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Financial Modeling and Startup Valuations

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Building a solid financial model and determining pre-money valuations for fundraising, are some of the most challenging activities for entrepreneurs. Creating a set of realistic financial projections is critical for founders to effectively communicate valuation expectations to investors and potential partners, while at the same time use as an important framework for prioritizing spending and maximizing the return on scarce resources.

Based on her experiences as a valuation expert, Stanford Lecturer, Silicon-Valley entrepreneur and startup advisor, Efrat will provide practical, hands-on advice on how you can:

• Build a robust business and financial model, based upon realistic expectations and sound assumptions

• Analyze and select the appropriate revenue models and cost structures for your emerging venture

• Understand the User Metrics and key performance indicators (KPI) benchmarks in your industry, and how they impact your funding and valuation

• Determine your valuation trajectory throughout the funding cycle, from seed funding to an exit event

• Successfully communicate your financial vision and expectations to investors

Published in: Business
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Financial Modeling and Startup Valuations

  1. 1. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 1 Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com Foresight Valuation Group, LLC Financial Projections and Funding Strategies for Startups August 3rd, 2016 Efrat Kasznik, President, Foresight Valuation Group Lecturer, Stanford Graduate School of Business July 30, 2016
  2. 2. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 2 Efrat Kasznik • Founder and President, Foresight Valuation Group, a Silicon-Valley based Intellectual property (IP) valuation, strategy and start-up advisory firm. • Valuation and strategy expert, with 20 years of experience analyzing IP and technologies across industries • Lecturer, Stanford Graduate School of Business • Chair, IoT Committee, Licensing Executives Society (LES), USA-Canada • World Leading IP Strategist, IAM 300 List: 2013-2016 • Co-founder, CFO and Advisor to startups, accelerators and funds in the US, Europe and Israel, including: Stanford Venture Studio, The HUB Trieste, Astia Angel Fund • Conference speaker, author and blogger on topics related to valuations, funding and IP strategy.
  3. 3. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 3 Outline • The Funding Cycle • Startup Valuations • Financial Modeling • Funding Strategy • Questions?
  4. 4. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 4 Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com The Funding Cycle
  5. 5. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 5 Guess the Company? $1 Billion $5 Million 2012 2016 $5 Million $34 Million $44 Million $174 Million $539 Million $1 Billion Q1’12 Q4,12 Q2’14 Q4’14 Q3’15 Q3’16
  6. 6. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 6 Sources of Startup Funding $ Equity Debt Crowdfunding Grants (sciences)
  7. 7. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 7 The Equity Funding Cycle
  8. 8. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 8 The Equity Funding “Triangle”: Funding, Valuation and Investor’s Share Funds Raised ($) Investor’s Share (%) Pre-Money Valuation ($) $1M 20%$4M
  9. 9. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 9 Guess the Company? $1 Billion $5 Million 2012 2016 $5 Million $34 Million $44 Million $174 Million $539 Million $1 Billion Q1’12 Q4,12 Q2’14 Q4’14 Q3’15 Q3’16 $1M $9.8M $13.2M $50M $91M Acquired
  10. 10. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 10 Funding Statistics from Venture Capitalists: Probability of Funding is 1% or Below “From the 500-800 business plans received and reviewed a year, somewhere between 50-100 initial 1 hour meetings are held. After this, August is interested in about 20 companies and serious about 4 and he will invest in 1 to 2 deals” -David Hornik – Partner, August Capital “From the fund I work for, and a handful of others for which I have an anecdotal answer, I can tell you that about 0.6%-0.9% of companies that seek funding from a VC fund end up getting an investment” -Sean Owen – Pentech Ventures “Venture funds invest in 1 out of every 400 companies seeking funding, or 0.25%” -David Rose – CEO, Gust “For every 100 business plans that come to a VC firm for funding, usually only 10 get a serious look and only 1 ends up being funded” -Venture Capital Yearbook
  11. 11. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 11 Total US VC Investments: 2011-2015 Increased Level of Funding, Higher Deal Size Source: cbinsights.com
  12. 12. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 12 VC Investment by Industry: 2015 2016 National Venture Capital Association Yearbook/Thomson Reuters
  13. 13. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 13 Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com Startup Valuations
  14. 14. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 14 What’s in a Billion Dollars?
  15. 15. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 15 CrunchBase Unicorn Leaderboard: Top 10 US Unicorns (As of July 7, 2016) Rank Valuation 1. Uber $62.5B 2. Airbnb $27B 3. Palantir $20.1B 4. Snapchat $19.3B 5. WeWork $16B 6. SpaceEx $12B 7. Pinterest $11B 8. Dropbox $10.35B 9. Theranos $9B 10. Lyft $5.5B Company
  16. 16. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 16 Key Performance Indicators (KPI): The New Valuation Fundamentals KPI = Measurable Indicators of Scalability & Execution • User Engagement - active users • # of Installs • Customer Acquisition Cost (CAC) • Customer Lifetime Value (LTV) • Average Revenue Per User (ARPU) • Customer Attrition (Churn Rate) • Conversion Rate (funnel)
  17. 17. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 17 Startup Valuations: The Investor Perspective Industry Benchmarks Company Metrics Investment Objectives Investor Dynamics • Fear of Missing Out (FOMO) • More funding options (Angels, VCs, PE, Crowdfunding) • Competitors • Valuation Comps • Funding & Exits • Target ROI (VC = 10x) • Exit Horizon • Portfolio Companies • Team • Product • Execution (Beta) • Intellectual property
  18. 18. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 18 Early Stage Valuation Methods: The Investor’s View • Comparable Valuation Approach • VC Valuation Approach • Heuristic Approaches (based on investors’ own biases and experience)
  19. 19. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 19 Comparable Valuation Approach: Pre-Money Valuation Distribution on AngelList (2010-Present): 0 100 200 300 400 500 600 700 800 900 <1M 1M 2M 3M 4M 5M 6M 7M+ 204 479 625 748 730 830 487 684 Number of Seed Investment at Various Pre-money Valuation (All Industries) Number of Deals
  20. 20. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 20 Median Seed Pre-Money Valuation Up 53% from 2014 Highest Valuation in HALO History (Silicon Valley Bank)!
  21. 21. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 21 HALO 2015 Annual Report Data (Silicon Valley Bank): 2015 Mean and Median Angel Round Sizes
  22. 22. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 22 VC Valuation Approach: At Exit Point (Year 5) Investment: $1M Share: 20% Company Valuation: $4M Pre-Money 50% Dilution Share: 10% Company Valuation: $100M Investment = $10M $1M $(4+1)M = 20% Revenue: $20M Multiple: 5X Today Year 5 (Exit) Investment Timeline 10X ROI
  23. 23. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 23 Heuristic Approach: The Dave McClure Five “Million Dollar Points” * • 5 valuation “Points” for early stage valuations • Each “point” worth $1M: 1. Market 2. Product 3. Team 4. Customers 5. Revenue => Maximum: $5 Million * Efrat’s 6th point: Intellectual Property Rights>> add another $1M
  24. 24. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 24 Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com Building a Financial Model
  25. 25. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 25 The CURVE TM Financial Model COST USERS REVENUES VALUATION for ENTREPRENEURS
  26. 26. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 26 Goals for Financial Modeling • Manage Investor Expectations ØUnderstand valuation trajectory over time ØTrue for all companies, from startups to public co’s • Set Foundation for Funding Strategy ØValuation trajectory sets up your funding strategy ØManage Dilution to a Minimum: raising the right amount at the right time • Create an Operating Budget ØEvaluate funding needs & funding sources ØPrioritize spending to optimize return on investment
  27. 27. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 27 Financial Model Flow: “Telling Your Story with Numbers” 1. User/Unit Rollout: “Unit/User Economics” 2. Revenue Buildup: Business Model Monetization Valuation 3. Cost Buildup: Burn Rate Pace of Growth Funding Needs
  28. 28. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 28 1. User/Unit Rollout
  29. 29. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 29 1. User/Unit Rollout • The User Base is the spine on which the financial model is built: Ø Identify your modeling unit: user, unit of product, subscriber, intermediary, etc. Ø Select your business model (B2B, B2c, B2B2C, licensing) Ø Model and understand the Unit Economics (based on your industry benchmarks) - the incremental cost and revenue from adding one unit – this is critical to building a financial model! Ø Align User/Unit rollout story with: • Go-to-Market strategy (going viral is NOT a strategy…) • Product roadmap • R&D/Engineering roadmap • IP Filing Roadmap
  30. 30. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 30 2015 2016 Today 01 03 05 07 09 11 2016 03 05 07 EFV3 Prototype Completed 4/21/2015 PCT 8/3/2015 VCSEL Demo 8/3/2015 MVP Alpha for Production 8/3/2015 Unknown Entry 12/31/2015 Beta Release 4/1/2016 Marketing Launch 7/1/2016 Printer 1 Release 7/1/2016 Milestone: Prototype Delivery 4/29/2015 Milestone: Beta Testing Complete 11/29/2015 Milestone: MVP Alpha Testing Complete 4/1/2016 1/1/2015 - 8/1/2015Filing/IP 1/1/2015 - 7/1/2016R&D/ Tech 1/1/2015 - 7/1/2016Product 1/1/2015 - 7/1/2016Launch Operating Timelines
  31. 31. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 31 Unit Economics: SaaS Metrics Example KEY SAAS METRICS: CAC = Customer Acquisition Cost LTV = Lifetime Value MRR = Monthly Recurring Revenue Churn = % leaving this month
  32. 32. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 32 Key SaaS Metrics: the “Holy” Ratios
  33. 33. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 33 Simple Example: Managing Ratios • CAC = $1,000 Ø$100,000/year sales person, 100 customers a year • MRR = $50 (monthly price) • Monthly Churn = 2% (leaving every month) Ratios: • LTV = 50/2% = $2,500 • Months to recover CAC = 1,000/50 = 20 (too long – should be <12) • LTV/CAC = 2.5 (too low – should be >3)
  34. 34. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 34 Improving SaaS Metrics • Lower CAC: ØIncreasing the sales quota ØReducing the Salary • Higher LTV: ØIncreasing MRR (charging more per customer) ØReducing Churn (key metric for SaaS companies)
  35. 35. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 35 2. Revenue & Cost Modeling
  36. 36. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 36 2. Revenue Buildup • Revenues represent the opportunity for investors, and the basis of valuation for early stage ventures Ø Select business model/revenue sources Ø Identify all monetization opportunities • Focus on top 2-3 revenue sources at the most! Ø Project revenues at least 3 years out (5 if possible) Ø Benchmark results against comparable companies
  37. 37. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 37 Common Sources of Revenues Product SalesServices Subscriptions Freemium In-App Sales Advertising Sponsorships Data Mining Licensing Revenue Share
  38. 38. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 38 Identifying the Right Revenue Model • What revenue models are common in your industry? • What is the criteria for revenue model selection? ØType of User ØIndustry Norms ØType of Product • Any innovative revenue models that you have seen recently?
  39. 39. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 39 3. Cost Buildup Overview Cost Function: • Cost of Goods Sold • R&D • Sales and Marketing • General and Administrative Years 1 & 2 are predicted on a monthly “burn rate” basis based on actual assumptions Later Years are driven as a percentage of revenue using industry normalized ratios, as revenues stabilize
  40. 40. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 40 Principles of Cost Planning • Minimize overhead, and make cost as variable as possible, so you only pay when you make money Ø Variable Cost >> vary with revenues (COGS) Ø Fixed Cost >> payroll, marketing, overhead • Focus on your org. chart as payroll is the largest cost item in an early stage company (non-manufacturing) • Fund the overhead, and your working capital gaps (critical in manufacturing/supply chain situations), so you don’t dilute your shareholders
  41. 41. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 41 Cost Buildup: Cost Functions • Modeling by Cost Function: ØCost of Goods Sold: direct cost related to goods or services sold • Vary with revenues, for examples: raw materials, sales commissions, etc ØResearch & Development (R&D): • Engineering salaries, facility operating cost ØSales and Marketing: • Sales (cost related to selling products or services), marketing (advertising, cost related to branding) ØGeneral and Administrative • All overhead: rent, other office expenses, legal, services insurance, admin salaries, management salaries (unless allocated to other functions)
  42. 42. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 42 Cost Buildup: Org. Chart and Payroll • Payroll is the largest cost item: ØBuild org, chart for next two years by hiring date and function, for easy allocation to cost items ØUse salary surveys, by regions ØFully loaded: benefits, taxes, workers’ comp insurance, healthcare, bonuses, raises ØEmployees v. contractors ØCash v. equity compensation
  43. 43. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 43 Org. Chart Example CEO CMO Director of Marketing and PR Marketing manager PR manager PR manager Director of Sales and Business Development Director of New Business Ventures Business Development Manager Business Development Manager Sales Representative Sales Representative Chief Content Officer Country Publisher (Mexico) Director of Branded Content Creation Copywriter Copywriter Copywriter Copywriter Copywriter Director of Content Curation Content Curator Content Curator Content Curator Director of Page Design Page Designer Page Designer Country Publisher (U.S.) COO Controller Various Consultants Legal Services CTO Project Manager Dev Leader Backend Dev Backend Dev HTML5 Dev HTML5 Dev Mobile Dev) Mobile Dev) Graphic Designer QA Analyst QA Analyst System Admin Director of Operations To be Hired Immediately To be Hired in Year 2 To be Hired in Year 3 Sitting in Mexico Office Outsourced Marketing Sales & Business Development EngineeringPublishing Administrative Key:
  44. 44. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 44 Cost Buildup: Over Time • Years 1 & 2 are predicted on a monthly basis to estimate “burn rate” based on actual assumptions • Years 3 and beyond are driven as a percentage of revenue using industry normalized ratios ØAs revenue is generated more consistently, expenses should converge to industry ratios ØBefore revenues are stabilized, expenses cannot be expected to have a ratio correlation to revenues, therefore expenses in the early years need to be estimated from scratch
  45. 45. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 45 Bringing It All Together: Financial Model and Funding Simulation
  46. 46. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 46 Time 1 New Subscriptions 10,000 Monthly New Subscription Growth 10% Salesperson Annual Salary 120,000$ Sales Quota (# of Subscriptions) 5,000 Churn Rate 2% Monthly Subscription Fee 5.00$ Model Inputs 10% Growth Year 1 Year 2 Year 3 Year 4 Year 5 Subcriptions (in units) Opening Subscriptions 0 196,149 404063 2249188 7828780 New Subscriptions 213,850 671,183 2,106,469 6,611,012 20,748,185 Monthly Churn Rate 2% 2% 2% 2% 2% Churned Subscriptions 17,701 463,269 261,344 1,031,420 3,402,774 Closing Subscriptions 196,149 404,063 2,249,188 7,828,780 25,174,191 Financials ($000) - Except Headcount Opening Cash -$ 1,070,293$ 2,035,083$ 23,812,748$ 147,918,062$ Sales Headcount 68 215 675 2,117 6,644 Sales & Marketing Costs 5,130,000 16,090,000 50,560,000 158,660,000 497,960,000 Fixed Costs 500,004 500,004 500,004 874,999 2,250,000 Total Costs 5,630,004 16,590,004 51,060,004 159,534,999 500,210,000 Subscription Revenue 4,425,090 15,442,340 65,336,160 257,854,830 850,693,530 Other Revenue 442,509 1,544,234 6,533,616 25,785,483 85,069,353 Total Revenue 4,867,599 16,986,574 71,869,776 283,640,313 935,762,883 Annual Funding 1,832,698 568,220 967,894 - - Cumulative 1,832,698 2,400,918 3,368,811 3,368,811 3,368,811 Closing Cash 1,070,293 2,035,083 23,812,748 147,918,062 583,470,945 Valuation Multiple of Revenues 20 20 20 20 20 Pre-Money Valuation 1,000,000 3,922,980 8,081,260 44,983,760 156,575,600 Post-Money-Valuation 2,832,698 4,491,200 9,049,154 44,983,760 156,575,600 Founder Share Pre-Funding (%) 100% 35% 31% 28% 28% Founder Share Post-Funding 35% 31% 28% 28% 28%
  47. 47. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 47 5% Growth Year 1 Year 2 Year 3 Year 4 Year 5 Subcriptions (in units) Opening Subscriptions 0 144,451 169045 598563 1306401 New Subscriptions 159,175 285,879 513,400 921,977 1,655,725 Monthly Churn Rate 2% 2% 2% 2% 2% Churned Subscriptions 14,724 261,285 83,882 214,139 434,395 Closing Subscriptions 144,451 169,045 598,563 1,306,401 2,527,731 Financials ($000) - Except Headcount Opening Cash -$ 1,145,579$ 3,355,943$ 13,613,016$ 49,881,627$ Sales Headcount 41 74 132 238 427 Sales & Marketing Costs 3,810,000 6,870,000 12,310,000 22,120,000 39,740,000 Fixed Costs 500,004 500,004 500,004 500,004 500,004 Total Costs 4,310,004 7,370,004 12,810,004 22,620,004 40,240,004 Subscription Revenue 3,680,685 8,709,425 20,970,070 53,535,105 108,598,710 Other Revenue 368,069 870,943 2,097,007 5,353,511 10,859,871 Total Revenue 4,048,754 9,580,368 23,067,077 58,888,616 119,458,581 Annual Funding 1,406,830 - - - - Cumulative 1,406,830 1,406,830 1,406,830 1,406,830 1,406,830 Closing Cash 1,145,579 3,355,943 13,613,016 49,881,627 129,100,204 Valuation Multiple of Revenues 20 20 20 20 20 Pre-Money Valuation 1,000,000 2,889,020 3,380,900 11,971,260 26,128,020 Post-Money-Valuation 2,406,830 2,889,020 3,380,900 11,971,260 26,128,020 Founder Share Pre-Funding (%) 100% 42% 42% 42% 42% Founder Share Post-Funding 42% 42% 42% 42% 42% Time 1 New Subscriptions 10,000 Monthly New Subscription Growth 5% Salesperson Annual Salary 120,000$ Sales Quota (# of Subscriptions) 5,000 Churn Rate 2% Monthly Subscription Fee 5.00$ Model Inputs
  48. 48. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 48 Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com Foresight Services
  49. 49. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 49 Foresight Services • Foresight understands the needs of Startups, and the expectations of investors, as they begin their fundraising efforts and to better assist you on this journey, we have created a set of services that we believe address these needs: 1. Business Model Assessment 2. Financial Modeling 3. Valuation 4. Funding Strategy 5. IP Strategy
  50. 50. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 50 Foresight Services
  51. 51. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 51 Special Offers for Our Workshop Participants 1) Introductory Consulting Session: We help identify a company’s strengths and weaknesses in an effort to enhance your company’s positioning for funding. Using our Startup Assessment Survey which is the first step in this process, which is then followed by 2 sessions focusing on the two main categories that contribute to startup success: Product and Execution. We provide guided instructions for improvement, and following that session, we could also launch any of our services (business model selection, funding strategy or IP strategy). 2) Advanced SaaS Modeling Seminar: We have developed this course to enable participants to go in-depth into SaaS modeling, as a follow up to the introductory concepts presented in class. We cap the number of participants in these seminars to a small group of 3 people, to enable us to address the individual needs of each participant while also providing a more focused tutorial on how to create a financial model for your SaaS company. These half-day seminars are typically held at our Palo Alto office but we can also hold the seminar at your company or over a web conference. “Vision without action is a daydream. Action without vision is a nightmare.”
  52. 52. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 52 Questions?
  53. 53. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 53 Startup Valuation Resources • Angel Resource Institute Ø www.angelresourceinstitute.org • Fenwick & West Ø Seed Financing Survey 2012 of Internet/Digital Media and Software Industries • Silicon Valley Bank Ø The HALO Report 2013 • The Kauffman Foundation Ø Valuing Pre-Revenue Companies • Center for Venture Research Ø https://paulcollege.unh.edu/cvr • PitchBook Ø The Series A, B & C valuation distribution for U.S. companies is moving • Mahesh VC Ø This is Why Public and Private Market Valuations Are Completely Different
  54. 54. Foresight Valuation Group © 2016 Palo Alto, CA (650) 561-3374 ForesightValuation.com 54 Contact Us Foresight Valuation Group 425 Sherman Avenue, Suite 200 Palo Alto, CA 94306 Phone: (650) 561-3374 ekasznik@foresightvaluation.com info@foresightvaluation.com LinkedIn.com/Company/Foresight-Valuation-Group Twitter.com/ForesightValue ForesightValuation.com

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