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How Venture Capitalists Source Great Startup Investments

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    How Venture Capitalists Source Great Startup Investments - Presentation Transcript

    1. Where Are the Great Startups?! Best Practices of Venture Capital Funds in Finding Growth Companies David Teten Teten Advisors, LLC www.Teten.com info @ teten.com 1-347-853-7397 New York, NY © 2008. All Rights Reserved - Privileged and Confidential © Teten Advisors, LLC 2008. All Rights Reserved - Privileged and Confidential http://www.flickr.com/photos/superrabbit/319538167/
    2. Intro Traditional Origination Web 2.0 Signs Network Next Steps Agenda • Introduction • Traditional Deal Origination • Web 2.0 • Signs of a Potential Investment • Growing Your Corporate Network • Next Steps © Teten.com
    3. Intro Traditional Origination Web 2.0 Signs Network Next Steps David Teten Biography • Currently: independent investment banker (Teten Advisors, www.Teten.com) specializing in advising private equity and venture capital funds on: accelerating deal flow, portfolio company executive optimization, corporate training, and due diligence • Managing Director, Evalueserve, through September 2008. 2,500-person research firm. • Founder and CEO, Circle of Experts (investment research firm), sold to Evalueserve • Founder and CEO, Teten Executive Recruiting, sold to Accolo, #42 on 2007 Inc. 500 • Founder and CEO, GoldNames, domain name investment bank, based in Israel • Technology M&A, Bear Stearns • Lead author, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com) • Harvard MBA, Yale BA, both with honors. • Contact: info @ teten.com © Teten.com
    4. Intro Traditional Origination Web 2.0 Signs Network Next Steps Past Audiences for This Presentation • Association for Corporate Growth (ACG) Intergrowth • Alliance of Merger & Acquisition Advisors • CFA Society of Los Angeles • Columbia Business School Alumni Club of New York • Financial Executives Networking Group • Golden Seeds (US angel group) • Harvard Business School Club of London • Harvard Business School Association of Southern California • Kauffman Fellows program participants • Keiretsu Forum • Wharton Alumni Club of Northern California • Women’s Association of Venture & Equity • Leading investment banks, private equity funds, venture capitalist funds, and hedge funds © Teten.com
    5. Intro Traditional Origination Web 2.0 Signs Network Next Steps Background David Teten is leading the first-ever research project on "Best Practices in Private Equity and Venture Capital Deal Origination" for publication in the Journal of Private Equity (an Institutional Investor publication). These slides are a preview of the forthcoming paper. Evalueserve, a global research firm and the acquirer of David’s former company (Circle of Experts), provided supporting research and analytics in the initial phases of this study. © Teten.com
    6. Intro Traditional Origination Web 2.0 Signs Network Next Steps Why Private Information About Sellers is More Valuable Sweet spot of Lowest price Ability of highest returns Buyer to intervene to tailor pricing & terms Highest price Info is Private Info is Public Few Buyers Many Buyers © Teten.com Based on Robert Bruner, Applied Mergers & Acquisitions, page 186
    7. Intro Traditional Origination Web 2.0 Signs Network Next Steps Higher Returns by Investing in People You Know Well Excess return=total gain minus the Treasury bill return Connected Holdings=Stocks for which managers had the strongest connection to senior officials (same school at same time with same degree) Source: The Small World of Investing: Board Connections and Mutual Fund Returns; Lauren Cohen, Andrea Frazzini, and Christopher Malloy, 2008 © Teten.com Study of 2,501 portfolio managers of 1,648 actively managed equity funds that specialized in aggressive growth, growth, or growth and income stocks between January 1990 and December 2006
    8. Intro Traditional Origination Web 2.0 Signs Network Next Steps Interviewed over 125 Private Equity and Venture Capital Funds for this Study © Teten.com Evalueserve, Ltd. © 2008. All Rights Reserved.
    9. Intro Traditional Origination Web 2.0 Signs Network Next Steps Agenda • Introduction • Traditional Deal Origination • Web 2.0 • Signs of a Potential Investment • Growing Your Corporate Network • Next Steps © Teten.com
    10. Intro Traditional Origination Web 2.0 Signs Network Next Steps Proprietary Deal Origination for Venture Capital Firms – Why is it important? Lower costs of startup + Smooth, not chunky, increasing cost curve of a startup + Venture capital competition More Auctions Winner’s Curse Competing for the Lowest Return © Teten.com
    11. Intro Traditional Origination Web 2.0 Signs Network Next Steps Investment Search Process (# Companies) Allied Highland TA Angels on Signal Capital Associates Angelsoft Acquirer/Investor (1996-97) (2008) (2006) (2009) Profiled Initially 550 - - 22,312 Targets selected 190 10,000* 8,000 1,584 Met NA 1,000 750 1,034 Negotiated with 28 - - NA Detailed due 17 - - 555 diligence Acquired/invested 10 10-20 10-12 440 •Business plans received Allied Signal data: Applied Mergers & Acquisitions, by Robert F. Bruner, Chapter 7 (draft), at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=229942. Highland data: Economist, Global Heroes: A Report on Entrepreneurship, March 14, 2009, page 9. TA Associates data: The Big Issue: Deal Origination, Corporate Financier, October 2006 © Teten.com Angelsoft data: Website.
    12. Intro Traditional Origination Web 2.0 Signs Network Next Steps Number of Dedicated Deal Origination Professionals vs. Fund Size More than 10 33% 44% 22% (n=9) 6 to 10 (n=7) 43% 57% 1 to 5 (n=16) 13% 19% 69% Over US$ 2bn US$ 0.5 to 2bn Under US$ 500m n Fund Size © Teten.com Evalueserve, Ltd. © 2008. All Rights Reserved.
    13. Intro Traditional Origination Web 2.0 Signs Network Next Steps Does your fund have at least one person tasked specifically and primarily with deal origination? 63% 55% 56% 63% 87% No 100% Yes 37% 45% 44% 37% 13% Overall US Europe India Latin America China (n=93) (n=33) (n=32) (n=8) (n=15) (n=5) © Teten.com Responses for Don’t Know/Cant say is excluded from the analysis. Percentages may not add up to 100 due to rounding off. Evalueserve, Ltd. © 2008. All Rights Reserved.
    14. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice From Warm Relationships to Ice-Cold © Teten.com http://flickr.com/photos/jwthompson2/88090871/
    15. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Personal Relationships of Fund Principals Red = tech companies Green = VC firms Blue = service providers (lawyers, PR firms, real estate agents, focused on tech). © Teten.com http://blog.socaltech.com/2008/06/
    16. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Reputation © Teten.com
    17. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Club Deals West Coast Venture Capital Funds Each tie=1 partner shared Right cluster Left cluster includes includes Kleiner Sierra Perkins, Capital, Crosspoint, Davis & H&Q VC, Rock Institutional Venture Partners, Mayfield Asset Management Company’s Genealogy Chart, 1958-83, © Teten.com cited in “Social Networks in Silicon Valley”, Castilla, Hwang, Granovetter, and Granovetter, http://web.mit.edu/ecastill/www/publications/CastillaExtract.pdf
    18. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Executives Operating Partner salary+carry Portfolio Company / NewCo Management salary+upside Fund Entrepreneur in Residence Commit retainer+upside - ment Senior Advisor / Deal Executive expenses+upside Free Agent expenses+upside Expert Network / Interim Executive hourly comp Rejected Executives Executive’s Income © Teten.com
    19. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Limited Partners © Teten.com Dow Jones Private Equity Analyst, 2008 Review, pp. 14-15
    20. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Executive Funds • Abernathy Group “Collaborative Investing” • Castle Harlan • Institutional Venture Partners Founders Fund • Irving Place Capital (formerly BSMB) • Vestar Capital © Teten.com http://farm1.static.flickr.com/7/8228640_921246eaa3.jpg?v=0
    21. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Intermediaries other than Investment Bankers J.H. Cohn Private Equity Deal-flow Initiative • Private Equity Weekly Spotlight • Industry Vertical-Focused Private Equity Events • Client Profiling • Preemptive Private Equity Client Introductions • Intermediary Extension Program Winner, 2009 M&A Product/Service of the Year © Teten.com
    22. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice The Startup Ecosystem: Other Intermediaries IPO Deals in California Information Retrieval Services Industry Each tie=firms worked together on at least one IPO Length of tie line inversely proportional to # IPOs worked on • Lawyers • Private Bankers • Accountants • Recruiters • Insurance brokers • University Technology Transfer Offices 1999 IPO Deals from IPOData.com, © Teten.com cited in “Social Networks in Silicon Valley”, Castilla, Hwang, Granovetter, and Granovetter, http://web.mit.edu/ecastill/www/publications/CastillaExtract.pdf
    23. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Speaking at Conferences © Teten.com http://www.flickr.com/photos/programmerman/2315566040/sizes/l/
    24. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Investment Bankers © Teten.com Includes equity investments of all sizes into both public and private targets. Source: Dealogic.
    25. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Major Expert Networks • Generalists • Specialty/Other Players • Gerson Lehrman Group • Intota • Coleman Research Group • Kingfish Group • DeMatteo Monness LLC • Primary Global Research • Guidepoint Global (Vista) • Primary Insight • Round Table Group • Medical • Large Parent Companies • MEDACorp (Leerink Swaan) • Evalueserve Circle of Experts • Sermo • Goldman Sachs Vantage Marketplace • Reuters Insight © Teten.com
    26. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice How Expert Networks Originate Deals 1) Strengthen investor’s value-add 2) Empower the rainmaker to leverage: • Sources (especially customers) • Other rainmakers (fractional operating partner model) 3) Market map (boil the ocean) • Exhaustively search for pertinent companies 4) Thematic search • Identify or validate theme © Teten.com
    27. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Funds That Typically Partner with Executives to Execute a Transaction and Bring in New Management Upon Investing Assets Under # Companies Private Equity Fund Founded Management Invested In GTCR 1980 $8,000 100 Wind Point Partners 1984 $2,000 80 Frontenac Company 1971 $875 200 Red Diamond Capital 2002 $150 8 Post Capital Partners 2004 $50 7 © Teten.com Data based on firm websites. Frontenac AUM based on last two funds
    28. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Traditional Marketing Collateral 3-D Deal Announcement © Teten.com Westshore Capital Partners; Weinbach Group
    29. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Business Plan Competitions © Teten.com http://flickr.com/photos/crincon/1143195754/sizes/l/
    30. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Cold Calling http://www.flickr.com/photos/23439761@N03/3258313816/sizes/l/ © Teten.com
    31. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice “Never trust a VC who doesn’t use an iPhone”* * Late 2009 update: a Droid phone may be acceptable © Teten.com
    32. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Sample Market Mapping Approach # Stage Example 1 Identify global trend Aging population in developed countries 2 Implication for specific Finance industry: growth for financial services providers industries of interest with low-risk investing products 2 Implication for specific Japan: need for low-wage workers (likely immigrants) to geographies of interest take care of older people 3 Build market map List major players 4 Identify areas of future core business / adjacent markets; regional/global growth expansion; M&A; human capital; technology; financial structure; personal networks 5 Assess fit with Fund’s Local geographic leader that would benefit from Fund’s strategy global reach © Teten.com David Teten, based on public records of major global investors
    33. Intro Traditional Origination Web 2.0 Signs Network Next Steps Warm – Lukewarm – Ice Be searchable • All investors • Private Equity • Venture Capital • Galante’s • Pitchbook • CrunchBase • Grey House • Eurekahedge • PWC MoneyTree • VentureXpert • TheFunded • VentureDeal © Teten.com
    34. Intro Traditional Origination Web 2.0 Signs Network Next Steps Agenda • Introduction • Traditional Deal Origination • Web 2.0 • Signs of a Potential Investment • Growing Your Corporate Network • Next Steps © Teten.com
    35. Intro Traditional Origination Web 2.0 Signs Network Next Steps Web 2.0 © Teten.com http://www.flickr.com/photos/briansolis/2735401175/sizes/l/
    36. Intro Traditional Origination Web 2.0 Signs Network Next Steps Transition: Web 1.0 Web 2.0 Parameters Web 1.0 (Read) Web 2.0 (Read-Write) Governance Top-down Bottom-up Machine to Machine and Communication Channels People to Machine People to People Information Discovery Search and Browse Publish and Subscribe Information Retrieval Transactional Relationships Portal, Commercial Information Aggregation Micro-Aggregation Aggregators Marketing, Selling Push, Contextual Conversational, Personal Content Control Publishers, Aggregators Content Authors Content Structure Documents, Pages Tagged Objects Applications Closed, Proprietary Open, Standard-based XML, AJAX, RSS, PHP, Technology HTML, Solaris, Oracle MySQL, XQuery © Teten.com Partially sourced from: “Web 2.0 the Living Web and Putting “We” in the Web”, Bebo White, University of San Francisco (http://www.rthk.org.hk/mediadigest/20060915_76_121128.html)
    37. Intro Traditional Origination Web 2.0 Signs Network Next Steps Investing Cycle and Web 2.0 Investing Cycle How an Optimized Network is an Accelerator Raise capital • Identify value-added potential investors and find a path to them • Solicit past investors in both your prior and comparable funds Originate • Identify and reach out to relevant people & companies investments • Become a magnet for investment opportunities Due diligence • Review professional and personal lives of management • Talk with firm’s network: customers, competitors, suppliers Negotiate Deal • Gain insight into counterparty’s negotiating style, motivations Improve • Recruit “A” performers operations • Accelerate sales and marketing Exit investment • Identify strategic acquirers © Teten.com
    38. Intro Traditional Origination Web 2.0 Signs Network Next Steps Agenda • Introduction • Traditional Deal Origination • Web 2.0 • Signs of a Potential Investment • Growing Your Corporate Network • Next Steps © Teten.com
    39. Intro Traditional Origination Web 2.0 Signs Network Next Steps Corporate Performance: Rapid growth © Teten.com http://flickr.com/photos/laserstars/908946494/sizes/o/
    40. Intro Traditional Origination Web 2.0 Signs Network Next Steps Industry/Economic Trends • Step changes • Growth Sector (e.g., alternative energy) © Teten.com
    41. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Agenda • Introduction • Traditional Deal Origination • Web 2.0 • Signs of a Potential Investment • Growing Your Corporate Network • Next Steps © Teten.com
    42. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Firms Fail to Capitalize on Their Internal and External Networks • Knowledge not readily searchable • Knowledge not retained when employees leave • Relationships not visible • Relationships primarily tied to colocated people • Millennials expect and embrace social technologies © Teten.com Forrester Research/David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)
    43. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Corporate Network Valuation Formula Ch = Character Co = Your Firm’s Competence R = Relevance of the contact S = Strength of your relationship I = Information N = Number of people D = Diversity N = D * ∑ (Chn*Con *Rn* Sn*In) n=1 © Teten.com David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)
    44. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Biography Analysis Software © Teten.com
    45. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Corporate Analysis Software © Teten.com
    46. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Case study: Daniel Zumino •Prominent French angel investor •November 1999: Sent mail to Stanford GSB alumni list seeking capital for startup •March 2000: Raised $8m through referral from alum © Teten.com David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)
    47. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Blogging © Teten.com
    48. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Search Engine Optimization • Scan targets’ sites to understand their language • Use keywords INconsistently • Name what you’re selling • Optimize page top • Accuracy matters • https://adwords.google.com/select/KeywordToolExternal © Teten.com http://flickr.com/photos/neilt/2517652/sizes/o/
    49. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Relationship Capital Management Software Search for people, companies, industries Relationships See which colleagues ranked by have best Strength relationships to target Email traffic patterns, Automatically address books, billing Privacy Access discovered from systems, employment Layer configured passive sources history, etc. for firm’s culture Examples: Contact Networks, Leverage Software Contact Networks (Thomson Reuters) © Teten.com
    50. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Case Study: Hamilton Robinson LLC • PE fund founded 1984; invested in 40 companies worth over $1b cumulatively • July 2002: Mark Riser (Darden 1994) placed request in Darden Alumni website noting Hamilton Robinson’s desire to find C-level managers to back in management buyouts • Riser’s classmate forwarded ad to Mark Ponozzo, President, Black Clawson Converting Machinery, $35m firm • May 2003: closed management buyout of Black Clawson © Teten.com David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)
    51. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Multiple Media • Phone • Email • Instant messaging • Internet telephony (Skype) • Web conferencing • SMS • Twitter © Teten.com http://flickr.com/photos/re-ality/41676755/sizes/o/
    52. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Online meets Offline © Teten.com
    53. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Socialtext Wiki Case Study: Dresdner Kleinwort Investment Banking problem • Heavy dependence on email communication & meetings for decision-making solution • 5,000 wiki users benefits • Reduced meeting times by 50% • Reduced email traffic by up to 75% • Adoption outpaced corporate intranet usage within six months • Wiki today: 6,000 pages & 100,000 hits per month © Teten.com Socialtext
    54. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Data from Business Cards © Teten.com
    55. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Data from Email and Files © Teten.com
    56. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Data from the Cloud © Teten.com
    57. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Blog and Web Readers • Google Reader • Alacra • Connotate • InfoNGEN • First Rain • Skygrid © Teten.com
    58. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity From Cold Calling to Warm Cold Calling Source of Lead Result Success Rate business directories, company listings, Ice Cold Call Low response rate company websites All of the methods above, plus virtual communities, blogs, job networks, email Warm Cold Call Higher response rate lists, biography analysis, etc. © Teten.com
    59. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Fantasy Football © Teten.com
    60. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Gated Communities for Executives • IERGOnline.com • Executive-Forum.org • INMobile.org © Teten.com
    61. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Gated Communities for Investors Private Equity Focus Public Markets Focus • ACG.org • FTAlphaville.FT.com/longroom • Angelsoft.net • SumZero.com • Finemrespice.com/subrosa • ValueInvestorsClub.com • Village.Albourne.com • Village.Albourne.com © Teten.com
    62. Intro Traditional Origination Web 2.0 Signs Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Virtual Community Platforms / Social Network Sites • Groups.Yahoo.com • Groups.Google.com • Grouply • LinkedIn • Xing (c) 2008 Anderson Analytics, Linkedin, SPSS, http://www.marketingcharts.com/interactive/linkedin-users-have-high-personal-financial-success-6743/linkedin-anderson-analytics-busy-decision-makers-august-2008jpg © Teten.com
    63. Intro Traditional Origination Web 2.0 Signs Network Next Steps Agenda • Introduction • Traditional Deal Origination • Web 2.0 • Signs of a Potential Investment • Growing Your Corporate Network • Next Steps © Teten.com
    64. Intro Traditional Origination Web 2.0 Signs Network Next Steps Web 2.0 is a better platform Parameters Face-to-Face Web 2.0 Judge by a Character SEC filings handshake Competence Personal resources Enterprise resources Relevance Semi-random Focused, searchable Strength Limited channels Multi-media Detailed, current Information Poor visibility data Number Small Large Restricted by time, Crosses time & Diversity space space © Teten.com
    65. Intro Traditional Origination Web 2.0 Signs Network Next Steps Any questions ? Slides at www.Teten.com Free book download at TheVirtualHandshake.com © Teten.com
    66. Intro Traditional Origination Web 2.0 Signs Network Next Steps Where Are the Great Startups?! Best Practices of Venture Capital Funds in Finding Growth Companies David Teten Teten Advisors, LLC www.Teten.com info @ teten.com 1-347-853-7397 New York, NY © Teten.com http://www.flickr.com/photos/superrabbit/319538167/

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