”An investor view of gaming startups”                BerGame         Bergamo - March, 5th 2013               Niccolò Sanar...
First, some introductionsMe, bullet-pointed:-   MSc in ICT Engineering,       PoliMi-   MSc in Compure Science,       UIC@...
Today’s menu• Of VC, the environment and everything• dPixel, Venture Capital Advisor• What I look for in a gaming startup ...
What exactly is Venture Capital?   cashflow                   corporate lifecycle                                         ...
A selection of the Italian VC scene                                                      Expansion                        ...
A value proposition for VC                                                                                 Not Just cash! ...
Today’s menu• Of VC, the environment and everything• dPixel, Venture Capital Advisor• What I look for in a gaming startup ...
The Italian innovation factory• Our Team is at the core of innovation in ICT and Internet in Italy• Strong proprietary dea...
Our Portfolio                                 9                2013 - dPixel
Where do we invest  E-Commerce: Italian market                                          Mobile Apps: 25B app download  wor...
What do we look forTeam                             Track Record                              Commitment                  ...
Today’s menu• Of VC, the environment and everything• dPixel, Venture Capital Advisor• What I look for in a gaming startup ...
What I look for in a gaming startup 1. Traction. 2. Retention. 3. Pipeline.               Let me elaborate a bit 4. Awaren...
Traction“Quantitative evidence of market demand”                                                       - Naval Ravikant• S...
User Retention“The percentage of a user segment who used yourservice in period A who also use your service inperiod B, whe...
Pipeline• The Gaming industry is not anymore only about the  Hollywood-style “multi-million dollar hit”• New distribution ...
Awareness• As a team, you should know your strengths …• … and your weaknesses• Understand your player acquisition and rete...
The team, a MUST have•    2 / 3 founders•    Complementary skills•    Chemistry/ ability to     execute•    Statistically ...
Farewell                  Niccolò Sanarico                      dPixel srl            Via Filippo Turati 38, Milano       ...
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Bergaming

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  • Crowdfunding: e.g. SiamoSoci (circa!), AngelList (circa!) o piattaforme di crowdfunding reward-based-Ancora non regolamentato, in attesadeidecretiattuatividellaConsob in Italia. Grande opportunita’ ma ancoragrandiinterrogativi.
  • Idealmente, ilmodomigliore permostrare traction parte daiprofittifino al traffico, in ordinedecrescente di importanza.Il modo in cui costruisci traction, all’opposto, parte dal traffico per arrivareaiprofitti.
  • Cisononumerositrattatisu game design, sulconcetto di divertimento. Nessunbisogno di essereaccademici, ma il game design puo’ e deveessereconsiderato come un’attivita’ progettuale e non puramentecreativa. Understand what makes players come back. Build, Test, Act.
  • Bergaming

    1. 1. ”An investor view of gaming startups” BerGame Bergamo - March, 5th 2013 Niccolò Sanarico Associate, dPixel www.dpixel.it - nico@dpixel.it twitter.com/il_nico 1
    2. 2. First, some introductionsMe, bullet-pointed:- MSc in ICT Engineering, PoliMi- MSc in Compure Science, UIC@Chicago- MBA, Oxford University- Today: Associate & dealflow manager @dPixel - Board Member and #1 fan, Mangatar- Past: ICT Consulting & Corporate finance experience (Neptuny/Moviri, Strempel&Co)- Ever: Geek & Tech Passionate Opinions are mine, unless otherwise stated 2 2013 - dPixel
    3. 3. Today’s menu• Of VC, the environment and everything• dPixel, Venture Capital Advisor• What I look for in a gaming startup 3 2013 - dPixel
    4. 4. What exactly is Venture Capital? cashflow corporate lifecycle ongoing growth continuing growth ongoing maturity early ending turnaround of growth time early insolvency early stage expansion stage seed start-up first second third late stage later stage stage stage stage stage stage - Venture Capital Turnaround Financing Growth Capital types of Private Equity Buyouts + debt involvement 4 2013 - dPixel
    5. 5. A selection of the Italian VC scene Expansion Early Stage Later stages stageReveunes “FF&F” Time • Small investment • Average investment (€ • Significant investment (> • (< € 1mil) 1mil to €10mil) €10mil) • Business start up • Business development • Business Discontinuity • Hands on approach • Round A, B, C, D (Acquisitions, turnaroun ds, vulture…) 5 2013 - dPixel
    6. 6. A value proposition for VC Not Just cash! - Leverage the VC partner’s experienceActive Investor - Strong focus on product, customer and go-to-market - Help in planning&recruiting (CxO, bizdev, etc..) - Support & coaching to the management teamCollaboration - High standards for performance, management & integrity - Eccellenza nell’execution - Access to strong network when requiredRelationships - Access to international markets - Co-investments with other VC funds, support in fundraising - Efficient use of cashEfficiency - Holistic approach to resources - Create value for all stakeholders 6 2013 - dPixel
    7. 7. Today’s menu• Of VC, the environment and everything• dPixel, Venture Capital Advisor• What I look for in a gaming startup 7 2013 - dPixel
    8. 8. The Italian innovation factory• Our Team is at the core of innovation in ICT and Internet in Italy• Strong proprietary dealflow: 1600 business plans received between 2010 and 2011, >600 in 2012• Since January 2011, we launched Digital Investments SCA SICAR, a Venture Capital fund, of which the Seed Compartment is currently active• In 2012 we launched a new scouting initiative, the Barcamper – www.barcamper.it• We are advisor for Telecom Italia’s Working Capital Accelerator project• We have built and still growing strong international relationships (Kauffman Fellow Program, Silicon Valley, Startup Sauna) We help talented entrepreneurs in creating successful enterprises 8 2013 - dPixel
    9. 9. Our Portfolio 9 2013 - dPixel
    10. 10. Where do we invest E-Commerce: Italian market Mobile Apps: 25B app download worth 8B$ in 2011, +20% with in2011, market will reach $25B by respect to 2010 (*) the end of 2015 (*) Internet & Cloud Computing: booming Digital Media market ($3.7B in 2010, €10.5B in 2015) (*) Bioinformatics: Expected market Smart Grid: market size size in 2015: $5B will double from €5.6B in (*) 2010 to €9.6B in 2015 (*) INFORMATION & COMMUNICATION TECHNOLOGY Life Sciences Clean & & Medical Devices Green Tech (*) Sources: gartner.com, techcrunch.com, scottmadden.com, ibtimes.com, repubblica.it 10 2013 - dPixel
    11. 11. What do we look forTeam Track Record Commitment - Be ready to expand internationallyGlobal entrepreneurs - Innovative, motivated, with track record - Ambitious and with the ability to execute - Aligned to shareholders interests and motivated to create value - Opportunity to dominate a market segmentMarket Oriented - Ability to capture market more important than market size - Market segmentation and targeting are key to success - Fast mover / first mover advantage?(R)Evolution - Revolutionary and evolutionary technologies: disruptive or improving? - New business modelsVisionaries Execution Traction 11 2013 - dPixel
    12. 12. Today’s menu• Of VC, the environment and everything• dPixel, Venture Capital Advisor• What I look for in a gaming startup 12 2013 - dPixel
    13. 13. What I look for in a gaming startup 1. Traction. 2. Retention. 3. Pipeline. Let me elaborate a bit 4. Awareness. 5. Ok, well, Team. 13 2013 - dPixel
    14. 14. Traction“Quantitative evidence of market demand” - Naval Ravikant• Show traction!• Ideally, in order of relevance: 1. Profits 2. Revenues 3. Active Users (MAU/DAU) 4. Registered Users Remember: you build it bottom up! 5. Traffic• Don’t have it? That’s ok, but know how to build it. Have a plan. 14 2013 - dPixel
    15. 15. User Retention“The percentage of a user segment who used yourservice in period A who also use your service inperiod B, where period B comes after period A.” - An answer on Quora• In the gaming world, it means players have fun with your game, and are willing to return.• So, I expect games to be fun. – IMHO, one of the key aspects of game design. – 1-day retention – 1-month retention• Understand what makes players come back. 15 2013 - dPixel
    16. 16. Pipeline• The Gaming industry is not anymore only about the Hollywood-style “multi-million dollar hit”• New distribution channels+gaming platforms -> web, mobile, social networks, OUYA• Fast development cycles -> graphic libraries, gaming frameworks• Fast game evolution cycles -> social, location-based• Do not rely on a hit-or-miss single title, find a vertical market, aspire to become a hit-factory*. *but be ready, as hardly every title will be a hit 16 2013 - dPixel
    17. 17. Awareness• As a team, you should know your strengths …• … and your weaknesses• Understand your player acquisition and retention drivers. Be able to explain them.• Ask “why” things happen. Observe. Act. 17 2013 - dPixel
    18. 18. The team, a MUST have• 2 / 3 founders• Complementary skills• Chemistry/ ability to execute• Statistically proven + nobody invests in one- man-bands Would you bet on these guys? 18 2013 - dPixel
    19. 19. Farewell Niccolò Sanarico dPixel srl Via Filippo Turati 38, Milano nico@dpixel.it - 334 585585 3 twitter: il_nico 19 2013 - dPixel

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