Intérêt du crowdfunding dans le financement de son entreprise ? par Thibaut de Briey | Liege Creative, 10.10.13

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Les entreprises ont rapidement su tirer parti de la révolution occasionnée par l’arrivée du Web 2.0. Elles ont intégré ce nouvel outil en sous-traitant une partie de leur processus de production ou de création aux internautes désormais appelés "foule". Cette démarche n’est pas anodine : on reconnaît aujourd’hui à la foule un vrai pouvoir et un vrai savoir ; c’est le phénomène dit du "crowdsourcing".
C’est sur ces bases qu’est apparu le crowdfunding. Un mode de financement participatif qui prend aujourd’hui toute sa place sur Internet, sous des formes et pour des fins diverses (donation, support, prêt, investissement, ...). De plus en plus de plateformes spécialisées voient également le jour, avec une expansion vertigineuse et des montants levés toujours plus nombreux. A l’occasion de cette rencontre-conférence, Thibaut de Briey a évoqué ce mode de financement innovant.

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Intérêt du crowdfunding dans le financement de son entreprise ? par Thibaut de Briey | Liege Creative, 10.10.13

  1. 1. Parole d’expert Intérêt du crowdfunding dans le financement de son entreprise ? Thibaut DE BRIEY, MyMicroInvest
  2. 2. Avec le soutien de :
  3. 3. Crowdfunding interest in financing businesses ?
  4. 4. Please turn on your phone … How many M&Ms are in this jar ? Send your answer now by S.M.S at +32 474 65 60 27 Do not think too long Do not cheat on your neighbour, it’s a personal answer
  5. 5. 3 MyMicroInvest Equity-Based crowdfunding Wiseed - crowdfunding platform The crowdfunding market The origins of crowdfunding Agenda 1 2 3 4 5
  6. 6. The origins of Crowdfunding 1 Le web 2.0 Crowdsourcing The wisdom of the crowd 4 Crowdfunding
  7. 7. The origins of Crowdfunding 1 Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding Definition (by J.Howe 2006) “Simply defined, crowdsourcing represents the act of a company or institution taking a function once performed by employees and outsourcing it to an undefined (and generally large) network of people in the form of an open call. This can take the form of peerproduction (when the job is performed collaboratively), but is also often undertaken by sole individuals. The crucial prerequisite is the use of the open call format and the large network of potential labourers”. 5
  8. 8. The origins of Crowdfunding 1 Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding The client firm selects one supplier Firm X Firm X Firm X Firm X The selected supplier performs and is paid according to the contract Outsourcing Client Firm The client firm sends an open call Crowdsourcing Individuals work for free or paid 6
  9. 9. The origins of Crowdfunding 1 Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding How much weigh is this ox? Lior Zoref at TED2012 • The lowest guess was 308 pounds (+/- 139 kg) • • The highest was more than 8,000 pounds (+/- 3,600 kg) The average was 1792 pounds (+/806 kg) And real weight ? The ox weights 1,795 pounds (+/- 808 kg) 7
  10. 10. The origins of Crowdfunding 1 Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding Did you know that we help the New York Times and Google Books to digitalise archives via ReCaptcha ? • 8 ReCaptcha uses the crowd to solve the problem of recognizing words in old books and newspaper
  11. 11. The origins of Crowdfunding 1 Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding Challenger Dow Jones 8 minutes after the explosion - 3% - 3% - 3% - 12% 9
  12. 12. The origins of Crowdfunding 1 Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding The Wisdom of the crowd Research and sharing new ideas Conditions to capture collective intelligence : • Diversity (variety of point of view) • Independence • Decentralization of sources • Large crowd • Appropriate mechanism to aggregate Collective Intelligence Increase the reliability of predictions Strengthen the skills and share the workload 10
  13. 13. The origins of Crowdfunding 1 Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding How many M&Ms are in this jar? ? 11
  14. 14. The origins of Crowdfunding 1 Le web 2.0 Crowdsourcing A little Money The wisdom of the crowd By pooling small contributions of money … The power of crowdfunding A lot of People x Crowdfunding = … from groups of people who share different interests … 12 … everyone has the power to achieve financial goals …
  15. 15. The origins of Crowdfunding 1 Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding Crowdfunding is not a new concept ! Crowdfunding since 1884 13
  16. 16. The origins of Crowdfunding 1 Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding Technological + Mentality revolution = Crowdfunding boom Technological revolution : - Web functionalities - Social networks boom Mentality revolution : - Financial crisis - Consumption choices 2007 2008 2009 2010 2011 2013 2012 Facebook members (#) Google Volume index on the word “Crowdfunding” Total funds raised on crowdfunding campaigns (USD) 14
  17. 17. 15 MyMicroInvest Equity-Based crowdfunding Wiseed - crowdfunding platform The crowdfunding market The origin of crowdfunding Agenda 1 2 3 4 5
  18. 18. The Crowdfunding Market 2 Global Market Categories Risks & Opportunity 1.1 # million crowdfunding campaigns Source : 2013CF – Massolution (report) 16
  19. 19. The Crowdfunding Market 2 Global Market Categories Risks & Opportunity The crowdfunding market is divided into 4 categories Donation Rewards Lending Equity (Philanthropy) (Non financial return) (Financial return) (Financial return) 36% 16% 43% 5% $979m (+45% vs. Y-1) $383m (+527% vs. Y-1) $1,170m (+111% vs. Y-1) $115m (+30% vs. Y-1) Source : 2013CF – Massolution (report) 17
  20. 20. The Crowdfunding Market 2 Global Market Categories Risks & Opportunity Typical campaign sizes across the different crowdfunding models Donation • $1,400 Reward • $2,300 Lending • $4,700 Equity • $190,000 Source : 2013CF – Massolution (report) 18
  21. 21. The Crowdfunding Market 2 Global Market Categories Risks & Opportunity Forecast (2013) 5,2 billions of USD In France one considers that crowdfunding will be a significant market after reaching 500 millions EUR In the world that would say 50 billions In Belgium : +/- 92 millions Source : 2013CF – Massolution (report) 19
  22. 22. The Crowdfunding Market 2 Global Market Categories Risks & Opportunity Emerging crowdfunding platform Source : 2013CF – Massolution (report) 20
  23. 23. The Crowdfunding Market 2 Global Market Categories Crowdfunding failure press articles 21 Risks & Opportunity
  24. 24. The Crowdfunding Market 2 Global Market Categories Risks & Opportunity Crowdfunding failure specific cases Product never delivered Unsatisfied community Uncontrolled investor community What about crowdfunding in 5 years ? Fake Project 22
  25. 25. 23 MyMicroInvest Equity-Based crowdfunding Wiseed - crowdfunding platform The crowdfunding market The origin of crowdfunding Agenda 1 2 3 4 5
  26. 26. 3 Wiseed – Crowdfunding Platform 24
  27. 27. 25 MyMicroInvest Equity-Based crowdfunding Wiseed - crowdfunding platform The crowdfunding market The origin of crowdfunding Agenda 1 2 3 4 5
  28. 28. Equity-Based crowdfunding 4 Context Equity Gap Case Legal framework Social economic context The Economy Entrepreneurs People Crowding out Equity Gap Confidence 26
  29. 29. Equity-Based crowdfunding 4 Context Equity Gap Case Legal framework Equity Gap SME Cash-Flow Pre-Seed Seed Start-up Early Growth Expansion / Development Maturity 3Fs Business Angels Venture Capital Series A Series B Series C Private Equity MBO 0 Equity Gap MBI Trade Sale / IPO SME Development stages 27
  30. 30. The Crowdfunding Market 4 Context Equity Gap Case Legal framework The crowdfunding opportunity for our economy Source : MyMicroInvest 28
  31. 31. Equity-Based crowdfunding 4 Context Equity Gap Case Legal framework Legal Framework in Europe European Prospectus directive General Rule • • Obligation to publish a prospectus before any public offering above a certain threshold Maximum Threshold: 5,000,000 EUR but member states can set the threshold at a lower amount Exceptions • • • If addressed to qualified investors (institutions, companies or individuals) If addressed to less than 150 persons (natural or corporate body) If the total amount do not exceed 100,000 EUY (12 months) Other Directives • 29 Credit institutions, Financial instruments markets, payment services, electronic money, Alternative Instrument market funds (AIMF), money laundering)
  32. 32. Equity-Based crowdfunding 4 Context Equity Gap Case Legal framework National Legal Framework in European member states Diversity in setting the threshold for the requirement to prepare a prospectus • • • Threshold of 100,000 EUR : Belgium, France, Germany ... Threshold of 5,000,000 EUR : Italy, UK, … Other Threshold : 2,500,000 EUR (NL), 1,500,000 EUR (Finland), 1,000,000 EUR (Cheque Republic), … Special schemes • First Legislation in Europe for crowdfunding • Italy Other countries with legislative reform or ongoing reflection • 30 France, UK, Austria, …
  33. 33. Equity-Based crowdfunding 4 Context Equity Gap Case Legal framework Crowdfunding: risks and opportunities Risks Opportunities Need Materialization Financial Alternative Regulation & Information Source of funding Marketing Collective intelligence Structuring Mis-selling For Crowd For Entrepreneur (Information – Valuation) Fraud Governance Crowd structure 31
  34. 34. 32 MyMicroInvest Equity-Based crowdfunding Wiseed - crowdfunding platform The crowdfunding market The origin of crowdfunding Agenda 1 2 3 4 5
  35. 35. MyMicroInvest 5 DNA MyMicroInvest is … Structure Team Our reason for being Vision Build the economy of tomorrow Mission Action Connect savings with companies’ funding needs Enables anyone to invest any amount starting from 100€ alongside professional investors in high potential SMEs Venture Capital + Crowd 33
  36. 36. MyMicroInvest 5 DNA MyMicroInvest is … Structure Team Pros & Cons Crowdfunding Venture Capital Accessibility Materialization Meaning Accessibility Materialization Meaning Selection & Analysis Follow-up Exit Selection & Analysis Follow-up Exit 34
  37. 37. MyMicroInvest 5 DNA MyMicroInvest is … Structure Team Collaboration as DNA - Crowdfunding as a complementary funding solution - Professional structure and investment process … (Venture Capital dimension) Selection Investment Follow-up Exit Professional financial validation Conditions & Investment Coaching & Representation Exit optimisation … reinforced by the community intervention (Crowdfunding dimension) Selection Investment Follow-up Exit Concept validation by the community Co-investment - Same conditions - Promotion & Support Remuneration - Same conditions - 35
  38. 38. MyMicroInvest 5 DNA MyMicroInvest is … Structure Team MyMicroInvest its … A platform (MyMicroInvest – Crowdfunding) • • • • • • • Launched in September 2012 400 visits/day 8,300+ active members 3 financed projects (7 en 2013), 34 selected 1,620,000 € raised Accenture Innovation Awards (Financial Services) Regulated emissions with a prospectus (FSMA) An investment vehicle (Inventures – Venture Capital) • • • • • Funding of societal innovation 5 realized investments Co-selection et co-investment with the crowd +4 million euros managed Investment Committee (B.Colmant, J.Zurstrassen, etc.) 36
  39. 39. MyMicroInvest 5 DNA MyMicroInvest is … Structure Team The Platform : 2 Pans of activities Selection Co-investment Objectives : Objectives : • • Visibility and credibility Construction of a community • Double professional investment (1.6 mi EUR raised on MyMicroInvest) Advice and enhancement • Exchange views • Financial leverage Collective advices Share of the network and mobilisation Meeting with professional investors • Pros investors (6 deals in progress and 1,3mi EUR raised by the projects listed in selection) Marketing tool Community of ambassadors 1st equity-based crowdfunding platform in Belgium 1st entrepreneurship showcase in Belgium 37
  40. 40. MyMicroInvest 5 DNA MyMicroInvest is … Structure Team Selection : a real ID card 38
  41. 41. MyMicroInvest 5 DNA MyMicroInvest is … Structure Team Investment : transparent, simple and structured Investment details Co-investor details 39
  42. 42. MyMicroInvest 5 DNA MyMicroInvest is … Structure Team Collective intelligence case study Online platform offering practical tools for separated parents Observations Strategy challenger Expertise Network sharing Natural products for allergic people (first application: trap for dust mites) Sales force The main added value of the crowd is POST-INVESTMENT 40
  43. 43. MyMicroInvest 5 DNA MyMicroInvest is … Structure Team Structuration of the operation Investors MyMicroInvest S.A. Manager Invest in SMEs’ equity Crowd Subscribed to securities Issued by MMiF Equity-linked notes (investment specific) MyMicroInvest Finance S.A. Equity Start-ups/SMEs 41
  44. 44. MyMicroInvest 5 DNA MyMicroInvest is … Structure A multidisciplinary team 42 Team
  45. 45. Conclusion Crowdfunding interest in financing businesses Source of financing Collective intelligence 43 Powerful marketing tool
  46. 46. Conclusion Crowdfunding interest in financing businesses SME Cash-Flow Pre-Seed Crowdfunding effect Entrepreneur Business plan Seed Startup Early Growth Expansion / Development Maturity 3Fs Reality Business Angels Venture Capital Series A Series B Series C Private Equity MBO 0 Equity Gap MBI Trade Sale / IPO SME Development stages 44
  47. 47. Thank you for your attention Contact:  olivier@mymicroinvest.com  +32 477 40 30 80 45

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