Keynote by Antonio Virzi' - CEO NearMe - during the Business Model Contest at University of Catania. www.getnearme.com

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Start Up Academy
Business Model Contest
Università di Catania, 17 Maggio 2013

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NearMe: The Digital High Street
Connecting retailers and brands with consumers on the move

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Che cos’è una “Startup”?
• Un’azienda nei suoi primi anni di vita
• Senza capitali
• Senza un team
• Senza un prodotto
• Senza un business model
• Con molti competitor
Siete sicuri di volerci provare?

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il tuo piano A è destinato a fallire

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il tuo piano A è destinato a fallire
Instead they made radical changes to their initial
models, became household names and delivered
huge returns for investors.”
“If the founders of Google, PayPal or Starbucks had
stuck to their original business plans, we’d likely
never have heard of them.
Randy Komisar e John Mullins, Getting to Plan B

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“Esperienza significa imparare dai tuoi errori
Saggezza significa imparare dagli errori degli altri”

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Managing New
Businesses
Da Leggere ASSOLUTAMENTE
A Guide to
Venture Capital
Term Sheets
A Guide To VC
Term Sheets
Startup Finance
Fundamentals
Business Model
Fundamentals

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Qualche consiglio che avrei voluto ricevere 5 anni fa
1. Se non siete disposti ad “investire” di persona, perchè lo dovrebbe fare qualcun’altro?
2. Scordatevi del funding, pensate a creare il prodotto ed avere dei clienti
3. “Cash is king”, alla fine del mese si devono pagare gli stipendi
4. Cercate competenze complementari alle vostre, non speculari
5. “A players hire A players, B players hire C players, C players hire ...”
6. Le decisioni non possono sempre essere collettive. Qualcuno deve poter decidere
7. Siete voi i primi venditori del vostro prodotto. Se non volete vendere, cambiate lavoro
8. Il fallimento è parte del gioco; se è psicologicamente ingestibile, non provate neppure
9. Iterate velocemente. I “reality check” sono fondamentali per adattare la rotta
10. Nessuno può farcela da solo. Imparate a chiedere aiuto e siate pronti ad aiutare gli altri

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Altre risorse DA STUDIARE
• Seed Summit: http://seedsummit.org/
• The VC Method: http://www.vcmethod.com
• Angel List: https://angel.co
• Mark Suster:
http://www.bothsidesofthetable.com
http://thisweekin.com/
• Fred Wilson: http://www.avc.com
• Chris Dixon: http://cdixon.org
• Ben Horowitz: http://bhorowitz.com
• Steve Blank: http://steveblank.com The Standard European Term Sheet
seedsum
m
it
! ! [COMPANY]
SUMMARY OF TERMS FOR
SALE OF SERIES SEED ORDINARY SHARES
Company [Company]
Founders [Founder 1], [Founder 2], & [Founder 3]
Investors [Lead Investor] (the “Lead Investor”) in conjunction with other investors
[Additional Investors] (the “Investors”) mutually agreeable to the Lead
Investor and the Company.
Structure of Financing The financing will be up to an aggregate of [___] at a fully diluted pre-
money valuation of [___], including an unallocated employee share option
plan (“ESOP”) of [ ]%. The Lead Investor will invest up to [___] and
would hold no less than [___]% of the Company on a fully diluted basis.
Conditions to Close (i) completion of confirmatory due diligence and anti-money laundering
checks (ii) all employees having entered into service agreements containing
IP assignment provisions and (iii) receipt of all necessary consents.
Estimated Closing Date [Closing Date].
Type of Security Newly issued series seed convertible preferred shares (“Seed Shares”),
which shall rank senior to all other shares of the Company in all respects
[and be provided with the same rights as the next series of preferred stock
(with the exception of anti-dilution rights).]
Liquidation Preference Upon a liquidation, dissolution, winding up, merger, acquisition,
sale, exclusive license or other disposal of substantially all of the assets or a
majority of the shares of the Company (a “Change of Control”),
Option 1: [the holders of the Seed Shares shall receive the higher of: (a) one
times the original purchase price for the Seed Shares; or (b) the amount they
would receive if all shareholders received their pro rata share of such assets or
proceeds.]
Option 2: [(a) the holders of the Seed Shares shall receive one times the
original purchase price for the Seed Shares; and (b) all shareholders shall
receive their pro rata share of any remaining assets or proceeds.]
[Anti-Dilution Provisions] [In the event that the Company issues additional securities at a purchase
price less than the current Series Seed Preferred conversion price, such
conversion price shall be adjusted on a [ ] basis.
The following issuances shall not trigger an anti-dilution adjustment: (i)
securities issuable upon conversion of any of the Series Seed Preferred, or
as a dividend or distribution on the Series Seed Preferred; (ii) securities
issued upon the conversion of any debenture, warrant, option, or other
convertible security; or (iii) Common Stock issuable upon a stock split,
stock dividend, or any subdivision of shares of Common Stock; and (iv)
shares of Common Stock (or options to purchase such shares of Common
Stock) issued or issuable to employees or directors of, or consultants to, the
Company pursuant to any plan approved by the Company’s Board of
Directors.]
Important Decisions Option 1: [Certain important actions of the Company shall require the
consent of the holders of a majority of the Seed Shares (a “Seed
Majority”) or the Seed Director, to include amongst others, actions to: (i)
alter the rights, preferences or privileges of the Seed Shares (ii) allot any
new shares beyond those anticipated by this investment (iii) create any new
class or series of shares having rights, preferences or privileges senior to or
on a parity with the Seed Shares (iv) increase the number of shares reserved
for issuance to employees and consultants, whether under the ESOP or
otherwise (v) redeem or the selling of any shares (vi) pay or declare
dividends or distributions to shareholders (vii) change the number of board
members (viii) take any action which results in a Change of Control (ix)
amend the constitutional documents (x) effect any material change to the
nature of the business or the agreed business plan (xi) subscribe or

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GRAZIE
Antonio Virzì
+44 7873 599 123
antonio@getnearme.com
www.getnearme.com