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EMBA Funding for Ventures, Startups using FinTech

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Venture funding, sizes, pro and cons at different enterprise development stages presented during an EMBA session at Stockholm School of Economics in February 2017

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EMBA Funding for Ventures, Startups using FinTech

  1. 1. FUNDING AND FINTECH VOODOO FOR YOUR VENTURE MICHAL GROMEK RESEARCHER ON FINTECH & CROWDFUNDING #SE.LINKEDIN.COM/IN/MGROMEK EXECUTIVE MASTER OF BUSINESS ADMINISTRATION SESSION ON FINTECH STOCKHOLM, FEBRUARY 9TH, 2017
  2. 2. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ STOCKHOLM GRAB YOUR PHONES PLEASE VOTE ON menti.com YOUR CODE 60 99 70
  3. 3. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ PRESENTATION IS ONLINE ON SLIDESHARE.COM/MICHALGROMEK FOR TODAY  ROADMAP  EMBA SSE 9TH FEBRUARY 2017 9:15- 10:00 FUNDING A VENTURE (TRADITIONAL & FINTECH) 10:00-10:10 Q&A COMMUNICATION WITH INVESTORS 10:10 - 10:30 TEAM ASSIGNMENT (USAGE IN PRACTICE) 10:30 - 10:50 PRESENTATION AND DICUSSIONS BREAK
  4. 4. Picture:https://flic.kr/p/drV3LQ POTENTIAL QUESTIONS: I HAVE AN VENTURE SO HOW DO I RECEIVE FUNDING? CAN I JUST UPLOAD MY BUSINESS IDEA ONLINE? HOW CAN THE STARTUP THAT I WORK WITH RECEIVE FUNDING? ROAD MAP FOR OUR 90 MIN TODAY: DIFFERENT TYPES OF FUNDING SOURCES FOR ENTREPRENEURS AND STARTUPS (FIRST 45) WITH A FOCUS ON CROWDFUNDING (SECOND 45 MIN) NO CANNED SOLUTION :)
  5. 5. Picture:https://flic.kr/p/drV3LQ STARTUP FINANCING CYCLE (MODEL)
  6. 6. CLICK HERE FOR VIDEO EXPLANATION PRE-SEED FUNDING FRIENDS, FAMILLY (AND "FOOLS"), BUSINESS ANGELS, PUBLIC FUNDING LIKE ALMI, REWARDS BASED CROWDFUNDING, STING PRE - SEED FUNDING - I HAVE AN IDEA WHO IS PROVIDING PRE-SEED FUNDING? WHICH STAGE OF DEVELOPMENT, SIZE AND PURPOSE EARLIEST STAGE, DESIGN OF THE PRODUCT, PROVISION OF MARKET FIT, CREATION OF THE COMPANY.
  7. 7. Picture:https://flic.kr/p/drV3LQ STARTUP FINANCING CYCLE (STAGES OF FUNDING) PRE-SEED FUNDING SEED FUNDING FOR MORE INFORMATION WATCH OUR PRESENTATION FROM LAST WEEK - LINK
  8. 8. CLICK HERE FOR VIDEO EXPLANATION ABOUT SEED FUNDING BUSINESS ANGELS, EQUITY CROWDFUNDING, REWARD CROWDFUNDING, PUBLIC FUNDING SEED FUNDING - I HAVE A COMPANY WHO IS PROVING SEED FUNDING? WHICH STAGE OF DEVELOPMENT, SIZE AND PURPOSE SIZE AROUND 230K EURO UP TO 2M EURO IN ORDER TO BRING THE PRODUCT TO MARKET, SIGN FIRST BIG CONTRACTS, ADVERTISE TO THE PUBLIC
  9. 9. CLICK HERE FOR A VIDEO EXPLANATION ABOUT STARTUP FUNDING WE ARE NOW IN OUR C-SERIES SHARE ISSUE PROCESS AND CONSIDER 20M INVESTMENT. STAGES OF INVESTMENTS WHAT DOES THE FOUNDER SAY TO YOU: WHAT DOES THIS MEAN THE COMPANY HAS AN SUCCESSFUL PROOF OF CONCEPT, TEAM, EXPERIENCE IN RISING FUNDING, SIGNIFICANT INVESTMENT AND POTENTIAL SOME INT. EXPANSION
  10. 10. Picture:https://flic.kr/p/drV3LQ STARTUP FINANCING CYCLE (STAGES OF FUNDING) PRE-SEED FUNDING SEED FUNDING SERIES A / SERIES B FOR MORE INFORMATION WATCH OUR PRESENTATION FROM LAST WEEK - LINK
  11. 11. CLICK HERE FOR VIDEO EXPLANATION ABOUT SERIES A FUNDING BUSINESS ANGEL, EQUITY CROWDFUNDING, VENTURE CAPITAL (LATELY VC ARE LESS LIKELY TO PROVIDE SERIES A FUNDING) SERIES A - OPTIMISE PRODUCT & USER BASE WHO IS PROVIDING SERIES A FUNDING WHICH STAGE OF DEVELOPMENT, SIZE AND PURPOSE SCALING THE PRODUCT, EXPLORING THE TRUE MARKET FIT, INTRODUCTION OF NEW FEATURES. IN THE PAST THE MEDIAN HAS BEEN AROUND 7M EURO. IT WENT UP SIGNIFICANT IN RECENT YEARS TO 6.5 M-14M EURO > INTERESTING CASE: AGGREGATE MEDIA - EQUITY FOR ADVERTISEMENT SPACE.
  12. 12. EXAMPLE OF AN VENTURE THAT RAISED SERIES B VENTURE CAPITAL, (THAT SPECIALISE IN LATER STAGE FUNDING) INSTITUTIONAL INVESTORS, HEDGE FUNDS FUND REPRESENTATIVES SERIES B - "B" IS FOR BUILD WHO IS PROVIDING SERIES B FUNDING? WHICH STAGE OF DEVELOPMENT, SIZE AND PURPOSE THE STARTUP HAS A WORKING BUSINESS MODEL AND WOULD LIKE TO EXPEND ITS REACH. IT RECEIVES SIGNIFICANT TRACTION AND HAS A TRACK OF RECORD. THE COMPANY RAISES FUNDING FOR NEW TEAM MEMBERS, FURTHER EXPANSION. SIZE: USUALLY 7M+ EURO
  13. 13. Picture:https://flic.kr/p/drV3LQ STARTUP FINANCING CYCLE (STAGES OF FUNDING) PRE-SEED FUNDING SEED FUNDING SERIES A / SERIES B SERIES C FOR MORE INFORMATION WATCH OUR PRESENTATION FROM LAST WEEK - LINK
  14. 14. EXAMPLE OF AN VENTURE THAT RAISED SERIES C 200M USD VENTURE CAPITAL, INSTITUTIONAL INVESTORS, HEDGE FUNDS FUND REPRESENTATIVES SERIES C (D, E, F... ) HOW IS PROVIDING SEED FUNDING WHICH STAGE OF DEVELOPMENT, SIZE AND PURPOSE ACCELERATION BEYOND SERIES B, ACQUISITION OF COMPETITORS OR PARTNERS, INTERNATIONALISATION. INVESTOR INJECT MONEY INTO SUCCESSFUL BUSINESSES WITH THE GOAL TO AT LEAST RECEIVE THE DOUBLE AMOUNT BACK. KEYWORDS: COMPETETIVE ADVANTAGE, MERGER AND SYNERGISTIC PARTNERSHIP
  15. 15. Picture:https://flic.kr/p/drV3LQ STARTUP FINANCING CYCLE (STAGES OF FUNDING) PRE-SEED FUNDING SEED FUNDING SERIES A / SERIES B SERIES C FOR MORE INFORMATION WATCH OUR PRESENTATION FROM LAST WEEK - LINK
  16. 16. WATCH A VIDEO ON MEZANINE FUNDING IS A TERM WHEN A COMPANY DECIDES TO "GO PUBLIC" AND TO OFFER THEIR SHARE ON A STOCK EXCHANGE- CLICK HERE FOR A VIDEO EXPLANATION. POSSIBLE SCENARIOS FOR YOUR STARTUP PROJECT (BUT LESS LIKELY:)) IPO - INITIAL PUBLIC OFFERING MEZANINE FUNDING FUNDER IS OBTAINING A LOAN WITHOUT A COLLATERAL (AN MOVABLE OR NONE MOVABLE ASSET THAT BACKS UP THE LOAN. IN CASE OF A DEFAULT THE LENDER CONVERTS HIS DEBT INTO SHARES. - CLICK HERE FOR A VIDEO EXPLANATION. USUALLY USED WITH A TRACK RECORD AND REPUTATION USED OFTEN TO PERFORM AN IPO. TYPICAL INTREST IS SOMEWHERE BETWEEN 10% AND 22%
  17. 17. COMPREHENSIVE VIDEO EXPLENATIONAL OF CONVIRTABLE LOAN A COMPANY ISSUES A LOAN TO LENDERS AND AT A SPECIFIC DATE THE INVESTORS CAN DECIDE IF THEY WOULD LIKE TO RECEIVE THEIR DEBT REPAID OR CONVERT IT TO OWNERSHIP IN THE COMPANY. LENDERS USUALLY RECEIVES A DISCOUNT RATE TO CONVERT INTO VALUATION AT A LATER STAGE. POSSIBLE SCENARIOS FOR YOUR STARTUP PROJECT (BUT LESS LIKELY:)) COVERTABLE LOANS: (DEBT) BRIDGE FINANCING (FORM OF CONVERTABLE DEBT) IS A LOAN THAT CONVERTS TO EQUITY THE INVESTOR CAN DECIDE ON THE TRIGGER POINT IF THE LOAN WITH THE DISCOUNT SHOULD BE CONVERTED ACCORDING TO AN OLD POST MONEY VALUE OR A NEW PREMONEY VALUATION FOR NEXT ROUND. WATCH A VIDEO ON BRIDGE FINANCING
  18. 18. Picture:https://flic.kr/p/drV3LQ STARTUP FINANCING CYCLE (WHAT DO YOU PITCH) TEAM VISION MISSION TRIGGER EMOTIONS REPUTATION INSTITUTIONAL FUNDING HEDGE FUNDS PUBLIC FUNDING REWARD BASED CROWDFUNDING
  19. 19. Picture:https://flic.kr/p/drV3LQ STARTUP FINANCING CYCLE (WHAT DO YOU PITCH) TRACK RECORD PATENT APPLICATION TRACTION RETENTION DATA, DATA, DATA INSTITUTIONAL FUNDING HEDGE FUNDS PUBLIC FUNDING PUBLIC FUNDING
  20. 20. FRIENDS FAMILLY FOOLS THEY JUST FUNDING, DON'T HOPE FOR STRATEGY TIPS CAN BE A NIGHTMARE TO DEAL WITH THEM - SO FAR LITTLE BUSINESS S EXPERIENCE (IT WAS FOR ME) IN CASE BUSINESS FAILS THEY CAN TAKE IT PERSONALLY DOWNSIDES COMMUNICATE RISK CLEARLY HAVE A SHAREHOLDER AGREEMENT DON'T ASK FOR MONEY THAT THEY CAN NEED TIPS: UPSIGHTS USE YOUR REPUTATION DON'T CHECK CREDIBILITY LESS BURACRATIC
  21. 21. BUSINESS ANGELS BUSINESS ANGEL CAN BE STRONG INDIVIDUALS, AND SOME GOT WEALTHY BECAUSE OF LUCK AND NOT NECESSARY EXPERIENCE. SOME BUSINESS ANGELS LIKE TO HAVE MORE CONTROL THAN WHAT FOUNDER ARE WILLING TO GIVE. DOWNSIDES SPEAK TO FOUNDERS OF COMPANIES WHERE BA'S HAS INVESTED INTO. REVIEW THE BA'S PERFORMANCE IN YOUR SECTOR TIPS: UPSIGHTS INVEST ON EARLY STAGE, LIKE TO TAKE RISK CAN OPEN DOORS WITH THEIR INFORMAL NETWORK MONEY IS NOT A LOAN (USUALLY) BUSINESSES OPERATE LONGER AND HAVE A HIGHER RATE OF RETURN LINK TO HOW TO RAISE MONEY FROM ANGEL INVESTORS (PLEASE SKIP FIRST 12 MINUTES)
  22. 22. VENTURE CAPITAL LONG DUE DILLENGENCE PROCESS TENDENCY 95% DISCOUNTED VALUATION METHOD STRONG PERSONALITIES SINCE 2009 > USUALLY LATE STAGE FINANCE (SERIES A+) DOWNSIDES UNDERSTAND HOW VC WORKS (PRESENTATION BELOW) REVIEW WHEN THEY HAVE BEEN RAISING MONEY AND IS THERE OWN PERFORMANCE TIPS: UPSIGHTS MAYBE SMART MONEY STRONG NETWORK LONGTERM PARTNER 4.2% OF VC EMPLOYEES ARE FEMALE* *SOURCE: http://fortune.com/2015/01/30/women-are-not-making-progress-in-male- dominated-vc-world-data-shows/ (ACCESSED 20th OF JANUARY) LINK TO HARVARD INNOVATION LAB ON HOW VC MAKE DECISION
  23. 23. TO MUCH OF THE FUNDING DECREASES THE SENSE OF URGENCY AND FOCUS ON SALES "WE DIDNT FEEL THE URGENCY TO FOCUS ON SALES" - CEO FIKABOX PLANNING FOR FUNDING IS ONLY AS GOOD AS THE QUALITY OF YOUR BUSINESS FORECAST TO SMALL FUNDING ROUND (PERMANENT FOCUS ON FUNDING - "IT TOOK ME AROUND 70% OF MY TIME TO FOCUS ON FINANCE" - CEO TIMESULIN
  24. 24. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ Crowdfunding is the accumulation of small investments in individual projects by a large number of individuals (“the “crowd”) with the help of the internet or social networks (De Buyer et al., 2012) DEFINITION:
  25. 25. CURRENT TYPES OF CROWDFUNDING DONATION BASED CROWDFUNDING REWARD BASED CROWDFUNDING LENDING BASED CROWDFUNDING REAL ESTATE CROWDFUNDING C2B / B2B LENDING CROWDFUNDING EQUITY BASED CROWDFUNDING
  26. 26. CURRENT TYPES OF CROWDFUNDING YOU BACK UP PROJECT AND EXPECT NOTHING IN RETURN. DONATION REAL ESTATE COLLECTS FUNDING FOR CONSTRUCTION OF A REAL ESTATE EQUITY PARTIES ARE BUYING SHARES FROM A LTD. (AB IN SWEDEN) CROWD BACKS UP A PROJECT AND EXPECTS A REWARD IN RETURN. PLATFORM FACILITATES LENDING BETWEEN DIFFERENT PARTIES PARTIES ARE SEEKING FUNDING USING THE PLATFORM REWARD LENDING C2C / C2B / B2B LENDING
  27. 27. CURRENT TYPES OF CROWDFUNDING YOU BACK UP PROJECT AND EXPECT NOTHING IN RETURN. DONATION REAL ESTATE COLLECTS FUNDING FOR CONSTRUCTION OF A REAL ESTATE EQUITY PARTIES ARE BUYING SHARES FROM A LTD. (AB IN SWEDEN) CROWD BACKS UP A PROJECT AND EXPECTS A REWARD IN RETURN. PLATFORM FACILITATES LENDING BETWEEN DIFFERENT PARTIES PARTIES ARE SEEKING FUNDING USING THE PLATFORM REWARD LENDING C2B / C2B / B2B LENDING
  28. 28. REWARD BASED CROWDFUNDING REWARD IDEA  THERE IS A CONNECTION TO THE CROWD  THE ENTREPRENEUR S TEAMS TRUST  AVERAGE FUNDING ROUND: LESS THAN 9.5K EURO
  29. 29. REWARD BASED CROWDFUNDING C2B / C2B / B2B LENDING Source: https://www.fundedbyme.com/en/campaign/1061/flippin­burgers/?p=v2 (Accessed 5th of February 2017) 
  30. 30. REWARD BASED CROWDFUNDING C2B / C2B / B2B LENDING Source: https://www.fundedbyme.com/en/campaign/1061/flippin­burgers/?p=v2 (Accessed 5th of February 2017) 
  31. 31. EQUITY BASED CROWDFUNDING REWARD EQUITY THERE IS A LTD COMPANY THERE IS A VALUATION TRUST / REPUTATION WHAT IS THE EXIT STRATEGY? AVERAGE FUNDING ROUND ON ONE OF SE PLATFORMS - 65K EURO SOURCE:https://www.fundedbyme.com/(accessed5.2.2017,note:justasindicatorasnotallofthecompanieshavebeenequitycampaigns)
  32. 32. EQUITY BASED CROWDFUNDING C2B / C2B / B2B LENDING Source: https://www.fundedbyme.com/en/campaign/1061/flippin­burgers/?p=v2 (Accessed 5th of February 2017)  Source: https://www.fundedbyme.com/en/campaign/7707/the-fox/?type=e&p=v2 (ACCESSED 05.02.2017)
  33. 33. CROWDLENDING (C2B / P2P LENDING) REWARD EQUITY LENDING COMPANY EXISTS FOR AT LEAST 18 MONTHS TRACK RECORD  COLLATERALS AVERAGE LOAN SIZE (UK) 170K EURO, INVESTORS PORTFOLIO 20K EURO SOURCE:HTTPS://WWW.FUNDINGCIRCLE.S/BLOG/PRESS/(ACCESSED05.02.2017)
  34. 34. CROWDLENDING C2B / C2B / B2B LENDING Source:https://toborrow.se/sv/projekt/respice­sweden­ab­2/ (Accessed 5th of February 2017) 
  35. 35. WHAT MOTIVATES USERS SOURCE: PROF KARIM LAKHANI, OPEN INNOVATION HOW CAN I USE THE CROWD, ESBRI 26.02.106 PICTURE: HTTP://BLOG.CROWDS.IO/WP-CONTENT/UPLOADS/2015/07/CROWDSOURCING-COMMUNITY-750X410.JPG 3. PHILANTROPHYEXTERNAL 2. (EXTRINSIC) 1. INTRISTIC  (INTERNAL) 
  36. 36. CAPITAL C - NOT ONLY FUNDING AMBASSADORS DOOR OPENERS FREE PR FANS INFORMAL NETWORK TEST GROUP
  37. 37. SHORT SUMMARY VENTURE FUNDING IS NOT ONLY ABOUT FUNDING BY PRIMARY ABOUT ADDITIONAL NON-FINANCIAL BENEFITS: CANNED SOLUTIONS DON'T EXIST AS EACH VENTURE HAS DIFFERENT CHELLANGES, REFLECT ON YOUR NEEDS AND MATCH INVESTOR TYPE. CROWDFUNDING IS AN OLD PHENOMENON. DIFFERENT TYPES OF CROWDFUNDING MATCH DIFFERENT DEVELOPMENT STAGES. IT PROVIDES A RANGE OF NON- FINANCIAL BENEFITS TO COMPANIES.
  38. 38. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ FINTECH IN PRACTICE EVALUATE ALL FORMS OF FUNDING PRESENTED TODAY. PRESENT TO THE CLASS THE MOST SUITABLE TYPE FOR YOUR "PROJECT VENTURE" WORK IN YOUR PROJECT GROUPS. PRESENTATION PER GROUP 80 SEC - PREPARATION TIME 10 MINUTES
  39. 39. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ 10MINUTES
  40. 40. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ 5MINUTES
  41. 41. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ 2MINUTES
  42. 42. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ 1MINUTES
  43. 43. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ GROUP 7 FUNDING FINTECH DAY
  44. 44. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ GROUP 1 FUNDING FINTECH DAY
  45. 45. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ GROUP 8 FUNDING FINTECH DAY
  46. 46. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ GROUP 5 FUNDING FINTECH DAY
  47. 47. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ GROUP 6 FUNDING FINTECH DAY
  48. 48. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ GROUP 4 FUNDING FINTECH DAY
  49. 49. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ GROUP 2 FUNDING FINTECH DAY
  50. 50. PICTURE:HTTPS://WWW.FLICKR.COM/PHOTOS/DICK-SIJTSMA/ GROUP 3 FUNDING FINTECH DAY

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