Funding & Investments - Some Sources are More Equal then Others
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Funding & Investments - Some Sources are More Equal then Others

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This is a presentation Funding & Investments explains the most important questions for entrepreneurs. It discusses Angel investments and Venture Capital, their funding methods and sources and explains ...

This is a presentation Funding & Investments explains the most important questions for entrepreneurs. It discusses Angel investments and Venture Capital, their funding methods and sources and explains termsheet language.

Author: Eva Hukshorn, EFactor

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    Funding & Investments - Some Sources are More Equal then Others Funding & Investments - Some Sources are More Equal then Others Presentation Transcript

    • Funding  &  Investments  Some  Sources  are  More  Equal  then  Others  Author:  Eva  Hukshorn     1  
    •      1.  EFactor  is  a  Smart  Network  that  matches  entrepreneurs  with  the  very  people  who  can  help   them  grow  2.  Finding  Business  Partners:  from  partners  to  investors,  from  coaches  to  customers  3.  Largest  Entrepreneurial  Network  in  the  World  with  1mio  members  in  185  countries  4.  An  online  community  Offering  you  a  network,  knowledge,  events,  and  every  business   resources  you  need  to  succeed  @  discount!  5.  GO  Online,  fix  your  personal  profile  &  company  profile  and  get  MATCHED!   It’s  not  about  connecRons  -­‐  it’s  about  the  right  ones…   2  
    • Eva  Hukshorn:  An  introducJon  •  Work  Experience   -  Current:    Partner  EFactor        Board  of  Advisory:  TreFoil  Energy  /  CleanDrinks  /          Global  Thinkers  /  ShowLinq            Coach  Startup:  Bootcamp  Amsterdam  /  New  Venture  McKinsey   -  2009  –  2010:  Dutch  BouJque  –  Marktlink  Mergers  &  AcquisiJons,  Amsterdam   -  2007  –  2009:    Royal  Bank  of  Scotland  –  Corporate  Finance,  Amsterdam   -  2004  –  2009:    ABN  AMRO  –  Corporate  Finance  New  York,  Amsterdam   -  2003  –  2004:    Accenture  –  ConsulJng  London,  Amsterdam  •  EducaRon   -  1997  –  2002:  MSc  Economics,  Finance  –  University  of  Groningen,  the  Netherlands   -  2003:      InternaJonal  &  Asian  Studies  –  NaJonal  Sun  Yat-­‐Sen  University,  Taiwan   -  2009  –  2011:    CerJfied  Management  AccounJng  (CMA)  –  InsJtute  of  Management  Accountants            (IMA),  United  States   -  2009  –  2001:    Colloquium  General  &  Modern  Art  –  Academy  for  History  of  Art,  the  Netherlands   -  2012:    InternaJonal  Financial  Report  Standards  (DipIFRS)  –  AssociaJon  of  Chartered  CerJfied          Accountants  (ACCA),  United  States   3      
    • FUNDING  TUESDAY,  EVERY  TUESDAY  So  what  can  you  expect  from  us  each  Funding  Tuesday?  1.  Webinars  on  EFactor  on  Finance  &  Funding  related  topics  in  the  EVENT   SecJon  2.  Blogs  &  interviews  with  informal  investors  and  funded  entrepreneurs   with  Jps  &  tricks  in  the  BLOGS  secJon  under  NOW  3.  Finance  &  Funding  related  arJcles  on  NOW  feed  4.  In  the  Finance  &  Funding  GROUP  on  our  website  you  will  find  Q&As  of  the  webinars  under     NETWORK  5.  In  the  KNOWLEDGE  base  you  will  find  more  and  more  presentaJons  on  Finance  &  Funding   related  topics,  including  the  webinar  presentaJons  6.  And  if  you  become  a  VIP  MEMBER  you  will  personally  be  supported  on  your  Finance  &  Funding   related  quesJons   4  
    • Webinar  Program  Overview  2012  June  19:    Business  Plan  WriJng  -­‐  A  Roadmap  to  Success  July  3:      Pitching  &  PresentaJon  -­‐  3  Minutes,  1  Impression  July  17:    Strategy  -­‐  A  Vision  for  the  Future,  A  Strategy  for  Gehng  There  July  31:    BudgeJng  &  ForecasJng  -­‐  PredicJng  the  Outcome  Aug  14:    Working  Capital  -­‐  An  Unknown  Key  to  Success  Aug.  28:    Capital  Management  -­‐  Playing  with  Risk  Sept  11.:    Funding  &  Investments  -­‐  Some  Sources  are  More  Equal  then  Others  Sept.  25:    ValuaJon  -­‐  Art  or  Science  Oct  9:      Exit  Strategy  -­‐  Nice  to  Have  or  Need  to  Have?  Oct.  23:    Bootstrapping  -­‐  An  AlternaJve  Answer  to  Funding  Nov  6:    Crowdfunding  -­‐  The  Power  of  Friends,  Family  and  Fools  Nov.  20:    Networking  -­‐  Nice  You  have  3000  Friends,  I  have  30  Relevant  ConnecJons  Dec.  4:      MarkeJng  &  (Social)  Media  -­‐  Noise  or  Value?  Dec.  11:    No  Sales,  No  Glory  Dec.  18:    Most  Common  Mistakes  of  Entrepreneurs   5    
    • Some  basic  ingredients  to  start  a  successful  company     3  key  elements  for  a  successful  startup:  Ideas,  People  and  Money   6  
    • Some  basic  ingredients  to  start  a  successful  company     An  average  idea  takes  9-­‐12month  from  creaRon  to  business  plan   7  
    • Some  basic  ingredients  to  start  a  successful  company     Most  successful  startups  consist  of  3  partners   8  
    • Some  basic  ingredients  to  start  a  successful  company     You  start  with  money.  You  end  with  money.                                                                                         And  then  there  is  money  in  between.   9  
    • Truth  about  funding  &  entrepreneurship  •  85%  of  ideas  do  not  startup  •  50%  of  the  startups  are  not  alive  aler  5  years  •  On  average  it  takes  3.8x  companies  to  be  successful  •  Less  then  10%  of  the  startups  get  funded  with  equity:   -  0.03%  venture  capital  /  2%  by  informal  investors     -  It  takes  1.5  years,  32  versions  of  your  business  plan  and  speaking  to  20  investors   at  least  3  Jmes  •  65%  of  entrepreneurs  have  personal  loans  •  55%  of  startups  with  Angel  Funding  will  get  Venture  Capital  Funding  compared  to   10%  with  no  Angel  Funding  will  get  Venture  Capital  Funding  •  1  to  100  companies  having  a  meeJng  with  Venture  Capital  gets  funded   10  
    • Typical  life  cycle  of  a  High  Content  Growth  Startup   IDEA   PROTO  TYPE   LAUNCH   GROWTH  HIGH  RISK   PRE-­‐SEED       SEED           EARLY  &  LATER-­‐STAGE  /  GROWTH    LOW  RISK   IPO/EXIT   CAPITAL  DEFINITIONS   11  
    • An  overview  of  Funding  Providers  acJve  in  each  of  the  stages  PRE-­‐SEED  &  SEED  CAPITAL   EARLY  &  LATER  STAGE  / IPO/EXIT   GROWTH  CAPITAL   USD  0  –  1,5mio   USD  1  –  20mio   USD  25mio  +  •  Friend  Family  &  Fools   •  (Syndicate  of)  Angel   •  Venture  Capital  •  Grant  Funding,     Investors   •  Private  Equity  •  University  Funds,     •  Venture  Capital   •  Commercial  Banks  •  Angel  Investors,   •  Private  Equity   •  Hedge  Funds   Crowdfunding,   •  Commercial  Bank   •  Public  Market  /  Stock  •  Bootstrapping   Exchange  •  CompeJJons  •  Incubators  HIGH  RISK                                                    LOW  RISK   12  
    • What  kind  of  funding  do  these  Funding  Providers  give?   1.  Debt/Loan   2.  Equity   3.  Bootstrapping  Funding  external  parRes   Funding  external  parRes   Funding  through  own  without  ownership  +  fee:   with  ownership:   resources:   -  Personal  Loan   -  Common   -  Income   -  Bank  loan     -  Preferred   -  Savings   -  ConverJble  debt   -  Mezzanine   -  Revenue   -  Mortgages     -  Et  cetera       13  
    • What  kind  of  funding  do  these  Funding  Providers  give?   1.  Debt/Loan   2.  Equity   3.  Bootstrapping  Funding  external  parJes   Funding  external  parJes   Funding  through  own  without  ownership  +  fee   with  ownership   resources    •  Friends,  Family  &     Friends,  Family  &   •    Income  &  savings   •  Fools   Fools   •  Revenue  •  Angel  Investors   •  Incubators   •  Friends,  Family  &  •  Peer-­‐2-­‐Peer   •  Equity-­‐Based   Fools   Crowdfunding   Crowdfunding   •  Pre-­‐Sale/DonaRon  •  Commercial  Banks   •  Angel  Investors   Crowdfunding,     •  Venture  Capital   •  Grant  Funding   •  Private  Equity   •  University  Funds   •  CompeRRons   14  
    • ConverJble  loan  •  Loan  +  accrued  interest  (7  %)  equity  converted  into  equity  •  Used  by  both  Angel  Investors  as  Venture  Capitalist  •  Typically  used  when  another  investment  is  on  the  horizon  •  Converts  when  milestones  are  reached  or  next  financing   round  established  •  Equity  against  on  average  25%  discount  •  Caps  &  Floors  on  conversion  price  •  40%  of  Seed  Capital  is  done  in  converJbles  •  No  startup  valuaJon  is  necessary   15  
    • Equity:  common  versus  preferred  Common  equity   Preferred  equity  •  CompensaJon   •  Investment  purposes  •  Economic  vs.  legal  rights   •  More  rights  &  priviliges  •  Pre-­‐Seed/Seed  Capital   •  Higher  priced  then  common     •  Olen  come  in  series  A,  B,  C   •  Early  &  Later  and  Growth   Capital  Financing  stage   $$$   %  stake  Common  equity   US$  50.000  –  1.500.000   10-­‐25%  Preferred  equity  -­‐  Series  A   US$  1.5mio  –  5mio   40-­‐60%  Preferred  equity  -­‐  Series  B   US$  5mio  –  15mio   20-­‐30%  Preferred  equity  -­‐  Series  C   US$  10mio  –  25mio   <  20%   16  
    • Bootstrapping:  What  is  it?   Achieving  as  much  as  possible  with   as  lijle  money  as  possible   1.  Funding  from  own  funds  &  FFF   2.  Organic  growth  through  revenue   3.  Business  type:  services  /  consulRng   4.  Lean  &  mean   5.  Driver’  seat   6.  Case  study…Webinar  23  October   17  
    • Let’s  talk  about  the  players   18  
    • Angel  Investors:  Facts  &  Figures   FACTS  &  FIGURES  •  Pre-­‐Seed  and  Seed  Capital  •  Average  investment:     -  USD  50.000  –  USD  250.000  •  Equity  or  debt   -  If  debt:  7-­‐10%  interest   -  Equity:  10-­‐25%  stake  •  Exit  Jmeline:  3  unJl  7  years  •  Goal:  break-­‐even  &  arract  other   investors   19  
    • Angel  Investors:  Background   FACTS  &  FIGURES   BACKGROUND  •  Pre-­‐Seed  and  Seed  Capital   •  High  Net  Worth  (HNW)  individuals  •  Average  investment:     •  Personal  investments   -  USD  50.000  –  USD  250.000   •  CooperaJng  with  other  investors  •  Equity  or  debt   •  Fill  gap  between  love  money  &   -  If  debt:  7-­‐10%  interest   professional  money   -  Equity:  10-­‐25%  stake   •  Successful  entrepreneurs,  Coach  •  Exit  Jmeline:  3  unJl  7  years   •  Exit:    •  Goal:  break-­‐even  &  arract  other   -  Sale  company:  2-­‐5x  return     -  Venture  Capital   investors   20  
    • Venture  Capital:  Facts  &  Figures   FACTS  &  FIGURES  •  Seed  Capital,  Early  &  Later,  Growth  •  Average  investment:       -  USD  500.000  –  5.000.000  •  Only  Equity:  20-­‐40%  stake  •  Exit  Jmeline:  3-­‐7  years  •  Goal:  accelerate  growth,  exit  •  Return:  15%  y-­‐o-­‐y   21  
    • Venture  Capitalist:  Business  model   Customer   Management   Supplier   FUND  PROVIDERS:   VENTURE   PORTFOLIO:   InsJtuJonal  Limited   CAPITALIST:   Several  startups  &  SME   Partners,  Endowments,   Fund  manager,  Investment   delivering  capital  return   Insurance  companies,   $$   manager,  ExecuJve  &  Non-­‐ $$   through  IPO,  EXITS,   Pension  funds,  Banks  Fund,   ExecuJve  Board     dividend  pay-­‐outs   Family  offices,  HNW   20-­‐40%  EQUITY  STAKE   2.5%  FEE  /   80%  CAPITAL  GAINS   CAPITAL  GAINS   22  
    • Venture  Capital:  Background   FACTS  &  FIGURES   BACKGROUND  •  Seed  Capital,  Early  Stage  &  Growth   •  InvesJng  professional  managed  funds  •  Average  investment:       •  Advisory  role   -  USD  500.000  –  2.000.000   •  Important  with  exits  •  Only  Equity:  20-­‐40%  stake   •  Less  freedom  business  decisions  •  Exit  Jmeline:  3-­‐7  years   •  Financially  driven  •  Goal:  accelerate  growth,  exit   •  80%  has  no  building  experience   23  
    • When  to  raise  funding?   1   Intense  &  increased  compeJJon   6   MarkeJng  &  sales  acJviJes     2   Strategic  support   7   InternaJonalizaJon     3   Partnerships,  Network   8   Increase  personnel         4   Credibility   9   Governance       5   Increase  product  development   10   OrganizaJonal  infrastructure       An  external  Investor  can  substanRally  accelerate  your  business   24      
    • When  not  to  raise  funding?   1   ApplicaJon  is  a  feature,  not  a  product   2   Market  size  is  small   3   Money  is  not  key  moJvaJon   4   Not  willing  to  loose  control   Money  is  the  end-­‐game  for  the  investor  to  whom  you  are  married   25  
    • What  will  Investors  be  looking  at?   Viable  business  model   Technical  experRse   Unique  Selling  Point   MarkeRng  know-­‐how   Validated  idea   Growing  market   Strong  management   Scalability   Proven  track  record   Exit  OpportuniRes   26  
    • Business  plan  should  cover  all  strategic  &  operaJonal  steps   Content  overview   1.  ExecuRve  summary   2.  Idea  descripJon   3.  MarkeJng  &  sales   4.  Management  team   5.  OrganizaJon   6.  Finance   7.  Risk  analysis   8.  Funding   9.  Milestone  &  Timeframe   27  
    • SelecJon  criteria  Investors  compared   Decision  Criteria   Angel  Investor   Venture  Capitalist   Passionate   1   1   Trustworthiness   2   2   Unique  Selling  Point   3   6   Technical  experRse   4   5   Social  Click   5   7   Growing  Market   6   3   Quality  Product   7   10   Niche  Market   8   4   Return  on  Investment   9   16   Track  Record   10   11  Source:  www.mootee.typepad.com,  2007   28        
    • How  to  find  Investors  EFACTOR  •  Fill  out  Funding  Request  Form  (FREE)  and  connect  to  25.000  members  •  VIP  member  (USD  12):  get  final  business  plan  checked  and  personal  conversaJon  on   next  steps  +  introducJons      REFERRALS  •  DO:  Friends,  Family,  Colleagues,  Business  RelaJons,  Lead  Investors  •  CAREFULL:  Lawyers,  Accountants,  Bankers,  Social  Media,  Intermediary     SPAM   PERSONAL   SOCIAL  MEDIA  /   MUTUAL   PERSONAL   EMAIL   INTERMEDIARY   CONTACTS   INTRODUCTION   LEAST  EFFECTIVE                                                                              MOST  EFFECTIVE   29  
    • How  to  interact  with  Investors  Contact  moment   Goal   Materials  Pitch   Get  First  MeeJng   ExecuJve  Summary  (10p.  in  ppt)  First  MeeRng   Start  Dialogue   Business  Plan  +  Financial  Summary  1  hour  Pre  Termsheet   ValuaJon  range  agreement   SupporJng  documents  BP  2-­‐4  weeks   Meet  Team   CalculaJon  behind  Financials     Share  Company  InformaJon   Legal  documents   Strategic  &  operaJonal  plan   Research  reports     Supplier  &  Customers  References   NDA   Involvement  Experts  Closing   NegoJate  Termsheet   Personal  reference  calls  1-­‐2  months   Correct  Legal  EnJty   Legal  &  Financial  audit     Signing   Draling  legal  documentaJon   30  
    • Typical  Termsheet  language  “Venture  Capitalist  fund  ABC  proposes  to  lead  a  Series  A  preferred  share  financing  of  US$  4.5m  at  a  US$  7mio  pre-­‐money  valuaKon.  As  part  of  the  investment  process  an  employee  opKon  pool  of  15%  on  a  post  money  basis  will  be  put  in  place.  Typical  venture  capital  terms  including  parKcipaKng  liquidaKon  preference,  et  cetera   31  
    • Cap  Table:  Case  Study   PRE?INVESTMENT POST?INVESMTENT Shares(#) Value($) % Shares(#) Value($) %Common%EquityFounder1 2,500,000 2,500,000 35.7% 2,500,000 2,500,000 18.5%Founder2 2,500,000 2,500,000 35.7% 2,500,000 2,500,000 18.5%Founder3 2,000,000 2,000,000 28.6% 2,000,000 2,000,000 14.8%Sub%Total 7,000,000 7,000,000 100.0% 7,000,000 7,000,000 51.7%Preferred%Shares%?%Series%ALeadInvestor 3,000,000 3,000,000 22.2%FollowingInvestor 1,500,000 1,500,000 11.1%Sub%Total 4,500,000 4,500,000 33.3%Employee%Share%Options 2,028,607 2,028,607 15.0%GRAND%TOTAL 7,000,000 7,000,000 100.0% 13,528,607 13,528,607 100.0%
    • Typical  Termsheet  language  “Venture  Capitalist  fund  ABC  proposes  to  lead  a  Series  A  preferred  share  financing  of  US$  4.5m  at  a  US$  7mio  pre-­‐money  valuaKon.  As  part  of  the  investment  process  an  employee  opKon  pool  of  15%  on  a  post  money  basis  will  be  put  in  place.  Typical  venture  capital  terms  including  parKcipaKng  liquidaKon  preference,  et  cetera   33  
    • Typical  deal  terms   ü  Preferred  Equity   ü  Dividends   ü  Employee  share  opJons   ü  Exclusivity     ü  Board  representaJon   ü  RegistraJon  rights   ü  LiquidaJon  preference   ü  Pre-­‐empJve  rights   ü  ParJcipaJon  rights   ü  Salary  payments   ü  AnJ-­‐diluJon  rights   ü  Non-­‐competes   ü  Reverse  vesJng   ü  Expenses   ü  VoJng  rights   ü  ConfidenJality   34  
    • Employee  pool  PosiRon   #   %   CumulaRve   Preferred  equity   Equity     •  Investment  purposes  CEO   1   5-­‐10%   6%   •  More  rights  &  priviliges  CFO   1   1-­‐2%   1%   •  Higher  priced  then  common  VP   2   1-­‐3%   4%   •  Olen  come  in  series  A,  B,  C   •  Early  &  Later  and  Growth  Capital  Direct  level   5   <  0.5%   2%  Other   ?   <  0.25%   2%  TOTAL   15%   35  
    • LiquidaJon  preference  •  Guarantee  to  get  invested  money  back  •  Sale  or  liquidaJon  of  company  •  ParJcipaJon  preference:  right  to  parJcipate  in  remaining  amounts  •  Caps  included  Example:  Company  sold  for  USD  100mio,  USD  25mio  is  incl.  in  liquidaRon  preference   %total Liquidation %pref. Remainder Total Shares(#) Equity Preference Equity Payment Payment Preferred&Equity Series&A 3,500,000 23.3% 3,000,000 33.3% 17,500,000 20,500,000 Series&B 4,000,000 26.7% 7,000,000 38.1% 20,000,000 27,000,000 Series&C 3,000,000 20.0% 15,000,000 28.6% 15,000,000 30,000,000 Common&Equity 2,500,000 16.7% 0 12,500,000 12,500,000 Option&pool 2,000,000 13.3% 0 10,000,000 10,000,000 GRANTTOTAL 15,000,000 100.0% 25,000,000 100.0% 75,000,000 100,000,000 36  
    • Reverse  VesJng   POST8INVESMTENT FOUNDER%3%LEAVES%AFTER%2%YEAR Shares((#) Value(($) % Shares((#) Value(($) %Common%EquityFounder(1 2,500,000 2,500,000 18.5% 2,500,000 2,500,000 20.0%Founder(2 2,500,000 2,500,000 18.5% 2,500,000 2,500,000 20.0%Founder(3 2,000,000 2,000,000 14.8% 1,000,000 1,000,000 8.0%Sub%Total 7,000,000 7,000,000 51.7% 6,000,000 6,000,000 47.9%Preferred%Shares%8%Series%ALead(Investor 3,000,000 3,000,000 22.2% 3,000,000 3,000,000 23.9%Following(Investor 1,500,000 1,500,000 11.1% 1,500,000 1,500,000 12.0%Sub%Total 4,500,000 4,500,000 33.3% 4,500,000 4,500,000 35.9%Employee%Share%Options 2,028,607 2,028,607 15.0% 2,028,607 2,028,607 16.2%GRAND%TOTAL 13,528,607 13,528,607 100.0% 12,528,607 12,528,607 100.0% 37  
    • How  to  select  investors  •  Social  aspects:   -  RelaJonship  with  key  people     Available  Funds   -  RelaJonship  broader  team   Relevant               Match  in  Size,   ExperRse   Stage  &  •  References:   beyond  Funds   Geography   -  Do  ask  other  founders   Short   Excellent         list   Relevant  •  ValuaRon  &  Deal  terms   ReputaRon  &   Industry   Track  Record   No  Direct   CompeRRve   Investments   Right  partner  at  good  price  OR  any  partner  at  highest  price     38  
    • ValuaJon  should  not  be  key  factor   LIKELYHOOD  OF   VALUE  @  EXIT   X   EXITING   X   %  SHARE  IN  BUSINESS   •  Revenue   •  Low  execuJon   •  DiluJon   •  Profitability   errors   •  OpJon  grants   •  Growth  Rate   •  Hiring  both  quality   •  Management  Skills   &  speed   •  Strategic  fit  buyer   •  Partnership   •  Management  exit   •  Product   development   •  Infrastructure  
    • Some  things  to  keep  in  mind  while  searching  for  investments   Investment  is  about  TRUST   COURAGE  is  high  risk,  high  return   The  TEAM  will  make  it  happen   Manage  EXPECTATIONS   Solid  BUSINESS  PLAN   Social  CLICK  Searching  for  investment,  long,  LONG  process   An  Angel  Investor  is  NOT  A  HOLY  GRAIL   40  
    • Take  a  different  approach,  be  your  own  investor  •  Your  own  investment  does  not  consist  only   of  Jme  spend  •  Become  as  criRcal  as  your  external   investors  would  be  •  Money  is  the  end-­‐game  of  the  investor,  so   is  yours   You  are  the  biggest  investor  of  them  all!   41  
    • Webinar  Program  Overview  2012  June  19:    Business  Plan  WriJng  -­‐  A  Roadmap  to  Success  July  3:      Pitching  &  PresentaJon  -­‐  3  Minutes,  1  Impression  July  17:    Strategy  -­‐  A  Vision  for  the  Future,  A  Strategy  for  Gehng  There  July  31:    BudgeJng  &  ForecasJng  -­‐  PredicJng  the  Outcome  Aug  14:    Working  Capital  -­‐  An  Unknown  Key  to  Success  Aug.  28:    Capital  Management  -­‐  Playing  with  Risk  Sept  11.:    Funding  &  Investments  -­‐  Some  Sources  are  More  Equal  then  Others  Sept.  25:    ValuaRon  -­‐  Art  or  Science  Oct  9:      Exit  Strategy  -­‐  Nice  to  Have  or  Need  to  Have?  Oct.  23:    Bootstrapping  -­‐  An  AlternaJve  Answer  to  Funding  Nov  6:    Crowdfunding  -­‐  The  Power  of  Friends,  Family  and  Fools  Nov.  20:    Networking  -­‐  Nice  You  have  3000  Friends,  I  have  30  Relevant  ConnecJons  Dec.  4:      MarkeJng  &  (Social)  Media  -­‐  Noise  or  Value?  Dec.  11:    No  Sales,  No  Glory  Dec.  18:    Most  Common  Mistakes  of  Entrepreneurs   42    
    • BECOME  A  VIP  MEMBER  WITHIN  1  WEEK  AND  GET  YOUR  PLAN  CHECKED!  SPECIAL  OFFER,  ONLY  USD  12  1.  FREE  checking  of  final  draq  business  plan  2.  FREE  discussion  on  next  steps  and  how    &  where  to  find  funding  in  your   region  3.  FREE  to  ask  addiRonal  quesRon  related  to  funding  &  investment  related   topics  4.  FREE  documentaRon  of  all  webinars  so  far,  presentaRons  +  notes!  5.  Send  me  an  email  on:  www.efactor.com/hukshorn  6.  Follow  me  on:  www.efactor.com/hukshorn             HTTP://WWW.EFACTOR.COM/VIP     43  
    • Thank  you!    This  document  was  prepared  by  Eva  Hukshorn.  Several  people  and  organizaRons  have  inspired  her  to  write  this  presentaRon,  amongst  which  are,  but  not  limited  to  the  Founders  of  EFactor,   ABN  AMRO/RBS,  University  of  Groningen,  InsRtute  for  Management  Accountants