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Inside venture capital - entrepreneurs dna - formula for success

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Slides from a lecture about Venture Capital and Entrepreneurship - what makes a great founder ? how great founders succeed ?

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Inside venture capital - entrepreneurs dna - formula for success

  1. 1. INSIDE VENTURE CAPITAL February 2016 Christophe Raynaud – Managing Partner & Cofounder
  2. 2. WHO AM I TO SPEAK ?  HEC graduate (last millenium)  Entrepreneur… - Chateauonline - Netboussole - Samaris  …Turned VC (dark side of the force) - Saeed Amidi (Amidzad partner / plug&play tech center) - Paris Business Angels - ISAI CONTACT : r a y n a u d @ i s a i . Fr / @chraynaud
  3. 3. WHAT WILL I BE TALKING ABOUT ?  What is Venture Capital History ?  What is an investment thesis ? What’s ISAI’s ?  How do VC/ISAI source/screen opportunities ? What makes a great founder ? What’s the formula for success ?
  4. 4. WHY ? I HAVE FAILED A LOT : AND FAILURE SUCKS (TAKE MY WORD)  I HAD THE CHANCE TO WORK WITH 130 FRENCH SUCCESSFUL ENTREPRENEURS (SEE THE LIST) I HAD THE CHANCE TO WITNESS SOME OF OUR PORTFOLIO STARTUPS GROW FROM NOTHING TO HUGE GLOBAL SUCCESS (BLABLACAR, EVANEOS, STICKYADS…) > I’VE LEARNED A LOT AND I FEEL LIKE SHARING THIS EXPERIENCE SO OTHERS WON’T FAIL AS BAD AS I DID
  5. 5. GREAT FOUNDERS
  6. 6. Venture capitalists spend a lot of time talking about markets and technology…. and we have lots of opinions. …but the decision should be around people…. about 90% of the decision is people. VC MARC ANDREESSEN @pmarca | Founder of NETSCAPE and A16Z
  7. 7. VENTURE CAPITAL IS A PEOPLE BUSINESS
  8. 8. WHAT KIND OF PEOPLE ARE WE TALKING ABOUT ?
  9. 9. LET’S SEARCH THE WEB…
  10. 10. BEST PREDICTOR OF SUCCESS FOR ENTREPRENEURS ?
  11. 11. BEST PREDICTOR OF SUCCESS FOR ENTREPRENEURS ?
  12. 12. BEST PREDICTOR OF SUCCESS FOR ENTREPRENEURS ?
  13. 13. BEST PREDICTOR OF SUCCESS FOR ENTREPRENEURS ?
  14. 14. BEST PREDICTOR OF SUCCESS FOR ENTREPRENEURS ?
  15. 15. BEST PREDICTOR OF SUCCESS FOR ENTREPRENEURS ?
  16. 16. LOADS OF DIFFERENT THESIS …
  17. 17. HARD TO FIND JUST ONE THING REALLY…
  18. 18. SO, WHAT’S THE FORMULA FOR SUCCESS ? (IF ANY…)
  19. 19. LET’S ASK THE PROs…
  20. 20. We are looking for a magic combination of Courage and Genius “ VC MARC ANDREESSEN @pmarca | Founder of NETSCAPE and A16Z
  21. 21. And Courage is “not giving up in the face of adversity” “ VC MARC ANDREESSEN @pmarca | Founder of NETSCAPE and A16Z
  22. 22. SUCCESS = COURAGE x GENIUS
  23. 23. WHY IS THIS FORMULA RIGHT? (OR MAY BE NOT THAT WRONG) (OR INTERESTING) (OR NICE)
  24. 24. LET’S USE A MODEL FIND A SIMPLE IMAGE TO REPRESENT A COMPLEX REALITY
  25. 25. SUCCESS IS A BIT LIKE HAPPINESS
  26. 26. AND WHAT’S BEEN SAID ABOUT HAPPINESS…
  27. 27. …HAS BEEN SAID ABOUT SUCCESS :
  28. 28. WITH OUR METAPHOR, PUT IT SIMPLY
  29. 29. IF SUCCESS IS A JOURNEY
  30. 30. THE LONGER THE JOURNEY, THE BIGGER THE SUCCESS
  31. 31. AND JUST AS, FOR A JOURNEY, D = S x TDISTANCE SPEED TIME
  32. 32. FOR SUCCESS S = G x CSUCCESS GENIUS COURAGE
  33. 33. FOR SUCCESS S = G x CSUCCESS GENIUS COURAGE HOW WELL YOU TRY X HOW LONG YOU TRYSUCCESS =
  34. 34. FOR SUCCESS S = G x CSUCCESS GENIUS COURAGE TALENT X PASSIONSUCCESS =
  35. 35. FOR SUCCESS S = G x CSUCCESS GENIUS COURAGE CREATIVITY X GRITSUCCESS =
  36. 36. SO, JUST AS DISTANCE = SPEED x TIME
  37. 37. SUCCESS = COURAGE x GENIUS
  38. 38. THAT’S WHAT MARC SAID…
  39. 39. 2 THINGS VERY IMPORTANT TO KEEP IN MIND ABOUT THIS FORMULA
  40. 40. 1- GENIUS (SPEED) IS NOT FIXED
  41. 41.  YOU CAN LEARN YOU CAN DEVELOP GENIUS (SPEED/ACCELERATION)
  42. 42. 2- COURAGE (TIME) IS NOT FIXED
  43. 43.  YOU CAN PERSIST YOU CAN GAIN COURAGE (TIME/DILATION)
  44. 44. LET’S DIG FURTHER THIS LAST VARIABLE
  45. 45. WHAT IS TIME DILATION ?
  46. 46. IT’S THE FACT THAT GRAVITY STRECHES TIME
  47. 47. DID YOU KNOW THAT GRAVITY MAKES CLOCK RUN SLOWLY ?
  48. 48. One hour on this planet is 7 years on earth FILM « INTERSTELLAR »
  49. 49. WELL LOVE DOES TO COURAGE WHAT GRAVITY DOES TO TIME (IT MAKES IT BIGGER)
  50. 50. Funny to note that Courage comes from French word “coeur” (= HEART)
  51. 51. LINK BETWEEN LOVE/COURAGE<->WORK/SUCCESS HAS BEEN MENTIONNED BY THE GREATEST
  52. 52. SO, IF YOU LOVE WHAT YOU DO AND DO WHAT YOU LOVE
  53. 53. YOU’LL BE HEARTFULL AND YOU’LL FIND COURAGE
  54. 54. WITH COURAGE YOU WON’T GIVE UP EVER, NEVER
  55. 55. YOU LOVE => YOU PERSIST YOU PERSIST => YOU SUCCEED
  56. 56. TO WRAP UP : - SUCCESS = GENIUS x COURAGE YOU CAN DEVELOP GENIUS BY LEARNING, AND YOU LEARN BY PRACTISING YOU CAN GAIN COURAGE BY DOING WHAT YOU LOVE AND LOVING WHAT YOU DO - NOTHING IS FIXED AND YOU CAN CHANGE IT >> NOW, GO CHANGE THE WORLD AND MAKE IT A BETTER PLACE
  57. 57. Download more slides on @chraynaud

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