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Debt & Equity - Wouter Haerick
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Debt & Equity - Wouter Haerick

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  • 1. Dare to startFinancing Mix Dr. ir. Wouter Haerick Ghent UniversityDepartment of Information Technology (INTEC)INTEC Broadband Communication Networks research group (IBCN)
  • 2. Dare to start – Financing MixMoney should not be the issue 2
  • 3. Dare to start – Financing Mix 3
  • 4. Dare to start – Financing Mix 4
  • 5. Dare to start – Financing MixMoney, off course, is never just money.Money, of course, is never just money. Its always something else,and its always something more, and it always has the last word.1948 – Paul Auster – Writer/Poet 5
  • 6. Dare to start – Financing MixOutline for this session• Financing sources: debt versus equity• Venture Capital: The VC perspective Parterning with Venture Capitalists Alex Brabers – Executive VP at GIMV• Dos and don’ts in raising capital and how to manage reporting Jurgen Ingels – CFO & Founder at Clear2Pay 6
  • 7. Dare to start – Financing MixThree ways to finance your startup:• Debt (vreemd vermogen) Your company promises to make fixed pay-back payments in the future When failing to do so, you lose control of your company …• Equity (eigen vermogen) Return depends on the cash flow left, after all debt payments• Sponsorship 7
  • 8. Dare to start – Financing Mix Debt financing Equity financing 8
  • 9. Dare to start – Financing MixDebt financingDebt financing• Friends, fools, family (FFF) • WinWinLoan (www.pmv.eu)• Bank • Guaranteed Loan (www.pmv.eu)• Bonds (obligaties)• Your suppliers (late outgoing payments)• Your customers!! (advance incoming payments)• Accounts receivable 9
  • 10. Dare to start – Financing MixEquityfinancingEquity• Common stock • Stock owned by the founders• Preferred stock • Stock owned by the investors • Preferences: • A higher return • Paid first 10
  • 11. Dare to start – Financing Mix Debt versus Equity Debt financing Equity financingHigh priority on cash flow Lowest priority on cash flowTax Deductible Less Tax DeductibleFixed duration Undetermined durationNo management control Management control Management expertise Hybrid financing 11
  • 12. Dare to start – Financing MixFinancing depends on the stage of your company … Guaranteed Loan Pre-seed (convertable loans) Source: Kmeuhel (en.wikipedia.org/wiki/Seed_funding) 12
  • 13. Dare to start – Financing MixPractical sources towards financing: Agentschap ondernemen Brochure Risicokapitaal Per VC fund an overview is given of : - minimal and maximum investments, - focus, region and preferred participation IWT Vlaanderen – www.iwt.be BAN Vlaanderen – www.ban.be Website of VC - e.g. GIMV.be Startup news Crowd funding - e.g. www.Kickstarter.com - e.g. Mymicroinvest.com http://www.chubbybrain.com/ http://techcrunch.com/ Google/Yahoo Look at the investors of sucessful startups Look at investors active in your target market Use your network 13
  • 14. Dare to start – Financing MixOutline for this session• Financing sources: debt versus equity• Venture Capital: The VC perspective Parterning with Venture Capitalists Alex Brabers – Executive VP at GIMV• Dos and don’ts in raising capital and how to manage reporting Jurgen Ingels – CFO & Founder at Clear2Pay 14