Tatjana Zabasu, RSG Capital @ TMT.Ventures'08 Zagreb
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Tatjana Zabasu, RSG Capital @ TMT.Ventures'08 Zagreb

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Tatjana Zabasu, RSG Capital - presentation from TMT.Ventures'08 Zagreb (http://tmtevents.eu by New Europe Events)

Tatjana Zabasu, RSG Capital - presentation from TMT.Ventures'08 Zagreb (http://tmtevents.eu by New Europe Events)

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Tatjana Zabasu, RSG Capital @ TMT.Ventures'08 Zagreb Tatjana Zabasu, RSG Capital @ TMT.Ventures'08 Zagreb Presentation Transcript

  • Investment committee from the inside: simple rules, fast decisions, big money Who and how decides on the future of projects?
  • RSG Capital & Prvi sklad
    • RSG Capital established in July 2006, as a consultancy & debt financing company targeting early stage companies
    • VC fund “Prvi sklad” , managed by RSG Capital established in March 2008
    • 10 M € under management
    • Focusing on early stage financing
    • No industry focus
    • Size of investment up to 1.500.000 € for a minority share (up to 50%)
  • The process
    • Team
    • Technology
    • Market potential
    Rejected ~60%
  • What are we looking for?
    • A great, capable team
    • Innovative technology; product/service with unique value
    • Elaborated business model
    • Market potential / customer need
    • Sound marketing strategy
    • Scalability
    • Reasonable valuation
    • Profitable exit strategy
    • Alignment of interest of investors’ with
    • investee company’s interest
  • Possible showstoppers
    • Team issues
    • Lack of focus
    • No scalability, slow growth
    • Not in investment focus
    • Valuation
    • No exit strategy
    • Fierce competition
    • Low margins
    • IP problems
  • People behind the process VC Fund Investment policy Legislation Investors Management Company Investment Committee Industry Experts Advisory Board
  • Investment Committee
    • Optional – not all VC funds have an investment committee
    • Typically consists of managing director (partner) and senior partners
    • Decides on majority or consensus basis
    • RSG Capital:
      • 8-member Investment committee:
          • Managing director
          • Independent experts
          • Representatives of investors
      • NDA
  • Decision making
    • Investment proposal
      • Team
      • Product/service
      • Market
      • Main terms included in term sheet
    • Investment committee meetings:
      • Pros & cons ~ collective intelligence of IC members
      • Request for additional information
      • Final decision of IC – majority basis, decisive vote of managing director
      • Green light for further activities
  • If things go wrong…
    • Minimizing the mistakes:
    • Things to do before investing
    • Monitoring after the deal
    • Hands on approach: taking action
    Management issues
      • Underperformance (revenues, gross margin)
      • Cost base not controlled
      • Working capital problems
  • If things go wrong…
    • Before investing
    • Know the team
    • Know the market
    • Understand business model
    • Monitoring
    • Close relationship w management
    • Ask for information
    • Keep in touch w the market
    • Taking action
    • Act on early warning signs
    • Changes in management
    • Good money after bad?
    • Review all options
    Distributed responsibility – yes, but what’s more important is collective knowledge and experience Investment manager Investment committee
  • RSG Capital Venture capital management Tehnološki park 21 1000 Ljubljana T: +386 1 620 33 00 F: +386 1 620 33 05 [email_address] www.rsg-capital.si