Startup Valuation: from early to mature stagesTatiana Siyanko
Methods and approached to startup and company valuations.
Please be free to send me any additions/correction proposals.
Prepared for Startup&co lecture in Freud cafe, Kyiv, April 30, 2014
Startup finance: valuation of tech companiesRianne Vogels
Tech startups operate under great uncertainty, and this makes their financial valuation difficult. I reviewed the literature and interviewed 26 venture capitalists about their methods. This presentation introduces a variety of valuation approaches, along with their advantages and drawbacks. The slide deck was developed for the Norwegian School of Entrepreneurship.
The summary of how startups get fundraising and how to measure their valuation.
This file demonstrates the methods and procedures of startup valuation.
Startup Valuation: from early to mature stagesTatiana Siyanko
Methods and approached to startup and company valuations.
Please be free to send me any additions/correction proposals.
Prepared for Startup&co lecture in Freud cafe, Kyiv, April 30, 2014
Startup finance: valuation of tech companiesRianne Vogels
Tech startups operate under great uncertainty, and this makes their financial valuation difficult. I reviewed the literature and interviewed 26 venture capitalists about their methods. This presentation introduces a variety of valuation approaches, along with their advantages and drawbacks. The slide deck was developed for the Norwegian School of Entrepreneurship.
The summary of how startups get fundraising and how to measure their valuation.
This file demonstrates the methods and procedures of startup valuation.
How much is your start-up worth? How much capital can you raise? How much equity will you have to give up? What will investor be looking at? What is too little? What is too much?
5 slides, quick and dirty job, far from perfect, but a good starting point.
FEEDBACK WELCOME
Knowledge Session on Startup Valuation: How does a Startup approach valuations? Best Practices, Models, Examples of good and bad valuations, etc. ELEVATE 100, an initiative of the Department of Information Technology and Biotechnology, Government of Karnataka aims to provide a comprehensive entrepreneurship platform for startups. The top 100 technology based startups chosen through a rigorous hunt across Karnataka State will tap into a whopping sum of Rs.400 Cr of Government funds. This is the largest pool of funds ever offered by any State Government to Startups.
How do you value a pre-revenue startup?
This is an introduction to some of the methods that are typically used to value a startup, detailing what is important to establish before carrying out a valuation and how it relates to the chosen fundraising strategy and your local market.
Entrepreneurs need to put a value on their start-ups in order to raise money, and investors need to put a value on their investments to ensure an adequate return on investment. No negotiating item between entrepreneur and investor creates a wider gulf than this one. The two parties may agree on every other point but will have diametrically opposing views on what the start-up is worth and how much equity the investor should receive in exchange for his capital.
Valuation is challenging for a start-up. Since young businesses take time to become profitable, the trick of valuing start-ups is to focus on the future. If you want your start-up to be a masterpiece, you’ll need to use the right side of your brain as much as your left to determine value.
Is business valuation art or science? Is it possible to place a credible valuation on a Start-up? What is Pre-money valuation? What is Post-money valuation? How much your company worth? Are you really worth anything until you’re profitable? How to value your start-up for a VC? What are the Start-up valuation methods?
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
Startany.com. Remote Acceleration Program.
---------------------------------------------------------------
The Founder’s Guide to Early-Stage Valuation
Presented by Stephen R. Poland, co-founder 1x1 Media.
For many early-stage entrepreneurs assigning a valuation to your startup is one of the more intimidating tasks encountered during the fundraising quest. Based on the popular Founders’ Pocket Guide: Startup Valuation, this webinar provides a quick reference to all of the key topics around early-stage startup valuation and provides step-by- step examples for several valuation methods.
This webinar helps startup founders learn:
What a startup valuation is and when you need to start worrying about it.
Key terms and definitions associated with valuation, such as pre-money, post-money, and dilution.
How investors view the valuation task and what their expectations are for early-stage companies.
How the valuation fits with your target raise amount and resulting founder equity ownership.
How to do the simple math for calculating valuation percentages.
How to estimate your company valuation using several accepted methods.
Stephen R. Poland
Stephen R. Poland has worked with hundreds of startups and entrepreneurs, mentoring them on startup mechanics, funding plans, pitch decks, financial models, and due diligence documentation for the angel funding process.
Steve brings more than 20 years' experience in startups and entrepreneurship to his career. Leveraging leadership roles with the Walt Disney Company, MacMillan Publishing, and Bertelsmann, Steve co-founded startups in the digital music and on-demand media manufacturing sectors, as well an early days anti-virus product.
Along with being co-founder of 1x1 Media, Steve works as a venture growth advisor in Western North Carolina.
Valuation models for early-stage knowledge-based/technology companiesGregory Phipps
Slide deck on valuation models for early-stage knowledge-based/technology companies delivered to The Canadian Institute of Chartered Business Valuators - Sept 18, 2014
While it's true that valuing a business is part art part science, there are specific methodologies that can be applied to determine the value of a business. Here are the 5 most frequently used methods to value a startup.
Find out more on: https://www.equidam.com/how-to-value-a-business/
Discover your company value on https://www.equidam.com/
How much is your start-up worth? How much capital can you raise? How much equity will you have to give up? What will investor be looking at? What is too little? What is too much?
5 slides, quick and dirty job, far from perfect, but a good starting point.
FEEDBACK WELCOME
Knowledge Session on Startup Valuation: How does a Startup approach valuations? Best Practices, Models, Examples of good and bad valuations, etc. ELEVATE 100, an initiative of the Department of Information Technology and Biotechnology, Government of Karnataka aims to provide a comprehensive entrepreneurship platform for startups. The top 100 technology based startups chosen through a rigorous hunt across Karnataka State will tap into a whopping sum of Rs.400 Cr of Government funds. This is the largest pool of funds ever offered by any State Government to Startups.
How do you value a pre-revenue startup?
This is an introduction to some of the methods that are typically used to value a startup, detailing what is important to establish before carrying out a valuation and how it relates to the chosen fundraising strategy and your local market.
Entrepreneurs need to put a value on their start-ups in order to raise money, and investors need to put a value on their investments to ensure an adequate return on investment. No negotiating item between entrepreneur and investor creates a wider gulf than this one. The two parties may agree on every other point but will have diametrically opposing views on what the start-up is worth and how much equity the investor should receive in exchange for his capital.
Valuation is challenging for a start-up. Since young businesses take time to become profitable, the trick of valuing start-ups is to focus on the future. If you want your start-up to be a masterpiece, you’ll need to use the right side of your brain as much as your left to determine value.
Is business valuation art or science? Is it possible to place a credible valuation on a Start-up? What is Pre-money valuation? What is Post-money valuation? How much your company worth? Are you really worth anything until you’re profitable? How to value your start-up for a VC? What are the Start-up valuation methods?
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
Startany.com. Remote Acceleration Program.
---------------------------------------------------------------
The Founder’s Guide to Early-Stage Valuation
Presented by Stephen R. Poland, co-founder 1x1 Media.
For many early-stage entrepreneurs assigning a valuation to your startup is one of the more intimidating tasks encountered during the fundraising quest. Based on the popular Founders’ Pocket Guide: Startup Valuation, this webinar provides a quick reference to all of the key topics around early-stage startup valuation and provides step-by- step examples for several valuation methods.
This webinar helps startup founders learn:
What a startup valuation is and when you need to start worrying about it.
Key terms and definitions associated with valuation, such as pre-money, post-money, and dilution.
How investors view the valuation task and what their expectations are for early-stage companies.
How the valuation fits with your target raise amount and resulting founder equity ownership.
How to do the simple math for calculating valuation percentages.
How to estimate your company valuation using several accepted methods.
Stephen R. Poland
Stephen R. Poland has worked with hundreds of startups and entrepreneurs, mentoring them on startup mechanics, funding plans, pitch decks, financial models, and due diligence documentation for the angel funding process.
Steve brings more than 20 years' experience in startups and entrepreneurship to his career. Leveraging leadership roles with the Walt Disney Company, MacMillan Publishing, and Bertelsmann, Steve co-founded startups in the digital music and on-demand media manufacturing sectors, as well an early days anti-virus product.
Along with being co-founder of 1x1 Media, Steve works as a venture growth advisor in Western North Carolina.
Valuation models for early-stage knowledge-based/technology companiesGregory Phipps
Slide deck on valuation models for early-stage knowledge-based/technology companies delivered to The Canadian Institute of Chartered Business Valuators - Sept 18, 2014
While it's true that valuing a business is part art part science, there are specific methodologies that can be applied to determine the value of a business. Here are the 5 most frequently used methods to value a startup.
Find out more on: https://www.equidam.com/how-to-value-a-business/
Discover your company value on https://www.equidam.com/
As Associate Principal at The Monitor Group (now Monitor Deloitte) in China, part of my of my role was helping train 1st Year consultants. This is the summary presentation from a day long Masterclass in the commonly used techniques in assessing a firm's "true" value.
Finance and cash management for entrepreneursJorge Saguinsin
This is a refresher for an entrepreneur who lacks complete knowledge and confidence in financial and cash management. These are mostly stock and common knowledge
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
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how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
2. Before we start… 3 Exit Analysis – Nordic VCs Decreasing valuations 8 Financial Fundamentals Learning the income statement, balance sheet etc 18 Financial Performance Key ratios and actual performance vs. plans 27 Financial Planning Combine top-down and bottom-up approach and ensure link between plan and budget 34 Valuation Relative and absolute methods. DCF is an absolute method that discounts future cash flows 48 The VC Method He value of a company is a matter of discussion over a cup of coffee 62
7. Reminder - Assignment for every study group! Deadline - the lecture on Options Every study-group should find 10 tweets that: You find interesting / funny That can serve as a either a summary of the lectures or that explores an important topic Upload the Powerpoints at Slideshare and tweet the link in Twitter in MCF10 account Two groups will present – randomly chosen Before We Start
9. Trade sales are most common and the crises has reduced # exits and closed IPO window Exit Analysis – Nordic VCs Source: VentureXpert
10. As well as having reduced the values – IPOs are typically larger than trade sales Exit Analysis – Nordic VCs Source: VentureXpert
11. Decreasing exit value and increased general risk leads to lower valuation for early-stage Exit Analysis – Nordic VCs Source: VentureXpert
12. Know your value inflection points... Exit Analysis – Nordic VCs Market Share Exit Value Proof-of-scale Proof-of-business Proof-of-concept Capital Need Pre-venture Venture
13. Have the end in mind… Exit Analysis – Nordic VCs IPO Competitor Start-up Strategic Supplier Strategic Customer New entrant
14. Approach the exit differently Exit Analysis – Nordic VCs Business strategy to fit exit Trade Sale Identify buyers Position the company Create bid wars Asses timing – capital need and market Business strategy to fit exit Prepare organisation setup Create exposure IPO
15. US exits have higher values – for several reasons Exit Analysis – Nordic VCs Source: Vækstfonden
16. US VCs participate in the most attractive exits of Nordic companies Exit Analysis – Nordic VCs Vækstfonden
17. Why do you think that the exit values are higher for the Nordic companies who has a US VC investor on board? Exit Analysis – Nordic VCs
28. Ratios – using common sense and industry benchmarks Financial Performance
29. The use of ratios relates to life cycle Financial Performance Maturity Public & Seasoned Rapid Growth B,C-round A-round Survival Startup Financing Startup Seed Financing Focus on cash & cost Broad Focus on ratios Focus on cash & profitability
30. I look at traction in Sales Financial Performance
35. The progress for successful venture Financial Planning Market Share Exit Value Proof-of-scale Proof-of-business Proof-of-concept Capital Need Pre-venture Venture
36. and the cash balance Financial Planning High Cash Balance Low Founder and FFF Seed Exit National Venture Int. Venture
37. Time fundraising with value inflection points and before cash balance is too low Market Share Exit Value Proof-of-scale Proof-of-business Proof-of-concept Capital Need Pre-venture Venture High Cash Balance Low Founder and FFF Seed National Venture Int. Venture
39. Key Problem – Missing link between business plan and financial plan Financial Planning
40. If my company is expecting to have this much revenue – then what is my plan to get there? Financial Planning If my plan is this – then what is the likely revenue, cost and capital requirement
41. How to workwith a business plan / budget /anything in life… Financial Planning
42. Top Down – starting with the potential Financial Planning
43. Buttom Up – Building it up from today Financial Planning
44. Financial Planning ...clarify to yourself and potential investors what the assumptions for the budgetare in relation to revenue drivers, cost drivers, investments etc. It is always better to make informed and reasonable assumptionsthan claiming it is difficult to predict the future
69. Calculating the Free Cash Flow Valuation Free Cash Flow to Equity (FCFE) =Net Income - Net Capital Expenditure - ∆in Net Working Capital + New Debt - Debt Repayment Free Cash Flow to Firm (FCFF) = EBIT*(1-tax) Unleveredcash flow - CAPEX - Depreciation - ∆WorkingCapital or Free Cash Flow to Firm (FCFF)= FCFE + InterestExpenditure(1-t)
70. Valuing a firm – the discount factor Valuation WACC = Weighted Average Cost of Capital WACC = Cost of Equity * Equity ratio + Cost of Debt * Debt Ratio 30Y State Bond 4,5% Measure for how closely a stock follows the market
71. Valuing firms – Terminal value (two approaches) Valuation Terminal Value=FCFF n * (1+g)/ (r-g) Perpetuity Growth method FCFF = Free Cash Flow to the Firm n = periods r = WACC g = perpetual growth rate (often 1-3%) Multiple Terminal Value=EBITDA * Peer Multiple Exit multiple Method (1+WACC)n FCFF = Free Cash Flow to the Firm Peer Multiple = Enterprise Value (EV) / EBITDA for comparable company n= Periods
73. The VC Method = The Exit Multiple Method The VC Method Multiple Terminal Value=EBITDA * Peer Multiple Exit multiple Method (1+WACC)n FCFF = Free Cash Flow to the Firm Peer Multiple = Market Cap / EBITDA or Price / Sales for comparable companies n= Periods
74. We consider The VC Method ….. IRR, Return Multiple, AbsoluteReturn, Ownership under the different deal terms... … the case from an overall perspective (team, industry, technology, etc)... However most often the price of a companycomesdown to negotiation over a cup of coffee
75. The Summary Exit Analysis – Nordic VCs Decreasing valuations 8 Financial Fundamentals Learning the income statement, balance sheet etc 18 Financial Performance Key ratios and actual performance vs. plans 27 Financial Planning Combine top-down and bottom-up approach and ensure link between plan and budget 34 Valuation Relative and absolute methods. DCF is an absolute method that discounts future cash flows 48 The VC Method He value of a company is a matter of discussion over a cup of coffee 62