This document summarizes a panel discussion on "Life After Investments". It includes: - A 10 minute introduction by Will Cardwell on the basics of life after investments. - A 10 minute presentation by Riitta Lumme-Tuomala focusing on keeping the startup team energized and addressing personnel issues after securing funding. - A 40 minute conversation with Felix Shpilman, a venture capitalist, where he will answer questions about common positive and negative issues startups face after fundraising rounds and any unique challenges for Russian or first-time entrepreneurs. The discussion aims to provide guidance to founders on navigating the period after an investment round when the real work of growing the company begins.

1. Life After Investments
• June 2, 14:00 – 15:00, Lab Stage
• Format:
–10 minutes Will Cardwell, A Few Basics
–10 minutes Riitta Lumme-Tuomala,
–40 minutes with Felix Shpilman
–Wrapup
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2. Will Cardwell
Senior Advisor, Entrepreneurship and Venturing
Aalto University Executive Education
• Will Cardwell (51) is currently senior lecturer on venture capital and
entrepreneurship at Aalto University Executive Education, and Aalto
School of Science (as co-founder of the Aalto Ventures Program).
Aalto University is Finland’s “Innovation University”, whose 20,000+
students span the fields of engineering, arts and design, and
business. He serves as a mentor in several accelerators, and is an
angel investor in several startup companies as a member of the
Finnish Business Angels Network (FIBAN).
• He previously co-founded the Aalto Center for Entrepreneurship, and
the $21m AppCampus Mobile App Accelerator.
• Previously, he ran Finland's largest Technology Incubator, with over
200 customers large and small around Finland as well as St,
Petersburg and Estonia. I have spent 15 years in the Finnish high-
tech environment, as CEO of a startup (Valimo Wireless, sold to
Gemalto in 2010, 3 years) venture capitalist (Eqvitec Partners, Conor
Venture Partners, 7 years), investment banker (Robertson Stephens,
2 years), and researcher and lecturer (Aalto School of Economics,
and Aalto University of Technology, 3 years).June 6, 2014 © Aalto University Executive Education

3. It is often a massive task for a startup to raise equity
funding. Many times, it seems like the
journey is over when the money finally hits the
bank account. But in reality, the real work
is only beginning.
This session will examine the key areas to watch in order
to keep the founders, board and
investors aligned, and keep the company
INCREASING IN VALUE!
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4. The First 100 Days
• Make sure that the table is clean - no big negative surprises,
leave some positive surprises for after investment.
• Implement any improvements to the board
composition quickly, and consider using a “lean
board approach”
• Re-energize the team, do not let the sense of urgency
die just because there is money in the bank. Address incentives and
other personnel issues immediately, and get rid of weak team
members quickly!
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5. Riitta Lumme-Tuomala
Director, Russia and Talent Management at
Aalto University Executive Education
M.Sc.(Econ.), EMBA, DBA Candidate
Riitta’s key qualifications are in the areas of Leadership, especially from the point of view of
different generations at the same workplace, young potential development, social media issues
and individual diversity (MBTI Step I and Step II Certification in 2009). She is lecturing frequently
on the aforementioned topics. Riitta has several years of experience of facilitation and lecturing,
and has gone through various training courses for trainers, this includes both general trainer and
facilitation skills and specific module trainer skills. From 2009 to 2012 Riitta worked as a private
entrepreneur cooperating with several clients with strong connections to Aalto EE.
Presently she is heading the Russian Business area cooperating with top Russian Business
Schools and working with High Potential and Talent Management concepts.
June 6, 2014 © Aalto University Executive Education

6. Life after investment –
The Team
Riitta Lumme-Tuomala
Director, Russia and
Talent Management
AaltoEE
Skolkovo 2.6.2014

7. The Team – The individuals
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8. The Team – The VC
A good idea is critical - but it's only a small
fraction of a company's success as compared
to its founders, says investor Ron Conway.
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9. Team Spirit?
' <#
Traditional view
teams must have clear goals and roles,
a lot of team spirit and motivation,
focused agendas and
rules for decision making
BUT
What is an X-Team?
Principle 1- X-teams engage in high levels of external activity
X-Team
Task Coordination
New Knowledge

10. The Team – The tasks
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Reason
Play
Instincts/Intuition
Results
Organized Implementation
Exceptional Sales
Creative Thinking
Value Driven

11. The Team – The Future
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12. The Team – The Curious ones
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13. June 6, 2014 13
VP Strategy, Ostrovok.ru
Partner, Start Fund
Former at Digital Sky
A Conversation with Felix Shpilman

14. Questions for Felix Shpilman
• Q1. You have been on both sides of the table, what are the most
positive and negative issues you have seen immediately following
investment rounds?
– After seed rounds?
– After A rounds?
– After later stage rounds?
• Q2. Are there unique issues related to Russian startups relative to
US startups?
• Q3. Are there unique issues related to first time entrepreneurs
compared to serial entrepreneurs ?
• Q4. What advice do you have for the entrepreneurs after they get an
investment round?
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