René Savelsberg five years ago helped set up Chrysalix Set as a €50m ($64m) fund backed by Netherlands-based utilities Delta and Essent.
Savelsberg, chief executive of Chrysalix Set, said: “Delta and Essent were both mandated by the Dutch government to set up this fund. They looked for management to run the fund and for people who had a history in corporate venturing, speaking the language of corporates in the venturing world. Through their relationship with Chrysalix EVC and Robeco, they came to know us – Wouter Jonk [Chrysalix Set’s managing director] and myself. They asked us to consider doing this and we jumped on it. We were at Philips corporate venturing.”
Savelsberg joined the Philips corporate venturing unit in 1998 in Palo Alto, California. Between then and 2007, he worked in various roles across Philips both in the US and Europe. His work at Philips goes back to 1985. Before that, he spent two years at Inad Computer Group in Eindhoven,
Netherlands. He studied technology management at the Eindhoven University of Technology.
Lessons from the top: Savelsberg said: “Where most corporates go wrong is they want to do direct investing in early-stage companies, but most corporates do not think through what it means to be shareholder in a small company and what kind of issues you have to deal with. Corporations should set up corporate venturing groups, which are part fund of funds and part direct investment vehicle, so they can gain knowledge where a target company is on the right track to create strategic value for them, before participating directly at a later stage. If they invest in VC funds, like Set Fund, they stimulate the VC community to provide strategic value options for themselves earlier on. Executing those options right will have an influence on their share price.”