Introduction to Venture Capital

Introduction to Venture Capital EE 203 Stanford University March 6th, 2007 Will Price Hummer Winblad Venture Partners

Introduction ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What Is Venture Capital? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Impact on Economy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Snapshot ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Private Equity Returns Over 20-Year Horizon (by investor type; as of 3/31/05) The 20 year early stage risk premium is 9.4% versus S&P 500

Economics of VC Firm ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Flavors of VCs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Structure of Firm ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What do VC’s want ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What Should Founders Expect: Reduce Prob. of Failure ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Suggested Playbook ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Your Pitch: 10 Slides The audience most know in first minute what you do or they will tune out

Pat your head and rub your tummy…Hard to Do! ,[object Object],[object Object],[object Object],[object Object],[object Object]

What to Expect ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What to Consider ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Approaching VC’s ,[object Object],[object Object],[object Object],[object Object],[object Object]

Tips ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Resources ,[object Object],[object Object],[object Object],[object Object]

Hummer Winblad Venture Partners ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Hummer Winblad Highlights ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

History ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Overview ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Commitments to U.S. Venture Funds Source: Venture Economics/NVCA

Growth of Active Firms *Source: Venture Source

Investment Level Surpasses 2005 Deal Flow and Equity into Venture-Backed Companies Amount Invested ($B) Number of Deals Source: Dow Jones VentureOne/Ernst &Young

IT Leads Deal Allocation Deal Flow Allocation by Industry Sector % of Total VC Rounds 27% 58% 11% 23% 13% 26% 57% 13% 61% 3% 10% 4% Source: Dow Jones VentureOne/Ernst &Young 5%

Bay Area Draws Most Investment Dollars Regional Investment in the United States 4Q’06 Source: Dow Jones VentureOne/Ernst &Young

Introduction to Venture Capital

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Introduction to Venture Capital