
afte
r pro
duct
reac
hes
mar
ket
−Sou
rces
: pro
duct
sal
es
−Use
s: c
ompa
ny re
venu
es a
nd p
rofit
s−N
ot e
asily
sec
uriti
zabl
e
CA
SH F
LOW
S IN
R&
D P
RO
JEC
TS
![Page 12: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/12.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
CO
NTE
NTS
6
•In
trodu
ctio
n
•R
&D
Bus
ines
s Fr
amew
ork
•In
nova
tion
Bon
ds
•Va
lue
Cre
atio
n: C
omm
erci
al A
gree
men
ts v
ia
Oth
er T
rans
actio
n A
utho
rity
•M
arke
t Gro
wth
and
Acc
eler
atio
n
•Im
pact
: Inn
ovat
ion
Pro
duct
s, J
obs,
and
E
cono
mic
Gro
wth
•Q
&A
![Page 13: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/13.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
•The
con
cept
is to
sec
uriti
ze th
e go
vern
men
t co
mm
itmen
t for
fund
ing
thro
ugh
issu
ing
taxa
ble
bond
s, in
clud
ing
via
cond
uit i
ssue
rs
•The
fede
ral c
omm
itmen
t will
be
pled
ged
to a
co
rpor
ate
trust
ee o
n be
half
of b
ondh
olde
rs
•The
com
mitm
ent o
f app
ropr
iatio
ns w
ill b
e su
ffici
ent
to p
ay in
tere
st a
nd p
rinci
pal o
n th
e bo
nds
•Eac
h bo
nd w
ill b
e cu
stom
ized
to m
eet t
he n
eeds
of
the
Bor
row
er’s
cas
h flo
w c
onsi
dera
tions
and
ex
pect
ed c
ompl
etio
n of
mile
ston
es
INN
OVA
TIO
N B
ON
D F
INA
NC
ING
: TA
XAB
LE
SEC
UR
ITIZ
ATIO
N
![Page 14: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/14.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
•Bon
dhol
ders
will
look
onl
y to
the
assi
gnm
ent o
f the
fe
dera
l con
tract
and
any
rese
rve
fund
s to
repa
y th
e bo
nds
•Bon
dhol
ders
adv
ance
the
fund
s in
to a
pro
ject
fund
ad
min
iste
red
by th
e tru
stee
•Bor
row
er a
cces
ses
fund
s on
ly a
fter s
ucce
ssfu
l co
mpl
etio
n of
spe
cific
sci
entif
ic m
ilest
ones
•If s
cien
ce fa
ils, t
he d
eal i
s co
llaps
ed a
nd fe
dera
l go
vern
men
t mus
t mak
e a
term
inat
ion
paym
ent t
hat
will
mak
e bo
ndho
lder
s w
hole
SEC
UR
ITY
FOR
TH
E TA
XAB
LE IN
NO
VATI
ON
BO
ND
S
![Page 15: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/15.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
•Tax
able
due
to fe
dera
l rep
aym
ent s
tream
•No
exem
ptio
n fro
m re
gist
ratio
n
•Reg
iste
red
or P
rivat
e P
lace
men
ts O
nly
•Rul
e 14
4a Q
ualif
ied
Inst
itutio
nal B
uyer
s
•Sho
rt M
atur
ities
Lik
ely
< 10
yea
rs
PRO
POSE
D S
TRU
CTU
RE
OF
INN
OVA
TIO
N B
ON
DS
![Page 16: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/16.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
•Fed
eral
gov
ernm
ent a
ppro
pria
tes
no m
ore
than
wou
ld h
ave
unde
r FA
R ru
les,
and
mos
t lik
ely
less
as
the
priv
ate
sect
or
will
inve
st in
a m
ore
certa
in o
utco
me
and
com
pany
will
co
ntrib
ute
at le
ast 1
0%
•The
ava
ilabi
lity
of fu
nds
allo
ws
borr
ower
to m
ove
at th
e sp
eed
of s
cien
ce a
nd w
ithou
t bur
eauc
ratic
del
ays,
has
teni
ng
the
deve
lopm
ent o
f the
end
pro
duct
•Sci
entif
ic m
ilest
ones
are
del
inea
ted
and
agre
ed to
by
the
scie
ntifi
c re
view
com
mitt
ee, w
hich
will
incl
ude
a m
ajor
ity o
f go
vern
men
t sci
entis
ts, s
o no
loss
of c
ontro
l
•Im
porta
nt c
atal
yst f
or ju
mps
tarti
ng jo
bs a
nd in
nova
tion,
le
adin
g to
pro
duct
s th
at b
enef
it pu
blic
hea
lth a
nd s
afet
y
FED
ERA
L G
OVE
RN
MEN
T A
ND
INN
OVA
TIO
N B
ON
DS
![Page 17: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/17.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
CO
NTE
NTS
11
•In
trodu
ctio
n
•R
&D
Bus
ines
s Fr
amew
ork
•In
nova
tion
Bon
ds
•Va
lue
Cre
atio
n: C
omm
erci
al A
gree
men
ts
via
Oth
er T
rans
actio
n A
utho
rity
•M
arke
t Gro
wth
and
Acc
eler
atio
n
•Im
pact
: Inn
ovat
ion
Pro
duct
s, J
obs,
and
E
cono
mic
Gro
wth
•Q
&A
![Page 18: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/18.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
•Wha
t is
the
Fede
ral A
cqui
sitio
n R
egul
atio
n?
•Def
initi
on o
f the
Oth
er T
rans
actio
n A
utho
rity
•His
tory
of t
he O
ther
Tra
nsac
tion
Aut
horit
y (e
.g.
NA
SA
, DA
RPA
)
•The
Oth
er T
rans
actio
n A
utho
rity
perm
its
com
mer
cial
agr
eem
ents
, with
out b
urde
nsom
e le
gacy
sys
tem
•Oth
er T
rans
actio
n A
utho
rity
is fe
asib
le th
roug
hout
al
l Fed
eral
age
ncie
s
OTH
ER T
RA
NSA
CTI
ON
AU
THO
RIT
Y A
ND
CO
MM
ERC
IAL
AG
REE
MEN
TS
![Page 19: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/19.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
TRA
NSL
ATIO
NA
L FI
NA
NC
ING
OB
STA
CLE
S A
ND
SO
LUTI
ON
S
13
Phase 1 ‐ R
esearch
(Fun
ding
Gap)
Phase 2 ‐ Tria
ls(Fun
ding
Gap)
Phase 3 ‐ Tria
ls
IF (A
ll Ph
ases)
30.1
20.1
2IF (P
h1 & Ph2)
30.2
21
3IF (P
hase 1 only)
3.45
12.3
13
Tradition
al Fun
ding
Mod
el4
13
13
02
46
810
1214
IF (A
ll Ph
ases)
IF (P
h1 & Ph2
)
IF (P
hase 1 only)
Trad
ition
alFund
ing Mod
el
TIme to Com
mercia
l Availability (Yrs)
Phase 1 ‐ R
esearch
(Fun
ding
Gap)
Phase 2 ‐ T
rials
(Fun
ding
Gap)
Phase 3 ‐ T
rials
•A
dmin
istra
tive
burd
ens
•Fu
ndin
g ga
ps•
Unc
erta
in m
arke
t co
mm
itmen
tsLe
gacy
ob
stac
les
Inno
vatio
n Fi
nanc
ing
solu
tions
•C
omm
erci
al
agre
emen
ts•
Fund
ing
cont
inui
ty li
nks
•M
ilest
one
succ
ess
paym
ents
•A
dvan
ce m
arke
t com
mitm
ents
•Li
mite
d co
inve
st-
men
t*
•Ex
tens
ive
coin
vest
-m
ent*
*Ava
ilabl
e C
o-in
vest
men
t = n
et p
rese
nt v
alue
(NP
V) o
f mile
ston
es a
nd a
dvan
ce m
arke
t com
mitm
ents
, adj
uste
d fo
r con
tinui
ty li
nk ri
sk
and
adm
inis
trativ
e bu
rden
/del
ay ri
skS
ourc
e: T
eam
ana
lysi
s
NP
V c
ash
flow
sou
rces
??
?
??
??
?
?
![Page 20: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/20.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
•Why
not
just
refo
rm th
e Fe
dera
l Acq
uisi
tion
syst
em?
•NA
SA
and
DA
RPA
dea
l with
com
plex
pro
blem
s, a
nd
com
mer
cial
izat
ion
intro
duce
s ev
en m
ore
stak
ehol
ders
•Com
mer
cial
agr
eem
ents
allo
w fo
r col
labo
rativ
e fin
anci
ng –
cruc
ial i
n th
e R
&D
spa
ce
•Com
mer
cial
agr
eem
ents
rais
e th
e ce
iling
on
deal
co
mpl
exity
, a q
ualit
ativ
e, d
ynam
ic c
hang
e
THE
DYN
AM
IC P
OTE
NTI
AL
OF
CO
MM
ERC
IAL
AG
REE
MEN
TS
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Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
CO
NTE
NTS
15
•In
trodu
ctio
n
•R
&D
Bus
ines
s Fr
amew
ork
•In
nova
tion
Bon
ds
•Va
lue
Cre
atio
n: C
omm
erci
al A
gree
men
ts v
ia
Oth
er T
rans
actio
n A
utho
rity
•M
arke
t Gro
wth
and
Acc
eler
atio
n
•Im
pact
: Inn
ovat
ion
Pro
duct
s, J
obs,
and
E
cono
mic
Gro
wth
•Q
&A
![Page 22: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/22.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
•It t
akes
tim
e to
dev
elop
new
ass
et c
lass
es to
fin
ance
pro
ject
s in
new
mar
ket s
egm
ents
•Fin
ance
able
pro
ject
s ca
n cr
eate
new
leve
ls o
f liq
uidi
ty a
nd c
atal
yze
fast
er, l
arge
r dea
l flo
w
•Con
vent
iona
l pro
ject
fina
ncin
g to
ols
depl
oyed
for
the
first
tim
e in
the
inno
vatio
n sp
ace
can
grea
tly
acce
lera
te A
mer
ican
inno
vatio
n in
the
21st
cent
ury
MA
RK
ET G
RO
WTH
AN
D A
CC
ELER
ATIO
N
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Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
CO
NTE
NTS
17
•In
trodu
ctio
n
•R
&D
Bus
ines
s Fr
amew
ork
•In
nova
tion
Bon
ds
•Va
lue
Cre
atio
n: C
omm
erci
al A
gree
men
ts v
ia
Oth
er T
rans
actio
n A
utho
rity
•M
arke
t Gro
wth
and
Acc
eler
atio
n
•Im
pact
: Inn
ovat
ion
Prod
ucts
, Job
s, a
nd
Econ
omic
Gro
wth
•Q
&A
![Page 24: SERIES WEBCAST ...advice. The Bank of New York Mellon Corporation and any of its subsidiaries makes no express or implied warranty regarding such material, and hereby expressly disclaims](https://reader034.fdocuments.in/reader034/viewer/2022050111/5f489013ee1c7118a714a8ad/html5/thumbnails/24.jpg)
Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
•Eas
ier p
roje
ct fi
nanc
ing
will
incr
ease
inno
vatio
n pr
ojec
t dea
l flo
w
•Inn
ovat
ion
proj
ects
are
big
job
crea
tors
of h
igh
valu
e jo
bs
•If R
&D
mov
es 2
x fa
ster
, with
2x
priv
ate
coin
vest
men
t, th
en R
&D
sec
tor e
cono
mic
gro
wth
ca
n in
crea
se b
y up
to 4
00%
IMPA
CT:
INN
OVA
TIO
N P
RO
DU
CTS
, JO
BS
AN
D
ECO
NO
MIC
GR
OW
TH
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Inno
vatio
n Fi
nanc
ing
Rou
ndta
ble
CO
NTE
NTS
19
•In
trodu
ctio
n
•R
&D
Bus
ines
s Fr
amew
ork
•In
nova
tion
Bon
ds
•Va
lue
Cre
atio
n: C
omm
erci
al A
gree
men
ts v
ia
Oth
er T
rans
actio
n A
utho
rity
•M
arke
t Gro
wth
and
Acc
eler
atio
n
•Im
pact
: Inn
ovat
ion
Pro
duct
s, J
obs,
and
E
cono
mic
Gro
wth
•Q
&A
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•Que
stions, answers a
nd disc
ussio
n
For f
urth
er in
form
atio
n:
•Tin
a N
eal,
Prin
cipa
l, P
erse
vera
nce
Cap
ital A
dvis
ors
LLC
tnea
l@pe
rsev
eran
ce-c
apita
l.com
804-
334-
2507
•Sam
uel M
oyer
, Ana
lyst
,In
nova
tion
Fina
ncin
g R
ound
tabl
esa
mue
l.moy
er91
@gm
ail.c
om70
3-77
2-12
84
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