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BICStartNowHow - Stage Financing for Ventures

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by Dr. Joachim Behrendt

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BICStartNowHow - Stage Financing for Ventures

  1. 1. STAGE FINANCING FOR VENTURES Dr. Joachim Behrendt
  2. 2. INTRODUCTION StartNowHow • Open seminar series for active and prospective entrepreneurs • 10 sessions on monthly basis until summer 2017 • 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.) • Certificate provided for participants (from BIC Angels / Bogazici University Entrepreneurship Center) joining at least 70% of the sessions • Language: English / Turkish • Thursdays 17.15h – 19.30h • Next session: Thu 6. April 2017 • Topic: The investment process – pitching, negotiations and termsheet • Guest Speaker: Mehmet Onarcan, Mentors Network / projecthouse • Early registration for each session required (eventbrite), limited capacity! • Priority for regular participants Startnowhow08.03.2017 2
  3. 3. INTRODUCTION StartNowHow - Seminar Topics (preliminary) 1. Thu 22.09.16: The entrepreneurial ecosystem in Turkey 2. Thu 20.10.16: Entrepreneurship as a profession 3. Thu 17.11.16: Financial planning for startups 4. Thu 15.12.16: Planning, developing and testing a business model 5. Thu 12.01.17: Opportunity recognition and evaluation 6. Thu 09.02.17: Market and competitor research 7. Thu 09.03.17: Funding the startup – stage financing for ventures 8. Thu 06.04.17: The investment process – pitching, negotiations and termsheet 9. Thu 04.05.17: Startup Valuation 10. Thu 01.06.17: Success and failure as an entrepreneur Startnowhow08.03.2017 3
  4. 4. INTRODUCTION StartNowHow - Literature • Bowers, Brent, 8 Patterns of Highly Effective Entrepreneurs, Doubleday, New York, NY 2008 • Bygrave, William D. / Zacharaiks, Andrew, The Portable MBA in Entrepreneurship, 4th ed., Wiley, Hoboken, NJ 2010 • Drucker, Peter F., Innovation and Entrepreneurship, 1st ed. 1985, reprinted 2010, Elsevier, Kiddlington, 2010 • Harper, Stephen C., Extraordinary Entrepreneurship: The Professional’s Guide to Starting an Exceptional Enterprise, Wiley, Hoboken, NJ 2005 • Hirshberg, Meg Cadoux, For Better or for Work, All Inc., New York, NY 2012 • Hisrich, Robert D. / Peters, Michael P. / Shepherd, Dean A., Entrepreneurship, 9th ed., McGraw-Hill, New York, NY 2012 • Kuratko, Donald F., Entrepreneurship: Theory, Process, Practice, 8th ed., South-Western, Mason, OH 2009 • Leach, J. Chris / Melicher, Ronald W., Entrepreneurial Finance, International Edition, 4th ed., South- Western, Hampshire 2012 • Osterwalder, Alexander / Pigneur, Yves, Business Model Generation, Wiley, Hoboken, NJ 2010 • Ries, Eric, The Lean Startup, Crown Business, New York, NY 2011 • Smith, Janet Kiholm / Smith, Richard L. / Bliss, Richard T.,Entrepreneurial Finance – Strategy, Valuation, and Deal Structure, Standford University Press, Stanford, CA 2011 • Stokes, David / Wilson, Nick, Small Business Management and Entrepreneurship, 6th ed., South-Western, Hampshire 2010 • Taleb, Nassim Nicholas, The Black Swan – The Impact of the Highly Improbable, revised ed., Penguin, London 2010 • Timmons, Jeffry A. / Spinelli, Stephen, New Venture Creation – Entrepreneurship for the 21st Century, 9th ed., McGraw-Hill, New York, NY 2011 Startnowhow08.03.2017 4
  5. 5. RAISINGMONEY Initial New Venture Losses 08.03.2017 5Startnowhow – Seminar 8 Source: Timmons, J.A./Spinelli, S., New Venture Creation, p.427
  6. 6. RAISINGMONEY Low-Budget vs. Big-Money-Models 08.03.2017 6Startnowhow – Seminar 8 Source: Volkmann, C.K./Tokarski, K.O./Grünhagen, M., Entrepreneurship in a European Perspective, p.291
  7. 7. PRE-SEEDPROGRAM 7Startnowhow – Seminar 808.03.2017 RAISINGMONEY Startup Life Cycle
  8. 8. RAISINGMONEY Life Cycle Financing 08.03.2017 8Startnowhow – Seminar 8 Source: Timmons, J.A./Spinelli, S., New Venture Creation, p.433
  9. 9. RAISINGMONEY R&D Grant Programs Startnowhow – Seminar 8 Source: Novicor 08.03.2017 9
  10. 10. RAISINGMONEY Business Failure Rates 08.03.2017 10Startnowhow – Seminar 8 Source: Shane, Ihe Illusions of Entrepre- neurship, New Haven / London 2008 US study UK studies Source: Stokes / Wilson, Small Business Management, p. 87
  11. 11. RAISINGMONEY Lemons and Pearls 08.03.2017 11Startnowhow – Seminar 8 Source: Timmons / Spinelli, New Venture Creation, p. 158
  12. 12. RAISINGMONEY Venture Life Cycle and Target Returns 08.03.2017 12Startnowhow – Seminar 8 Source: Leach, J.C./Melicher, R.W., Entrepreneurial Finance, p.255
  13. 13. RAISINGMONEY Actual VC Returns 08.03.2017 13Entrepreneurship Source: Smith, J.K./Smith, R.L./Bliss, R.T., Entrepreneurial Finance, p.343
  14. 14. RAISINGMONEY Mezzanine Capital 08.03.2017 14Entrepreneurship Source: Volkmann, C.K./Tokarski, K.O./Grünhagen, M., Entrepreneurship in a European Perspective, p.340
  15. 15. RAISINGMONEY Equity, Debt and Mezzanine Capital 08.03.2017 15Entrepreneurship Source: Volkmann, C.K./Tokarski, K.O./Grünhagen, M., Entrepreneurship in a European Perspective, p.287
  16. 16. 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 16Startnowhow – Seminar 808.03.2017 BIC Angel Investment Network: Legal Framework RAISINGMONEY
  17. 17. RAISINGMONEY Investment Process of Business Angels 08.03.2017 17Startnowhow – Seminar 8 Source: Volkmann, C.K./Tokarski, K.O./Grünhagen, M., Entrepreneurship in a European Perspective, p.300
  18. 18. RAISINGMONEY VC‘s Organizational Structure 08.03.2017 18Startnowhow – Seminar 8 Source: Smith, J.K./Smith, R.L./Blisss, R.T., Entrepreneurial Finance, p.90
  19. 19. RAISINGMONEY VC Capital Investment Process 08.03.2017 19Startnowhow – Seminar 8 Source: Smith, J.K./Smith, R.L./Blisss, R.T., Entrepreneurial Finance, p.95
  20. 20. BIC ANGEL INVESTMENTS Dr. Joachim Behrendt Phone: +90 212 328 1939 Fax: +90 212 328 1933 www.bicangels.com http:/twitter.com/joachimbehrendt http://tr.linkedin.com/pub/joachim-behrendt/18/706/a7a Email: j.behrendt@bicangels.com

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