VC, PE, Angel, HNI, Seed Investor, Incubator, Accelerator, Corporate Investor, Strategic Investors, 3 Fs .. how do you distinguish between them? What is the homework you need to do before you approach an investor? How will you stand out from the clutter and demonstrate you can create value? How will you crack the exam of getting investors into the company, assuming you have a great idea, product, service or solution?Should you think of Plan B? Should you revisit your Business Model?
Icai national seminar m&a-deal valuationAnjana Vivek
Some pointers on Deal Valuation which is beyond numbers, including some questions 'to trigger thinking' related to valuation from a buyer/seller perspective
Envisage. Stratigize. Execute: IDEA to BUSINESSAnjana Vivek
Coming up with a brilliant idea for your venture is just the beginning, taking it forward is where many people flounder. Session at Eximius, the Entrepreneur Summit at IIMB on how to go about implementing your idea.
Start ups challenges for funding optionsAnjana Vivek
How do you choose from this range of investors and more: HNIs, informal and formal Angel groups,Seed Funds,Venture Capital, Private Equity, Banks, Strategic Investors, Corporate Funds; (Family) Business Groups, Indian & Global, Government supported funds, Impact Investors, Incubators, Accelerators, Crowd funding, Online funding platforms
Finance nuances for a scaling venture - SAYesAnjana Vivek
Session on finance for 25 young entrepreneurs @ the South Asian Young Entrepreneurs Summit (SAYes) organised by The US Consulate General Chennai and The Indus Entrepreneurs (TiE) Bangalore Chapter
The science and art of Startup ValuationsAnjana Vivek
Insights on Valuation and Negotiations… OR … how Can You can get a better price. ..whether for M&A or VC or strategic investment. Valuation is Subjective and Objective; there is a math to valuation, there are Business models which are captured in financial models and spread sheets. There is scenario analysis and sensitivity analysis. There are premiums and discounts assigned to multiple factors. This objective math is impacted by subjectivity of the person(s) doing the calculation, for example, if you are an unlisted company, is the discount factor 50% or 80% or somewhere in-between? This presentation sets out the methods and process of valuation with a few specific examples on valuations for different cases, including mentoring, acceleration, investment and more.
Session on Co-Founder conflict cases or challenges that startups with multiple co-founders face during different stages of their company ( before and after fund-raising) - How do the founders ideally plan for these, and if not planned, how does one find solutions to resolve them when they encounter such challenges.
Icai national seminar m&a-deal valuationAnjana Vivek
Some pointers on Deal Valuation which is beyond numbers, including some questions 'to trigger thinking' related to valuation from a buyer/seller perspective
Envisage. Stratigize. Execute: IDEA to BUSINESSAnjana Vivek
Coming up with a brilliant idea for your venture is just the beginning, taking it forward is where many people flounder. Session at Eximius, the Entrepreneur Summit at IIMB on how to go about implementing your idea.
Start ups challenges for funding optionsAnjana Vivek
How do you choose from this range of investors and more: HNIs, informal and formal Angel groups,Seed Funds,Venture Capital, Private Equity, Banks, Strategic Investors, Corporate Funds; (Family) Business Groups, Indian & Global, Government supported funds, Impact Investors, Incubators, Accelerators, Crowd funding, Online funding platforms
Finance nuances for a scaling venture - SAYesAnjana Vivek
Session on finance for 25 young entrepreneurs @ the South Asian Young Entrepreneurs Summit (SAYes) organised by The US Consulate General Chennai and The Indus Entrepreneurs (TiE) Bangalore Chapter
The science and art of Startup ValuationsAnjana Vivek
Insights on Valuation and Negotiations… OR … how Can You can get a better price. ..whether for M&A or VC or strategic investment. Valuation is Subjective and Objective; there is a math to valuation, there are Business models which are captured in financial models and spread sheets. There is scenario analysis and sensitivity analysis. There are premiums and discounts assigned to multiple factors. This objective math is impacted by subjectivity of the person(s) doing the calculation, for example, if you are an unlisted company, is the discount factor 50% or 80% or somewhere in-between? This presentation sets out the methods and process of valuation with a few specific examples on valuations for different cases, including mentoring, acceleration, investment and more.
Session on Co-Founder conflict cases or challenges that startups with multiple co-founders face during different stages of their company ( before and after fund-raising) - How do the founders ideally plan for these, and if not planned, how does one find solutions to resolve them when they encounter such challenges.
One slide checklist of investors and enablersAnjana Vivek
Which investor is right for you? This sets out types/categories of investors and a brief set of questions you need to ask yourself before setting out your funding strategy.
Microsoft Ventures Masterclass - Business models growth and value creationAnjana Vivek
A framework and process to analyse your business and help you take it to the next level. Topics: Business Models – A Brief Introduction; Stock Take – At the Start; Growth: Sales and Beyond Sales; Valuation and Value Creation; Other Aspects beyond numbers
Proprietorship, Private Ltd. LLP or Partnership..?? Anjana Vivek
Multiple options are there starting a venture, for example: Sole Proprietorship, Partnership, Limited Liability Partnership (LLP ), One Person Company (OPC), Private Limited etc. What is the right one for you? Here are some tips to help you decide on what may suit you.
There is more to managing the financial health of your emerging start-up than raising money and selling out. The day-to-day financials matter, as they impact every other area of your business. Diagnosing your “full” costs, including those to acquire and serve customers, understanding different elements of cost. How your business model impacts your financial model and impacts value creation. It helps to institute the right procedures that will help keep things in check, and give you the visibility into key metrics so you can effectively monitor your progress.How do you read the numbers, the small data, not just the big data? How does value get created and what is valuation? Lack of knowledge may lead you to venture failure. The presentation at the IIMB/NSRCEL session for entrepreneurs and wanna be entrepreneurs is attached here touching on some of these aspects and more... Happy Reading
How to re-imagine and rethink business in a post Covid-19 world. Leading through building resilience in self and business and shining light in a new world business environment.
Leading in Changing Times: YourSelf and Your BusinessAnjana Vivek
We operate in a volatile and uncertain environment, across geographies, across industries. How can you StandOut from the Clutter and be visible as a leader?
Material used in the Entrepreneurship course (Bachelor in Management) at the Toulouse Business School (Barcelona Campus)
November 2017
Brief review of the different stages in the life of a Start Up company, type of investors, valuation methods, the importance of growth management
Knowledge Session on Startup Valuation: How does a Startup approach valuations? Best Practices, Models, Examples of good and bad valuations, etc. ELEVATE 100, an initiative of the Department of Information Technology and Biotechnology, Government of Karnataka aims to provide a comprehensive entrepreneurship platform for startups. The top 100 technology based startups chosen through a rigorous hunt across Karnataka State will tap into a whopping sum of Rs.400 Cr of Government funds. This is the largest pool of funds ever offered by any State Government to Startups.
A presentation by Andreas Schulze of Marsa Corporate finance to the DayOne Accelerator discussing valuation of early stage companies.
If you would like a copy for download, please contact andreas.schulze@marsaco.com
One slide checklist of investors and enablersAnjana Vivek
Which investor is right for you? This sets out types/categories of investors and a brief set of questions you need to ask yourself before setting out your funding strategy.
Microsoft Ventures Masterclass - Business models growth and value creationAnjana Vivek
A framework and process to analyse your business and help you take it to the next level. Topics: Business Models – A Brief Introduction; Stock Take – At the Start; Growth: Sales and Beyond Sales; Valuation and Value Creation; Other Aspects beyond numbers
Proprietorship, Private Ltd. LLP or Partnership..?? Anjana Vivek
Multiple options are there starting a venture, for example: Sole Proprietorship, Partnership, Limited Liability Partnership (LLP ), One Person Company (OPC), Private Limited etc. What is the right one for you? Here are some tips to help you decide on what may suit you.
There is more to managing the financial health of your emerging start-up than raising money and selling out. The day-to-day financials matter, as they impact every other area of your business. Diagnosing your “full” costs, including those to acquire and serve customers, understanding different elements of cost. How your business model impacts your financial model and impacts value creation. It helps to institute the right procedures that will help keep things in check, and give you the visibility into key metrics so you can effectively monitor your progress.How do you read the numbers, the small data, not just the big data? How does value get created and what is valuation? Lack of knowledge may lead you to venture failure. The presentation at the IIMB/NSRCEL session for entrepreneurs and wanna be entrepreneurs is attached here touching on some of these aspects and more... Happy Reading
How to re-imagine and rethink business in a post Covid-19 world. Leading through building resilience in self and business and shining light in a new world business environment.
Leading in Changing Times: YourSelf and Your BusinessAnjana Vivek
We operate in a volatile and uncertain environment, across geographies, across industries. How can you StandOut from the Clutter and be visible as a leader?
Material used in the Entrepreneurship course (Bachelor in Management) at the Toulouse Business School (Barcelona Campus)
November 2017
Brief review of the different stages in the life of a Start Up company, type of investors, valuation methods, the importance of growth management
Knowledge Session on Startup Valuation: How does a Startup approach valuations? Best Practices, Models, Examples of good and bad valuations, etc. ELEVATE 100, an initiative of the Department of Information Technology and Biotechnology, Government of Karnataka aims to provide a comprehensive entrepreneurship platform for startups. The top 100 technology based startups chosen through a rigorous hunt across Karnataka State will tap into a whopping sum of Rs.400 Cr of Government funds. This is the largest pool of funds ever offered by any State Government to Startups.
A presentation by Andreas Schulze of Marsa Corporate finance to the DayOne Accelerator discussing valuation of early stage companies.
If you would like a copy for download, please contact andreas.schulze@marsaco.com
2.0 the tools to attract private funds
Existing resources in the network to work on private funding. (Crowdfunding, Teaming, social networks).
24 May 2012 the Fontana Area Youth.
Ramon Bartomeus, Resources Manager iWith.org Foundation.
Tabaruk diambil dari kata berkah, yang substansinya adalah bertambah dan berkembang.
Tabaruk adalah mencari tambahan dan perkembangan dari sesuatu yang menjadi sarana tabaruk
Seeking funding for your research project and don't know where to start? Here is a good place. Get introduced to the several funding sources available on campus at UNM and learn helpful strategies to getting your research project funded. This is a presentation developed through the Graduate Resource Center at the University of New Mexico.
Secara terminologis Syî‘ah berarti orang-orang yang mendukung Sayyidina Ali secara khusus, dan berpendapat bahwa hanya Sayyidina Ali saja yang berhak menjadi khalifah dengan ketetapan nash dan wasiat dari Rasulullah , baik secara tersurat maupun tersirat. Mereka berkeyakinan bahwa hak imâmah (menjadi pemimpin umat Islam) tidak keluar dari keturunan Ali . Apabila imâmah ternyata tidak dalam genggaman keturunan Ali , berarti ada kezaliman dari pihak lain, atau imam yang berhak sedang menerapkan konsep taqiyyah.
Advocacy and Coalition Building: Fighting Transit Opposition by Julie GustafsonRail~Volution
Coalition building and community outreach are extremely important factors. Each influences the decision-making process of government officials. How can you broaden coalitions and increase community engagement? Explore several creative tactics and strategies that helped revitalize entire neighborhoods through educating and engaging a broad spectrum of community stakeholders. Hear three approaches that led to long-lasting coalitions and a more in-depth level of community engagement -- programs that went beyond the usual strategies of sponsoring neighborhood events to solicit feedback. Learn about citizen advocacy classes, regional-scale collaborations, neighborhood initiatives and more.
Moderator: William Schroeer, Executive Director, East Metro Strong, Northfield, Minnesota
Julie Gustafson, Community Relations Program Manager, Portland Streetcar, Inc., Portland, Oregon
Art Guzzetti, Vice President, Policy, American Public Transportation Association, Washington, DC
Veronica Hahni, Executive Director, Los Angeles Neighborhood Initiative, Los Angeles, California
Megan Channell, AICP, Principal Planner, San Mateo County Transit District, San Carlos, California
RV 2015: How to Start: Project Funding Lessons and Strategies by Henry KayRail~Volution
Where do you go for millions -- or billions -- of dollars? Securing federal and local funding for big transit projects can be overwhelming. Where do you even begin? Hear from leading strategists in three regions that found their pot of gold: Los Angeles, Salt Lake City and Washington's Maryland suburbs have billions of dollars of new rail projects, and their regions are reaping the benefits. Specially geared to regions who are just beginning to think about project funding, hear strategies for leveraging changes in agency governance, raising local revenue and maximizing its immediate impact, attracting federal investments, and using private investment to reduce upfront costs and achieve value over time.
Moderator: Sean Libberton, Principal, WSP | Parsons Brinckerhoff, Inc., Washington, DC
Henry Kay, Director, Transportation Planning, RK&K, Baltimore, Maryland
Hal Johnson, AICP, Manager of Project Development, Utah Transit Authority, Salt Lake City, Utah
Mark Linsenmayer, AICP, Director, Countywide Planning & Development, Metro, Los Angeles, California
Shipyard Management - Design, Planning & OperationsJune Tan
This 2 day course is designed to provide essential knowledge in shipyard management and the various operations taking place – ship design, shipbuilding, repairs & maintenance, conversion and retrofitting. This includes
the early ship design and contracting stage, following up to the post contract, ship construction and production up until project completion and handover phase. Prepared by an international leading specialist in marine technology
and construction, the material covered in the in the various course modules explains the different shipyard processes and operations involved in a clear and straightforward manner.
Established in the year 1905, Loksa Shipyard Ltd. is located on the northern coast of Estonia, in the township of Loksa, just about 65 kilometres from Tallinn.
The Company is specialized in fabrication and painting different large-sized non-standard steel structures.
The Science and Art of Startup Valuations - Anjana VivekTiE Bangalore
TiE Masterclass: Valuation for Startups
This 3 part workshop conducted by Anjana Vivek, Founder Director of Venture Bean Consulting, Parag Dhol, MD, Inventus Capital Partners & Pavan Sondur, CEO & Cofounder, UNBXD
You need a business plan to document your business and your go forward plan. This is especially important if you are looking for financing. This outlines what is required for a business plan.
Writing Business Plan
What Is a Business Plan?
Why do You need?
Table of contents
Describe
Introduce
Products or Services
Unique selling points
Management
Marketing
Marketing Mix
Promotional Strategy
Future Growth and Expansion
Key Success Factors
Financial documents Mistake to avoid
If you are looking for an angel investor for your startup, here are the 20 rules of angel investing that will help your startup stand out as a good candidate for an angel investor’s dollars.
Beginner's Guide: How to raise Seed and Series A Funding for Your Tech StartupsRakesh Soni
This is a short beginners' guide to learn about startup fundraising particularly Seed and Series A round.
CONTENT:
Introduction
Startup Funding 101:
What is funding and why do you need it?
Types of funding
When to raise and how much to raise
Understanding exit
Key players in fundraising
What matters to founders?
Understanding dilution
How to determine the valuation
Understanding controlling terms
How do VCs work?
Seed and Series A Funding:
Are you ready for funding?
Preparation
How to raise: processes, tips & tricks
Recommended Reading
Q&A
Discover how entrepreneurship is changing in the recent times and the fundamentals of starting your own venture from the scratch. Your Financing options, making your business plan , preparing your pitch deck and other challenges and mistakes to be avoided as you take the course of entrepreneurship.
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 what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
1. Is Your Business Funding Ready
Toozio Insight - Expert Talk
Hyatt, Bangalore
19th February 2014
Anjana Vivek
anjana@venturebean.com
2. Agenda
At the start
Kinds of Investors
Investee Perspectives
Investor Perspectives
Value Creation and Valuation
Practical Points to factor in
In Summary
VentureBean Consulting Private Limited
2
2
4. Why do you want funding
WHY ??
4
VentureBean Consulting Private Limited
5. These companies want equity funding
WHY?
• One is not eligible for debt funding and thinks that
equity is the only option for growth
• One wants it for R&D and capital investment and
has calculated that the existing money in the bank
will be exhausted in 3 months
• One has a severe cash crunch and working capital
management issues and hence believes that
taking money from a VC would solve this problem
• One wants to expand from 3 retail outlets in
Bangalore to multiple outlets across South India
• One wants to buy a US Company
• If you are seeking funding; please list 2-3 key
reasons for this
VentureBean Consulting Private Limited
5
6. Funding Options Available
• Debt: Collateral based, Cash flow from business
should comfortably cover repayment of interest
and principal
• There are multiple alternate equity investment
options: VC/ PE/ Incubation/Acceleration, which
are detailed in the next few slides
• This session is focused on equity funding along
with emerging funding options; with some
contrasts between debt and VC/PE and
emerging funding options being highlighted
VentureBean Consulting Private Limited
6
7. Agenda
At the start
Kinds of Investors
Investee Perspectives
Investor Perspectives
Value Creation and Valuation
Practical Points to factor in
In Summary
VentureBean Consulting Private Limited
7
7
10. Investor Investment Horizon
• This varies across investor category
• Debt : The key focus is performance over the
period of the loan
• VC/PE/Other Structured Funds including but not
limited to Impact Funds etc.: depends on the
Fund Life
• HNIs/Angel/Seed etc.: May or may not have a
defined horizon
VentureBean Consulting Private Limited
10
11. Agenda
At the start
Kinds of Investors
Investee Perspectives
Investor Perspectives
Value Creation and Valuation
Practical Points to factor in
In Summary
VentureBean Consulting Private Limited
11
11
12. If you are looking for funding
• What is your funding strategy?
• Debt, equity or mix?
• Are you in a position to repay debt with
interest? Do you have collateral?
• Will you be able to generate returns expected
by an equity investor? How?
VentureBean Consulting Private Limited
12
13. Back to the Basics & Your Drawing Board
In 5 years:
• Top Level: How do you picture your business …
– Quantitative: In terms of turnover, profits, numbers, data etc.
??
– Qualitative: As best in country, innovative, great employer
??
• In more detail: What do you believe could be
achieved, for eg. in terms of …
–
–
–
–
–
–
Financials: Revenue, Profits, Cash Flow,
Value
Number of Employees, Number of Offices etc.
Lines of business/products/service
Kinds of customers / categories
etc..
VentureBean Consulting Private Limited
13
14. Back to the Basics & Your Drawing Board
In 5 years:
• Top Level: How do you picture your business …
• In more detail: What do you believe could be
achieved, for eg. in terms of …
• To Trigger Thinking
* Please attempt to answer the above questions. It is OK
if you have no answers or are unclear about the way in
which you need to proceed, this is a starting point, not a
decision point
* Home work for you post the session
VentureBean Consulting Private Limited
14
15. Back to the Basics & Your Drawing Board
• What are you willing to let go to reach your goals
–
–
–
–
Equity share i.e. ownership dilution
Revenue share
Profit share
Decision making, i.e. permitting others to take
decisions as the leadership team grows to beyond
initial founders/family members
– What else
VentureBean Consulting Private Limited
15
16. What do you have to give up
• If you are willing to let go of ownership, i.e if you are
willing to allow investors to fund your business growth,
what percentage of ownership are you willing to let go?
• Does the possible valuation of your business match this
percentage that you are willing to let go?
• To Trigger Thinking:
– * Please attempt to think about what you are willing to let go;
your thoughts on the above this will determine the way you
Negotiate and impact Deal Terms
– Some of these may well become Deal Issues or Post Deal
Issues, so do think through with care
* Home work for you post the session
VentureBean Consulting Private Limited
16
17. From your perspective as a business
• Which category of investor(s) will be the
right/best/optimum fit for you?
• Which specific investor in that category will be
the right/best/optimum fit for you?
• Investigate, check the investors out and then
approach them in a planned manner
VentureBean Consulting Private Limited
17
18. Funding and More …
What would you like from these investors
• Funding at a Valuation that You think is appropriate
• Networks and connections .. To potential customers,
suppliers, advisors, employers, next level of
investors .. and more..
• Brand Value Addition – market perception of your
company goes up when a marquee investor funds
the growth
• And … ??
VentureBean Consulting Private Limited
18
19. Agenda
At the start
Kinds of Investors
Investee Perspectives
Investor Perspectives
Value Creation and Valuation
Practical Points to factor in
In Summary
VentureBean Consulting Private Limited
19
19
20. A Moment Please: Before Fund Raising
Think of the Investor as a Customer
• What does this Customer want from you?
• Why does this Customer choose you instead of
going to competition?
VentureBean Consulting Private Limited
20
21. A Moment Please: Before Fund Raising
• Why will an investor in equity – PE/VC/Angel be
interested in your company?
• How will you stand out from the clutter
– The number of companies that get funded are a small
percentage..
– In India, less than 1% of the companies that seek
PE/VC/Angel funding get this
– Some even say 1 in 500 companies that seek VC funding
get it
• How can you work out a deal that is meaningful to
both You and the Potential Investor
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22. What an Equity Investor Looks For
• An increase in the value of the investment over a period of
time, for example
– 3 times in 3 years
– 5 times in 5 years
– For an illustration of exits, valuation and returns across
categories of investors please check
http://www.slideshare.net/anjanavivek/valuation-and-funding-casestudy
• Just because a business is profitable, does not mean it is of
interest to a VC
• In fact many PE investors put Crores of Rupees in loss
making companies
• Can you think of any examples of well known, VC
funded, loss making companies in India?
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23. An Investor Perspective
• What will an investor look for in your company
– ?? Revenue
– ?? Profit
– ?? Value
• It depends on
– The stage of your business: idea/growth/turnaround..
– The industry, the team, the business environment
– The investor category and the mandate/needs of the
fund (as applicable)
– Your growth plans and action plans
– The investor perception and reading of you and
your ability to grow and scale and Execute
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24. Agenda
At the start
Kinds of Investors
Investee Perspectives
Investor Perspectives
Value Creation and Valuation
Practical Points to factor in
In Summary
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25. Value Indicators
• How will you demonstrate that your business has the
potential to grow and create value, so that an investor
can get the required financial returns?
• Some possible indicators
– Key team, Board of Directors, Advisory Board
– Customer quantity and quality (Marquee customers, repeat
business etc.)
– Industry, Lines of business, sales verticals
– Intellectual property
– Brand perception
– Competitive advantage
• To Trigger Thinking
* Please attempt to think of the possible value indicators in your
company
* Home work for you post the session
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26. Eg. Value Creation: Revenue/Customers
• Review revenue categories/streams month on month for
this financial year. Which streams of revenue give you
less than 1-2% of your revenue, less than 5% .. Do you
want to continue to these lines, if yes, why? For strategic
reason, to penetrate a market .. ??
• What are direct costs for each revenue stream, what are
the indirect costs, how are you allocating indirect costs?
• Compare the % of sales from different categories,
customer lines, and the associated costs
• Cash flow is also to be considered, as a profitable
revenue stream may not give immediate cash flow. Cash
flow and profits are to be factored in
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27. Value Creation
• Where are you getting more revenue; which streams of
income are more profitable
• All customers may not be giving revenue: Illustrative
Example: An online social media platform has one set of
non-paying customers, who need to be serviced well in
order that paying customers also visit the platform
• This exercise, done with due care, will help understand
which category of customers are creating more value for
you now, and where you may like to go in future
• Similarly look at other areas of your business and
business model. Where do you see value being created,
how?
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28. Valuation
• Based on
–
–
–
–
Tangibles and intangibles
Data and assumptions
Subjectivity and objectivity
Future growth perceptions
• Many methods of computation including but not
limited to
– multiples of revenue; profit, EBIDTA etc.
– multiples of key drivers, eg.user base, capacity
– cash flow based, discounted
• Factor statutory, accounting, and tax implications
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29. Valuation
Driven by
• Markets including flavor of season, competitive scenario, team
at helm etc. ,
• Deal issues: deal breaker and deal maker issues
• Due diligence findings, both the number of issues flagged off as
well as the seriousness and materiality of these issues
• Percentage of stake offered
• The ability and skills brought to the negotiation table as also the
bargaining power of the persons on the two sides of this table
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30. Valuation
• Therefore, there can be divergent views on
valuation, with the same business showing varying
values when
– Different methods of valuation are employed
– Variations of the methods are used
– Different inputs are used in the methods, i.e when
assumptions made differ
– Growth is perceived differently based on who is viewing this
• Sometimes it is assumed that this is a mathematical
and number driven exercise and hence is scientific;
yes there is a logic to valuation, it can be a rigorous
mathematical exercise; however the underlying
assumptions and the rationale for doing a deal
dominate over the mathematics. Hence Valuation is
Both a Science and an Art
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31. Valuation
• Deals can sometimes be structured to
accommodate valuation perceptions; by linking
to future performance etc. But this is not
preferred by all
• For more on valuation: detailed notes are at
http://www.slideshare.net/anjanavivek/valuationbasics (from the popular set of the TOP 4%
viewed on SlideShare in 2013)
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32. Agenda
At the start
Kinds of Investors
Investee Perspectives
Investor Perspectives
Value Creation and Valuation
Practical Points to factor in
In Summary
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33. Practical Perspectives
• Funding takes time, it may take anywhere
between 6-12 months (sometimes even more) to
get money into your company, from the time you
start the process
• Funding takes Energy and the Bandwidth of the
Key Team.. Be prepared that to invest time in
this in addition to running your business
operations
• After all this, there is no guarantee that you can
raise Private Equity or VC money
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34. Practical Perspectives
• Funding takes money away, you need to pay for
Due Diligence, Legal and related fees
• Some of these are sunk fees, i.e. if the deal
does not materialize and you do not get money
from an investor, you would have still incurred
these costs
• Factor in the legal and tax matters when fund
raising, in addition to valuation and pricing
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35. A Moment Please: Before Fund Raising
• Is this the right time to get investment into the
business or should you wait for some time… for
example, if you get better customer traction, you
can get improved valuation
• Have you looked at business models which can
help you better manage cash flow, for example
your cost structures may be modified to improve
cash flow and improve the working capital
situation, you may then a) be able to manage
with less money from outside, or b) even
manage for some more time without funding
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36. Plan B
• What are the alternate plans if you do not get
funding
• Relook at the business model, financial plan and
funding strategy
• Perhaps you can grow the business to the next
stage and create value for yourself in the process ..
.. and then approach an investor
• Perhaps you can approach another investor or
category of investor .. This has to be done with
thought and care
• You may like to relook at your funding plan and
strategy
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37. Agenda
At the start
Kinds of Investors
Investee Perspectives
Investor Perspectives
Value Creation and Valuation
Practical Points to factor in
In Summary
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38. In Summary
• Articulate your Vision and Growth Plan, What
do You want
• Think through your Funding Strategy
• Select a Potential Investor with Due Care
• Plan for Fund Raising Time Lines, factor in
regulatory aspects
• Have an optimistic and a back up plan
• It is Not All About Funding.. all companies that
get funded do not succeed.. all companies
that do not get funded do not fail; Do not get
disheartened if Fund Raising looks difficult
GOOD LUCK in your Business…
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39. In Summary
• Thank you for the patient hearing
• Delighted to invite you to view/follow the link below
for periodic insights, class notes & more, from
thought leaders, academicians and others at the
VentureBean Consulting Knowledge Hub:
http://www.linkedin.com/company/venturebeanconsulting-private-limited
www.slideshare.net/anjanavivek
• Contact for more information and inputs:
beanie@venturebean.com
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