第３回起業、ファイナンスのために起業家が知っておくべき必修法知識～ロジックで理解するベンチャーファイナンス～

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The document profiles an attorney who specializes in mergers and acquisitions (M&A) and finance. It discusses stages of startup growth and common startup valuation models. It also examines lean product development strategies and innovation accounting methods for startups.

Technology Travel

2012 1 11

© 2011 Masa Masujima All rights reserved

MASA MASUJIMA

Email: masa.masujima@gmail.com

Twitter @ hakusansai

!   Attorney @ Mori Hamada & Matsumoto

!   Worked for Wilson Sonsini Goodrich & Rosati @Silicon Valley

!   Specialty: M&A Finance

!  Life Work: Startup

http://startupinnovators.jp/

1,000 ×1000

3000

A 30,000 ×200

3000 x30
1500 ⇐ liquidation preference 3

! 
!  4
!  1/4 1 1/48
4

!   CoC 12

! 
! 
! 
! 
!   2011 10 4 SO

! 

! 

1,000 ×1000
A A 30,000 ×200 3000 600
B B 60,000 ×300 7200 1800
C C 100,000 ×1000 1.5 1
D D 150,000 ×500 3.75 7500
IPO 1 200,000 6

!  D>C>B>A>
! 
!   3x
!   CoC

6 IPO
2 x200
A 4000 (x6.7)
B 6000 (x3.3)
C 2 (x2.0)
D 1 (x1.3)
6
D 2.25 +50 3x
C 3 +100 (3x)
B 5,400 +30 (3x)
A 1800 +20 (3x)
100 (1x)

!  lean
product
system

! 

! 
! 

! 

!

!  validated
learning

!  (leap-of-faith assumption)
!  (value hypothesis) (growth hypothesis)
!  (Build)-‐ (Measure)-‐ (Learn)

!   Build (MVP)
!   Measure
ü  learning milestone (MVP / )
ü  innovation accounting /

ü  actionable, accessible, auditable
Ø  Actionable:
Ø  Accessible:
Ø  Auditable: ⇐

!  (pivot)/ (preserve)

!  /
!   Innova;on
accoun;ng

!   Zoom-‐in
pivot ,
customer
segment
pivot
,
customer
need
pivot
,
pla>orm
pivot ,

!  (Growth)/

Startup Genome
!  Discovery
! 
!  MVP
!  5 7

!  valida;on
! 
! 
!  3 5
!  eﬃciency
! 
!  UX
!   5 6

! 
! 
!   VC

!  7 9

! 
! 

!   100 500
!   1000 1.5
!   0

!   1.5 7

! 
! 
!   Google,
Dropbox,
Groupon,
etc

! 
!  UX

!   Facebook,
twiUer,
Linkedin

! 
! 

! 
! 
!   Oracle,
SalesForce

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第３回起業、ファイナンスのために起業家が知っておくべき必修法知識～ロジックで理解するベンチャーファイナンス～

3. MASA MASUJIMA Email: masa.masujima@gmail.com Twitter @ hakusansai !   Attorney @ Mori Hamada & Matsumoto !   Worked for Wilson Sonsini Goodrich & Rosati @Silicon Valley !   Specialty: M&A Finance !  Life Work: Startup http://startupinnovators.jp/

4. !  !  !  !  !  ü  ü  !  ü  !  ! 

7. 1,000 ×1000 3000 A 30,000 ×200 3000 x30 1500 ⇐ liquidation preference 3

8. !  !  4 !  1/4 1 1/48 4 !   CoC 12 !  !  !  !  !   2011 10 4 SO

10. !  !  1,000 ×1000 A A 30,000 ×200 3000 600 B B 60,000 ×300 7200 1800 C C 100,000 ×1000 1.5 1 D D 150,000 ×500 3.75 7500 IPO 1 200,000 6

11. !  D>C>B>A> !  !   3x !   CoC 6 IPO 2 x200 A 4000 (x6.7) B 6000 (x3.3) C 2 (x2.0) D 1 (x1.3) 6 D 2.25 +50 3x C 3 +100 (3x) B 5,400 +30 (3x) A 1800 +20 (3x) 100 (1x)

12.

13. !  lean product system !  !  !  !  ! 

14. !  validated learning !  (leap-of-faith assumption) !  (value hypothesis) (growth hypothesis) !  (Build)-‐ (Measure)-‐ (Learn) !   Build (MVP) !   Measure ü  learning milestone (MVP / ) ü  innovation accounting / ü  actionable, accessible, auditable Ø  Actionable: Ø  Accessible: Ø  Auditable: ⇐

15. !  (pivot)/ (preserve) !  / !   Innova;on accoun;ng !   Zoom-‐in pivot , customer segment pivot , customer need pivot , pla>orm pivot , !  (Growth)/

16. Startup Genome !  Discovery !  !  MVP !  5 7 !  valida;on !  !  !  3 5 !  eﬃciency !  !  UX !   5 6

17. !  !  !   VC !  7 9 !  !  !   100 500 !   1000 1.5 !   0 !   1.5 7

18. !  !  !   Google, Dropbox, Groupon, etc !  !  UX !   Facebook, twiUer, Linkedin !  !  !  !  !   Oracle, SalesForce

19. !  !  / !  / !  !  M&A 4 !  VC

第３回起業、ファイナンスのために起業家が知っておくべき必修法知識～ロジックで理解するベンチャーファイナンス～

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