The document discusses different sources of capital for starting and growing a business, from personal savings and loans to venture capital, private equity, and accessing public markets. It notes the importance of having reliable forecasts for revenues and cash flows to attract funding. Later stages may involve investment bankers helping the company access capital as it matures and achieves stability and predictable growth.
Conventional Vs Modern Instruments Of Business FundingFranchiseExpo.in
The document discusses various instruments for business funding, including traditional sources like debt financing from banks as well as modern options like private equity and venture capital. It notes that private equity/venture capital involves funding in exchange for equity, while debt financing is a loan. The document also examines the differences between debt and equity, highlighting that equity is generally more expensive but does not require repayment, while debt is cheaper but business must repay the loan. Overall, the document provides an overview of both conventional and newer sources of business funding and the tradeoffs involved in each option.
Startup financial modeling class - general assembly sf -- septemer 27VentureArchetypes LLC
Financial modeling for startups workshop given at General Assembly class in San Francisco by Nathan Beckord, CFA, Founder of www.VentureArchetypes.com. Part of a 3-part series on raising startup capital.
This document discusses raising money from angel investors. It provides an overview of angel investors, including that there are over 260,000 individual angels and 155 angel groups in the US. Angel groups typically invest $19 billion per year in 55,000 deals, with 45% going to seed and early stage companies. The document then provides 7 practical tips for raising money from angels, such as managing the process like a sales campaign, the importance of an experienced attorney, differences between working with individual angels and angel groups, and considerations around convertible notes versus preferred stock.
Angle paisa | Business Start Up FundingAngle Paisa
ANGLE PAISA started operations in July 2010 in collaboration with some of its counterparts in US and local investors by working on projects in the real estate sector and websites. It later felt the need of expanding into the Start Up Funding market and reaching out to a larger pool of investors and public at large for inviting ideas and contributing funds.
AAL Investment Forum 2010 - How to attract investors to your AAL companyAALInvestmentForum2010
This document provides guidance on attracting investors to an early stage company. It discusses understanding the current investment environment, which favors companies generating revenue due to low risk capital availability. It recommends deciding on the type of financing sought, such as angel investors or venture capital. The process involves an initial screening, due diligence, and negotiation leading to potential funding. Top tips include differentiating your product/model, having the right committed team, selling your vision to investors early, and maintaining focus on sales over further development alone. Common pitfalls to avoid are unrealistic valuations and secrecy towards potential backers.
Venture capital funds innovative companies by providing risk capital. It enables entrepreneurs to turn ideas and research into new products and services. Venture capital firms actively support companies over 5-8 years, through multiple funding rounds, as they grow from ideas into mature organizations. While most venture capital investments fail, successes like Intel, Microsoft, and Google that receive venture funding go on to create thousands of jobs and drive innovation. Venture capital has been critical to supporting entrepreneurship in the US and enabling the creation of many innovative technology companies.
Same Page Capital provides strategic business expertise and operational support to accelerate the growth of early-stage companies. It connects startups with senior industry contacts to help scale businesses and create investor value. Same Page Capital takes equity stakes in startups and generates revenue through fees, commissions, and exits to fund operations and attract follow-on investors. The company fills a gap between funding and operational success for startups by providing services focused on business development, strategic partnerships, and exit strategies.
Conventional Vs Modern Instruments Of Business FundingFranchiseExpo.in
The document discusses various instruments for business funding, including traditional sources like debt financing from banks as well as modern options like private equity and venture capital. It notes that private equity/venture capital involves funding in exchange for equity, while debt financing is a loan. The document also examines the differences between debt and equity, highlighting that equity is generally more expensive but does not require repayment, while debt is cheaper but business must repay the loan. Overall, the document provides an overview of both conventional and newer sources of business funding and the tradeoffs involved in each option.
Startup financial modeling class - general assembly sf -- septemer 27VentureArchetypes LLC
Financial modeling for startups workshop given at General Assembly class in San Francisco by Nathan Beckord, CFA, Founder of www.VentureArchetypes.com. Part of a 3-part series on raising startup capital.
This document discusses raising money from angel investors. It provides an overview of angel investors, including that there are over 260,000 individual angels and 155 angel groups in the US. Angel groups typically invest $19 billion per year in 55,000 deals, with 45% going to seed and early stage companies. The document then provides 7 practical tips for raising money from angels, such as managing the process like a sales campaign, the importance of an experienced attorney, differences between working with individual angels and angel groups, and considerations around convertible notes versus preferred stock.
Angle paisa | Business Start Up FundingAngle Paisa
ANGLE PAISA started operations in July 2010 in collaboration with some of its counterparts in US and local investors by working on projects in the real estate sector and websites. It later felt the need of expanding into the Start Up Funding market and reaching out to a larger pool of investors and public at large for inviting ideas and contributing funds.
AAL Investment Forum 2010 - How to attract investors to your AAL companyAALInvestmentForum2010
This document provides guidance on attracting investors to an early stage company. It discusses understanding the current investment environment, which favors companies generating revenue due to low risk capital availability. It recommends deciding on the type of financing sought, such as angel investors or venture capital. The process involves an initial screening, due diligence, and negotiation leading to potential funding. Top tips include differentiating your product/model, having the right committed team, selling your vision to investors early, and maintaining focus on sales over further development alone. Common pitfalls to avoid are unrealistic valuations and secrecy towards potential backers.
Venture capital funds innovative companies by providing risk capital. It enables entrepreneurs to turn ideas and research into new products and services. Venture capital firms actively support companies over 5-8 years, through multiple funding rounds, as they grow from ideas into mature organizations. While most venture capital investments fail, successes like Intel, Microsoft, and Google that receive venture funding go on to create thousands of jobs and drive innovation. Venture capital has been critical to supporting entrepreneurship in the US and enabling the creation of many innovative technology companies.
Same Page Capital provides strategic business expertise and operational support to accelerate the growth of early-stage companies. It connects startups with senior industry contacts to help scale businesses and create investor value. Same Page Capital takes equity stakes in startups and generates revenue through fees, commissions, and exits to fund operations and attract follow-on investors. The company fills a gap between funding and operational success for startups by providing services focused on business development, strategic partnerships, and exit strategies.
Raising startup capital pitch hacks class at general assembly sf september ...VentureArchetypes LLC
How to build a killer investor presentation (aka "VC pitch deck") for raising venture capital. Part of a 3-part lecture series given at General Assembly in San Francisco by Nathan Beckord, Founder of VentureArchetypes and FounderSuite.com. Contains pitch hacks, pitch deck examples, pitch archetypes, and minimal viable pitch, as well as numerous tips and tricks.
Raising startup capital - fundraising as a process general assembly sf oct 4...VentureArchetypes LLC
How-to guide on raising startup capital (VC, angel, seed) as a structured process. Part of a 3-part lecture series given at General Assembly in San Francisco by Nathan Beckord, Founder of www.venturearchetypes.com
Startup Exit Strategy: Why, when, and how to sell your technology startup to an acquirer. Discusses Lean Startup + Early Exit model. Tips for early stage M&A, exit planning, and doing the deal.
The document discusses what entrepreneurs need to know when seeking venture capital funding. It states that securing venture capital is difficult, with less than 1% of startups receiving it. Investors want to see strong leadership and a cohesive team that can adapt to change. They also want evidence of significant revenue potential and scalability. Simply having a good idea is not enough - the business must demonstrate traits like addressing a large market, producing high returns, and having product traction to attract venture capital funding.
Start up a business and change the world vs4John Spindler
This document provides information about starting a business and growing it successfully. It introduces lean startup principles like the minimum viable product and business model canvas. It discusses the differences between self-employed and high-growth businesses and outlines a new startup model focused on customer discovery. Finally, it addresses common challenges like accessing funding and provides resources for entrepreneurs.
The document discusses 12 common reasons why startups fail. It provides details for each reason: 1) Market problems where there is no market for the product. 2) Business model failure where the cost to acquire customers is higher than their lifetime value. 3) Poor management team that lacks strategy and execution. 4) Running out of cash before reaching milestones. 5) Developing a product that does not solve customer problems. 6-12 discuss issues like arrogance, shortsightedness, hubris, egotism, sloppiness, imbalance, and inflexibility.
How to raise money via marketplace investingniinue123
- Crowdfunding/marketplace investing allows entrepreneurs, artists, and causes to pitch ideas and raise funds from online communities through websites. It works by setting fundraising goals and deadlines. If goals aren't met by the deadline, no funds are collected.
- To raise funds successfully, one must identify target audiences, plan the campaign in advance with timed messages, leverage social networks, break large projects into smaller pieces, tell a compelling story, and properly credit backers. Focusing on the benefits to backers and engaging supporters are also important.
Angel Investing Made Easy, Shanti Mohan, BangaloreSanjay Jha
Angel Investing Made Easy
Workshop for angel investors; quick primer on angel investing, valuations, Term Sheets, SHA, trends, how syndicates and Lead Investor model works.
The workshop is aimed at acquainting HNIs and prospective investors with early stage risk investments in start-ups.
It is structured to impart an understanding on developing and maintaining a deal flow of startups, enabling discussions with practicing angel investors and learning through case studies which reflect the realities of angel investing in India, for HNIs and new angels in India.
Presentation by Steve Carkner, Head of Innovation at Revision Military as part of the Business of IoT Workshop at IoT613 on Thursday, September 29, 2016.
The Seed EIS Platform connects investors with small business owners seeking seed enterprise investment scheme (SEIS) funding. It provides analysis of business proposals from various sources to help investors make decisions. Investors can receive tax relief of up to 50% of their investment amount, and up to 78% if also realizing a capital gain. They have potential to share in business growth through returns on investment. The platform aims to help more startups access funding and give investors opportunities to support new businesses.
This document provides an agenda and overview for a crowdfunding workshop. The agenda includes sessions on crowdfunding overview, crafting ideas and campaigns, preparing visuals, perks and rewards, and running a successful campaign. The crowdfunding overview section defines crowdfunding, compares it to traditional funding sources like venture capital, and discusses different crowdfunding models like donation, rewards, and equity crowdfunding.
Kresge Arts and Culture Program facilities investments and capital building r...The Kresge Foundation
The document discusses a grant opportunity from The Kresge Foundation's Arts and Culture Program to support facility investments and building reserves. It provides an overview of Kresge's goals around institutional capitalization, including definitions, principles, and practices of capitalization. The document outlines Kresge's focus on comprehensive organizational capitalization and sustainable business models through support for areas like facilities, building reserves, and sector leaders. It discusses evaluating an organization's level of capitalization through examining elements like its balance sheet, operating reserves, and capitalization strategy.
Granite Equity Partners is a private equity firm that invests $1-5 million in growing companies located within driving distance of its offices. It focuses on companies with $10-100 million in revenue, $1-8 million in EBITDA, and a strong management team. Granite Equity's Fund II has committed capital to seven companies across various industries. It aims to build a diversified portfolio of 10-12 companies. With over 1,500 companies in the region and 40% facing leadership succession in the next 5 years, Granite Equity sees opportunities to complete its portfolio. The firm is led by experienced general partners and advised by a board with hundreds of years of business experience.
The document describes the iDEA entrepreneurship program. The program aims to incubate and develop entrepreneurial abilities through an international postgraduate program. It provides a 10 month foundational course followed by 8 months of international exposure and business plan development, and then 12 months of incubation support to launch and stabilize businesses. The program involves screening applicants through assessments of their entrepreneurial passion and aptitude. The goal is to nurture entrepreneurs who can create jobs and contribute to economic growth.
CARE Ratings is issuing an IPO to raise Rs. 7.2 crores. As the second largest credit rating agency in India, CARE has a dominant #2 market position and benefits from the structural growth of the Indian debt market. It has a robust business model with high margins and returns. While not cheap, CARE is available at a discount to its listed peers CRISIL and ICRA due to its strong quality and growth opportunities. The document recommends subscribing to the IPO.
Final crowdfunding workshop 2-dec-11-2012-propel arizonaPropel Arizona
This document outlines an agenda for a crowdfunding workshop. It discusses crowdfunding models including donation, rewards, and equity crowdfunding. It covers intellectual property considerations for crowdfunding campaigns and explains why people support crowdfunding projects based on connecting to a greater purpose, physical rewards, or the creative presentation. The document provides tips for crafting successful crowdfunding ideas and campaigns, emphasizing passion, affinity for the product/entrepreneur, and emotional rather than financial return on investment.
Portfolio Management Special by Private equity is already well known for its focus on cash. But when sales are down, and new finance a precious commodity,
it is essential that every last drop of working capital is squeezed from investee companies.
When smoothing over a transition period
in a successful firm, interim managers can
be important. But during a recession, as
portfolio company valuations plummet, bringing in an experienced head who is unafraid to make tough decisions could be the difference between financial freefall or a soft landing.
The document discusses various measures of investor sentiment in financial markets, including volume and liquidity. It notes that high trading volume confirms trends in prices and that divergences between rising prices and falling volume can signal a trend reversal. The document also examines factors that influence money flows into stock markets, such as economic growth, listings and float of new companies.
Raising startup capital pitch hacks class at general assembly sf september ...VentureArchetypes LLC
How to build a killer investor presentation (aka "VC pitch deck") for raising venture capital. Part of a 3-part lecture series given at General Assembly in San Francisco by Nathan Beckord, Founder of VentureArchetypes and FounderSuite.com. Contains pitch hacks, pitch deck examples, pitch archetypes, and minimal viable pitch, as well as numerous tips and tricks.
Raising startup capital - fundraising as a process general assembly sf oct 4...VentureArchetypes LLC
How-to guide on raising startup capital (VC, angel, seed) as a structured process. Part of a 3-part lecture series given at General Assembly in San Francisco by Nathan Beckord, Founder of www.venturearchetypes.com
Startup Exit Strategy: Why, when, and how to sell your technology startup to an acquirer. Discusses Lean Startup + Early Exit model. Tips for early stage M&A, exit planning, and doing the deal.
The document discusses what entrepreneurs need to know when seeking venture capital funding. It states that securing venture capital is difficult, with less than 1% of startups receiving it. Investors want to see strong leadership and a cohesive team that can adapt to change. They also want evidence of significant revenue potential and scalability. Simply having a good idea is not enough - the business must demonstrate traits like addressing a large market, producing high returns, and having product traction to attract venture capital funding.
Start up a business and change the world vs4John Spindler
This document provides information about starting a business and growing it successfully. It introduces lean startup principles like the minimum viable product and business model canvas. It discusses the differences between self-employed and high-growth businesses and outlines a new startup model focused on customer discovery. Finally, it addresses common challenges like accessing funding and provides resources for entrepreneurs.
The document discusses 12 common reasons why startups fail. It provides details for each reason: 1) Market problems where there is no market for the product. 2) Business model failure where the cost to acquire customers is higher than their lifetime value. 3) Poor management team that lacks strategy and execution. 4) Running out of cash before reaching milestones. 5) Developing a product that does not solve customer problems. 6-12 discuss issues like arrogance, shortsightedness, hubris, egotism, sloppiness, imbalance, and inflexibility.
How to raise money via marketplace investingniinue123
- Crowdfunding/marketplace investing allows entrepreneurs, artists, and causes to pitch ideas and raise funds from online communities through websites. It works by setting fundraising goals and deadlines. If goals aren't met by the deadline, no funds are collected.
- To raise funds successfully, one must identify target audiences, plan the campaign in advance with timed messages, leverage social networks, break large projects into smaller pieces, tell a compelling story, and properly credit backers. Focusing on the benefits to backers and engaging supporters are also important.
Angel Investing Made Easy, Shanti Mohan, BangaloreSanjay Jha
Angel Investing Made Easy
Workshop for angel investors; quick primer on angel investing, valuations, Term Sheets, SHA, trends, how syndicates and Lead Investor model works.
The workshop is aimed at acquainting HNIs and prospective investors with early stage risk investments in start-ups.
It is structured to impart an understanding on developing and maintaining a deal flow of startups, enabling discussions with practicing angel investors and learning through case studies which reflect the realities of angel investing in India, for HNIs and new angels in India.
Presentation by Steve Carkner, Head of Innovation at Revision Military as part of the Business of IoT Workshop at IoT613 on Thursday, September 29, 2016.
The Seed EIS Platform connects investors with small business owners seeking seed enterprise investment scheme (SEIS) funding. It provides analysis of business proposals from various sources to help investors make decisions. Investors can receive tax relief of up to 50% of their investment amount, and up to 78% if also realizing a capital gain. They have potential to share in business growth through returns on investment. The platform aims to help more startups access funding and give investors opportunities to support new businesses.
This document provides an agenda and overview for a crowdfunding workshop. The agenda includes sessions on crowdfunding overview, crafting ideas and campaigns, preparing visuals, perks and rewards, and running a successful campaign. The crowdfunding overview section defines crowdfunding, compares it to traditional funding sources like venture capital, and discusses different crowdfunding models like donation, rewards, and equity crowdfunding.
Kresge Arts and Culture Program facilities investments and capital building r...The Kresge Foundation
The document discusses a grant opportunity from The Kresge Foundation's Arts and Culture Program to support facility investments and building reserves. It provides an overview of Kresge's goals around institutional capitalization, including definitions, principles, and practices of capitalization. The document outlines Kresge's focus on comprehensive organizational capitalization and sustainable business models through support for areas like facilities, building reserves, and sector leaders. It discusses evaluating an organization's level of capitalization through examining elements like its balance sheet, operating reserves, and capitalization strategy.
Granite Equity Partners is a private equity firm that invests $1-5 million in growing companies located within driving distance of its offices. It focuses on companies with $10-100 million in revenue, $1-8 million in EBITDA, and a strong management team. Granite Equity's Fund II has committed capital to seven companies across various industries. It aims to build a diversified portfolio of 10-12 companies. With over 1,500 companies in the region and 40% facing leadership succession in the next 5 years, Granite Equity sees opportunities to complete its portfolio. The firm is led by experienced general partners and advised by a board with hundreds of years of business experience.
The document describes the iDEA entrepreneurship program. The program aims to incubate and develop entrepreneurial abilities through an international postgraduate program. It provides a 10 month foundational course followed by 8 months of international exposure and business plan development, and then 12 months of incubation support to launch and stabilize businesses. The program involves screening applicants through assessments of their entrepreneurial passion and aptitude. The goal is to nurture entrepreneurs who can create jobs and contribute to economic growth.
CARE Ratings is issuing an IPO to raise Rs. 7.2 crores. As the second largest credit rating agency in India, CARE has a dominant #2 market position and benefits from the structural growth of the Indian debt market. It has a robust business model with high margins and returns. While not cheap, CARE is available at a discount to its listed peers CRISIL and ICRA due to its strong quality and growth opportunities. The document recommends subscribing to the IPO.
Final crowdfunding workshop 2-dec-11-2012-propel arizonaPropel Arizona
This document outlines an agenda for a crowdfunding workshop. It discusses crowdfunding models including donation, rewards, and equity crowdfunding. It covers intellectual property considerations for crowdfunding campaigns and explains why people support crowdfunding projects based on connecting to a greater purpose, physical rewards, or the creative presentation. The document provides tips for crafting successful crowdfunding ideas and campaigns, emphasizing passion, affinity for the product/entrepreneur, and emotional rather than financial return on investment.
Portfolio Management Special by Private equity is already well known for its focus on cash. But when sales are down, and new finance a precious commodity,
it is essential that every last drop of working capital is squeezed from investee companies.
When smoothing over a transition period
in a successful firm, interim managers can
be important. But during a recession, as
portfolio company valuations plummet, bringing in an experienced head who is unafraid to make tough decisions could be the difference between financial freefall or a soft landing.
The document discusses various measures of investor sentiment in financial markets, including volume and liquidity. It notes that high trading volume confirms trends in prices and that divergences between rising prices and falling volume can signal a trend reversal. The document also examines factors that influence money flows into stock markets, such as economic growth, listings and float of new companies.
how to achieve the ideal of converting your work and family life into a form of prayer that is pleasing to God. For a daddy or a mommy, the act of changing baby diapers can be a form of "prayer" or activity that can be offered up to God, and is pleasing to God.
The document outlines the schedule and structure of the CFA exam. It notes that the morning and afternoon sessions each contain 120 multiple choice questions to be completed within 180 minutes, for a total of 240 questions. The exam covers 10 topics that can be answered in any order. While the morning and afternoon sessions cover different topics, candidates cannot return to the morning questions. It provides advice on aiming to answer at least 120 questions correctly to pass, even though passing is based on scoring 60% of the top 5% of candidates. It also notes that some questions will be easier factual questions while others require more analysis. Finally, it suggests that increased study hours of 200, 400 or 600 hours can determine one's likelihood of passing.
Detailed map to mendez conference center tagaytay with landmarks pptalexander N. N. Gilles
This document provides a detailed map and directions to Mendez Conference Center from Tagaytay. The directions instruct the driver to turn right diagonally at Petron onto Mahogany Ave, then turn right onto Mayor's Drive where they will see a blue schoolhouse. From there, drive downhill for 2.4 km until reaching Mendez Rural Bank, at which point the conference center will be in sight. An alternate route is also provided staying on Ridge Road past a 3-story Save More store at the Tagaytay-Mendez junction, then driving inward away from the lake toward Mendez.
1) The document describes a woman's experience attending a retreat at Lismullin Conference Centre in Ireland. The retreat provided opportunities for prayer, Mass, confession, and talks to help deepen one's relationship with God and discern how to live out their faith.
2) During the retreat, she found clarity and inspiration through reflection, scripture, and advice from the priest. She resolved to incorporate daily prayer and devotion to Mary into her life.
3) The author recommends retreats to all Catholics as a way to gain spiritual energy and clarity on how to transform one's life and relationship with God through concrete resolutions and actions.
This document discusses how people often have their own reasons for making a retreat, but that God's intentions are ultimately more important. It provides examples from the Bible of people like the apostles, Bartimaeus, Nicodemus, and others who encountered Jesus and had their lives transformed, even though their initial motivations were different than what God had planned for them. The purpose is to encourage the reader to have an open mind and heart during their retreat, and to be open to whatever God wants to teach them, rather than focusing on their own preconceived reasons for being there.
The document discusses different valuation metrics like price-to-sales, price-to-earnings, and price-to-cash flow ratios for companies in the same industry. It shows that ratios are higher for companies with larger market capitalization and higher quality earnings compared to those with smaller size and lower quality earnings. The median ratios are also presented as a benchmark to identify stocks that are relatively cheap or expensive.
The document provides driving directions to Makiling Conference Center located in Laguna, Philippines. Take the South Super Highway all the way to the end, exit onto the road leading to Batangas. Look for St. James school, then an AEG shop and signboard pointing to Makiling Conference Center. Continue past Leslie's resto and Ayala Greenfields to reach the conference center.
The document provides directions from Mandaluyong City Hall to Rizal Tech University. It lists taking Via EDSA to Pioneer Street as the primary route. An alternative is provided via Baranka Drive past Rizal Tech, turning left after descending from the Makati-Mandaluyong Bridge onto Hinahon Street, which has a sign pointing to Rizal Tech University.
The national association of finance students in the Philippines, conducted a ...alexander N. N. Gilles
The Junior Confederation of Finance Associations of the Philippines (JCFAP) held their National Finance Summit, featuring 5 inspiring speakers to inform, persuade, thrill, and challenge over 3,500 finance student delegates from colleges across the Philippines. The summit was held at the SMX Mall of Asia convention center and included speeches from the Philippine Stock Exchange president and a Monetary Board member, as well as panels to recognize top finance students and award outstanding students. JCFAP aims to provide leadership training, events management experience, and competitions to its 100 member finance student associations nationwide.
The document provides guidance on designing a personal investment portfolio. It recommends first assessing economic conditions and capital market expectations. Then determine goals and objectives, constraints, and tax considerations. This will help decide the optimal asset allocation across instruments like high-dividend stocks, growth stocks, bonds, and sectors. Regularly review the economic outlook and adjust the portfolio to maximize growth over the long term.
The document provides guidance on building a long-term investment portfolio including:
1. Setting long-term goals for savings and retirement and estimating costs like tuition and housing.
2. Considering where to invest for 15-25% annual growth, such as Asia, Europe, Africa, or North/South America and whether to take an active or passive approach.
3. Determining what percentage to invest in mutual funds versus individual stock selections and whether the objective is capital gains or stable dividends.
The document provides instructions for downloading and using the free trial version of Amibroker software to conduct technical analysis on stock price charts. It explains how to import stock price data files, customize the chart settings, draw various types of technical analysis tools like trendlines, triangles, rays, and Fibonacci lines on the charts, and manipulate the time frames displayed on the charts. The goal is to familiarize users with the basic functions of the software through hands-on exercises of exploring stock price data and applying different technical indicators.
This document discusses strategies for funding a startup business. It outlines sources of funds including founders' own money, friends and family investments, angel investors, venture capital, banks, and debt versus equity financing. It emphasizes that outside funding should generally be considered only after internal cash flow and that most startups need less money than anticipated. Guerrilla or unconventional financing involves creativity and thinking outside the box to find funding sources.
Best Practices in Raising Venture Capital to Grow Your BusinessMikhail Demidov
This webinar discusses best practices for raising venture capital to grow a business. It covers matching the company's stage of growth and transition to different sources of funding. Common mistakes like poor business plans and incorrect valuations are examined. The presentation stresses the importance of telling a compelling story to investors, with chapters on the size of the market opportunity, competitors, advantages, management team, and financial projections. Understanding the investor's perspective is key to securing funding successfully.
An Overview of Venture Capital in India by Dhanpal JhaveriStartupCentral
The document summarizes key topics relating to private capital and venture capital in India. It discusses the evolution of private capital in India from the 1980s onward. It provides data on historical venture capital deal value and volume in India, with 2011 being a record year. The top 5 venture capital deals of 2011 are listed. The rest of the document outlines various aspects of the venture capital process, including the pre-investment and post-investment phases, managing exits, tips for a successful partnership between entrepreneurs and investors, and challenges that can arise.
So you want to start a business and need funding. Here are more than a dozen ways to finance your new business, from using your own assets all the way to an initial public offering, just like Facebook.
This document discusses various options for financing a start-up or company, including:
1. Private equity financing such as business angels and venture capital.
2. Debt financing through bank loans and negotiation tips.
3. Convertible loans as an alternative to traditional debt.
It also covers equity financing sources like friends/family/fools funding, grants, bootstrapping, and an overview of the Barcelona startup ecosystem and common reasons why companies fail.
College Students Intro to Venture Capital / Private Equity (VCPE)Shyam Kamadolli
I was invited to speak at the HR College of Commerce in Mumbai today as part of their "Corporate Dialogue" lecture series. This deck introduces freshman and sophomore students in commerce, economics and finance to venture capital, private equity and entrepreneurship. It also presents a primer on career options in finance for college graduates in India. http://bit.ly/7kE2v6
Introduction to Venture Capital and Private Equityguest89b446
I was invited to speak at the HR College of Commerce in Mumbai today as part of their "Corporate Dialogue" lecture series. This deck introduces freshman and sophomore students in commerce, economics and finance to venture capital, private equity and entrepreneurship. It also presents a primer on career options in finance for college graduates in India.
The document discusses private equity funding and foreign venture capital investors. It provides an overview of private equity, including forms of private equity funding like angel investors, venture capital, and private equity. It describes the general private equity investment process and discusses valuations, structures and instruments, and exit options. The document also provides regulatory information regarding foreign venture capital investors and different fund structures they can utilize like offshore funds, onshore funds, and co-investment funds.
Angel investors provide the majority of early stage funding for startups. They are high net worth individuals who invest their own money in companies, often locally, and typically invest between $25,000-$500,000. Angels fill an important role by providing the earliest professional funding for startups between friends/family and venture capital. They invest at the seed and startup stages where 90% of outside equity comes from angels.
The document discusses the changing nature of corporations and work in the modern knowledge economy. It makes three key points:
1) In knowledge-based companies, employees invest their human capital and skills in the company, so they have a stake in the company's success beyond just their salary. This challenges the traditional view of employees as assets owned by shareholders.
2) As work becomes more professionalized, employees gain skills and change employers more often, staying in their profession. Companies benefit from training employees to retain them and increase the flexibility of their workforce.
3) Some companies are recognizing employees as a new class of investors in the company, in addition to financial shareholders, by giving employees ownership stakes or profit-
This was a presentation I delivered to the Gdynia Business Week program in August 2012. GBW teaches high school students critical business, teamwork and leadership skills at an early age.
The document discusses the JOBS Act and its provisions for crowdfunding and raising capital. It allows small businesses and startups to raise up to $1 million from online investments. Medium and larger firms can raise up to $50 million annually. The SEC must also reach out to women and minority-owned firms. Crowdfunding will have a disruptive impact by providing financing options for difficult to finance small businesses. However, many requirements and details still need to be addressed, such as standards for financial disclosures and investor education. Platforms will also need to register and help manage the crowdfunding process to facilitate these small business investments.
Private equity involves investing capital in private companies to help them grow and achieve attractive returns for investors. It includes strategies like leveraged buyouts, venture capital, growth capital, mezzanine financing, and distressed investing. Firms conduct due diligence to evaluate companies, provide operational support, and eventually exit investments through methods like selling the company, IPOs, or recapitalizing. Major private equity firms manage hundreds of billions in assets.
Game companies as an investment 4.9.2012butterfly_vc
Presentation given at game seminar 4.9.2012 at OAMK. Talks about investors different business models and their wants when looking at game companies as investment target.
Understanding and Making the Most of Business Angels (Alan Barell) connectestonia
The document discusses business angels and early stage financing. It provides an overview of different sources of financing including banks, venture capitalists, business angels, seed funds, and government grants. It describes the stages of investment from seed to expansion. The rest of the document focuses on engaging business angels, including how to impress them, find them, structure deals, and conduct due diligence. It emphasizes the importance of having a clear business model and plan to "show the money" to potential investors.
Cofundit - Basics Investors Jan 2011 (Crowdfunding)Cofundit
Cofundit is an online platform that enables direct private investments in small and medium enterprises through crowd funding. It facilitates bridge financing for SMEs through private loans sourced from multiple individual investors. Companies presenting on the platform undergo screening by experts and community members before approved funding opportunities are presented. A recent example is a CHF 170,000 working capital bridge loan provided to the Swiss ski company Faction Skis over 6 months at an interest rate of 10-15%. Cofundit aims to broaden access to direct investments traditionally only available to high net worth individuals.
Venture capital and private equity are forms of equity funding for startups. Venture capitalists invest in high-growth companies and can provide competence, access to networks, and support for global expansion. However, VCs primarily seek significant return on investment potential, a clear path to profitability, and identifiable exit opportunities. Founders need to understand the priorities and perspective of VCs to effectively prepare their business case and negotiate terms.
This document discusses key concepts in value investing, including:
1. It defines who a value investor is and the three main types: passive screeners, contrarian investors, and activist value investors.
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Dr. Alyce Su Cover Story - China's Investment Leader
Lecture from venture cap to ipo _ateneo de davao
1. Capital
“The fuel
for your
operations.”
Find Long-Term Capital, and get
access to Working Capital.
2. Summary of the talk
• Access to Working Capital allows you to
undertake high-margin projects that improve
the profits and cash flows of your company.
• Your company can only be born, if long-term
risk capital is made available. The venture
should be worth the risk.
• The funder makes a gamble, on you, the
entrepreneur.
3. 1. 2.
Actually, investors
Finance at the birth need You
and growth of a more, than you
firm. need Them.
3. 4.
Ideas for an
Find “Working
“Industry bank” or
Capital” from coops
guarantee fund.
4. How about a newly-born firm:
Positive
START cash flow
In the RED Break even
Hope for Healthy Returns, Good Payback
5. Google started 1998 2001:
with $100,000 Profits
Own funds 2010: 8 / 29
Angel Sales
Investor $25m Breakeven
100K check “ADS”
Sequoia Capital, Kleiner Perkins
6. Progress: Major player
Somebody
dares… Mergers &
acquisitions
Growth &
expansion Strategy
Start-up
the Finance
business &
Marketing Operations
8. You tap other people’s money.
Current Liabilities
Liabilities
Personal Loans, Promissory Notes
Angel
investors Owner’s Equity
Cisco Systems
75 visits
9. You acquire productive assets
Current Assets Current Liabilities
Liabilities
Fixed Assets
Owner’s Equity
Machinery & Factory…HR… + Cash for
raw materials, payroll, working capital
10. This must be the hardest part
Current Assets Current Liabilities
Project Collections…
expenses
Payroll
Sales…
Working Capital
11.
12. If something goes wrong,
Simplified
someone should FIX it.
Pay it Back.
A working-
capital Source
owned by a
group of
Justify the businessmen
Borrowing
13. Sources of funding: (Let us review)
“Easy to Access” “Difficult to Access”
Personal savings Venture capital
Your personal loans Private Equity
Your personal assets Bank loan.
Money from relatives Issue Bond.
Money from friends
How about …
A “Family Office”
A Bank for the Industry Association
PROGRESS
14. Review
Life cycle of a company
You’ve come
a long way… Strong
Hands
Aggressive
Daring
Expansion
Investment
Tremendous
Struggle to increase in VALUE
Survive
14
15. Sources of Capital
800m
Private
10m Equity
Venture
Seed 300m
Capital
Capital
They capture the
Angel 60m growth stage.
Investors
16. If you are a progressive firm,
Additional
…then, you can rounds of
attract long-term Private-
investment money. equity
funding..
Find a
Investment
Path banker finds
the capital. 16
17. After size & stability are achieved
BANKS
Investment
bankers STOCK
MARKET
… more Banks start to
lend, when the
private-equity cash flows are
money stable & sure.17
18. Your Company Reformatted Co.
Good Parts Good Parts
Investment banker
BAD Parts finds the capital. But
there may be a
“price to pay.”
19. To review:
Equity Capital: public & private.
Private Equity (usually: late-stage).
They monitor & evaluate progress.
Venture Capital (early stage):
They coach & mentor investee.
Angel Investors: Individuals in
very early-stage. (Motives.)
20. Do you have a Questionable
good project project?
Are you asking Overinflated
for a reasonable request.
amount? Numbers are
“padded.”
You can find
No deal.
funding
21. Can your CFO forecast the Revenues?
“Long-
term, loyal, REPEA
T clients” Pattern of Sales
Predict- Unknown
able
Predict- Unknown
able
Current Unknown
Year
Last year
? No Engine of Growth?
22. Can your CFO forecast the Cashflows?
IT would be nice if you had
reliable expectations, even
if there is some cyclical Forecast Company
pattern… Earnings = Net Profits
Forecast Forecast
Forecast Forecast
Current Forecast
Year
Last year
Engine of Growth
23. Ideal Situation Confident
Forecast
There is an
“Engine of
Reliable
Growth.” Forecast
Strong
Forecast
Current
Year
Last year
Company Earnings = Forecast Net Profits
24. IF Money is IF Money is
abundant scarce
Proposals get Proposals get
funded ignored
A simple Only safest
business plan plans can
can persuade secure funding
25. IF investors IF Investors are
are optimistic pessimistic
Proposals get Proposals get
funded ignored
Even a
Only a
“long shot”
“sure thing”
can get
can get funding
funding
26. Money flows towards GROWTH
• If you promise … unique selling
proposition.
…High Returns Sure Buyer.
at Good contract.
Low Risk,
money will become What makes it low risk:
abundant. experience, expertise.
• Even “invisible” money Track record.
will appear.
27. Money is flowing in
Gifts & Grants
Direct Investment
Remarkably,
HOT money Portfolio Investment
is NOT
moving out.
Tourism $
28. The Philippines
Economy
New Business
Is money
BOND market
flowing to
New
Stock market
Business
Ventures?
29. Review the process Expansion
Working capital
Start-up capital
Money is
flowing to
New Except to
Business Mine !
Ventures
30. One FILIPINO start-up got
seed capital from here:
• Springs Seed Capital Initiative in Singapore,
committed Sing $10 million to 15 companies. Total
sum invested so far: $63 million.
• an investment fund that “matches,” the
sum invested by a third party in an
approved start-up.
• 185 start-ups have benefited from the fund: 30 of
them have earned more than $1 million revenue in
2009-2011.
Search in Singapore
31. The usual “seed
Investors capital” initiative
Decides to fund
the start-up “Concept” Invests the same
amount
The Small Business
US$1 m US$1 m
32. “Springs Seeds”
• Start-up Enterprise Development Scheme
(SPRING SEEDS) – Two dollars to every dollar
to be matched against investments of third-
party investor(s). So far, $63 million invested.
• The third-party investment ranges from ….
S$75,000 TO S$1million.
ADB seed capital funds US$480 million
For “Asia”
33. Better than the usual “Concept”
SPRINGS “seed
Investors capital” initiative
Decides to fund Invests DOUBLE the amount
the start-up provided by investors
The Small Business
US$2 m
US$1 m
34. Let’s set up one, like this:
Technology
Biz plan
Enterprise
Contest Commercialization
Board of Judges Invests funds in a complete
START-UP
Form a company
Funds
Winning Plan
35. Focus on Technology
• Technology Enterprise Commercialisation
Scheme (TECS) – a competitive grant to
convert breakthrough technology ideas and
proprietary IP into a promising business.
• competitive grant
• proposals are evaluated on technical and
commercial merits by a team of reviewers.
This is a task for a “noble statesman.”
36. Idea for an “Proof of
Invention CONCEPT” FUND
Board of Judges Invests funds
The Invention, itself
S$250K
Prototype
37. Invention “Proof of VALUE”
Who wants to buy it? FUND
Invests funds to help you find
Marketing Whiz
a buyer for one million widgets
The Invention finds a
BUYER
S$500K
Purchase
order
38. YES! Start-ups …. MAX S$50,000
Owner’s Young Entrepreneurs
money FUND, aged 18 - 26
TIMES FOUR, of what money you can
Plus FRIENDS’
raise from friends, relatives…
money
Bright kid with an idea
Amount
What he
can raise
x4
39. From Customer
Down payment
Working
on a purchase
capital order
BANK
Bank Loan
against purchase
order.
40. Short-term
Credit Lines from a Bank
Borrow, over the BANK lends…
course of the year …
…even if no
collateral.
Track Record:
Repayments. Just the BACKING
of PARENT
Many years. COMPANY
FINANCE is not usually the concern of
supervisors, unless …Head of a Subsidiary.
41. Credit from Parent Company
Borrow, over the Parent lends…
course of the year …
…but at 15%
Track Record is
obvious, to Owner. To motivate you to
Owner supports his pay on time, or
Vision/Mission. pay ahead of time
What is an Acquaintance: Someone you know ..well enough,
to borrow from. BUT not well enough, to lend to.
42. Special Case: What if you need more
than just CAPITAL
• TO Control costs, or
• You may need raise revenues
specialty managers… • TO ensure and/or
• You may need stabilize the forecast
synergies… cash flows.
43. If your capital provider… can start up
your “Engine
Sales of Growth.”
Raw materials
Cost of Capital
Cost of Labor
Cost of Land
- Costs
Taxes
= Healthy Profits, Cash Flows
44. Different sort of Problem
Need: Managers & Capital
Growth will
require additional Ready for
capital & human Next Step ?
resources
Capital is being
offered, together
with management
experience &
assured sales.
45. Why is that: Prospects are FLAT
A lot has been
achieved, so …Need a strategy
far. BUT: for Growth…
Prospects…
46. Seek beneficial DEAL
This is
YOUR
potential.
Don’t let
it, go to
You need
waste… CAPITAL &
STRATEGY
to get it.
Find a
BRIDGE
48. Working Capital
LOANS Capital
FINANCIAL
He receives 20% SAME
PARTNER:
or 40% of manage-
infuses SMALL
company shares. ment team
capital
STRATEGIC
PARTNER: He receives 60% TEAM of
Infuses BIG or 80% of outside
capital + know- company shares. managers
how
49. Review of this section:
Engine of Growth
is running
FIRST PROFITS:
PRIVATE EQUITY
NEW VENTURE:
steady sales
IDEA INVENTION:
first buyer
50. Review of this section:
Expansion,
diversification
QUALIFY FOR
STOCK MARKET
QUALIFY FOR
BANK LOANS
Engine of Growth is
running, already…
51. In the next section:
• We will learn that • Find out what investors
“Investors need you are looking for, so that
more than you need you be on the same
them.” “wavelength”
• What are the
• If you can promise a techniques for
reward and manage minimizing business
the risk, money will risk? Pool the funds.
“run” to you. Invest in many.
52. What do investors look for?
Growth …at
acceptable levels
of Risk
Small Savers Wholesale Savings
Loans or Equity Investment Funds
Subcontracted to Banks, Funds, etc
53. Subcontract
Institutional to:
Investors
Individual
Specialist
Investors
Funds
Managed
Funds Private-Equity
Small
Funds
Savers
“Retail “Wholesale Venture Capital
dealers” Funds
customers”
55. Target: 20%
FUND Manager
Stocks: 18%
18% x 0.5
6% x 0.4
2% x 0.1
--------------- Bonds: 6%
12% for the
total
Cash: 2%
*Not good enough
56. Target: 20%
FUND Manager
Special
Funds: 39%
39% x 0.2
18% x 0.7
6% x 0.1
--------------- Stocks: 18%
21% for the
total
“Venture Capital TRUST” or Bonds: 6%
Hedge Funds or “Absolute
Alpha” funds: various names
57. Somebody should search
• For fast-growing companies
• Put them all together
• And then, they will be able
to attract funders.
58. Thoughts
Small companies grow fast
Average 39% / year,
For example
120%
60%
40%
20%
There has to be an
acceptable level of RISK;
- 30%
RISK, that is managed.
59. Thoughts
Like the fingers of one hand
Average 39% / year, From Very Good,
For example To Good, To Bad.
That’s Life
120%
60%
40%
20%
Careful monitoring and
- 30% coaching to manage the Risk
60. High Returns
Range of
120% investment
outcomes
- 30%
Net Losses
61. The Big Enemy: inflation
90% High Returns
+ +
50% + Risky new ventures
+ Stocks
Bonds
5% Cash
+
0%
Low - High Risk
-50%
Risk
- Business
-
Failures
Losing ventures:
Net Losses
-
still have hope?
62. To achieve more
of the POSITIVE
returns, we
need:
Risky new ventures
Stocks
Bonds 4%
2%
Risk management
Guarantee Fund
Back-up…
Contingency Plan
63. IF CONSERVATIVE:
90% High Returns Aggressive
Conservative
+ +
50%
+ Stocks
+ Risky new ventures
Bonds
Cash
0%
Low Risk High Risk
-50%
- -
Business
Failures
Losing ventures:
Net Losses
-
still have hope?
64. IF aggressive:
90% High Returns Aggressive
Conservative
+ +
50%
+ Stocks
+ Risky new ventures
Bonds
Cash
0%
Low Risk High Risk
-50%
- -
Business
Failures
Losing ventures:
Net Losses
-
still have hope?
65. 90% Venture capital’s
interest
50% Risky new
ventures
Sunrise
Industry
0%
High Risk
Losing ventures:
still have hope?
-50%
66. To attract venture capital
• Companies can band together, establish
a credit cooperative, or working capital
fund.
• They take turns borrowing from the
credit cooperative.
• IF the fund grows 39% a year, big
funders will want to join in. s
67. “Industry Association”
50
20 people
contribute Lend at 30%
2million
5million each WORKING
CAPITAL FUND
To Projects that
RETURN > 30%
A BOARD checks
Hire a BUSINESS PLANS
FORMER Promises 25%
BANKER, who per year IF NO COLLATERAL:
knows how to Interest HIGHER THAN 30%
process Loan
Decisions.
Defaults carry penalty. Payable next year.
68. “Industry Association”
Outside
Investors make
placements. Lend at 30%
(After 3 years WORKING
track record) CAPITAL FUND
To Projects that
RETURN > 30%
The BOARD selects
A GODFATHER Target 25% who is deserving
Fund supplies returns per
ANY deficit. They Coach & Mentor
year on capital the fund recipients, to
MAKES invested
EMERGENCY assure success.
LOANS
“default insurance”
69. “Buddy Guard”
Co-guarantor :
someone who
“vouches” for his
Buddy. Lend at 30%
Style of Grameen
WORKING
Bank: each borrower
CAPITAL FUND
has 5 Buddies, for Fails to pay interest
back-up. or principal?
A buddy pays in his
behalf?
A CO-MAKER takes on
the burden, in case the
borrower fails to pay.
Failed to pay 30% this year… Therefore pay 66% by next year.
70. Just like PREFERRED
SHARES have cash
dividends, payable Lend at 30%
in arrears. WORKING
(LATE PAYMENTS CAPITAL FUND
ACCEPTED.) Fails to pay interest
or principal?
If the rest of the FUND is
doing OK, then the board The Fund grants an
can COLLECT NEXT YEAR. extension?
Failed to pay 30% this year... Therefore pay 66% by next year.
71. Development. Progress. Growth.
Working
Capital.
+ +
Project Loans.
Sunrise +
Industry
Approved on
the basis of = =
BUSINESS
PLAN.
- -
72. OPTION 1: “pooled funds” tend to minimize overall risk
High-Margin Projects
BACK-UP that need much Working Capital
system
Emergency
+ + +
Working
lender
(ANGEL) just
Capital
Sunrise
Industry =
in case FUND
- -
73. OPTION 2 with insurance premiums paid: even better!
High-Margin Projects
Credit Default that need much Working Capital
insurance
Small + + +
Working
Business
Corp’s Back-
Capital
Sunrise
Industry =
up Fund
FUND
- -
74. Example of OPTION 1
They grew, and became
VIPs to vouch
for the
self-financing.
project
Insurance
Mega Projects
Contin- + + +
Infra-
gency
Guarantee
structure
Sunrise
Industry =
Funds
Funds
- -
75. Example of OPTION 1 Smaller than the
GOVT WorkCap requirement
vouches for of operating companies
the project
Loan Guaranty
They get paid back
Contin- + + +
gency
Obligation
Student
Loans
Sunrise
Industry =
(stand-by)
- -
76. Example of OPTION 1 Smaller than the
WorkCap requirement
Someone
of operating companies
vouches for
the whole.
Most get paid back
Back-up plans
+ + +
Securitized Credit Card
mini-Loan Receiv-
Sunrise
Industry =
packages ables
- -
77. Business Loans
ANYBODY can
Personal Loans contribute capital:
INDIVIDUALS or
companies
WORKING
CAPITAL Pays cash dividends
“FUND” Lends to any
QUALIFIED company.
Projects > 30% IRR
Nearly always should pay cash dividends
78. Business Loans
Personal Loans
Companies make
contributions, for
membership
CREDIT
COOPER-
ATIVE Lends only to
member companies
> Co-Makers…
> Jointly & Several
Sometimes pays cash dividends; usually: REINVEST
79. 33 incorporators in 1969.
Raised P1,201.94
Reached P1bn by 2011.
Loanable funds.
System of
microlending Grew to P220m by 1980s.
Return on Equity 40% per year
Perpetual
Working + + +
Help
Credit
Capital
P1201 in
Livelihood
projects =
Coop, in
Leyte
1960
- -
80. In 2008, Most Outstanding Cooperative in the Philippines
431m by 2011.
System of
microlending
Assets 1m in 1988, 1.6m in 1998
Barangka Working + + +
Credit
Coop, in
Capital
P5300 in
Livelihood
projects =
Marikina 1972
- -
81. “Nice project” REPEATS
100 million every year
15 million
3 million
2 million “Weak”
83. Good contracts = lead to steady sales
“TOP LINE”
Sales
-Costs, taxes
“BOTTOM LINE” = Net Profit
Make the sales grow fast.
Then you attract capital.
84. 80% of TOTAL THE LARGEST
INDUSTRY
REVENUES
FIRMS
Hoping
for
THE SMALL growth
20% of TOTAL FIRMS
INDUSTRY
REVENUES
Small Size LARGE SIZE
85. Small Business Investment Company are
privately-owned, privately-managed
investment funds, licensed and regulated by
SBA, that use their own capital to LEND to
Small Firms.
86. Small Business Investment Company is backed by an SBA guarantee
to make equity and debt investments into small businesses. They
supply equity capital, long-term loans, and management assistance.
87. Investors USA: Small Business
Investment Corp.
Debt or EQUITY Since 1994
The Small
Business US$20m
(Matching
US$10m funds)
88. Equivalent to your “WORKING CAPITAL FUND”
Small Business Investment Corp.
Investment Committee
Equity
Loans to one
company
Max 7 yrs investments in
another
93. The PORTFOLIO Guarantee (per bank)
Whoever passes
the loan
BANK Portfolio criteria, can
Guarantee borrow from
Contract bank.
LOAN
Guarantor
Borrower * can INSURE 80% of the loan.
94. The PORTFOLIO Guarantee (per industry)
Whoever passes
PSIA Portfolio
the loan criteria
of the PSIA
FUND Guarantee FUND, can
Contract borrow.
Working LOAN for
Capital some big
LOAN project Guarantor
Borrower Small Business Corp. CAN INSURE up to
80% of the loan. The insured lender
recovers cash today, while still trying to
collect from the delinquent borrower.
95. COACHING & MENTORING
Will the project produce 70m in sales?
Is the market ready for this product?
Are the industry trends in Favor?
May I see the design of marketing plan?
P 70m sales
MONITORING & EVALUATION
Can you really manage the project that well
P 10 million How are you implementing Marketing Plan?
How are you supervising Production Team?
project cost How are your Project Management skills
Do you need coaching on strategy
Are you able to target high-margin projects?
96. If default rate is 3% only: Only 1
becomes a
LENDS 100m problem
Working THE REST: HEALTHY
Capital
Fund:
100m
ONE COMPANY:
Loan Default 3m
The problem company promises to pay up by the second year.
Meanwhile, the fund can lend up to 700m worth!
Less than 1 / 7 ever default.
Editor's Notes
Are investment bankers always kind and considerate? No, they can be quite brutal.
Whether the government or a high-minded individual…
They want to know if your project fits in one of these categories.
They want to know if your project fits in one of these categories.
They want to know if your project fits in one of these categories.