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STAGE FINANCING & VENTURE DEBT
• Consultor financeiro com 9 anos de experiência
• Liderança em mais de 80 projetos, incluindo business planning,
análises de viabilidade econômico-financeira, fund raising em
mercado de capitais e instituições de apoio financeiro e valuation
DIOGO DOS ANJOS CRESPO MARTINS
• Liderou projetos de captação de
recursos de projetos de infraestrutura
como a UHE Belo Monte e Angra III,
contabilizando mais de R$ 50 bi captados
em diversos órgãos de apoio financeiro
nacionais e internacionais
• Cursou Matemática Aplicada e
Contabilidade na USP
PITCH PARA INVESTIDORES
10 slides matadores
ELEVATOR PITCH
30 segundos: o que, por que, como
1
Fonte: Dave McClure, How to Pitch a VC,
redesigned by Slides That Rock Fonte: Dave McClure, How to Pitch a VC, redesigned by Slides That Rock
Fonte: Dave McClure, How to Pitch a VC,
redesigned by Slides That Rock
Fonte: Dave McClure, How to Pitch a VC,
redesigned by Slides That Rock
Fonte: Dave McClure, How to Pitch a VC,
redesigned by Slides That Rock
Fonte: Dave McClure, How to Pitch a VC,
redesigned by Slides That Rock
Fonte: Dave McClure, How to Pitch a VC,
redesigned by Slides That Rock
Fonte: Dave McClure, How to Pitch a VC,
redesigned by Slides That Rock
WHY?
We believe that innovation and technology
are the easiest and most effective way to
change the world. It empowers people,
companies and governments to be more
efficient, transparent, collaborative,
productive, creative and, in many ways, in
touch.
Who?
DIOGO
MARTINS
PEDRO
PIZZOLATO
LUCIO DE
OLIVEIRA
FELIPE
ARAÚJO
VINÍCIUS
ROSSITTO
TOBY
BARROW
about us
We ally capital markets & business experienced knowledge
to innovation and technology passion
UK
some of our cool cases
BB
O QUE É UMA STARTUP?
O QUE É UMA STARTUP?
“A startup is an temporary organization
formed to search for a repeatable and
scalable business model”
by Steve Blank and Bob Dorf
O QUE É UMA STARTUP?
“A startup is an temporary organization
formed to search for a repeatable and
scalable business model”
by Steve Blank and Bob Dorf
O QUE É UMA STARTUP?
“A startup is an temporary organization
formed to search for a repeatable and
scalable business model”
by Steve Blank and Bob Dorf
O QUE É UMA STARTUP?
“A startup is an temporary organization
formed to search for a repeatable and
scalable business model”
by Steve Blank and Bob Dorf
O QUE É UMA STARTUP?
“A startup is an temporary organization
formed to search for a repeatable and
scalable business model”
by Steve Blank and Bob Dorf
O QUE É UMA STARTUP?
“A startup is an temporary organization
formed to search for a repeatable and
scalable business model”
by Steve Blank and Bob Dorf
BB
Curva de adoção de tecnologia
TECH ADOPTION CURVE
TECH ADOPTION CURVE
• inovações descontínuas ou disruptivas
• Early Adopters < ABISMO > Mainstream
• Pequenos abismos
CHASM
TECH ADOPTION CURVE
• Innovators are willing to take risks
• have the highest social status
• have financial liquidity
• social and have closest contact to scientific sources
• interaction with other innovators.
• Financial resources -> risk tolerance
Fonte: Everett M. Rogers, Diffusion of Innovations
CHASM
TECH ADOPTION CURVE
• highest degree of opinion leadership
• higher social status
• financial liquidity
• advanced education
• more socially forward than late adopters
• more discreet in adoption choices than innovators.
CHASM
Fonte: Everett M. Rogers, Diffusion of Innovations
TECH ADOPTION CURVE
• early majority have above average social status
• contact with early adopters
• seldom hold positions of opinion leadership in a system
CHASM
Fonte: Everett M. Rogers, Diffusion of Innovations
TECH ADOPTION CURVE
• high degree of skepticism
• below average social status
• little financial liquidity
• little opinion leadership
CHASM
Fonte: Everett M. Rogers, Diffusion of Innovations
TECH ADOPTION CURVE
• little to no opinion leadership
• aversion to change-agents
• “traditions“
• lowest social status
• oldest among adopters
CHASM
Fonte: Everett M. Rogers, Diffusion of Innovations
BB
Stage Financing
STAGE FINANCING
investimentos feitos em companhias com tecnologias
relevantes no contexto de gerar um retorno aos investidores
em eventos de liquidez (IPO, M&A, próximos rounds...)
STAGE FINANCING
CHASM
BOOTSTRAPING
Desenvolver a ideia
MVP
Testes de conceito
STAGE FINANCING
CHASM
BOOTSTRAPING
Desenvolver a ideia
MVP
Testes de conceito
SEED INVESTMENT
Desenvolver o produto
e modelo de negócios
Testar mercado
STAGE FINANCING
CHASM
SERIES A
Evoluir produto
Consolidar product-market fit
traction – preparação para cruzar o
abismo rumo ao main market
STAGE FINANCING
CHASM
Early adopters esgotaram seu potencial
Mercado tradicional ainda não vê valor (retorno
financeiro/confiabilidade)
Mercado de early adopters é muito pequeno (escalada
prematura)
STAGE FINANCING
CHASM
SERIES B
Business plan
Crescer receitas e clientes
Estruturar empresa
STAGE FINANCING
CHASM
SERIES C, D, E...
Desenvolver novos mercados
Branding
STAGE FINANCING
CHASM
SERIES C, D, E...
SERIES B
SERIES A
SEED
INVESTMENT
BOOTSTRAPPING
BB
Players de Mercado
PLAYERS DO MERCADO
• Recursos PrópriosBootstrapping
PLAYERS DO MERCADO
Família e Amigos
Bootstrapping
• Investimento não profissional
• Cuidados com formalização
• Retorno Não especificado
• Pode ser feito via
“condomínios” e “dívidas
conversíveis”
PLAYERS DO MERCADO
Família e Amigos
Bootstrapping Angel
• Desejável Smart Money
• Duração: um a cinco anos,
dependendo do mercado
• Ticket de USD 10 mil a USD 100 mil,
podendo chegar a USD 1 milhão em pools
• No mercado brasileiro os
tickets são menores
PLAYERS DO MERCADO
Família e Amigos
Bootstrapping Angel
Venture Capital
• Investimento mínimo de USD 1 MM, com uma
média de USD 7 MM no mercado americano
• No Brasil os investimentos são menores
• Normalmente Smart Money
• Pode ser Hands On
• Assento no
conselho
• Portfolio deve trazer um ROE de
20% a 30%
PLAYERS DO MERCADO
Família e Amigos
Bootstrapping Angel
Venture Capital
Corporate
Venture
• Braço de Inovação das grandes corporações
• Diminuir risco e ganhar agilidade
• 1/3 das startups são
adquiridas contra
10% dos VCs
• Já é responsável por
20% de todos os
delas e 40% do
volume em relação
aos VCs
PLAYERS DO MERCADO
Família e Amigos
Bootstrapping Angel
Venture Capital
Corporate
Venture
Private
Equity/IPO ...
M&A
PLAYERS DO MERCADO
Família e Amigos
Bootstrapping Angel
Venture Capital
Corporate
Venture
Private
Equity/IPO ...
M&A
Bancos
Incubadoras
Aceleradoras
BB
Venture Debt
VENTURE DEBT
Definição:
• type of debt financing provided to venture-backed companies
• venture debt is available to startups and growth companies
that do not have positive cash flows or significant assets to use
as collateral.
• Venture debt providers combine their loans with warrants, or
rights to purchase equity, to compensate for the higher risk of
default
Venture
Debt
VENTURE DEBT
VENTURE DEBT
VENTURE DEBT
VENTURE DEBT
VENTURE DEBT
GARANTIAS
VENTURE DEBT
GARANTIAS
VENTURE DEBT
VENTURE DEBT
VENTURE DEBT
GARANTIAS
VENTURE DEBT
GARANTIAS
VENTURE DEBT
Cenário Brasil:
VENTURE DEBT
Cenário Brasil:
CAPITAL INCENTIVADO
GARANTIAS
VENTURE DEBT
Diferenciais de Recursos de Fontes Incentivadas:
• Custo Total (taxas subsidiadas + custos acessórios por volta
de 10-14% a.a., incluindo garantias)
• Prazo (geralmente, 60 a 120 meses)
• Carência (geralmente, 12 a 36 meses)
• Garantias (fundos garantidores para MPMEs e startups)
Thank you!
Find us at:
coffee@supernova.ventures
www.supernova.ventures
São Paulo . London

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Stage Finance & Venture Debt in innovation

  • 1. STAGE FINANCING & VENTURE DEBT
  • 2. • Consultor financeiro com 9 anos de experiência • Liderança em mais de 80 projetos, incluindo business planning, análises de viabilidade econômico-financeira, fund raising em mercado de capitais e instituições de apoio financeiro e valuation DIOGO DOS ANJOS CRESPO MARTINS • Liderou projetos de captação de recursos de projetos de infraestrutura como a UHE Belo Monte e Angra III, contabilizando mais de R$ 50 bi captados em diversos órgãos de apoio financeiro nacionais e internacionais • Cursou Matemática Aplicada e Contabilidade na USP
  • 3. PITCH PARA INVESTIDORES 10 slides matadores ELEVATOR PITCH 30 segundos: o que, por que, como 1 Fonte: Dave McClure, How to Pitch a VC, redesigned by Slides That Rock Fonte: Dave McClure, How to Pitch a VC, redesigned by Slides That Rock Fonte: Dave McClure, How to Pitch a VC, redesigned by Slides That Rock Fonte: Dave McClure, How to Pitch a VC, redesigned by Slides That Rock Fonte: Dave McClure, How to Pitch a VC, redesigned by Slides That Rock Fonte: Dave McClure, How to Pitch a VC, redesigned by Slides That Rock Fonte: Dave McClure, How to Pitch a VC, redesigned by Slides That Rock Fonte: Dave McClure, How to Pitch a VC, redesigned by Slides That Rock WHY? We believe that innovation and technology are the easiest and most effective way to change the world. It empowers people, companies and governments to be more efficient, transparent, collaborative, productive, creative and, in many ways, in touch. Who? DIOGO MARTINS PEDRO PIZZOLATO LUCIO DE OLIVEIRA FELIPE ARAÚJO VINÍCIUS ROSSITTO TOBY BARROW about us We ally capital markets & business experienced knowledge to innovation and technology passion UK
  • 4. some of our cool cases
  • 5. BB O QUE É UMA STARTUP?
  • 6. O QUE É UMA STARTUP? “A startup is an temporary organization formed to search for a repeatable and scalable business model” by Steve Blank and Bob Dorf
  • 7. O QUE É UMA STARTUP? “A startup is an temporary organization formed to search for a repeatable and scalable business model” by Steve Blank and Bob Dorf
  • 8. O QUE É UMA STARTUP? “A startup is an temporary organization formed to search for a repeatable and scalable business model” by Steve Blank and Bob Dorf
  • 9. O QUE É UMA STARTUP? “A startup is an temporary organization formed to search for a repeatable and scalable business model” by Steve Blank and Bob Dorf
  • 10. O QUE É UMA STARTUP? “A startup is an temporary organization formed to search for a repeatable and scalable business model” by Steve Blank and Bob Dorf
  • 11. O QUE É UMA STARTUP? “A startup is an temporary organization formed to search for a repeatable and scalable business model” by Steve Blank and Bob Dorf
  • 12. BB Curva de adoção de tecnologia
  • 14. TECH ADOPTION CURVE • inovações descontínuas ou disruptivas • Early Adopters < ABISMO > Mainstream • Pequenos abismos CHASM
  • 15. TECH ADOPTION CURVE • Innovators are willing to take risks • have the highest social status • have financial liquidity • social and have closest contact to scientific sources • interaction with other innovators. • Financial resources -> risk tolerance Fonte: Everett M. Rogers, Diffusion of Innovations CHASM
  • 16. TECH ADOPTION CURVE • highest degree of opinion leadership • higher social status • financial liquidity • advanced education • more socially forward than late adopters • more discreet in adoption choices than innovators. CHASM Fonte: Everett M. Rogers, Diffusion of Innovations
  • 17. TECH ADOPTION CURVE • early majority have above average social status • contact with early adopters • seldom hold positions of opinion leadership in a system CHASM Fonte: Everett M. Rogers, Diffusion of Innovations
  • 18. TECH ADOPTION CURVE • high degree of skepticism • below average social status • little financial liquidity • little opinion leadership CHASM Fonte: Everett M. Rogers, Diffusion of Innovations
  • 19. TECH ADOPTION CURVE • little to no opinion leadership • aversion to change-agents • “traditions“ • lowest social status • oldest among adopters CHASM Fonte: Everett M. Rogers, Diffusion of Innovations
  • 21. STAGE FINANCING investimentos feitos em companhias com tecnologias relevantes no contexto de gerar um retorno aos investidores em eventos de liquidez (IPO, M&A, próximos rounds...)
  • 22. STAGE FINANCING CHASM BOOTSTRAPING Desenvolver a ideia MVP Testes de conceito
  • 23. STAGE FINANCING CHASM BOOTSTRAPING Desenvolver a ideia MVP Testes de conceito SEED INVESTMENT Desenvolver o produto e modelo de negócios Testar mercado
  • 24. STAGE FINANCING CHASM SERIES A Evoluir produto Consolidar product-market fit traction – preparação para cruzar o abismo rumo ao main market
  • 25. STAGE FINANCING CHASM Early adopters esgotaram seu potencial Mercado tradicional ainda não vê valor (retorno financeiro/confiabilidade) Mercado de early adopters é muito pequeno (escalada prematura)
  • 26. STAGE FINANCING CHASM SERIES B Business plan Crescer receitas e clientes Estruturar empresa
  • 27. STAGE FINANCING CHASM SERIES C, D, E... Desenvolver novos mercados Branding
  • 28. STAGE FINANCING CHASM SERIES C, D, E... SERIES B SERIES A SEED INVESTMENT BOOTSTRAPPING
  • 30. PLAYERS DO MERCADO • Recursos PrópriosBootstrapping
  • 31. PLAYERS DO MERCADO Família e Amigos Bootstrapping • Investimento não profissional • Cuidados com formalização • Retorno Não especificado • Pode ser feito via “condomínios” e “dívidas conversíveis”
  • 32. PLAYERS DO MERCADO Família e Amigos Bootstrapping Angel • Desejável Smart Money • Duração: um a cinco anos, dependendo do mercado • Ticket de USD 10 mil a USD 100 mil, podendo chegar a USD 1 milhão em pools • No mercado brasileiro os tickets são menores
  • 33. PLAYERS DO MERCADO Família e Amigos Bootstrapping Angel Venture Capital • Investimento mínimo de USD 1 MM, com uma média de USD 7 MM no mercado americano • No Brasil os investimentos são menores • Normalmente Smart Money • Pode ser Hands On • Assento no conselho • Portfolio deve trazer um ROE de 20% a 30%
  • 34. PLAYERS DO MERCADO Família e Amigos Bootstrapping Angel Venture Capital Corporate Venture • Braço de Inovação das grandes corporações • Diminuir risco e ganhar agilidade • 1/3 das startups são adquiridas contra 10% dos VCs • Já é responsável por 20% de todos os delas e 40% do volume em relação aos VCs
  • 35. PLAYERS DO MERCADO Família e Amigos Bootstrapping Angel Venture Capital Corporate Venture Private Equity/IPO ... M&A
  • 36. PLAYERS DO MERCADO Família e Amigos Bootstrapping Angel Venture Capital Corporate Venture Private Equity/IPO ... M&A Bancos Incubadoras Aceleradoras
  • 38. VENTURE DEBT Definição: • type of debt financing provided to venture-backed companies • venture debt is available to startups and growth companies that do not have positive cash flows or significant assets to use as collateral. • Venture debt providers combine their loans with warrants, or rights to purchase equity, to compensate for the higher risk of default Venture Debt
  • 50. VENTURE DEBT Cenário Brasil: CAPITAL INCENTIVADO GARANTIAS
  • 51. VENTURE DEBT Diferenciais de Recursos de Fontes Incentivadas: • Custo Total (taxas subsidiadas + custos acessórios por volta de 10-14% a.a., incluindo garantias) • Prazo (geralmente, 60 a 120 meses) • Carência (geralmente, 12 a 36 meses) • Garantias (fundos garantidores para MPMEs e startups)
  • 52. Thank you! Find us at: coffee@supernova.ventures www.supernova.ventures São Paulo . London