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Startups & VC’s
- 1. Startups & VC’s by Frank Maene frank@voltaventures.eu @frankmaene
- 2. Volta Ventures SEED & EARLY STAGE VENTURE CAPITAL FOR INTERNET & SOFTWARE COMPANIES IN THE BENELUX frank@voltaventures.eu @frankmaene
- 3. About me › Volta Ventures › Hummingbird Ventures Big Bang Ventures › Helping Silicon Valley cies. expand into EU › Enterprise software › Economics degree
- 5. One billion dollar startup
- 6. Disruption
- 7. ‘Software is eating the world’ and devices
- 9. Travel agent Travel Traveler Hotel Travel 2.0Travel 3.0
- 10. Banking Need money Have money Supplier CustomerP A Y M E N T S LENDING
- 11. Car = computer on wheels
- 13. Valuations Hyatt Hotels Corp valuation $ 13B property value ~ 0 valuation $9.2B property value $ 4.6B
- 14. “The average lifespan of an S & P 500 company has decreased from: 67 years (1920’s) to 15 years (today)”
- 15. Startups
- 16. Role models Funding Growing acceptance of ‘failure’ Why is it so easy to start? Infrastructure is cheap
- 17. Lean Startup Questions Can this product be built? Should this product be built? Can we build a sustainable business?
- 18. IDEAS CODE DATA The lean startup process BUILDMEASURE LEARN Minimize the total time through the loop
- 20. Best when… Services, consulting, apps Graduates/ Students Get to MVP Get to MVP Fast growth Devices, IoT Collateral Research, Patents
- 21. VC fund STARTUP LP HNWI LP Institutional GP Managers STARTUP STARTUP STARTUP VC FUND
- 22. (Ad)Venture Capital? 5-6/10 3-4/10 1-2/10 deals will loose ± all the money deals will return ± 1x the money deals will work out and return 2-10x early stage VC’s have to seek deals with 10x potential ... hopefully resulting in returning the fund + 10% IRR
- 23. Do you really want a VC? › Growth is the main focus › It’s not just you anymore › Team › Board › It comes with a contract, a.k.a. shareholders agreement › Exit ultimate goal (3-7 years)
- 24. › Cash › Exploit an opportunity fast › Stay ahead of competition › Advise, Network, Time Why choose a VC ?
- 25. 100% x $ 1M or 1% x $ 1B
- 26. What do we need to know? › Market and size › Issues with current products › Your product › Competition and benefits › Revenue and Go To Market model › Team and execution › 12-18 month runway
- 28. How to get to term sheet › Focus › You are selling › Don’t ‘calculate’ valuation › Don’t give an agenda › Solicit competitive offers › Get a lead investor › Advisors? @frankmaene
- 29. It’s a process LEAD BP SENT INITIAL MEETING RADAR FIRST DUE DILIGENCE NEGOTIATION LOI DUE DILIGENCE LEGAL CLOSE
- 30. › No magic formula › Stage / Team / TAM › Comparables › Competition › Runway › Other terms Valuation?
- 32. › 1 product › MVP › Pivoting › Hiring / firing › Generation = 3 years Startups must take big risks
- 33. Bigcorps have no appetite for risk › Too many stakeholders › Procedures, structure › Extrapolation from past “Our organizations are set up to withstand change from the outside” John Hagel, Deloitte Center for Edge Innovation
- 34. Startup Job or Cult? › Higher highs & lower lows › Individual impact - ownership › Max 1 step away from CEO › Generalists ok
- 35. Made in Europe
- 36. Percent of VC-Backed Jobs In Major Industry Sectors Source: NVCA 48.00% 54.00% 72.00% 74.00% 90.00% Telecom Computers Semiconductors/Electronics Biotechnology Software 734,064 VC-BACKED JOBS 427,353 VC-BACKED JOBS 620,773 VC-BACKED JOBS 1,179,287 VC-BACKED JOBS 445,596 VC-BACKED JOBS
- 37. Read this
- 38. frank@voltaventures.eu @frankmaene By Frank Maene Thanks!
Editor's Notes
- Mark Zuckerberg – Bill Gates – Steve Jobs Dries Buytaert – Snapchat founders Evan Spiegel & Bobby Murphy
- Businesses that have been ‘cannibalized’ but a simple smartphone All these products/services are now inside an iphone
- Tis should travel ecosystem 1.0 Traveller -> travel agent -> hotel 2.0. Traveller –[booking.com l log]-> hotel The logo should ‘show up’ and be seen to go over ‘travel agent 3.0 Traveller – Airbnb Logo should go over both’ > travel agent -> hotel
- VESNA: pls add logo of Paypal to show that they now do Payments and we don’t need banks And Lendingclub for Lending ----- At the core banks connect haves with haves not 2 main functions: Lending connects people with money (savings) to peple without (loans -> subsumed by a.o. paypal (add logo Payments: customer paying a supplier -> subsumed by lendingclub [add logo
- Amazon - from books to cloud to supermarket - $ 100B 2015E -> competing with Barnes & Noble -> Sears/Walmart (& data center Google) Uber - valo $40B - raised $1.6B in TTM - from taxi -> deliveries Paypal - banks - 11.5M tx/d net Total Payment Volume**, the total value of transactions in Q4 2014 was $64.3 billion, up 24% revenues for Q4 2014 were $2.16 billion, growing 18% year over year. Fedex - DHL - Docusign, local ecomm, parcel kiosks, relay points (Kiala), Google, Uber Booking.com - Enschede 1996 - 2/3 Priceline - 750,000 bookings per day - travel 2.0 - RIP travel agents Airbnb - travel 3.0 Valued $ 13 BN - RIP hotels (Hyatt (Valuation $ 9.2 / Property assets on books $ 4.6 BN, Wyndham, (Valuation $ 9.8) Accor) Temping / HR ??? RIF Netflix - Blockbuster demise, Time Warner Cable, all broadcasters, especially in Europe Zynga - Nintendo (Nintendo (home gaming) busted the arcade, now Mobile with Zynga leading the way is crushing home gaming) Twitter - replacing actuality that used to be monopolized by newspapers/radi
- Next to first bullet pls add logo Google and AWS (Amazon cloud service) and a graph representing open source.
- Corporate governance,