This document outlines the multi-level due diligence process used by Triangle Venture Capital Group for early stage investing. It describes 7 levels of due diligence from an initial screening (Level A) to a formal due diligence and contract negotiation (Level G). Key aspects addressed at each level include the investment criteria, technology/market fit, developing financial models, conducting in-depth business and patent reviews, and negotiating investment terms. The goal is to thoroughly understand the opportunity, address risks, and structure deals while maintaining a cost-effective process.
A presentation on Evidence-based STEM Reporting Techniques for Technology Adoption and Commercialisation @HighTech Centre orgsanised National STEM Summit 2020, by Remmy Nweke, Esq, Lead Consulting Strategist/Group Executive Editor, DigitalSENSE Africa Media, 23, June, 2020
Project management is the practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time.
Most of the project idea involve combining existing field of technology or offering variants of present product & services.
A panel is formed for the purpose of identifying investment opportunities. It involves the following tasks which must be carried out in order to come up with a creative idea –
(a) SWOT analysis
(b) Determination of objectives
(c) Creating Good environment
A presentation on Evidence-based STEM Reporting Techniques for Technology Adoption and Commercialisation @HighTech Centre orgsanised National STEM Summit 2020, by Remmy Nweke, Esq, Lead Consulting Strategist/Group Executive Editor, DigitalSENSE Africa Media, 23, June, 2020
Project management is the practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time.
Most of the project idea involve combining existing field of technology or offering variants of present product & services.
A panel is formed for the purpose of identifying investment opportunities. It involves the following tasks which must be carried out in order to come up with a creative idea –
(a) SWOT analysis
(b) Determination of objectives
(c) Creating Good environment
SAP Inside Track Wroclow - Bluetooth the WorldCraig Cmehil
Short presentation with an IoT device to show how a remote environment can benefit from the use of Bluetooth technology to gather and collect data.
Sources include Wikipedia, Bluetooth Org
More design clarity. Less redesign time. What if methods like Pair Design could increase the efficiency of your team and the quality of your products? Karl Dotter will explain his hypothesis on Pair Design, how he teamed up with Co-Founder Jason Hreha and what to do to start practicing pairing with members of your team. You’ll also find out how to participate in P.A.I.R (Pairers Against Inefficiency and Rework), a fun research program we’re working on which will help quantify the benefits of Pairing.
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Die zweite Ausgabe des REAL ESTATE BRAND BOOK steht ganz im Zeichen der TOP Real Estate Brands im europäischen Vergleich sowie der Standardisierung der Marken-Wert-Modelle und Ihrer Relevanz im Rahmen der Marken- und Unternehmensführung.
Darüber hinaus werden, wie schon in der ersten Ausgabe, die TOP 5 Ergebnisse des EUREB-Brand Rankings veröffentlicht. Die jährlich durchgeführte REAL ESTATE BRAND VALUE STUDY – die größte empirische Marken-Wert-Studie der Immobilienwirtschaft evaluiert rund 800 Marken aus insgesamt 11 Teilbranchen.
Wie die Swiss Alliance for Data-Intensive Services datenbasierte Mehrwerte sc...Thilo Stadelmann
Die Swiss Alliance for Data-Intensive Services (Data+Service) schafft Mehrwert durch Innovation. Innovation entsteht, wenn sich die richtigen Partner treffen. Wir schaffen inspirierende Begegnungsflächen in Konferenzen, Workshops und Expert Groups. Wir helfen bei der Konkretisierung von Ideen in Projektskizzen in Innovation Boot Camps. Und wir setzen Projektskizzen in innovativen Mehrwert um im Rahmen von Kooperationsprojekten.
Cloud Storage unter Berücksichtigung der Risiken von großen Datensammlungen a...Sarah Steffen
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Seminararbeit in „E-Business und Mobile Computing“
Berufsbegleitender Studiengang zum Bachelor of Science
5. Semester
-
Term paper for "E-Business und Mobile Computing"
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Semester 5
Der deutsche Beteiligungskapitalmarkt 2015 und Ausblick auf 2016BVK
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In the physical world, designers like Jonathan Ives are credited with the success of their products. So why do so many digital companies favour technology over design? In this session Andy will explain how start-ups can use design for competitive advantage.
Deep Learning @ ZHAW Datalab (with Mark Cieliebak & Yves Pauchard)Thilo Stadelmann
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SAP Inside Track Wroclow - Bluetooth the WorldCraig Cmehil
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Venture-Capital-Broschüre. Wenn Ideen groß werdenBVK
Venture Capital stärken heißt Gründer fördern!
Am Anfang stehen die Idee und ein Team von Gründern, das den Erfolg fest im Blick hat. Mit einer Venture-Capital-Gesellschaft als Sparringspartner bekommen die Unternehmer Know-how und Kapital, um ihren Ideen Taten folgen zu lassen. Viele erfolgreiche Start-ups hat die deutsche Gründerszene in den letzten Jahren hervorgebracht – einige davon finden Sie in dieser Broschüre.
Die zweite Ausgabe des REAL ESTATE BRAND BOOK steht ganz im Zeichen der TOP Real Estate Brands im europäischen Vergleich sowie der Standardisierung der Marken-Wert-Modelle und Ihrer Relevanz im Rahmen der Marken- und Unternehmensführung.
Darüber hinaus werden, wie schon in der ersten Ausgabe, die TOP 5 Ergebnisse des EUREB-Brand Rankings veröffentlicht. Die jährlich durchgeführte REAL ESTATE BRAND VALUE STUDY – die größte empirische Marken-Wert-Studie der Immobilienwirtschaft evaluiert rund 800 Marken aus insgesamt 11 Teilbranchen.
Wie die Swiss Alliance for Data-Intensive Services datenbasierte Mehrwerte sc...Thilo Stadelmann
Die Swiss Alliance for Data-Intensive Services (Data+Service) schafft Mehrwert durch Innovation. Innovation entsteht, wenn sich die richtigen Partner treffen. Wir schaffen inspirierende Begegnungsflächen in Konferenzen, Workshops und Expert Groups. Wir helfen bei der Konkretisierung von Ideen in Projektskizzen in Innovation Boot Camps. Und wir setzen Projektskizzen in innovativen Mehrwert um im Rahmen von Kooperationsprojekten.
Cloud Storage unter Berücksichtigung der Risiken von großen Datensammlungen a...Sarah Steffen
views
Seminararbeit in „E-Business und Mobile Computing“
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Der deutsche Beteiligungskapitalmarkt 2015 und Ausblick auf 2016BVK
Der Bundesverband deutscher Kapitalbeteiligungsgesellschaften stellt die Jahreszahlen 2015 vor und gibt einen Ausblick auf die Entwicklung des Private-Equity Marktes 2016.
In the physical world, designers like Jonathan Ives are credited with the success of their products. So why do so many digital companies favour technology over design? In this session Andy will explain how start-ups can use design for competitive advantage.
Deep Learning @ ZHAW Datalab (with Mark Cieliebak & Yves Pauchard)Thilo Stadelmann
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Followed by our stake in it and two use cases (face recognition, text analytics).
Digital strategy design & proptech resources Jonas Canton
"Down the rabbit hole of Proptech" was presented at the event ProptechRiga. It provides real estate companies with the necessary resources and framing to design their digital strategy. The second part of the presentation focuses various references of content to train employees about Proptech.
APM Webinar hosted by the Greater Bay Area Branch on 21 April 2023
Speaker: Dr Wilson Lam
Building and Construction Industry represents a significant portion of the economic growth and GDP for Hong Kong SAR. Adoption of Information Technology solutions, Big Data solutions and modern technologies are becoming increasingly important for Small to Medium Enterprises in Hong Kong’s building and construction industry. This webinar was held on 21 April 2023.
With the changing landscape of construction industry in Hong Kong that requires to embrace the use of innovation and technologies, project management for Construction Industry stakeholders are facing the increasing needs and challenges to adopt examine, evaluate and suitably adopt different types of technologies to suit their project requirements or site contexts.
The latest development of Artificial Intelligence, including the hot issue in the global arena of ChatGPT gives many potential opportunities and challenges to project managers in the building and construction industry in Hong Kong and Asia Pacific.
This webinar explored from the APM Knowledge base and Core Competence how to unlock these potential benefits of these IT or Big Data Solutions effectively in project delivery.
The CPD Talk also covered some research and case study highlights that discusses upon the use of “Con Tech” in Israel for future reference.
https://www.apm.org.uk/news/exploring-the-use-of-it-solutions-big-data-solutions-for-building-engineering-and-construction-projects-part-i-case-studies-a-webinar/
https://youtu.be/bSc_r4VmI-w
Emerging City Report - Guatemala (2014)ResearchFox
This report helps analyze and disseminate information on global emerging cities. The report focuses on the demand and supply of talent both lateral and inexperienced/ freshers, availability of cost-effective infrastructure and other factors that make it a feasible and attractive option for organizations looking to expand and grow in this region and remain competitive.
The objective of this research is to conduct in-depth talent pool and location analysis of respected emerging city across identified technology functions which can provide a detailed view of this emerging location and opportunities for growth.
Emerging City Report - Santiago (2014) ResearchFox
This report helps analyze and disseminate information on global emerging cities. The report focuses on the demand and supply of talent both lateral and inexperienced/ freshers, availability of cost-effective infrastructure and other factors that make it a feasible and attractive option for organizations looking to expand and grow in this region and remain competitive.
The objective of this research is to conduct in-depth talent pool and location analysis of respected emerging city across identified technology functions which can provide a detailed view of this emerging location and opportunities for growth.
Emerging City Report - Montevideo (2014)ResearchFox
This report helps analyze and disseminate information on global emerging cities. The report focuses on the demand and supply of talent both lateral and inexperienced/ freshers, availability of cost-effective infrastructure and other factors that make it a feasible and attractive option for organizations looking to expand and grow in this region and remain competitive.
The objective of this research is to conduct in-depth talent pool and location analysis of respected emerging city across identified technology functions which can provide a detailed view of this emerging location and opportunities for growth.
Emerging City Report - Guadalajara (2014)ResearchFox
This report helps analyze and disseminate information on global emerging cities. The report focuses on the demand and supply of talent both lateral and inexperienced/ freshers, availability of cost-effective infrastructure and other factors that make it a feasible and attractive option for organizations looking to expand and grow in this region and remain competitive.
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The objective of this research is to conduct in-depth talent pool and location analysis of respected emerging city across identified technology functions which can provide a detailed view of this emerging location and opportunities for growth.
Executives across all industries often ask us how to best integrate Agile techniques into their innovation processes. They want to drive responsiveness to rapidly changing markets and technologies, tackle hybrid digital + physical product development, and accelerate product launches. Agile Expert, Colin Palombo highlights successful approaches companies have taken to integrate Agile techniques into Stage-Gate® Frameworks to achieve better innovation results. View the recording at https://www.stage-gate.com/blog/agile_and_stage-gate/
This report helps analyze and disseminate information on global emerging cities. The report focuses on the demand and supply of talent both lateral and inexperienced/ freshers, availability of cost-effective infrastructure and other factors that make it a feasible and attractive option for organizations looking to expand and grow in this region and remain competitive.
The objective of this research is to conduct in-depth talent pool and location analysis of respected emerging city across identified technology functions which can provide a detailed view of this emerging location and opportunities for growth.
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1. Due Diligence for Early Stage Investingg y g g
EVCA Foundation Course
B d t O t b 2008Budapest, October 2008
Uli W. Fricke
Managing General Partner
Copyright Triangle Venture Capital Group Management GmbH, October 2008
Managing General Partner
Triangle Venture Capital Group
2. Agenda
Due Diligence for Early Stage Investing
Agenda
Objectives
Due Diligence ProcessDue Diligence Process
Overall Investment Criteria
Technology, Market, Team, Patent and Phase Fit
Investment Case Modeling
Business / Technology and Patent Due Diligence
Termsheet Negotiationg
Investment Case Definition
Formal Due Diligence / Final Contract Negotiation
| October 2008Page 2
3. Objectives (1/2)
Due Diligence for Early Stage Investing
Objectives (1/2)
Before making any investment, our goal as venture capitalist is to understand virtually every aspect
of the target company.
Address areas of concern.
Avoid significant and otherwise unexpected liability following the investment.
Generate Due Valuation & Add Value &
E it Deals
Due Diligence process integrated in value chain.
Generate
Deal Flow
e
Diligence Deal Structure
dd a e &
Monitoring
Exit Deals
Cost & time effective Due Diligence and early determination of break-up factors.
| October 2008Page 3
4. Objectives (2/2)
Case Study #1: Handout ADB AG
Objectives (2/2)
Discuss case study in your group
Define suitable due diligence process
Address areas of concern
Discuss lessons learned / impact on Due Diligence
| October 2008Page 4
6. Level A (1/2)
Overall Investment Criteria
Level A (1/2)
Objective
Very quick pre-screening (few minutes) to define whether the company fits the
“Overall Investment Criteria” or not.
Criteria
Investment phase / stage fit
Company origin fit
Technology fit
Industry focus fit
G hi l fitGeographical fit
Investment volume fit
| October 2008Page 6
7. Level A (2/2)Level A (2/2)
Use of Deal Database
ID Name
Date of
initial
contact Source
Industry
focus Short company description
Deal
champion
Technolog
y
Date BP
request
Date BP
received
Date NDA
sent
Date
decline
sent Status
080310 A 02.09.2008 Ernst&Young ICT
Services & products for secure
SAP programs Fr Software 02.09.2008 04.09.2008 LevelB-ongoing
080312 B 05.09.2008 Cat Cap GmbH ICT
Mobile banking and money
transfer, remote micro payments Pa Software 11.09.2008 LevelA-decline
080313 C 02.09.2008 Bridge Link AG Other
Research and development
company for nutraceuticals Pa Physical 09.09.2008 LevelA-decline
080314 D 05.09.2008
INI-
GraphicsNet
a technology for infrared
camouflage Pa Physical 11.09.2008 LevelA-decline
online platform to match
080316 E 11.09.2008 ICT
p
sucessful investors with
insuccessful investors Fr Physical 11.09.2008 11.09.2008 LevelA-decline
080317 F 11.09.2008 Hr. Broermann MD
diagnoses and therapy of verious
cancer diseases inside the body Ge Other 23.09.2008 LevelB-ongoing
Institut für
Wirtschaftsber software for contact center
080318 G 11.09.2008
Wirtschaftsber
atung Other
software for contact center
solutions Fr Software 15.09.2008 LevelA-decline
080319 H 03.09.2008 Other
system for public and crowd
gaming Fr Software LevelA-ongoing
080320 I 09.09.2008 F. Müller ICT software solutions for vehicels Pa Software LevelA-ongoing
| October 2008Page 7
8. Level B (1/2)
Technology, Market, Team, Patent and Phase Fit
Level B (1/2)
Objective
Develop investment hypothesis
Quick but well reasoned “no” if company does not fit investment criteriaQuick but well-reasoned no if company does not fit investment criteria
Quality of presentationQ a ty o p ese tat o
Technology / Product (e.g. target segment, key innovation, key competence, level of
innovation, level of complexity handled, position in value chain, mission critical
application, broad application potential, disruptive character of technology,
scalability of product, product development status, technology risk)
Market Potential (e g time to market customer needs market size market growth
Criteria
Market Potential (e.g. time to market, customer needs, market size, market growth,
growth driver / potential, industry cycle situation, target clients, ability to acquire
initial customers, business model, earning mechanics, ability for early revenue
generation, competitive situation advantage, competitive entry barriers, competitors
strengths, competitors weaknesses)
Team (e g track record qualification cooperativeness completeness sizeTeam (e.g. track record, qualification, cooperativeness, completeness, size,
compensation structure)
Patents (e.g. patent portfolio, first impression of patent situation)
Phase (e.g. how early, status of business plan, quality of business plan, extend of
input required, investment required, public grants/ co-investment available, exit
timing, exit potential)
| October 2008Page 8
10. Level C (1/4)
Investment Case Modeling
Level C (1/4)
Objective
Learn in depth about investment opportunity
Develop financial model
D t i t f D DiliDetermine areas to focus Due Diligence on
Amount (e.g. amount this round total, amount until exit, public loan
programs, syndication, entry valuation)
Criteria
p g , y , y )
Timeframe (e.g. liquidity secured until, liquidity buffer, Cash flow)
Milestones (e.g. technology, patents, market / sales, team, revenue, EBIT,
liquidity)
Exit (e.g. when, main target, multiple goal)
Opportunities (e.g. technology, patents, market, people, exit, other)
Challenges (e.g. technology, patents, market, people, exit, other)
| October 2008Page 10
11. Level C (2/4)
Managing Risks and Roads to Exit
Level C (2/4)
Capital
Use of sophisticated
financial monitoring
systems to control risk
and measure progress
InvestedC
and measure progress
Focus on early revenue
generation
Ti h lTightly manage costs
against milestones
LeverageTriangle’s
expertise and connectionsexpertise and connections
| October 2008Page 11
14. Level D (1/2)
Business / Technology and Patent Due Diligence
Level D (1/2)
Objective
Confirm investment hypothesis
Understand risks
Ad ocate the dealAdvocate the deal
Technological Due Diligence (e.g. advisors involved, IP status, IP potential, IP
i f i i h l i f li iinfringement, competing technologies, amount of current applications,
development stage of applications, quality of applications, potential for
future applications, competing applications)
Commercial Due Diligence (e.g. geographical region with largest technology threat,
geographical region with largest market potential, timing of revenue generation,
Criteria
scalability of sales, sustainability of revenue growth, risk factor in business model,
target clients)
Financial Planning (e.g. reliable pattern of expectations and considerations,
planning scarce resources driven, all necessary information and data included,
realistic basis for execution)
Shareholder (e.g. current structure, risks in shareholder structure, social event with /
meet founders wives / family)
Sales and Marketing Plan (e.g. selected target markets - appropriate / attractive,
status business development activities, existing sales pipeline, sales plan and
budget in line with revenue target, marketing support - appropriate)
| October 2008Page 14
budget e t e e ue ta get, a et g suppo t app op ate)
16. Level E (1/2)
Termsheet Negotiation
Level E (1/2)
Objective
Definition of key terms, financials and milestones
Agreement of all parties on key terms before continuation
max
liquidation preferences
plus ratchet
Gain
well structured
liquidation preferences
in
unstructured
| October 2008Page 16
min max
m
17. Level E (2/2)
Termsheet Negotiation
Level E (2/2)
Rights to exert
Non compete clauses (management team)
Reps and warranties
control and
influence
(Board)
Board representation
Board approval guidelines
Reporting
Veto rights
Rights to
secure /
Liquidation preferences
Anti dilution clauses
Ratchets
Milestones
maximize
value
Protective provisions / RoFR
Vesting
IP representation
Right to exit,
exit trigger
and process
Tag – along
Drag – along
Trade sale & IPO provisions
| October 2008Page 17
18. Level F (1/5)
Investment Case Definition
Level F (1/5)
Finetuning of Level C outcomeObjective
| October 2008Page 18
19. Level F (2/5)
Risk Management – Measurements and Tools
Level F (2/5)
Objective
Performance analysis for strategy analysis and review
Early recognition of challenges and hurdles
Ea l sta e si al fo e fo ma ce deficitsEarly –stage signal for performance deficits
Balance Scorecard based on company’s business plan and milestones
A l i f d i i l lAnalysis of derivations plan – actual
Pipeline Analysis
Analysis of delays of order projection
Analysis of changes in order number of volume
Criteria &
Tools
Analysis of changes in order number of volume
Lost order statistics and analysis
Project Tracking of R&D Projects
Ongoing todo list monitoring
| October 2008Page 19
21. Level F (4/5)Level F (4/5)
Risk Management – Analysis of delays and changes of orders projected
Dec-08
Feb-09
Sep-08
Oct-08
Jul-08
Sep 08
ojectedSigningDate
Apr-08
Jun-08
Pro
Feb-08
| October 2008Page 21
Jan-08
Jan-08 Feb-08 Apr-08 Jun-08 Jul-08 Sep-08
Pipeline Date
22. Level F (5/5)Level F (5/5)
Risk Management – Project Tracking of R&D Projects
Forecast at closing
R&D 1092nm - 1W
532nm - 1W
532nm - 100mW/ 300 mW
442 nm - 0.02W
266 nm - 0.1W
2006 2007 2008
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Operational manufacturing documentation certification of manufacturing
production processes due to industry standards maturial phase
Revenue 600k 2.83k
Orders test apps 3 1 4 0Orders test apps 3 1 4 0
Orders regular 10 12 32 24 78 17 38 48 60 163
Forecast 01/2008
R&D 1092nm - 1W
532 nm - 1W
532 100 W/ 300 W532 nm - 100mW/ 300 mW
532nm - 30 mW
532 nm - 10mW
488 nm
442 nm - 0.02W
266 nm - 0.1W
2006 2007 2008 2009
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Operational clean room set up and start of manufacturing
tech certifications
Operational manufacturing documentation
production processes due to industry standards
certification of manufacturing
| October 2008Page 22
maturial phase
Revenue 60k 1.490k
Orders test apps 0 0 1 4 5 7 3 3 13
Orders 2 0 5 41 48 21 44 45 57 167
23. Level G (1/2)
Formal Due Diligence / Final Contract Negotiation*
Level G (1/2)
*Please refer to backup
| October 2008Page 23
24. Level G (2/2)
Formal Due Diligence / Final Contract Negotiation*
Level G (2/2)
1. Legal basis
2. Other legal affairs of the company
3. Important agreements
4. Accounting and financial conditions
5. Technology & products
6. Market & competition
7 M k ti & di t ib ti7. Marketing & distribution
8. Risks
9. Management & organization
10. Planning
11 Publications11. Publications
12. References
13. List of all peer companies
14. Exit role models and scenarios
15. VC’s active in this field
*Please refer to backup
16. Risk management
17. Post closing todo’s
| October 2008Page 24
25. Contact DetailsContact Details
Triangle Venture Capital Group Management GmbH
Marktstrasse 65
D-68789 St. Leon-Rot
Germany
Tel: +49 (0) 700 874 26 453
Fax: +49 (0) 700 874 26 329
i lwww.triangle-venture.com
Uli Fricke
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