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VENTUREPRENEURS
@WORK
Jan Henric
Buettner
Kiev, IDCEE
2013
GETTING STARTED

...in 7 easy steps!
2
STEP 1 AND 2

3
STEP 3 AND 4

4
STEP 5 AND 6

5
STEP 7

6
WHAT DOES IT TAKE TO
GET STARTED?

Building Blocks for Success
Attractive
Opportunity
•Timely
•Feasible
•Important
•Profit...
HOW DO COMPANIES
GROW UP?
Stable
Aristocracy

Prime

Recrimination

Adolescence
Divorce

Premature Aging
Unfulfilled Entre...
PIVOTING AND
ADAPTING

Most Startups do not end as they started.

9
THE FOUR STEPS TO
EPIPHANY
1. Synchronize customer development with product development
2. Acquire early evangelist custom...
GET TO HEAR THE BAD
NEWS EARLY!
Synchronize Product Development...
Concept/Busin
ess Plan

Product
Development

Alpha/Beta...
FIND THE RIGHT
BUSINESS MODEL
Any company can be described in 9 building blocks

12
(1) CUSTOMER SEGMENTS
(2) VALUE
PROPOSITIONS

Which customers are you serving? Which jobs do they really want to get done?...
(3) CHANNELS

How does each customer segment want to be reached?
Through which interaction points?
14
(4) CUSTOMER
RELATIONSHIPS
(5) REVENUE STREAMS

What relationships are you establishing with each segment? Personal/Automa...
(6) KEY RESOURCES
(7) KEY ACTIVITIES

Which resources underpin your business model? Which assets are essential?
Which acti...
(8) KEY PARTNERS
(9) COST STRUCTURE

Which partners and suppliers leverage your model? Who do you need to rely on?
What is...
GLOBAL TRENDS

Community – Mobility – Ubiquity – Service
WE LIKE INNOVATIVE OPPORTUNITIES

18
FIVE GLOBAL FUNDS
AND INCUBATORS
e.ventures is a truly global venture capital firm which has invested in and built categor...
HISTORY AND FOCUS
We have more than two decades of experience in building as well as investing into
highly successful cons...
CASE STUDY: PSAFE
(XANGO)

21
CASE STUDY: THE
REALREAL

22
CASE STUDY:
PARTNERING
therealreal.com

therealreal.jp

23
THE OTHER CASE

24
RECENT FINANCINGS

Series C, 15 Mio $

Series C, 20 Mio $

Series A, 17 Mio $

25
RECENT EXITS

Exit: 2010
Acquirer: Groupon

Exit: 2012
IPO

Exit: 2011
Acquirer: Axel Springer

Exit: 2012
Acquirer: KKR

...
FAMOUS LAST WORDS
(PART 1)

Good judgment comes from experience!

27
FAMOUS LAST WORDS
(PART 2)

Experience comes from bad judgment!

28
THANK YOU !

Vision without execution is hallucination
-Albert Einstein

www.eventures.vc
– the entrepreneurial venture fu...
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IDCEE 2013: Venturepreneurs @work - Jan Henric Buettner (Founding partner @ BV Capital / e.ventures)

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http://idcee.org/p/jan-henric-buettner/

Jan is the founding partner of BV Capital / e.ventures, angel investor, serial entrepreneur and new media pioneer with international reputation. He has founded several successful Internet ventures and in the process created more than $15 billion in value. Jan has a long history in developing, managing and operating Internet, telecommunications and media service companies, including an early involvement in the licensing process for the digital mobile network in Europe and the emerging value-added services market. In the early 90′s, Jan and his team created one of the world’s first consumer online services in Germany, and subsequently founded and managed AOL Europe. In 1997, he moved to California where he set up the BV Capital venture funds, which grew to the current five-fund global VC, renamed as e.ventures. In 2000, the Wall Street Journal named Jan “one of the most influential European technology financiers on either side of the Atlantic.

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IDCEE 2013: Venturepreneurs @work - Jan Henric Buettner (Founding partner @ BV Capital / e.ventures)

  1. 1. VENTUREPRENEURS @WORK Jan Henric Buettner Kiev, IDCEE 2013
  2. 2. GETTING STARTED ...in 7 easy steps! 2
  3. 3. STEP 1 AND 2 3
  4. 4. STEP 3 AND 4 4
  5. 5. STEP 5 AND 6 5
  6. 6. STEP 7 6
  7. 7. WHAT DOES IT TAKE TO GET STARTED? Building Blocks for Success Attractive Opportunity •Timely •Feasible •Important •Profitable •Favorable context Good People & Team •Passion •Interest •Commit-ment •Curiosity •Risk taking Sufficient Resources •Skills & Capabilities •Financing •Network •Dynamic Capabilities 7
  8. 8. HOW DO COMPANIES GROW UP? Stable Aristocracy Prime Recrimination Adolescence Divorce Premature Aging Unfulfilled Entrepreneur Infancy Bureaucracy Founder or Family Trap Infant Mortality Death Courtship Affair Adizes Organizational Lifecycles ™ 8
  9. 9. PIVOTING AND ADAPTING Most Startups do not end as they started. 9
  10. 10. THE FOUR STEPS TO EPIPHANY 1. Synchronize customer development with product development 2. Acquire early evangelist customers 3. Get to hear the bad news early 4. Find the right business model 10
  11. 11. GET TO HEAR THE BAD NEWS EARLY! Synchronize Product Development... Concept/Busin ess Plan Product Development Alpha/Beta Test Launch/ 1st Ship Customer Creation Company Building ... with Customer Development ! Customer Discovery Customer Validation 11
  12. 12. FIND THE RIGHT BUSINESS MODEL Any company can be described in 9 building blocks 12
  13. 13. (1) CUSTOMER SEGMENTS (2) VALUE PROPOSITIONS Which customers are you serving? Which jobs do they really want to get done? What are you offering them? What are you getting done for them? Do they care? 13
  14. 14. (3) CHANNELS How does each customer segment want to be reached? Through which interaction points? 14
  15. 15. (4) CUSTOMER RELATIONSHIPS (5) REVENUE STREAMS What relationships are you establishing with each segment? Personal/Automated? Acquisitive/Retentive? What are your customers really willing to pay for? How? Are you generating transactional or recurring revenues? 15
  16. 16. (6) KEY RESOURCES (7) KEY ACTIVITIES Which resources underpin your business model? Which assets are essential? Which activities do you need to perform well? What is crucial? 16
  17. 17. (8) KEY PARTNERS (9) COST STRUCTURE Which partners and suppliers leverage your model? Who do you need to rely on? What is the resulting cost structure? Which key elements drive your costs? 17
  18. 18. GLOBAL TRENDS Community – Mobility – Ubiquity – Service WE LIKE INNOVATIVE OPPORTUNITIES 18
  19. 19. FIVE GLOBAL FUNDS AND INCUBATORS e.ventures is a truly global venture capital firm which has invested in and built category creating startups around the world e.ventu res Incuba tor 19
  20. 20. HISTORY AND FOCUS We have more than two decades of experience in building as well as investing into highly successful consumer internet companies Videotel AOL Europe Fund 1 US Fund 2 US, EU Fund 3 US, EU, Asia, Russia Fund 4 US, EU, Asia, Russia, Brazil 199 199 199 199 20 20 201 2 5 7 8 01 06 1 Selected portfolio companies and exits Fund 1 Fund 2 Fund 3 Fund 4 20
  21. 21. CASE STUDY: PSAFE (XANGO) 21
  22. 22. CASE STUDY: THE REALREAL 22
  23. 23. CASE STUDY: PARTNERING therealreal.com therealreal.jp 23
  24. 24. THE OTHER CASE 24
  25. 25. RECENT FINANCINGS Series C, 15 Mio $ Series C, 20 Mio $ Series A, 17 Mio $ 25
  26. 26. RECENT EXITS Exit: 2010 Acquirer: Groupon Exit: 2012 IPO Exit: 2011 Acquirer: Axel Springer Exit: 2012 Acquirer: KKR Exit: 2013 Acquirer: LinkedIn Exit: 2012 Acquirer: Ozon Exit: 2013 Acquirer: IPO 26
  27. 27. FAMOUS LAST WORDS (PART 1) Good judgment comes from experience! 27
  28. 28. FAMOUS LAST WORDS (PART 2) Experience comes from bad judgment! 28
  29. 29. THANK YOU ! Vision without execution is hallucination -Albert Einstein www.eventures.vc – the entrepreneurial venture fund – 29

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