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Inversores privados: business angel y venture capital

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##### Inversores privados: business angel y venture capital #####

[Castellano]
[1 hora]
[Audiencia: iniciación]
[Finalistas linktoStart 2011 (Webex)]
[octubre 2011]

(1) Financiación de una start-up.
(2) Inversores: business angels y venture capital.
(3) Valoración y condiciones.
(4) Presentando a inversores.
(5) Recomendaciones.

Published in: Business
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  • DOWNLOAD THAT BOOKS INTO AVAILABLE FORMAT (2019 Update) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book that 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 that 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 eBooks .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, 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, Ebooks, 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 That 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 That 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 that Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
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Inversores privados: business angel y venture capital

  1. 1. Inversores Privados ( #inversores ) Jordi Puigdellívol Start-up Mentor and Sherpa @jpuigdellivol
  2. 2. Veremos ... #inversores Financiación de una start-up. Inversores: business angels y venture capital. Valoración y condiciones. Presentando a inversores. Recomendaciones.    Jordi Puigdellívol – Start-up Mentor & Sherpa
  3. 3. Financiación de una start-up #inversores    Jordi Puigdellívol – Start-up Mentor & Sherpa
  4. 4. Financiación de una start-up #inversores Ahorros personales 3F Targetas de crédito Créditos a entidades financieras. Subvenciones autonómicas y estatales.    Jordi Puigdellívol – Start-up Mentor & Sherpa
  5. 5. Financiación de una start-up #inversores Socio estratégico (industrial y/o comercial) Business Angel y Red de business angel Venture capital y Corporate VC Familiy office, Sicav, ... M&A y IPO    Jordi Puigdellívol – Start-up Mentor & Sherpa
  6. 6. Inversión privada #inversores    Jordi Puigdellívol – Start-up Mentor & Sherpa
  7. 7. Inversión privada #inversores Contexto: riesgo, maduración, potencial. És un negocio, de elevado retorno. Riesgo vs retorno. Esencia: dinero a cambio de un papelito (acción). Especialización: sectores, maduración, ... Entran para salir !!!    Jordi Puigdellívol – Start-up Mentor & Sherpa
  8. 8. Inversión privada #inversores Ofrecen más que dinero: Contactos. Credibilidad y sello. Experiencia sector. Conocimientos. Consejo. Exigen más que un simple papelito: requerimientos (resultados), condiciones y entrar en casa.    Jordi Puigdellívol – Start-up Mentor & Sherpa
  9. 9. Inversión privada #inversores Negociación: valoración, condiciones y requerimientos. Muy escasos de tiempo. Acciones ordinarias vs preferentes. Cielo vs infierno. El inversor puede perder su dinero, per tu la empresa. Vias de monetización: dividendos y venta participación.    Jordi Puigdellívol – Start-up Mentor & Sherpa
  10. 10. Business angel #inversores    Jordi Puigdellívol – Start-up Mentor & Sherpa
  11. 11. Business angel #inversores Invierten su propio dinero. No están obligados a invertir. Cantidades habituales en España: 25-250 k€ Entran en fases iniciales -> riesgo muy elevado. Gran parte de la apuesta va por el emprendedor. Buscan algo más que rentabilidad. Los acuerdos son menos sofisticados.    Jordi Puigdellívol – Start-up Mentor & Sherpa
  12. 12. Business angel #inversores Co-invierten: BAN. Proximidad geográfica y tecnología desconocida. Pueden ser un sello de calidad. Involucración: de todos los colores. Bien conectado en el mundo inversor: siguientes rondas. Rendibilidad y liquidez: venta de acciones. Boom de BAs: cuidado!    Jordi Puigdellívol – Start-up Mentor & Sherpa
  13. 13. Venture capital #inversores    Jordi Puigdellívol – Start-up Mentor & Sherpa
  14. 14. Venture capital #inversores Invierten el dinero de otros. Limitted partners (LP) vs General Partners (GP). Comisión fija de lo invertido, más variable según retorno. Fases de madurez más avanzadas. Cantidades habituales en España: 100k€ - 2M€ Acciones ordinarias i preferentes a partir de cierta ronda.    Jordi Puigdellívol – Start-up Mentor & Sherpa
  15. 15. Venture capital #inversores Buscan una gran escalabilidad. Entran para salir! Rentabilidad: dividendos y venta de acciones. Más sofisticados: “term sheet” y “due dilligence”.    Jordi Puigdellívol – Start-up Mentor & Sherpa
  16. 16. Valoración de una start-up #inversores    Jordi Puigdellívol – Start-up Mentor & Sherpa
  17. 17. Valoración de una start-up #inversores Solo es uno de los elementos del pack a negociar. Pre-money vs post-money. Más cualitativa que cuantitativa: negociación. Métodos clásicos son poco fiables: gran incertidumbre. Referencias internas: inversión emprendedores, activos, competencia, ... Descuento de flujos: ok, pero con mucha prudencia.    Jordi Puigdellívol – Start-up Mentor & Sherpa
  18. 18. Valoración de una start-up #inversores Potenciar la ley de oferta y demanda: moveros y dejaros querer. Y recibís feedback sobre la valoración y otros. Elementos cualitativos: Equipo emprendedor y directivo. “Traction” (métricas). Modelo de negocio. Tecnología e innovación. Estrategia y oportunidad (mercado “real”).    Jordi Puigdellívol – Start-up Mentor & Sherpa
  19. 19. Condiciones de inversión #inversores    Jordi Puigdellívol – Start-up Mentor & Sherpa
  20. 20. Condiciones de inversión #inversores Voto, veto, consejo, mayorías. Founder vesting (con un periodo de cliff). Liquidation preference y dividend preference. Drag alone y tag alone. First refusal y preemptive. Shot-gun. Provisión anti-dilución.    Jordi Puigdellívol – Start-up Mentor & Sherpa
  21. 21. Presentando a inversores #inversores    Jordi Puigdellívol – Start-up Mentor & Sherpa
  22. 22. Presentando a inversores #inversores Problema y solución. Proyecciones eco-fin. Mercado. Estado actual. Modelo de ingresos. Plan de acción. Competencia y ventaja Oportunidad de inversión. competitiva. Equipo.    Jordi Puigdellívol – Start-up Mentor & Sherpa
  23. 23. Recomendaciones #inversores    Jordi Puigdellívol – Start-up Mentor & Sherpa
  24. 24. Recomendaciones #inversores Es una negociación, de las más importantes: ¿Qué esperan ellos de vosotros? ¿Qué esperáis vosotros de ellos? Trazar internamente líneas rojas de mínimos (valoración, condiciones, valor que te deben aportar, ...) Reto muy exigente y de gran dedicación y durada. Alta preparación y con antelación. Llegar apurados es perder casi todo el poder de negociar.    Jordi Puigdellívol – Start-up Mentor & Sherpa
  25. 25. Recomendaciones #inversores Humilidad, pero con la cabeza bien alta. Su tiempo es muy valioso. Y el tuyo también. La primera impresión y detalles sí que cuentan. Valorar la naturaleza de la negociación: win-win? “Due dilligence” también a los inversores. Importante que conozcan el tempo de estos negocios. No te obsesiones con la valoración.    Jordi Puigdellívol – Start-up Mentor & Sherpa
  26. 26. Recomendaciones #inversores Kit: elevator pitch, resumen ejecutivo, presentación y business plan (sobretodo plan eco-fin). Vuestra dilución: proyección a ronda actual i futuras. Buscar un buen abogado. Proceso de gran aprendizaje: proceso, valoración, negociación. Lista candidatos: los ideales al final. Pacto final justo para ambas partes: mucho por delante.    Jordi Puigdellívol – Start-up Mentor & Sherpa
  27. 27. Inversores Privados ( #inversores ) s! Jordi Puigdellívol raci a Start-up Mentor and SherpaG @jpuigdellivol

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