WelcomeFrom Idea to Investment Workshop .                                     1
Want investment….?Only 2% of those     • 60% are rejected after a                       30 minute reviewwho submit        ...
Still want investment….?                           • Lack of skills/ credibility in the                             manage...
..then ask for adviceOnly 8% of all                                        But… This 8% ofSME’s ever seek                 ...
Investors want ….?                           1.  Skilled and credible management                               teamInvesto...
What is a Scalable Start-Up?“a start-up is an organization formed to searchfor a repeatable and scalable business model”- ...
Start-up Growth Pathway         50         40         30         20Income         10          0               0   2   4   ...
“There is an opportunity gap when the scope   for growing income at a very fast rate islimited for those who have too litt...
Two Types of Start-up RiskTechnical Risk      Market Risk
Investors do not want…   http://youtu.be/QoAOzMTLP5s?hd=1
Technical Risk- The Test?
Importance of Team“Jockey Not The Horse…   Y-Combinator                                        12
Investors want…  http://lockerz.com/d/10264659
A Good business is often based on               …                  Unfair Advantages                                      14
Attempts to Premature Scale is the       No 1 reason that ambitious       business start-ups fail.- Source Start-up       ...
From Space to Model Questions Space Questions   Model Questions
Importance of FITProblem            Solution                              17
Idea to Prototype.http://www.businessmodelgeneration.com/downloads/value_proposition_designer_draft.pdf                   ...
Importance of Business Model“A business model describes how your companycreates, delivers and captures value”Or in English...
http://www.businessmodelgeneration.com/
http://www.boardofinnovation.com/business-revenue-model-examples/http://www.slideshare.net/AnnaPietka/e-commerce-new-busin...
Go Lean!!“Lean Start-up is aboutreducing market risk byworking out how to fail         fast”                              ...
www.be.foundercentric.com
The competition- your customers        perspective?                • Incredible Ignorance                • Dr Do nothing  ...
Customer Relations- Where there is      Love there is growth?            Love =   Growth                     • Viral (Co-e...
Business- Customer Flow Metrics                                                 Motivation/ Want                          ...
llHow are you going to make money?- The revenue model.- Traditional- (user = paying customer)- Advertising Model- “The cus...
Market Validation PathwayAlpha                 BETA                     Full Launch•Closed set of        •Open set of cust...
Proving the Business Model Key                        Milestones•   Human Resources - Hiring key people that will make a h...
Runway Length?       • How much/ little money is         needed to set-up the         business, get a MVP product to      ...
Not Too early for investment if …..• You have proven the concept- Product/  Problem fit.• You have proven your business mo...
www.ngfc.org.uk
•    Bootstrapping through Personal resources (time and money = sweat equity you are investing)•    FFF- Family Friends & ...
Step 3- Match the funding need to purpose?                www.ngfc.org.uk
Where do NGFC                     Figure 1. 4 Steps to developingmembers fit                www.ngfc.org.uk
Information:•    Capital Enterprise What’s On in London- www.capitalenterprise.org/whats-on•    Business Link - www.busine...
Need less than £10K to start?                                                                     Grant-                  ...
Funding Product DevelopmentGrants & Awards General•   J4B- Portal for grant finding http://www.j4b.co.uk•   Technology Str...
Funding the RunwayAccelerators : Training & Mentoring programmes that provide fast-track to seed funding forScalable new b...
CrowdfundersCrowd funding Platforms-Reward based Crowdfunding platforms- will help you to raise funding to build a proto-t...
Business Angels                               Angel Investment - £100-500K Seed Investment•   NESTA - www.nesta.org.uk/inv...
Specialist FundsWomen-   Stargate Capital- Trapezia- http://www.stargatecapital.co.uk/trapezia_1.aspx-   FSE- Incito- http...
SEIS- Tax breaks to encourage investment in start-upsSeed Enterprise Investment Scheme-SEIS is a tax break launched in Apr...
Early Stage VC’s & Supper AngelsAccel Partners: Stage agnostic, see their portfolio here.    •     ACT: Early to mid-stage...
Active London Angels…           • http://bamlondon.blogs             pot.co.uk/p/angels_16.             html           • h...
Step 5: So remember –What’s important                   when seeking finance•    The quality and “connections” of the mana...
What Next• Back to the drawing boardor• Get Capital Enterprise support..• http://foundercentric.com• Intros to mentors and...
Recommended Slide-deck         http://www.slideshare.net/slidesthatrock/how-to-pitch-a-vc-redesignedTen slides. Ten is the...
Part 5 Q &A         49
Part 5        “Do it My Way”Q & A Panel of entrepreneurs and             experts                                   50
The Endwww.capitalenterprise.org                            51
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Business idea to business model v8

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A presentation on how to raise seed investment in the present London

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Business idea to business model v8

  1. 1. WelcomeFrom Idea to Investment Workshop . 1
  2. 2. Want investment….?Only 2% of those • 60% are rejected after a 30 minute reviewwho submit • 25% are rejected after a 3business hour appraisalplans/applications • 10% are rejected after a full day evaluationto Business Angels • 3% are rejected followingget funded. failed negotiations • 2% succeed in raising funds Source- Envestors. 2
  3. 3. Still want investment….? • Lack of skills/ credibility in the management team- No unfair advantages • No Market opportunity-Business Plans/ “reinvented the wheel”applications to business • No proof of concept.angels are rejected • Business Model Not scalablebecause… • Forecasts based on unproven assumptions • Business Model too complex to execute • Inadequate financial returns ( 10X within 3 years?) • Lack of trust • No clear exit route • Too Early…. But with work… ??
  4. 4. ..then ask for adviceOnly 8% of all But… This 8% ofSME’s ever seek small businessesstrategic advice account for 43%and support of all High Growth businessesSource- Dept of BIS 2011 report on growth companies Potentially those who seek strategic advice have a 18 times greater chance of producing a scalable business. 4
  5. 5. Investors want ….? 1. Skilled and credible management teamInvestors want to find.. 2. BIG Market Opportunity- a big problem for a potential large set of customers that you can solve? 3. The Idea/ Prototype to be proven and market validated. 4. No Technical Risk 5. Evidence that the Business Model is both repeatable and scalable. 6. Business Model ready to execute 7. Road Map & Forecasts based on proven assumptions 8. Adequate financial returns ( 10X within 3 years?) 9. People they can trust/ work with 10. A clear exit route- How will they claim there reward??
  6. 6. What is a Scalable Start-Up?“a start-up is an organization formed to searchfor a repeatable and scalable business model”- Steve Blank- “4 Steps to an Epiphany”“an organization dedicated to creatingsomething new under conditions of extremeuncertainty”- Eric Reis- “Lean Start-up”
  7. 7. Start-up Growth Pathway 50 40 30 20Income 10 0 0 2 4 6 8 10 12 14 16 -10 -20 Investment
  8. 8. “There is an opportunity gap when the scope for growing income at a very fast rate islimited for those who have too little to invest, but expands dramatically for those who can invest a bit more.” Banjaree &Duflo- Poor Economics
  9. 9. Two Types of Start-up RiskTechnical Risk Market Risk
  10. 10. Investors do not want… http://youtu.be/QoAOzMTLP5s?hd=1
  11. 11. Technical Risk- The Test?
  12. 12. Importance of Team“Jockey Not The Horse… Y-Combinator 12
  13. 13. Investors want… http://lockerz.com/d/10264659
  14. 14. A Good business is often based on … Unfair Advantages 14
  15. 15. Attempts to Premature Scale is the No 1 reason that ambitious business start-ups fail.- Source Start-up Genome.See Steve Blank, Four Steps to the Epiphany
  16. 16. From Space to Model Questions Space Questions Model Questions
  17. 17. Importance of FITProblem Solution 17
  18. 18. Idea to Prototype.http://www.businessmodelgeneration.com/downloads/value_proposition_designer_draft.pdf 18
  19. 19. Importance of Business Model“A business model describes how your companycreates, delivers and captures value”Or in English:“A business model describes how your company willmake money”Need a “proven” business model determine Market Risk.
  20. 20. http://www.businessmodelgeneration.com/
  21. 21. http://www.boardofinnovation.com/business-revenue-model-examples/http://www.slideshare.net/AnnaPietka/e-commerce-new-business-models- 14291829 Examples of the top 10 Business Models in 2011- 2012 21
  22. 22. Go Lean!!“Lean Start-up is aboutreducing market risk byworking out how to fail fast” 22
  23. 23. www.be.foundercentric.com
  24. 24. The competition- your customers perspective? • Incredible Ignorance • Dr Do nothing • Mr Do it myself • Superman ( What’s their kryptonite) • Boy in costume Who are you competing against for your customers attention? 24
  25. 25. Customer Relations- Where there is Love there is growth? Love = Growth • Viral (Co-efficient of 1)- Customers love you so they get at least one other person to use/ buy i.e. Facebook, Spotify • Customer Acquisition- You pay £££ to market your product and the profit from the customers you gain is greater than the marketing costs??? (N.B. Margins often need to be high) • Stickiness- Customers “love” you so they keeping coming back for more e.g. Apple- MacDonalds. 25
  26. 26. Business- Customer Flow Metrics Motivation/ Want Awareness ( Click-throughs) Search/Measure FindConversion Rates Acquisition No of Enquiries/Visits Activation No of Registrations/ Beta Downloads Distribute/ Deliver Evaluate/ Validate Referral/ Repeat Use Analytics ( Share rates) Revenue Buy ( share rates) Distribute/ Deliver Achieve (Customer Satisfaction) Evaluate/ Validate A Market Validated Business Model is one which is proven to be repeatable and potentially scalable. 26
  27. 27. llHow are you going to make money?- The revenue model.- Traditional- (user = paying customer)- Advertising Model- “The customer is the product”- Split Revenue model- supplier and you split customer fees.- Two Sided model- Customers and suppliers fund ( directly or through advertising)- Multi- facetted model- Many income stream options.- Freemium Model- Free to use up-to a point- Network Model – (Achieve scale & let someone else monetise). 27
  28. 28. Market Validation PathwayAlpha BETA Full Launch•Closed set of •Open set of customers •Full PR & Marketing customers- usually •Validate the business •Maximising revenue friends models •Building Brand•Agile design •“Smoke Test” •Building Capacity•Falsify the KPI’s •A/ B Test •Pivot 28
  29. 29. Proving the Business Model Key Milestones• Human Resources - Hiring key people that will make a huge impact on your organization (not just employees for workload purposes, but like a shit-hot marketing person, for example).• Product – MVP- Beta- First Pivot-Full Launch- On-going Iterations• Market – Market validation. As in, first customers, or first paying customers, etc• Funding – Maybe some money being committed to a round that the investor in question can lead or participate in.Other examples of milestones include*:• Proof that you can work together as a team, usually historical evidence• Proof that you can build something, i.e. working prototype• Proof that it’s useful to someone – first users and clients• Proof that you can talk to investors – every financing round, even small ones• Proof that you can talk to audiences – 100k users or 1M users or 10M users…• Proof that the initial team is able to attract talent –• Proof that ecosystem agrees with your ideas – bringing respected industry advisors partners on board• Proof that there is market – £1M annually/ Proof that the market is big! – £25M annually and beyond• Proof that you can manage your finances – cash-flow positive operation• Proof that you can scale – £10M annually 29
  30. 30. Runway Length? • How much/ little money is needed to set-up the business, get a MVP product to market, cashflow the runway and resource the company until break-even. • Going to need a Budget, Cashflow/P&L forecast, (Valuation Model & Term Sheet) 30
  31. 31. Not Too early for investment if …..• You have proven the concept- Product/ Problem fit.• You have proven your business model- Product+ Model? Market fit.• You have a team/ partners in place that could help you scale? 31
  32. 32. www.ngfc.org.uk
  33. 33. • Bootstrapping through Personal resources (time and money = sweat equity you are investing)• FFF- Family Friends & Fools – People who will give you funds with little questions asked including reward based crowd funders such as Peoplefundit.• Government Grants• Customers and Suppliers- “Build slowly at low risk by obtain credit from suppliers and growing business through profits from paying customers”• Loan providers- “Increase business growth ambitions by increasing investment by taking out debt” – Banks ( Overdraft-unsecured and secured loans) – Community Finance Institutions ( Soft/ unsecured loans for riskier ventures) – Leasing Companies. – Invoice lenders (Factoring, invoice discounting) – New loan markets such as Market Invoice and Funding Circle.• Investors- – Private Investors- Business Angels such as Angel Capital – Venture Capitalist – Crowdcube – Government Backed Investment Funds Matching the right mix of sources to the right stage and type of finance is the key to successful fundraising www.ngfc.org.uk
  34. 34. Step 3- Match the funding need to purpose? www.ngfc.org.uk
  35. 35. Where do NGFC Figure 1. 4 Steps to developingmembers fit www.ngfc.org.uk
  36. 36. Information:• Capital Enterprise What’s On in London- www.capitalenterprise.org/whats-on• Business Link - www.businesslink.gov.uk• Start- up Britain - http://www.startupbritain.org• British Library- www.bl.uk/bipc• Bootlaw- http://bootlaw.com/• HMRC Small Company Enterprise Centre- Source of advice and help http://www.hmrc.gov.uk/manuals/vcmmanual/VCM10050.htm• HMRC R& D Tax Credits www.ucl.ac.uk/advances/advances-news/hmrc• HMRC Guide & Support- http://capitalenterprise.org/guide-to-rd-tax-credits• British Business Angel Association: www.bbaa.org.uk• Guide to Early Stage Investment: http://www.paloalto.co.uk/about_us/Early_Stage_Investment_by_Alan_Gleeson.pdf• Start-ups on Air at Google Campus- https://docs.google.com/spreadsheet/viewform?formkey=dEpuYlRFRFJ6SUVDdHVLRms3YmdBcmc6MQ• Hubventurelabs - http://hubwestminster.net/hubventurelabs• Guide to 100 offers for start-ups – www.capitalenterprise.orgAnd if you have not checked them out please look at the latest schedule of advice and training events at :www.ngfc.org.uk . www.ngfc.org.uk
  37. 37. Need less than £10K to start? Grant- www.j4b.co.uk No Funds New Enterprise Unemployed? Allowance Scheme Need Less than £10K to Launch a Self Fund business Community Development Write a simple Finance Institution Borrow Business Plan & 12 month cashflow Bank- Sources of Grants- www.j4b.co.uk- Competition funding £1000 issued to 10+ businesses per month- http://www.shell-livewire.org- Princes Trust http://www.princes-trust.org.uk/need_help/enterprise_programme.aspx- £1000- £10,000 Enterprise Loans for Under 25’s- www.startuploanslondon.co.uk or www.startuploans.com- New Enterprise Allowance Scheme – Check who delivers the scheme in London by e-mailing Capital Enterprise.- Community Development Finance Associations- http://www.cdfa.org.uk - Also check out North London Community Finance- ELSBC Access to Finance – Business Plan support for those looking to raise up to £10K• Soft loans for Creative Businesses- http://www.creativeindustryfinance.org.uk/ www.ngfc.org.uk
  38. 38. Funding Product DevelopmentGrants & Awards General• J4B- Portal for grant finding http://www.j4b.co.uk• Technology Strategy Board ( R&D Funding) - http://www.innovateuk.org - http://www.innovateuk.org/content/competition/grant-for-rd-single-business.ashx• Knowledge Transfer Networks- www.innovateuk.org• London European Enterprise Network- http://www.een-london.co.uk• E Funding for SME R&D - http://www.eurostars-eureka.eu/what.do• EU Funding for R&D collaborations: http://ec.europa.eu/research/participants/portal/page/calls• Knowledge Transfer Partnerships funding support- http://www.ktponline.org.uk/ktp-what-will-it-cost- my-businessTranslation/ Follow on research funds.• www.rdfunding.org.uk/bulletin/queries/Search.asp?TheCloseMonth=July&TheYear=2011.• http://www.rcuk.ac.uk/kei/ktportal/Pages/Followon.aspx• https://ktn.innovateuk.org/web/145175/overview• http://www.ahrc.ac.uk/FundingOpportunities/Pages/BrowseOpportunitiesOld.aspx• http://www.ahrc.ac.uk/Pages/default.aspx• http://www.theculturecapitalexchange.co.uk/
  39. 39. Funding the RunwayAccelerators : Training & Mentoring programmes that provide fast-track to seed funding forScalable new businesses• Lean Start-up : - http://be.foundercentric.com/• Start-Up Weekend: http://london.startupweekend.org• Launch 48: http://launch48.com• Tech Hub : http://www.techhub.com – Google Campus- http://www.campuslondon.com/• FIG- http://www.findinvestgrow.com/• Y-combinator- http://ycombinator.com/• Tech Stars- http://www.techstars.com/• Seed Camp: http://www.seedcamp.com ( Applications open)• Hackfwd: http://hackfwd.com• Emerge Venture Labs- http://www.theemergelab.org• Ignite 100- http://ignite100.com• BBC Worldwide Labs- http://www.bbcworldwide.com/digital/labs.aspx• Springboard- http://springboard.com/ - http://www.f6s.com/profile/1961#programs/ajax-application• Student Start-ups- http://studentupstarts.com• Accelerator Academy- http://acceleratoracademy.com• Fintech Innovation Labs- https://www.fintechinnovationlablondon.co.uk/about.html#4• Wayra- http://wayra.org/en/wayra• Euclid Opportunities- ( Fin Tech Only) http://euclidopportunities.com/• Nreduce- Virtual Y-Combinator- http://nreduce.com/• Innovation Warehouse- http://www.theiw.org• Healthbox- http://www.healthboxaccelerator.com/• Collider12- http://collider12.com/ www.ngfc.org.uk
  40. 40. CrowdfundersCrowd funding Platforms-Reward based Crowdfunding platforms- will help you to raise funding to build a proto-type and market test agreat idea or product.-• www.kickstarter.com (USA)• www.indiegogo.com (USA)• www.peoplefund.it• www.sponsume.com• www.pleasefund.us• www.wefund.com• www.pozible.com• www.crowdfunder.co.ukEquity/ investment Crowd funding platforms:- www.crowdcube.com- www.seedrs.com Also check out the Crowdfunding Accelerator- http://www.eventbrite.com/edit?eid=4402024574
  41. 41. Business Angels Angel Investment - £100-500K Seed Investment• NESTA - www.nesta.org.uk/investments• British Business Angel Association- www.bbaa.org.uk• Capital 4 Enterprise- http://www.capitalforenterprise.gov.uk/portfolio• Angel Co-Fund- http://www.angelcofund.co.uk/ Capital Enterprise top 10 Angel Network in London1. London Business Angels: http://www.lbangels.co.uk2. Oxford Early Investments- http://www.oxei.co.uk/about.php3. Envestors- www.envestors.co.uk4. Finance South East- www.thefsegroup.com5. Angels Den- www.angelsden.com6. Venture Director- www.venturedirector.com- www.boundarycapital.com7. Start-up Funding Club- http://www.startupfundingclub.com/8. E100- London Business School - http://www.london.edu/facultyandresearch/subjectareas/strategyandentrepreneurship/enterprise100.ht ml9. #1 seed- www.number1seed.co.uk10. Ascension Ventures- http://www.ascensionmedia.com/ascension-ventures.phpFor an alternative list check out- http://www.designcity.co.uk/angelnews/edition_94.htm#article1
  42. 42. Specialist FundsWomen- Stargate Capital- Trapezia- http://www.stargatecapital.co.uk/trapezia_1.aspx- FSE- Incito- http://thefsegroup.com/investors/business-angels/incito-ventures/- Aspire Fund - http://www.capitalforenterprise.gov.uk/files/Aspire%20Information%20Leaflet%20(v%202)%20Flyer%20brochure.pdfGreen- Bridges Sustainable Fund- http://www.bridgesventures.com/sustainable-growth-funds- Ingenious Media- Cleantech Fund http://www.ingeniousmedia.co.uk/investments/investment- opportunities/clean-energy- Carbon Trust- http://www.carbontrust.com/about-us/our-investments- Low Carbon Accelerator- http://www.lowcarbonaccelerator.com- CT Investment Partners- http://www.ctip.co.uk- Wellington Partners- http://www.wellington-partners.com/wp/index.htmlSocial- Big Society Capital- http://www.bigsocietycapital.com- Sources of Social Finance- http://www.bigsocietycapital.com/finding-the-right-investment- Bridges Venture Fund http://www.bridgesventures.com/social-entrepreneurs-fund- Big Issue Investment- http://www.bigissueinvest.com- Social Finance- http://www.socialfinance.org.uk- Social Investment Fund- http://www.thesocialinvestmentbusiness.org
  43. 43. SEIS- Tax breaks to encourage investment in start-upsSeed Enterprise Investment Scheme-SEIS is a tax break launched in April 2012 for UKtax payers to encourage them to buy shares in start-up companies registered in theUKThe Facts:• SEIS investors can input £100,000 in a single tax year rising to a maximum £150,000 over two or more tax years in to a single company• Investors cannot control the company receiving their capital• Investors pick up 50% tax relief in the tax year the investment is made, regardless of their marginal rate.• In the 2012-13 tax year, tax payers can roll any chargeable gain in the tax year in to a SEIS with a full capital gains tax exemption (another 28%)• The business must be a start-up company -registered in the UK within 2 years of claim.• The company must not employ more than 25 workers.• The company must have assets of less than £200,000.• The company has to trade in an approved sector – generally not in finance or investment, for example, a property company raise capital as a SEIS. www.ngfc.org.uk
  44. 44. Early Stage VC’s & Supper AngelsAccel Partners: Stage agnostic, see their portfolio here. • ACT: Early to mid-stage, see their portfolio here. • Bloom Equity: Early to mid-stage angel syndicate, seeAnthemis Investment- Stage Agnostic, see portfolio here their portfolio here. • DFJ Esprit: Early to mid-stage, see their portfolio here.Balderton- Stage Agnostic- See there portfolio here • Charlotte St: Early to Mid Stage, see there portfolio hereEden Ventures- Early- mid stage – see there portfolio here • Dawn Capital: Early to mid-stage, see their portfolio here.Index Ventures: Stage agnostic, see their portfolio here. • Notion Capital – • Doughty Hanson- Stage Agnostic, see portfolio herePassion Capital: Early Stage, see their portfolio here. • Seraphim Capital – Early-mid stage see there portfolio here.Delta Partners: Early to mid-stage, see their portfolio • Kernel Capital: Early stage, see their portfolio here.here. • Octopus Ventures: Early to mid-stage, see their portfolio here.Atomico: Stage agnostic, see their portfolio here. • Hoxton Ventures ; Early stage with disruptive tech.Profounders: Early and mid-stage, see their portfolio • EC1 Capital: Early stage, see their portfolio herehere. • Connect Ventures- Early stage and very New.AIB Seed Capital Fund: Managed by two funds which • Pen Tech Ventures- Early Stage to mid- See portfolio Hereinvest under-€250k and over-€250k, see theirportfolio here. Alternatively you can check out Crunch Base / Angel List http://www.crunchbase.com/financial-organizations
  45. 45. Active London Angels… • http://bamlondon.blogs pot.co.uk/p/angels_16. html • https://angel.co/ 45
  46. 46. Step 5: So remember –What’s important when seeking finance• The quality and “connections” of the management team• The size of the business opportunity/ funding need• The scope for building a sustainable competitive advantage• The level of risk/ security.• And the timeliness of the proposal Will determine the attractiveness of your business to investors, lenders and funders• The ability of the entrepreneur to negotiate well and of the team to execute the business plan convincingly- Will determine the type, price and quality of the deal that can be achieved www.ngfc.org.uk
  47. 47. What Next• Back to the drawing boardor• Get Capital Enterprise support..• http://foundercentric.com• Intros to mentors and advisors.• Advice on Slidedecks..• Intros to investors…? 47
  48. 48. Recommended Slide-deck http://www.slideshare.net/slidesthatrock/how-to-pitch-a-vc-redesignedTen slides. Ten is the optimal number of slides in a PowerPointpresentation because a normal human being cannot comprehendmore than ten concepts in a meeting—and business angels are verynormal. If you must use more than ten slides to explain yourbusiness, you probably don’t have a business. The ten topics that aninvestors cares about are: 1. Summary and call to action/ what do you want? 2. Problem 3. Your solution 4. Business model 5. Underlying magic/technology 6. Marketing and sales 7. Competition 8. Team 9. Projections and milestones 10. Status and timeline 48
  49. 49. Part 5 Q &A 49
  50. 50. Part 5 “Do it My Way”Q & A Panel of entrepreneurs and experts 50
  51. 51. The Endwww.capitalenterprise.org 51
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