At Jaguar Capital we Advise growth stage companies in the areas of Governance, Financial Management, and Strategy. We help great entrepreneurs scale their business through creating solid governance practices, and implementing financial management and strategic policies in order to innovate and create change in the world.
Valuation is caveat emptor –buyer beware. More investors have lost more money because they overpaid for a stock than has been lost due to fraud. (Warren Buffett and Benjamin Graham = Value Investing)
Alternative Financing refers to financial channels and instruments that have emerged outside of the traditional finance system such as regulated banks and capital markets.Examples of alternative financing activities through 'online marketplaces' are reward-based crowdfunding, equity crowdfunding, peer-to-peer consumer and business lending, invoice trading third party payment platforms. Alternative finance instruments include crypto currencies such as Bitcoin, SME mini-bond, social impact bond, community shares, private placement and other 'shadow banking' mechanisms. Alternative Finance differs to traditional banking or capital market finance through technology-enabled 'disintermediation', which means utilizing third party capital by connecting fundraisers directly with funders, in turn, reducing transnational costs and improve market efficiency.
Jaguar Capital an Advisory Practise for Growth Companies in Governance, Financial Management and Strategy. The Jaguar Capital advantage is that our
management team looks for opportunities
where we can add value based on our prior
experiences.
An advisory firm in Governance, Financial Management and Funding Strategies.
Our client focus is on growth companies in Energy, Digital Media, Technology, Healthcare and Financial Services.
Jaguar Capital is specialized in
Evaluating, Pivoting and Growing Companies
Why SME’s Need Assistance with Governance
What are the Benefits for SME’s when they create better Governance Structures
CEO’s or Founders need to get over the control aspects of their Board
Family Businesses vs. Private Corporations
Advisory Board vs. Board of Directors
The Five Best Governance Recommendations for a Private Corporation
Discuss experiences from the field
The Challenges for Consultants when Marketing and Engaging with SMEs
Best Practises in Contracting with SME’s
Raising Capital: Negotiating with Potential Investors (Series: The Start-Up/S...Financial Poise
Every business needs capital (cash) to fund its activities. But not all capital is created equal. At the most macro level, a business can raise cash by selling equity or by borrowing (and these alternatives are not by any means mutually exclusive).
This webinar explains the different types of capital available to fund a startup; how to identify potential funding sources; how to evaluate competing funding proposals; and how (and when) to negotiate financing terms. In addition, this webinar will address the kinds of investors for entrepreneurs to consider for their start-ups.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/raising-capital-negotiating-with-potential-investors-2021/
At Jaguar Capital we Advise growth stage companies in the areas of Governance, Financial Management, and Strategy. We help great entrepreneurs scale their business through creating solid governance practices, and implementing financial management and strategic policies in order to innovate and create change in the world.
Valuation is caveat emptor –buyer beware. More investors have lost more money because they overpaid for a stock than has been lost due to fraud. (Warren Buffett and Benjamin Graham = Value Investing)
Alternative Financing refers to financial channels and instruments that have emerged outside of the traditional finance system such as regulated banks and capital markets.Examples of alternative financing activities through 'online marketplaces' are reward-based crowdfunding, equity crowdfunding, peer-to-peer consumer and business lending, invoice trading third party payment platforms. Alternative finance instruments include crypto currencies such as Bitcoin, SME mini-bond, social impact bond, community shares, private placement and other 'shadow banking' mechanisms. Alternative Finance differs to traditional banking or capital market finance through technology-enabled 'disintermediation', which means utilizing third party capital by connecting fundraisers directly with funders, in turn, reducing transnational costs and improve market efficiency.
Jaguar Capital an Advisory Practise for Growth Companies in Governance, Financial Management and Strategy. The Jaguar Capital advantage is that our
management team looks for opportunities
where we can add value based on our prior
experiences.
An advisory firm in Governance, Financial Management and Funding Strategies.
Our client focus is on growth companies in Energy, Digital Media, Technology, Healthcare and Financial Services.
Jaguar Capital is specialized in
Evaluating, Pivoting and Growing Companies
Why SME’s Need Assistance with Governance
What are the Benefits for SME’s when they create better Governance Structures
CEO’s or Founders need to get over the control aspects of their Board
Family Businesses vs. Private Corporations
Advisory Board vs. Board of Directors
The Five Best Governance Recommendations for a Private Corporation
Discuss experiences from the field
The Challenges for Consultants when Marketing and Engaging with SMEs
Best Practises in Contracting with SME’s
Raising Capital: Negotiating with Potential Investors (Series: The Start-Up/S...Financial Poise
Every business needs capital (cash) to fund its activities. But not all capital is created equal. At the most macro level, a business can raise cash by selling equity or by borrowing (and these alternatives are not by any means mutually exclusive).
This webinar explains the different types of capital available to fund a startup; how to identify potential funding sources; how to evaluate competing funding proposals; and how (and when) to negotiate financing terms. In addition, this webinar will address the kinds of investors for entrepreneurs to consider for their start-ups.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/raising-capital-negotiating-with-potential-investors-2021/
Analysis on an decade of data relating to start-up which would guide the budding start-ups towards the way of success and also provide them the right place for maximum funding.
Are you thinking about what you need to fund your company? Where do you start? Funding is not “one size fits all”. Every company has to approach their pathway to funding with a unique approach. Join our fundraising experts for an in-depth discussion of what options you have for funding and how to decide which paths are right for you and your company. Topics covered will include investment criteria, time to closing, investment range, success rates, control features, compliance requirements and the overall costs of capital from each such source.
Jean Hammond – LearnLaunchX, LearnLaunch.org, Hub Angels, Launchpad Venture Group, Golden Seeds
Robert Bishop - Goodwin Procter
In partnership with:
Founders Workbench
Silverwood Capital Fund I LLC formed to take advantage of a narrow niche in the mortgage note industry. The Company will seek to acquire, workout, and manage nonperforming real estate notes secured by residential 1-4 unit properties. While the primary emphasis will be focusing on nonperforming junior and Home Equity Line Of Credit (“HELOC”) notes, we will purchase select senior liens and REOs.
Using our network of banking and equity fund contacts, and advanced marketing techniques, the Fund will purchase mortgages and real estate at significant discounts to its underlying value. By focusing on distressed mortgages and properties, we know the potential for above average returns exist.
These securities are being offered under an exemption provided by SEC Regulation D Rule 506(c). Only accredited investors who meet the SEC Regulation D 501 “accredited investor” accreditation standards and who provide suitable verification of accredited status may invest into this Offering.
• Any historical performance data represents past performance. Past performance does not guarantee future results;
• Current performance may be different than the performance data presented;
• The Company is not required by law to follow any standard methodology when calculating and representing performance data;
• The performance of the Company may not be directly comparable to the performance of other private or registered funds or companies;
• The securities are being offered in reliance on an exemption from the registration requirements, and therefore are not required to comply with certain specific disclosure requirements;
• The Securities and Exchange Commission has not passed upon the merits of or approved the securities, the terms of the offering, or the accuracy of the materials.
To many, Angel Capital and Venture Capital are similar. To the entrepreneur accessing capital they are very different and complex. Gerard Buckley will attempt to give readers and participants an understanding of the differences in Canada and how to prepare CEO's and founders to understand which alternative may be best for your company.
Financial Projections are key in all aspects of the fundraising process: Pitching, Valuation, Due Diligence, and in the long term planning of your company. Join our experts in an overview discussion of financial projections and learn the key metrics that will get investors to notice you, as well as those that will get you rejected. With the expert advice of serial Startup CFOs and VC Analysts we’ll walk you though the process of what you need to know. If you have no or little idea where to begin with your financial projections, this program is for you.
Funding options early stage companies april30 v2-lsn.pptx
Are you thinking about what you need to fund your company? Where do you start?
Funding is not one size fits all. Every company has to approach their pathway to funding with a unique approach. Join our fundraising experts for an in depth discussion of what options you have for funding and how to decide which paths are right for you and your company.
Topics covered will include investment criteria, time to closing, investment range, success rates, control features, compliance requirements and the overall costs of capital from each such source.
www.thecapitalnetwork.org
Analysis on an decade of data relating to start-up which would guide the budding start-ups towards the way of success and also provide them the right place for maximum funding.
Are you thinking about what you need to fund your company? Where do you start? Funding is not “one size fits all”. Every company has to approach their pathway to funding with a unique approach. Join our fundraising experts for an in-depth discussion of what options you have for funding and how to decide which paths are right for you and your company. Topics covered will include investment criteria, time to closing, investment range, success rates, control features, compliance requirements and the overall costs of capital from each such source.
Jean Hammond – LearnLaunchX, LearnLaunch.org, Hub Angels, Launchpad Venture Group, Golden Seeds
Robert Bishop - Goodwin Procter
In partnership with:
Founders Workbench
Silverwood Capital Fund I LLC formed to take advantage of a narrow niche in the mortgage note industry. The Company will seek to acquire, workout, and manage nonperforming real estate notes secured by residential 1-4 unit properties. While the primary emphasis will be focusing on nonperforming junior and Home Equity Line Of Credit (“HELOC”) notes, we will purchase select senior liens and REOs.
Using our network of banking and equity fund contacts, and advanced marketing techniques, the Fund will purchase mortgages and real estate at significant discounts to its underlying value. By focusing on distressed mortgages and properties, we know the potential for above average returns exist.
These securities are being offered under an exemption provided by SEC Regulation D Rule 506(c). Only accredited investors who meet the SEC Regulation D 501 “accredited investor” accreditation standards and who provide suitable verification of accredited status may invest into this Offering.
• Any historical performance data represents past performance. Past performance does not guarantee future results;
• Current performance may be different than the performance data presented;
• The Company is not required by law to follow any standard methodology when calculating and representing performance data;
• The performance of the Company may not be directly comparable to the performance of other private or registered funds or companies;
• The securities are being offered in reliance on an exemption from the registration requirements, and therefore are not required to comply with certain specific disclosure requirements;
• The Securities and Exchange Commission has not passed upon the merits of or approved the securities, the terms of the offering, or the accuracy of the materials.
To many, Angel Capital and Venture Capital are similar. To the entrepreneur accessing capital they are very different and complex. Gerard Buckley will attempt to give readers and participants an understanding of the differences in Canada and how to prepare CEO's and founders to understand which alternative may be best for your company.
Financial Projections are key in all aspects of the fundraising process: Pitching, Valuation, Due Diligence, and in the long term planning of your company. Join our experts in an overview discussion of financial projections and learn the key metrics that will get investors to notice you, as well as those that will get you rejected. With the expert advice of serial Startup CFOs and VC Analysts we’ll walk you though the process of what you need to know. If you have no or little idea where to begin with your financial projections, this program is for you.
Funding options early stage companies april30 v2-lsn.pptx
Are you thinking about what you need to fund your company? Where do you start?
Funding is not one size fits all. Every company has to approach their pathway to funding with a unique approach. Join our fundraising experts for an in depth discussion of what options you have for funding and how to decide which paths are right for you and your company.
Topics covered will include investment criteria, time to closing, investment range, success rates, control features, compliance requirements and the overall costs of capital from each such source.
www.thecapitalnetwork.org
This presentation on Valuation of Early Stage Companies was Presented at Maple Leaf Angels Lunch and Learn Series. The Shamrock method of Valuation created by the Author was introduced at this presentation.
Atlanta Black Chamber Women's Retreat March 26, 2021 Yvonne Gamble CEO SanPet...Yvonne Gamble
As you develop a financing strategy for your company do not get insight on how to stand outside of the box, expand your vision and reach your financial goals.
A bank for digital startups - Deutsche Handelsbank - NOAH19 LondonNOAH Advisors
FinTech & InsurTech: Company presentation by Jens Munk, co-CEO of Deutsche Handelsbank at the NOAH Conference London 2019, 30-31 October, Old Billingsgate.
Deutsche Handelsbank is a specialized bank for digital startups and growth companies that accompanies digital startups and growth companies from various industries along their way with growth financing, working capital, banking-as-a-service, and factoring solutions.
Strategic Talent Management - B7426
Dates Active:
1/1/2014 - 1/1/2099
Title:
Strategy-Driven Talent Management
Author:
Robert F. Silzer; Ben E. Dowell (Editor); Rob Silzer (Editor)
Edition:
1
Copyright Date:
2010-01-01
Publisher:
John Wiley & Sons, Incorporated
ISBN:
9780787988470
List Price:
$80.00
Delivery Method:
This item is available via the Argosy University Digital Bookshelf and will be delivered to you electronically within the course, unless you choose to opt out. If you do not opt out, there is no need to purchase a textbook.
Dates Active:
5/1/2016 - 1/1/2099
Title:
Managing Human Resources
Author:
Wayne F. Cascio
Edition:
10
Copyright Date:
2016-01-01
Publisher:
McGraw-Hill Higher Education
ISBN:
9780078112959
List Price:
$197.00
Delivery Method:
This item is available via the Argosy University Digital Bookshelf and will be delivered to you electronically within the course, unless you choose to opt out. If you do not opt out, there is no need to purchase a textbook.
Week 4 Assignment
Read the case "Tactus Tackles Fund-Raising" at the end of Chapter 8.
Answer the following questions and/or statements in detail:
1. Craig Ciesla and Micah Yairi eventually turned to friends and family for funding. Should they have done that first? What are the risks with raising money from such individuals? Explain in detail using sources and research. Use credible sources to support and explain.
2. What are the risks and benefits of waiting until they had been granted patents to ask for customer feedback? Explain in detail using sources and research. Use credible sources to support and explain.
3. The partners gave up equity in their company – part of the ownership -- to get help they needed. Was this a good idea? Why or why not? Explain in detail using sources and research. Use credible sources to support and explain.
4. Why do you think Ciesla and Yairi stuck it out, even with such bad luck? What would it take for you to be so persistent? Explain in detail using sources and research. Use credible sources to support and explain.
Make sure you format your papers in proper APA 6th. Be sure to properly cite your sources inside your text using APA 6th citations rules as well as proper APA referencing guidelines in your “References” (bibliography) section at the end of your papers.
Your written weekly assignment paper should be at least 1,000 words in length.
Chapter
8
Looking for Money 170
Debt vs. Equity 171
Sources of Money for Entrepreneurial Ventures 173
Venture capitalists 173
private or “angel” investors 174
Banks 175
Government agencies 175
Small business investment companies 176
Commercial finance companies 176
Friends and family 177
Crowdfunding: a novel way to raise money 177
Other sources of funds 178
The Process of Securing Investors 179
researching investors 179
What makes a business a good investment prospect? 183
the right market 184
What information and documents will investors want? 184
Negotia.
The Carlyle Group is one of the top Private Equity Firms in the country. Their 2013 Annual Report and Corporate Citizenship Report has just been released, which talks about their numbers, performance, and more.
What is EQUITYMULTIPLE? This presentation touches on what we are, why we are, and how we are different from other real estate "crowdfunding" platforms. For more info, please visit www.equitymultiple.com and/or contact info@equitymultiple.com
Funding Options at Harvard iLab
Are you thinking about what you need to fund your company? Where do you start? Funding is not one size fits all. Every company has to approach their pathway to funding with a unique approach. Join our fundraising experts for an in depth discussion of what options you have for funding and how to decide which paths are right for you and your company. Topics covered will include investment criteria, time to closing, investment range, success rates, control features, compliance requirements and the overall costs of capital from each such source.
www.thecapitalnetwork.org
This presentation given to entrepreneur graduates of a recent cohort of ACCES Employment outlines the importance of selecting a mentor and either having advisors or creating a Advisory Board before a founder raises professional capital. Then we delve into the various capital raising alternates that include Angel and VC.
Introduction
Finding The Perfect Mentor
Advisory Boards
Financing Alternatives
Who Accesses Equity Financing
The 5W’s of Angel Investing
Angel Network in Canada
The Entrepreneur's Benefits
Pros and Cons of Accessing Venture Capital
Some Pitfalls to Avoid
Market Trends
The most important aspect of getting funding is the quality of the people involved in the business
Credible vision about how you will be successful
Personal pride in what you are doing
Passionate about your solution
Straightforward to deal with
Persistent but flexible approach
Your ability to be specific is critical
Presentation delivered to Eastern Ontario Community Futures Development Corporation General Managers
Financing Alternatives
Who Accesses Equity Financing
What is Angel Investing
Who are Angel Investors
Why would someone be an Angel Investor
What type of companies do Angels invest In?
Angel Network in Canada
Halo Report 2013
Angel Investing is a changing
Pros and Cons of Accessing Venture Capital
Some Pitfalls to Avoid
Market Trends
Q & A
Have you ever considered becoming an Angel Investor? Wondered why people join angel groups as opposed to going it alone? Then this session is for you.
Join MLA Chair and Angel Investor Gerard Buckley as he leads a session that will answer the following:
What is Angel Investing?
Why would someone be an Angel Investor?
Who are Angel Investors?
What types of companies do Angels invest in?
What is Maple Leaf Angels and what are the benefits of joining?
This presentation was given to a group of Founders, CEO's and praticipants in the Financing of their growth companies at the Digital Media Zone at Ryerson University in Toronto today.
Angel 101 - The Fundamentals of Angel Investing. Is Angel Investing right for you. This is a presentation given by Gerard Buckley to a group of Angel Investors at Maple Leaf Angels a Toronto based angel group
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
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
More from Buckley Mortgage Broker - Mortgage Wellness (13)
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
1. S
“ Venture Valuation: a Reality
Check”
Experience.
Governance - Financial Management - Strategy
Integrity. Trust.
2. 2
Real World
Gerard Buckley
Experience and Expertise
S Founder & CEO of Jaguar Capital an Advisory Practice for
Growth Companies in Governance, Financial Management
& Strategy
S Past - Chairperson of Board of Directors, Maple Leaf Angels
Corporation & founder and Lead Director for Maple Leaf
Angels Capital Corporation, the General Partner of
MLA48LP1 a Pre-Seed Angel Fund.
S Certified Corporate Director of the Institute of Corporate
Directors
S Previously Entrepreneur in Residence with Incubes
S Past member of Small & Medium Enterprise Committee of
The Ontario Securities Commission
S Investment Committee of Mount Saint Vincent University,
Halifax, NS
S 32 yr. Career with Scotia Capital as a Financial Risk
Management Advisor to Fortune 200 Companies: Rogers,
Irving Group, Empire Co., Four Seasons, Bruce Power, OPG,
Province of Ontario, Ford etc.
3. S Introduction
S Fair Market Value
S Revenue Companies
S Business Valuations
S Investor Expectations
S Pre-Commercialization
S Q & A
AGENDA
3
5. The Valuation of a company is the price to buy the entire company whether it is
public or private often quoted in the price of a share. For a private company
you need to know the total value usually stated as Pre- Money Valuation before
investment or Market Capitalization (post money valuation) after investment.
5
Introduction
6. FMV - Fair Market Value
``The price, expressed in terms of cash equivalents, at which property
would change hands between a hypothetical willing and able buyer and a
hypothetical willing and able seller, acting at arms length in a open and
unrestricted market, when neither is under compulsion to buy or sell and
when both have reasonable knowledge of the relevant facts.``
6
7. Revenue Companies
1. Multiple of EBITDA 5. Book Value
2. Discounted Cash Flow 6. Market Value
3. Comparable transaction method 7. Liquidation Value: Forced or Orderly
4. Total Enterprise Value
7
8. Business Valuations
S Every valuation and Pricing is unique
S In a M&A Transaction price or valuation
comes down to the strategic value the
acquirer brings to the transaction & the
portion paid to the target
S 43% of Canadian business owners who
are within 10 years of retirement and
have no transition plans
S 65% of business owners don’t know
what their company is worth
S 75% of their worth is tied up in their
business
8
9. Investor Expectations
S , as a M&A buyer paid < 20 mil with <20 people for 90 % of it`s
targets
S An Angel Investor has traditionally expected a return of 10X on invested capital
S Valuations for tech start-ups have been increasing in recent years while the
stock market decreases in valuation
S According to CB Insights; between 2012 and 2014, the capital efficiency ratio
for 1b exits for VC backed US tech exits has been cut in half, dropping from
22x to 9x.
S The capital efficiency of exits in the $500m - $1b range fell by 46% to 7.5x
S Exits in the $100m to $500m range also saw a decrease, although the trend9
11. S Ready to make some money
S I will auction off $10 to the highest bidder
S Three rules:
S Bid increments must be in amounts of $1
S You must have cash in your pocket to bid
S While the highest bidder obtains the $10, the second highest bidder must pay a
penalty equal to his or her last bid. The penalty payment will go to Action 2015.
11
Valuation Exercise
Valuations are as much an art as a
science
12. Investor Expectations
S At the end of the day valuations are subjective
S Many VC`s will not discuss investment until a price is set
S Many VC’s will try to neutralize valuation through terms and conditions such a
liquidity preference.
S A high valuation may create an orphaned financing or even worse a future down
round
S Businesses are sold not bought, a business should be preparing for an exit from
the start
12
13. Investors Expectations
S Valuation is calculated on a Fully Diluted Basis – all options, warrants,
convertible debentures, vesting, etc. are converted for the purposes of
presenting the `Capitalization Table` referred to as `Cap Table`
S Valuation is caveat emptor – buyer beware. More investors have lost
more money because they overpaid for a stock than has been lost due
to fraud. (Warren Buffett and Benjamin Graham = Value Investing)
S Has the founder bootstrapped the company to a sustainable level
S Are you raising enough money to last you 18 to 24 months?
13
14. S “Valuation metrics in some sectors do
appear substantially stretched –
particularly those for small firms in the
social media and biotechnology
industries, despite a notable downturn
in equity prices for such firms early in
the year.” Janet Yellen, Federal
Reserve Board Chair in her report to
congress on the state of monetary
policy – July 2014
14
Are Current Valuations
Sustainable?
15. S When you are offering equity to employees
S When you are trying to raise equity financing
S When you are trying to sell the business
15
When does a Pre-Revenue
Company Need a Valuation
16. Pre-Commercialization
Methods
16
1. Venture Capital Method (ARI)
2. Scorecard Method (Bill Payne)
3. Risk Factor Method (ARI)
4. The Shamrock Method (David Berkus Hybrid)
5. Strategic value based on assumptions of acquisition
6. Comparable companies with similar forecasted profit
18. Scorecard Method
18
Management - quality team in place, except sales
Opportunity - appears to be a huge opportunity
Product – disruptive technology, prototype done
Sales – team not in place , channels unclear
Competition – many small players, lack technology
Other Factors – foreign Market, partners
19. Risk Factor Method
19
S Stage of the business
S Legislation/Political risk
S Manufacturing risk
S Sales and marketing risk
S Funding/capital raising risk
S Competition risk
S Technology risk
S Litigation risk
S International risk
S Reputation risk
S Potential lucrative exit
20. Shamrock Method
“A David Berkus Hybrid”
20
S Credit for Actual Invested Capital (no sweat equity)
S Up to 450K for Disruptiveness of Technology & Patents
S Up to 450K for Proof of Concept or Product Validation
S Up to 450K for Business Model, pricing, etc.
S Up to 450k for go to market strategy, traction, growth…
S Up to 450K for Management Team
S Up to 450K for other including advisors, governance, financials, company
infrastructure, etc.
S Credit for 2 years of revenue run rate up to 3 years
21. s is what they base their Valuation on
21
How to Build a Billion Dollar Company:
The Method Behind Today’s Unicorn
Madness
Discussed in an article by Adeo Ressi
of Founder Institute and published on
Forbes.com
22. S 237 Investments in 2014 totaling $90.5 m, an increase from 2013 of 199
investments and a increase in investment from 89.0 m
S Average investment is $1,229k up fr $945k 2013 from over 1700 investors
down from 2100 in 2013
S Investments in $ 89% - Ont & Que, 10% West, 1% Atlantic
S ICT (42%), Life Sciences (41%), Clean Tech (3%)
S Valuation – Median $4.0m, Mean 5.6m
S 61% of transactions involved a co-investor
S Of 2972 applications in Canada 7.9% get funded by networks
22
Canadian Angel Investment Group
Activity - 2014
23. S Median Angel Round Size $800K in ’14 up
from $600k in 2013. Mean Angel Round
Size $1.64m in 2014 up from $1m in 2013
S Pre-Money Valuations continue to climb at
$3M in 2014 up 20% from 2013; however,
top valuations increased from $9.3M to
$13.5M
S 72% of deals occur in angel groups’ home
states
S 73% of Angel Deals are Syndicated or Co-
Invested
S Median Round Size $2M in ‘14 from $1.8M
in 2013 when co-invested
S Share of Deals by Sector - Internet 34.6%(-
), Healthcare 18.3%(+), Mobile & Telecom
15.3%(-), Software (non-Internet/mobile)
4.2%(-)
23
Angel Resource Institute – Halo Report
-2014
24. s is what they base their Valuation on
S This is what investors base their valuation on:
S High anticipated growth rate
S Experienced management team
S Sustainable competitive advantage
S Barriers to entry
S Clear strategy for commercialization
S Proof of concept or enterprise level validation
S Business model anchored in Reality
S Traction (sales or user)
S Investor exit strategy
24
In Summary:
WHAT INVESTORS LOOK FOR
25. 1. National Angel Capital Organization 2014 Report on Angel Investing Activity in Canada.
2. Angel Resource Institute – Halo Report – Angel Group Update: 2014
3. Valuing Pre-Revenue Companies by Andrew Maxwell RIC Centre c CIC- Canadian Innovation Centre 2011
4. How do Investors Value Pre-Revenue Companies? By Leo Polovets, Forbes Magazine – Dec 24, 2014
5. Entrepreneurs, here’s how to think about your valuation by Bernard Moon, Sparklabs Global Ventures – Venturebeat.com – Oct 5, 2014
6. The Berkus Method: Valuing an Early Stage Investment by David Berkus -The Berkonomics – Mar 27, 2012
7. Tech Start-ups: Take the Money and build by Howard Tullman – Money Magazine
8. 2012 Valuation Survey of Angel Groups by Bill Payne
9. Valuation of Early Stage Companies, Presented by: Angel Resource Institute, October 24, 2010
10. Goodbye Capital Efficiency: Tech Start-ups are raising more, and exiting for less. CB Insights Blog July 14, 2015
11. Why aspiring to achieve unicorn status could be dangerous for startups by Anwar Ali published in Financial Post November 17, 2015
12. How to Build a Billion Dollar Company: The Method behind Today’s Unicorn Madness by Adeo Ressi Published in Forbes.com Nov 20, 2015
25
References
26. “1/3 of all SME’s in Canada had
problems accessing additional
financing, let Jaguar Capital
help you attain the financing
you deserve”
– Gerard Buckley
26
27. Gerard Buckley, BBA, FICB, CMC, ICD.D, Acc. Dir.
Managing Director
Jaguar Capital Inc.
(C) 416-884-9522
(W) 416-645-6695
g.buckley@jaguarcapital.ca
www.jaguarcapital.ca
@jaguarcapital
@gerardbuckley
27
JAGUAR CAPITAL TEAM
Editor's Notes
I assist companies Accelerate to the next level and empower entrepreneurs to succeed.
There is a lot written on the subject of valuation and there are a lot of opinions.
To quote a friend of mine “In God we Trust, everyone else brings data.”
Really the same as selling any asset including a house
Valuation is the current price you are willing to pay, not the value in the future.
Too many entrepreneurs are convinced that investors will invest in your company at some future valuation.
There are many ways to project the value of a company for purposes of pricing an investment but all rely upon the revenue and profit projections of the entrepreneur as a starting point
Not to be confused with valuation. This is an accounting or tax value. CRA may use this to determine the ACB or Adjusted Cost Base
How many Finance or Accounting majors are in the room.
The majority of these methods are that of a CBV – Chartered Business Valuator
Mark to Market Assets or Current Value Accounting was a highly popular discussion during inflationary periods
Book Value is Historical Asset Value
Total Enterprise Value is current value of adjusted assets
Market Value is Stock Market Value
For early and growth stage companies alternatives such as IPOs are increasing in occurrence
Tell Loblaws and Shoppers Story
There is a trend where we are saying Goodbye to Capital Efficiency: Tech start-ups are Raising more capital and Exiting for less
Today the median valuation for angel investment has only mover to $3 million in the USA. For VC’s it is higher
The range of valuation for an pre- commercialized company 1 to 13 mil
There is a universal truth – that fewer than one in a thousand start-ups meet or exceed their projected revenues in the period planned.
In an article published in Sept 2015 the manager of Harvard’s $37b endowment fund is warning about “potentially frothy markets” Stephen Blyth, CEO of Harvard Management Company noted that the fund was taking a more careful approach to investments that could prove illiquid in the future.
A convertible debenture is a way to take the valuation discussion off the table.
In 1975 cost $8.95 to buy in a store and the founder sold 1.5m for $4:00 each becoming a instant millionaire. The rocks often traded hands at multiple of that price based on the uniqueness of the story.
Let us start the bidding at $2.00.
In Bond Trading "A Dutch Auction" is often held where all bidders will pay the highest or conversely lowest price bid.
Deciding how much a start-up should be worth is like deciding how much a one of a kind painting is worth
Early Exits by Basil Peters
There are mixed views on who sets the valuation “Founder” or “Investor”
What's worse, you don't truly know if your estimate of valuation was good until long after you have made the investment
To quote Dave McClure “ I have never seen a company that could acquire profitable and scalable sales not get funded”
Blyth of HMC wrote “ the debate about highly valued assets continues to get louder: private equity valuations are now, on average, at higher levels than in 2007.
There are over eighty “Unicorns” (Venture Capital portfolio companies with valuations over 1 billion), as many as in the last three years combined.
Current conditions for M&A and financing are making it fel like 2007 all over again.
According to CB Insights this year alone there were 62 new unicorns, as companies in the $1 billion club have come to be known.
“It’s like déjà vu, all over again.” Yogi Berra, NY Yankees
Sorry to put some of your professors out of business; however, I was recently complemented that I was the first person see explain the venture capital method in one slide.
Weighting of scores can change for different businesses based on the priority of various attributes
+/- (2, 1,0)
1. Solve a Problem 2. Product 3. Business Model 4. Management Team
I found this article that I researched last evening to be a interesting assertion on how a Billion Dollar Company is built that was published on Forbes.com yesterday and written by Adeo Ressi of Founders Institute.
The most recent Unicorns are being developed in as little as 36 months with the combination of strong Founders, forward-thinking investors and aggressive teams using a cycle of three tactics: 1. the Push, 2. the Markup, and 3 the Backfill
This method of increasing valuation has all the Hallmarks of a Bubble.
I leave you with some final words on valuation. Don’t become overly concerned with valuation. Seed investors should not want to own more than 30% of the company for their initial stake. The investor has to have a strategic economic benefit in investing in your company and the investor has to leave enough equity for the founders to ensure they are motivated to grow the company. The only fatal mistake for the founder is to grow into bankruptcy and run out of cash.