by Joachim Behrendt

1. FUNDING THE STARTUP – STAGE FINANCING FOR VENTURES
Dr. Joachim Behrendt

2. INTRODUCTION
StartNowHow
• Open seminar series for active and prospective entrepreneurs
• 10 sessions on monthly basis until summer 2015
• Covers relevant theoretical and practical aspects of entrepreneurship
• Based on lecture „entrepreneurship“ @Bogazici University
• Based on experiences of entrepreneurs, investors, mentors and consultants
• Each session with guest speaker (entrepreneurs, investors, mentors, etc.)
• Seminar materials can be downloaded after the event
• NORMALLY Thursdays 17.15h – 19.30h
• Next session:
• ALT 1: Thu, June 11th, 2015
• ALT 2: Mon, June 1st, 2015
• TOPIC: The investment process – pitching, negotiations and termsheet
• SPEAKER: tbd
• Certificate provided for participants joining at least 7/10 sessions
• Award ceremony planned for last lecture (Thu 9.7.) - tbc
Startnowhow – Seminar 515.05.2015 2

3. INTRODUCTION
StartNowHow - Seminar Topics (preliminary)
1. Mon, 20.10.: The entrepreneurial ecosystem in Turkey
2. Mon, 10.11.: Entrepreneurship as a profession
3. Mon, 8.12.: Opportunity recognition and evaluation
4. Mon, 12.1.: Planning, testing and developing a business model
5. Thu, 19.2. – lot of snow but no seminar -
6. Thu, 19.3.: Market and competitor research
7. Thu, 16.4.: Financial planning for startups
8. CANC: Marketing planning and control – the role of key performance indicators
9. Thu, 14.5.: Funding the startup – stage financing for ventures
10. Thu, 11.6.?: The investment process – pitching, negotiations and termsheet
11. Thu, 9.7.: Success and failure as an entrepreneur / Graduation
Startnowhow – Seminar 515.05.2015 3

4. RAISINGMONEY
Initial New Venture Losses
15.05.2015 4Entrepreneurship
Source: Timmons, J.A./Spinelli, S., New Venture Creation, p.427

5. RAISINGMONEY
Low-Budget vs. Big-Money-Models
15.05.2015 5Entrepreneurship
Source: Volkmann, C.K./Tokarski, K.O./Grünhagen, M., Entrepreneurship in a European Perspective, p.291

6. PRE-SEEDPROGRAM
6Entrepreneurship15.05.2015
RAISINGMONEY
Startup Life Cycle

7. RAISINGMONEY
Life Cycle Financing
15.05.2015 7Entrepreneurship
Source: Timmons, J.A./Spinelli, S., New Venture Creation, p.433

8. RAISINGMONEY
Business Failure Rates
15.05.2015 8Entrepreneurship
Source: Shane, Ihe Illusions of Entrepre-
neurship, New Haven / London 2008
US study UK studies
Source: Stokes / Wilson, Small Business
Management, p. 87

9. RAISINGMONEY
Lemons and Pearls
15.05.2015 9Entrepreneurship
Source: Timmons / Spinelli, New Venture Creation, p. 158

10. RAISINGMONEY
Venture Life Cycle and Target Returns
15.05.2015 10Entrepreneurship
Source: Leach, J.C./Melicher, R.W., Entrepreneurial Finance, p.255

11. CO-INVESTINGWITHBIC
• Agreement BIC – Investors
• BIC Angel Investments is a brand of BIC Behrendt International Consulting
A.Ş., owned 100% by Joachim Behrendt
• BIC provides angel investment services but does not invest itself
• Joachim Behrendt invests himself alongsinde other BIC angels
• Interested investors enter into a service agreement with BIC
• By invitation only / ends anytime one party decides not to continue
• Contains limited confidentiality provisions
• Exptected (but not obligatory): At least two investments per year, minimum
ticket size normally 25,000 TL
• Angel Investments
• Investors invest directly into the startup and become shareholders in A.Ş.
• All BIC angels (including Joachim Behrendt) belong to the same shareholder
group in proportion to their investment, protected by minority rights
• Termsheet and definitive agreements (template-based) are provided by legal
advisors of BIC, quick agreement with startups targeted
• BKS application process for startup handled by BIC
11Entrepreneurship15.05.2015
BIC Angel Investment Network: Legal Framework
RAISINGMONEY

12. RAISINGMONEY
Investment Process of Business Angels
15.05.2015 12Entrepreneurship
Source: Volkmann, C.K./Tokarski, K.O./Grünhagen, M., Entrepreneurship in a European Perspective, p.300

13. PRE-SEEDPROGRAM
13Entrepreneurship15.05.2015
RAISINGMONEY
BIC Preseed Program: Startnow101

14. PRE-SEEDPROGRAM
14Entrepreneurship15.05.2015
RAISINGMONEY
BIC Preseed Program: Startnow101

15. RAISINGMONEY
VC‘s Organizational Structure
15.05.2015 15Entrepreneurship
Source: Smith, J.K./Smith, R.L./Blisss, R.T., Entrepreneurial Finance, p.90

16. RAISINGMONEY
VC Capital Investment Process
15.05.2015 16Entrepreneurship
Source: Smith, J.K./Smith, R.L./Blisss, R.T., Entrepreneurial Finance, p.95

17. OUTLOOK
StartNowHow - Outlook
• Today‘s materials will be made available to participants for downloading
• Next Seminar: „The Investment Process – Pitching, Negotiations and
Termsheet“
• Guest Speaker: tbd
• Thursday, 11.6.2015, 17.15 – 19.30h or
• Monday, 1.6.2015, 17.15 – 19.30h
• Don‘t forget to register early (eventbrite) - capacity 50 people!
• Priority for participants / registrants from today‘s session
• General rule: Allocation of seats according to participation
• Regular participation = certificate (70% participation)
Startnowhow – Seminar 515.05.2015 17

18. BIC ANGEL INVESTMENTS
Dr. Joachim Behrendt
Phone: +90 212 328 1939
Fax: +90 212 328 1933
www.behrendt.com.tr
www.nexum.com.tr
http:/twitter.com/joachimbehrendt
http://tr.linkedin.com/pub/joachim-behrendt/18/706/a7a
Email: j.behrendt@behrendt.com.tr