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Entrepreneurship Workshop
Yerevan, Armenia
Building Value & Startup Funding
Valto Loikkanen
Grow VC Group ++
www.growvc.com ++
@growvc ++
Copyrights © Grow VC Group 2015
About me
My Evolution As an Entrepreneur
● Entrepreneur
● International entrepreneur
● International serial entrepreneur
● International portfolio entrepreneur
As an Entrepreneur
● 20 years as international Serial Entrepreneur (US, EU, Asia) &
Portfolio Entrepreneur, with personal hard earned success &
failures
● 17 years experience in developing web based tools for various
business processes
● 6 Years of developing equity crowdfunding and other digital
investment market solutions globally
● 5 years for Startup Ecosystem development combined with online
support tools, platforms & metrics
● For two years, being part of three EC Horizon 2020 Groups:
○ Access to Risk Finance,
○ Spreading Excellence & Widening participation
○ International Cooperation
As a Business Advisor
● 10 years of startup mentoring
○ with 2000+ one to one mentoring sessions and workshops
○ with 1000+ entrepreneurs and hundreds of startups around the
world at various development stages and industries
● In parallel 10 years developing Startup Support services, with
entrepreneurial mind and lean methodology (fast ideation,
implement and measure cycle)
● 5 years of “living lab” development for Startup Ecosystem in
Finland with City of Helsinki
About Grow VC Group
"The global pioneer of securities crowdfunding, peer
to peer marketplaces and new investment models."
Grow Advisors provide consulting and knowledge resources for
Digital Investing Marketplace and Startup Ecosystem
development
Ecosystem Back-end infrastructure and Support to manage,
measure & peer benchmark Startup ecosystems
Deal Index offers Visibility to Professional & International
Investors and real time investment Market Data
Digital Investment Marketplace Back-end solutions and
Development
Other Grow VC Group Companies & Services For Economic
Development
Local Investors &
Equity Crowdfunding
International Growth
$
$$
$
i
!
%
?
!
$
i
Local Startup Ecosystem
International Investors &
Multinational Corporations
Talent, Startups &
Support Services
Grow Advisors provide consulting and
knowledge resources for Digital
Investing Marketplace and Startup
Ecosystem development.
Ecosystem Back-end infrastructure
and Support to manage, measure & peer
benchmark your ecosystem.
Deal Index offers Visibility to
Professional & International Investors
and real time investment Market Data.
Digital Investment Marketplace Back-
end solutions and Development
$$$ $$ $$
Talent & Investments
Growing Startups
$$$
The leading global pioneer of digital investment
market solutions for private securities.
Other Grow VC Group Companies &
Services For Economic Development
Peer Benchmarking
What is a Startup?
A B
C D
High Growth Ambition and
very scalable business model
Low Growth Ambition and/or
Non Scalable business
Market
validated
business
model
Unvalidated
business model
"a kiosk"
"new startup"
“New Startup”
Startup stages
http://en.wikipedia.org/wiki/Startup_company
Startup Development?
?
Startup Development
Startup
Development Phases
Build / Release Validate / Iterate
Ideation
Scalable product or
service idea for a big
enough target
market. Some initial
business models for
how it would make
money. One person
or only a vague team;
no confirmed
commitment or no
right balance of skills
in the team structure
yet.
Concepting
Clear and meaningful
target with direction for at
least 3 years with
milestones how to get
there, -> 3, 6, 12, 24, 36
months… Team of two or
three core founding
partners with balanced
ownership. Can also
already have some
extended team with lighter
commitment (stock options
and or cash
compensation)
Commitment
Committed and balanced
founding team. Able to
develop the product or
service (Minimum Viable
Product) without dependency
of uncommitted external
resources, or already an initial
product or service in place.
Existing signed shareholder
agreement between founders,
with milestones, committed
time and money use, for at
least 2+ years with vesting.
Validation
Can demonstrate some
user growth and or
revenue (initial traction).
Continue to attract
additional resources
(money or sweat equity)
for equity or future
revenue. Looking for clear
market validation (Product
Market Fit), to move into
scaling.
Scaling
Showing a clear,
growing and measurable
user and or market
traction in a big or
rapidly growing target
market. Can and wants
to scale fast. May have
attracted significant
funding.
Establishing
Achieved great growth, that
can expected to continue.
No longer needs to
struggle to get resources
and can acquire those
easily. Continues to grow
and often wants to
culturally continue
behaving like a "startup" for
as long as possible.
Founders exit or continue
business as usual.
Minimum Viable Product
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License.
To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/
or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California,
94105, USA.
www.startupcommons.org
Vision > Target > Mission Growth
Idea / Team Fit Product / Market Fit Business Model / Market Fit
STARTUP DEVELOPMENT PHASES
● Business Model Canvas
● Co-founder Team Building
Scale / Expand
-2 -1 30 21
Securing Early-Stage Funding
Securing Early-Stage Funding
● Equity Financing (Angel and VC investments)
● Crowdfunding
● Non-equity Funding (self-funding, grants, bank
financing, etc.)
But remember also!
● Bootstrapping
● Customer funding (revenue)
Build / Release Validate / Iterate
Ideation
Scalable product or
service idea for a big
enough target
market. Some initial
business models for
how it would make
money. One person
or only a vague team;
no confirmed
commitment or no
right balance of skills
in the team structure
yet.
Concepting
Clear and meaningful
target with direction for at
least 3 years with
milestones how to get
there, -> 3, 6, 12, 24, 36
months… Team of two or
three core founding
partners with balanced
ownership. Can also
already have some
extended team with lighter
commitment (stock options
and or cash
compensation)
Commitment
Committed and balanced
founding team. Able to
develop the product or
service (Minimum Viable
Product) without dependency
of uncommitted external
resources, or already an initial
product or service in place.
Existing signed shareholder
agreement between founders,
with milestones, committed
time and money use, for at
least 2+ years with vesting.
Validation
Can demonstrate some
user growth and or
revenue (initial traction).
Continue to attract
additional resources
(money or sweat equity)
for equity or future
revenue. Looking for clear
market validation (Product
Market Fit), to move into
scaling.
Scaling
Showing a clear,
growing and measurable
user and or market
traction in a big or
rapidly growing target
market. Can and wants
to scale fast. May have
attracted significant
funding.
Establishing
Achieved great growth, that
can expected to continue.
No longer needs to
struggle to get resources
and can acquire those
easily. Continues to grow
and often wants to
culturally continue
behaving like a "startup" for
as long as possible.
Founders exit or continue
business as usual.
Minimum Viable Product
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License.
To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/
or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California,
94105, USA.
www.startupcommons.org
Vision > Target > Mission Growth
Idea / Team Fit Product / Market Fit Business Model / Market Fit
STARTUP DEVELOPMENT PHASES
● Business Model Canvas
● Co-founder Team Building
Scale / Expand
-2 -1 30 21
-2 -1 30 21
Public services
& funding
Private service providers
& investors
Supporting Startup Development
Startup Knowledge - Money & Connections
Startup Key Milestones
-2. Ideation
-1. Concepting
0. Commitment
1. Validation
2. Scaling
3. Establishing
From “investors”
point of view
“Investor”
- anyone that makes meaningful resource
investment purely for ROI
money, work, project, time, skills, contacts etc..
Valuation?
● typically used and know from investing money to company
● is needed also for other calculation purposes
● is also needed for founders ownership % estimates & sweat
equity investments (for work, services, contacts etc.)
● acts as a measure of company development
● is a core "deal tool" at all stages
About valuation
● for cash investment the valuation is typically lower than for
other types
● is only as real as validated with an actual deal(s) made -
anything else is "guesstimate"
● typical valuation levels do exist for different stages
● early stages more based on promise and later stages more
based on results so far + estimated development curve
Ideation
● Potential scalable product/service idea
● Some initial business models for how it would make money
●One person or vague team
●no real commitment confirmed
●and/or no right balance in the team structure yet
-2 3210-1
“Investors” view
"pie in the sky"
– a lot of work to get involved....
3-2 210-1
Valuation level
$0
3-2 210-1
Business Potential
More Potential
Big Market
Market growing
Market pull
Scalable
Less Potential
Small market
Market shrinking
Market Push
Not scalable
Concepting
● Have set some clear meaningful target
● clear direction (3y+) with key milestones to get there
● …36, 24, 12, 6, 3 months -> 3, 6, 12, 24, 36 months…
● Team of two or three core people
● but can also have additional team with lighter
commitment
-2 -1 30 21
Team
Idea
Market
-2 -1 30 21
“Investors” view
“hmmm..., maybe there is something
here...”
still very risky.... money does not really help here...
-2 -1 30 21
Valuation level
$0 - 100k
-2 -1 30 21
Commitment
● Committed skills balanced founding team
● Able to develop the product/service (without dependency of
uncommitted external resources)
● OR already have initial product/service developed
● Shareholder agreement with “right things” in it
● milestones & committed time/money usage
● founding team commitments for min. 2+ years with
vesting, etc.
-2 -1 30 21
Founding
Team & Talent
Idea
Market
-2 -1 30 21
“Investors” view
“Looks like this may have real
potential..?
Time to get in for a good deal...? Still very
risky..... Maybe join as Advisor...?”
-2 -1 30 21
Valuation level
$300 - 500k
-2 -1 30 21
Team Validation
More Potential
Good Team
Balanced Skills
Committed
Doer Attitude
Right Culture
Less Potential
Solo Entrepreneur
Uneven Skills
Not committed
Talker Attitude
Wrong Culture
Commission
and/or
Stock Options
Founders or
Regular Shares
With Vesting
Advisor
Stock Options
Commission
Trainee Or
Stock Options
Proven
Talent & Reliability
Unproven
Talent Or Reliability
Motivated by
Vision & Challenges
NOTE: Salary option available only
when there is enough revenue.
Startup
Between Phases -1 to 1
Motivated By
Money & Vision
Validation
● Can already show some user growth and/or revenue (initial
traction)
● And/or continue to attract external resources (money /
additional people/work) for equity or future revenues
-2 -1 30 21
Overall Team
Talent
Product
Market
Customers
1 3-1 0-2 2
“Investors” view
“This is starting to get interesting...”
Join now? - Later I may not get in or it's going to be out of my
range…
-2 -1 30 21
Valuation level
$500k - 2M
-2 -1 30 21
Between Phases 1 & 2
● Is where assumptions get validated
● If selected market and team is good…
-> The idea and business models can be (and
often is) changed or pivoted several times
Commission
and/or
Stock Options
Seed Investors
Shares
Commission
Regular Shares
With Vesting
Advisor
Stock Options
Commission
Trainee Or
Stock Options
Equity
Crowdfunding
Proven
Talent & Reliability
Unproven
Talent Or Reliability
Motivated by
Vision & Challenges
NOTE: Salary option available only
when there is enough revenue.
Startup
Between Phases 1 to 2
Motivated By
Money & Vision
Scaling
● Showing clear and growing user/market
traction, momentum and or growth
● And/or is able to attract significant funding
-2 -1 30 21
Team
Talent
Product
Market
Customers
Organization
21 3-1 0-2
Market
Customers
ProductPeople
Organization
-2 -1 30 1 2
“Investors” view
awesome! :)
OR
Oh, I missed the boat :(
earliest time when good VC's start to get interested....
-2 -1 30 21
Valuation level
$1 - 10M
-2 -1 30 21
Commission
and/or Salary
Seed, VC Or
Strategic Investors
Shares
Salary /
Commission
Stock Options
Regular Shares
With Vesting
Equity
Crowdfunding
Trainee
Equity
Crowdfunding
Proven
Talent & Reliability
Unproven
Talent Or Reliability
Motivated by
Vision & Challenges
Startup
After Phase 2
Motivated By
Money & Vision
Establishing
● Pretty clearly is going to make it
● Often wants to culturally continue behaving like a "startup"
for as long as possible
● No longer need to "try" get resources and can get those
easily
● Continue to grow
● Founders make exit or continue biz as usual
-2 -1 30 21
Valuation level
$5 - 10M+
-2 -1 30 21
Market
People
Organization
Products
Customers
Markets
-2 -1 30 1 2
Salary /
Commission
Stock Options
Regular Shares
With Vesting
Commission
and/or Salary
VC & Strategic
Investors Shares
IPO or Equity
Crowdfunding
Trainee
IPO or Equity
Crowdfunding
Proven
Talent & Reliability
Unproven
Talent Or Reliability
Motivated by
Vision & Challenges
Startup
Around 3
Motivated By
Money & Vision
Salary /
Commission
Stock Options
Regular Shares
With Vesting
Commission
and/or Salary
VC & Strategic
Investors Shares
Stock Market Trainee
Proven
Talent & Reliability
Unproven
Talent Or Reliability
Motivated by
Vision & Challenges
Startup
After 3
Motivated By
Money & Vision
Securing Early-Stage Funding
● Equity Financing (Angel and VC investments)
● Crowdfunding
● Non-equity Funding (self-funding, grants, bank
financing, etc.)
Valto Loikkanen
valto@growvc.com
+358 400 421 551 (FIN)
+1 415 854-0546 (US)
Grow VC Group ++
www.growvc.com ++
@growvc ++
Thank You!

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Entrepreneurship Workshop Yerevan -Building Value and Startup Funding

  • 1. Entrepreneurship Workshop Yerevan, Armenia Building Value & Startup Funding Valto Loikkanen Grow VC Group ++ www.growvc.com ++ @growvc ++ Copyrights © Grow VC Group 2015
  • 3. My Evolution As an Entrepreneur ● Entrepreneur ● International entrepreneur ● International serial entrepreneur ● International portfolio entrepreneur
  • 4. As an Entrepreneur ● 20 years as international Serial Entrepreneur (US, EU, Asia) & Portfolio Entrepreneur, with personal hard earned success & failures ● 17 years experience in developing web based tools for various business processes ● 6 Years of developing equity crowdfunding and other digital investment market solutions globally ● 5 years for Startup Ecosystem development combined with online support tools, platforms & metrics ● For two years, being part of three EC Horizon 2020 Groups: ○ Access to Risk Finance, ○ Spreading Excellence & Widening participation ○ International Cooperation
  • 5. As a Business Advisor ● 10 years of startup mentoring ○ with 2000+ one to one mentoring sessions and workshops ○ with 1000+ entrepreneurs and hundreds of startups around the world at various development stages and industries ● In parallel 10 years developing Startup Support services, with entrepreneurial mind and lean methodology (fast ideation, implement and measure cycle) ● 5 years of “living lab” development for Startup Ecosystem in Finland with City of Helsinki
  • 6. About Grow VC Group "The global pioneer of securities crowdfunding, peer to peer marketplaces and new investment models."
  • 7. Grow Advisors provide consulting and knowledge resources for Digital Investing Marketplace and Startup Ecosystem development Ecosystem Back-end infrastructure and Support to manage, measure & peer benchmark Startup ecosystems Deal Index offers Visibility to Professional & International Investors and real time investment Market Data Digital Investment Marketplace Back-end solutions and Development Other Grow VC Group Companies & Services For Economic Development
  • 8. Local Investors & Equity Crowdfunding International Growth $ $$ $ i ! % ? ! $ i Local Startup Ecosystem International Investors & Multinational Corporations Talent, Startups & Support Services Grow Advisors provide consulting and knowledge resources for Digital Investing Marketplace and Startup Ecosystem development. Ecosystem Back-end infrastructure and Support to manage, measure & peer benchmark your ecosystem. Deal Index offers Visibility to Professional & International Investors and real time investment Market Data. Digital Investment Marketplace Back- end solutions and Development $$$ $$ $$ Talent & Investments Growing Startups $$$ The leading global pioneer of digital investment market solutions for private securities. Other Grow VC Group Companies & Services For Economic Development Peer Benchmarking
  • 9. What is a Startup?
  • 10. A B C D High Growth Ambition and very scalable business model Low Growth Ambition and/or Non Scalable business Market validated business model Unvalidated business model "a kiosk" "new startup" “New Startup”
  • 15. Build / Release Validate / Iterate Ideation Scalable product or service idea for a big enough target market. Some initial business models for how it would make money. One person or only a vague team; no confirmed commitment or no right balance of skills in the team structure yet. Concepting Clear and meaningful target with direction for at least 3 years with milestones how to get there, -> 3, 6, 12, 24, 36 months… Team of two or three core founding partners with balanced ownership. Can also already have some extended team with lighter commitment (stock options and or cash compensation) Commitment Committed and balanced founding team. Able to develop the product or service (Minimum Viable Product) without dependency of uncommitted external resources, or already an initial product or service in place. Existing signed shareholder agreement between founders, with milestones, committed time and money use, for at least 2+ years with vesting. Validation Can demonstrate some user growth and or revenue (initial traction). Continue to attract additional resources (money or sweat equity) for equity or future revenue. Looking for clear market validation (Product Market Fit), to move into scaling. Scaling Showing a clear, growing and measurable user and or market traction in a big or rapidly growing target market. Can and wants to scale fast. May have attracted significant funding. Establishing Achieved great growth, that can expected to continue. No longer needs to struggle to get resources and can acquire those easily. Continues to grow and often wants to culturally continue behaving like a "startup" for as long as possible. Founders exit or continue business as usual. Minimum Viable Product This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. www.startupcommons.org Vision > Target > Mission Growth Idea / Team Fit Product / Market Fit Business Model / Market Fit STARTUP DEVELOPMENT PHASES ● Business Model Canvas ● Co-founder Team Building Scale / Expand -2 -1 30 21
  • 17. Securing Early-Stage Funding ● Equity Financing (Angel and VC investments) ● Crowdfunding ● Non-equity Funding (self-funding, grants, bank financing, etc.) But remember also! ● Bootstrapping ● Customer funding (revenue)
  • 18. Build / Release Validate / Iterate Ideation Scalable product or service idea for a big enough target market. Some initial business models for how it would make money. One person or only a vague team; no confirmed commitment or no right balance of skills in the team structure yet. Concepting Clear and meaningful target with direction for at least 3 years with milestones how to get there, -> 3, 6, 12, 24, 36 months… Team of two or three core founding partners with balanced ownership. Can also already have some extended team with lighter commitment (stock options and or cash compensation) Commitment Committed and balanced founding team. Able to develop the product or service (Minimum Viable Product) without dependency of uncommitted external resources, or already an initial product or service in place. Existing signed shareholder agreement between founders, with milestones, committed time and money use, for at least 2+ years with vesting. Validation Can demonstrate some user growth and or revenue (initial traction). Continue to attract additional resources (money or sweat equity) for equity or future revenue. Looking for clear market validation (Product Market Fit), to move into scaling. Scaling Showing a clear, growing and measurable user and or market traction in a big or rapidly growing target market. Can and wants to scale fast. May have attracted significant funding. Establishing Achieved great growth, that can expected to continue. No longer needs to struggle to get resources and can acquire those easily. Continues to grow and often wants to culturally continue behaving like a "startup" for as long as possible. Founders exit or continue business as usual. Minimum Viable Product This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. www.startupcommons.org Vision > Target > Mission Growth Idea / Team Fit Product / Market Fit Business Model / Market Fit STARTUP DEVELOPMENT PHASES ● Business Model Canvas ● Co-founder Team Building Scale / Expand -2 -1 30 21
  • 19. -2 -1 30 21 Public services & funding Private service providers & investors Supporting Startup Development Startup Knowledge - Money & Connections
  • 20. Startup Key Milestones -2. Ideation -1. Concepting 0. Commitment 1. Validation 2. Scaling 3. Establishing
  • 22. “Investor” - anyone that makes meaningful resource investment purely for ROI money, work, project, time, skills, contacts etc..
  • 23. Valuation? ● typically used and know from investing money to company ● is needed also for other calculation purposes ● is also needed for founders ownership % estimates & sweat equity investments (for work, services, contacts etc.) ● acts as a measure of company development ● is a core "deal tool" at all stages
  • 24. About valuation ● for cash investment the valuation is typically lower than for other types ● is only as real as validated with an actual deal(s) made - anything else is "guesstimate" ● typical valuation levels do exist for different stages ● early stages more based on promise and later stages more based on results so far + estimated development curve
  • 25. Ideation ● Potential scalable product/service idea ● Some initial business models for how it would make money ●One person or vague team ●no real commitment confirmed ●and/or no right balance in the team structure yet -2 3210-1
  • 26. “Investors” view "pie in the sky" – a lot of work to get involved.... 3-2 210-1
  • 28. Business Potential More Potential Big Market Market growing Market pull Scalable Less Potential Small market Market shrinking Market Push Not scalable
  • 29. Concepting ● Have set some clear meaningful target ● clear direction (3y+) with key milestones to get there ● …36, 24, 12, 6, 3 months -> 3, 6, 12, 24, 36 months… ● Team of two or three core people ● but can also have additional team with lighter commitment -2 -1 30 21
  • 31. “Investors” view “hmmm..., maybe there is something here...” still very risky.... money does not really help here... -2 -1 30 21
  • 32. Valuation level $0 - 100k -2 -1 30 21
  • 33. Commitment ● Committed skills balanced founding team ● Able to develop the product/service (without dependency of uncommitted external resources) ● OR already have initial product/service developed ● Shareholder agreement with “right things” in it ● milestones & committed time/money usage ● founding team commitments for min. 2+ years with vesting, etc. -2 -1 30 21
  • 35. “Investors” view “Looks like this may have real potential..? Time to get in for a good deal...? Still very risky..... Maybe join as Advisor...?” -2 -1 30 21
  • 36. Valuation level $300 - 500k -2 -1 30 21
  • 37. Team Validation More Potential Good Team Balanced Skills Committed Doer Attitude Right Culture Less Potential Solo Entrepreneur Uneven Skills Not committed Talker Attitude Wrong Culture
  • 38. Commission and/or Stock Options Founders or Regular Shares With Vesting Advisor Stock Options Commission Trainee Or Stock Options Proven Talent & Reliability Unproven Talent Or Reliability Motivated by Vision & Challenges NOTE: Salary option available only when there is enough revenue. Startup Between Phases -1 to 1 Motivated By Money & Vision
  • 39. Validation ● Can already show some user growth and/or revenue (initial traction) ● And/or continue to attract external resources (money / additional people/work) for equity or future revenues -2 -1 30 21
  • 41. “Investors” view “This is starting to get interesting...” Join now? - Later I may not get in or it's going to be out of my range… -2 -1 30 21
  • 42. Valuation level $500k - 2M -2 -1 30 21
  • 43. Between Phases 1 & 2 ● Is where assumptions get validated ● If selected market and team is good… -> The idea and business models can be (and often is) changed or pivoted several times
  • 44. Commission and/or Stock Options Seed Investors Shares Commission Regular Shares With Vesting Advisor Stock Options Commission Trainee Or Stock Options Equity Crowdfunding Proven Talent & Reliability Unproven Talent Or Reliability Motivated by Vision & Challenges NOTE: Salary option available only when there is enough revenue. Startup Between Phases 1 to 2 Motivated By Money & Vision
  • 45. Scaling ● Showing clear and growing user/market traction, momentum and or growth ● And/or is able to attract significant funding -2 -1 30 21
  • 48. “Investors” view awesome! :) OR Oh, I missed the boat :( earliest time when good VC's start to get interested.... -2 -1 30 21
  • 49. Valuation level $1 - 10M -2 -1 30 21
  • 50. Commission and/or Salary Seed, VC Or Strategic Investors Shares Salary / Commission Stock Options Regular Shares With Vesting Equity Crowdfunding Trainee Equity Crowdfunding Proven Talent & Reliability Unproven Talent Or Reliability Motivated by Vision & Challenges Startup After Phase 2 Motivated By Money & Vision
  • 51. Establishing ● Pretty clearly is going to make it ● Often wants to culturally continue behaving like a "startup" for as long as possible ● No longer need to "try" get resources and can get those easily ● Continue to grow ● Founders make exit or continue biz as usual -2 -1 30 21
  • 52. Valuation level $5 - 10M+ -2 -1 30 21
  • 54. Salary / Commission Stock Options Regular Shares With Vesting Commission and/or Salary VC & Strategic Investors Shares IPO or Equity Crowdfunding Trainee IPO or Equity Crowdfunding Proven Talent & Reliability Unproven Talent Or Reliability Motivated by Vision & Challenges Startup Around 3 Motivated By Money & Vision
  • 55. Salary / Commission Stock Options Regular Shares With Vesting Commission and/or Salary VC & Strategic Investors Shares Stock Market Trainee Proven Talent & Reliability Unproven Talent Or Reliability Motivated by Vision & Challenges Startup After 3 Motivated By Money & Vision
  • 56. Securing Early-Stage Funding ● Equity Financing (Angel and VC investments) ● Crowdfunding ● Non-equity Funding (self-funding, grants, bank financing, etc.)
  • 57. Valto Loikkanen valto@growvc.com +358 400 421 551 (FIN) +1 415 854-0546 (US) Grow VC Group ++ www.growvc.com ++ @growvc ++ Thank You!