20160414 kvk ih_workshop_investor_startgreencapital
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This document summarizes an investment manager's presentation on StartGreen Capital's investment criteria for startups. It discusses evaluating business cases based on the problem and solution, market size and competition, product, business model, financial projections, and team. The presentation emphasizes the importance of understanding the business case in depth and using facts like revenues and costs rather than assumptions to show profitability and improve the risk profile.
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20160414 kvk ih_workshop_investor_startgreencapital
- 2. Start-up Investment criteria A VC’s perspective 2 Agenda Question? Anthony@startgreen.nl Content Short introduction to StartGreen Capital Start-up Investment Criteria
- 3. StartGreen Capital Venture Capital & Project finance Crowdfunding Venture Capital Technostarters in energy, materials & sustainable ICT. Equity & loans. StartGreen Sustainable Innovation Fund StartGreen Consumer Products Fund Regional fundsaimed at renewable energy & energy saving PDENH: full-equity EFO I & II: equity & loans StartGreen Capital is lead investor of the 1st sustainable crowdfundin platform in the Netherlands (since 2012) Anthony Viellevoije | Investment Manager | EFO (€50m) & PDENH (€85m)
- 4. StartGreen Capital Anthony Viellevoije | Investment Manager | EFO (€50m) & PDENH (€85m) 4 150m € Assets under Management 20 Portfolio Companies 7m OnePlanetCrowd 100+ Companies Question? Anthony@startgreen.nl
- 5. Early Stage Typical VC investments 5 Bootstrapped Friends & Family Subsidy Angels Seed VC VC rounds VC rounds PE Round Banken IPO Time Profit I. Deal assessment Question? Anthony@startgreen.nl
- 6. The rules for success… ...VC’s are still figuring them out. 6 I. Deal assessment Question? Anthony@startgreen.nl renting air beds Question: Who of you would invest? Raise your hand if you would Problem Solution Hotels are fully booked in cities where large events/ conferences take place When available, hotels are very expensive No easy way exists to book a room with a local or become a host
- 7. 7 I. Deal assessment Question? Anthony@startgreen.nl
- 8. We invest in more than just “good ideas”… Simply put we invest in solid business cases 8 Question? Anthony@startgreen.nl
- 9. Everything has to be right Entrepreneurs should showcase deep understanding of their business case 9 Question? Anthony@startgreen.nl The Business Model Canvas
- 10. Evaluating the business case 10 Profitability • Returns (IRR)… • …in relation to risk profile • Asset heaviness (lean start-up) • Deal structure Technology • IP-position / “Moat” • Reliability • Development stage/Time-to-market • Applicability to other PCM’s Team • Team (complementarity) • Passion/ drive of the entrepreneurs • Commitment (time & money) • Co-investors • Partners / suppliers Investment Ready Concept Product/ service • Unique Selling Points • Functionality • Scalability Market • Trends • Size/ growth opportunities • Segmentation (logical PMC choices?) • Competition • Planning / go-to-market strategy • Exit opportunities Which pillar is most important? Question? Anthony@startgreen.nl
- 11. 11 The business plan / pitch(deck) I. Deal assessment Question? Anthony@startgreen.nl Capture attention Highlight what is amazing about your company: e.g. Spectacular growth, A+ team, technological break-through Investment summary Present the name of the company, the round, how much you are raising and where you are located (“fit”) Problem > Solution What pain-point you are solving, or what opportunity you are enabling Market: 1. Size & Competition Size up the opportunity, explain who are you competing with and why are you better, get to total addressable market Go-to market strategy Show that you have cracked the way to capture your market Product and product roadmap Be creative: Video, screen-shots, customer interviews Business model Explain how you are making money Financials (and exit strategy) KPI’s, IRR, Cash-on-cash multiples
- 12. Common practice inside VC’s Types of business plans. 12 All financial projections are wrong. A business plan is not everything. Entrepreneurs should live up to it. The J-curve? What do we look for in financial projections? Whats wrong with projections? Question? Jeroen@startgreen.nl
- 13. The financial model Show us you know your business 13 II. (Start-up) financing Profitability • Revenues (bottom-up instead of “we just need 1% market share”) • Costs (history) • As much as possible, show facts instead of assumptions (improve risk profile) Question? Anthony@startgreen.nl
- 14. Thank you. anthony@startgreen.nl StartGreen Capital Mauritskade 63 1092 AD Amsterdam info@startgreen.nl 31 (0)20 568 20 60 www.startgreen.nl Question? Anthony@startgreen.nl
Editor's Notes
- Hoe kijken we tegen een deal aan Hoe gaan we om met finciering en wat is daarin voor ons van belang Als laatste, kort, wat doen we na de investering, daar waar alle afspraken voor zijn gemaakt
- Van concept, validatie, bouw, markt, groei naar ongoing business
- Van concept, validatie, bouw, markt, groei naar ongoing business
- Per fase verschillende vereisten. Schuift van potentie in team naar meer technische/financiele aspecten en bestaande exit kanalen.
- Question: Who of you would invest? Raise your hand if you would not
- Van concept, validatie, bouw, markt, groei naar ongoing business
- Van concept, validatie, bouw, markt, groei naar ongoing business
- Van concept, validatie, bouw, markt, groei naar ongoing business
- Van concept, validatie, bouw, markt, groei naar ongoing business
- The J-curve? What do we look for in financial projections? Only cost analyses. NO HISTORY! Whats wrong with projections? Hoeveel deals gaan er mis? Conclusie dat dit niet klopt dus.