• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content
Introduction to Angel Investing and Harvard Business School Alumni Angels of Greater New York
 

Introduction to Angel Investing and Harvard Business School Alumni Angels of Greater New York

on

  • 5,413 views

Introduction to Angel Investing and Harvard Business School Alumni Angels of Greater New York

Introduction to Angel Investing and Harvard Business School Alumni Angels of Greater New York

Statistics

Views

Total Views
5,413
Views on SlideShare
3,088
Embed Views
2,325

Actions

Likes
5
Downloads
167
Comments
1

9 Embeds 2,325

http://www.teten.com 992
http://teten.com 725
http://ffvc.com 580
http://feeds.teten.com 11
https://www.linkedin.com 8
https://twitter.com 4
http://webcache.googleusercontent.com 3
http://translate.googleusercontent.com 1
http://www.pinterest.com 1
More...

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

CC Attribution-NonCommercial-ShareAlike LicenseCC Attribution-NonCommercial-ShareAlike LicenseCC Attribution-NonCommercial-ShareAlike License

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel

11 of 1 previous next

  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    Introduction to Angel Investing and Harvard Business School Alumni Angels of Greater New York Introduction to Angel Investing and Harvard Business School Alumni Angels of Greater New York Presentation Transcript

    • Introduction to Angel Investing Harvard Business School Alumni Angels of Greater New York HBSAlumniAngels.com/NY // @HBSangelsNY David Teten Partner, ff Venture Capital (ffvc.com // @ffvc ) Founder & Chairman, HBS Alumni Angels NY (teten.com // @dteten )
    • Intro Originate Structure Add Value Next Steps © 2013 David Teten. More at ffvc.com and teten.com EvaluateOverview Don’t Take Notes! Download detailed slides at: ffvc.com/angel
    • Intro Originate Structure Add Value Next Steps © 2013 David Teten. More at ffvc.com and teten.com EvaluateOverview •  Introduction •  Overview •  Evaluate •  Originate •  Structure •  Add Value •  Next Steps Agenda: Introduction to Angel Investing http://www.flickr.com/photos/alancleaver/4375850315/sizes/m/in/photostream/
    • Intro Originate Structure Add Value Next Steps © 2013 David Teten. More at ffvc.com and teten.com EvaluateOverview Average Angel Returns •  Angel mean IRR ranges from 18% to 54% across twelve large studies with differing timeframes 1 •  Angels are 60% less likely to exit at a loss than VCs 2 •  Angel and VC rates of “home run” investments are roughly equal 2 2 Is It Worth It?, Journal of Business Venturing 1 Historical Returns in Angel Markets, Right Side Capital Management, and other sources listed at http://techcrunch.com/2012/11/17/how-institutional-limited-partners-can-avoid-limited-returns/
    • Intro Originate Structure Add Value Next Steps © 2013 David Teten. More at ffvc.com and teten.com EvaluateOverview Geo Time Period Study Total Investments Exited Investments IRR US 1994 - present Band of Angels Website FAQ 240+ 63 54.0% US 2010-11 Sohl: “The Angel Investor Market in 2011: The Recovery Continues” Unknown Unknown 18-28% US 2009-10 Sohl: “The Angel Investor Market in 2010: A Market on the Rebound” Unknown Unknown 24-36% US 2008-09 Sohl: “The Angel Investor Market in 2009: Holding Steady but Changes in Seed and Startup Investments” Unknown Unknown 23-38% US approx 2004-09 DeGennaro & Dwyer: "Expected Returns to Angel Investors" 603 434 33.0% UK 2000-08 Wiltbank: "Siding with the Angels: Business angel investing - promising outcomes and effective strategies" 1080 406 24.6% US 2007-08 Sohl: "The Angel Investor Market in 2008: A Down Year in Investment Dollars But Not in Deals" Unknown Unknown 22.0% US 2006-07 Sohl: "The Angel Investor Market in 2007: Mixed Signs of Growth" Unknown Unknown 27.7% US 1990-07 Wiltbank & Boeker: "Returns to Angel Investors in Groups" 3,097 1,137 31.4% US approx 1999-07 Villalobos & Payne: "Startup Pre-Money Valuation: The Keystone to Return on Investment" 117 117 24.3% UK 1961- 1996 Mason & Harrison: "Is it worth it? The rates of return from informal venture capital investments" 372 128 37.4% Average Angel Returns from Twelve Studies Historical Returns in Angel Markets, Right Side Capital Management, and other sources listed at http://techcrunch.com/2012/11/17/how-institutional-limited-partners-can-avoid-limited-returns/
    • Intro Originate Structure Add Value Next Steps © 2013 David Teten. More at ffvc.com and teten.com EvaluateOverview HBS Alumni Angels Global: Progress Since 2007 •  11 chapters globally •  Over 800 members •  Members invested in over 90 companies
    • Intro Originate Structure Add Value Next Steps © 2013 David Teten. More at ffvc.com and teten.com EvaluateOverview HBS Alumni Angels of Greater NY: Progress Since First Pitch Night, June 2011 –  116 members. Third largest angel group in tri-state area by number of paying members (to our knowledge) –  100+ applications/month from entrepreneurs –  8 pitch nights and over a dozen other events –  $2.5m in total investments in 10 companies, made in 23 individual investments, plus $0.7m in referred investments –  $74K average individual check size per company per investment –  Launched Venture Capital Access Program, helping women and minority entrepreneurs meet members of our network
    • Intro Originate Structure Add Value Next Steps © 2013 David Teten. More at ffvc.com and teten.com EvaluateOverview About HBS Alumni Angels of NY Members Requirements: •  Be accredited investors. For an individual investor, this means individual net worth, or joint net worth with spouse, exceeds $1m; or individual income in excess of $200,000 in each of the two most recent years; or joint income with spouse in excess of $300,000 in each of those years and have a reasonable expectation of reaching the same income level in the current year. •  Budget to invest at least $25,000 per year in early-stage companies. This is a directional commitment, not binding. •  Sign our Membership Agreement and join the HBSAANY. •  Be Harvard affiliates (not necessarily HBS). Our members include venture capitalists, entrepreneurs, investment bankers, and other experienced businesspeople.
    • Intro Originate Structure Add Value Next Steps © 2013 David Teten. More at ffvc.com and teten.com EvaluateOverview 65% 35% 60% 40% 56% 45% 51% 49% 46% 54% 2010 2020 2030 2040 2050 White Non-Hispanic “Diverse” Population America’s Growth America’s Population by Ethnic Background United States Department of Commerce
    • Intro Originate Structure Add Value Next Steps © 2013 David Teten. More at ffvc.com and teten.com EvaluateOverview Venture Capital Access Program •  Program geared to help minority and women entrepreneurs meet potential investors in the HBSAANY network. •  Partnership with the Marathon Foundation (TMF), a subsidiary of the National Association of Investment Companies. •  Many TMF Members focused on business opportunities serving the annual $6T diverse marketplace. •  TMF’s ecosystem provides members with education, professional development, best practices, and thought leadership. Introduction
    • Intro Originate Structure Add Value Next Steps © 2013 David Teten. More at ffvc.com and teten.com EvaluateOverview ff Venture Capital (ffvc.com) •  Early-stage technology venture capital fund •  Founded 1999, with over 160 investments in over 60 companies •  First investments typically $50-$500K at valuations of <$5m pre-money •  Follow on in later rounds for best-performing startups •  Prominent investments include: Cornerstone OnDemand (IPO); Quigo Technologies (sold to AOL for reported $340m); Klout; 500px
    • Intro Originate Structure Add Value Next Steps © 2013 David Teten. More at ffvc.com and teten.com EvaluateOverview As of June 30, 2012 ff Venture Capital: 160 investments in over 60 companies since 1999
    • Intro Originate Structure Add Value Next Steps © 2013 David Teten. More at ffvc.com and teten.com EvaluateOverview David Teten (teten.com) •  Partner, ff Venture Capital, early-stage technology venture capital fund •  Founder and Chairman, Harvard Business School Angels of New York . Co-founded Venture Capital Access Program, introducing women and minority entrepreneurs to Harvard-affiliated angels •  Lead author, The Virtual Handshake: Opening Doors and Closing Deals Online •  Lead author of first-ever research study on best practices in private equity/venture capital deal origination •  Lead author of first-ever research study on best practices of venture capitalists in increasing portfolio company value through operational support •  Harvard MBA 1998, Yale BA, both with honors. •  @dteten
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview •  Introduction •  Overview •  Evaluate •  Originate •  Structure •  Add Value •  Next Steps Agenda: Introduction to Angel Investing http://www.flickr.com/photos/alancleaver/4375850315/sizes/m/in/photostream/
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Definition: Start-Up Steve Blank: “A startup is a [temporary] organization formed to search for a repeatable and scalable business model.” http://www.docstoc.com/docs/425051/Financing-Lifecycle-of-your-startup
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview US Angels commit $20+ billion per year, over $6 billion at seed or start-up stage $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 2004 2005 2006 2007 2008 2009 2010 2011 VC Angel National Venture Capital Assoc 2012 Annual Report; New Hampshire Center for Venture Research Annual Market Analysis reports 2004-2011
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview US Angels invest in 60,000+ companies every year National Venture Capital Assoc 2012 Annual Report; New Hampshire Center for Venture Research Annual Market Analysis reports 2002-2011 - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Angel VC
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Notable Angel-backed Startups
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Why Angel Investing? •  High historic returns –  Permanent institutional arbitrage increases likelihood of continued high returns (we think) •  Portfolio diversification –  Uncorrelated alpha –  Wide range of deals, sectors, and geographies •  Education and Meeting People –  Work with passionate entrepreneurs, like-minded high net worth individuals, and VCs –  Understand the future •  Opportunity to be a mentor / active retirement / potential for compensation –  Provide relevant operational experience and resources to help companies succeed –  Become board member / advisor / interim executive •  Altruism –  Promote entrepreneurship to build and support thriving communities
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Requirements to be a Successful Angel •  High risk tolerance –  Most investments will fail. Don’t invest money you can’t afford to lose. 3 •  Large bank account –  Need to weather losses and reserve capital for later rounds. •  Patience –  Assets are illiquid and commitments last average 10 years. •  Rigorous due diligence –  A minimum of 40 hours per investment correlates with best returns.2 •  Value-add –  Top angels have relevant industry experience and are active advisors.2 •  Diversified portfolio –  You should be willing to make a minimum of 10 investments—better 20. 3 Is It Worth It?, Journal of Business Venturing 2 Returns to Angel Investors in Groups, Kauffman Foundation If you lack anything above, avoid angel investing.
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Why join an angel group? •  Higher returns! •  Scale – more investment dollars •  Collaboration re: due diligence •  Industry/topic experts •  Broad domain knowledge •  Broader network as a resource for portfolio companies •  More and higher quality deal flow •  Make new friends Susan Balloch, Golden Seeds
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview •  Introduction •  Overview •  Evaluate •  Originate •  Structure •  Add Value •  Next Steps Agenda: Introduction to Angel Investing http://www.flickr.com/photos/alancleaver/4375850315/sizes/m/in/photostream/
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview HBS Alumni Angels NY Deal Criteria Harvard Angels members invest as individuals, typically in aggregate up to $350,000 in any particular investment. Ideal candidates are companies seeking $100,000 to $750,000 We invest in capital efficient "for profit" businesses, and expect our portfolio companies to achieve a successful exit within five years. We do not invest in R&D intensive businesses or those with high capital requirements. We strongly encourage business plan submissions from Harvard Alumni, but consider all investments based on potential economic returns. We typically invest in companies with these characteristics: Premoney Valuation: $1,000,000 - $3,000,000 Capital Seeking: $100,000 - $750,000 Previously Raised: $50,000 - $500,000 Generally we expect the following performance from our portfolio companies: Expected Revenue By Year 5: $10,000,000 - $50,000,000 Expected Returns: 10x Investment - 50x Investment Expected Years to Exit: 3 Years - 5 Years Expected Years to Break Even: 2 Years - 3 Years
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview ff Venture Capital Decision Criteria •  Team. We want to know what qualifies you to execute your idea successfully and better than the five other companies in your space: work history, network, and skills are all key. •  Demo. We almost always require a demo, or at least a mockup. •  Market. What is the problem, why does it exist, and how big is the opportunity? •  Solution. Your value proposition: how you solve this problem faster, cheaper, smarter. •  Business Model. How do you make money? Who pays, how much, from where? •  Customer/user. Who they are and how many? How will you reach/acquire them? •  Competition. Know every competitor and what are the current solutions to this problem, and why they aren’t addressing your market adequately. List the major competitors, understand their processes and what your competitive advantage is. •  Financial Overview. What are the expected revenues, expenses, and EBITDA three years out? How long will this round’s cash last you? •  Funding. How much are you raising and how are you going to use the money? To grow a team, to support overhead, to expand? How much have you raised thus far and from whom? •  Milestones. What is your vision for the future, measured in milestones for the next 3 years? Note that in our board meetings, we will evaluate your progress against these milestones. http://ffvc.com/resources/pitch/
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview •  Introduction •  Overview •  Evaluate •  Originate •  Structure •  Add Value •  Next Steps Agenda: Introduction to Angel Investing http://www.flickr.com/photos/alancleaver/4375850315/sizes/m/in/photostream/
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Proprietary deal origination is critical for angels 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 + +
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Info is private Few buyers based on Robert Bruner, Applied Mergers & Acquisitions, page 186 Ability of buyer to intervene to tailor pricing & terms Info is public Many buyers Sweet spot of highest returns Higher returns Lower returns Private information is more valuable than public information because of the leverage that discretion gives to the buyer. Buyer Power vs. Public Awareness of Transaction
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview You earn higher returns by investing in people you know well. Mutual Fund Managers’ Excess Returns in Companies Run by College/Graduate School Classmates vs. All Other Companies 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 Source: The Small World of Investing: Board Connections and Mutual Fund Returns; Lauren Cohen, Andrea Frazzini, and Christopher Malloy, 2008 Connected Holdings=Stocks for which managers had the strongest connection to senior officials (same school at same time with same degree) Excess return=total gain minus the Treasury bill return
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Investment Search Process (# Companies) Angel groups using Gust (2010)[i] ff Venture Capital (2012)[ii] Typical entrepreneur Profiled initially 20,850 NA ~3-6 Target Selected 1,315 ~1,700 ~3 Met 1,047 ~1,000 NA Due diligence 577 ~18 2 Invested/launched 541 ~15 1 Deals as % targeted companies 33.5% (2.1% of submissions) 0.8% 33% [i] Available at http://angelsoft.net/a/venture-valuation , as of twelve months ending March 17, 2010. [ii] David Teten.
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Intermediaries refer deals to investors primarily in the hopes of future revenues. •  Possibility of future revenue •  Integrity •  High certainty to close •  Responsiveness •  “Fair” treatment of sellers •  Experience with the industry or owner type •  Friendship •  Candid feedback •  Maintaining a single point of contact http://www.flickr.com/photos/extranoise/3382930813/ Top Reasons Intermediaries Refer Deals to Investors (descending order of importance)
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Differentiation makes origination more efficient. Selected Highly Differentiated Investing Strategies Strategy Example Co-investments with corporates Blackstone Group, Castle Harlan, Clayton Dubilier & Rice Executive-led transactions Frontenac Company, GTCR, Housatonic Partners Intellectual property Intellectual Ventures Spinning out processes from within Fortune 500 companies and setting them up as independent ventures Exigen Capital Deep focus from early to late stage in narrow vertical Andreessen Horowitz, Healthpoint Capital Minority-owned businesses AP Capital, ICV Capital Partners Women-owned businesses Hypatia Capital Family-owned businesses Heritage Partners Film financing Relativity Media Buying Western companies and outsourcing operations to China Crimson Ventures Distressed Searchlight Capital
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview We identified almost no instances of a successful company that started as a business plan contest winner. http://flickr.com/photos/crincon/1143195754/sizes/l/
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Social media technologies are pertinent throughout the investing cycle. Investing Cycle Use of Social Media Raise capital •  Identify value-added potential investors & find a path to them •  Solicit past investors in both your prior and comparable funds Originate investments •  Identify and reach out to relevant people & companies •  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 operations •  Recruit “A” performers •  Accelerate sales and marketing Exit investment •  Identify and more effectively negotiate with strategic acquirers How Investors Are Using Social Media
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com) 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 = D * ∑ (Chn*Con *Rn* Sn*In) N n=1 Corporate Network Valuation Formula
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Biography analysis software allows you to search by common affinity and more effective subsequent outreach. •  Boardex •  Identified* •  Klout* •  LinkedIn •  Saleforce Data.com •  Pipl •  ZoomInfo Leading Providers of Biography Analysis Data * ff Venture Capital portfolio company
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com) • Daniel Zumino, founder of BCG Paris and angel investor, had made a small investment in a startup • November 1999: He sent email to Stanford GSB alumni list seeking capital for the startup • March 2000: Raised $8m through referral from alumni, via this list service Case study: A set of angel investors sourced a transaction and invested $8m via an alumni email list.
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview 10-15% of the active VC population of 1,000 blog and tweet. Jeff Bussgang, Flybridge Capital Partners . http://www.pehub.com/59953/why-do-vcs-blog-and-tweet/ . http://techcrunch.com/2011/01/19/top-20-vc-bloggers/ Top VC Blogs, Average Monthly Unique Views (4Q10) 0 20,000 40,000 60,000 80,000 100,000 120,000 Jeremy Liew, Lightspeed Ventures Partners Ben Horowitz, Andreesen Horowitz Dave McClure, Founders Fund Larry Cheng, Volition Capital Charlie O’Donnell, First Round Capital David Skok, Matrix Partners Chris Dixon, Founder Collective Brad Feld, Foundry Group Mark Suster, GRP Partners Fred Wilson, Union Square Ventures Paul Graham, YCombinator Essays
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Best Practices in VC Blogging (written humorously, but still good advice) Hi, I’m a tech VC on Twitter. I’m @xyzvc My icon is cool. It’s a painting/cartoon/wacky photo. Shows that I’m hip and approachable. But when I meet with you, I’ll still crush your dreams. I tweet about technology, but occasionally post personal stuff. Important to show I have a sensitive side and care about more than just making tons of dough. I use # tags, sometimes as a funny form of emphasis. Kind of like a wink and a smile ;) #donttakethisposttooseriously I love Twitter because I can broadcast my blog posts. Otherwise, no one would read them! I blog at xyzvc.com! I tweet blog posts with advice on fundraising, customer acquisition, and company building. Usually, someone really smart has said it before and said it better. But I haven’t been in Hacker News for a while, so I figured there is no harm reinventing the wheel. Retweeting is fun. It’s like a virtual high-five. I retweet the posts of my partners, coinvestors, and entrepreneurs I’ve backed. Oh, I also retweet posts from guys whose butts I’m currently kissing so that they will like me. I really hope @fredwilson retweets this… I’d get so many new followers! My portfolio companies are the best. I will share so much of their good news with you it will make you want to unfollow me (unless you are a co-investor, in which case you will probably RT and add a #) If a portfolio company is doing bad, no Twitter love. It’s like going to Disneyworld and trying to find Hercules or Mulan. It’s like they never existed. I also tweet about the cool places I’ve been (via Foursquare and Gowalla), things I buy (via Swipely and Blippy), and the cool places I’m going to go (via Plancast). Wow, that’s a lot of tweeting! That’s why I also tweet about how busy I’ve been and how little I’ve slept. It’s a tough life. Full disclosure, I’ve been a tech VC and I’ve done most of these things. Hi, I’m a tech VC on Twitter (by Rob Go, NextView Ventures) http://www.robgo.org/post/890368565/hi-im-a-tech-vc-on-twitter
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Search engine optimize yourself. •  Scan targets’ sites to understand the language that they use when searching. •  Use keywords Inconsistently. •  Name what you’re selling. •  Optimize top of the page. •  Use Google Adwords Keyword Tool http://flickr.com/photos/neilt/2517652/sizes/o/ Search Engine Optimization 101
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview •  Phone •  Email •  Web conferencing •  Instant messaging •  Internet telephony (e.g., Skype) •  SMS •  Twitter Using multiple media channels promotes stronger trust- building. Caroline Haythornthwaite, “Strong, Weak, and Latent Ties and the Impact of New Media,” The Information Society, 18 ( 2002) 385–401. http://flickr.com/photos/re-ality/41676755/ Major Media Channels for Origination (descending order of importance)
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Meetup creates opportunities to meet face-to-face.
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Effective originators are data hounds Data source Selected technology for inserting data into CRM Business Cards ScanBizCards, Cardscan, CardMunch, Cardshark, IRIScan, Neatco, Plustek Emails WriteThat.Name, Contact Capture, eGrabber, Gwabbit Cloud Plaxo, LinkedIn CRM Salesforce, Act Tools for Assimilating Data into Your Contact Relationship Management (CRM) System
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Originators use blog and web readers to filter the data deluge, such as Bottlenose*. * ff Venture Capital portfolio company
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Investors can connect with one another via online gated communities. Sample Gated Communities for Investors Early-Stage Private Late-Stage Private Public AngelList Assoc. for Corporate Growth Albourne Village Caplinked AxialMarket FT Alphaville Longroom FundersClub BizBuySell Sum Zero Gust CapitalSphere Value Investors Club MergerMarket SecondMarket
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Senior executives prefer to interact online behind barriers to more junior people, just as they do in traditional networks. Sample Gated Communities for Executives •  IERG Online •  Executive Forum •  INMobile •  Sermo •  Some LinkedIn groups
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview •  LinkedIn •  Ning •  Xing •  Google Groups •  Yahoo Groups •  Zintro And everyone else is online too. Leading Online Network Platforms
    • Character – Competence – Relevance – Strength – Information – Number – Diversity © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Take one step •  By technology •  By industry •  By geography •  By personal characteristics •  By market http://flickr.com/photos/extranoise/169187125/sizes/l/
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview •  Introduction •  Overview •  Evaluate •  Originate •  Structure •  Add Value •  Next Steps Agenda: Introduction to Angel Investing http://www.flickr.com/photos/alancleaver/4375850315/sizes/m/in/photostream/
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview How to Structure Your Portfolio •  Compare vs. size of overall portfolio: typically cap at 20% •  Target at least 10-12 investments. Assume: –  30-40% total loss –  30-40% breakeven and illiquid –  20-30% positive return •  Diversify by industry, risk, and duration Susan Balloch, Golden Seeds
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Shortcuts to Structuring a Deal •  Do not lead your first few deals; join the syndicate of a more experienced investor •  Read Venture Deals: Be Smarter than Your Lawyer and Venture Capitalist, by Brad Feld and Jason Mendelson •  Use a template term sheet, e.g., National Venture Capital Association Model Legal Documents and the Wilson Sonsini Term Sheet Generator •  Build your own financial model of at least the cap table; see ffvc.com/finance for some templates .
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Choose the right terms to optimize •  Pre-money valuation is just one term of many, and probably not the most important. •  Other key terms, in declining order of importance: –  Vesting period for founders –  Redemption option, typically after 5-7 years –  Liquidity option, e.g., liquidation preference and a participating preferred structure –  Investor protective provisions, e.g., and anti-dilution protection –  Board seat http://pasadenaangels.com/2011/02/the-truth-about-early-stage-pre-money-valuations/
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview #1 area of concern: Founder(s) Incentives 1.  Allocation of Equity 2.  Stock Vesting 3.  Power issues – Titles, etc. 4.  IP issues – relationship with past employers? Ownership of outsourced work? 5.  Board Seats 6.  Employment Agreements Tom Cervantez and Cecily Anne O’Regan, Business Counsel Law Group
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Review the Company’s IP (which is usually valueless at launch) The Enterprise Patents Trade- marks Copy- rights Trade Secret Sui Generis Tom Cervantez and Cecily Anne O’Regan, Business Counsel Law Group
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview How to value a startup: you can’t •  Valuation is based on negotiation, not calculations. •  Benchmark against companies at a similar stage of development. –  Revenues? –  # Employees –  # Customers –  Traffic
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Checklist for discussing the next round •  When? •  How much? •  Who should lead? •  How can I help the entrepreneur? •  Should I follow on? Dan Rosen, Commerce Ventures
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Phase of Startup Development Needs FTE Management Milestones Early Development to Proto/Beta (12 months) - Tight linkage between development & business goals - Focus - Excellent people 1 to 10 CTO and GM Working prototype, beta installations Early Customer Deployments (24 months) - 100% dedication to customer satisfaction - Cheerleading and endurance 5 to 20 CTO, VP Eng, Dir’s of Sales, Finance, Marketing GM/CEO Customer approval, some revenue Moderate Penetration (36 months) Savvy Management 20 to 50+ CTO, VP Sales, Marketing, Finance, Engineering, CEO Clear target market, Repeatability of business, real product, real customers Rapid Penetration (60 months) Excellent Management Growth to 100’s All VP’s, CFO, COO if necessary 1/3 to ½ of all new sales in target markets Dominance Greed and Ego Big Domestic and Worldwide Clear #1 player http://www.slideshare.net/Hukshorn/valuation-14854407
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Questions, Capital, Valuations Question to answer with capital Capital needed Sources Pre- Money Seed: Early Development Proto/Beta Technology: does it work at all? Market: is there a market? Timing: if a market, when does it start? < $1M usually <$500K - Friends, Family, Fools - Angels - Seed Funds $100K to $1M 1st Round: Early Customer Deployment Technology: does it work in practice? Target market: is this the right first place? Timing: if a market, when does it start? $1M to $4M - Angels - Seed Funds - Early Stage Funds $2M to $5M 2nd and 3rd   Round: Moderate Penetration Market timing: is the market happening fast enough (or too fast)? Execution: can we grow, develop, sell, manage, etc.? $5M to $15M - Early Stage Funds - Later Stage Funds - Corporate Investors - Venture Leasing $10M to $50M Mezzanine and IPO: Rapid Penetration Execution: can you grow fast enough without loosing control? $0 to $100M - Corporate Investors - Mezzanine Funds - iBanks - Leasing $40M to $100M+ Dominance Complacency: with so much success can you continue being paranoid? Corp. finance - iBanks - Commercial Banks - Et al. Public Market http://www.slideshare.net/Hukshorn/valuation-14854407
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview •  Introduction •  Overview •  Evaluate •  Originate •  Structure •  Add Value •  Next Steps Agenda: Introduction to Angel Investing http://www.flickr.com/photos/alancleaver/4375850315/sizes/m/in/photostream/
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Five angel resources to increase portfolio company value •  Cash •  Brand •  Industry Network •  Funding Network •  Personal Expertise http://www.flickr.com/photos/mariachily/3382799213/sizes/z/in/photostream/
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview 7 levers of value creation (“TOPSCAN”) Team-Building Growing a startup’s human infrastructure Operations Enhancing admin, accounting, legal and technological capabilities Perspective Strategy, competitive positioning, defining the target market, and scoping the product. Skill-Building Building the right skills and ensuring they develop with the company’s life cycle Customer Development Identifying the right customers and gaining access to them Analysis Helping entrepreneurs measure, understand and report the performance Network Providing access to the investor’s typically very large network
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview TOPSCAN: Team-Building •  Identify, •  Source, •  Recruit, •  Close, •  Retain, and •  Rotate talent http://www.flickr.com/photos/25802865@N08/3178448986/
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview TOPSCAN: Operations •  Help startups refine/execute operational systems / processes, particularly: –  Admin –  Accounting –  Legal –  Technological http://www.flickr.com/photos/lac-bac/4679195538/
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview TOPSCAN: Perspective •  Offer 3rd party strategic advice and market intelligence –  Market size and addressability –  Competition –  Product –  Consumers –  Research http://www.flickr.com/photos/soldiersmediacenter/397627724/sizes/z/in/photostream/
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview TOPSCAN: Skill-building •  Help startups build the right skills –  Management –  Sales –  Partnerships http://500px.com/photo/9918021
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview TOPSCAN: Customer Development •  Evangelize, •  Identify, •  Source, •  Close, •  Retain, and •  Grow clients http://www.flickr.com/photos/josefstuefer/9500503/sizes/z/in/photostream/
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview TOPSCAN: Analysis •  Help entrepreneurs measure, understand and report individual company performance, e.g., benchmark against pertinent startup metrics http://www.flickr.com/photos/pagedooley/793550071/sizes/m/in/photostream/
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview TOPSCAN: Network •  The cheapest and sometimes most value-added service that an investor can provide is access to his/her network –  Industry network –  Funding network –  Talent / recruiting network picasaweb.google.com/lh/photo/FOHUbVdTEYKdftpmi6TkXQ
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview •  Introduction •  Overview •  Evaluate •  Originate •  Structure •  Add Value •  Next Steps Agenda: Introduction to Angel Investing http://www.flickr.com/photos/alancleaver/4375850315/sizes/m/in/photostream/
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview How You Can Get Involved with HBS Alumni Angels •  Join! •  Take a leadership volunteer role. We’re seeking leaders for marketing and in other capacities. •  Promote membership in the HBS Alumni Angels to your friends and colleagues. •  Recruit companies seeking funding to visit HBSAlumniAngels.com and apply to us for funding. •  Provide analytic resources. If you have access to MBA-level research talent, we have a number of research projects in queue. •  Introduce us to sponsors. We are particularly interested in service providers; corporate sponsors interested in attracting startups in their industry; and a sponsor to broadcast our events. •  Promote us to the media.
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Any questions ? slides at ffvc.com/angel Sign up for our mailing lists at hbsalumniangels.com/NY ffvc.com teten.com Twitter: @HBSangelsNY @ffvc @dteten
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Disclaimer This Presentation is for the exclusive use of the recipients to whom it is addressed. References to the “Presentation” includes any information which has been or may be supplied in writing or orally in connection with the Presentation or in connection with any further inquiries in respect of the Presentation. This Presentation is not intended to serve as basis for any investment decision. While the information contained in this Presentation is believed to be accurate, the Preparers have not conducted any investigation with respect to such information. The Preparers expressly disclaim any and all liability for representations or warranties, expressed or implied, contained in, or for omissions from, this Presentation or any other written or oral communication transmitted to any interested party in connection with this Presentation so far as is permitted by law. In particular, but without limitation, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, estimates, forecasts, analyses or forward looking statements contained in this Presentation which involve by their nature a number of risks, uncertainties or assumptions that could cause actual results or events to differ materially from those expressed or implied in this Presentation. By its acceptance hereof, each recipient agrees that none of the Preparers nor any of their respective Representatives shall be liable for any direct, indirect or consequential loss or damages suffered by any person as a result of relying on any statement in or omission from this Presentation, along with other information furnished in connection therewith, and any such liability is expressly disclaimed. Except to the extent otherwise indicated, this Presentation presents information as of the date hereof. The delivery of this Presentation shall not, under any circumstances, create any implication that there will be no change in the affairs of ff Venture Capital or HBS Alumni Angels after the date hereof. In furnishing this Presentation, the Preparers reserve the right to amend or replace this Presentation at any time and undertake no obligation to update any of the information contained in the Presentation or to correct any inaccuracies that may become apparent. This Presentation shall remain the property of ff Venture Capital and HBS Alumni Angels. This Presentation does not constitute a recommendation regarding the shares in ff Venture Capital or HBS Alumni Angels. No securities commission or regulatory authority in the United States or in any other country has in any way opined upon the accuracy or adequacy of this Presentation or the materials contained herein. This Presentation shall not form the basis of any contract. The distribution of this Presentation in certain jurisdictions may be restricted by law and, accordingly, recipients of this Presentation represent that they are able to receive this Presentation without contravention of any unfulfilled registration requirements or other legal restrictions in the jurisdiction in which they reside or conduct business. Date at your own risk.
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview Appendix
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview HBS Alumni Angels of Greater New York Mission •  The mission of the HBS Alumni Angels of Greater New York is to accelerate the growth of the tristate early-stage company ecosystem, primarily by enabling Harvard alumni to invest in startup companies and earn healthy returns. We invest in companies regardless of whether or not they have any Harvard affiliation. •  Our related goals: –  Establish a financially sound, self-sustaining organization that will be a permanent contributor to angel investing, HBS, and entrepreneurship. –  Provide on-going education opportunities to the HBS community on angel investing and entrepreneurship, including via seminars and events –  Promote HBS as a leader in entrepreneurship. –  Promote relationship building between HBS alumni, HBS faculty, and current HBS students with an interest in early stage ventures and angel investing.
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview HBS Alumni Angels Global Mission •  The mission of HBS Alumni Angels Global is to provide an educational and networking forum for Harvard alumni who are interested in researching and investing in early stage companies on an individual basis. Other goals of the HBS Alumni Angels include: –  Providing long lasting relationships between Harvard alumni and Harvard overall for fundraising, governance, and promotion of entrepreneurship and angel investing that is critical to establishment of Harvard as a leader in entrepreneurship –  Providing on-going education opportunities via seminars and events relevant to Harvard alumni interested in angel investing –  Providing relationship building between current Harvard students and Harvard alumni with an interest in early stage ventures and angel investing –  Providing mentoring and judging for business plans in the student and alumni business plan competitions –  Establishing HBS Angels as the leading point of contact for interaction with Harvard on matters relevant to angel investing and entrepreneurship –  Establishing a financially sound, self-sustaining organization that will be a long-time contributor to Harvard, entrepreneurship, and angel investing
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview HBS Alumni Angels NY Process •  HBSAANY promotes submission of business plans and chooses among submissions approximately 4-8 to present at each pitch night. •  Alumni invest individually; HBS Angels NY helps to coordinate. •  HBSAANY as a group makes no recommendations for investment and does not organize any group investments. •  Recently launched Fast Track program for angel deals which are >50% closed and need some angels to fill out a round.
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview HBS Alumni Angels NY: Deals Completed through April 2013 •  Kindara for iPhone: fertility charting. Simple data entry and an easy to understand graph make charting a woman’s cycle as easy as a tap of the screen. •  Closed October 2012 •  $15,000 invested in total (by HBSAANY member) •  Recently passed the 65,000-download mark and are now routinely ranked in the top 30 Medical apps on the iOS App Store. •  AxioMed: develop products with a goal of restoring spinal function to patients with degenerative spine disease; thus advancing the standard of care beyond fusion and first generation artificial discs •  Closed January 2012 •  $323,350 invested in total •  $269,680 invested by HBSAANY members •  Recently introduced its Freedom® Cervical Disc in Europe with a successful implantation in Switzerland.
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview HBS Alumni Angels NY: Deals Completed through April 2013 •  Immunome: identifies immune therapies against cancer stem cells by studying the immune responses that cancer patients make against their own tumors. •  Closed December 2011 •  $25,000 invested in total (by HBSAANY member) •  The company has raised $630,000 from a consortium of Angel Investors that included the Mid-Atlantic Angel group. •  Mirror Digital is a technology-driven media and advertising company. •  Closed March 2013 •  $100,000 invested in total •  $75,000 invested by HBSAANY members
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview HBS Alumni Angels NY: Deals Completed through April 2013 •  Centzy simplifies your daily life by providing accurate prices, reviews, hours, and ratings all in one place so you can make smart decisions. •  Closed March 2013 •  $225,000 invested in total •  $25,000 invested by HBSAANY member •  RouteHappy helps flyers discover and share better ways to fly. Real flyers share ratings, tips, details and photos about their flight experiences on our website and iPhone app. •  Closed March 2012 •  $150,000 invested (by affiliate or referral)
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview HBS Alumni Angels NY: Deals Completed through April 2013 •  Let’s Gift It is the leading platform for social gifting providing online retailers with the tools and services to optimize the group buy. •  Closed December 2011 •  $15,000 invested in total (by affiliate or referral) •  Kogeto invented consumer panormamic capture with Lucy, the world's most advanced panoramic video camera, and put immersive media in your pocket with Dot, the world's smallest panoramic video lens for the iPhone 5/4/4S. •  Closed September 2012 •  $795,000 invested in total •  $500,000 invested by HBSAANY members
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview HBS Alumni Angels NY: Deals Completed through April 2013 •  Cytopherx is a venture-backed, clinical stage medical device company addressing inflammation-based diseases and conditions with a proprietary selective cytopheresis system. •  Closed June 2011 •  $798,493 invested in total (by HBSAANY members) •  TigerTrade provides buyers, suppliers, and service providers around the world with the opportunity to explore new markets and build durable, trusted business relationships online. •  Closed July 2012 •  $25,000 invested in total (by HBSAANY member)
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview 2013 HBS Alumni Angels Global Webinar Schedule •  9/10 – Big Data Overview w/Matt Ocko + Zack Bogue (Data Collective) •  SEPTEMBER – Angels State of the Union •  10/16 – Legals & Deal Terms w/ Tom Cervantez •  NOVEMBER – Exits w/Dave Samuel (Freestyle) •  DECEMBER – SaaS Overview w/ Sean Jacobsohn •  4/4 – Consumer/Retail Overview w/Rory Eakin and Ben Lee of CircleUp •  MAY – Incubators, Accelerators w/Thomas Korte (AngelPad) + others •  6/5 – Due Diligence w/Michael Neril + Eurie Kim •  6/26 – Mobile Overview w/Nihal Mehta + Hadley Harris (ENIAC Ventures)
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview HBSAANY Deal Funnel Total # of Applications: 900 Pitch Night: 56 6% Invested: 9 1% data from March ‘11 through March ‘13
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview HBSAANY Applications by Industry data from March ‘11 through March ‘13 Industry Applications Percentage # Funded Internet/Web  Services   217   24%   4   Consumer  Products/Services   89   10%   2   Media  &  Entertainment   52   6%   Financial  Services   44   5%   Mobile   43   5%   Food/Drink   38   4%   SoHware   38   4%   Business  Products  &  Services   36   4%   Healthcare  Services   34   4%   Clean  Technology   29   3%   EducaPon   29   3%   Fashion   22   2%   Retailing/DistribuPon   22   2%   Biotechnology   20   2%   1   Medical  Devices   20   2%   2   MarkePng/AdverPsing   19   2%   1   All  Other   146   16%  
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview HBSAANY Member Interest by Industry data from March ‘11 through March ‘13 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Applicants Screened Funded Retail/Distribution Other Marketing/Ad Food/Drink Fashion Business Mobile Media & Ent Education Clean Tech Biotechnology Software Medical Devices Consumer Financial Services Healchare Internet
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview HBS Alumni Angels Global Educational Curriculum •  Webinars –  Monthly live: $10 for members, $35 for non-members –  Call recording & materials distributed to attendees •  Other programs –  Educational Content (Cases, Videos, etc…) –  Local Sessions
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview HBSA Global Notable Speakers •  Kirsten Green (Birchbox, Bonobos, Hotel Tonight, Serena & Lily, Warby Parker) •  Thomas Korte (Crittercism, MoPub, Postmates) •  Nihal Mehta (AdMob, GreyStripe, Thumb) •  Matt Ocko (BranchOut, XenSource, Zynga) •  Dave Samuel (About.me, Cardpool, Recurly) •  Tom Cervantez (Friendster, GeoNet, OpenTable) •  More to come…
    • © 2013 David Teten. More at ffvc.com and teten.com Intro Originate Structure Add Value Next StepsEvaluateOverview HBS Alumni Angels Planned Educational Curriculum HOW TO: •  Sourcing •  Due Diligence •  Evaluating Teams •  Market Research •  Value Add •  Deal Terms •  Exits SECTOR REVIEWS: •  E-Commerce •  Mobile •  Big Data •  SaaS OTHER TOPICS •  Angel Investing 101 •  Incubators & Accelerators •  “State of the Union”