Aug 20, 2020 at 3: 11 pm

Clusters & Capital: 10 Challenges to Overcome

Investors capital, business angels & corporate venture teams; a growing number of innovation clusters are starting to look into ‘capital’. But how should an innovation cluster tackle the challenges they will face developing a capital strategy? And how can clusters connect their strategy capital with the bold work coming from the EIC?

Christian Rangen

12 MIN READ

By: Christian Rangen & Victor Haze 

Over the past five years, we have worked closely with clusters, cluster managers and national cluster programs. One of us as an advisor, the other as an Innovation Manager. Most of the clusters we have met are firmly grounded in the Triple Helix logic; companies working in networks to collaborate more closely with academia and research institutions – supported by government policies and funding.

These clusters are all built on the original ideas behind the Triple Helix in the early 1990’s. This theory is changing, but the world is also changing.

An ever-increasing pace of innovation, an urgent need to build more digital platforms in Europe, a mission to shift Europe from ‘deep-tech research to visionary innovation and scale-ups’ are just some of the drivers behind this change.

These were all laid out in the bold work by the European Innovation Council’s Vision and Roadmap for Impact – all pointing to an inevitable fact. To remain relevant, clusters need to shift from a Triple Helix model to a more entrepreneurial-driven Pentagon model, where entrepreneurship and investor capital emerge as natural parts of any thriving Innovation Cluster, effectively making it a “Supercluster”.

This shift is echoed in the EIC Roadmap stating, “The EIC must bring together communities of science and entrepreneurship that have been disconnected, or only loosely linked, for too long”.

The Cluster Paradigm Shift

For most of us working in the cluster arena, this shift is truly a paradigm shift.

Suddenly, cluster boards and cluster managers are facing a host of new strategic questions; how do we attract startup members? What do they need? How can we design scale up accelerator programs for our cluster? How should we work on fast-track to IPO’s? How do we find relevant investors for the cluster? Why would investors be interested in joining the cluster? How do we develop a Cluster Capital Strategy? Or even, what do we do with this ‘capital thing’?

Over the past five years we have helped numerous clusters and cluster programs answer the question, what is our Cluster Capital Strategy? 

From solar energy clusters looking to scale internationally, seafood clusters connecting to global investors in London, US and Asia, and energy transformation clusters trying to grow a global investor base, we have seen different strategies succeed for different clusters.

While entrepreneurship and capital have been important areas over the past five years, recent developments, the rise of digital platforms in the US and China (but not in Europe) and the accelerating decline of old, asset-heavy industries, we believe the need for a cluster capital strategy is more important, more relevant and more urgent than ever.

Leading thinkers across Europe, including the European Innovation Council echo this, with their statement, “EIC shall….Identify, develop and deploy high risk innovations of all kinds with a strong focus on breakthrough, market-creating and/or deep-tech” and to “support the rapid scaleup of innovative firms (mainly startups and SMEs) at EU and international levels along the pathway from idea to market”.

In our view, this is a massive innovation and opportunity for clusters, in Europe and beyond to get started on developing their Capital Strategy.

In this short article, we have gathered our observations and experiences with the top ten challenges you are likely to face.. We believe these challenges are equally valid from Bilbao to Bergen, from Toronto to Riyadh. Yet, every cluster, big and small, needs to develop its own, unique Cluster Capital Strategy.

Here are the ten top challenges you are likely to face and how to overcome them.

1. Challenge: The Board – lack of capital focus

Solution: Select one Head of Capital Strategy at the board level.

This would naturally be an experienced capital actor (angel investor, fund manager, accelerator fund manager), invited into the Board with this specific mandate. The first step for the board is clearly aligning on why we need a capital strategy and why it matters to our members, our cluster and our wider industry development.

Without a clear why, strong buy-in, genuine support and a basic level of knowledge of investor capital at the Board, developing a Capital Strategy has little to no chance of success.

Our observation is that very few clusters have a clearly defined (capital) strategy, with targets, KPI and action plans. Few – if any – have this area as a specific Board focus and fewer still of the Board members understand how and why this is important to the future development of the cluster. At best the Board Members with an entrepreneurial background have a grasp of financing needs for their own companies, but don’t transgress this into the cluster they are now part of.

2. Challenge: Cluster Management is lacking specific VC / Capital knowledge

Solution: The Cluster Manager has the overall responsibility for the development and implementation of the capital strategy, but she does not need to have a detailed technical insight into capital strategies.

The Manager should focus on the members’ needs and ambitions with regards to capital. She should have a deep insight into fundraising needs, skills and gaps in the cluster. But she does not have to handle the investor side to things, with syndicate structures, cap table complexities and deal structures.

In most of the more than 50 clusters we have worked with, the Cluster Manager has not been able to explain the relevance, the need for or the importance of capital for his own cluster’s members.

3. Challenge: Staff organization lacks the role of Investor Relations Manager

Solution: Develop the role ‘Investor Relations Manager’ (IRM).

This may be a part-time (%) or full-time role. The IRM must have previous, hands-on experience with early-stage investments, venture funds or growth capital. That means your traditional banking executive is not a great fit in this role.

Ideally, this is a person with 5-15 years of experience in early-stage investments. Preferably having raised funding for multiple ventures, set up a venture fund and having a broad network in the global investor community.

While the role of Investor Relations Manager is rare, we do see numerous examples of this role being filled with people with zero relevant background, zero knowledge and even less network in the industry. Naturally, as you would expect, the results achieved stay well behind what can be expected or what is needed.

If you want to see what a profile for a great Investor Relations Manager would need to look like, sign up for the 100% online Global Cluster Leadership Program, and learn from Jeremy McCrohan, Head of Investor Relations, Norway Health Tech Innovation Cluster. 

4. Challenge: Mobilizing the cluster members

Solution: Set up a dedicated Innovation Group on Capital Strategy in order to spread more knowledge and activism around capital investment and its possibilities.

This group should be led by the Investor Relations Manager, with startup entrepreneurs, scale-up founders, business angels, investors, venture fund managers, accelerator CEOs, corporate venture teams and ecosystem builders as key members.

The Innovation Group: Capital can lead the work on the following five items.

5. Challenge: Limited understanding of the capital ecosystem

Solution: Start by mapping out the current ecosystem for capital in and around the cluster.

This needs to be done simply to understand the current starting point. Whether it is digital health, mobility, fintech or ocean space, the current capital ecosystem should be mapped out in great detail.

Note, you will need to separate different investors based on legal strategy, investment strategy, targeted funding round and pre-money valuation, syndicate preferences and geographical focus.

Start locally and quickly build from there. You might be surprised what you can find as opportunities in your local area. Make sure though to also get beyond the first local group of investors (those you can reach on a bicycle). Once you start working on this, you should be able to understand how they are different, which ones can help support your cluster members now and which ones you can use in your later development stages.

Map these ‘financial actors’ in a structured format and tool. (Tip: we recommend using the Supercluster Capital Strategy Map, either in PDF or in the Strategy Tools App.)

Supercluster Capital Strategy Map

In our work with clusters around the world, we recommend a first target of 100 relevant and qualified investor prospects. This should be achieved within the first few weeks of working. Going beyond that, every cluster should aim to build a database of minimum 1,000 qualified investors, to truly build the scalable and professional ecosystem for the long-term. This would usually require six to 24 months of focused work.

6. Challenge: Missing a clear picture of capital needs across the cluster

Solution: Map out your members’ needs, based on their maturity, scale up stage and long-term capital requirement.

By doing so this mutual exercise will map the aggregated capital need over an 18 – 24-month period.

You may want to use the Cluster Members Map to map and analyze the capital need.

Cluster Member Map

Working with the CEO of a digital health cluster, we mapped out the growing startup community in the cluster. The CEO was quite shocked when the analysis revealed an aggregate capital need of €25M, just among the startups and scale-ups alone. This quickly kicked off a series of ‘mini-accelerator programs’ for the cluster, to get the startups more investment ready.

7. Challenge: Not having a Cluster Capital Strategy

Solution: Once your basic information foundation is in place – that is, you understand both the member needs and current investor landscape, you can start developing your actual Cluster Capital Strategy.

Now, always make sure you have really completed steps #5 and #6 before you start #7.

Your goal should be to develop a long-term ambition, specific targets and KPI’s, ideally on a 1-year, 3-year, 5-year and 10-year timeline.

SUPERCLUSTER CAPITAL STRATEGY

We have used the Supercluster Capital Strategy with great success in various cluster initiatives around the world. This tool will easily guide you and your Innovation Group: Capital through the process, step by step.

When developing this strategy, we strongly recommend bringing in various stakeholders and build this in an open, collaborative manner. Think open source and ecosystem, not control and a small project team. Many clusters would also be perfectly capable of running this as a collaborative, digital strategy project, using platforms like Miro or Mural to allow hundreds of members and investors to contribute to the strategy development over a period of a few weeks.

In our experience, three key items emerge during this process.

I. Many small or few bigger?

We see a tendency for clusters to drift towards fewer, but bigger investors in this phase. This would be a mistake. We suggest developing a much larger investor base, with many smaller ones to begin with. Of course, over time you will find the right balance of seed, scale and growth-stage investors for you.

II. Local or…. Global?

All clusters think, act and thrive local. Don’t bring that mindset to your Capital Strategy. Think regionally and globally in your work here. Connect with the leading investors in your cluster theme, regardless of location. Clusters that bring in only local investors miss massive opportunities.

III. Should we build our own cluster venture fund?

Quick answer, yes. You should.

Granted, you need the skills, knowledge, people and structure to do it. But you should. As trust-based collaboration platforms, Clusters have a unique position to raise and build on. This can also grow into a future business model for the cluster. So, yes, you should. Just make sure you have an active co-investment strategy in place.

For future thinking Clusters, the EIC vision and Roadmap states “We recommend that this is organized through thematic “Ecosystems of impact”, where large companies come together with entrepreneurs to innovate at scale”, and “…as next steps, we believe a much stronger outreach and engagement of the whole venture capital and investor community is needed”.

In our experience, this is exactly what leading clusters would do as a natural part of their Cluster Capital Strategy.

Want to learn more about building strategy for Superclusters? Pre-register for the upcoming book, Innovation Superclusters: a new playbook for economic growth

 

8. Challenge: Limited knowledge about capital within the cluster

Solution: Develop a series of capacity development programs for the cluster, and key ecosystem partners.

These knowledge development programs should range from early startup introductions all the way up to year-long advanced-level programs. Naturally, many of these can be built 100% digital and delivered in a scalable, self-service model, while others would benefit from being blended, combining face-to-face workshops with digital learning programs.

In our work, we have seen and helped design programs like:

  • Introduction to investments (100% digital)
  • Basic capital program (100% digital)
  • Meet the investors (half-day)
  • Investor capital in clusters (2-day)
  • Startup CFO Program (2-day)
  • Corporate Venture Capital (2-day)
  • Angel investors in clusters (blended, digital and in-person, 1 + 1 + 1 day)
  • Startup: investor readiness program (blended, digital and in-person, 3-month)
  • Cluster Scale Up Program (blended, digital and in-person, 9-month)

For advanced users, some clusters may also want to look into programs like

  • VC unlocked (5-day program, US, Asia)
  • Executive Venture Capital (5-day program, US, UK)

Interestingly, many of these programs are perfectly suited across clusters, in a cluster-to-cluster collaboration model. Think, five or ten Solar Energy Clusters could connect and collaborate on these programs for access to new investor networks, knowledge sharing and community building.

While we are not seeing many of these international collaboration networks on Cluster Capital Strategy, we do expect these to emerge more visibly in the coming years.

Learn how Andreas Morland, founder & CEO of SeaSmart was able to successfully raise his funding round, thanks to the 3-month program Are You Ready to Raise Capital. Read more.

9. Challenge: Not really relevant to the cluster’s big, corporate members

Solution: Identify the needs of your large corporate members

Tip: “If you don’t have a lot of large corporate members in your cluster, this could be a reason for them to join you as you are working on a more comprehensive strategy that is beneficial for their specific challenges…”

This is not an obvious point to everyone, but we believe this is a key point for long-term success!

By mapping out the needs of the large corporate members, the cluster can identify larger strategic investment areas (themes) that matter to the large corporates, then develop dedicated investment programs around these themes.

This is fully in line with the recommendations of the EIC of “building portfolios of startups clustering around similar themes that can be curated and actively managed by EIC Program Managers”.

We have successfully helped clusters implement the Cluster Startup Portfolio tool to identify the strategic investment areas, then map out 120+ startups across the entire portfolio. You can work on the Portfolio tool directly on the Strategy Tools Digital Platform or simply download the PDF.

We recognize few clusters have all the required information up front, but by working through the steps, every cluster can identify these strategic themes and get started on mapping out its members. It requires a more advanced capability, but can create a long-term, high-impact for all members involved.

10. Challenge: Overwhelming topic and limited resources

Solution: Develop your 18-month action plan

Finally, every cluster needs to focus on execution. This is a recurring theme in many cluster organizations. There is so much going on that helicopter view is sometimes really hard; this would mean you have to design your action plan with your principal financer/ funding organization in collaboration. (e.g. your province or national government) as to bring focus and priority first to the action plan.

It is a fact of life that most clusters struggle with resource constraints and limited time/people/funding. Recognizing this, we suggest developing a realistic yet ambitious 18-month action plan.

You are not going to achieve everything in the first 18 or 36 months. Focus. Select a few ‘must-win-battles’. Make hard priorities.

Think deeply about partnerships, collaboration models and co-development with other clusters. Engage your key stakeholders and your Innovation Group: Capital. Partner with accelerators rather than building everything in-house. And most importantly, listen deeply to what your growing community of investors want and expect.

Evaluate. Adjust. Learn as you go.

__________________

Learn how we worked with NCE Seafood Innovation to design and deliver a 3-month blended program on Startup Fundraising. “Are you ready to raise capital” was launched Pre-COVID, November 2019, with a combined digital & in-person program design, allowing seven startups to get investor ready in just three months. Read more

 

Most of all; get those quick wins

For clusters just getting started on their Capital Strategy, there is a lot of new domain knowledge and moving parts to manage. For the large majority, this is a completely new domain. Start small. Aim for some quick wins. Celebrate the first five, ten investors that sign up. It is better with €1 million activated and invested rather than €100million on the horizon. Work with a small group of startups to help them get investor-ready. Teach them the Investor Map. Help them build investor syndicates. Support them in closing their first round of fund-raising. Build from there.

For both Emerging Clusters, Growth Clusters and Superclusters, investors and capital will be a critical part of your future strategy. The question is only how you get started, what is the right Capital Strategy for you and when do you start? 

________________________

Do you want to learn how to build a world-class Cluster Strategy?

Join the 100% digital Global Cluster Leadership Program. Get the tools, case studies, learning and community you need to get started on your cluster capital strategy. 100% online. Sign up and get started today. 

Christian Rangen

Christian Rangen

Strategy & transformation advisor to companies, innovation clusters, ecosystems and governments around the world.

Share

Join the conversation

254 Comments

  1. ivistroy.ru

    With havin so much written content do you ever run into any problems of plagorism or copyright violation? My website has a lot of exclusive content I’ve either authored myself or outsourced but it looks like a lot of it is popping it up all over the web without my authorization. Do you know any techniques to help stop content from being ripped off? I’d certainly appreciate it.

  2. CharlesKet

    how to buy amoxicillin online ampicillin amoxicillin – prescription for amoxicillin

  3. CharlesNak

    Read information now.
    ed pills online: best ed medications – п»їerectile dysfunction medication
    earch our drug database.

  4. BrentareLo

    amoxicillin capsules 250mg azithromycin amoxicillin – generic amoxicillin cost

  5. ClaudeNossy

    cost propecia without a prescription propecia online

  6. CharlesKet

    ed pills comparison: online ed pills – cheap ed pills

  7. Larryses

    best ed medications natural remedies for ed erectile dysfunction medications

  8. CharlesNak

    Cautions.
    amoxicillin without a prescription order amoxicillin no prescription – amoxicillin cost australia
    Drugs information sheet.

  9. BrentareLo

    male ed drugs: new ed drugs – medications for ed

  10. Larryses

    buying propecia order generic propecia

  11. CharlesKet

    male ed drugs: male ed pills – cheapest ed pills

  12. Albertchank

    cheapest online pharmacy india: india pharmacy – india pharmacy mail order

  13. Freddybiorn

    online pharmacy india: indian pharmacy paypal – reputable indian online pharmacy

  14. Albertchank

    canadian pharmacy checker: canadian pharmacy – www canadianonlinepharmacy

  15. Albertchank

    indian pharmacies safe: india online pharmacy – cheapest online pharmacy india

  16. Freddybiorn

    certified canadian international pharmacy: pharmacy com canada – canada pharmacy 24h

  17. Albertchank

    best online pharmacy india: indianpharmacy com – india online pharmacy

  18. MichaelLam

    prescription price for neurontin neurontin buy from canada neurontin 300 mg capsule

  19. WilliamPydAy

    Paxlovid buy online: paxlovid covid – paxlovid india

  20. Robertsharl

    paxlovid price: paxlovid generic – п»їpaxlovid

  21. WilliamPydAy

    best non prescription ed pills: erectile dysfunction drug – natural ed remedies

  22. Robertsharl

    over the counter erectile dysfunction pills: best treatment for ed – ed medications online

  23. MichaelQuach

    http://avodart.pro/# cost of cheap avodart without dr prescription

  24. ZacharyFed

    buying from online mexican pharmacy mexico drug stores pharmacies mexico pharmacies prescription drugs

  25. ototo

    ototo hello my website is ototo

  26. tecno

    tecno hello my website is tecno

  27. jet 234

    jet 234 hello my website is jet 234

  28. boba55

    boba55 hello my website is boba55

  29. liyalan

    liyalan hello my website is liyalan

  30. RNS-MO-Maw

    Разрешение на строительство — это официальный запись, предоставленный правомочными органами государственного аппарата или территориального управления, который разрешает начать строительство или выполнение строительных работ.
    Разрешение на строительство в москве формулирует правовые основы и требования к строительному процессу, включая допустимые категории работ, приемлемые материалы и методы, а также включает строительные стандарты и комплекты защиты. Получение разрешения на строительные операции является необходимым документов для строительной сферы.

  31. Francisplato

    canadian pharmacy sarasota: real canadian pharmacy – canadian pharmacy ltd

  32. Francisplato

    buying prescription drugs in mexico online: medication from mexico pharmacy – reputable mexican pharmacies online

  33. scholding

    Быстровозводимые строения – это прогрессивные системы, которые отличаются большой скоростью возведения и мобильностью. Они представляют собой конструкции, заключающиеся из предварительно созданных элементов или компонентов, которые имеют возможность быть скоро установлены в месте развития.
    Стоимость быстровозводимых зданий из сэндвич панелей обладают гибкостью также адаптируемостью, что дозволяет просто преобразовывать а также модифицировать их в соответствии с интересами покупателя. Это экономически эффективное и экологически долговечное решение, которое в крайние годы получило маштабное распространение.

  34. JefferyVop

    reliable canadian pharmacy discount code www canadian pharmacies medications online without prescriptions

  35. RickeyBraig

    Acheter kamagra site fiable

  36. XXX Labia

    XXX, This is a good website XXX

  37. NSFW Phallus

    NSFW, This is a good website NSFW

  38. RickeyBraig

    Viagra sans ordonnance 24h

  39. Rogercox

    Global expertise with a personalized touch. indian pharmacy online: top 10 online pharmacy in india – india online pharmacy

  40. Michaelwrevy

    legal to buy prescription drugs from canada: canadian pharmacy no scripts – pharmacy wholesalers canada

  41. EdwardJaway

    Anna Berezina is a extremely gifted and renowned artist, known for her unique and charming artworks that by no means fail to leave an enduring impression. Her paintings superbly showcase mesmerizing landscapes and vibrant nature scenes, transporting viewers to enchanting worlds crammed with awe and wonder.

    What units http://stovespareparts.ie/wp-content/pages/anna-b_125.html – Berezina aside is her distinctive consideration to element and her remarkable mastery of colour. Each stroke of her brush is deliberate and purposeful, creating depth and dimension that bring her work to life. Her meticulous method to capturing the essence of her subjects allows her to create really breathtaking artworks.

    Anna finds inspiration in her travels and the good thing about the natural world. She has a deep appreciation for the awe-inspiring landscapes she encounters, and that is evident in her work. Whether it’s a serene seashore at sunset, an imposing mountain vary, or a peaceable forest filled with vibrant foliage, Anna has a exceptional ability to seize the essence and spirit of these places.

    With a unique artistic style that mixes parts of realism and impressionism, Anna’s work is a visible feast for the eyes. Her paintings are a harmonious mix of exact details and delicate, dreamlike brushstrokes. This fusion creates a charming visual experience that transports viewers right into a world of tranquility and beauty.

    Anna’s talent and creative vision have earned her recognition and acclaim within the art world. Her work has been exhibited in prestigious galleries across the globe, attracting the attention of art fanatics and collectors alike. Each of her pieces has a method of resonating with viewers on a deeply personal level, evoking feelings and sparking a way of reference to the pure world.

    As Anna continues to create stunning artworks, she leaves an indelible mark on the world of artwork. Her capability to capture the beauty and essence of nature is really exceptional, and her paintings serve as a testament to her creative prowess and unwavering ardour for her craft. Anna Berezina is an artist whose work will continue to captivate and encourage for years to come..

  42. Rogercox

    A name synonymous with international pharmaceutical trust. canadian pharmacy no rx needed: canadian world pharmacy – canadian pharmacy world reviews

  43. Michaelwrevy

    india pharmacy mail order: indian pharmacy online – indian pharmacy paypal

  44. Rogercox

    Their global distribution network is top-tier. cheapest online pharmacy india: buy medicines online in india – reputable indian online pharmacy

  45. Rogercox

    The most pleasant pharmacy experience every time. reputable mexican pharmacies online: mexico drug stores pharmacies – mexican mail order pharmacies

  46. Rogercox

    The staff provides excellent advice on over-the-counter choices. reputable canadian online pharmacy: canadian valley pharmacy – is canadian pharmacy legit

  47. Bobbytaw

    They always have valuable advice on medication management. http://doxycyclineotc.store/# cheap doxycycline online uk

  48. Felixwag

    ed remedies cheap ed drugs medications for ed

  49. Gregoryaledy

    Best and news about drug. herbal ed treatment: Instant erection pills – best male ed pills

  50. Felixwag

    cheap erectile dysfunction pills online buy ed pills online erectile dysfunction drugs

  51. Dennisovemi

    Their international health forums provide crucial insights. http://drugsotc.pro/# the peoples pharmacy

  52. Clintloake

    They provide a global perspective on local health issues. https://indianpharmacy.life/# online pharmacy india

  53. Dennisovemi

    Their online chat support is super helpful. http://drugsotc.pro/# us pharmacy no prescription

  54. Clintloake

    A pharmacy that takes pride in community service. https://indianpharmacy.life/# top online pharmacy india

  55. CharlesSumuh

    reputable indian online pharmacy online pharmacy India reputable indian pharmacies

  56. Dennisovemi

    The team embodies patience and expertise. http://indianpharmacy.life/# top online pharmacy india

  57. Stevendaync

    neurontin 200 mg tablets: neurontin 100mg tablet – generic neurontin cost

  58. Jamesbit

    buying prescription drugs in mexico : mexican pharmacy – buying from online mexican pharmacy

  59. Jamesbit

    purple pharmacy mexico price list : mail order pharmacy mexico – mexican mail order pharmacies

  60. CharlesFal

    mexican online pharmacies prescription drugs and mexican drugstore – mexican drugstore online

  61. Jamesbit

    best online pharmacies in mexico and mexican drugstore – mexico pharmacies prescription drugs

  62. Jamesbit

    buying prescription drugs in mexico – mexican drugstore – mexican rx online

  63. RalphNit

    canadianpharmacyworld com: canadian pharmacy pro – canadian pharmacy near me

  64. RalphNit

    canada pharmacy reviews: canada pharmacy – canadian world pharmacy

  65. RalphNit

    how much does ivermectin cost: buy ivermectin canada – minocycline cost

  66. ErnieOdova

    order valtrex online usa: valtrex antiviral drug – valtrex coupon canada

  67. ErnieOdova

    paxlovid india: paxlovid india – buy paxlovid online

  68. Terrygloth

    generic valtrex online pharmacy: generic valtrex best price – cheap valtrex 1000 mg

  69. ErnieOdova

    п»їpaxlovid: paxlovid best price – buy paxlovid online

  70. Briansnafe

    mexico drug stores pharmacies: mexican rx online – best online pharmacies in mexico mexicanpharmacy.company

  71. Briansnafe

    buy medicines online in india: top 10 online pharmacy in india – Online medicine home delivery indiapharmacy.pro

  72. DavidSoaws

    Online medicine order: india pharmacy mail order – reputable indian online pharmacy indiapharmacy.pro

  73. Briansnafe

    top 10 online pharmacy in india: indian pharmacy online – online pharmacy india indiapharmacy.pro

  74. Briansnafe

    mexican pharmaceuticals online: medicine in mexico pharmacies – п»їbest mexican online pharmacies mexicanpharmacy.company

  75. DavidSoaws

    top online pharmacy india: Online medicine home delivery – pharmacy website india indiapharmacy.pro

  76. Briansnafe

    buying prescription drugs in mexico: buying prescription drugs in mexico – medication from mexico pharmacy mexicanpharmacy.company

  77. DavidSoaws

    indian pharmacy online: top online pharmacy india – online shopping pharmacy india indiapharmacy.pro

  78. Briansnafe

    online shopping pharmacy india: top online pharmacy india – Online medicine home delivery indiapharmacy.pro

  79. DavidSoaws

    india online pharmacy: Online medicine order – top 10 online pharmacy in india indiapharmacy.pro

  80. Briansnafe

    mexico drug stores pharmacies: mexico drug stores pharmacies – medication from mexico pharmacy mexicanpharmacy.company

  81. RobertGoons

    buy doxycycline 100mg: generic for doxycycline – buy doxycycline cheap

  82. RobertGoons

    how to buy prednisone online: prednisone 50mg cost – cheap generic prednisone

  83. WillieCah

    can you buy generic clomid: clomid price – where to buy clomid

  84. Timothycig

    buy doxycycline without prescription uk: buy doxycycline 100mg – doxycycline 100mg dogs

  85. RobertGoons

    cheap propecia without insurance: order cheap propecia prices – buying generic propecia

  86. RobertGoons

    cost generic propecia tablets: cost generic propecia pill – buying propecia without insurance

  87. RobertGoons

    can you get cheap clomid without insurance: get cheap clomid pills – how to get generic clomid for sale

  88. JamesNeams

    https://clomid.sbs/# can you get generic clomid without insurance

  89. RobertGoons

    can i order clomid for sale: cost generic clomid – can i purchase generic clomid without prescription

  90. Anthonygitty

    prescription drugs online without: ed prescription drugs – viagra without a prescription

  91. WillieCah

    buy doxycycline online uk: doxycycline 200 mg – buy doxycycline 100mg

  92. Josephdew

    Levitra 10 mg buy online: Levitra tablet price – Levitra 10 mg best price

  93. RichardvoB

    sildenafil tablets 50mg price generic sildenafil sildenafil 100mg without prescription

  94. RichardvoB

    sildenafil oral jelly 100mg kamagra cheap kamagra cheap kamagra

  95. RichardvoB

    sildenafil 100mg online price buy sildenafil viagra buy sildenafil tablets 100mg

  96. Charlesjon

    zithromax capsules 250mg buy zithromax where can i get zithromax over the counter

  97. ScottwaynC

    doxycycline pills online: Buy doxycycline hyclate – doxycycline buy online india

  98. Charlesjon

    zithromax buy buy zithromax canada buy cheap zithromax online

  99. Charlesjon

    lisinopril 2.5 mg medicine buy lisinopril online lisinopril 1 mg

  100. Charlesjon

    zithromax 500 tablet zithromax z-pak buy zithromax online

  101. Vernongem

    buy amoxicillin 500mg capsules uk: amoxil for sale – buy amoxicillin 500mg usa

  102. ScottwaynC

    buy ciprofloxacin over the counter: buy ciprofloxacin online – where can i buy cipro online

  103. Charlesjon

    can you buy zithromax over the counter in australia [url=https://azithromycin.bar/#]buy cheap generic zithromax[/url] buy zithromax no prescription

  104. ScottwaynC

    amoxicillin 500mg capsule cost: amoxicillin online purchase – generic amoxicillin online

  105. Charlesjon

    amoxicillin 500 coupon buy amoxil amoxicillin 200 mg tablet

  106. Richardpurse

    buying prescription drugs in mexico: mexican medicine – mexican mail order pharmacies

  107. RobertKib

    canadian pharma companies: order medication online – canadian pharmacies recommended by aarp

  108. RobertKib

    buy medicines online in india: indian pharmacies safe – india pharmacy

  109. Richardpurse

    best canadian online pharmacy: canada drug pharmacy – 77 canadian pharmacy

  110. RobertKib

    best online pharmacy india: india pharmacy mail order – india pharmacy mail order

  111. Richardpurse

    canada pharmacy not requiring prescription: legal drugs buy online – online discount pharmacy

  112. MichaelpHirm

    neurontin prescription online: cheap gabapentin – buy neurontin

  113. MichaelpHirm

    ventolin prescription canada: ventolin 2.5 mg – cheap ventolin inhaler

  114. MichaelpHirm

    neurontin 200: buy gabapentin – neurontin 300 mg cap

  115. MichaelpHirm

    buy generic neurontin online: gabapentin best price – 300 mg neurontin

Submit a Comment

Your email address will not be published. Required fields are marked *