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Session I - Seed Accelerators:
“Start-up Scourge or Super-charger?”
Monday July 29, 2013
General Assembly Seminar
Part of the “Show me the $$$$!” GA event series:
Insider perspective on fundraising and entrepreneurship
Tom Wisniewski
RosePaul Investments
Thanks to all who participated at the event last night @ GA NYC and a special thanks to our guest speakers:
Kamran Ansari, Greycroft Partners;
Brian Cohen, New York Angels ;
Charlie Kemper, Entrepreneurs Roundtable Accelerator;
Shai Goldman, 500 Startups;
Fred Cook, Moveline (TechStars Alum);
Jonathon Ende, SeamlessDocs (ERA Alum);
Heather Marie, 72Lux (500 Startups Alum)
-TW (Thomas@rosepaul.com)
confidential
1
Agenda
I. Kick-off and Introduction
II. Panel with Accelerators (ERA, 500 Start-ups)
III. Panel with Investors (Greycroft, NY Angels)
IV. [Brief Networking Break]
V. Panel with Founders (Moveline, 72Lux, SeamlessDocs)
VI. More Networking/ Beverages………
confidential
2
I. Kick-Off and Introduction
Show me the $$$$! Series: An Insider’s Guide.
Monthly series on the critical elements of successful start-up
development, fundraising and entrepreneurship.
Goal: make it a great, impactful event.
Leverage:
 Interesting/Meaningful Topics
 Present some prepared, well structure content
 Get great experienced, successful “insiders” to share
there perspective
 Include Networking (…and some beer and wine!)
confidential
3
Tonight’s Focus
 There are a lot of challenges in launching a start-up: the odds
appear to be heavily stacked against you.
Less than 100:1 will succeed
 Its not all about a fantastic idea and great team. Two huge factors:
• Getting the necessary guidance, input, and access ….that allow
you to refine and build the business
• Raising the capital you need.
……..Media can make it look easy, but the reality is: it’s really
hard.
 Accelerators: Seem to offer the keys to both.
• Lots of help: during the program, demo day, after
• Capital: Modest investment upfront, some follow-on(?) and….a
huge boost in raising capital from Angels/VC’s post
program.
confidential
4
 After B-school: joined a start-up management consulting firm Mitchell Madison
Group; focus on Strategy/Operations/IT for financial services, tech, outsourcing,
private equity/VC clients (1993 to 2000)
 Walker Digital: helped set-up and run an early “internet incubator” (2000)
 Independent Advisor / Turn-arounds: Advised VC and PE Firms on portfolio
company strategy and new investments; joined the management team of two
companies
 Currently:
• Early stage investor and advisor to start-ups
• Member and director at New York Angels
 Investor in:
• Moveline (Uber for the moving industry) --Techstars Alum;
• SeamlessDocs (“Adobe 2.0” internet document sharing) – ERA Alum
• DealFlicks ( “Hotel.com” for movie tickets) –500 Start-Ups Alum;
…..and ~10 other ventures that didn’t go through Accelerators,
Tom Wisniewski: My background
 Born in NYC; grew-up in Montclair, NJ
 Physics and Philosophy major undergrad
(Clark University); MBA at Tuck School
(Dartmouth)
 1st Job: Programmer at Morgan Stanley then
moved to Investment Banking
confidential
5
Sources of Investment: Seed Fundraising, Angels and VC’s
Stage (Pre-Round):
• Expected to
have:
• You and a pitch. • Well developed pitch
• Answers to “b-plan” questions
• Some product…
• Some traction….
• Significant variation among firms but….
Angel req. +:
- More Traction! Clients, users/stats,
more proof. E.g. “$100K monthly revs”
- …..Growth potential! $1B Industry,
$100M Rev
• Don’t Expect: • Product, Traction,
Team
• Proven business model, product
market fit (know it will change)
Who/what are
they?
• People you already
know, that trust you
• Individuals that are experienced
early stage investors
• A Firm. A group of professional
investors that raises, invests and
manages other people’s $
Angel Investment
Friends and
Family
Venture Capital
“You”
aka Bootstrapped
Earlier Stage Later Stage
Round Size $: • $10’s of K
to $100K
• $100’s of K
to $1M+
• $500K to
$1.5M
Investment Size $: $5K – $10’s of K • $25K – $75K • $250K-$750K
Valuation (Pre-
Mon):
• < $1 M • $1 – 5 M • $5-10 M
II. Start-up Life-Cycle and Fundraising
“Seed” VC “Traditional Series A” VC
• $5M-$15M
• $3M – $5M
• $10 – 25 M
“Seed”
Where do the Accelerators fit in?
confidential
6
Accelerators: Some Stats
Stats from Seed-DB (www.seed-db.com):
• 171 “Seed Accelerator” Programs world-wide
• 2862 companies “accelerated”
• $2.5B raised (Includes all subsequent
rounds); $1.1B if we exclude Y-Combinator
• 148 Exits
confidential
7
Name Location
Date
Founded
Accept.
Rate Funding Cost
Cohort
Size
Class
Timing Class Length
Funded
to Date
Examples of
Graduates
Y Combinator Mountain
View, CA
2005 2% $14K-$20K +
$80K note
None 82 Jan-
Mar,
Jun-Aug
3 months 550 Reddit, Scribd,
Weebly,
Dropbox,
Airbnb,
Codecademy,
42Floors
TechStars Boston, MA;
Boulder, CO;
Chicago, IL;
New York,
NY
2007 <1% $18K +
optional
$100K
convertible
debt
None 8-13 Varies 3 months 162 Filtrbox,
IntenseDebat
e, MadKast,
Socialthing,
Localcents,
DailyBurn
500 Startups Mountain
View, CA
2010 <2% $50K for 5%
equity
$6K/founder,
$3K/non-
founder
25-35 Varies
(NYC
every 9
Mo. ?)
4 months 288 9GAG,
InternMatch,
72Lux,
Fitocracy
Dreamit Philadelphia,
PA; Austin,
TX; Israel;
New York,
NY
2008 N/A $5K + $5K for
each founding
member (up
to 4)
None 10-15 Varies 3 months 95 MindSnacks,
SCVNGR,
SeatGeek,
Notehall
(acquired by
Chegg),
Entrepreneur's
Roundatable
Accelerator
NY, NY 2011 1% $40K None 10 Jun-
Sept,
Jan-Apr
4 months 50 TripleLift,
Stray Boots,
numberFire
Accelerators: Some Stats
confidential
So….what questions do you have?
8
 ???
confidential
Our guest speakers tonight:
9
 Kamran Ansari, Greycroft Partners
 Brian Cohen, New York Angels
 Charlie Kemper, Entrepreneurs Roundtable Accelerator
 Shai Goldman, 500 Startups
 Fred Cook, Moveline (TechStars Alum)
 Jonathon Ende, SeamlessDocs (ERA Alum)
 Heather Marie, 72Lux (500 Startups Alum)
confidential
10
Thanks!
Thomas Wisniewski
Contact Info
Email: Thomas@RosePaul.com
LinkedIn: http://www.linkedin.com/in/thomaswis
Twitter: @thomaswis
This presentation: http://www.slideshare.net/Thomaswis/
Next event in the SMTM series:
Monday September 30th
confidential
THANKS!
11
confidential
Extra Slides
12
confidential
Tom Wisniewski: Investor Profile
 Direct “Angel” Investor in Companies
• $25K-250K investments; Typical valuations: $1-5 Million,
• Typical Stage: at least some “product” done, some customer/sales traction
• Sector focus: Opportunistic generally within internet/software space;
- fair amount of Saas B2B, and consumer “marketplace” models, ecommerce enablers.
- NOT (or not much?): hardware, heathcare/pharma, cleantech
• NYC based: 50% investments in NYC area companies; total of ~80% NE overall (e.g
Boston, DC), 20% West Coast.
• Examples:
- Sociocast (social/behavioral big data analytics)
- LiveLook (Saas, live collaboration sales/service platform)
- Anvato (Ad insertion to live video streaming via proprietary machine vision)
- Moveline (Uber for the moving industry)
- SeamlessDocs (Saas, paperwork automation; “Adobe 2.0” internet document sharing)
- Movio (Digital “RedBox”; content delivery via “last 100 ft” of wifi internet)
- HeTexted (Relationship advice forum generating content, media opportunities)
- Wanderu (Kayak for ground transportation)
- DealFlicks (a “Priceline” or “Hotel.com” for movie theater tickets)
- iCharts (tool that enables engaging, sharable, embedible chart content)
 Investor in Funds
• In addition to direct investments in start-ups, invest in VC and PE funds.
• Examples:
- Social Starts (Seed fund for start-ups leveraging the Social Web)
- Brooklyn Bridge Ventures (Charlie O’Donnell’s fund)
- Entrepreneurs Roundtable Accelerator (ERA Fund)
- Greycroft Partners (Venture Fund)
13

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Show Me the Money: Start-up Accelerators

  • 1. Session I - Seed Accelerators: “Start-up Scourge or Super-charger?” Monday July 29, 2013 General Assembly Seminar Part of the “Show me the $$$$!” GA event series: Insider perspective on fundraising and entrepreneurship Tom Wisniewski RosePaul Investments Thanks to all who participated at the event last night @ GA NYC and a special thanks to our guest speakers: Kamran Ansari, Greycroft Partners; Brian Cohen, New York Angels ; Charlie Kemper, Entrepreneurs Roundtable Accelerator; Shai Goldman, 500 Startups; Fred Cook, Moveline (TechStars Alum); Jonathon Ende, SeamlessDocs (ERA Alum); Heather Marie, 72Lux (500 Startups Alum) -TW (Thomas@rosepaul.com)
  • 2. confidential 1 Agenda I. Kick-off and Introduction II. Panel with Accelerators (ERA, 500 Start-ups) III. Panel with Investors (Greycroft, NY Angels) IV. [Brief Networking Break] V. Panel with Founders (Moveline, 72Lux, SeamlessDocs) VI. More Networking/ Beverages………
  • 3. confidential 2 I. Kick-Off and Introduction Show me the $$$$! Series: An Insider’s Guide. Monthly series on the critical elements of successful start-up development, fundraising and entrepreneurship. Goal: make it a great, impactful event. Leverage:  Interesting/Meaningful Topics  Present some prepared, well structure content  Get great experienced, successful “insiders” to share there perspective  Include Networking (…and some beer and wine!)
  • 4. confidential 3 Tonight’s Focus  There are a lot of challenges in launching a start-up: the odds appear to be heavily stacked against you. Less than 100:1 will succeed  Its not all about a fantastic idea and great team. Two huge factors: • Getting the necessary guidance, input, and access ….that allow you to refine and build the business • Raising the capital you need. ……..Media can make it look easy, but the reality is: it’s really hard.  Accelerators: Seem to offer the keys to both. • Lots of help: during the program, demo day, after • Capital: Modest investment upfront, some follow-on(?) and….a huge boost in raising capital from Angels/VC’s post program.
  • 5. confidential 4  After B-school: joined a start-up management consulting firm Mitchell Madison Group; focus on Strategy/Operations/IT for financial services, tech, outsourcing, private equity/VC clients (1993 to 2000)  Walker Digital: helped set-up and run an early “internet incubator” (2000)  Independent Advisor / Turn-arounds: Advised VC and PE Firms on portfolio company strategy and new investments; joined the management team of two companies  Currently: • Early stage investor and advisor to start-ups • Member and director at New York Angels  Investor in: • Moveline (Uber for the moving industry) --Techstars Alum; • SeamlessDocs (“Adobe 2.0” internet document sharing) – ERA Alum • DealFlicks ( “Hotel.com” for movie tickets) –500 Start-Ups Alum; …..and ~10 other ventures that didn’t go through Accelerators, Tom Wisniewski: My background  Born in NYC; grew-up in Montclair, NJ  Physics and Philosophy major undergrad (Clark University); MBA at Tuck School (Dartmouth)  1st Job: Programmer at Morgan Stanley then moved to Investment Banking
  • 6. confidential 5 Sources of Investment: Seed Fundraising, Angels and VC’s Stage (Pre-Round): • Expected to have: • You and a pitch. • Well developed pitch • Answers to “b-plan” questions • Some product… • Some traction…. • Significant variation among firms but…. Angel req. +: - More Traction! Clients, users/stats, more proof. E.g. “$100K monthly revs” - …..Growth potential! $1B Industry, $100M Rev • Don’t Expect: • Product, Traction, Team • Proven business model, product market fit (know it will change) Who/what are they? • People you already know, that trust you • Individuals that are experienced early stage investors • A Firm. A group of professional investors that raises, invests and manages other people’s $ Angel Investment Friends and Family Venture Capital “You” aka Bootstrapped Earlier Stage Later Stage Round Size $: • $10’s of K to $100K • $100’s of K to $1M+ • $500K to $1.5M Investment Size $: $5K – $10’s of K • $25K – $75K • $250K-$750K Valuation (Pre- Mon): • < $1 M • $1 – 5 M • $5-10 M II. Start-up Life-Cycle and Fundraising “Seed” VC “Traditional Series A” VC • $5M-$15M • $3M – $5M • $10 – 25 M “Seed” Where do the Accelerators fit in?
  • 7. confidential 6 Accelerators: Some Stats Stats from Seed-DB (www.seed-db.com): • 171 “Seed Accelerator” Programs world-wide • 2862 companies “accelerated” • $2.5B raised (Includes all subsequent rounds); $1.1B if we exclude Y-Combinator • 148 Exits
  • 8. confidential 7 Name Location Date Founded Accept. Rate Funding Cost Cohort Size Class Timing Class Length Funded to Date Examples of Graduates Y Combinator Mountain View, CA 2005 2% $14K-$20K + $80K note None 82 Jan- Mar, Jun-Aug 3 months 550 Reddit, Scribd, Weebly, Dropbox, Airbnb, Codecademy, 42Floors TechStars Boston, MA; Boulder, CO; Chicago, IL; New York, NY 2007 <1% $18K + optional $100K convertible debt None 8-13 Varies 3 months 162 Filtrbox, IntenseDebat e, MadKast, Socialthing, Localcents, DailyBurn 500 Startups Mountain View, CA 2010 <2% $50K for 5% equity $6K/founder, $3K/non- founder 25-35 Varies (NYC every 9 Mo. ?) 4 months 288 9GAG, InternMatch, 72Lux, Fitocracy Dreamit Philadelphia, PA; Austin, TX; Israel; New York, NY 2008 N/A $5K + $5K for each founding member (up to 4) None 10-15 Varies 3 months 95 MindSnacks, SCVNGR, SeatGeek, Notehall (acquired by Chegg), Entrepreneur's Roundatable Accelerator NY, NY 2011 1% $40K None 10 Jun- Sept, Jan-Apr 4 months 50 TripleLift, Stray Boots, numberFire Accelerators: Some Stats
  • 10. confidential Our guest speakers tonight: 9  Kamran Ansari, Greycroft Partners  Brian Cohen, New York Angels  Charlie Kemper, Entrepreneurs Roundtable Accelerator  Shai Goldman, 500 Startups  Fred Cook, Moveline (TechStars Alum)  Jonathon Ende, SeamlessDocs (ERA Alum)  Heather Marie, 72Lux (500 Startups Alum)
  • 11. confidential 10 Thanks! Thomas Wisniewski Contact Info Email: Thomas@RosePaul.com LinkedIn: http://www.linkedin.com/in/thomaswis Twitter: @thomaswis This presentation: http://www.slideshare.net/Thomaswis/ Next event in the SMTM series: Monday September 30th
  • 14. confidential Tom Wisniewski: Investor Profile  Direct “Angel” Investor in Companies • $25K-250K investments; Typical valuations: $1-5 Million, • Typical Stage: at least some “product” done, some customer/sales traction • Sector focus: Opportunistic generally within internet/software space; - fair amount of Saas B2B, and consumer “marketplace” models, ecommerce enablers. - NOT (or not much?): hardware, heathcare/pharma, cleantech • NYC based: 50% investments in NYC area companies; total of ~80% NE overall (e.g Boston, DC), 20% West Coast. • Examples: - Sociocast (social/behavioral big data analytics) - LiveLook (Saas, live collaboration sales/service platform) - Anvato (Ad insertion to live video streaming via proprietary machine vision) - Moveline (Uber for the moving industry) - SeamlessDocs (Saas, paperwork automation; “Adobe 2.0” internet document sharing) - Movio (Digital “RedBox”; content delivery via “last 100 ft” of wifi internet) - HeTexted (Relationship advice forum generating content, media opportunities) - Wanderu (Kayak for ground transportation) - DealFlicks (a “Priceline” or “Hotel.com” for movie theater tickets) - iCharts (tool that enables engaging, sharable, embedible chart content)  Investor in Funds • In addition to direct investments in start-ups, invest in VC and PE funds. • Examples: - Social Starts (Seed fund for start-ups leveraging the Social Web) - Brooklyn Bridge Ventures (Charlie O’Donnell’s fund) - Entrepreneurs Roundtable Accelerator (ERA Fund) - Greycroft Partners (Venture Fund) 13