The Start Up Challenge

The Start Up Challenge Michael Kay Kay Associates May 05

Right Time, Right Product, Right Market ,[object Object],[object Object],Kay Associates May 05

The Start Up Challenge – It’s Not Easy! ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],“ If there is no struggle, there is no progress .” Frederick Douglass Kay Associates May 05

First Ask Yourself……… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Kay Associates May 05

Why Start a New Business? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],"Everything should be made as simple as possible, but not one bit simpler”. Albert Einstein Kay Associates May 05

How Big is The Business Opportunity? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Kay Associates May 05

Who is Your Customer? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],May 05 Kay Associates

What Customer Pain Points Are Addressed? ,[object Object],[object Object],[object Object],[object Object],[object Object],“ Pain is inevitable; suffering is optional.” Unknown Kay Associates May 05

What Products and Services Will Be Supplied? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Kay Associates May 05

How Will The Product Benefit Your Customer? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],May 05 Kay Associates

Why Will Customers Choose Your Product? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Kay Associates May 05

How Much Capital Will Be Needed? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Kay Associates May 05

What Are the Sources of Capital? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Kay Associates May 05

Private Equity Source: Soundview Technology Group Kay Associates May 05 Stage Funding Sources Agent Seed / Startup Self / Family / Friends / Angels / Venture Capital No Early Stage (Series A) Venture Capital No Expansion (Series B) Venture Capital / Corporate Sometimes Expansion / Later Stage (Series C) Venture Capital / Corporate / Institutional Often Mezzanine (Series D,...) Corporate / Institutional Yes Refinancing (“down round”, “pay to play”, etc.) Self / Venture Capital Sometimes

Valuation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],“ 2 is not equal to 3, not even for large values of 2.” Grabel's Law Kay Associates May 05

Private Equity Valuation Drivers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Kay Associates May 05

Term Sheets ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Kay Associates May 05

Initial Public Offering (IPO) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Kay Associates May 05

IPO Valuation Considerations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: Soundview Technology Group Kay Associates May 05

Trade Sale ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Kay Associates May 05

Are You Meeting Milestones? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],“ Focus 90% of your time on solutions and only 10% of your time on problems.” Anthony J. D'Angelo The most dangerous strategy is to jump a chasm in two leaps. Benjamin Disraeli Kay Associates May 05

Simply Put……. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Kay Associates May 05

The Start Up Challenge

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The Start Up Challenge