making syndicated angel investments is proven to lower the risk especially when making the first angel investment.
Bill Payne will share his wide experience on this fiels and give his best practices to find a balanced solution.
More information: www.fiban.org/billpayne
Lets Get Real About Angel Investing - RVC Angel Capital Summit Keynote by Set...Seth Levine
Keynote at RVC Angel Capital Summit (Syndication 2.0) "Let's Get Real About Angel Investing" by Seth Levine, Managing Director of Foundry Group in Boulder, CO.
Impress the Angels: How to Make It Into "Startup Heaven"Palo Alto Software
What is an angel investor? How do they invest? What's the difference between an angel investor and a venture capitalist?
This presentation answers all these questions, and also includes tips from actual angel investors on what you can do to impress an angel.
Angel investing is a great way to participate in the growing trend of entrepreneurship. Responsible investing is very important for the health of your portfolio and for your relationships with founders. Don't invest without understanding a few simple things. Equity investments are long term relationships. Investors must do their part to be good investment partners.
Lets Get Real About Angel Investing - RVC Angel Capital Summit Keynote by Set...Seth Levine
Keynote at RVC Angel Capital Summit (Syndication 2.0) "Let's Get Real About Angel Investing" by Seth Levine, Managing Director of Foundry Group in Boulder, CO.
Impress the Angels: How to Make It Into "Startup Heaven"Palo Alto Software
What is an angel investor? How do they invest? What's the difference between an angel investor and a venture capitalist?
This presentation answers all these questions, and also includes tips from actual angel investors on what you can do to impress an angel.
Angel investing is a great way to participate in the growing trend of entrepreneurship. Responsible investing is very important for the health of your portfolio and for your relationships with founders. Don't invest without understanding a few simple things. Equity investments are long term relationships. Investors must do their part to be good investment partners.
Learn whats needed to become an Angel Investor in today's world. Start your Start-up journey here!
About Author:
Manish is the co-founder of www.LetsVenture.com
Manish is a passionate mentor & business coach. He works with technology start-ups to help them get established and started-ups in helping them scale. As an angel investor he also invests in innovative start-ups.
Manish serves on the board of companies ranging from technology businesses, consumer businesses, e-commerce to employability like Freshersworld.com, Moontara Technovations etc. He is also an active mentor on the CIIE Mentor Edge Panel (IIM Ahmedabad), Start-up Village (Kochi) and Venture Labs (Standford University).
Basics on the startup process, raising capital, and thinking about valuation, especially for first-time entrepreneurs. Read my article at VentureBeat for details on this slide deck:
http://venturebeat.com/2016/09/05/startup-fundraising-101-revisited/
Recently, I had the opportunity to present at StartUp 2015 in Varna, Bulgaria. As part of Angelsbootcamp.org, we share our prorams with local startup ecosystems throughout Europe.
Kleos Africa Webinar - Securing Equity FinancingGlory Enyinnaya
Capital is to a business as blood is to a human being. It’s not the fundamental reason for its existence but it’s essential for survival.
To grow in 2020, you need to chart a roadmap for growth and, more often than not, investors will help you get to the next level.
However, statistics show that only 1 in 1000 businesses succeeds in securing investment capital. If you’ve been struggling for capital, and don’t know where to start, this webinar is for you.
In this webinar, Kleos Africa’s Lead Consultant and Beta Gamma Sigma’s Board member, Glory Enyinnaya, will take you through the steps of raising capital from equity investors.
Glory brings to bear her considerable technical expertise as an Accenture-trained management consultant and First Class accountant. She will also draw upon her experience as a technology entrepreneur and the Regional representative of Faster Capital, a venture capital fund in the United Arab Emirates that invests in entrepreneurial projects around the world.
2020 has just begun – will it be the year your business gets funded?
A preview of Pitching Hacks (How to pitch investors).
We’ve founded companies like Epinions; helped start companies that are backed by Sequoia, Benchmark, and Kleiner Perkins; raised $100M or so for startups; and invested another $20M in about 12 companies. This book summarizes the lessons we've learned along the way.
Buy the whole book at http://venturehacks.com/pitching
Raising your first $1mm to $5mm a view from both sides of the tableStartupWeekDallas
Presentation at Dallas Startup Week from Lee Blaylock, Founder and CEO, Who@
Lee Blaylock, a former Oracle exec and current serial entrepreneur and investor, offered up a multitude of advice for founders on Tuesday at Dallas Startup Week.
First, the Who@ founder started with his definition of entrepreneurship.
dallasstartupweek“It’s the undertaking of a business enterprise with a complete, total, utter lack of respect of the resources you currently control,” Blaylock said.
Blaylock listed a bevy of investing lingo that every entrepreneur should understand when trying to raise that first $1 million to $5 million. Among them:
- Fiduciary
- Traction
- Term Sheet
- Debt
- Equity
- Warrants
- Option Pool / Vesting / Cliff
- Capitalization Table
- Accredited Investor
- Due Diligence
- LTV / CaC
- Burn Rate
- Fume Date
- Making money and good investments concept
He then offered a “6 Things Before You Pitch” guide.
Insider's Guide to Raising Early-Stage CapitalNnamdi Okike
An insider's guide to raising early-stage capital. An explanation of the key things to think about when raising early-stage funding from angels, angel groups, and venture capital firms.
David Weekly's Angel Investment Deck. Meant as an introduction to investing in US-based companies as an accredited investor. Covers Angel List, syndicates, syndicate funds, venture capital, common risks and pitfalls.
NOTE: Does not constitute legal or financial advice and is not a solicitation for investment.
These are the things I learned about Angel Investing. If you're thinking about investing in startups, either directly or via services like AngelList, my hope is that these tips can help you avoid some common mistakes.
Learn whats needed to become an Angel Investor in today's world. Start your Start-up journey here!
About Author:
Manish is the co-founder of www.LetsVenture.com
Manish is a passionate mentor & business coach. He works with technology start-ups to help them get established and started-ups in helping them scale. As an angel investor he also invests in innovative start-ups.
Manish serves on the board of companies ranging from technology businesses, consumer businesses, e-commerce to employability like Freshersworld.com, Moontara Technovations etc. He is also an active mentor on the CIIE Mentor Edge Panel (IIM Ahmedabad), Start-up Village (Kochi) and Venture Labs (Standford University).
Basics on the startup process, raising capital, and thinking about valuation, especially for first-time entrepreneurs. Read my article at VentureBeat for details on this slide deck:
http://venturebeat.com/2016/09/05/startup-fundraising-101-revisited/
Recently, I had the opportunity to present at StartUp 2015 in Varna, Bulgaria. As part of Angelsbootcamp.org, we share our prorams with local startup ecosystems throughout Europe.
Kleos Africa Webinar - Securing Equity FinancingGlory Enyinnaya
Capital is to a business as blood is to a human being. It’s not the fundamental reason for its existence but it’s essential for survival.
To grow in 2020, you need to chart a roadmap for growth and, more often than not, investors will help you get to the next level.
However, statistics show that only 1 in 1000 businesses succeeds in securing investment capital. If you’ve been struggling for capital, and don’t know where to start, this webinar is for you.
In this webinar, Kleos Africa’s Lead Consultant and Beta Gamma Sigma’s Board member, Glory Enyinnaya, will take you through the steps of raising capital from equity investors.
Glory brings to bear her considerable technical expertise as an Accenture-trained management consultant and First Class accountant. She will also draw upon her experience as a technology entrepreneur and the Regional representative of Faster Capital, a venture capital fund in the United Arab Emirates that invests in entrepreneurial projects around the world.
2020 has just begun – will it be the year your business gets funded?
A preview of Pitching Hacks (How to pitch investors).
We’ve founded companies like Epinions; helped start companies that are backed by Sequoia, Benchmark, and Kleiner Perkins; raised $100M or so for startups; and invested another $20M in about 12 companies. This book summarizes the lessons we've learned along the way.
Buy the whole book at http://venturehacks.com/pitching
Raising your first $1mm to $5mm a view from both sides of the tableStartupWeekDallas
Presentation at Dallas Startup Week from Lee Blaylock, Founder and CEO, Who@
Lee Blaylock, a former Oracle exec and current serial entrepreneur and investor, offered up a multitude of advice for founders on Tuesday at Dallas Startup Week.
First, the Who@ founder started with his definition of entrepreneurship.
dallasstartupweek“It’s the undertaking of a business enterprise with a complete, total, utter lack of respect of the resources you currently control,” Blaylock said.
Blaylock listed a bevy of investing lingo that every entrepreneur should understand when trying to raise that first $1 million to $5 million. Among them:
- Fiduciary
- Traction
- Term Sheet
- Debt
- Equity
- Warrants
- Option Pool / Vesting / Cliff
- Capitalization Table
- Accredited Investor
- Due Diligence
- LTV / CaC
- Burn Rate
- Fume Date
- Making money and good investments concept
He then offered a “6 Things Before You Pitch” guide.
Insider's Guide to Raising Early-Stage CapitalNnamdi Okike
An insider's guide to raising early-stage capital. An explanation of the key things to think about when raising early-stage funding from angels, angel groups, and venture capital firms.
David Weekly's Angel Investment Deck. Meant as an introduction to investing in US-based companies as an accredited investor. Covers Angel List, syndicates, syndicate funds, venture capital, common risks and pitfalls.
NOTE: Does not constitute legal or financial advice and is not a solicitation for investment.
These are the things I learned about Angel Investing. If you're thinking about investing in startups, either directly or via services like AngelList, my hope is that these tips can help you avoid some common mistakes.
How to VC: Creating a VC fund portfolio modelDave McClure
This article aims to help VCs figure out how to size a venture capital fund, how many companies to include in your portfolio, and when and how to do follow-on investments. Most VCs aim to make a 3X (net) return on initial fund capital, at a ~20% net IRR. Note however, likely less than 10% of most VC funds achieve that goal.
Inside The Mind Of The Venture Capitalist: An Introduction to Venture CapitalJ. Skyler Fernandes
The was the first is a series of presentations by Inside the Mind of The Venture Capitalist, presenting the basic foundations of Venture Capital and what Venture Capitalists look for in companies.
Many technology ventures are focused on securing funds from venture capitalists (VCs). This lecture focuses on understanding the motivation of private venture capital firms and how it affects the structure of their term sheets and legal agreements. We explore common pitfalls in dealing with VCs, as well as success stories regarding VC investment.
A primer for founders on how to raise that first round of venture capital from Harvard Business School professor and Flybridge general partner Jeff Bussgang
Many technology ventures are focused on securing funds from venture capitalists (VCs). This lecture focuses on understanding the motivation of private venture capital firms and how it affects the structure of their term sheets and legal agreements. We explore common pitfalls in dealing with VCs, as well as success stories regarding VC investment.
Part of Entrepreneurship 101
http://www.marsdd.com/events/details.html?uuid=aed97387-fb20-4779-a111-17fb9c5428d0
Introduction to Business Angel Investing'Tomi Davies
This presentation is Based on the book “Angel Investing - The Gust Guide to Making Money & Having Fun Investing In Startups” by David S. Rose @davidsrose CEO of Gust and Founder of New York Angels angelinvesting.com
It is for a Masterclass designed for practising and potential business angels who want to understand the basics of angel investing. It is a comprehensive guide that walks students through every step of the way to becoming a successful angel investor.
The class exposes students to fundamental strategies and specific tools required to take full advantage of this rapidly growing asset class, from building your reputation as a smart investor, to negotiating fair deals and adding value to your portfolio of companies through to helping them implement smart exit strategies.
Finnish Business Angels Network ry (FiBAN) ja Suomen pääomasijoitusyhdistys ry (FVCA) ovat keränneet vuoden 2016 tilastoja yksityissijoittajien ja pääomasijoitusyhtiöiden tekemistä sijoituksista startup- ja kasvuyrityksiin Suomessa.
Suomalaisiin aikaisen vaiheen kasvuyrityksiin tehtyjen sijoitusten kokonaissumma kasvoi viime vuonna 42 prosenttia 383 miljoonaan euroon, joista kotimaisia pääomasijoituksia 80 miljoonaa ja bisnesenkeleiden sijoituksia 53 miljoonaa euroa. Lisäksi ulkomaisia suoria sijoituksia tehtiin 216 miljoonaa sekä muita sijoituksia 34 miljoonaa euroa. Yhteensä sijoituksia tehtiin yli 400 kasvuyritykseen vuonna 2016.
Lisätietoja:
http://fvca.fi/tietokeskus/tilastot
www.fiban.org/resources
FiBAN's business angel training "Effectuation in Venture investing - Do exper...FiBAN
Presention shared by Dr. Robert Wiltbank at FiBAN's business angel training in Helsinki, 3rd of November.
All the presentations and videos are gathered here: https://www.fiban.org/robertwiltbank
Presentations given:
1. Comparison of Finnish and US angel activity
https://www.youtube.com/watch?v=UKdmr...
- Slides:
2. Angel Returns: https://www.youtube.com/watch?v=juuAK...
- Slides:
3. Effective business angel strategies: https://www.youtube.com/watch?v=TsZQd...
- Slides:
4. Effectuation in Venture investing - Do experts make decisions differently?: https://www.youtube.com/watch?v=miWap...
- Slides
For additional details and questions: https://www.fiban.org/robertwiltbank
FiBAN's business angel training "Business Angel Returns" by Robert Wiltbank -...FiBAN
Presention shared by Dr. Robert Wiltbank at FiBAN's business angel training in Helsinki, 3rd of November.
All the presentations and videos are gathered here: https://www.fiban.org/robertwiltbank
Presentations given:
1. Comparison of Finnish and US angel activity
https://www.youtube.com/watch?v=UKdmr...
- Slides:
2. Angel Returns: https://www.youtube.com/watch?v=juuAK...
- Slides:
3. Effective business angel strategies: https://www.youtube.com/watch?v=TsZQd...
- Slides:
4. Effectuation in Venture investing - Do experts make decisions differently?: https://www.youtube.com/watch?v=miWap...
- Slides
For additional details and questions: https://www.fiban.org/robertwiltbank
FiBAN's business angel training "Effective Business Angel Investing Strategie...FiBAN
Presention shared by Dr. Robert Wiltbank at FiBAN's business angel training in Helsinki, 3rd of November.
All the presentations and videos are gathered here: https://www.fiban.org/robertwiltbank
Presentations given:
1. Comparison of Finnish and US angel activity
https://www.youtube.com/watch?v=UKdmr...
- Slides:
2. Angel Returns: https://www.youtube.com/watch?v=juuAK...
- Slides:
3. Effective business angel strategies: https://www.youtube.com/watch?v=TsZQd...
- Slides:
4. Effectuation in Venture investing - Do experts make decisions differently?: https://www.youtube.com/watch?v=miWap...
- Slides
For additional details and questions: https://www.fiban.org/robertwiltbank
FiBAN's business angel training "Effective Business Angel Investing Strategie...FiBAN
Presention shared by Dr. Robert Wiltbank at FiBAN's business angel training in Helsinki, 3rd of November.
All the presentations and videos are gathered here: https://www.fiban.org/robertwiltbank
Presentations given:
1. Comparison of Finnish and US angel activity
https://www.youtube.com/watch?v=UKdmr...
- Slides:
2. Angel Returns: https://www.youtube.com/watch?v=juuAK...
- Slides:
3. Effective business angel strategies: https://www.youtube.com/watch?v=TsZQd...
- Slides:
4. Effectuation in Venture investing - Do experts make decisions differently?: https://www.youtube.com/watch?v=miWap...
- Slides
For additional details and questions: https://www.fiban.org/robertwiltbank
FiBAN's business angel training "Business Angel Returns" by Robert Wiltbank -...FiBAN
Presention shared by Dr. Robert Wiltbank at FiBAN's business angel training in Helsinki, 3rd of November.
All the presentations and videos are gathered here: https://www.fiban.org/robertwiltbank
Presentations given:
1. Comparison of Finnish and US angel activity
https://www.youtube.com/watch?v=UKdmr...
- Slides:
2. Angel Returns: https://www.youtube.com/watch?v=juuAK...
- Slides:
3. Effective business angel strategies: https://www.youtube.com/watch?v=TsZQd...
- Slides:
4. Effectuation in Venture investing - Do experts make decisions differently?: https://www.youtube.com/watch?v=miWap...
- Slides
For additional details and questions: https://www.fiban.org/robertwiltbank
FiBAN's business angel training "Business Angel Returns" by Robert Wiltbank -...FiBAN
Presention shared by Dr. Robert Wiltbank at FiBAN's business angel training in Helsinki, 3rd of November.
All the presentations and videos are gathered here: https://www.fiban.org/robertwiltbank
Presentations given:
1. Comparison of Finnish and US angel activity
https://www.youtube.com/watch?v=UKdmr...
- Slides:
2. Angel Returns: https://www.youtube.com/watch?v=juuAK...
- Slides:
3. Effective business angel strategies: https://www.youtube.com/watch?v=TsZQd...
- Slides:
4. Effectuation in Venture investing - Do experts make decisions differently?: https://www.youtube.com/watch?v=miWap...
- Slides
For additional details and questions: https://www.fiban.org/robertwiltbank
FiBAN's business angel training "Comparison of Finnish and US angel activity"...FiBAN
Presention shared by Dr. Robert Wiltbank at FiBAN's business angel training in Helsinki, 3rd of November.
All the presentations and videos are gathered here: https://www.fiban.org/robertwiltbank
Presentations given:
1. Comparison of Finnish and US angel activity
https://www.youtube.com/watch?v=UKdmr...
- Slides:
2. Angel Returns: https://www.youtube.com/watch?v=juuAK...
- Slides:
3. Effective business angel strategies: https://www.youtube.com/watch?v=TsZQd...
- Slides:
4. Effectuation in Venture investing - Do experts make decisions differently?: https://www.youtube.com/watch?v=miWap...
- Slides
For additional details and questions: https://www.fiban.org/robertwiltbank
FiBAN gathers yearly Finnish business angel activity. In 2015 over €37M was invested in 322 companies by business angels, which is 15% of the total €253M invested in Finland.
Finland has one of the most active and largest angel networks in Europe and FiBAN has been awarded "European business angel network" of the year 2012 and 2015.
FiBAN’s board and office is glad to answer any additional questions about angel investing and present activity at events.
www.fiban.org/contact
Claes Mikko Nilsen
Network Manager, FiBAN
Finnish Business Angels Network ry (FiBAN) ja Suomen pääomasijoitusyhdistys ry (FVCA) ovat keränneet vuoden 2015 tilastoja yksityissijoittajien ja pääomasijoitusyhtiöiden tekemistä sijoituksista startup- ja kasvuyrityksiin Suomessa.
Suomalaisiin kasvuyrityksiin tehtyjen sijoitusten kokonaissumma oli 253 M€ vuonna 2015, joista kotimaisia pääomasijoituksia 96 M€, ulkomaisia suoria sijoituksia 94 M€, kotimaisten bisnesenkeleiden sijoituksia 37 M€ sekä muita sijoituksia 26 M€.
Lisätietoja:
- FiBAN http://fiban.org/news/bisnesenkeliaktiivisuus-2015
- FVCA: http://fvca.fi/tietokeskus/tilastot
Finnish business angel activity 2014 - By FiBANFiBAN
Finnish Business Angels Network (FiBAN) and Finnish Venture Capital Association (FVCA) have released their statistics on private investments and private equity investments in Finnish companies in 2014.
Closer information here: https://www.fiban.org/finnish-business-angel-activity-2014
Pääomasijoitukset Suomessa 2014 - Yhteenvetoesitys 3.3.2015 FiBAN
Finnish Business Angels Network ry (FiBAN) ja Suomen pääomasijoitusyhdistys ry (FVCA) ovat keränneet vuoden 2014 tilastoja yksityissijoittajien ja pääomasijoitusyhtiöiden tekemistä sijoituksista kasvuyrityksiin Suomessa.
Suomalaisiin kasvuyrityksiin tehtyjen sijoitusten kokonaissumma oli 206 M€ vuonna 2014, joista kotimaisia pääomasijoituksia 73 M€, ulkomaisia suoria sijoituksia 89 M€, kotimaisten bisnesenkeleiden sijoituksia 33 M€ sekä muita sijoituksia 11 M€. Edellisvuoden ennätykselliseen kokonaissummaan 279 M€ vaikutti vahvasti Supercellin 100 M€ rahoituskierros.
FiBAN: https://www.fiban.org/paaomasijoitukset-2014
FVCA: http://fvca.fi/tietokeskus/tilastot
Bisnesnekeliaktiivisuus suomessa 2014 - "Sijoitussumma nousi ennätystasolle"FiBAN
YHÄ USEAMPI YRITYS SAI KASVUSIJOITUKSEN
Bisnesenkelit ja pääomasijoitusyhtiöt sijoittivat ennätyksellisen moneen potentiaaliseen kasvuyritykseen
Finnish Business Angels Network ry (FiBAN) ja Suomen pääomasijoitusyhdistys ry (FVCA) ovat keränneet vuoden 2014 tilastoja yksityissijoittajien ja pääomasijoitusyhtiöiden tekemistä sijoituksista kasvuyrityksiin Suomessa.
Suomalaisiin kasvuyrityksiin tehtyjen sijoitusten kokonaissumma oli 206 M€ vuonna 2014, joista kotimaisia pääomasijoituksia 73 M€, ulkomaisia suoria sijoituksia 89 M€, kotimaisten bisnesenkeleiden sijoituksia 33 M€ sekä muita sijoituksia 11 M€. Edellisvuoden ennätykselliseen kokonaissummaan 279 M€ vaikutti vahvasti Supercellin 100 M€ rahoituskierros.
BISNESENKELIAKTIIVISUUS 2014
Yksityiset bisnesenkelit sijoittivat ennätykselliset 21 M€ 238:aan yritykseen. FiBANin keräämän sijoitussumman lisäksi bisnesenkelit sijoittivat 12 M€ yhdessä Finnveran kanssa, eli todettuja bisnesenkelisijoituksia oli yhteensä yli 33 M€ vuonna 2014. FiBANin verkosto ja sen kautta sijoitettava pääoma ovat suurimpia Euroopassa. Mediaanisijoitus oli 25.000 € kuten edellisenä vuonna. Keskimäärin bisnesenkeli teki 1,6 uutta sijoitusta vuonna 2014.
Bisnesenkeleiden rooli ja merkitys alkuvaiheen kasvuresurssina kasvaa. Sijoitukset loivat vuoden 2014 aikana yli 1200 työpaikkaa ja olivat siten tehokas ja konkreettinen tapa vaikuttaa uusien työpaikkojen syntyyn.
Vuonna 2013 käyttöön otettu bisnesenkeleiden verokannustin ei ole saavuttanut toivottua suosiota. Bisnesenkelikannustin toimii kuitenkin erinomaisena symbolisena viestinä edistämään kiinnostusta yksityiseen kasvuyrityssijoittamiseen Suomessa. FiBAN toivoo verokannustimen kehittämisen jatkamista.
Lisätietoja: https://www.fiban.org/bisnesenkeliaktiivisuus-2014
FiBANin bisnesenkeliaamiainen EK:ssa - "Suomen lähitulevaisuuden näkymät pien...FiBAN
FiBAN järjestää aamiaistilaisuuksia, joiden tavoitteena on jakaa bisnesenkelitoiminnan parhaita käytäntöjä kokeneiden sijoittajien avulla. Tilaisuuteen ovat tervetulleita kaikki kokeneet, sekä kokemattomat bisnesenkelisijoittamisesta kiinnostuneet.
Tilaisuudessa kuullaan EK:n Minna Etu-Seppälän luento kasvuyritysten markkinanäkymistä ja Penna Urrilan investointinäkymät.
Finnish business angel activity 2013 - Finnish Business Angels Network (FiBAN)FiBAN
The Finnish Business Angels Network (FiBAN) and Finnvera have collected statistical data on investments made by private investors in early-stage potential growth enterprises in Finland in 2013. The resulting statistics are the most extensive collected to date in the Nordic countries.
Read the whole article here: https://www.fiban.org/finnish-business-angel-activity-2013
Bisnesenkeliaktiivisuus Suomessa 2013 - FiBANFiBAN
Finnish Business Angels Network (FiBAN) ja Finnvera ovat keränneet vuoden 2013 tilastoja yksityissijoittajien tekemistä sijoituksista alkuvaiheen potentiaalisiin kasvuyrityksiin Suomessa. Saatu tilasto on suurin tähän mennessä Pohjoismaissa kerätty.
Finnish Business Angels Network (FiBAN) is a national, non-profit association aiming to inspire private investments made in potential early stage companies.
FiBAN strives for high-quality deal flow by co-operating with various private and public growth supporting entities. FiBAN acts as a link between growth companies and investors by providing companies with direct visibility to investors and aims to facilitate investment rounds in general.
European business angel investment overview 2012 - European Business Angels N...FiBAN
EBAN's business angel data show that the European angel market is €5.1 billion, European angels on the rise!
Ref: http://www.eban.org/e5-1-billion-market-shows-european-angels-on-the-rise/#.UftfkWT0-3N
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
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The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
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what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
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Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
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The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
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What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
1. Angel in Groups
Helsinki, May 7, 2012
BILL PAYNE
www.fiban.org/billpayne
2. Bill Payne is an active angel investor, board member, and advisor to entrepreneurs.
He assisted in founding four angel groups: the Frontier Angel Fund (2005), Tech
Coast Angels (San Diego – 2000), Vegas Valley Angels (2003) and Aztec Venture
Network (1999).
For three decades, Bill Payne has successfully founded or invested in over 50 start-
up companies. He served as an Entrepreneur-in-Residence to the Kauffman
Foundation for twelve years. While there, he directed the development of the
Power of Angel Investing education series for entrepreneurs and angel investors.
He has served as lead instructor for over 100 seminars in seven countries.
In 2009, Bill was named the Hans Severiens Award winner as the “outstanding angel
investor in America.”
4. The Capital Lifecycle
Investigation Feasibility Development Introduction Growth Maturity
Proof of Pre-Seed Seed & Early First, Second, etc...
concept Start-up
Government Sources
Self
PROFIT
Friends & Family Venture Capital
Angel Investors IPO, Banks
First Revenues
VALUE OF DEATH
TIME
5. Who Are These Angels?
Wealthy individuals – sophisticated investors
“Been there, done that” entrepreneurs
Invest time and money in portfolio companies
“Mad money”
Generally $25K-$250K per deal per angel
Many angel investments
Range of involvements
Lead investor – Chairman of the Board
Investor/advisor
Passive investor
6. Professor Josh Lerner
(Harvard University – 2010)
Regarding angel investors:
• Angels make a large and significant impact
on the success and survival of their
portfolio companies
• Mentoring and business contacts are even
more important than angels’ money
7. Motivation
VENTURE CAPITALISTS: make money
ANGELS
Return on Investment is the metric
Staying involved (sense of usefulness)
altruistic
Give back to community motivations
Affection for entrepreneurs
10. Quotes:
Dr. Bob Litan, VP Kauffman
• Companies less than five years old have
created 40 million jobs in the US in the
past 30 years
• Companies five years and older have, in
the sum, lost jobs in the past 30 years
11. American angels fund 20,000 new
companies per year that are in the
sweet spot of job creation in the US
14. Classic Assumptions
• High risk asset class
• A high fraction failed
• Shooting for home runs = >10X
• Seed/startup VC yields >20% IRR
• Paucity of data
15. Two Studies by Prof. Rob Wiltbank
(Willamette University, Portland, Oregon)
18. Time to Exit
16
Years from Investment to Exit
14
12 Pessimistic
10
8 Wiltbank Data
6
4 Optimistic
2
0
0 10 20 30 40 50
Return on Investment (ROI – cash on cash)
20. Adjusted Portfolio Strategy
Invest in at least 10 -25 deals (lifetime)
90% of deals return all capital invested in portfolio
10% provides all upside and must be a 20X
Investing in more than ten deals is good
Conversely, a small number of large angel
investments increases risk
All deals must have potential for 20X
Angel investing is a 10+ year commitment
Similar to VC investing, perhaps longer!
22. Portfolio Strategy: Gambling Analogy
Pay $1 and pick number from 1-10
Win $25 if you pick correctly (25X)
This is a skewed distribution (like angel investing)
Win 10% of time lose 90%
Expected Value is 2.5x ($1 for 10 plays, win $25)
Play once, likely lose; but could win $25
If you play many times, should win 2.5x what you bet
But also reduces chance big win (25x in one play)
23. Example: Gambling Analogy
Play 1 time likely lose money (90% of time)
could make 25X
Play 3 times probably lose your money
could make 8X, 17X or 25X
Play 10 times probably make money
most likely about 2.5X
Play 100 times expected return is 2.5X
Play 5000 times assured return is about 2.5X
24. Lessons Learned
1. The distribution of returns from the
Wilbank study strongly suggests that
invests pursue a portfolio strategy of at
least 10 investments and perhaps as many
as 25 investments to optimize returns.
2. Based on the Wiltbank
studies, anticipated returns for angel
investing is an IRR of 20-25% (~2.5X ROI)
3. Investor patience is required (10+ years)
25. Patience is required
Lemons Rot Faster than Plums Ripen
• -1X typically takes 2.5 to 3 years
• 10X is expected to take 4-5 years
• 30X could take 6-8 years or more
Hint: Angels should not expect high portfolio
yields (IRR) after only three years of investing!
26. Invest in at least 10 companies
But: How much should angels
invest in each deal?
27. Determining Size of Angel Investments
• Invest in at least 10 deals (lifetime)
•
•
•
• Determine total personal assets set aside for
angel investing (3-10% of total assets)
• Divide total commitment by 20 investments
•
28. Strategy: A Personal Choice
• Invest in each round of perceived winners
o Invest along side subsequent investors
o Invest a lot in some company, little in others
o OR…limit follow-on investing
• Invest in new companies
o Be very selective in follow-on investments
o Chose to diversify over betting on winners
29. Other Triggers for Investment
• Scalability and diversity are not only issues
• Vary by investor and within angel groups
• Some additional critical triggers may be:
•
•
•
•
•
•
32. Solo Angel Investing
• Process is time-consuming
• Deal sourcing
• Reading plans
• Due diligence
• Due diligence is difficult
• Finding vertical experience
• May require using outside experts
• Legal support is expensive
33. Advantages of Solo Angel Investing
• Control over the round of investment
• Take a little – take a lot
• Include only your friends
• Negotiate control ownership
• Grab hot deals
• Move quickly
• Dominate an emerging business sector
• Negotiate your own term sheet
34. Disadvantages of Solo Angel Investing
• Much more difficult
• To manage deal flow
• Doing sufficient due diligence
• Mentoring/supporting growth in funded companies
• Leads to larger investments
• Fewer to share any round
• Larger personal investments
• Pressure to invest in follow-on
• Less diversification
• See fewer deals
• Lose deals to others/no incentive to share deals
35. Solo versus Group Angel Investing
Group investing facilitates best practices
• Easier to see more deals
• More resources to evaluation deals
• More experts to mentor companies
• Business sector experts as Directors/Advisors
• M&A experts to facilitate exit
• Best practice for optimum returns (Wiltbank)
• Many, smaller investments
• Easy to make many, smaller investments
37. Larger Portfolio Improves Returns
1. Wiltbank Study – Investing in 10 -25 deals is a
best practice for optimum returns. Invest in more
deals – with smaller investments per deal
Investing with groups
• Increases deal flow
• More investors – less investment per deal per
investor
• More investors for follow-on investing
38. Due Diligence: In Group Investing
2. Extensive Due Diligence Improves Returns
• Group offers substantial business expertise
• Group members have time to do diligence
• Team due diligence is faster and more
comprehensive
40. 50% of deals were not
related
When related, they
typically had 14 years
of experience
41. Mentoring Funded Companies
3. More experts to mentor companies
• Business sector experts as Directors/Advisors
• M&A experts to facilitate exit
• Angels groups provide Director training and
establish Director/Board best practices
42. High = 1-2 times per month
Low = 1-2 times per yr
High: 3.7X (4 yrs)
Low: 1.3X (3.6 yrs)
43. Investing through Angel Orgs
• Increased deal flow – more deal choices
• Pick and choose the deals you like
• Variety of vertical experience available
• Expertise in due diligence
• Mentors for growing portfolio companies
• Standardized processes and term sheets
• Great camaraderie among the like-minded
44. Growth in US Angel Groups
350
300
250
200
150
100
50
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Center for Venture Research (pre 03 data) and Kauffman Foundation/ARI (04- data)
45. Profiles of US Angels (Wiltbank – US)
Years investing 9
Number of investments 10
Total exits/ closures 2
Years as entrepreneur 14.5
Number ventures founded 2.7
Age 57
Percent of net worth 10%
Education University
46. Engagement from Each Angel
Ten portfolio companies
Engaged with 2-4
o Chairman
o Director
o Mentor/coach
Passive with six or more
Available, if needed
47. Typical US Angel Group Deal - 2011
• $150,000 to $2 million in a single round
o Median round size $700,000
o Median from local angel group: $250,000
• 20-40% ownership in company
• Board position(s)
• Special voting rights
• Liquidation preference
48. Engagement of Angels
5 to 20 angels invest in a company
Which angels engage with the company
Available Time
Vertical Experience, familiar with M&A exits
Good rapport with entrepreneur
How many will be involved
One or two – depending on need
Others on call for special assistance
Note: Most angels are part-time investors
49. Angel Roles in Portfolio Companies
Board of Directors
Advisor, mentor, coach
o Of CEO, of management team
Step in during crisis (temporary)
Assist in raising additional money
o Another angel round
o VC or strategic money
Tee up the company for exit
Angels are active in a few deals and
passive in most
52. Nondisclosure Agreements (NDAs)
• Most angels and VCs will not sign
o See too many deals
o Integrity is key to continuing business
o Not motivated to steal technology
• May sign NDA…
o During due diligence, not earlier
o Covering a very narrow set of issues
• Business Plan - no proprietary information
53. High Growth vs Lifestyle Companies
Lifestyle companies
• Organic growth
• Great income source for entrepreneurs
• Flexible exits
o Sell
o Stay engaged into retirement
o Give business to children
• Not fundable by investors
(no anticipated exit)
54. High Growth vs Lifestyle Companies
Fundable Companies (high growth)
• High growth potential
• Need investor’s capital to grow
• Exit strategy defined at outset
o IPO (very unlikely)
o Sell to public or private company
• Entrepreneur builds wealth
but perhaps not high income
56. Angel Rating System
Management team 0-30%
Size of opportunity 0-25%
Product & technology 0-15%
Sales channels 0-10%
Competitive advantage 0-10%
Size of this round 0 - 5%
Need for more funding 0 - 5%
57. Don’t Like These Ratios?
Management team 25-40%
Size of opportunity 20-30%
Product & technology 10-30%
Sales channels 5-20%
Competitive advantage 5-20%
Size of this round 0-5%
Need for more funding 0-5%
BUT: Don’t Make Product/Technology 95%
58. Fundable Management Teams
CEO
o Coachable (very important)
o Integrity
o CEO experience, Leadership
o Vertical experience
o Team members identified
Team
o Balance and complete
o Experience working together
59. Size of the Opportunity
Scalable
o $20 million (min.) in revenues in 5 years
o (VCs look for >$100 million)
Large niche market
o Achieve high revenues
with minimum competition
High gross margins
o Growth with internally generated cash
o Requires less investment capital
60. Product and Technology
Product available for customer validation
o Prototype
o Beta test
• Unique technology
o Patents, trademarks
o Trade secrets
o IP protection underway
• Manufacturability in quantity validated
61. Intellectual Property
Patents, trademarks, trade secrets
Competitive advantage is a “must have”
o Competition with resources cannot just reverse
engineer and compete
o But, IP does not bring great value to startups
because they do not have resources to defend
Intellectual Property primary value at exit
o Acquiring companies insist on IP
o Great IP adds substantial value at exit
62. Marketing and Sales
Customer validation is available
o Investors need to verify with customers
o Essential to investment
• Marketing/branding issues addressed
• Reasonable sales channels defined
• Some partnerships established
• Competitive advantage identified
o Small competitors, fractured marketplace
63. Other Issues
International
o Sales and marketing off-shore
Direct or landed presence
Capital
o Size of this round
o Subsequent funding required
Small (angels) or Large (VCs)
Raising money off-shore
Substantially increases risk
65. Typical Angel Group Deals (p1)
• Management team has:
o Integrity
o Experience (management, business vertical)
o Identified key advisors/directors
o Key players in the wings
• And…CEO is coachable
• Willing to build a functional board
o Entrepreneur will not have control
66. Typical Angel Group Deals (p2)
• The business will scale
o Build revenues to >$20 million in five years
• The business serves a large niche market
o No major players as direct competitors
• Large gross margins can be expected
• M&A exit are feasible within 5+ years
o Multiple acquiring targets can be identified
o Technology key to target’s tech roadmap
67. Typical Angel Group Deals (p3)
• Company has prototype ready for customers.
• Customers have been identified and
have been shown the product or prototype.
• Customers can validate that the product is a
pain killer, not a vitamin pill
• Company has unfair competitive advantage
68. Typical Angel Group Deals (p4)
• The business model can be validated
• Reasonable sales channels are available
• Customer acquisition costs are low
• Competition is fractured
(Microsoft is not lurking around the corner)
69. Typical Angel Group Deals (p5)
• Entrepreneurs is flexible on terms
• 20+X ROI is possible (not all angels agree..)
• Valuation is reasonable
• Structure of deal allows input/control by
investors.
• Board makeup is flexible by entrepreneur
• CEO is willing in advance to step aside when
opportunity justifies this Board decision
70. AVOID COMPANIES WHO HAVE
MADE FIVE COMMON MISTAKES
(Traps Entrepreneurs Must Avoid)
74. 4. Don’t allow entrepreneurs to “ball
park” revenues as a percentage of the
total market.
75. 5. Don’t be impressed with
“first mover advantage”
76. Summary
• Betting on the Jockey, not the horse
• Looking for companies with large
opportunities in niche markets
• Seeking a competitive advantage
• Skeptical about companies that have huge
capital requirements.
79. Angel Group Investing Process
PROCESS SOURCE COMMENTS %
Deal Flow Referenced or Groups seek 100%
New unreferenced deals
Pre-screening Staff review Criteria for Investment 50%
Screening Members Due Diligence or Reject 20%
Due Diligence Team of 4-6 Invest or Reject 5-10%
Investor Varies by Deal Collect money ~2%
Commitment Seek additional investors
Closing Varies by Deal Include outside investors? ~2%
80. Deal Flow
• Many deals come from
members, incubators and local lawyers
(etc.)
• Groups encourage unreferenced deals
from local community
• Refer outside deals to groups local to
the deal
81. Pre-screening Deal Flow
• Pre-screening done by
o Staff
o Interns (students from local schools, trained
by angels)
o Small groups of members
• Based primarily Criteria for Investment
o Published on website (next slide)
82. Criteria for Investment
• Geography (local deals)
• Business sectors of interest
• Range of acceptable round sizes
o Typically $150,000 to $1 million
• Upper valuation limit
• Preferred stage of development
• Other criteria
83. Screening
• Presentation to some or all members
• Structured meeting
• Using PowerPoint template
• Timed presentation, Q&A, private discussion
and feedback to entrepreneur
• Objective
o Move on to Due Diligence phase, or
o Optional recommendations to entrepreneurs
84. Due Diligence
• Team of angel members (4-6)
• Negotiate term sheet (not part of DD)
• Use due diligence checklist
• Validate investment opportunity
o Management team, Size of opportunity
o Technology/IP, Capital required, financials
• 2-3 months, decision to write checks
• Document in DD book, share with others
85. Investment
• DD team recruits investment from group
• Collect investment funds
• Make decision about investment from
other groups (70% of US deals are shared)
• Provide DD documentation to others
• Select lead investor (board directors)
• Close deal
86. Syndication with Other Groups
• Move quickly
• Provide with Due Diligence book
• Make entrepreneur and lead investor
available to syndication partners
• Emphasize importance of timing
• Close deal
89. Models in the US
• Organizational models
o Angel networks
o Angel funds
• Management models
o Member managed
o Manager managed
o Administrative support
90. Funds or Networks
Angel Funds Angel Networks
Manager-managed X X
Member-managed X
Time commitment X X X
Dues X X X
Carry (preferential return) X X
Individual investments X
Group investments X X
91. Angel Funds
• Pool money in advance
• Screen and Due Diligence as group
• Vote of members determines investments
• Member managed or
• Hired manager
o Leads the process
o Provides administrative support
o Is paid thru dues and/or “carry”
92. Angel Networks
• Members do the heavy lifting
o Screen and Due Diligence as group
o Negotiate common term sheet
o Select a deal lead
• Members make personal investment decisions
o Some pass – no investment
o Other invest a little…or a lot
• Usually some administrative support
93. Strengths and Weaknesses
Group Organization Model
Strengths Weaknesses
Network
Individual decisions Less diversification
Less investment in recessions
Diversification for all members Group decisions
Fund
Pooled funds- recession proof More startup work
Accounting issues
94. Manager-led Networks and Funds
• The manager
o Leads the process
o Provides administrative support
o Is paid thru dues and/or “carried interest”
o Or, provided by public agencies
• Sometimes do “heavy lifting in
o Due diligence
o Coaching, pre-investment
• Member must engage post investment
95. Strengths and Weaknesses
Member versus Manager Leadership
Strengths Weaknesses
Member
Member engagement Administrative load
Leadership succession
Consistent leadership Member engagement
Manager
Single point of contact Operational costs
Carried interest cost
96. Side-by-side Group Investing
• Individual member investing along side angel funds,
or
• A fund established to invest along side individual
angel network members
• Add leverage for angel group
• Let’s members fund their favorite companies
• Allows network members to diversify portfolio
98. Automatic Side-by-Side Fund
No manager, no carry Leverage to angel group
No fiduciary responsibility Angels can diversify
Typical investment: Other accredited investors
o 30-50% match, if can invest
o 5 angels in network Fees could offset costs of
invest at least $250K angel organization
Diversified portfolio Possible to engage
10 to 20 investments governments as investors
101. Trend towards Angel-only Deals
• World-wide VCs are troubled
• Returns are low
• Raising new funds very difficult
• Follow-on funding by VCs problematic
• Many angels look for angel-only deals
• Require few million US dollars to succeed
• Syndicated angels in multiple rounds can fund
• Seek earlier exits via M&A, not IPOs
102. Definitions
• Syndication and Co-investment have similar
definitions, depending on the region
• In some jurisdictions, investing as part of a
single, local angel groups is syndication
• In US group investing is the standard (and not
considered syndication or co-investment)
• In other locals, syndication (or co-investment)
means different investment groups (angel
groups, VCs, family investors and others)
investing in the same round.
103. Syndication (or co-investment)
within US Angel Groups
• Standard practice for US angel groups
• Average round size 2011: $700,000
• Local group invested about 1/3 = $250,000
• Cooperate on due diligence
• Negotiate a single term sheet
• Coordinate with a single deal lead
• Leverage group investment for best terms
• Invest a little, invest a lot…or pass
104. Syndication (or co-investment)
among several US Angel Groups
• Trend growing rapidly
• Local group leads the deal
• All groups agree to single term sheet
• Coordinate with a single deal lead
• Local group shares due diligence results
• Principal advantage:
• Raise more money
• Engage more investors (and expertise)
• More investors available for follow-on rounds
• Not so dependent on VCs for follow-on
106. Growth in US Angel Groups
350
300
250
200
150
100
50
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Center for Venture Research (pre 03 data) and Kauffman Foundation/ARI (04- data)
107. New Zealand Angel Groups
• New Zealand Demographics
• Land mass of UK, population of 4 million
• 14 angel groups, spread over the country
• About as active as Boston in the US
• Invest together as a group, similar to the US
• Syndicate deals
• All groups participate
• Small VCs engage
• About 50% of deals involve more than one group
108. Trend for Multi-group Syndication
Among Kiwi Angel Groups
NZ Young Company Finance 2012
109. Multi-group Syndication in New Zealand
• Exports are key to NZ economic success
• Raising money in multiple rounds is critical
• Raise money for startup
• Raise money to demonstrate traction locally
• Raise money for exports
• Raise money to create landed presence off-shore
• Successful fundraising offshore only possible
after offshore product validation
110. Keys to Success
(With a Group or Between Groups)
• Build trust with other investors
• Join due joint due diligence teams
• Sharing deals goes both ways
• Single investor contact point
• One term sheet
• Share due diligence
• Cooperate finding best angel experts
• Single lead investor
• Cooperating angels can fund larger deals