Ecem Küçük Phone: +90 212 328 1939 Email: e.kucuk@bicangels.com BIC Angels BIC Behrendt International Consulting A.Ş. Ihlamur Cad. No: 23 D:1 34768 Üsküdar, Istanbul Turkey BIC Angels is a brand of BIC Behrendt International Consulting A.Ş.

1. STAGE FINANCING FOR VENTURES
Dr. Joachim Behrendt

2. INTRODUCTION
StartNowHow
• Open seminar series for active and prospective entrepreneurs
• 10 sessions on monthly basis until summer 2017
• Covers relevant theoretical and practical aspects of entrepreneurship
• Based on lecture „Entrepreneurship“ @Bogazici University
• Based on experiences of entrepreneurs, investors, mentors and consultants
• Each session with guest speaker (entrepreneurs, investors, mentors, etc.)
• Certificate provided for participants (from BIC Angels / Bogazici University
Entrepreneurship Center) joining at least 70% of the sessions
• Language: English / Turkish
• Thursdays 17.15h – 19.30h
• Next session: Thu 6. April 2017
• Topic: The investment process – pitching, negotiations and termsheet
• Guest Speaker: Mehmet Onarcan, Mentors Network / projecthouse
• Early registration for each session required (eventbrite), limited capacity!
• Priority for regular participants
Startnowhow08.03.2017 2

3. INTRODUCTION
StartNowHow - Seminar Topics (preliminary)
1. Thu 22.09.16: The entrepreneurial ecosystem in Turkey
2. Thu 20.10.16: Entrepreneurship as a profession
3. Thu 17.11.16: Financial planning for startups
4. Thu 15.12.16: Planning, developing and testing a business model
5. Thu 12.01.17: Opportunity recognition and evaluation
6. Thu 09.02.17: Market and competitor research
7. Thu 09.03.17: Funding the startup – stage financing for ventures
8. Thu 06.04.17: The investment process – pitching, negotiations and termsheet
9. Thu 04.05.17: Startup Valuation
10. Thu 01.06.17: Success and failure as an entrepreneur
Startnowhow08.03.2017 3

4. INTRODUCTION
StartNowHow - Literature
• Bowers, Brent, 8 Patterns of Highly Effective Entrepreneurs, Doubleday, New York, NY 2008
• Bygrave, William D. / Zacharaiks, Andrew, The Portable MBA in Entrepreneurship, 4th ed., Wiley,
Hoboken, NJ 2010
• Drucker, Peter F., Innovation and Entrepreneurship, 1st ed. 1985, reprinted 2010, Elsevier, Kiddlington,
2010
• Harper, Stephen C., Extraordinary Entrepreneurship: The Professional’s Guide to Starting an Exceptional
Enterprise, Wiley, Hoboken, NJ 2005
• Hirshberg, Meg Cadoux, For Better or for Work, All Inc., New York, NY 2012
• Hisrich, Robert D. / Peters, Michael P. / Shepherd, Dean A., Entrepreneurship, 9th ed., McGraw-Hill, New
York, NY 2012
• Kuratko, Donald F., Entrepreneurship: Theory, Process, Practice, 8th ed., South-Western, Mason, OH 2009
• Leach, J. Chris / Melicher, Ronald W., Entrepreneurial Finance, International Edition, 4th ed., South-
Western, Hampshire 2012
• Osterwalder, Alexander / Pigneur, Yves, Business Model Generation, Wiley, Hoboken, NJ 2010
• Ries, Eric, The Lean Startup, Crown Business, New York, NY 2011
• Smith, Janet Kiholm / Smith, Richard L. / Bliss, Richard T.,Entrepreneurial Finance – Strategy, Valuation,
and Deal Structure, Standford University Press, Stanford, CA 2011
• Stokes, David / Wilson, Nick, Small Business Management and Entrepreneurship, 6th ed., South-Western,
Hampshire 2010
• Taleb, Nassim Nicholas, The Black Swan – The Impact of the Highly Improbable, revised ed., Penguin,
London 2010
• Timmons, Jeffry A. / Spinelli, Stephen, New Venture Creation – Entrepreneurship for the 21st Century, 9th
ed., McGraw-Hill, New York, NY 2011
Startnowhow08.03.2017 4

5. RAISINGMONEY
Initial New Venture Losses
08.03.2017 5Startnowhow – Seminar 8
Source: Timmons, J.A./Spinelli, S., New Venture Creation, p.427

6. RAISINGMONEY
Low-Budget vs. Big-Money-Models
08.03.2017 6Startnowhow – Seminar 8
Source: Volkmann, C.K./Tokarski, K.O./Grünhagen, M., Entrepreneurship in a European Perspective, p.291

7. PRE-SEEDPROGRAM
7Startnowhow – Seminar 808.03.2017
RAISINGMONEY
Startup Life Cycle

8. RAISINGMONEY
Life Cycle Financing
08.03.2017 8Startnowhow – Seminar 8
Source: Timmons, J.A./Spinelli, S., New Venture Creation, p.433

9. RAISINGMONEY
R&D Grant Programs
Startnowhow – Seminar 8
Source: Novicor
08.03.2017 9

10. RAISINGMONEY
Business Failure Rates
08.03.2017 10Startnowhow – Seminar 8
Source: Shane, Ihe Illusions of Entrepre-
neurship, New Haven / London 2008
US study UK studies
Source: Stokes / Wilson, Small Business
Management, p. 87

11. RAISINGMONEY
Lemons and Pearls
08.03.2017 11Startnowhow – Seminar 8
Source: Timmons / Spinelli, New Venture Creation, p. 158

12. RAISINGMONEY
Venture Life Cycle and Target Returns
08.03.2017 12Startnowhow – Seminar 8
Source: Leach, J.C./Melicher, R.W., Entrepreneurial Finance, p.255

13. RAISINGMONEY
Actual VC Returns
08.03.2017 13Entrepreneurship
Source: Smith, J.K./Smith, R.L./Bliss, R.T., Entrepreneurial Finance, p.343

14. RAISINGMONEY
Mezzanine Capital
08.03.2017 14Entrepreneurship
Source: Volkmann, C.K./Tokarski, K.O./Grünhagen, M., Entrepreneurship in a European Perspective, p.340

15. RAISINGMONEY
Equity, Debt and Mezzanine Capital
08.03.2017 15Entrepreneurship
Source: Volkmann, C.K./Tokarski, K.O./Grünhagen, M., Entrepreneurship in a European Perspective, p.287

16. CO-INVESTINGWITHBIC
• Agreement BIC – Investors
• BIC Angel Investments is a brand of BIC Behrendt International Consulting
A.Ş., owned 100% by Joachim Behrendt
• BIC provides angel investment services but does not invest itself
• Joachim Behrendt invests himself alongsinde other BIC angels
• Interested investors enter into a service agreement with BIC
• By invitation only / ends anytime one party decides not to continue
• Contains limited confidentiality provisions
• Exptected (but not obligatory): At least two investments per year, minimum
ticket size normally 25,000 TL
• Angel Investments
• Investors invest directly into the startup and become shareholders in A.Ş.
• All BIC angels (including Joachim Behrendt) belong to the same shareholder
group in proportion to their investment, protected by minority rights
• Termsheet and definitive agreements (template-based) are provided by legal
advisors of BIC, quick agreement with startups targeted
• BKS application process for startup handled by BIC
16Startnowhow – Seminar 808.03.2017
BIC Angel Investment Network: Legal Framework
RAISINGMONEY

17. RAISINGMONEY
Investment Process of Business Angels
08.03.2017 17Startnowhow – Seminar 8
Source: Volkmann, C.K./Tokarski, K.O./Grünhagen, M., Entrepreneurship in a European Perspective, p.300

18. RAISINGMONEY
VC‘s Organizational Structure
08.03.2017 18Startnowhow – Seminar 8
Source: Smith, J.K./Smith, R.L./Blisss, R.T., Entrepreneurial Finance, p.90

19. RAISINGMONEY
VC Capital Investment Process
08.03.2017 19Startnowhow – Seminar 8
Source: Smith, J.K./Smith, R.L./Blisss, R.T., Entrepreneurial Finance, p.95

20. BIC ANGEL INVESTMENTS
Dr. Joachim Behrendt
Phone: +90 212 328 1939
Fax: +90 212 328 1933
www.bicangels.com
http:/twitter.com/joachimbehrendt
http://tr.linkedin.com/pub/joachim-behrendt/18/706/a7a
Email: j.behrendt@bicangels.com