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US Startup Investment Market (Startonomics Tokyo, June 2009)

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Presentation on US Startup & Seed / Angel Investment Market for Startonomics Tokyo (June, 2009). Speakers Dave McClure, Joyce Kim, Dave Troy, Ryan Pipkin.

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  • DOWNLOAD THE BOOK INTO AVAILABLE FORMAT (New Update) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { https://urlzs.com/UABbn } ......................................................................................................................... Download Full EPUB Ebook here { https://urlzs.com/UABbn } ......................................................................................................................... Download Full doc Ebook here { https://urlzs.com/UABbn } ......................................................................................................................... Download PDF EBOOK here { https://urlzs.com/UABbn } ......................................................................................................................... Download EPUB Ebook here { https://urlzs.com/UABbn } ......................................................................................................................... Download doc Ebook here { https://urlzs.com/UABbn } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book THE can be read by using a personal computer or by using an eBook reader. (An eBook reader can be a software application for use on a computer such as Microsoft's free Reader application, or a book-sized computer THE is used solely as a reading device such as Nuvomedia's Rocket eBook.) Users can purchase an eBook on diskette or CD, but the most popular method of getting an eBook is to purchase a downloadable file of the eBook (or other reading material) from a Web site (such as Barnes and Noble) to be read from the user's computer or reading device. Generally, an eBook can be downloaded in five minutes or less ......................................................................................................................... .............. Browse by Genre Available eBOOK .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, CookBOOK, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult, Crime, EBOOK, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, ......................................................................................................................... ......................................................................................................................... .....BEST SELLER FOR EBOOK RECOMMEND............................................................. ......................................................................................................................... Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth,-- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,-- Call Sign Chaos: Learning to Lead,-- StrengthsFinder 2.0,-- Stillness Is the Key,-- She Said: Breaking the Sexual Harassment Story THE Helped Ignite a Movement,-- Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones,-- Everything Is Figureoutable,-- What It Takes: Lessons in the Pursuit of Excellence,-- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money THE the Poor and Middle Class Do Not!,-- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness,-- Shut Up and Listen!: Hard Business Truths THE Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
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US Startup Investment Market (Startonomics Tokyo, June 2009)

  1. Startonomics / Tokyo - June 9, 2009 Dave McClure, Founders Fund Joyce Kim, Soompi & Fortis General Counsel David Troy, Baltimore Angels Ryan Pipkin, AngelSoft US Startup Investment Market
  2. Startup Investment Trends <ul><li>Venture Capital Turmoil: “ R.I.P. Good Times ” </li></ul><ul><ul><li>Not so bad for startups (valuation), however.. </li></ul></ul><ul><ul><li>Pretty bad for VCs (fundraising) if poor returns </li></ul></ul><ul><li>Slowdown Later Stage Deals, Reduced Valuations </li></ul><ul><li>Legal Trends and Changes? </li></ul><ul><li>Growth -> Monetization, Revenue -> Profitability </li></ul><ul><li>Growth of Seed Funds, Incubators </li></ul><ul><ul><li>Y-Combinator, TechStars, fbFund REV </li></ul></ul><ul><li>Startonomics / Startup Metrics / Lean Startup </li></ul>
  3. Dave McClure PROPRIETARY & CONFIDENTIAL <ul><ul><li>2001-2008: </li></ul></ul><ul><ul><li>Startup Investor: 500 Hats LLC, Founders Fund </li></ul></ul><ul><ul><li>Tech Marketing : PayPal, Simply Hired, Mint </li></ul></ul><ul><ul><li>Advisor, Angel Investor : 20+ Startups </li></ul></ul><ul><ul><li>Conf. Organizer : Web 2.0, O’Reilly, Startonomics </li></ul></ul><ul><ul><li>Stanford Visiting Lecturer : Facebook, Startup Metrics </li></ul></ul><ul><ul><li>80’s & 90’s: </li></ul></ul><ul><ul><li>Entrepreneur : Founder/CEO Aslan Computing (acq.) </li></ul></ul><ul><ul><li>Developer : Windows Apps / SQL DB Admin </li></ul></ul><ul><ul><li>User Groups : E-Commerce, Internet, Client-Server </li></ul></ul><ul><ul><li>Engineer : Johns Hopkins ‘88, BS Eng / Applied Math </li></ul></ul>
  4. Personal Investments (2004-2008) PROPRIETARY & CONFIDENTIAL
  5. Professional Investments (2009) <ul><li>FF Angel LLC </li></ul><ul><li>Twilio </li></ul><ul><li>1000 Markets </li></ul><ul><li>UserVoice </li></ul><ul><li>Bit.ly </li></ul><ul><li>DailyBurn </li></ul>
  6. Changing Focus
  7. Startup Funding Ecosystem PROPRIETARY & CONFIDENTIAL Union Square Ventures First Round Capital SoftTech (Clavier) Maples Investments Benchmark Sequoia Y-Combinator TechStars FF Angel FF II fbFund REV FF I Angels & Incubators ($0-10M) Seed Funds ($10-50M) Small VC Funds ($50-250M) Traditional VC Funds (>$250M)
  8. Angelsoft.net Data Metrics Angelsoft represents over 80% of the Organized Angel Networks in the United States
  9. From Q4 ‘08 - Q1 ‘09 <ul><li>Growth by 17.83% in # of companies actively looking for angel capital </li></ul><ul><li>Decline by 35% in total $ investment amount </li></ul><ul><li>Decline by 23.42% in valuations </li></ul>
  10. From Q4 ‘08 - Q1 ‘09 <ul><li>Decreased by 50% in time it took to make an investment </li></ul><ul><li>Increase by 31.19% in average amount of money entrepreneurs are seeking </li></ul><ul><li>Increase by 86% in average investment amount per deal that closed </li></ul>
  11. Legal Trends <ul><li>Convertible Notes / Caps </li></ul><ul><li>Priced Rounds </li></ul><ul><li>Terms are very pro-investor </li></ul><ul><li>Valuations are down </li></ul><ul><li>Tip – ask your attorney how to control costs. </li></ul>
  12. Investment Stages <ul><li>Micro-Seed: $0-$100K –> Prototype </li></ul><ul><li>Seed: $100K-$1M –> Market Development </li></ul><ul><li>Series A: $1-5M+ –> Revenue / Profitability </li></ul><ul><li>Series B: $2-20M+ -> Profitability / ? </li></ul>
  13. Example #1: Micro-Seed (“Prototype / Incubate”) <ul><li>1-2 person startup </li></ul><ul><li>Founder / Angel Investors </li></ul><ul><ul><li>=> $25-100K @ $500K-2M pre-money valuation </li></ul></ul><ul><ul><li>FF&F: Friends, Family, & Fools </li></ul></ul><ul><ul><li>Credit Cards, 2 nd Mortgage, Customer-Financed, etc </li></ul></ul><ul><li>Examples: Y-Combinator, TechStars, fbFund REV </li></ul><ul><li>Goal: Build Functional Prototype </li></ul><ul><ul><li>Concept->Alpha , ≤ 3-6 mo’s </li></ul></ul><ul><ul><li>Develop Minimal Critical Feature Set => Get to “ It Works ” </li></ul></ul><ul><ul><li>Instrument Basic Dashboard, Conversion Metrics </li></ul></ul><ul><ul><li>Setup Build/Release/Test Cycle </li></ul></ul><ul><ul><li>Test Cust. Adoption (10-1000 users) / Cust. Satisfaction (Scale: 1-10) </li></ul></ul><ul><ul><li>Connect with Advisors & Mentors, Angels/VCs </li></ul></ul><ul><li>Demonstrate Concept , Reduce Product Risk, Vet Team </li></ul><ul><li>Develop Metrics & Filter for Follow-on Investment </li></ul>PROPRIETARY & CONFIDENTIAL
  14. Example #2: Seed (“Angel / Syndicate”) <ul><li>2-5 person startup </li></ul><ul><li>Angel Investor / Syndicate </li></ul><ul><ul><li>=> $100K-$1M @ $1-3M pre-money valuation </li></ul></ul><ul><li>Examples: First Round, True Ventures, Union Square, FF Angel </li></ul><ul><li>Goal: Develop/Expand Prototype -> Functional, Growing Beta </li></ul><ul><ul><li>Alpha->Beta , ≤ 3-6 mo’s </li></ul></ul><ul><ul><li>Test Cust. Sat ≥ 6 / 10 => Get to “ Doesn’t Suck ” </li></ul></ul><ul><ul><li>Setup A/B Testing Framework, Optimize Conversion </li></ul></ul><ul><ul><li>Test Mktg Campaigns, Cust. Acq. Channels: Volume, Cost </li></ul></ul><ul><ul><li>IF/WHEN Cust. Sat ≥ 8 (“ It’s Good! ”), THEN Grow User Base </li></ul></ul><ul><ul><li>Connect with Advisors, Series A Investors, Key Hires </li></ul></ul><ul><ul><li>Test/Develop Revenue Model </li></ul></ul><ul><li>Prove Solution/Benefit, Assess Market Size, Initial Lines of Revenue </li></ul><ul><li>Test Channel Cost, Revenue Opportunity </li></ul><ul><li>Determine Org Structure, Key Hires </li></ul>PROPRIETARY & CONFIDENTIAL
  15. Example #3: Series A (“Venture”) <ul><li>3-10 person team; bring in key CXO/VP roles </li></ul><ul><li>Large Seed / Small Series A </li></ul><ul><ul><li>=> $500K-$5M @ $2-20M pre </li></ul></ul><ul><li>Examples: Founders Fund , Sequoia Capital, Benchmark Capital </li></ul><ul><li>Goal: Market Expansion: </li></ul><ul><ul><li>Beta->Production , ≤ 6-12 mo’s </li></ul></ul><ul><ul><li>Rigorous A/B Testing, Optimize Conversion </li></ul></ul><ul><ul><li>Get Cust. Sat ≥ 8 / 10 => “ It Rocks, I’ll Tell My Friends ” </li></ul></ul><ul><ul><li>Marketing Plan => Predictable Channels / Campaigns + Budget </li></ul></ul><ul><ul><li>Vet Scalability & Infrastructure, Customer Service & Ops </li></ul></ul><ul><ul><li>IF/WHEN Predictable, Scalable Growth THEN Step On Gas </li></ul></ul><ul><ul><li>Connect with Marketing / Distribution Partners </li></ul></ul><ul><ul><li>Revenue / Profit focus </li></ul></ul><ul><li>Prove/Expand Market, Operationalize Business </li></ul><ul><li>Future Milestones: Expansion, Sustainable, Exit Options </li></ul>PROPRIETARY & CONFIDENTIAL
  16. Startup Metrics PROPRIETARY & CONFIDENTIAL <ul><ul><li>A cquisition : What channels do customers come from? </li></ul></ul><ul><ul><li>A ctivation : Do they have “happy” 1st experience? </li></ul></ul><ul><ul><li>R etention : Will they come back? </li></ul></ul><ul><ul><li>R eferral : Do they tell other people? </li></ul></ul><ul><ul><li>R evenue : How to make money? </li></ul></ul>
  17. STARTonomics 2008 Conference 300+ Startup Entrepreneurs & Investors Startup Metrics Education for Product, Marketing, Tech <ul><li>Startup Metrics </li></ul><ul><li>Product Development </li></ul><ul><li>Scalability </li></ul><ul><li>Game Mechanics </li></ul><ul><li>Design 101 </li></ul><ul><li>Activation & Retention </li></ul><ul><li>Marketing </li></ul>PROPRIETARY & CONFIDENTIAL <ul><li>SEO </li></ul><ul><li>Social Media </li></ul><ul><li>Viral Marketing </li></ul><ul><li>Social Platforms </li></ul><ul><li>Revenue Optimization </li></ul><ul><li>Customer Service </li></ul><ul><li>Funding & Financing </li></ul>
  18. Links & Resources <ul><li>FoundersFund.com , follow @DaveMcClure </li></ul><ul><li>Fortis General Counsel , follow @JoyceKim </li></ul><ul><li>AngelSoft.net , follow @ripkin </li></ul><ul><li>follow @BaltimoreAngels, @DaveTroy </li></ul><ul><li>Yokum Taku, StartupCompanyLawyer.com </li></ul><ul><li>Eric Ries, Startup Lessons Learned </li></ul><ul><li>Dave McClure, Startup Metrics for Pirates </li></ul><ul><li>Finance4Founders.com </li></ul><ul><li>Startonomics SF (2008) </li></ul>

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