This document discusses opportunities and risks for angel investors co-investing with venture capital firms (VC's) in early-stage financing. It provides an overview of Nicolas Berg and Redalpine Venture Partners, including their investment focus and portfolio examples. The document also discusses the early-stage financing gap, differences between angel and VC investors, successful investment strategies combining angels and VC's, and lessons learned from case studies.
What have Business Angels and mentors learned from entrepreneurs at EPFL ? Claude Florin
This was a presentation to celebrate 5 years of a Business Angel Club on EPFL Campus. We gathered 25 entrepreneurs and 250 participants on May 22nd in the Rolex Forum building. My theme was “What have we learned from innovators ? “
At EPFL, 2013 was marked by Henry Marckram’s idea of the Human Brain Project HBP, that became a Flagship European project. So the question became : "what goes in the brain of entrepreneurs ?" Are they Could it be that is "left-brained" logical, analytical and objective, or "rightbrained" - intuitive, thoughtful and subjective ?
60 mentors and investors at A3 Angels has been involved since 5 years with 30 entrepreneurs. We looked into their eyes and found 3 core values to inspires ourselves :
1. Trust (left)
2. Seriousness (left)
3. Fun (right)
- AND surprising characters !
Show Me The Money London 2014 - Presentation by John Spindler Ceo of Capital ...TechMeetups
John Spindler is the CEO of Capital Enterprise. John has had over 15 years’experience as an entrepreneur and business advisor/consultant and as well as being responsible for the day to day management of Capital Enterprise is also a director and co-owner of audio designer and manufacturer Ferguson Hill.
What have Business Angels and mentors learned from entrepreneurs at EPFL ? Claude Florin
This was a presentation to celebrate 5 years of a Business Angel Club on EPFL Campus. We gathered 25 entrepreneurs and 250 participants on May 22nd in the Rolex Forum building. My theme was “What have we learned from innovators ? “
At EPFL, 2013 was marked by Henry Marckram’s idea of the Human Brain Project HBP, that became a Flagship European project. So the question became : "what goes in the brain of entrepreneurs ?" Are they Could it be that is "left-brained" logical, analytical and objective, or "rightbrained" - intuitive, thoughtful and subjective ?
60 mentors and investors at A3 Angels has been involved since 5 years with 30 entrepreneurs. We looked into their eyes and found 3 core values to inspires ourselves :
1. Trust (left)
2. Seriousness (left)
3. Fun (right)
- AND surprising characters !
Show Me The Money London 2014 - Presentation by John Spindler Ceo of Capital ...TechMeetups
John Spindler is the CEO of Capital Enterprise. John has had over 15 years’experience as an entrepreneur and business advisor/consultant and as well as being responsible for the day to day management of Capital Enterprise is also a director and co-owner of audio designer and manufacturer Ferguson Hill.
Arne Tonning - Alliance Venture - Norway - Stanford Engineering - Jan 12 2015Burton Lee
Talk by Arne Tonning, Partner - Alliance Venture, Oslo, at Stanford on Jan 12 2015, as a part of our session on 'Entrepreneurship in Oil Economies :: Norway & Scotland'.
Website: http://www.StanfordEuropreneurs.org
YouTube Channel: https://www.youtube.com/user/StanfordEuropreneurs
Intervención de Xavier Verdaguer, Innovalley. Explica como emprender, vivir y tener éxito en Silicon Valley.
17_01_2010
Evento relacionado: http://bit.ly/gwUeyh
Arne Tonning - Alliance Venture - Norway - Stanford Engineering - Jan 12 2015Burton Lee
Talk by Arne Tonning, Partner - Alliance Venture, Oslo, at Stanford on Jan 12 2015, as a part of our session on 'Entrepreneurship in Oil Economies :: Norway & Scotland'.
Website: http://www.StanfordEuropreneurs.org
YouTube Channel: https://www.youtube.com/user/StanfordEuropreneurs
Intervención de Xavier Verdaguer, Innovalley. Explica como emprender, vivir y tener éxito en Silicon Valley.
17_01_2010
Evento relacionado: http://bit.ly/gwUeyh
This is something I whipped up in a day -- the day before the wedding dinner of my wife's sister. It was one of those "Just dream up a silly concept and run with it" kind of things. Not your typical boring wedding slideshow.
Referat von Nicolas Berg, Partner Redalpine, und Adrian Locher, Mitgründer DeinDeal. Anschliessend Diskussion mit Startups, Investoren und Interessierten im Technopark Winterthur. Die STARTIMPULS Reihe wird durchgeführt vom Institut für Jungunternehmen IFJ und gesponsert von Mobiliar Versicherung, Post Finance, Swisscom und Abacus.
Are you looking for funding? Would you like to learn more about how to attract and convince potential investors? Then you should definitely mark the date monday the 23rd of June at 09:00 am in your calendar. Come listen to MESH's very own Erling Løken Andersen talk about raising money at MESH in Tordenskiolds gate 3.
Erling has previously raised around 10m NOK from various investors in Oslo and Silicon Valley. He also sold Biip.no for 75m NOK in 2008.
Erling will give a presentation on how to find, approach and convince investors that your project is worth his/her time and money, giving you guidelines on how to build and present a solid pitch deck. You'll also learn the do's and dont's of an investor presentation - and the basics of accelerators and incubators.
This is the presentation that I gave to the current cohort at Incubes at Intensive Day this Wednesday. It was a great discussion and opportunity to engage with this group of entrepreneurs
Introduction to Business Angel Investing'Tomi Davies
This presentation is Based on the book “Angel Investing - The Gust Guide to Making Money & Having Fun Investing In Startups” by David S. Rose @davidsrose CEO of Gust and Founder of New York Angels angelinvesting.com
It is for a Masterclass designed for practising and potential business angels who want to understand the basics of angel investing. It is a comprehensive guide that walks students through every step of the way to becoming a successful angel investor.
The class exposes students to fundamental strategies and specific tools required to take full advantage of this rapidly growing asset class, from building your reputation as a smart investor, to negotiating fair deals and adding value to your portfolio of companies through to helping them implement smart exit strategies.
Techstars organized a boot camp for people who served in the military. The focus is to teach / encourage veterans to think about starting or joining tech startups. This presentation is a primer on fundraising and other related items.
This presentation " Accessing Capital from an Angel Investment Network" is being delivered to Maple Leaf Angels Entrepreneur Workshop by Gerard Buckley, Managing Director, Jaguar Capital
Material used in the Entrepreneurship course (Bachelor in Management) at the Toulouse Business School (Barcelona Campus)
November 2017
Brief review of the different stages in the life of a Start Up company, type of investors, valuation methods, the importance of growth management
Angels, VCs and Fundraising in China 2010Chris Evdemon
This presentation explains the current status in China's early stage ecosystem, in terms of angel investors and venture capital. It also provides aspiring entrepreneurs with some advice on the local fundraising process.
IFJ Startimpuls workshop on how to finance a Swiss startup, Technopark Aargau in Brugg, funding sources, do's & font's in fundraising process, investment criteria
Nicolas Berg_Swiss Early-stage Trends_Redalpine_SECA_sep2013Nicolas Berg
Switzerland has become a top-3 European hot spot for high-tech startups. Update on improvements of general conditions, role models, top exits, spin offs, top investors, wanted investor profiles, average and media IRR, missing government co-investment fund
Referat von Nicolas Berg. Anschliessend Diskussion mit Startups, Investoren und Interessierten im Hotel Arte in Olten. Die STARTIMPULS Reihe wird durchgeführt vom Institut für Jungunternehmen IFJ und gesponsert von Mobiliar Versicherung, Post Finance, Swisscom und Abacus.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Eco-Innovations and Firm Heterogeneity.Evidence from Italian Family and Nonf...
Stockholm svca 27okt2010
1. Early-stage financing!
Opportunities & traps for angels
co-investing with VC’s!
Nicolas Berg, Redalpine Venture Partners!
7th EBAN Winter University !
Luxembourg – 31. October 2008!
Affärsängeldagen 2010
Stockholm 27 okt 2010
Successful early-stage investing:
Combine the best practices of
business angels and VCs
2. • About me + Redalpine 01
• Early-stage venture zone 02
• Investment process 03
• Case studies: XING, others 04
• Learnings 05
• Q&A 06
00 Agenda
3. • Founder of 8 start-ups since 1984
Borsalino 1998; 64 angels + 1 VC; sold 2000
• Angel investor in 16 start-ups 2000-2006
e.g. XING Angel Investor 2004, IPO 2006
• Partner Redalpine venture fund 2007-2015
• XING CM CH; journalist; coach@venturelab
• Swiss with norwegian roots, M.Sc. (BA)
01 About me
Nicolas Berg, Redalpine Venture Partners
4. • Redalpine invests $200k-2m in 12-15 highly
scalable European start-ups 2007-2015
• Track-record Partner: 5 trade-sales + 1 IPO
2006-2008 (multiples 7-35), 340 new jobs/$1m*
01 About Redalpine
*) Initial investment (excl. co-investors & following rounds)
5. • Restorm.com – right clearing between musicians and
creative producers
• Veeseo.com – SEO for TV & video platforms by real-time
speech to text indexing („google“ TV)
• Poken.com – digital business card connecting people,
objects and places at events
• Biognosys.ch – next generation proteomics platform to
enable personlized medicine
• Redbiotec.ch – produces virus like particles to enable
better and safer vaccines
• Insphero.com – 3D tissue production for faster and safer
drug development
01 Redalpine portfolio examples
6. • because start-ups difficult to evaluate
(you must judge people rather than paper)
• post-investment: high support need per $
• small transactions ($150k-2m)
> small fund > small management fee
• but: higher multiple if successful (>10, goal >30)
• and: 340+ new jobs per $1m initial investment
(2000-2006)
02 Early-stage financing gap
Valley of death: financing need $500k-2m
7. • Top in EU25 innovation ranking:
1. Swi, 2. Swe (EIS 2009)
• Among top 50 in world ranking of universities:
Zurich ETH (18.), Karolingska, Uppsala
• Quite good PISA results 2006 (2003):
Swi (7. math), Swe (7. reading)
• active start-up scene & top bluechips (Nestlé,
Volvo, Ericsson, Astra, Roche, Novartis, UBS)
• small home market > export oriented
02 Sweden and Switzerland
Almost equal conditions
9. 02 Angels invest more than VCʻs
VC‘s
Start-up investment iceberg
• 90% from government grants, foundations,
and – first of all – angel investors
• 10% from VC funds, corporate funds or banks
• Unexploited potential: only 1 out of 200‘000
Swiss millionaires are serial angels
Start-up = (inter)national, highly scalable, innovative/high-tech company
90% from angel investors
10. • Virgin angel: low
• Fulltime angel & ex serial entrepreneur: medium
• Amateur angel, corporate manager: low
• Managing angel, hands-on: low
• Angel club without sidecar fund: low
• Angel club with sidecar fund: low to medium
• Angels co-investing with top VC fund: higher
02 Type of investors
Success rates uneven
11. • Most angel networks show a negative
performance: true for Switzerland 1999-2009
• Most angels are not successful: true
• Angels may kill a good deal: true - if VC didn‘t
enforce a proper shareholder agreement
• Angels act more emotional: true – so what?
• Avoid angels: wrong - good angels do much
more good things for start-ups than most VC‘s
02 Why some VCʻs distrust angels
Top 5 prejudices
12. • VC is rich & will say no (true - odds are 1 : 99)
• Most VC‘s don‘t invest in early-stage (true)
• A VC‘s will force you to sign his terms
(true- if he recognizes that he is the only one)
• Most start-ups will never get funded by a VC
(true - but most start-ups would fail anyway)
• A VC will not add value to our start-up
(wrong - best 25% improve odds for top exit)
02 Why most people hate VCʻs
Top 5 prejudices
13. • successful VC funds are
• managed and financed by successful former
angels/serial entrepreneurs
• systematically invite super angels for co-
investments or co-invest with them
• successful angels
• systematically co-invest with successful VC‘s or
invite them to co-invest
02 Successful combinations
VCʻs co-investing with top angels
14. • Investment Managers: Serial entrepreneurs
• Stage: early
• Business model: highly scalable
• Capital need: $500k-2m, $500k-7m in total
• Region: Zurich/Stockholm, Switzerland/
Sweden, Nordics/DACH, Europe, World
• Sectors: ICT, Life Sciences, Greentec
• Exit multiple goal: >20 bis >30 / deal (1:10)
02 Successful investment strategy
Highly scalable & diversified
15. • Sourcing: get access to deal-flow 500-1000
• Selection: Pre-screened pitches only
1. top team. 2. unique & disruptive idea.
3. clear business model. 4. moderate valuation $1-3m.
5. multiple >30 in best-case exit scenario
• Negotiating: 1. Professional lead, 2. VC terms,
3. Simple structure (board of 3, angels pooled)
• Support: Active role of lead + 1 co-investor
• Harvest: Plan, seek & go for top exit from start
03 Investment process
Top 5 criteria of winning angels
16. • 500 times no within 5 min = $ 5‘000
• 450 times no within 30 min = $ 15‘000
• 50 times face-to-face (8h) = $ 30‘000
• 2-5 deals after due dilligence
technology, market & team = $ 50‘000
• Total $100‘000
03 Sourcing and selection
Deal-flow of 1000: Quantity provides quality
Annahme von CHF 500/Manntag (CHF 10‘000/Monat)
17. 03 Negotiating
Term sheet, due diligence, legal
• 4 days term sheet negotiation $ 4000
• 1-2 days lawier $ 3200+
• 1 day legal/financial due diligence $ 2000
• expenses $ 1800
• Total $ 10-20k
18. 03 Post-investment support
by lead investor till exit
• 0.5 - 1 days / week per portfolio company
• 5 investments = 50-100% job
• 10 investments = 100-200% job
• Total for 10 investments: $ 120-250‘000
19. 03 Total cost per portfolio of 10
annual cost of early stage investing
• Sourcing & selection $100‘000
• Negotiating & legal $ 20‘000
• Post-investment support $ 200‘000
• Total annual cost: $ 320‘000
20. • since 2001 we were pro-actively searching for
a social network (SN) investment opportunity
with a good business model
• After looking at 5 other SN, we met XING in
2004 and become lead angel (1st rd €500k)
• we developped model for world-wide roll-out
in Switzerland as XING Country Managers
• 2005 XING accepts €5m from VC in a pre-IPO
round – 2006 IPO at €200m valuation
04 Pro-active sourcing & support
Case study 1: XING
21. • Lead investor was an unexperienced angel
• Lawiers bill of >$ 50‘000 (!)
• Big3 company (!) mandated for accounting
• headhunter (!) mandated CMO & CFO search
• later early-stage VC took lead, initiated more
cost efficiency & tuned strategy, and syndi-
cated 2nd rd (VC, super angel, corporate VC)
04 Challenging examples
Case study 2: Project T
22. • 1st round by 2 angels (ex big pharma)
introduced by VC, they convinced a difficult
co-founder to leave and sell his shares
• Then early-stage VC joined first round and
added additional terms & shareholder agr‘t
• 2nd round with foreign VC and super angel
• after 3 years big pharma shows interest
beyond joint research (exit signals)
04 Challenging examples
Case study 3: Project Q
23. • Top angels and VC‘s hand in hand
• Outsource sourcing & pre-screening
• Check pre-selection, trust your intuition
• Check terms
• be active in post investment phase
• diversify in 10+, sectors, time-wise
05 Learnings for angel investors
Fulltime, quality, diversification
25. • follow serial entrepreneurs (ICT 25-50y, LS 35-70y)
• 7 years for angel investment learning curve
(faster in business angel network or with VC)
• Diversify on >7 start-ups
• keep 50% for next round
• talk with VC‘s (some are human beings)
• Read*, speak, publish
*) Amis: Winning Angels;
Guy Kawasaki: The Art of Start
06 Winning Angels
Bonus tips
26. Instrument Return* Risk Liquidity
Gold ?% quite high high
Cash** 2% low high
Real Estate 4% moderate moderate
Bonds-CHF 3% moderate medium
listed Equity 7% quite high moderate
VC-early 20% high low
PE-leverg 20% very high low
02 Risk and return
*) in the long run
**) your currency
27. • Team team team: Can it implement the vision?
• Product/market: No-brainer? Disruptive?
• Business model: Who pays whom how much?
• Can I provide an added value for this deal?
• When can I sell my shares to whom?
(multiple high enough? Higher than 20?)
06 Investment criteria
More bonus tips
28. • 50% eat too much and move to little
• Organic Food that keeps you smart & slim
• 50% of ads wasted – never again!
• Media: We spend 5 out of 10h with new media
• Multimedia- & Meta-Search (Mediaclipping, Swoodoo)
• Vertical Social Networks (Quevita, Triphunter)
• Connecting Devices & Toys (DoYouPoken)
• 3D Virtual Apps (WoW, 2L, Starfruit, vMeet, vLearn, vShop)
08 Trends for pro-active sourcing