University of Mannheim, 19. February 2014

Startups &
Venture Capital

An Alternative to Suit & Tie
Zwei Mannheimer Alumni...
We sat here two years ago!
Private Equity
Master

Consulting

Master

Master
Venture Capital

Flight Attendant :)
Graduates now in startups
Vici
Nico

:(
About me
Associate at Point Nine Capital	

!

I blog (a little) at heyni.co and tweet at @ncsh	

!

nicolas@pointninecap.c...
How I joined P9
Started selling iPhones online

Intern / Freelance Analyst

Joined as Associate
Point Nine Capital
•

Berlin-based VC ‘Startup’

•

Investing €100k-1M

•

In Europe & North America
The Startup Lifecycle
The Pitch
The Founding

The Financing

The Exit
The Founding
The Founding
• Idea

/ Product

Original idea
• Copy cat
•

• Team
First timer
• Serial entrepreneur
•

• Setup
Join an in...
The Pitch
The Pitch: Checklist
Slide Deck
Financial Plan
MVP or first product
First traction / Proof of Concept
…
The Pitch: CLTV vs CAC
• Customer

Acquisition Costs

Acquisition cost per marketing channel (not blended)
• Conversion ra...
The Pitch: Conversion Funnel
Simple Example Ecommerce
Ad Views

2.5%
2%

Visitors
Customers

x2000

CPM = €25

x50

(CPC =...
The Financing
The Financing: Sources
• Bootstrapping
• Financed

by cashflow
• Wealthy founders
• Crowd-funding
• Consumer

appeal / PR
•...
The Financing: Key topics
• Capital

Need

• Inventory
• Competitive

Situation

• Ownership
• Valuation
• Upside

potenti...
The Exit
The Exit
• Trade

Sale / M&A

• Acquisition

by market leader
• Merger with competitor
• Secondaries
• SecondMarket
• Taki...
Q&A

nicolas@pointninecap.com
Thank you!
(and don’t forget to)
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Startups & Venture Capital: An Alternative to Suit & Tie

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These are the slides for a guest lecture Nicolas gave for the entrepreneurship initiative Thinc! at the University of Mannheim on February 19, 2014.

Aimed at B.Sc / M.Sc students, the goal was to provide some background on the startup lifecycle and suggest entrepreneurship as an alternative to banking or consulting.

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Startups & Venture Capital: An Alternative to Suit & Tie

  1. 1. University of Mannheim, 19. February 2014 Startups & Venture Capital An Alternative to Suit & Tie Zwei Mannheimer Alumnis erzählen aus der Berliner Startup Welt Wann: 19.02.14 19 Uhr Wo: 0189 Anschließendes Get2Gether mit Bier & Sekt Nicolas Wittenborn
  2. 2. We sat here two years ago! Private Equity Master Consulting Master Master Venture Capital Flight Attendant :)
  3. 3. Graduates now in startups Vici Nico :(
  4. 4. About me Associate at Point Nine Capital ! I blog (a little) at heyni.co and tweet at @ncsh ! nicolas@pointninecap.com
  5. 5. How I joined P9 Started selling iPhones online Intern / Freelance Analyst Joined as Associate
  6. 6. Point Nine Capital • Berlin-based VC ‘Startup’ • Investing €100k-1M • In Europe & North America
  7. 7. The Startup Lifecycle The Pitch The Founding The Financing The Exit
  8. 8. The Founding
  9. 9. The Founding • Idea / Product Original idea • Copy cat • • Team First timer • Serial entrepreneur • • Setup Join an incubator • Do it yourself •
  10. 10. The Pitch
  11. 11. The Pitch: Checklist Slide Deck Financial Plan MVP or first product First traction / Proof of Concept …
  12. 12. The Pitch: CLTV vs CAC • Customer Acquisition Costs Acquisition cost per marketing channel (not blended) • Conversion rates • • Net profit per transaction Average transaction volume • Profit margins • • Retention Repeat purchases • Customer loyalty / Cohorts •
  13. 13. The Pitch: Conversion Funnel Simple Example Ecommerce Ad Views 2.5% 2% Visitors Customers x2000 CPM = €25 x50 (CPC = €1) x1 CAC = €50
  14. 14. The Financing
  15. 15. The Financing: Sources • Bootstrapping • Financed by cashflow • Wealthy founders • Crowd-funding • Consumer appeal / PR • Equity or non-equity • Incubation • Ressources • Know-how • Venture & network Capital • Angel • (Micro) VC
  16. 16. The Financing: Key topics • Capital Need • Inventory • Competitive Situation • Ownership • Valuation • Upside potential • Timing • Right stage • Right fit • Value-Add • Dumb or smart money • Industry / Business Model expertise
  17. 17. The Exit
  18. 18. The Exit • Trade Sale / M&A • Acquisition by market leader • Merger with competitor • Secondaries • SecondMarket • Taking something off the table • Strategic investor • Distribution • Exit candidate • IPO • Initial Public Offering • Homerun! :)
  19. 19. Q&A nicolas@pointninecap.com
  20. 20. Thank you! (and don’t forget to)
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