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APPROACHING	
  INVESTORS	
  
	
  
Accelmed	
  Accelera6on	
  Programme	
  
July	
  29	
  2014	
  
Summary	
  
¨ Overview	
  	
  
¨ An	
  inconvenient	
  truth	
  	
  
¨ Finding	
  funding:	
  different	
  sources	
  	
...
Nuvolab	
   is	
   a	
   business	
   accelerator	
   and	
   a	
   catalyst	
   of	
  
change	
   dedicated	
   to	
   al...
What	
  is	
  a	
  startup?	
  
What	
  is	
  a	
  startup?	
  
An	
  innova=ve	
  	
  company	
  
A	
   startup	
   is	
   temporary	
   organiza6on	
   in	
   search	
   of	
   a	
   repeatable,	
  
scalable	
   busines...
A	
   startup	
   has	
   a	
   well	
   defined	
   lifecycle	
   that	
   ends	
   with	
   the	
   valida=on	
   of	
   ...
A	
  startup	
  is	
  a	
  “?”	
  and	
  not	
  a	
  “!”	
  (more	
  appropriate	
  for	
  successful	
  company)	
  besid...
A	
   business	
   model	
   describes	
   the	
   ra=onale	
   of	
   “how	
   an	
   organiza+on	
   creates,	
  
delive...
A	
  repeatable	
  business	
  model,	
  is	
  a	
  business	
  
model,	
  which	
  will	
  generate	
  cash-­‐flow	
  more...
Scalability	
   is	
   the	
   ability	
   of	
   a	
   system,	
  
network,	
   or	
   process	
   to	
   handle	
   a	
 ...
•  Not	
  every	
  (new)	
  company	
  is	
  a	
  (scalable)	
  startup.	
  
•  A	
  startup	
  is	
  not	
  a	
  younger/...
The	
  startup	
  journey:	
  a	
  lifecycle	
  perspec6ve	
  (metaphor)	
  
The	
  startup	
  journey:	
  a	
  lifecycle	
  perspec6ve	
  (metaphor)	
  	
  
STAGE 1 STAGE 2 STAGE 3
CONSERVATION	
  SUSTAIN	
  SCALE	
  EFFICIENCY	
  VALIDATION	
  DISCOVERY	
  IDEA	
  
STAGE 4 STAG...
Summary	
  
¨ Overview	
  	
  
¨ An	
  inconvenient	
  truth	
  	
  
¨ Finding	
  funding:	
  different	
  sources	
  	
...
STAGE 1 STAGE 2 STAGE 3
CONSERVATION	
  SUSTAIN	
  SCALE	
  EFFICIENCY	
  VALIDATION	
  DISCOVERY	
  IDEA	
  
STAGE 4 STAG...
FINANCIAL	
  
NEEDS	
  
7	
  STAGES	
  
CASH	
  FLOW	
  
EXPANSION MATURITY
Financial	
  needs	
  
Revenues	
  
Cumula6ve	...
FINANCIAL	
  
NEEDS	
  
7	
  STAGES	
  
CASH	
  FLOW	
  
EXPANSION MATURITY
Financial	
  needs	
  
Revenues	
  
Cumula6ve	...
FASE 1 FASE 2 FASE 3
CONSERVATION	
  SUSTAIN	
  SCALE	
  EFFICIENCY	
  VALIDATION	
  DISCOVERY	
  IDEA	
  
FASE 4 FASE 5 F...
FINANCIAL	
  
NEEDS	
  
7	
  STAGES	
  
CASH	
  FLOW	
  
EXPANSION MATURITY
Financial	
  needs	
  
Revenues	
  
Cumula6ve	...
Source:	
  The	
  Illusions	
  of	
  Entrepreneurship:	
  The	
  Costly	
  Myths	
  that	
  
Entrepreneurs,	
  Investors,	...
Failure	
  rate	
  by	
  industry	
  
6 Copyright © 2011 Nuvolab - All Rights Reserved
Fonte: http://www.chubbybrain.com/blog/top-reasons-
startups-fail-analyzi...
1.	
  	
  Being	
  inflexible	
  and	
  not	
  ac=vely	
  seeking	
  
or	
  using	
  customer	
  feedback	
  à	
  45%	
  
...
So..	
  Startup	
  life	
  is	
  a	
  very	
  hard	
  thing!	
  
SMART	
   MONEY	
  
Competences	
   Funding	
  
What	
  is	
  missing?	
  
Verve	
  Capital	
  Partners	
  (2011):	
  what	
  is	
  the	
  VC	
  
spent	
  per	
  capita	
  in	
  European	
  countri...
Summary	
  
¨ Overview	
  	
  
¨ An	
  inconvenient	
  truth	
  	
  
¨ Finding	
  funding:	
  different	
  sources	
  	
...
h_p://www.youtube.com/watch?v=U470xXKfDyE	
  	
  
Let’s	
  start	
  with	
  a	
  brief	
  overview	
  (by	
  Kauffman	
  Fo...
“3	
  F”	
   BA	
   VC/CV	
   IPO	
  
FINANCIAL	
  
NEEDS	
  
7	
  STAGES	
  
CASH	
  FLOW	
  
EXPANSION MATURITY
Financia...
Founders	
  (and	
  their	
  bank	
  accounts)	
  
Customers	
  
Friends	
  &	
  Family	
  (&	
  Fools)	
  
Business	
  an...
•  Where	
  to	
  spend	
  
–  Team!	
  Engineers,	
  Product	
  
Management	
  
–  Product	
  &	
  usability	
  
–  Good	...
Financing	
  growth	
  from	
  previous	
  cashflow	
  and	
  personal	
  fund	
  
(obviously	
  need	
  to	
  have	
  cash...
•  Rela=vely	
  limited	
  funds	
  will	
  be	
  available	
  for	
  startup;	
  likely	
  
to	
  want	
  collaterals	
  ...
Founders	
  (and	
  their	
  bank	
  accounts)	
  
Customers	
  
Friends	
  &	
  Family	
  (&	
  Fools)	
  
Business	
  an...
•  Not	
  all	
  startups	
  require	
  external	
  funding	
  
•  Cash	
  flow	
  comes	
  ul=mately	
  and	
  most	
  imp...
Focus:	
  bootstrapping	
  
h_p://bit.ly/bootstrapbible	
  	
  
Founders	
  (and	
  their	
  bank	
  accounts)	
  
Customers	
  
Friends	
  &	
  Family	
  (&	
  Fools)	
  
Business	
  an...
3F	
  (aka	
  “Love	
  Capital”)	
  
Founders	
  (and	
  their	
  bank	
  accounts)	
  
Customers	
  
Friends	
  &	
  Family	
  (&	
  Fools)	
  
Business	
  an...
•  An	
  angel	
  investor	
  or	
  angel	
  (also	
  known	
  as	
  a	
  business	
  angel	
  or	
  informal	
  investor	...
Digital	
  BAN	
  
Business	
  Angels	
  
Business	
  angels	
  (categories	
  with	
  Italian	
  examples)	
  
Lone	
  Bu...
Example:	
  BAN	
  in	
  Italy	
  
www.iban.it	
  	
  
Business	
  angels	
  (network):	
  map	
  
www.eban.org	
  	
  
Founders	
  (and	
  their	
  bank	
  accounts)	
  
Customers	
  
Friends	
  &	
  Family	
  (&	
  Fools)	
  
Business	
  an...
•  A	
  venture	
  capital	
  fund	
  refers	
  to	
  a	
  pooled	
  investment	
  vehicle	
  that	
  primarily	
  
invest...
The	
  Venture	
  Capital	
  inves6ng	
  process	
  
Structure	
  of	
  a	
  (generic)	
  VC	
  fund	
  
Example:	
  VCs	
  in	
  Italy	
  
(Who	
  is	
  Who	
  map)	
  
www.italiastartup.it	
  	
  
Venture	
  capital:	
  map	
...
Founders	
  (and	
  their	
  bank	
  accounts)	
  
Customers	
  
Friends	
  &	
  Family	
  (&	
  Fools)	
  
Business	
  an...
Corporate	
  Venture	
  Capital	
  
Defini=on:	
  a	
  Venture	
  Capital	
  firm,	
  independent	
  
or	
  cap=ve,	
  which...
Corporate	
  VC	
  Investment	
  
Source:	
  Boston	
  Consul=ng	
  Group	
  (2012)	
  
	
  
Corporate	
  Venture	
  Capital:	
  map	
  by	
  deals	
  
Founders	
  (and	
  their	
  bank	
  accounts)	
  
Customers	
  
Friends	
  &	
  Family	
  (&	
  Fools)	
  
Business	
  an...
REWARD-­‐BASED	
  
DONATION-­‐BASED	
  
LENDING-­‐BASED	
  
EQUITY-­‐BASED	
  
CROWDFUNDING	
  MODELS	
  
Logic:	
  Propon...
•  453	
  ac=ve	
  platorms	
  (2012)	
  
•  1	
  Million	
  project	
  funded	
  
•  $	
  0,89	
  Billion	
  raised	
  in...
Founders	
  (and	
  their	
  bank	
  accounts)	
  
Customers	
  
Friends	
  &	
  Family	
  (&	
  Fools)	
  
Business	
  an...
•  Seed	
  accelerators	
  are	
  fixed-­‐term,	
  cohort-­‐based	
  programs	
  
aimed	
  at	
  developing	
  new	
  start...
Seed	
  accelerator	
  programmes	
  maps	
  
www.startupfactories.eu	
  	
   h_p://www.seed-­‐db.com/accelerators	
  	
  
Founders	
  (and	
  their	
  bank	
  accounts)	
  
Customers	
  
Friends	
  &	
  Family	
  (&	
  Fools)	
  
Business	
  an...
Business	
  Incubators	
  
•  Business	
  incubators	
  are	
  private	
  or	
  public	
  
organiza6on	
   specialized	
  ...
Founders	
  (and	
  their	
  bank	
  accounts)	
  
Customers	
  
Friends	
  &	
  Family	
  (&	
  Fools)	
  
Business	
  an...
Public	
  Grants	
  
•  Grants	
   are	
   non-­‐repayable	
   funds	
   disbursed	
   by	
   one	
   party	
  
(grant	
  ...
Founders	
  (and	
  their	
  bank	
  accounts)	
  
Customers	
  
Friends	
  &	
  Family	
  (&	
  Fools)	
  
Business	
  an...
Prizes	
  
•  There	
   are	
   a	
   lot	
   of	
   different	
   ini=a=ves	
  
worldwide	
   aimed	
   at	
   suppor=ng	
...
Summary	
  
¨ Overview	
  	
  
¨ An	
  inconvenient	
  truth	
  	
  
¨ Finding	
  funding:	
  different	
  sources	
  	
...
•  Network	
  to	
  gains	
  access	
  to	
  VCs	
  
•  Don’t	
  get	
  hung-­‐up	
  on	
  confiden=ality	
  
•  Be	
  pers...
Large	
  Poten6al	
  
Market	
  
Opportunity	
  
Unique	
  Product	
  	
  
Or	
  Concept	
  
Passionate	
  
Founding	
  Te...
Applica6on	
  
is	
  a	
  feature	
  	
  
not	
  a	
  product	
  
Market	
  size	
  is	
  
too	
  small	
  
Motivation is
...
Technology	
   Trac6on	
  
•  Can	
  evaluate	
  each	
  as	
  
–  Excep=onal	
  
–  Good	
  /	
  credible	
  
–  Mediocre...
Has	
  funds	
  	
  
to	
  invest	
  
Match	
  of	
  	
  
Size/Stage/	
  
Geography	
  
Relevant	
  
Portolio	
  
No	
  di...
•  Out	
  of	
  the	
  blue	
  email	
  is	
  a	
  long	
  shot	
  
•  Try	
  to	
  build	
  context	
  
–  Analyse	
  por...
Useful	
  sources	
  of	
  informa6on	
  and	
  inspira6on	
  
h_p://fundersandfounders.com	
  	
   h_ps://www.techcrunch....
Summary	
  
¨ Overview	
  	
  
¨ An	
  inconvenient	
  truth	
  	
  
¨ Finding	
  funding:	
  different	
  sources	
  	
...
Crisis:	
  risk	
  or	
  opportunity?	
  
…half	
  empty,	
  half	
  full..	
  	
  
It’s	
  just	
  a	
  maver	
  of	
  point	
  of	
  view	
  (and	
  awareness).	
...
Thanks	
  for	
  your	
  6me	
  &	
  aven6on	
  
@francingu
@nuvolab
francesco.inguscio@nuvolab.com
www.nuvolab.com ivysou...
Summary	
  
¨ Overview	
  	
  
¨ An	
  inconvenient	
  truth	
  	
  
¨ Finding	
  funding:	
  different	
  sources	
  	
...
•  Pitch:	
  What?	
  
•  Pitch:	
  Why?	
  
•  Pitch:	
  For	
  whom?	
  
•  Pitch:	
  How?	
  
	
  
•  Pitch:	
  some	
 ...
Overview	
  
•  Problem	
  
•  Solu=on	
  
•  Team	
  
•  Achievements	
  
•  Market	
  
•  Compe==on	
  
•  Business	
  m...
Problem	
  
•  Analysis	
  of	
  exis6ng	
  and	
  emergent	
  customer	
  needs;	
  
	
  
	
  
•  Analysis	
  of	
  exis6...
Solu6on	
  /	
  Value	
  Proposi6on	
  
•  Descrip=on	
   of	
   the	
   offering	
   (product	
   features/	
   value	
  
...
Team	
  
•  Name,	
  posi=on	
  
•  Relevant	
  experience	
  (max	
  2	
  raws)	
  
•  Name,	
  posi=on	
  
•  Relevant	
...
Achievements	
  
•  Product	
  development	
  milestones	
  
•  Incorpora=on	
  date	
  
•  Personnel	
  
•  Revenues	
  
...
Market	
  
•  Iden=fica=on	
  of	
  target	
  market	
  and	
  of	
  relevant	
  segments	
  
•  Size	
  (in	
  terms	
  of...
Compe66on	
  
•  Main	
  compe6tors;	
  
•  Main	
  market	
  dynamics;	
  
•  Main	
  bases	
  of	
  compe66on;	
  
•  Co...
•  What	
  is	
  your	
  business	
  model?	
  (How	
  do	
  you	
  make	
  money?)	
  
•  Highlights	
  on	
  sourcing,	
...
Economics	
  
€	
  (Euro)	
   2012	
   2013	
  (E)	
   2014	
  (E)	
   2015	
  (E)	
   2016	
  (E)	
   2017	
  (E)	
  
Rev...
Investment	
  proposi6on	
  
•  What	
  is	
  your	
  financial	
  need?	
  What	
  do	
  you	
  exactly	
  want	
  from	
 ...
Contact	
  name	
  
E-­‐mail	
  
Mobile	
  phone	
  number	
  
Website	
  
Contacts	
  
Pitch	
  Examples	
  (see	
  www.pitchenvy.com)	
  	
  
AirBnB	
  
Mint	
  
(Intuit	
  $170m)	
  
	
  
Square	
  
	
  
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Nuvolab seminar for Accelmed 2014: "Approaching investors"

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DETAILS of THE SEMINAR:

Title: ACCELMED WEBINAR "Approaching Investors"

Time: 29/7/2014 - 14.30 to 15.30

Trainer: Francesco Inguscio, Nuvolab srl

Objective: The webinar on "Approaching investors"will help start-ups understand the process to fund a new company, identify different funding possibilities and know about process and tacite rules to approach and negociate a deal with an investor.

Contents:
- Overview
- An inconvenient truth
- Finding funding: different sources
- How to approach investors
- Conclusions

Francesco Inguscio - Bio
Francesco Inguscio is CEO and founder of Nuvolab, one of the main venture accelerator for startups in Italy. In 2010 he worked for M31, one of the most important business incubator in Italy as Business Development Director of its Silicon Valley branch, M31 USA. Formerly, he has been working both for the US Market Access of San Jose, a first rate international start-ups incubator in Silicon Valley, as business developer, and for the Angels’ Forum of Palo Alto, a leading business angel network in California, as financial analyst. In March 2010 he was awarded with his team of VRMedia, at Stanford University, with the Mind The Bridge prize, as the most innovative high tech startup in Italy. Previously, among others, he succeeded in working as research fellow in School of Advanced Studies Sant’Anna of Pisa (2009); as analyst IBM Global Business Services (2008) on market planning and IP management projects; as business strategy analyst in Accenture Business Consulting (2006), where he was involved in several projects concerning marketing and strategy analysis for the banking & insurance industry, and in the development of new financial products; he also worked in Prometeia (2005), a financial firm where he supported the development of innovative financial products and the creation of risk management tools for the banking industry. Francesco earned a BA in Management & Finance magna cum laude in 2003 and a MA in Finance magna cum laude in 2005, both from the University of Padova. In 2008, he got a Master in Innovation Management cum laude at the School Sant’Anna of Pisa. Currently; in 2010 he earned a Certificate in Technology Entrepreneurship at the Santa Clara University (CA), supported by the Fulbright BEST Program Grant.

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Transcript of "Nuvolab seminar for Accelmed 2014: "Approaching investors""

  1. 1. APPROACHING  INVESTORS     Accelmed  Accelera6on  Programme   July  29  2014  
  2. 2. Summary   ¨ Overview     ¨ An  inconvenient  truth     ¨ Finding  funding:  different  sources     ¨ How  to  approach  investors     ¨ Conclusions    
  3. 3. Nuvolab   is   a   business   accelerator   and   a   catalyst   of   change   dedicated   to   all   the   reali=es   in   the   (Italian)   entrepreneurial  ecosystem.   What  is  Nuvolab?  
  4. 4. What  is  a  startup?  
  5. 5. What  is  a  startup?   An  innova=ve    company  
  6. 6. A   startup   is   temporary   organiza6on   in   search   of   a   repeatable,   scalable   business   model   (Steve   Blank,   The   Startup   Owner’s   Manual)   1.  Temporary  organiza6on   2.  In  search   3.  Of  a  business  model   4.  Repeatable   5.  Scalable   A  good  defini6on  
  7. 7. A   startup   has   a   well   defined   lifecycle   that   ends   with   the   valida=on   of   its   (repeatable  and  scalable)  business  model.     Done  that,  it  becomes  a  real  “company”.   It’s  a  journey.   Temporary  organiza6on…  
  8. 8. A  startup  is  a  “?”  and  not  a  “!”  (more  appropriate  for  successful  company)  beside   the  word  “business  model”.     Credits:  Steve  Blank,  The  Startup  Owner’s  Manual   Credits:  Eric  Ries,  The  Lean  Startup   ?   ..in  search...  
  9. 9. A   business   model   describes   the   ra=onale   of   “how   an   organiza+on   creates,   delivers,  and  captures  value”  (A.  Osterwalder,  2010).   In  other  words  is  about  how  a  firm  will  make  money  and  sustain  its  profit  stream   over  =me.   ..of  a  business  model...  
  10. 10. A  repeatable  business  model,  is  a  business   model,  which  will  generate  cash-­‐flow  more   than   once.   This   sounds   very   obvious,   because   as   it   seems   every   business   is   repeatable.  But  this  is  not  true.     When   you   sell   your   house:   this   is   not   a   repeatable  business  model.     But   of   course   it   is   a   repeatable   business   model  to  sell  houses  of  other  people.     Repeatability   of   your   business   model   is   strongly   related   to   a   specific   ques=on:   if   your   business   will   growth   or   not   in   the   future.     ..repeatable...  
  11. 11. Scalability   is   the   ability   of   a   system,   network,   or   process   to   handle   a   growing   amount   of   work   in   a   capable   manner  or  its  ability  to  be  enlarged  to   accommodate  that  growth.   Meaning   for   a   business:   when   your   revenues   grow,   your   profits   grow   (more  than)  propor=onally  (economy  of   scale).   Scalability   of   your   business   model   is   strongly  related  to  a  specific  ques=on:   how   your   business   will   growth   in   the   future.   ..and  scalable!  
  12. 12. •  Not  every  (new)  company  is  a  (scalable)  startup.   •  A  startup  is  not  a  younger/smaller  version  of  an  “old”   tradi=onal  company.   •  Startup  (=“?”):  a  temporary  organiza=on  in  search  of  a   repeatable,  scalable  business  model  .   •  Company   (=“!”):   a   permanent   organiza=on   designed   to  execute  a  repeatable  and  scalable  business  model     •  So  startups  have  (some)  different  needs  compared  to   tradi=onal   companies   à   i.e.   financial   needs   and   funding  sources:   –  Since  they  need  =me  (and  money)  in  order  to  find  an  answer   about   their   business   model   (“?”)   à   specific   funding   needs   (especially  when  their  business  is  capital  intensive)   –  Since   they   are   high-­‐poten=al   (scalable)   companies   (“!”)   à   specific  (some6me  exclusive)  sources  of  finding  /  investors   So  what?  
  13. 13. The  startup  journey:  a  lifecycle  perspec6ve  (metaphor)  
  14. 14. The  startup  journey:  a  lifecycle  perspec6ve  (metaphor)    
  15. 15. STAGE 1 STAGE 2 STAGE 3 CONSERVATION  SUSTAIN  SCALE  EFFICIENCY  VALIDATION  DISCOVERY  IDEA   STAGE 4 STAGE 5 STAGE 6 STAGE 7 REVENUES   TIME   Start   Launch   Build   Chasm   Scale   Maturity   Source:  Four  Step  To  Epiphany  (S.  Blank),  Startup  Compass  (Stanford)  e  Startup  Lifecycle  (F.  Des=n)   The  startup  journey:  a  lifecycle  perspec6ve  (product  PoV)  
  16. 16. Summary   ¨ Overview     ¨ An  inconvenient  truth     ¨ Finding  funding:  different  sources     ¨ How  to  approach  investors     ¨ Conclusions    
  17. 17. STAGE 1 STAGE 2 STAGE 3 CONSERVATION  SUSTAIN  SCALE  EFFICIENCY  VALIDATION  DISCOVERY  IDEA   STAGE 4 STAGE 5 STAGE 6 STAGE 7 REVENUES   TIME   Start   Launch   Build   Chasm   Scale   Maturity   Source:  Four  Step  To  Epiphany  (S.  Blank),  Startup  Compass  (Stanford)  e  Startup  Lifecycle  (F.  Des=n)   Startup  lifecycle:  take  the  product  PoV..  
  18. 18. FINANCIAL   NEEDS   7  STAGES   CASH  FLOW   EXPANSION MATURITY Financial  needs   Revenues   Cumula6ve    cash  flow   ..and  combine  it  with  the  financial  PoV..  
  19. 19. FINANCIAL   NEEDS   7  STAGES   CASH  FLOW   EXPANSION MATURITY Financial  needs   Revenues   Cumula6ve    cash  flow   ..where  the  financial  need  is  evident!  
  20. 20. FASE 1 FASE 2 FASE 3 CONSERVATION  SUSTAIN  SCALE  EFFICIENCY  VALIDATION  DISCOVERY  IDEA   FASE 4 FASE 5 FASE 6 FASE 7 Note:  overlapping  product  and  financial  perspec=ve  has  only  didac=c  purpose   FINANCIAL   NEEDS   7  STAGES   CASH  FLOW   EXPANSION MATURITY Financial  needs   Revenues   Cumula6ve    cash  flow   Start   Launch   Build   Chasm   Scale   Maturity   It  will  persist  6ll  your  business  model  is  validated  or..  
  21. 21. FINANCIAL   NEEDS   7  STAGES   CASH  FLOW   EXPANSION MATURITY Financial  needs   Revenues   Cumula6ve    cash  flow   “The  valley  of  death”     ..6ll  you  will  exit  from  the  market  prematurely  
  22. 22. Source:  The  Illusions  of  Entrepreneurship:  The  Costly  Myths  that   Entrepreneurs,  Investors,  and  Policy  Makers  Live  By   HBS  (2011):   •  Failure  =  liquida=ng  all   assets,  with  investors  losing   most  or  all  the  money  they   put  into  the  company  à  the   failure  rate  for  start-­‐ups  is   30-­‐40%.   •  Failure  =  failing  to  see  the   projected  return  on   investment  à  failure  rate  is   70-­‐80%.     •  Failure  =  declaring  a   projec6on  and  then  falling   short  of  mee=ng  it  à  failure   rate  is  a  whopping  90-­‐95%.     Classic  company   Tech  Startup   The  Valley  of  Death  
  23. 23. Failure  rate  by  industry  
  24. 24. 6 Copyright © 2011 Nuvolab - All Rights Reserved Fonte: http://www.chubbybrain.com/blog/top-reasons- startups-fail-analyzing-startup-failure-post-mortem/ Le 20 principali cause di “morte prematura” per una startup (secondo ChubbyBrain, database VC e BA) Source:  h_p://www.chubbybrain.com/blog/top-­‐reasons-­‐  startups-­‐fail-­‐analyzing-­‐startup-­‐failure-­‐post-­‐mortem/   The  top  20  Reasons  Startups  Fail  
  25. 25. 1.    Being  inflexible  and  not  ac=vely  seeking   or  using  customer  feedback  à  45%   2.    Building  a  solu=on  looking  for  a   problem,  i.e.,  not  targe=ng  a  “market   need”  à  30%   3.    Not  the  right  team  à  30%   4.    Poor  Marke=ng  à  28%   5.    Ran  out  of  cash  à  25%   6.    I  got  this  product.  Now  I  just  need  a   business  model  à  25%   7.    Release  product  at  the  wrong  =me  à   20%   8.    Lack  Passion  and  Exper=se  à  19%   9.    Do  not  cut  your  losses  a  la  Pivot  at  the   right  =me  à  19%   10.    A  “User  Un-­‐Friendly”  Product  à16%   11.    Pricing  Issues  à  16%   12.    Do  not  use  your  connec=ons  à   16%   13.    Disharmony  with  Investors/Co-­‐ founders  à  12%     14.    Lose  Focus  –  Distracted  by  Shiny   Objects  à  12%     15.    Burn  Out  à  12%   16.    Get  outcompeted  à  10%   17.    Be  unable  to  A_ract  Investors  à   6%   18.    Loca=on,  Loca=on,  Loca=on  à  6%   19.    Not  working  on  it  full  =me  à  6%   20.    Start  the  company  at  the  wrong   =me  à  6%   The  top  20  Reasons  Startups  Fail  
  26. 26. So..  Startup  life  is  a  very  hard  thing!  
  27. 27. SMART   MONEY   Competences   Funding   What  is  missing?  
  28. 28. Verve  Capital  Partners  (2011):  what  is  the  VC   spent  per  capita  in  European  countries  (USA  $   67  pc)  à  5  groups   •  Group  1  ($70-­‐60):  Switzerland  ($69  pc),  the   Netherlands  ($  62  pc)   •  Group   2   ($60-­‐50):   Sweden,   Finland   ($   59   pc),   Denmark   ($   53   pc)…   over   European   average  ($  35  pc).   •  Group   3   ($40-­‐30):   UK,   Ireland   ($39   pc),   Belgium  ($33  pc),  France  ($31  pc)   •  Group   4   ($30-­‐20):   Norway   ($27   pc)   Spain   ($24  pc),  Germany  ($21  pc)   •  Group  5  ($10-­‐0):  Austria  ($10  pc),  Portugal   ($  7  pc),  Greece  ($  3  pc)  and…last…  Italy  ($   1  pc)   An  inconvenient  truth  
  29. 29. Summary   ¨ Overview     ¨ An  inconvenient  truth     ¨ Finding  funding:  different  sources     ¨ How  to  approach  investors     ¨ Conclusions    
  30. 30. h_p://www.youtube.com/watch?v=U470xXKfDyE     Let’s  start  with  a  brief  overview  (by  Kauffman  Founda6on)  
  31. 31. “3  F”   BA   VC/CV   IPO   FINANCIAL   NEEDS   7  STAGES   CASH  FLOW   EXPANSION MATURITY Financial  needs   Revenues   Cumula6ve    cash  flow   Grant  Customers   Crowdfunding  Prizes   Funding  your  startup:  (un)conven6onal  sources    
  32. 32. Founders  (and  their  bank  accounts)   Customers   Friends  &  Family  (&  Fools)   Business  angels   Venture  Capital   Corporate  Venture   Crowdfunding   Seed  accelerator  programmes   Business  incubators   Public  grants   Prizes       Funding  sources:  short  list  
  33. 33. •  Where  to  spend   –  Team!  Engineers,  Product   Management   –  Product  &  usability   –  Good  lawyers     •  Where  NOT  to  spend:   –  Big  management  teams   –  Marke=ng  &  adver=sing   –  Big  outsourcing  projects   –  Bonuses  (with  some   excep=ons…)   –  Travel  (again,  with  some   excep=ons…)   –  Outside  sales  forces   •  Common  spending  pitalls   –  Hiring  too  many  people   –  Hiring  the  wrong  people   –  Doing  too  many  things   –  Goldpla=ng   –  Not  geung  short-­‐term,  hard   returns   Especially  when  is  your  money:  cash  is  king  so..  
  34. 34. Financing  growth  from  previous  cashflow  and  personal  fund   (obviously  need  to  have  cashflows  J)   Most  good  bootstrapped  companies  emerge  from  a  service  or   consul=ng  companies  that  are  “produc=sing”  their  offering   Pros   –  Bootstrapped  companies  almost  always  spend  cash  more  effec=vely  than   equity  financed  companies   –  Already  being  close  to  exis=ng  customers,  give  excellent  ability  to   understand  problems  and  define  good  solu=ons   Cons   –  Resources  for  product  and  market  dev  constrained  by  cashflows   –  May  miss  a  big  opportunity  if  other  players  raise  finance  and  invest  heavily     Self  financing  /  bootstrapping  
  35. 35. •  Rela=vely  limited  funds  will  be  available  for  startup;  likely   to  want  collaterals  anyway   •  Banks  only  lend  to  predictable  businesses  they  can   understand  (be_er  being  a  “!”  rather  than  a  “?”)   •  If  your  capital  requirements  are  limited  and  your  business  is   following  a  well  trodden  path,  can  be  a  useful  source  of   finance   •  Not  par=cularly  useful  web  or  high  growth  tech  industries   •  Some  (public)  facilita=on  for  startups  in  some  Countries  à   i.e.  in  Italy  Fondo  di  Garanzia  will  provide  (innova=ve)   startups  with  a  (public)  collateral  on  80%  of  your  debt  up  to   €2,5M  (100+  startups  already  asked  for  it)   Debt/  bank  finance  
  36. 36. Founders  (and  their  bank  accounts)   Customers   Friends  &  Family  (&  Fools)   Business  angels   Venture  Capital   Corporate  Venture   Crowdfunding   Seed  accelerator  programmes   Business  incubators   Public  grants   Prizes       Funding  sources:  short  list  
  37. 37. •  Not  all  startups  require  external  funding   •  Cash  flow  comes  ul=mately  and  most  importantly  from   customers,  NOT  from  investors   •  Bootstrapping  in  business  means  star=ng  a  business  without   external  help  or  capital.  Such  startups  fund  the  development  of   their  company  through  internal  cash  flow  and  are  cau=ous  with   their  expenses.  Generally  at  the  start  of  a  venture,  a  small   amount  of  money  will  be  set  aside  for  the  bootstrap  process     Customers  /  bootstrapping  
  38. 38. Focus:  bootstrapping   h_p://bit.ly/bootstrapbible    
  39. 39. Founders  (and  their  bank  accounts)   Customers   Friends  &  Family  (&  Fools)   Business  angels   Venture  Capital   Corporate  Venture   Crowdfunding   Seed  accelerator  programmes   Business  incubators   Public  grants   Prizes       Funding  sources:  short  list  
  40. 40. 3F  (aka  “Love  Capital”)  
  41. 41. Founders  (and  their  bank  accounts)   Customers   Friends  &  Family  (&  Fools)   Business  angels   Venture  Capital   Corporate  Venture   Crowdfunding   Seed  accelerator  programmes   Business  incubators   Public  grants   Prizes       Funding  sources:  short  list  
  42. 42. •  An  angel  investor  or  angel  (also  known  as  a  business  angel  or  informal  investor  or   angel  funder)  is  an  affluent  individual  who  provides  capital  for  a  business  start-­‐up,   usually  in  exchange  for  equity.     •  A  small  but  increasing  number  of  angel  investors  organize  themselves  into  angel   groups  or  angel  networks  to  share  research  and  pool  their  investment  capital,  as  well   as  to  provide  advice  to  their  portolio  companies.   •  Unlike  the  VC  the  Angel  invests  their  own  money   •  Hands  on  approach:  geographical  or  industrial  “proximity”   •  The  Angel  approach  is  to  invest  small  amounts  at  a  very  early  stage  /  low  valua=on   –  €50-­‐€250k  at  valua=ons  of  €500k-­‐€4m   •  Two  “exits”  for  angel   –  Firm  might  be  sold  quickly  for  €5-­‐10m  or  less  where  the  Angel  can  make  2-­‐5x  money   –  Firm  raises  VC  money,  ayer  which  Angel  typically  becomes  more  passive  but  has  built  up   exposure  very  cheaply  to  a  venture  backed  enterprise   •  The  key  thing  when  selec=ng  an  Angel  therefore  is  whether  they  can  help  you  raise  VC   finance   –  See  which  Angel  investors  have  invested  with  which  VCs     Business  angels  
  43. 43. Digital  BAN   Business  Angels   Business  angels  (categories  with  Italian  examples)   Lone  Business   Angels   Regional   mul6sectoral  BAN   Na6onalwide  BAN   sectoral  focus     General  BAN  
  44. 44. Example:  BAN  in  Italy   www.iban.it     Business  angels  (network):  map   www.eban.org    
  45. 45. Founders  (and  their  bank  accounts)   Customers   Friends  &  Family  (&  Fools)   Business  angels   Venture  Capital   Corporate  Venture   Crowdfunding   Seed  accelerator  programmes   Business  incubators   Public  grants   Prizes       Funding  sources:  short  list  
  46. 46. •  A  venture  capital  fund  refers  to  a  pooled  investment  vehicle  that  primarily   invests  the  financial  capital  of  third-­‐party  investors  in  startup,  that  are  too   risky  for  the  standard  capital  markets  or  bank  loans.     •  These  funds  are  typically  managed  by  a  venture  capital  firm,  which  oyen   employs  individuals  with  technology  backgrounds  (scien=sts,  researchers),   business  training  and/or  deep  industry  experience.   •  Receive  1000s  of  business  plans  each  year   •  Read  100s  of  plans   •  Meet  with  dozens  of  companies   •  Fund  a  handful  (1-­‐2%)   •  Portolio  expecta=ons:   –  60%  die  or  go  nowhere  (living  dead)   –  30%  yield  2-­‐4x  in  4-­‐7  years   –  10%  (hopefully  20%)  are  tremendous  successes  (e.g.,  10x,  100x,  1000x!)   Venture  capital  
  47. 47. The  Venture  Capital  inves6ng  process  
  48. 48. Structure  of  a  (generic)  VC  fund  
  49. 49. Example:  VCs  in  Italy   (Who  is  Who  map)   www.italiastartup.it     Venture  capital:  map   www.evca.eu      
  50. 50. Founders  (and  their  bank  accounts)   Customers   Friends  &  Family  (&  Fools)   Business  angels   Venture  Capital   Corporate  Venture   Crowdfunding   Seed  accelerator  programmes   Business  incubators   Public  grants   Prizes       Funding  sources:  short  list  
  51. 51. Corporate  Venture  Capital   Defini=on:  a  Venture  Capital  firm,  independent   or  cap=ve,  which  manages  at  least  on  VC  Fund   with  the  following  characteris=cs:   •  A  Corporate  is  a  cornerstone  investor  in  the   VC  Fund   •  The  firm  is  following  the  PE  model  (exit   strategy  and  mid  to  long  term  investment   horizon)   •  The  VC  Fund  invests  mainly  in  companies   opera=ng  in  the  core  business  area  of  the   Corporate   •  The  Venture  Capital  Firm  uses  extensively  the   experience,  technologies  and/or  market   contacts  of  the  Corporate  to  manage  the   portolio  of  the  VC  Fund     Source:  EVCA  (2013)    
  52. 52. Corporate  VC  Investment   Source:  Boston  Consul=ng  Group  (2012)    
  53. 53. Corporate  Venture  Capital:  map  by  deals  
  54. 54. Founders  (and  their  bank  accounts)   Customers   Friends  &  Family  (&  Fools)   Business  angels   Venture  Capital   Corporate  Venture   Crowdfunding   Seed  accelerator  programmes   Business  incubators   Public  grants   Prizes       Funding  sources:  short  list  
  55. 55. REWARD-­‐BASED   DONATION-­‐BASED   LENDING-­‐BASED   EQUITY-­‐BASED   CROWDFUNDING  MODELS   Logic:  Proponent  à  Idea  à  Crowd  à  Reward   Target:  crea=ve  projects  (music,  cinema,  design,  hardware,  etc.).   Examples:  KickStarter  (USA/UK)  /  Eppela  (ITA)   Logic:  Proponent  à  Cause  à  Crowd  à  Altruism   Target  :  social  /  cultural  ini=a=ves  (not  for  profit)   Examples:  Causes  (USA)  /  Rete  del  Dono  (ITA)   Logic:  Proponent  à  Financial  need  à  Crowd  à  Interests   Target:  consumer  finance  needs   Examples:  Zopa  (UK)  /  Pres=amoci  (ITA)   Logic:  Proponent  à  Financial  need  à  Crowd  à  Equity   Target:  startups     Examples:  AngeList  (USA)  /  GrowVC  (UK)  /  SiamoSoci  (ITA)   Crowdfunding   Crowdfunding   is   the   prac=ce   of   funding   a   project   or   venture   by   raising   monetary   contribu6ons   from   a   large   number   of   people,   typically   via   the   Internet.    
  56. 56. •  453  ac=ve  platorms  (2012)   •  1  Million  project  funded   •  $  0,89  Billion  raised  in  2010   •  $1,47  Billion  raised  in  2011   •  $2,66  Billion  raised  in  2012   •  $5,1  Billion  raised  in  2013  (es=mate)   Source:  Google  Trends  -­‐  Search  Volume  Index:  “crowdfunding”   Crowdfunding  numbers   h_p://bit.ly/thecrowdfundingbible    
  57. 57. Founders  (and  their  bank  accounts)   Customers   Friends  &  Family  (&  Fools)   Business  angels   Venture  Capital   Corporate  Venture   Crowdfunding   Seed  accelerator  programmes   Business  incubators   Public  grants   Prizes       Funding  sources:  short  list  
  58. 58. •  Seed  accelerators  are  fixed-­‐term,  cohort-­‐based  programs   aimed  at  developing  new  startups.   •  The  accelerator  programmes  key  elements  are:   - Funding,  typically  to  the  seed  level  (<€40k)  vs  equity  (5-­‐10%)   - Company  founders  are  small  teams  (2-­‐3  people)  with   technical  backgrounds   - Each  cohort  is  supported  for  a  defined  period  of  6me  (3-­‐6   month)   - Educa6on  programme  focusing  on  business  advice  and   product  advice   - Networking  programme  to  meet  and/or  contact  other   investors  and  advisors   •  Programmes  may  or  may  not  include:   –  Office  space,  whether  free  or  subsidized   –  A  Demo  Day  for  funded  companies   Seed  accelerator  programmes   Source:  Chris=ansen,  Jed  D.  Copying  Y  Combinator:  a  framework  for  developing  seed  accelerator  programmes.       Pre L’accelerazione agisce quando un’ idea, apportando in un pe L’esperienza  estera  di  acce aumentare la crescita e le
  59. 59. Seed  accelerator  programmes  maps   www.startupfactories.eu     h_p://www.seed-­‐db.com/accelerators    
  60. 60. Founders  (and  their  bank  accounts)   Customers   Friends  &  Family  (&  Fools)   Business  angels   Venture  Capital   Corporate  Venture   Crowdfunding   Seed  accelerator  programmes   Business  incubators   Public  grants   Prizes       Funding  sources:  short  list  
  61. 61. Business  Incubators   •  Business  incubators  are  private  or  public   organiza6on   specialized   in   crea6ng   and   suppor6ng  other  companies.   •  According  to  NBIA  (USA  Na=onal  Business   Incuba=on  Associa=on)  there  are  10.000+   incubators  worldwide.   •  Incubators   nurture   young   (startup)   firms   during   their   early   months   or   years,   by   usually  providing  them  with:   -  affordable/shared   offices   and   G&A   services     -  mentoring/hands-­‐on   management   training  /  networking   -  Oyen  marke=ng  support,  access  to  some   form  of  financing  
  62. 62. Founders  (and  their  bank  accounts)   Customers   Friends  &  Family  (&  Fools)   Business  angels   Venture  Capital   Corporate  Venture   Crowdfunding   Seed  accelerator  programmes   Business  incubators   Public  grants   Prizes       Funding  sources:  short  list  
  63. 63. Public  Grants   •  Grants   are   non-­‐repayable   funds   disbursed   by   one   party   (grant   makers),   oyen   a   government   department,   corpora6on,  founda6on  or  trust,  to  a  recipient,  oyen  (but   not   always)   a   nonprofit   en=ty,   educa=onal   ins=tu=on,   business  or  an  individual.     •  For   example,   the   European   Commission   provides   financing   through  numerous  specific  calls  for  project  proposals.  These   may   be   within   Framework   Programmes.   FP8   à   Horizon   2020:  the  programme  runs  from  2014  –2020  and  provides  an   es=mated  €80  billion  of  funding.   •  Although   there   are   many   7   year   programmes   that   are   renewed  that  provide  money  for  various  purposes.     •  There   are   also   occasional   one   off   grants   to   deal   with   unforeseen  aspects  or  special  projects  and  themes.  Most  of   these   are   administered   through   what   are   called   Na=onal   Agencies,  but  some  are  administered  directly  through  the  EU   Commission  in  Brussels.  
  64. 64. Founders  (and  their  bank  accounts)   Customers   Friends  &  Family  (&  Fools)   Business  angels   Venture  Capital   Corporate  Venture   Crowdfunding   Seed  accelerator  programmes   Business  incubators   Public  grants   Prizes       Funding  sources:  short  list  
  65. 65. Prizes   •  There   are   a   lot   of   different   ini=a=ves   worldwide   aimed   at   suppor=ng   /   celebra=ng   /   funding   brilliant   business   ideas  and  high-­‐poten=al  startups.   •  There  are  hundreds  startup/business  plan   compe==ons   running   in   Europe,   promoted   by   public   organiza=ons,   corpora=ons,  founda=ons  and  so  on.   •  They   can   provide   you   with   network,   coaching,   visibility,   “in   kind”   prizes   and..   some=me  money!  
  66. 66. Summary   ¨ Overview     ¨ An  inconvenient  truth     ¨ Finding  funding:  different  sources     ¨ How  to  approach  investors     ¨ Conclusions    
  67. 67. •  Network  to  gains  access  to  VCs   •  Don’t  get  hung-­‐up  on  confiden=ality   •  Be  persistent   •  Be  humble  yet  confident,  and  always  courteous  and   professional   •  Embrace  and  learn  from  rejec=on   •  Be  greedy  in  the  long-­‐run  (any  %  of  something  >  100%  of   nothing!)   How  to  approach  investors  
  68. 68. Large  Poten6al   Market   Opportunity   Unique  Product     Or  Concept   Passionate   Founding  Team   Pre-­‐requisites   Intense   compe66on   likely   Need  to  move   rapidly   Implica6ons…   Hiring   Infrastructure   VC  funding  supports   Rapid  Product     Development   Interna6onalisa6on   Partnerships   Commercialisa6on   Good  reasons  to  raise  equity  finance  
  69. 69. Applica6on   is  a  feature     not  a  product   Market  size  is   too  small   Motivation is not financial Risk  is  not  that  you  waste  =me  unsuccessfully  trying  to   raise  finance  …   …  real  danger  is  that  you  do  succeed  in  raising  VC  funds   –  Lose  opportunity  for  small  exit  which  could  be   personally  lucra=ve   –  Lose  opportunity  to  run  lifestyle  business   –  Get  bound  in  to  3+  yrs  work  you  may  not  enjoy     When  NOT  to  raise  VC  
  70. 70. Technology   Trac6on   •  Can  evaluate  each  as   –  Excep=onal   –  Good  /  credible   –  Mediocre  /  incomplete   •  Misconcep=on  that  being  good  /  credible  across  the  board  is  what  VCs  look  for   –  Can  always  add  credible  a_ributes  to  the  mix  later   •  VCs  focus  on  finding  opportuni=es  which  rate  as  excep=onal  in  one  a_ribute   Team   What  does  an  investor  look  for  
  71. 71. Has  funds     to  invest   Match  of     Size/Stage/   Geography   Relevant   Portolio   No  directly   compe66ve   investments   Excellent   track  record   Shortlist   •  Do  create  a  shortlist   •  Rifle  is  a  be_er  weapon   than  a  shotgun   •  Similar  process  for   iden=fying  angels,  look   at  VC  funding  press   releases  to  iden=fy  prior   Angel  investors   Iden6fy  relevant  VC  partners  
  72. 72. •  Out  of  the  blue  email  is  a  long  shot   •  Try  to  build  context   –  Analyse  portolio  companies  –  are  there  any  links  there?   –  Analyse  contact  network  and  advisors   –  Analyse  press  coverage   –  Par=cipate  in  blog  conversa=ons   –  A_end  events  and  conferences   –  Relevant  PR  around  product  also  helps   •  VCs  spend  their  =me  looking  for  businesses  with  momentum     Geung  on  radar  screens  
  73. 73. Useful  sources  of  informa6on  and  inspira6on   h_p://fundersandfounders.com     h_ps://www.techcrunch.com  h_p://startupdigest.com/  
  74. 74. Summary   ¨ Overview     ¨ An  inconvenient  truth     ¨ Finding  funding:  different  sources     ¨ How  to  approach  investors     ¨ Conclusions    
  75. 75. Crisis:  risk  or  opportunity?  
  76. 76. …half  empty,  half  full..     It’s  just  a  maver  of  point  of  view  (and  awareness).   (At  least)  now  you  know  where  is  the  liquid(ity)!   Conclusions  
  77. 77. Thanks  for  your  6me  &  aven6on   @francingu @nuvolab francesco.inguscio@nuvolab.com www.nuvolab.com ivysoul2000 Ref:  Francesco  Inguscio  
  78. 78. Summary   ¨ Overview     ¨ An  inconvenient  truth     ¨ Finding  funding:  different  sources     ¨ How  to  approach  investors     ¨ Conclusions   ¨ (Hidden)  bonus  track:  startup  pitch    
  79. 79. •  Pitch:  What?   •  Pitch:  Why?   •  Pitch:  For  whom?   •  Pitch:  How?     •  Pitch:  some  examples  à  h_p://www.pitchenvy.com   Introduc6on  
  80. 80. Overview   •  Problem   •  Solu=on   •  Team   •  Achievements   •  Market   •  Compe==on   •  Business  model   •  Economics   •  Investment  proposi=on  
  81. 81. Problem   •  Analysis  of  exis6ng  and  emergent  customer  needs;       •  Analysis  of  exis6ng  solu6ons  and  their  weaknesses.  
  82. 82. Solu6on  /  Value  Proposi6on   •  Descrip=on   of   the   offering   (product   features/   value   proposi=on)   •  Descrip=on  of  benefits  provided  and  problems  solved     •  Descrip=on  of  sustainable  compe==ve  advantages  (in  terms  of   technology,  product  features  and  market  needs)   •  If  it  is  possible,  show  a  product  image  or  provide  examples  
  83. 83. Team   •  Name,  posi=on   •  Relevant  experience  (max  2  raws)   •  Name,  posi=on   •  Relevant  experience  (max  2  raws)   •  Organisa=onal  chart   •  Cap  Table  (%  equity  stake)  
  84. 84. Achievements   •  Product  development  milestones   •  Incorpora=on  date   •  Personnel   •  Revenues   •  Metrics  (web/mobile)   •  Main  customers   •  Partnerships   •  Funding  from  founders  and  funders   •  Patents  and  trademarks   •  Compe66ve  advantages  achieved  
  85. 85. Market   •  Iden=fica=on  of  target  market  and  of  relevant  segments   •  Size  (in  terms  of  €/$  and  number  of  poten=al  customers)   •  Growth  rate  (%)    
  86. 86. Compe66on   •  Main  compe6tors;   •  Main  market  dynamics;   •  Main  bases  of  compe66on;   •  Compe66ve  benchmarking.  
  87. 87. •  What  is  your  business  model?  (How  do  you  make  money?)   •  Highlights  on  sourcing,  produc=on  and  go-­‐to-­‐market  strategy   •  Posi6oning  vis-­‐à-­‐vis  compe==on  (in  terms  of  product  features,   price,  clients,  channels)   Business  Model  
  88. 88. Economics   €  (Euro)   2012   2013  (E)   2014  (E)   2015  (E)   2016  (E)   2017  (E)   Revenues   Personnel  cost   Marke=ng   Other  OPEX   EBITDA   EBIT  
  89. 89. Investment  proposi6on   •  What  is  your  financial  need?  What  do  you  exactly  want  from   your  investor?  Is  there  any  chance  for  a  co-­‐investment?  With   whom?   •  Use  of  Proceeds  (how  are  you  going  to  allocate  new  funds?)   •  Ac=vity  1  (%)   •  Ac=vity  2  (%)   •  Ac=vity  3  (%)   •  Possible  Exit  (op+onal)  
  90. 90. Contact  name   E-­‐mail   Mobile  phone  number   Website   Contacts  
  91. 91. Pitch  Examples  (see  www.pitchenvy.com)     AirBnB   Mint   (Intuit  $170m)     Square    
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