© 2013 David Teten. More at ffvc.com and teten.com
How to Raise Entrepreneurs…
Children and Adults
David Teten
ff Venture ...
© 2013 David Teten. More at ffvc.com and teten.com
Don’t Take Notes!
Download the slides at
ffvc.com/parenting
© 2013 David Teten. More at ffvc.com and teten.com
David Teten (teten.com)
•  Partner, ff Venture Capital, early-stage tec...
© 2013 David Teten. More at ffvc.com and teten.com
ff Venture Capital (ffvc.com)
•  Institutional angel-stage technology f...
© 2013 David Teten. More at ffvc.com and teten.com
ff Venture Capital: Over 180 investments in 70 companies
since 1999
Inv...
© 2013 David Teten. More at ffvc.com and teten.com
ffVC has invested in 8 women co-Founder/CEOs out of 38 new
companies si...
© 2013 David Teten. More at ffvc.com and teten.com
Info is private
Inspired by Robert Bruner, Applied Mergers & Acquisitio...
© 2013 David Teten. More at ffvc.com and teten.com
Angel investing is a high-return activity.
•  Angel mean IRR ranges fro...
© 2013 David Teten. More at ffvc.com and teten.com
Harvard Business School Alumni Angels Global has grown
dramatically sin...
© 2013 David Teten. More at ffvc.com and teten.com
Harvard Business School Angels of Greater New York
(HBSAlumniAngels.com...
© 2013 David Teten. More at ffvc.com and teten.com
65%
35%
60%
40%
56%
45%
51% 49% 46%
54%
2010 2020 2030 2040 2050
White ...
© 2013 David Teten. More at ffvc.com and teten.com
Venture Capital Access Program helps women & minority
entrepreneurs rai...
© 2013 David Teten. More at ffvc.com and teten.com
VCAP Pilot Program Achievements - 2012
Media Coverage
Venture Capital A...
© 2013 David Teten. More at ffvc.com and teten.com
Caveat: I’ve just begun my parenting career, so all my
thoughts may be ...
© 2013 David Teten. More at ffvc.com and teten.com
Caveat: Entrepreneurs ≠ Easy-to-Parent Kids
© 2013 David Teten. More at ffvc.com and teten.com
Caveat: We can’t possibly do everything for our kids that we’d
like to ...
© 2013 David Teten. More at ffvc.com and teten.com
1. Think different,
be different
© 2013 David Teten. More at ffvc.com and teten.com
ffVC is seeking entrepreneurs playing in the white space.
© 2013 David Teten. More at ffvc.com and teten.com
2. “Play is the work of children” (Jean Piaget)….
so let children play ...
© 2013 David Teten. More at ffvc.com and teten.com
Take leadership on the playground.
http://farm3.staticflickr.com/2470/5...
© 2013 David Teten. More at ffvc.com and teten.com
ffVC documents and spreads best practices across our
portfolio.
© 2013 David Teten. More at ffvc.com and teten.com
3. Provide role models. You are the average of your 5 closest
friends.
...
© 2013 David Teten. More at ffvc.com and teten.com
There are few people on TV, movies, or pop music that I view
as role mo...
© 2013 David Teten. More at ffvc.com and teten.com
ffVC Mentor Network and Online Community supports our
companies.
Karen ...
© 2013 David Teten. More at ffvc.com and teten.com
4. Play individual sports as well as team sports.
© 2013 David Teten. More at ffvc.com and teten.com
ffVC uses a many-to-many team model, not the conventional
VC hub-and-sp...
© 2013 David Teten. More at ffvc.com and teten.com
Any questions ?
Sign up for our mailing lists:
ffvc.com
teten.com
Twitt...
© 2013 David Teten. More at ffvc.com and teten.com
Disclaimer
This Presentation is for the exclusive use of the recipients...
© 2013 David Teten. More at ffvc.com and teten.com
Geo Time Period Study
Total
Investments
Exited
Investments IRR
US 1994 ...
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Parenting and Entrepreneurs

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How to Raise Entrepreneurs

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Transcript of "Parenting and Entrepreneurs"

  1. 1. © 2013 David Teten. More at ffvc.com and teten.com How to Raise Entrepreneurs… Children and Adults David Teten ff Venture Capital (ffvc.com // @ffvc ) HBS Alumni Angels of NY (teten.com // @dteten )
  2. 2. © 2013 David Teten. More at ffvc.com and teten.com Don’t Take Notes! Download the slides at ffvc.com/parenting
  3. 3. © 2013 David Teten. More at ffvc.com and teten.com 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 (JV with National Association of Investment Companies) •  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 •  Lead author, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com) •  Harvard MBA 1998, Yale BA, both with honors. •  @dteten
  4. 4. © 2013 David Teten. More at ffvc.com and teten.com ff Venture Capital (ffvc.com) •  Institutional angel-stage technology fund •  Over 180 investments in over 70 companies since 1999 •  First investments typically $75-$500K at valuations of <$5m pre-money •  Extensive resources to support portfolio companies’ growth, with 20 employees •  Prominent investments include: Cornerstone OnDemand (IPO); Quigo Technologies (sold to AOL for reported $340m); Indiegogo; Klout; 500px; HowAboutWe
  5. 5. © 2013 David Teten. More at ffvc.com and teten.com ff Venture Capital: Over 180 investments in 70 companies since 1999 Investments as of July 17, 2013 Only logos of active companies whose investment from ff VC is publicly disclosed are shown.
  6. 6. © 2013 David Teten. More at ffvc.com and teten.com ffVC has invested in 8 women co-Founder/CEOs out of 38 new companies since December 2010. By comparison, women are about 5% of tech startup founders. Investments as of July 17, 2013 Only logos of active companies whose investment from ff VC is publicly disclosed are shown. http://www.forbes.com/sites/women2/2012/04/09/why-women-continue-to-lag-behind-men-in-the-startup-community-and-what-we-can-do-about-it/"
  7. 7. © 2013 David Teten. More at ffvc.com and teten.com Info is private Inspired by Robert Bruner, Applied Mergers & Acquisitions, page 186 Info is public Sweet spot of highest returns Customers pay high prices Customers pay low prices Few competitors Many competitors ffVC invests where other people are not playing.
  8. 8. © 2013 David Teten. More at ffvc.com and teten.com Angel investing is a high-return activity. •  Angel mean IRR ranges from 18% to 54% across 12 studies1 •  47% of angel investments exited at a loss, vs. 64% of VC investments2 •  Angel and VC rates of “home run” investments (IRR > 100%) are roughly equal 2 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/ 2 Is It Worth It?, Journal of Business Venturing, http://www.crab.rutgers.edu/~richmich/NVF%20Spring%202013/ROR%20on%20VC.pdf http://www.flickr.com/photos/alancleaver/4375850315/sizes/m/in/photostream/
  9. 9. © 2013 David Teten. More at ffvc.com and teten.com Harvard Business School Alumni Angels Global has grown dramatically since 2007. •  Members are Harvard affiliates; invest in companies regardless of school affiliation •  Over 800 members in 11 chapters globally •  Members invested in over 90 companies
  10. 10. © 2013 David Teten. More at ffvc.com and teten.com Harvard Business School Angels of Greater New York (HBSAlumniAngels.com/NY) •  In two years invested $2.3m in 16 companies. •  $52K average individual check size. •  Second largest angel group in tri-state area. •  Launched Venture Capital Access Program, focused on helping women and minority investors raise capital from our network.
  11. 11. © 2013 David Teten. More at ffvc.com and teten.com 65% 35% 60% 40% 56% 45% 51% 49% 46% 54% 2010 2020 2030 2040 2050 White Non-Hispanic “Diverse” Population America’s Growth America will be a majority minority country shortly after 2040. United States Department of Commerce
  12. 12. © 2013 David Teten. More at ffvc.com and teten.com Venture Capital Access Program helps women & minority entrepreneurs raise capital from HBS Alumni Angels partnership with the Marathon Foundation (TMF), a subsidiary of the National Association of Investment Companies.
  13. 13. © 2013 David Teten. More at ffvc.com and teten.com VCAP Pilot Program Achievements - 2012 Media Coverage Venture Capital Access Program Pilot Program – 2012 Results
  14. 14. © 2013 David Teten. More at ffvc.com and teten.com Caveat: I’ve just begun my parenting career, so all my thoughts may be 100% wrong…
  15. 15. © 2013 David Teten. More at ffvc.com and teten.com Caveat: Entrepreneurs ≠ Easy-to-Parent Kids
  16. 16. © 2013 David Teten. More at ffvc.com and teten.com Caveat: We can’t possibly do everything for our kids that we’d like to do. http://farm6.staticflickr.com/5019/5485513402_7a5052d997_z.jpg
  17. 17. © 2013 David Teten. More at ffvc.com and teten.com 1. Think different, be different
  18. 18. © 2013 David Teten. More at ffvc.com and teten.com ffVC is seeking entrepreneurs playing in the white space.
  19. 19. © 2013 David Teten. More at ffvc.com and teten.com 2. “Play is the work of children” (Jean Piaget)…. so let children play as leaders.
  20. 20. © 2013 David Teten. More at ffvc.com and teten.com Take leadership on the playground. http://farm3.staticflickr.com/2470/5826718940_47ff606512_z.jpg
  21. 21. © 2013 David Teten. More at ffvc.com and teten.com ffVC documents and spreads best practices across our portfolio.
  22. 22. © 2013 David Teten. More at ffvc.com and teten.com 3. Provide role models. You are the average of your 5 closest friends. http://www.flickr.com/photos/25802865@N08/3178448986/
  23. 23. © 2013 David Teten. More at ffvc.com and teten.com There are few people on TV, movies, or pop music that I view as role models. So we minimize our kids’ exposure. http://farm2.staticflickr.com/1184/1360710739_923eae708c_z.jpg?zz=1
  24. 24. © 2013 David Teten. More at ffvc.com and teten.com ffVC Mentor Network and Online Community supports our companies. Karen Bantuveris, Founder/CEO of VolunteerSpot, PTA board member
  25. 25. © 2013 David Teten. More at ffvc.com and teten.com 4. Play individual sports as well as team sports.
  26. 26. © 2013 David Teten. More at ffvc.com and teten.com ffVC uses a many-to-many team model, not the conventional VC hub-and-spoke model. • Accounting & finance • Application development • Best practices • Community development • Connections • Discounted services • Engineering • Mentor network • Public relations • Recruiting • Social media practices • Strategy
  27. 27. © 2013 David Teten. More at ffvc.com and teten.com Any questions ? Sign up for our mailing lists: ffvc.com teten.com Twitter: @ffvc @dteten
  28. 28. © 2013 David Teten. More at ffvc.com and teten.com 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.
  29. 29. © 2013 David Teten. More at ffvc.com and teten.com 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/
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