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Curso Okuri Finanzas Para Emprendedores

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Curso de introducción a finanzas para emprendedores

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Curso Okuri Finanzas Para Emprendedores

  1. 1. Sesión 1 Finanzas para Emprendedores Marzo 2010
  2. 2. SERVICIOS PROFESIONALES PARA INVERSORES Y EMPRENDEDORES Okuri Ventures ayuda a convertir las ideas innovadoras en negocios de éxito CONSULTORÍA CAPITALIZADA Implantación de modelos de negocio y en la gestión de iniciativas ASESORÍA DE NEGOCIO FORMACIÓN Definición y valoración de Desarrollo profesional y ideas para la toma de personal mediante la decisiones de inversión formación y orientación INCUBADORA Y SERVICIOS SOPORTE Lanzamiento de iniciativas mediante la provisión de los recursos básicos 28/04/2010
  3. 3. FINANZAS PARA EMPRENDEDORES OBJETIVO SESIÓN 1 • Conceptos Introducir a estudiantes de pérfil técnico • Principios los conceptos financieros clave a la hora • Ecuaciones de emprender • Inversores; Objetivos y restricciones, etapas, “Capital riesgo” y Palancas de Valor RESULTADO • Conclusiones para el emprendedor •Comprensión de los indicadores financieros clave •Capacidad para parametrizar los SESIÓN 2 modelos facilitados de cara a valorar una • Business Plan startup y presentar las proyecciones • Precio finnacieras a inversores • Modelo de Negocio • Otras herramientas DURACIÓN 2 sesiones 4h 28/04/2010
  4. 4. FINANZAS PARA EMPRENDEDORES – Sesión 1 1. Conceptos 2. Principios 3. Ecuaciones 4. Inversores 5. Conclusiones para el emprendedor 6. Overview Finance 102 28/04/2010
  5. 5. 1. CONCEPTOS Euros, Cuentas y Cuentos Ingreso (devengo vs. cobro) Gasto (devengo vs. pago, fijo vs. variable, inversión/coste hundido vs. recurrente) Margen (EBIT vs EBITDA, bruto vs neto, contable vs tesorería) Impacto pago a 90 días: Caso Agoranews Balance y Cuenta de resultados (Activo vs Pasivo, deudor vs acreedor, real vs contable, y ratios de rentabilidad) R R=p*q, ABC… E A E CC, /Producto (analítica)… L 28/04/2010
  6. 6. 2. PRINCIPIOS Efecto interés compuesto Time value of money “Más vale pajaro en mano que ciento volando” Riesgo mercado vs. empresa Diversification “No pongas todos los huevos en la misma cesta” Correlación riesgo y retorno Price of risk “Nadie vende duros a cuatro (Sharpe ratio) pesetas” 28/04/2010
  7. 7. 3. ECUACIONES CAPM: r% = α + βp = Rf +β*MRP) WACC= Ke * (E / (D+E)) + Kd (D / (D+E)) FCF = Net income + depreciation – changes in working capital – Capital expenditures Reporting Valuation Sales -COGS -Overhead -Depreciation =EBIT (NOP) EBIT -Interest expenses -Cash taxtes on EBIT -Taxes =NOPLAT =Net Income +Depreciation -Changes in WCR -Capex =FCF 28/04/2010
  8. 8. 4. INVERSORES PROFESIONALES – ¿OTP? SICAVs Family offices Insurance & Brokers Pension Funds Endowments ¿? Private Banking Hedge Funds Grants and Angel Funds Subsidies CVC Funds of Comercial Funds Investment Banks Banking Sovereign Funds 28/04/2010
  9. 9. 4. INVERSORES PROFESIONALES – Etapas 28/04/2010
  10. 10. 4. INVERSORES PROFESIONALES – “Capital Riesgo” Target yearly Holding period Investment Entry/exit return (years) death rate multiplier PE 25%+ 3-5 <20% x3,5 VC 25%+ 3-5 >60% x10+ BA 15%+ 4-7 >80% x20+ Fuente: Cifras orientativas 28/04/2010
  11. 11. 5. INVERSORES PROFESIONALES – Palancas de valor Retorno al Accionista PE Multiplicador Inversión VC Fuente: Cifras orientativas 28/04/2010
  12. 12. 5. INVERSORES PROFESIONALES – Entendiendo el Venture Capital http://www.bothsidesofthetable.com/understanding-vcs/ 28/04/2010
  13. 13. 6. CONCLUSIONES PARA EL EMPRENDEDOR 1 / (1-n) Fuente: http://www.paulgraham.com/equity.html 28/04/2010
  14. 14. FINANZAS PARA EMPRENDEDORES OBJETIVO SESIÓN 1 • Conceptos Introducir a estudiantes de pérfil técnico • Principios los conceptos financieros clave a la hora • Ecuaciones de emprender • Inversores; Objetivos y restricciones, etapas, “Capital riesgo” y Palancas de Valor RESULTADO • Conclusiones para el emprendedor •Comprensión de los indicadores financieros clave •Capacidad para parametrizar los SESIÓN 2 modelos facilitados de cara a valorar una • Business Plan startup y presentar las proyecciones • Precio finnacieras a inversores • Modelo de Negocio • Otras herramientas DURACIÓN 2 sesiones 4h 28/04/2010
  15. 15. FINANZAS PARA EMPRENDEDORES – Sesión 2 1. The Business Plan 2. The Price 3. The Business Model 4. Other Tools 28/04/2010
  16. 16. My time is valuable… how much m will I spend looking at your BP 4/28/2010
  17. 17. What investors are looking for …and so should YOU 4/28/2010
  18. 18. Your Company Your Investor Your Numbers 4/28/2010
  19. 19. WHAT WE INCLUDE IN A FINANCIAL 1 PAGER: COMPANY Opportunity description WHO ARE YOU Business Model Need Satisfied Products / Services WHAT DO YOU DO Market Objective Competitors HOW DO YOU Sales & Marketing Strategy ACHIVE IT Current and Funnel Clients OPPORTUNITY FOR Investment Allocation THE INVESTOR Exit Strategy 4/28/2010
  20. 20. WHAT WE INCLUDE IN A FINANCIAL 1 PAGER: INVESTOR Business Sector (Tags) Contact Information Executive Team Financial Information RELEVANT ― Investment Stage ― Current Capital INFORMATION ― Monthly Burn Rate FOR THE ― Pre-Money Valuation INVESTOR ― Investment Capital Current Investors Forums 4/28/2010
  21. 21. WHAT WE INCLUDE IN A FINANCIAL 1 PAGER: NUMBERS Multiplier Year 1 … Year N Revenues CF Breakeven EBITDA Net Result Assets Liabilities Cash Money… when and how much 4/28/2010
  22. 22. FINANZAS PARA EMPRENDEDORES – Sesión 2 1. The Business Plan 2. The Price 3. The Business Model 4. Other Tools 28/04/2010
  23. 23. PRICING METHODS - BENCHMARK Useful for similar products Difficult to obtain data Be careful What you compare Units Time Location Tabulate data and present in graphs or simple tables 28/04/2010
  24. 24. PRICING METHODS - MARKUP Useful for established products in competitive atmosphere Always lower limit Easy to obtain data… your company Be careful Over price Cost Allocation Unitary marginal, variable and fixed cost 28/04/2010
  25. 25. PRICING METHODS – VALUE ADDED Useful for breakthrough technologies Clearly explain the gains the client will have Difficult to obtain data Always upper limit Be careful What are the needs of the client Determine the value per use 28/04/2010
  26. 26. FINANZAS PARA EMPRENDEDORES – Sesión 2 1. The Business Plan 2. The Price 3. The Business Model 4. Other Tools 28/04/2010
  27. 27. What makes your business tick Up and Down… almost ALLWAYS is related 4/28/2010
  28. 28. How to determine your business drivers Target: Commercials in “Gran Consumo” companies How 5.000 users first year , recurrent and growing How Go to 5 of the 100 companies in the market -> 1000 How 1 users/ client Are you still with 5 clients and 1.000 Users / Client? I personally (or my network) know 5 decision takers in How 2 those companies, initial prospection has been made Are you still with 5 clients and 1.000 Users / Client? 3 Size of companies -> level of control over users Are you still with 5 clients and 1.000 Users / Client? How 4 Are my clients going to demand a trial phase Are you still with 5 clients and 1.000 Users / Client? 5 Success in conversion rate from trial to client? Are you still with 5 clients and 1.000 Users / Client? 4/28/2010
  29. 29. Usefulness Target: Commercials in “Gran Consumo” companies 5.000 users first year , recurrent and growing Go to 5 of the 100 companies in the market -> 1000 Marketing / Sales Strategy 1 users/ client Are you still with 5 clients and 1.000 Users / Client? I personally (or my network) know 5 decision takers in Scalability 2 those companies, initial prospection has been made Are you still with 5 clients and 1.000 Users / Client? Success of product / service 3 Size of companies -> level of control over users Are you still with 5 clients and 1.000 Users / Client? 4 Are my clients going to demand a trial phase Are you still with 5 clients and 1.000 Users / Client? 5 Success in conversion rate from trial to client? Are you still with 5 clients and 1.000 Usurers / Client? 4/28/2010
  30. 30. Don’t be afraid… Your own matrix … We will help you with an standard 28/04/2010
  31. 31. 28/04/2010
  32. 32. FINANZAS PARA EMPRENDEDORES – Sesión 2 1. The Business Plan 2. The Price 3. The Business Model 4. Other Tools 28/04/2010
  33. 33. 28/04/2010

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