1. Welcome to the Evisors Webinar
Visit us online at www.evisors.com
Venture Capital Overview
featuring
Phil Strazzulla
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3. There are many routes to VC, here was mine:
-NYU (BS Finance)
-Harris Williams (Tech M&A)
-OpenSky Project (NYC based eCommerce Startup)
-Family Equity Partners (Search Fund)
“I am a better
investor because I
am a businessman
and I am a better
businessman
because I am an
investor.” -
Warren Buffett
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4. Quick Bessemer Overview
• Oldest VC in US – founded in 1911
• $4 Billion under management
• 108 IPOs
• LinkedIn, Yelp, Pinterest, Skyp
e, Staples, diapers.com…
• 5 Offices Globally
• 50 Investment Professionals
• Checks from $50k - $50 mm
• Industry Agnostic
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5. Venture Capitalists – what do we do?
• Give money to entrepreneurs in
exchange for equity
• “Add Value”
– Help raise money
– Help hire
– Think about strategy
– Introduce to our network (BD,
customers)
– Help raise money again
– Position for M&A and IPO
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6. Look for really big opportunities
• 30% of our investments go to $0
• We need a few 10x returns to make up for it
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7. Venture Capital – The Industry
• There are lots of funds
– Geographic, stage, industry focuses
• There are even more angels
– Angel/early stage bubble
• But, it’s a shrinking industry…
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8. The Walking Dead
Source: Pitchbook
22%
13%
4%
12%
-11%
-3%
-9%
-12%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
1998 1999 2000 2001 2002 2003 2004 2005 2006
NetIRR(%)SinceInception
PE VC FoF Mezz AllAs of 3/31/2010
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9. Culture
• Sense of Humor:
– bvp.com/anti-portfolio
• Jeans and facial hair
• “Intellectually honest”
• An actual open door policy
• Curious
• No jerks
• Invest in great
companies, smartly
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11. What a junior VC does
• Source deals
• Talk to hundreds of CEOs a year
• Lots of research on areas of personal/firm-wide
interest
• Network with bankers, industry experts
• Diligence companies
• Find great companies, and then dig in
• Will this be a good investment?
• Learn/Cool Stuff
• Work with great entrepreneurs/CEOs, investors
• VCIC, NYU Speaking, boats, ping pong, breakfast
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12. Why do VC early in your career?
• Exposure to lots of companies and the latest
trends
• Work with former and current entrepreneurs
• See what works
• See what doesn’t work
• Grow your network
• Because you like it
– Pick the right type of fund – big differences in
early vs. growth vs. PE
– Pick the right culture
– Pick the right brand
– Pick the right job – Sourcing vs. portfolio vs.
diligence
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13. The Recruiting Cycle
VCs rarely use headhunters, they rely on relationships to
find deals, and employees – much different from PE.
-Networking
-Standing out
-Positioning yourself
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14. The interview process
The classic question: What are your goals, why VC?
How would you value xyz company?
What questions would you ask before investing your
own personal capital?
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16. Questions & Answers
Question 1:
Do you need software skills to be a venture
capitalist?
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17. Questions & Answers
Question 2:
What is the typical background of a venture
capitalist?
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18. Questions & Answers
Question 3:
What signals tell you a certain startup
company would be a great investment?
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19. Questions & Answers
Question 4:
When an entrepreneur is pitching to
you, how much do you focus on the
business plan vs. the pitch?
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20. Questions & Answers
Question 5:
Why do you think a company like FedEx
would get rejected 5 times by Bessemer?
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21. Questions & Answers
Question 6:
What are job prospects like in other parts of
the world compared to Silicon Valley?
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22. Questions & Answers
Question 7:
What firms would you recommend applying
to for undergrads and graduate students?
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23. Questions & Answers
Question 8:
Are there distinct evaluation metrics
applicants should be aware of in preparing
for their interviews?
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24. Questions & Answers
Question 9:
What differentiates a serial entrepreneur
from a venture capitalist?
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25. Thanks for Joining & Good Luck!
Book your session with Phil at:
http://www.evisors.com/expert/1981
Contact info: phil.strazzulla@gmail.com
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