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VC 3.0 - Re-inventing Start Up Capital (again)
Georgia Tech Finance Speaker Series
November 9, 2016
Bill Nussey
Startup Capital and Finance Are Being Revolutionized
It’s increasingly unlikely we’ll see additional software
platform giants like Google or Amazon
Investors looking for “10 bangers and 100 bangers” will
begin shifting their money into new areas…
The Evolution of Venture Capital
VC 2.0
Internet, Mobile,
Social
Networks
VC 3.0
Physical Space,
Manufacturing
Atoms
VC 1.0
Software
Bits
“Tesla is going to be hell-bent on becoming the
best manufacturer on earth.”
“[We are] turning the factory itself into a product.”
– ELON MUSK
Three New Capital Models for Start Ups
Asset sharing 2.0
 Software enabled, super convenient
Manufacturing
Asset aggregation
 Software enabled, super convenient
Case Study of VC 3.0 Failure
Between 2006 and 2011, Venture capital firms spent
over $25 billion funding clean energy technology start-
ups – they lost over half their money (MIT 2016)
What went wrong? Understanding this is key for VC
3.0
 Prototypes couldn’t scale to high volume manufacturing
 Return profile fell outside traditional VC investor expectations
 Capital management skills for traditional VCs and
Entrepreneurs were only part of the required set
Financial Skillsets
Finance 1.0 & 2.0
Raising equity capital
Payroll and taxes
Finance 3.0
Multiple types of capital
Supply chain
Inventory
Packaging
Distribution
Safety
Standards & regulations
Global tariffs & imports
Bill Nussey
@bnusse
y
NusseyNotes.com

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Venture Capital 3.0

  • 1. VC 3.0 - Re-inventing Start Up Capital (again) Georgia Tech Finance Speaker Series November 9, 2016 Bill Nussey
  • 2. Startup Capital and Finance Are Being Revolutionized It’s increasingly unlikely we’ll see additional software platform giants like Google or Amazon Investors looking for “10 bangers and 100 bangers” will begin shifting their money into new areas…
  • 3. The Evolution of Venture Capital VC 2.0 Internet, Mobile, Social Networks VC 3.0 Physical Space, Manufacturing Atoms VC 1.0 Software Bits
  • 4. “Tesla is going to be hell-bent on becoming the best manufacturer on earth.” “[We are] turning the factory itself into a product.” – ELON MUSK
  • 5. Three New Capital Models for Start Ups Asset sharing 2.0  Software enabled, super convenient Manufacturing Asset aggregation  Software enabled, super convenient
  • 6. Case Study of VC 3.0 Failure Between 2006 and 2011, Venture capital firms spent over $25 billion funding clean energy technology start- ups – they lost over half their money (MIT 2016) What went wrong? Understanding this is key for VC 3.0  Prototypes couldn’t scale to high volume manufacturing  Return profile fell outside traditional VC investor expectations  Capital management skills for traditional VCs and Entrepreneurs were only part of the required set
  • 7. Financial Skillsets Finance 1.0 & 2.0 Raising equity capital Payroll and taxes Finance 3.0 Multiple types of capital Supply chain Inventory Packaging Distribution Safety Standards & regulations Global tariffs & imports

Editor's Notes

  1. Note: We are approaching diminishing returns, e.g. Uber for dogs
  2. STORY: SIDE NOTE:
  3. Note: the key point is that manufacturing, atoms, is becoming equally important to software and convenience. People that skills in manufacturing, or all three, have a distinct advantage in the future.
  4. Eneco is a netherlands based company that is putting 1000s of Tesla batteries in homes and selling a small bit of their shared capacity back to the local utility to stave off more “peaking plants”
  5. Story: When IBM is doing their diligence there was an entire giant section just on how our products were sold outside United States if we made hardware