Lessons Learned in Venturing (SanomaVentures & Springest) at Sanoma Media Matters 2014

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Presentation by Ruben Timmerman (Springest) and Herman Kienhuis (SanomaVentures) on their activities and their lessons learned as entrepreneur and investor, at Sanoma Media Matters, June 11, 2014 in Hoofddorp, The Netherlands.

Published in: Business, Economy & Finance

Lessons Learned in Venturing (SanomaVentures & Springest) at Sanoma Media Matters 2014

  1. 1. Lessons Learned in Venturing Herman Kienhuis & Ruben Timmerman Sanoma Media Matters Hoofddorp, June 11, 2014
  2. 2. agenda the investor - introduction to herman & sanomaventures the entrepreneur - introduction to ruben & springest the investor - lessons learned the entrepreneur - lessons learned Q&A
  3. 3. the investor
  4. 4. chemical engineering / mckinsey / mba / sanoma finance & strategy / digital product development / venture capital family-man / music-maker / 
 vintage-lover / internet-geek
  5. 5. Addressing all three horizons of growth defend and extend core businesses (TV, newspapers, magazines, local online assets, educational books) PROFIT build emerging businesses (marketing solutions, international online, learning solutions) REVENUE create viable options for the future (Innovation Lab, SanomaVentures) INNOVATION
  6. 6. Geographies
  7. 7. Consumer Media Consumer web services Mobile & Tablet publishing Online Video & connected TV E-commerce Advertising & marketing services Lead generation & Marketplaces Commerce services Education Pre-school educational apps K12 ecosystem Personal/professional development Scope
  8. 8. capitalneed(EURx1000) >20.000 20.000 10.000 5.000 2.500 1.000 500 250 100 50 25 Incubators/ accelerators/ angel investors start development phase friends & family venture capital Sanoma Ventures (€0.1-1.0m) pre-seed seed early-stage / venture growth later-stage •  Very difficult to screen (no metrics available) •  Low success rate •  5-7 years for return •  Competition from VC’s •  Limited ability to acquire >15% stakes •  Much capital required •  Less investors, lower valuations •  User metrics available •  3-5 years for return sweetspot Stage
  9. 9. SMART MONEY •customer reach: Sanoma media package (in addition to cash) •mentoring: Sanoma business owners act as sparring partners •expertise: Sanoma design, development, marketing and sales specialists and industry/ domain experts & knowledge •network: Sanoma corporate customers, suppliers, partners, other ventures
  10. 10. R&D: Create access to external talent and innovations; reduce cost of experimentation; 24 investments in 3 years ! Growth: Create options for future growth; build up a portfolio generating 
 >€20 mln revenues in 2017 ! Value creation: Support startups with expertise, network and media as an investment currency; manage portfolio companies to positive return and create 5 ‘exits to Sanoma’ (acquired) in 6 years ! Transformation: Facilitate knowledge exchange, bringing new insights into Sanoma, supporting its transformation ! PR: Help build Sanoma’s innovation and growth story towards advertising-, labour-and capital market SanomaVentures’ objectives
  11. 11. L.Druege@vdz.de
  12. 12. L.Druege@vdz.de ROOMLR SOCIAL SHOP
  13. 13. L.Druege@vdz.de STAGE OF INVESTMENT >EUR 0.25mln
  14. 14. L.Druege@vdz.de AREAS OF INVESTMENT
  15. 15. L.Druege@vdz.de
  16. 16. the entrepreneur
  17. 17. Springest:Your Learning Source Learning is fragmented. People and companies need a guide. We’ll be the Amazon of Learning. Springest.nl / .de / .co.uk / .be / .com / .ru
  18. 18. People regularly discover, buy & review learning products Companies help employees grow, get
 education + budget compliance Publishers monetize their content via our API & white label Learning providers local or online, get clicks, 
 leads, sales & branding Software vendors enable their apps with learning data What: Learning marketplace
  19. 19. Cloud perspective
  20. 20. Inspired by Jeff Bezos‘ Amazon Flywheel New Users User
 Experience Learning content Learning Providers Flywheel, chicken, egg
  21. 21. how: holacracy / agile
  22. 22. how: data driven product
  23. 23. how: data driven product
  24. 24. how: internal awareness
  25. 25. the investor: lessons learned
  26. 26. team, team, team
  27. 27. dedication & focus
  28. 28. invest in stuff you know something about
  29. 29. push what goes well
  30. 30. and get out of the way
  31. 31. accept limited control
  32. 32. and have patience
  33. 33. the entrepreneur: lessons learned (the hard way ;))
  34. 34. choose leverage
  35. 35. solve existing problems
  36. 36. conquering country cliches
  37. 37. scaling by teaching
  38. 38. sales is marketing is product 2800 providers = 1 accountmanager + 1 support
  39. 39. extreme transparency
  40. 40. focus on (in)security
  41. 41. get started @kienhuis | @rubzie |#smm14 Questions?

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