1
Dr. Bert W.M. TwaalfhovenMBA Harvard and B.S., Ph.D. Fordham
Serial Entrepreneur, Angel and V.C. InvestorFounder of EFER and Europe’s 500
REE ConferenceMunich – September, 2006
Indivers PhenomenonIndivers Phenomenon
www.efer.nl Copyright: Bert W.M. Twaalfhoven
Working with 25 Universities in 10 Countries
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Index
From Aluminium to Turbine
Local to Global: Indivers’ Companies
Resources – NetworkR+D from 25 universities in 10 countries
650 students from 21 universities in 10 countries
Entrepreneurial Talent
Failure + Risk
Lessons
Early History
3
Index
From Aluminium to Turbine
Local to Global: Indivers’ Companies
Resources – NetworkR+D from 25 universities in 10 countries
650 students from 21 universities in 10 countries
Entrepreneurial Talent
Failure + Risk
Lessons
Early History
4
Came back from Alcan Aluminium Montreal to Europe to start the first indepedent aluminium extrusion company in Europe.
After 3 years - as minority share holder - I failed and started a specialized tool and die company to produce dies and tools for aluminium extrusions. This became very successful in one year and from it came a large number of technology spin off / new opportunities.
Aluminium Factory
5
Technology Spin-Offs -> New Opportunities
Aluminium Extrusions
Tools – dies for Aluminium
Spark: EDM/ECM/Laser
Altap – cutting toolBob Cad U.S.A.
Centriforce - EuropeJohn Twaalfhoven
Cad Cam
Tool and die companies for plastic Bottles and plastic pipes
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0
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Turbine bladesGraphite
Semi-ConductorMachining
Technology Spin-Offs -> New Opportunities
Turbine Engines – BIG BROTHERA 50-YEAR LIFE INDUSTRY!
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0
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0
7
Flight Engines,airlines
StationaryTurbines,
utilities
Parts Trading
Technology Spin-Offs -> New Opportunities
RepairAirline parts
Honeycomb(diaper tools)
Coating HT Coating
Spare Engines
Repair
Machining TestingMachining
CeramicCoating
USSR
RepairNew Parts
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0
0
0
0 0
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Index
From Aluminium to Turbine
Local to Global: Indivers’ Companies
Resources – NetworkR+D from 25 universities in 10 countries
650 students from 21 universities in 10 countries
Entrepreneurial Talent
Failure + Risk
Lessons
Early History
9
Indivers40 years
Until 1960
1960-1970
1971-1980
1981-1990
Almax UK
1991-2002
ReynoldsAluminiumExtrusions
Almax (dies)
Ribby Auto-wasserette
WasseretteNL
WasseretteDWasserette
B WasseretteCH
Indivers’ CompaniesRed = Failure
LaundryHow/ when companies
spanned into new acitivities
10
Indivers40 years
Until 1960
1960-1970
1971-1980
1981-1990
Ramix NLAlmax
FR AltapXycarb N.V
Almax IT
Temper (HT)Blomix NL
Almax NL Intech
Troika j.vLouwers
Almax UK Alectro j.v.
1991-2002
ReynoldsAluminiumExtrusions
Almax (dies)
Ribby Auto-wasserette
WasseretteNL
WasseretteDWasserette
B WasseretteCH
Indivers’ CompaniesRed = Failure
Laundry
Tooling
11
Indivers40 years
Until 1960
1960-1970
1971-1980
1981-1990
Ramix NLAlmax
FR AltapXycarb N.V
Almax IT
Temper (HT)Blomix NL
Almax NL Intech
Eldim
Troika j.v
Elbar NL
Eldim + Walbar j.v.
Louwers
Eldim Czech
Almax UK Alectro j.v. Finco(PW4000)
Elbar Poland
Elbar SingaporeElbar Wood j.v.
ScotlandElbar Boston
HickhamHouston j.v.
1991-2002
Reynolds
Sparctec
AluminiumExtrusions
Almax (dies)
Ribby Auto-wasserette
WasseretteNL
Wasserette DWasserette B
WasseretteCH
Indivers’ CompaniesRed = Failure
Laundry
Tooling
Turbine
12
Indivers40 years
Until 1960
1960-1970
1971-1980
1981-1990
Danvers seals
Ramix NLAlmax
FR AltapXycarb N.V
Almax IT
Repair
Temper (HT)Blomix NL
Almax NL
Bob Cad
Intech
Interturbine D
Repair
Logistics
Eldim
Troika j.v
Vachyd
Coating NLDayton j.v
Elbar NL
Eldim + Walbar j.v.
Louwers
Eldim Czech
InterturbineBoston HT
Almax UK Alectro j.v. Finco(PW4000)
Elbar Poland
Elbar SingaporeElbar Wood j.v.
ScotlandElbar Boston
HickhamHouston j.v.
Interturbine NL
InterturbineSingapore
1991-2002
IntertuirbineDallas
Interturbine LA
HTHoney Comb
HT
Repair
Casing
Airfoil
Coating
Innovent
Semi-conductor
InterturbineDetroit
InterturbineIndianapolis
InterturbineMTL HT
Interturbine Toronto HT
Reynolds
V.Ardenee D
Sparctec
InterturbineUkraine
TEAM
Fansteel
Pratt & Whitney
Centriforce
Xibbix
AluminiumExtrusions
Almax (dies)
Ribby Auto-wasserette
WasseretteNL
Wasserette DWasserette B
WasseretteCH
Indivers’ CompaniesRed = Failure
Laundry
Tooling
Turbine
Engage
VDA
13
Indivers40 years
Until 1960
1960-1970
1971-1980
1981-1990
Danvers seals
Ramix NLAlmax
FR AltapXycarb N.V
Almax IT
Repair
Temper (HT)Blomix NL
Almax NL
Bob Cad
Intech
Interturbine D
Repair
Logistics
Eldim
Troika j.v
Vachyd
Coating NLDayton j.v
Elbar NL
Eldim + Walbar j.v.
Louwers
Eldim Czech
InterturbineBoston HT
Almax UK Alectro j.v. Finco(PW4000)
Elbar Poland
Elbar SingaporeElbar Wood j.v.
ScotlandElbar Boston
HickhamHouston j.v.
Interturbine NL
InterturbineSingapore
1991-2002
IntertuirbineDallas
Interturbine LA
HTHoney Comb
HT
Repair
Casing
Airfoil
Coating
Innovent
Semi-conductor
InterturbineDetroit
InterturbineIndianapolis
InterturbineMTL HT
Interturbine Toronto HT
Reynolds
V.Ardenee D
Sparctec
InterturbineUkraine
TEAM
Fansteel
Pratt & Whitney
AluminiumExtrusions
Almax (dies)
Ribby Auto-wasserette
WasseretteNL
Wasserette DWasserette B
WasseretteCH
Indivers’ CompaniesRed = Failure
Laundry
Tooling
Turbine
QI Tech
Fanamation
Aalberts Industries
North Atlantic Associates
Gilde VC
Schneider Associates
EDS
XibbixEngage
VDA
Centriforce
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Index
From Aluminium to Turbine
Local to Global: Indivers’ Companies
Resources – NetworkR+D from 25 universities in 10 countries
650 students from 21 universities in 10 countries
Entrepreneurial Talent
Failure + Risk
Lessons
Early History
15
Indivers40 years
Germany
Italy
France
USA
Netherlands
Russia
Finland
Indivers’ Universities & Research Institutions Network: 25 Institutions; 10 Countries
BelgiumChina
Denmark
DLR
Risö
Paton
Onera
Eindhoven
CFI
QingdaoUniversity
Apri Institute
Helsinki Institute of Technology
LEUVEN
Aachen
NLR
ECN
Delft
TNOKema
InstituteNCLR Twente University
BU
Dayton Ohio
HBS
MIT
National Institute of Science & Technology
University of Berkeley
Penn State
Chinese talent
CranfieldU.K.
Cambridge U.K.
U.K.
Engi
ne te
ch.
Cad ca
m
Power stations
EDM / ECM
Engine parts
Competition
EDM + laser
CeramicE
nerg
yMachin
ingCeramic
Ceramic
EDM
CMR
Testing
Engine tests
EDM
Stationary turbine
16
Indivers40 years
Germany
Canada
France
USA
Netherlands
UK
Croatia
Indivers’ Students Network for the Competitor Analysis: 650 Students; 21 Institutions; 10 Countries
SloveniaSpain
Switzerland
IMD
Cambridge
Insead
University of Amsterdam
York
IESE
Georgia
St. Gallen
Ljubljana
Aachen
NyenrodeUniversity
Eindhoven
TU Delft
Twente University
Stanford
Tufts
HBS
MIT
University of Texas
Wharton
Zagreb
17
Indivers40 years
J. Blaak*
J. Aalberts
E. Bonsel
T. Roberts
P. Tavakolly
A. Codlin*
B. Schneider*
H. Stomphorst
H. Prinz
T. Liebermann
F. Becker
H. Li
I. Preuschen*
T.T. Tan*
B. Waugh*
J. Schneider*
A. Buckland
J. Aird
G. Walsh*
Germany
Italy
Iran
USA
Netherlands
UK
Australia
PEOPLE: Indivers’ Manager Resources: 30 Managers; 10 Nationalities
Singapore
R.Tivey
J. Schaefer
J.Wood*
China
G. Carter
S. Lombardi
T. van Schaick*
W.Beele*
A. van Noord
Switzerland
McKinsey + Panam
Rolls Royce
AVCO Engines
AirworkOverhaul
General Electric
Hoogovens
Engineer
Jet Aviation
QQMF Co
Exco
Spiejo
HBS
HBS
WavinEngineer
CERN CH
PhD Cranfield
Lufthansa
Australian Engineering
Siemens
Stork
Cummens
HBS HBS Millacron
Ernst & Young
Engineer, Singapore
HBS, General Electric
Student, HBS
J. Ellis
Doncaster U.K.
LTU
*= Shareholder
D. van Maanen
Engineer
A. Dijk
18
Indivers Board
members
D. Van DijkL. de BlokA. de la PorteH. DoppenbergJ. Erkelens
Germany
Russia
USA
NetherlandsUK
PEOPLE: Indivers’ Board Resources– 25; 7 Nationalities
Singapore
France
Former Minister of economics
D. TweedleyJ McDonald
ABN banker
KLM VP
University President
R. AbrahamsonGeneral StoklaD. KrookL. van DoorneM. Twaalfhoven
Banker + KLM VP
NL AirforceF16
Aerospace
Entrepreneur + VC
S. RicciC. StitzleinF. HintzeL. ClarksonF. TwaalfhovenR. Carriker
CEO + VC
HBS, McKinsey
B. Roux de Bezieux
HBS, VC
Ex-manager Vachyd
President, Aerospace Co.
President, P&W Engines
HBS, GM Interturbine
CEO, Aerospace Co.
G. Rengasamy
Singapore Airlines
HBS, VCR. LiertzK. Klaisner
McKinsey
CEO, Tool Co.
Aerospace
President,Mercedes SA
H. VogelE. Stoekle
D.Bosky
HBS, VC
Lawyer
VP Russian Co.
Boeing, VP
S. RicciC. StitzleinF. HintzeL. ClarksonF. TwaalfhovenR. Carriker
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Indivers
Intech
Fanamation
Eldim
Interturbine
Finco(PW4000)
InterturbineSingapore
Aluminium
WasseretteCH
Indivers’ Financial Network: 17 Supporters
AMRO
MIP
Liof
NIB
BOM
Gilde
ABN AMRO
EED
Raven-Somary
EDB
DBS
ARD
Palmer
Security Pacific
T.V.M
3i
Electra
USA
Switzerland
Netherlands
Singapore Europe
Financial Network
30 x investments
20
Indivers
Xycarb N.V
Almax NL North Atlantic Associates
Eldim
Troika j.v
Dayton j.v
Elbar NL
Alectro j.v.
Finco(PW4000)
HickhamHouston j.v.
InterturbineNL
InterturbineSingapore Aluminium
WasseretteD
WasseretteCH
Indivers’ JV Network: 18 Partners, 9 Countries
Vachyd
Germany
Russia
USA
Switzerland
Netherlands
China
UK
Singapore
CanadaJVs
ElectrotoolsUSA
Fansteel USA
Schneider USA
WalbarUSA
Von ArdenneGermany
VachydGermany
Sulzer CH
Somary/ZehnderCH
Mayfield UK
Rolls Royce, UK
Wood UK
Delta UK
QQMFChina
FincoBank NL
Young Canada
Kruger Canada
EDB Singapore
PatonUkarine
Ultra Carbon
21
Index
From Aluminium to Turbine
Local to Global: Indivers’ Companies
Resources – NetworkR+D from 25 universities in 10 countries
650 students from 21 universities in 10 countries
Entrepreneurial Talent
Failure + Risk
Lessons
Early History
22
Indivers40 years
Tooling Companies
Turbine
Intech
Business development
J. AalbertsE. BonselT. RobertsS. LombardiD. van Maanen
- K. Lupertz- M. Locatelli
T. van SchaikP. TavakollyA. CodlinT.DoeschateB. ClemensJ. FoxB. SchneiderH. StomphorstN. BarakatI. PreuschenT.T. TanW. SchimkatP. Lobello
M. BarryT. LiebermannF. TwaalfhovenJ. SchneiderA. Buckland
J. BongaertzJ. WyersP. JansenA. Dijk
Germany
Italy
Iran
USA
Netherlands
UK
PEOPLE: Indivers’ Managers who became Entrepreneurs
Singapore
Saudi
AalbertsIndustries
Arinco
Phoenix
Holland Tooling
Euroturbine
IT Logistics
Kaye Instruments
NAAJSA
Clare Inc.
JABRO
BobCad
Centriforce
Bob TwaalfhovenJ.Twaalhoven
Total turbine Services (Partnership)
BarakatInternational Corp
Dass & Associates
Copperfield Inc
Internet Co. Engage
Mocrotools
Jetturbine
PreuschenGMBH
JETASS
T. TwaalfhovenMark Twaalfhoven
C. Rijneveld
Schrecklen& Gieskes
H. Prinz
Prinz Immobilien
Aluteam
Alpha Metal
Pierre-Mario
Buy-out RamixR. Taylor
Taylor Ltd
Reesink
Fanamation
QI-Tech
Innovent
23
Index
From Aluminium to Turbine
Local to Global: Indivers’ Companies
Resources – NetworkR+D from 25 universities in 10 countries
650 students from 21 universities in 10 countries
Entrepreneurial Talent
Failure + Risk
Lessons
Early History
24
Indivers40 years
Danvers seals
Almax FR
QI Tech
North Atlantic Associates Troika j.v
Finco(PW4000)
Elbar Singapore
Elbar Boston
Repair
Airfoil
Semi-conductor
Spartec
PatonUkraine
AluminiumExtrusions
WasseretteCH
15 Failures - $55 Million Loss
Finance & Technology
Culture
Culture & Market
Management
Management
Culture & Management
Market & Finance
Market & Finance
Culture
Technology
Quality Control
Chinese Culture
Technology, Culture & Management
25
Index
From Aluminium to Turbine
Local to Global: Indivers’ Companies
Resources – NetworkR+D from 25 universities in 10 countries
650 students from 21 universities in 10 countries
Entrepreneurial Talent
Failure + Risk
Lessons
Early History
26
Average Experience 200 Start-Upsincluding 54 of Bert Twaalfhoven
Profits
Losses
B
A
Losses
B
A
Months 12 24 36 48 60Lossesstopped
Lossesrecouped
Bert W.M. Twaalfhoven / EFER E-mail: [email protected] pending
Start-capital
-80%
BA
1st plan Actual
27
Advice from 40 Years of Experience
Know what you do not knowIt is not what you know, but who Compensate with networks
Opportunities / ideas a distinctionOpportunities are everwhere
Understand your industryReview your competition globally – annually
Risk taking is a long deep roadShare and outsource your risksOutsource your required resources
“Failure is the Basis of Succes” (Chinese proverb)
28
Index
From Aluminium to Turbine
Local to Global: Indivers’ Companies
Resources – Network
Entrepreneurial Talent
Failure + Risk
Lessons
Early History
Early History of Bert Twaalfhoven
11-16AGE
Holland: World War II 1945 bombardment and hunger, 3 summers work on farm
18 USA: Fordham NY scholarship + 15 jobs, unemployed 2 weeks in California – picking fruit with Mexican wetbacksHarvard Business School scholarship + 3 jobs e.g. newspaper \boy, research INdustrial DIVERSification
27 Canada: Alcan- Cost Accountant + consolidation of all subsidiariesIDEA for aluminium extrusion in Holland
29 Holland: Try to start aluminium factoryStarted 1st European coin-up laundry (First success)Aluminium factory started (J.V. minority) in Harderwijk and failed
34 Holland: Started Almax tool factory with 6 peopleMonopoly within first 10 years -1st major success
Europe: Diversify into other tool factories, exit wasserettes39
42 Global: Diversify tool technology into turbine applications for aircraft & airlines
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Dr. Bert W.M. TwaalfhovenEFERArena Office Park 1Marathon 9H1213 PE HILVERSUM / THE NETHERLANDS
phone: +31 (35) 642 0709fax: +31 (35) 642 0609e-mail: [email protected]
Researchers:- Mrs. V. Kugi (ex-HBS, JFK School of Government)- Mrs. Y. Myint (CfEL, Judge Business School, Cambridge)
Copy right EFER
