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The Case for Seeding Europe from #StartupTurkey 2014
- 1. THE CASE FOR SEEDING EUROPE
+Turkey
STARTUPTURKEY 2014
VITALY M. GOLOMB | @VITALYG
- 2. +Investor
K E E N P R I N T. C O M
I N V E S T O R H A R V E S T. C O
S TA R T U PA D D V E N T U R E . C O
- 4. THE SILICON VALLEY FUNDING STACK
circa 2014
M&A / IPO
GROWTH EQUITY
$100M+ VC FUNDS
ANGELS/SEED VCs
ACCELERATORS
BOOTSTRAP/Friends Family & Fools
- 6. 2001 DOT COM CRASH
US VC FUNDS RAN AWAY FROM EUROPE
few, STRONG EUROPEAN VC FUNDS SURVIVED
- 20. EXIT ARE 25% SMALLER, BUT…
ENTRY VALUATIONS ARE 3-4X LOWER
- 23. REPEAT ENTREPRENEURS
IN VC FUNDED COMPANIES
50% NEW
93% NEW
50% REPEAT
7% REPEAT
1998
2007
SOURCE: EARLYBIRD GLOBAL ENTREPRENEURSHIP REPORT
- 24. NUMBER OF LATENT EUROPEAN
ENTREPRENEURS GROWING
9.0%
8.5%
2012
7.4%
2006
5.2%
4.5%
2000
SOURCE: EARLYBIRD GLOBAL ENTREPRENEURSHIP REPORT
- 28. TYPICAL “BLACKJACK” 3 STAGE
INVESTMENT PATH (IN EUROPE)
$500K@ $8M VAL
=
14% OWNERSHIP
(POST DILUTION)
$100K@ $1M VAL
=
10% OWNERSHIP
$200K@ $4M VAL
=
12.5% OWNERSHIP
(POST DILUTION)
- 30. TYPICAL FUND NEEDS AT LEAST TWO
30X EXITS OUT OF 10-20 INVESTMENTS
“BLACKJACK” FUND HAS 10X MORE CHANCES
- 33. “I SKATE TO WHERE THE
PUCK IS GOING TO BE,
NOT WHERE IT HAS
BEEN.”
!
WAYNE GRETZKY