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Raomal Perera

The document details Raomal Perera's fundraising journey as a serial entrepreneur, highlighting key experiences, funding types, and strategies for securing capital. It outlines various market segments, common fundraising questions, and the importance of preparation in attracting investors. Additionally, it emphasizes the significance of mentorship, negotiation skills, and a solid financial plan in the fundraising process.

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MY FUND RAISING JOURNEY | @raomal RAOMAL PERERA raomal@LeanDisruptor.com | @raomal @LeanDisruptor | www.facebook.com/LeanDisruptor MY FUNDRAISING JOURNEY
RAOMAL PERERA  Serial Entrepreneur  ISOCOR (NASDAQ: icor) & Network365/Valista (Intel)  Adjunct Professor of Entrepreneurial Studies  INSEAD & UCD  Business Model Innovation, Lean Startup, Design Thinking & Design Sprints, Leadership & Fund Raising  Consultant  Clients include: MSD (Merck), HP (Hewlett Packard), IFB (Irish Film Board), HSE (Health Service Executive), Arvato (Bertelsman), Resmed, Openet, Glandore, SEI (Social Entrepreneurs Ireland), DJEI (Dept of Jobs, Entreprise and Innovation), CWIA (Cartier Women’s Initiative Awards) …  Accolades  Finalist Ernst & Young Entrepreneur of the Year  Tech Pioneer World Economic Forum  ISA Award for Outstanding Software Achievement 2
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Funding – SME Tool (Ireland) This is a great tool for Irish Entrepreneurs. Originally produced by the Dept of Finance and now promoted and supported by the LEOs.; https://www.localenterprise.ie/Discover- Business-Supports/Supporting-SMEs-Online- Tool/ 6
Must Read 7 www.VentureDeals.com (used to be: AsktheVC.com)
Types of Market • Clone Market – Copy of an International business model • Existing Market – Faster/Better = High end • Resegmented Market – Niche = marketing/branding driven – Cheaper = low end • New Market – Cheaper/good enough, creates a new class of product/customer – Innovative/never existed before Clone Market Existing Market Resegmented Market New Market 8 www.steveblank.com
Existing Market Revenue Forecast Existing Market 9 www.steveblank.com
Resegmented Market Revenue Forecast 10 www.steveblank.com
New Market Revenue Forecast New Market Sales Curve 11 www.steveblank.com
The Players 12 Entrepreneur Investor: Angel / Venture Capitalist Lawyer MentorAdvisor/ Corporate Banker
16 Common Questions about Fund Raising – Steven McDermid 1. When should we raise capital; how do we time it right? 2. What does a typical company raising a Series C look like, and what are the right milestones we need to hit in order to ensure a successful raise? 3. Should we ask for a specific valuation? 4. How much capital should we raise? 5. What investors should we target? 6. What are ‘crossover’ investors? 7. Should we include ‘strategic’ investors in our round? 8. How many investors should we approach? Can’t I approach just a select few? 13 http://a16z.com/2015/02/27/16-common-questions-about-fundraising/
16 Common Questions about Fund Raising – Steven McDermid 9. Can’t I just have a conversation with Investors? Do I really need to prepare a full slide deck? 10. How long does it take to raise a round? 11.I’m worried about sharing confidential information. How much information should we share – and when should I provide customer references? 12.What kind of financial model should I provide to investors? 13.Should we raise debt instead of equity? 14.Should we use an advisor to help us raise the round? 14http://a16z.com/2015/02/27/16-common-questions-about-fundraising/
16 Common Questions about Fund Raising – Steven McDermid 15.Should I sell some secondary stock? 16.What happens if I come up empty after running a process, or if the market conditions turn against me? 15 http://a16z.com/2015/02/27/16-common-questions-about-fundraising/
Looking for Investment • What is the most important thing that an investor looks at? • What is he investing in? YOU! 16
Investors look for: • Integrity • Passion • Experience • Knowledge • Skill • Leadership • Commitment • Vision • Realism • Coach-ability 17
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19 MY JOURNEY
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The Investment Dance 21 $ Teaser, Elevator pitch 2 pager, PPT, working sessions with partner, team Terms discussed Your team pitches to their full partnership Final DD, legal docs drafted Your GREAT innovation 3-9 months Invited to office Term sheet issued Invited for coffee They visit onsite, key suppliers, … Receive them onsite Check received Now the fun part 21
22 THREE FOUNDERS: CEO (LEADER) CTO (TECHNICAL GURU) SALES & BUSINESS DEVELOPMENT
copyright © 2002 Network365 Ltd. • company confidential 2000 2002+ network365 history to-date Network365 innovation SMS messaging Mobile top-up Mobile payments Global presence First transactional system using WAP Global network compliance Mobile Wallet technology 3G Europe’s first 3G trial First transactional MMS application SMS time management Mobile Lottery / Mobile Billing & Rating First loyalty Program in Japan/ePurse Global Payments agreement Optimization of content eyeWitness technology 23
copyright © 2002 Network365 Ltd. • company confidential industry recognition GSM Award Winner 2002 Best Wireless Application Developer Ernst & Young Emerging Entrepreneur award nomination One of “Europe’s 30 Hottest Tech Firms” 2001 & 2002 One of “Europe’s Top Ten Start ups” Modezilla 50: The hot players in wireless & I-mode Ulster Bank/Irish Independent Business Achievers 2002 finalist 'Tornado Insider 100’ featuring Europe's top 100 emerging private tech companies 2002 24
First Steps (Pre-Seed) • Incorporated Company –EQUAL split of the shares; 1/3 each between the three founders. • Unsecured overdraft of IE£60k • Invested £7,501 each (Total of £22,503) • Enterprise Ireland (Irish Government) Feasibility Grant of IEP £15k • Agreed that the founders will also vest their shares over 48 months 25
Accepting Money from Friends & Family When seeking money from friends and family, it's important to be as disciplined as you would be in dealing with a professional investor. Here are some basic rules •Treat them as if they were strangers. •Debt may actually be better than equity •Tie all payments to your cash flow •Consider nonvoting stock 26http://www.entrepreneur.com/article/51542
Initial Cap Table Founder 1 – 750,100 @ £0.01 Founder 2 – 750,100 @ £0.01 Founder 3 – 750,000 @ £0.01 Valuation = £22,503 (Transferred 50k shares to each of my four children) 27
Value of Founder’s Share = IEP 22,503 Ownership = 100% External Funding = IEP 22k 28
Next Funding: •Capitalised the Co. with IE£22k •Bank Overdraft IE£60k •EI (Gov) Feasibility Grant IE£15k •First Customer – Carphone Warehouse IE£15K •Did not draw a salary – but accrued it. 29
Build Profile RAISE PROFILE PR (KINMAN) ACCOUNTANTS (PWC) BANK (AIB) ENTERPRISE IRELAND LAWYERS (MOP) 30
Angel Funding (Startup Funding) • Build Product – Mobile Commerce Server • Ask Andy De Mari (serial entrepreneur) to join the Board as Chairman & Mentor • Source Angel Financing ~ IE£1 million • Get started on the PR campaign 31
Angel Types Newbie: Easily seduced by the product and the story: Strategy: Focus on the vision. Make him an advisor. Reciprocate his love. Thought Leader: look for deals in key markets, leveraging certain trends Strategy: Teach him something new about the market--share an insight. Captain Diligence!: Team leader, gives your plan a virtual colonoscopy Strategy: Have a detailed business plan. Prepare to defend key metrics. Follower: follows the lead of key influencers in the group Strategy: Find out who the influencers are, skip the followers Network Angel: Leverages multiple angel groups-even his deals have deals Strategy: Leverage his network to build a syndicate for your company 32
Angel Types Darth Vader: Cynical, thinks of a million reasons to say NO, negative influencer Strategy: Avoid, counteract by gaining support of thought leaders Ego capitalist: He’s cool, he’s hip, he’s made money as a CEO and he’s figured out the formula--invest in what made him $$ before. Strategy: Wear a hoodie with his incubator’s name on it Mercenary: Feigns interest but is really looking to sell you his services Strategy: Use pepper spray 33
Angel Funding 34 Tip: Make sure that you are not held hostage by any angels. They are important but rarely in a position to determine the company’s direction. Consider setting-up a special – purpose limited partnership controlled by one of them as a vehicle to invest. It is not fun to chase 50+ signatures when you want to do any financing.
Mentor Capital What angel investing can be all about... •Individual mentor and investor •Helps with an angel or VC round •Joins your team and rolls up sleeves •Finds early € •Helps you achieve milestones •Introduces you to angels and VCs, when you are ready How to find mentors: •Network •Ask your lawyer •Go to angel pitch events •Contact experts in your field who might be mentors •Examine similar companies: who are their advisors? 35
Angel Funding Series A1 Series A1: 400,000 @ IE £1.00 Total No. of Shares = 2,650,300 Valuation IE £2.65 million 36
Angel Funding Series A2 Series A2: 724,700 @ IE £1.75 Total No. of Shares = 3,375,000 Valuation just under IE £6 million TIP: Mentors are great. There’s no reason not to give someone a small success fee if they help you raise money 37
CAP Table at Angel Round Raomal Perera 19.2% IR£7,501 IR£0.01 750,100 Denis Hennessy 19.2% IR£7,501 IR£0.01 750,100 Patrick O'Callaghan 19.2% IR£7,501 IR£0.01 750,100 Founders 57.7% IR£22,503 IR£0.01 2,250,300 Private Investors - Series A1 10.3% IR£400,000 IR£1.00 400,000 Private Investors - Series A2 18.6% IR£1,268,225 IR£1.75 724,700 Staff 10.9% IR£0.10 425,000 Directors 2.6% IR£0.10 100,000 38
Value of Founder’s Share = IEP 3.9m+ Ownership = 57.7% External Funding = IEP 1.69m+ TIP: Don’t be held hostage by any Investor. Make Sure Friends and Family understand the ‘Risk’ in the investment. 39
“Today Knowledge has Power. It controls access to Opportunity and Advancement.” ― Peter Drucker 40
N365: Close 1st Major Customer Deal Closed first customer deal with Digifone (now O2). Licence fee: > IE£80k + maintenance 41
N365: Built a Pipeline Second Telco customer (HK-CSL) at over 50% probability 42
Convertible Loan from VC Received €1.0m as a Convertible Loan from a VC. Loan to convert into shares at a discount of 10% 43
VC Funding Series B • €15m • Pre money valuation €30m – Dropped from €38m due to dot com crash • Price per share €6.1418 – Dropped from €7.54491 • Employee Option Pool (20%) • 2 Investor Directors • Legal fees capped at £25k • Weighted average anti-dilution • Liquidation Preference etc… 44
Value of Founder’s Share = IEP 13.8m+ Ownership = 30.6% External Funding = IEP 16.69m+ TIP Understand the economic and control terms 45
VC Funding Series C • €10m • Pre money valuation €21m • C convertible preferred shares @ €2.801 per share • Employee Option Pool (20%) • 3 Investor Directors • Keyman insurance for Raomal Perera & Denis Hennessy • Legal fees capped at £50k 46
Moving to the US • Consider buying a US product firm to establish a beach-head • Choose US geography based on proximity to customers and relevant capital • Keep engineering in a lower-cost region outside of US • You don’t need to hire an American to run your operation but your US head should have US experience, especially sales & business development • Leverage existing multinational customers /partners 47
Acquisition Series C-1 • €11m • Acquired iPIN • Entry into the US market • Create clear market leader • Build strength against new competitors • Accelerate growth and profitability 48
raomal@LeanDisruptor.com | @raomal @LeanDisruptor | www.linkedin.com/in/raomal RAOMAL PERERA ADDITIONAL MATERIAL
MY FUND RAISING JOURNEY | @raomal 50 THE TOOLKIT
Master Your Weapons 51 • Yourself • Business Model Canvas • Your Pitches: Elevator Pitch, 2-page Executive Summary, Slide Presentation • Pitching Skills • Financial Plan – do stress test your assumptions – Pricing – Market – Customers, Partners • Negotiation Skills 51
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Problem Solved? U Do Better Sell Team C M Ask Next € www.aristo.ie
Financial Model Business Model Business Idea Financial Model Your plans for: • Buying & Selling • Overheads • Funding • Fixed Assets Projected: • Profit & Loss Account • Balance Sheet • Ratios But will it make money? 54
Obvious But Essential • Your Financial Plan must clearly explain how the macro view of the business opportunity in your business plan translates into a micro view of how investors can generate a return by investing in your enterprise. • I cannot emphasize enough how much thought needs to go into preparing the financial model to show that you truly understand your business model • Know your model, own your model! 55
Negotiation 56 Tip: Three things matter when negotiating a financing; 1.Achieving a good and fair result 2.Not killing your personal relationship getting there 3.Understanding the deal that you are striking
Negotiation 57 • Your biggest advantage is to have a solid Plan B – lots of interest and competition for the deal. • Never make an offer first – Why run the risk of aiming too low • Listen more than talk – especially at the beginning of the negotiation • Understand the market terms and whether they apply to your situation. • Have an open and collaborative approach with your Investor.
Company Early product Seed the Market Market Penetration Trade Sale / IPO Bootstrap to Nail the Problem Series C/D Investment Series B Investment Seed Funding 1: Problem /Solution Fit 2: Product/Market Fit 3: Scale 4: Exit Stepping Stones • Customer Development • MVP • Early Revenues • Build Team • Aggressive Market Rollout • Large Market Opportunity confirmed
www.facebook.com/LeanDisruptor Advice to startups – Heidi Roizen DFJ 59 http://heidiroizen.tumblr.com/post/139377970205/dear-startups-heres- how-to-stay-alive • Stop clinging to your (or anyone else’s) valuation • Redefine what success looks like • Get to cash-flow positive on the capital you already have (AKA, survive) • Understand whether your current investors are going to get you there • Stop worrying about morale • Cut more than you think is needed • Focus maniacally on your metrics • Hunker down
60 VENTURE CAPITAL FUNDING
History • General Georges Doroit is considered to be the father of venture capital industry – founder of INSEAD • In 1946 he founded American Research and Development (ARD) Corporation, whose biggest success was Digital Equipment Corporation. – When Digital Equipment went public in 1968 it provided ARD with 101% IRR. – ARD's US$70,000 investment in Digital Corporation in 1959 had a market value of US$37mn in 1968. 528x!! • The first Bay Area venture-backed startup is generally considered to be Fairchild Semiconductor, funded in 1959 by Venrock Associates (Rockefeller)61
What you need to know about Venture Capital Venture capitalists: – Raise pools of capital from institutional and individual investors – Finance new and rapidly growing companies; – Purchase preferred equity securities and take board positions; – Add value to the company through active participation; – Take higher risks with the expectation of higher rewards; – Have a long-term orientation – Make $$$ by via M&A or IPO liquidity events 62
63 The VC’s Internal Deliberation Cycle One Pager Y N Initial Diligence Financial Model Y N Deep Diligence Scenario Analyses Y N Term Sheet & Negotiations Oppt. introduced at weekly investment team meeting ~ 2 weeks Initial findings and assumptions reviewed at weekly team meeting ~ 2-3 months Detailed findings and assumptions presented to investment committee New oppt sourced, added to funnel 800 400 160 60 closed 4,000
VC Funding TIPS: •Understand the economic and control terms •Get to know the General Partners in the VC – They matter and make the decisions •The term sheet is critical. What’s in it usually determines the final deal structure. Don’t think of it as a letter of intent. Think of it as a blue print for future relationship with your investor. •Liquidation preference is a critical term that is part of most equity financing •Move to close the deal quickly – From Term Sheet to money in the bank - we did it in 10 days! 64
Convertible Debt The stock price is not set and is determined at a later date when a larger financing occurs. • Discount • Time horizon • Valuation Caps • Interest Rate • Conversion Mechanics • Conversion in a sale of the company 65
Warrants • In finance, a warrant is a security that entitles the holder to buy the underlying stock of the issuing company at a fixed price called exercise price until the expiry date. 66
Sample Due Diligence Checklist • Financial Information • Products • Customer Information • Competition • Marketing, Sales and Distribution • R&D • Management and Personnel • Legal and Related Matters 67
68 Term Sheets –What purpose do term sheets serve? –What are the basic components? –Who is protected? –How do terms differ between earlier and later stage investments? –How do terms change under varying market conditions? • Term Sheet Templates: • US: NVCA – www.nvca.org – Templates of legal documents / term sheet – New edition May 2014 • France: AFIC – http://www.afic.asso.fr – Guide des bonnes pratiques du Capital-Risque • UK: BVCA – www.bvca.co.uk – Standard industry documents / model documents for early stage investments / term sheet
Finalizing the Investment 69 $ Teaser, Elevator pitch 2 pager, BP, working sessions with partner, team Terms discussed Your team pitches to their full partnership Final DD, legal docs drafted Your GREAT innovatio n 3-9 months Invited to office Term sheet issued Invited for coffee They visit onsite, key suppliers, … Receive them onsite Check received Now the fun part
Purpose of Term Sheets • Term sheets are: – Negotiation documents between investors and companies – Roadmap for drafters of the binding legal documents – Quick references for investors • Term sheets are not: – Legal documents. They are non-binding. Legal PE investment docs include: – Stock Purchase Agreements – Certificates Of Incorporation – Investor Rights Agreements – Voting Agreements – Rights of First Refusal and Co-Sale Agreements – Management Rights Letters – Indemnification Agreements – Model Legal Opinions 70
The Bones • Amount raised & valuation • Financing structure • Instruments (to limit risk) • Reps & warranties • Investors’ rights • Management terms & conditions 71
Amount Raised & Valuation • Post-, pre-money – Series A wants 20% of XYZ Corp. for its €4.0m investment: € investment / € value of company = % ownership € investment / % ownership = € value of company €20.0m = value of XYZ Corp. Post money = €20.0m Pre money = €16.0m • Price per share – 5.0m shares outstanding before new financing € share price = € value of company / # shares outstanding € share price = €16.0m / 5.0m shares Price per share = €3.20 # new shares issued = € investment / € share price # new shares issued = €4.0m / €3.20 # new shares issued = 1.25m shares 72
Financing Structure • Lead investor • Syndicate of co-investors • Closing date, no-shop • Tranches and milestones • Dividends and warrants • Capitalization structure, pre- and post- investment – Option pool 73
Instruments • Anti-dilution (at next round) – Protects my ownership percentage –Weighted average –Full ratchet • Liquidation preferences (at exit) – Me first, then everyone else –Not participating with common (favors common) –Fully participating with common (favors preferred) – Pay to play 74
Example: Liquidation Stacks 0 25 50 75 100 0 25 50 75 100 125 150 Proceeds($Millions) Exit Value ($ Millions) D Round A-B-C Round Common 75
Reps & Warranties • What is the true and complete state of this company? – Company registration – Financial statements – Business plan – IP rights and other assets – Liabilities – Material contracts – Litigation 76
Investors’ Rights • Redemption • Conversion • Registration & piggy back • Board representation • Reporting and board schedule • First refusal • Drag along 77
Management Terms & Conditions • Divestment restrictions • Protection provisions • Vesting • Non-compete • Nondisclosure • Expenses, diligence 78
Discount Rates • Why so high (typically 40% – 75%)? – Compensation for company building, value add – Illiquidity of the shares – As a proxy for haircutting financial projectionsSeed Start-up Expansion ExitMezzanine Stages JustifiableDiscountRate Base RORSystematic Risk 79
Pitching PITCH KILLERS •Don’t know your audience •Opening with team bios •Slide abuse •No hook/No power •Monotone/lecturing with many people •Not prepared for Q&A •Bullshitting (there’s no way this can fail) •Weak closing KILLER PITCHES Know your audience Opening with The Promise Kawasaki’s 10/20/30 rule Driving home the need Athletic presentation by 1 person Prepared for Q&A Credibility (these are the risk, we mitigate them by..) Killer closing 80
How to Pitch to Investors – Sequoia, 500 Startups … 81 https://e27.co/500-startups-sequoia-others-want-pitch-20151127/ 1. “We often say if you have traction, lead with traction” – Dave McClure, 500 Startups 2. “Exceptional storytellers make you want to believe” - Tomasz Tunguz, Redpoint Ventures 3. “Crystal-clear thinking is one of the things we look for, not a fancy slide pitch” - Douglas Leone, Sequoia Capital 4. “Has the founder a secret — a novel insight drawn from personal experience?” – Marc Andreessen, Andreessen Horowitz 5. “Say what you’re doing as soon as possible, preferably in the first sentence” – Paul Graham, Y- Combinator
A Good VC Pitch – What is the opportunity? • Tells VCs what they need to know • Is different from your customer sales pitch • Is about your business, not about your product • Is clear about what you do • Excites VCs about the opportunity to build a market leader 82
A Good VC Pitch – Deal with the Risks • Deal honestly with your key risks: • Product Risk: Does the product work & meet customer needs? • Market Risk: Is there a large € market for this? • Competitive Risk: Is this the best company in this space? • Management Risk: Is this the right management team to execute and build this business? • Liquidity Risk: Can VCs exit (within the timeframe of the fund) and return € to investors? 83
What You Say – What the VC Hears • We are three years ahead of the market – OK, call me in two years when customers need you, if you haven’t run out of money waiting for the market to emerge. • The big guys don’t have a clue – Great. They won’t partner with you, either. • Our model is conservative and only assumes we get 1% of the market. – Why 1%? Your model is faith-based, not fact- based. • We are the next Instagram. – Please don’t skip your meds. 84
What You Say – What The VC Hears • We are Groupon for restaurants, events…. – You and 10,000 others… most of whom will fail • We are destined to win because our product is so compelling. – And you’ll be outclassed by folks with better marketing • Exit strategy? As the next big thing, we’ll IPO for sure. – But 95% of exits are M&A. • We have no competition. – You have no market… OR... – Really? We met two competitors last month 85
The Letters of Intent – The Other Term Sheet • Structure of the deal. • Carve-out • Asset deal or a stock deal • Assumptions of Stock Options • Reps, Warranties & Indemnification • Escrow • Confidentiality & Non-disclosure Agreement • Conditions to close • The No-Shop clause • Fees, fees and More fees 86
The Legal things you should know • Intellectual Property • Employment Issues • Incorporation • Stock Options • Accredited Investors • Valuation 87
The Key to Getting Funded • Has a credible CEO /founders with relevant market experience for this business • Has traction & proof points (customers) • Is strongly differentiated from the competitors • Has a well conceived business model – Financials are supported by business assumptions – Company is metrics and milestone driven – CEO/team knows what it takes to get sustainable growth – Is capital efficient – The economics seem to make sense – The team lives their model • Is solving a problem that matters and captures the investors imagination 88
The Dream Team • Made € for investors • Built marquee companies • Has startup experience • Worked together before • Developed world class products • Dealt well with adversity; turned around company from under performer to high impact winner • Managed positive M&A or IPO exits • Has an excellent contact network in this market • Hires well 89
90 FUNDING OPTIONS
Who’s Your Investor? The Good, The Bad Investor The Good The Bad You • You’re the boss • Total control • Total ownership • Minimal funding • No feedback Angel(s) • Mentoring • Feedback • Moderate funding • No obligation to repay • Limited runway • Limited network • Some dilution VCs • Unlimited funding • Long runway • Large network • Good governance • Your credibility • Conflicting agendas • Loss of control • Massive dilution Bank • No equity dilution • No mentoring/feedback • No network • Bias on cash flow • Obligation to repay 91
Investor Types by Stage Financing Round Definition Typical Amounts Typical Investors Pre-seed Proof of concept - - Visa, mortgage - Friends & Family - Small grants Seed Prototype (alpha) €25k - €500k - Friends & Family - Govt. Agencies - Angels Start-up Commercial device (beta) €500k - €3m - Super Angels - Early-stage VCs Expansion - 1-3 rounds typical Strengthen team Scale manufacturing Expand sales €2m - €10m - VCs - CVCs Mezzanine/Bridge CFBE Position for IPO €5m - €30m - VCs - Cross-over funds Buy-out Secondary sale - - PE firms www.thousandseeds.com 92
Funding – SME Tool (Ireland) This is a great tool for Irish Entrepreneurs. Originally produced by the Dept of Finance and now promoted and supported by the LEOs.; https://www.localenterprise.ie/Discover- Business-Supports/Supporting-SMEs-Online- Tool/ 93
Funding: Bootstrapping Good Books:  Seth Godin – Bootstrappers Bible  37 Signals - Getting Real & Rework 7 bootstrapper tools 1. Nothing to Loose 2. Happy with small fish 3. Presidential Input 4. Rapid R&D 5. The Underdog 6. Low Overhead 7. Time 94
How To Run A Company On A Shoe String (i.e. Bootstrap) What are the best productivity tools for entrepreneurs: http://www.quora.com/What-are-the- best-productivity-tools-for-entrepreneurs?srid=9JG eg: Dropbox, Evernote, Gmail,Google Docs, LinkedIn, Mailchimp, Mindmaps, Skype, Wunderlist, Xobni, Expensify, AsanaFlow, Basecamp etc… 95
Funding: Award Programmes • Award programmes • Inter-trade Ireland’s Seedcorn competition • Cartier Women’s Initiative • Social Entrepreneurs Ireland • Lots more ……. Exercise: Search for Award programmes both local & global that you could avail off. 96
Enterprise Ireland Funding www.enterprise-ireland.com www.Startinireland.com 97
Get Investor Ready - Enterprise Ireland Pre Investment Supports for High Potential Start-Ups (HPSUs) • HPSU Feasibility Grant - €15k (50%) Used to investigate the viability and potential of an innovative/high potential start-up and the development of an Investor Ready Business Plan. Eligible costs include; Salaries and Overheads, Consultancy Fees, Foreign Travel and Subsistence, EI approved Business Accelerator Fees, Trade Fair costs and Prototype costs. • Mentor Grant - €1,750 Used to support the cost of a Mentor Assignment. Enterprise Ireland can match you with an experienced business mentor to assist you in your start-up phase or advise on specific areas of your plan. 98
Get Investor Ready - Enterprise Ireland Pre Investment Supports for High Potential Start-Ups (HPSUs) • Innovation Voucher -€ 5k Innovation Vouchers, worth €5k, are available to assist a company to work with a registered college or knowledge provider to explore a business opportunity or technical problem. • New Frontiers Entrepreneur Development Programme - €15k (6 months full-time) National incubation programme that offers successful applicants with a package of supports to help accelerate their business development and to equip you with the skills to successfully start and grow a company. Applications must be made directly to your nearest participating Institute of Technology. 99
Get Investor Ready - Enterprise Ireland Pre Investment Supports for High Potential Start-Ups (HPSUs) • Competitive Feasibility Fund - North East Region - €25k Fund to assist a new start-up company or individual entrepreneur to investigate the viability of a new significant growth orientated business or proposition to be located in the North East Region (counties Louth, Cavan and Meath). • Competitive Feasibility Fund for Female Entrepreneurs - €25k Fund to assist Female Entrepreneurs to investigate the viability of a new growth orientated business that can succeed in global markets. The focus is on developing new businesses that can move beyond the domestic market and demonstrate real potential for internationalisation. 100
Investor Ready - Enterprise Ireland Equity Investment Supports for High Potential Start-Ups (HPSUs) • Competitive Start Fund for Female Entrepreneurs - €50k €50k equity investment to support eligible, female-led, early stage start-up companies. Learn more about the type of companies supported and the next closing date for applications. • Competitive Start Fund (CSF) €50k €50k equity investment to support eligible early stage start-up companies. Learn more about the type of companies supported and the next closing date for applications. • Innovative HPSU Fund (Equity) €150k-€350k The Innovative HPSU Fund allows Enterprise Ireland to offer equity investment to HPSU clients, on a co-funded basis to support the implementation of company business plans. First time and follow-on equity investments in HPSUs are supported under this offer. 101
Crowdfunding Entrepreneurs using : Today’s technology (internet and website) to  Reach many and  Find capital to their idea, project or company 102
Funding - Options OTHER • Bank Loan • Factoring / Invoice Discounting: • Leasing: • Hire purchase, finance lease 103
Angel Investment Gust Platform • Gust.com/entrepreneurs (deal flow platform) • Edit Business Details • Upload a Video Pitch • Share Documents Secularly • Track Investor Activity • Tips from Investors 104
16 Common Questions about Fund Raising – Steven McDermid 1. When should we raise capital; how do we time it right? - Raise money when you have sufficient cash runway 2. What does a typical company raising a Series C look like, and what are the right milestones we need to hit in order to ensure a successful raise? - Alignment of capital to milestones 3. Should we ask for a specific valuation? - Take the best offer that the market offers 4. How much capital should we raise? - Be strategic about the amount of capital you raise 105http://a16z.com/2015/02/27/16-common-questions-about-fundraising/
16 Common Questions about Fund Raising – Steven McDermid 5. What investors should we target? - Find investors appropriate for your stage of the company 6. What are ‘crossover’ investors? - Typically invests in public companies but also invest in private companies 7. Should we include ‘strategic’ investors in our round? - It may close some other doors 8. How many investors should we approach? Can’t I approach just a select few? - It is a balance 106http://a16z.com/2015/02/27/16-common-questions-about-fundraising/
16 Common Questions about Fund Raising – Steven McDermid 9. Can’t I just have a conversation with Investors? Do I really need to prepare a full slide deck? - Make those interactions count 10. How long does it take to raise a round? - It takes time. Key is execution of the business 11.I’m worried about sharing confidential information. How much information should we share – and when should I provide customer references? - No fear here 12.What kind of financial model should I provide to investors? - Understand your cash burn and financials 107 http://a16z.com/2015/02/27/16-common-questions-about-fundraising/
16 Common Questions about Fund Raising – Steven McDermid 13.Should we raise debt instead of equity? - Debt is a good source of capital. But you do have to repay debt 14.Should we use an advisor to help us raise the round? -Not every company needs an advisor 15.Should I sell some secondary stock? - Maybe interpreted as a negative signal 16.What happens if I come up empty after running a process, or if the market conditions turn against me? - Make sure you have a plan B 108 http://a16z.com/2015/02/27/16-common-questions-about-fundraising/
raomal@LeanDisruptor.com | @raomal @LeanDisruptor | www.linkedin.com/in/raomal RAOMAL PERERA THANK YOU!

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My fundraising journey founders institute

  • 1. MY FUND RAISING JOURNEY | @raomal RAOMAL PERERA [email protected] | @raomal @LeanDisruptor | www.facebook.com/LeanDisruptor MY FUNDRAISING JOURNEY
  • 2. RAOMAL PERERA  Serial Entrepreneur  ISOCOR (NASDAQ: icor) & Network365/Valista (Intel)  Adjunct Professor of Entrepreneurial Studies  INSEAD & UCD  Business Model Innovation, Lean Startup, Design Thinking & Design Sprints, Leadership & Fund Raising  Consultant  Clients include: MSD (Merck), HP (Hewlett Packard), IFB (Irish Film Board), HSE (Health Service Executive), Arvato (Bertelsman), Resmed, Openet, Glandore, SEI (Social Entrepreneurs Ireland), DJEI (Dept of Jobs, Entreprise and Innovation), CWIA (Cartier Women’s Initiative Awards) …  Accolades  Finalist Ernst & Young Entrepreneur of the Year  Tech Pioneer World Economic Forum  ISA Award for Outstanding Software Achievement 2
  • 3. 3
  • 4. 4
  • 5. 5
  • 6. Funding – SME Tool (Ireland) This is a great tool for Irish Entrepreneurs. Originally produced by the Dept of Finance and now promoted and supported by the LEOs.; https://www.localenterprise.ie/Discover- Business-Supports/Supporting-SMEs-Online- Tool/ 6
  • 8. Types of Market • Clone Market – Copy of an International business model • Existing Market – Faster/Better = High end • Resegmented Market – Niche = marketing/branding driven – Cheaper = low end • New Market – Cheaper/good enough, creates a new class of product/customer – Innovative/never existed before Clone Market Existing Market Resegmented Market New Market 8 www.steveblank.com
  • 9. Existing Market Revenue Forecast Existing Market 9 www.steveblank.com
  • 10. Resegmented Market Revenue Forecast 10 www.steveblank.com
  • 11. New Market Revenue Forecast New Market Sales Curve 11 www.steveblank.com
  • 13. 16 Common Questions about Fund Raising – Steven McDermid 1. When should we raise capital; how do we time it right? 2. What does a typical company raising a Series C look like, and what are the right milestones we need to hit in order to ensure a successful raise? 3. Should we ask for a specific valuation? 4. How much capital should we raise? 5. What investors should we target? 6. What are ‘crossover’ investors? 7. Should we include ‘strategic’ investors in our round? 8. How many investors should we approach? Can’t I approach just a select few? 13 http://a16z.com/2015/02/27/16-common-questions-about-fundraising/
  • 14. 16 Common Questions about Fund Raising – Steven McDermid 9. Can’t I just have a conversation with Investors? Do I really need to prepare a full slide deck? 10. How long does it take to raise a round? 11.I’m worried about sharing confidential information. How much information should we share – and when should I provide customer references? 12.What kind of financial model should I provide to investors? 13.Should we raise debt instead of equity? 14.Should we use an advisor to help us raise the round? 14http://a16z.com/2015/02/27/16-common-questions-about-fundraising/
  • 15. 16 Common Questions about Fund Raising – Steven McDermid 15.Should I sell some secondary stock? 16.What happens if I come up empty after running a process, or if the market conditions turn against me? 15 http://a16z.com/2015/02/27/16-common-questions-about-fundraising/
  • 16. Looking for Investment • What is the most important thing that an investor looks at? • What is he investing in? YOU! 16
  • 17. Investors look for: • Integrity • Passion • Experience • Knowledge • Skill • Leadership • Commitment • Vision • Realism • Coach-ability 17
  • 18. 18
  • 20. 20
  • 21. The Investment Dance 21 $ Teaser, Elevator pitch 2 pager, PPT, working sessions with partner, team Terms discussed Your team pitches to their full partnership Final DD, legal docs drafted Your GREAT innovation 3-9 months Invited to office Term sheet issued Invited for coffee They visit onsite, key suppliers, … Receive them onsite Check received Now the fun part 21
  • 22. 22 THREE FOUNDERS: CEO (LEADER) CTO (TECHNICAL GURU) SALES & BUSINESS DEVELOPMENT
  • 23. copyright © 2002 Network365 Ltd. • company confidential 2000 2002+ network365 history to-date Network365 innovation SMS messaging Mobile top-up Mobile payments Global presence First transactional system using WAP Global network compliance Mobile Wallet technology 3G Europe’s first 3G trial First transactional MMS application SMS time management Mobile Lottery / Mobile Billing & Rating First loyalty Program in Japan/ePurse Global Payments agreement Optimization of content eyeWitness technology 23
  • 24. copyright © 2002 Network365 Ltd. • company confidential industry recognition GSM Award Winner 2002 Best Wireless Application Developer Ernst & Young Emerging Entrepreneur award nomination One of “Europe’s 30 Hottest Tech Firms” 2001 & 2002 One of “Europe’s Top Ten Start ups” Modezilla 50: The hot players in wireless & I-mode Ulster Bank/Irish Independent Business Achievers 2002 finalist 'Tornado Insider 100’ featuring Europe's top 100 emerging private tech companies 2002 24
  • 25. First Steps (Pre-Seed) • Incorporated Company –EQUAL split of the shares; 1/3 each between the three founders. • Unsecured overdraft of IE£60k • Invested £7,501 each (Total of £22,503) • Enterprise Ireland (Irish Government) Feasibility Grant of IEP £15k • Agreed that the founders will also vest their shares over 48 months 25
  • 26. Accepting Money from Friends & Family When seeking money from friends and family, it's important to be as disciplined as you would be in dealing with a professional investor. Here are some basic rules •Treat them as if they were strangers. •Debt may actually be better than equity •Tie all payments to your cash flow •Consider nonvoting stock 26http://www.entrepreneur.com/article/51542
  • 27. Initial Cap Table Founder 1 – 750,100 @ £0.01 Founder 2 – 750,100 @ £0.01 Founder 3 – 750,000 @ £0.01 Valuation = £22,503 (Transferred 50k shares to each of my four children) 27
  • 28. Value of Founder’s Share = IEP 22,503 Ownership = 100% External Funding = IEP 22k 28
  • 29. Next Funding: •Capitalised the Co. with IE£22k •Bank Overdraft IE£60k •EI (Gov) Feasibility Grant IE£15k •First Customer – Carphone Warehouse IE£15K •Did not draw a salary – but accrued it. 29
  • 31. Angel Funding (Startup Funding) • Build Product – Mobile Commerce Server • Ask Andy De Mari (serial entrepreneur) to join the Board as Chairman & Mentor • Source Angel Financing ~ IE£1 million • Get started on the PR campaign 31
  • 32. Angel Types Newbie: Easily seduced by the product and the story: Strategy: Focus on the vision. Make him an advisor. Reciprocate his love. Thought Leader: look for deals in key markets, leveraging certain trends Strategy: Teach him something new about the market--share an insight. Captain Diligence!: Team leader, gives your plan a virtual colonoscopy Strategy: Have a detailed business plan. Prepare to defend key metrics. Follower: follows the lead of key influencers in the group Strategy: Find out who the influencers are, skip the followers Network Angel: Leverages multiple angel groups-even his deals have deals Strategy: Leverage his network to build a syndicate for your company 32
  • 33. Angel Types Darth Vader: Cynical, thinks of a million reasons to say NO, negative influencer Strategy: Avoid, counteract by gaining support of thought leaders Ego capitalist: He’s cool, he’s hip, he’s made money as a CEO and he’s figured out the formula--invest in what made him $$ before. Strategy: Wear a hoodie with his incubator’s name on it Mercenary: Feigns interest but is really looking to sell you his services Strategy: Use pepper spray 33
  • 34. Angel Funding 34 Tip: Make sure that you are not held hostage by any angels. They are important but rarely in a position to determine the company’s direction. Consider setting-up a special – purpose limited partnership controlled by one of them as a vehicle to invest. It is not fun to chase 50+ signatures when you want to do any financing.
  • 35. Mentor Capital What angel investing can be all about... •Individual mentor and investor •Helps with an angel or VC round •Joins your team and rolls up sleeves •Finds early € •Helps you achieve milestones •Introduces you to angels and VCs, when you are ready How to find mentors: •Network •Ask your lawyer •Go to angel pitch events •Contact experts in your field who might be mentors •Examine similar companies: who are their advisors? 35
  • 36. Angel Funding Series A1 Series A1: 400,000 @ IE £1.00 Total No. of Shares = 2,650,300 Valuation IE £2.65 million 36
  • 37. Angel Funding Series A2 Series A2: 724,700 @ IE £1.75 Total No. of Shares = 3,375,000 Valuation just under IE £6 million TIP: Mentors are great. There’s no reason not to give someone a small success fee if they help you raise money 37
  • 38. CAP Table at Angel Round Raomal Perera 19.2% IR£7,501 IR£0.01 750,100 Denis Hennessy 19.2% IR£7,501 IR£0.01 750,100 Patrick O'Callaghan 19.2% IR£7,501 IR£0.01 750,100 Founders 57.7% IR£22,503 IR£0.01 2,250,300 Private Investors - Series A1 10.3% IR£400,000 IR£1.00 400,000 Private Investors - Series A2 18.6% IR£1,268,225 IR£1.75 724,700 Staff 10.9% IR£0.10 425,000 Directors 2.6% IR£0.10 100,000 38
  • 39. Value of Founder’s Share = IEP 3.9m+ Ownership = 57.7% External Funding = IEP 1.69m+ TIP: Don’t be held hostage by any Investor. Make Sure Friends and Family understand the ‘Risk’ in the investment. 39
  • 40. “Today Knowledge has Power. It controls access to Opportunity and Advancement.” ― Peter Drucker 40
  • 41. N365: Close 1st Major Customer Deal Closed first customer deal with Digifone (now O2). Licence fee: > IE£80k + maintenance 41
  • 42. N365: Built a Pipeline Second Telco customer (HK-CSL) at over 50% probability 42
  • 43. Convertible Loan from VC Received €1.0m as a Convertible Loan from a VC. Loan to convert into shares at a discount of 10% 43
  • 44. VC Funding Series B • €15m • Pre money valuation €30m – Dropped from €38m due to dot com crash • Price per share €6.1418 – Dropped from €7.54491 • Employee Option Pool (20%) • 2 Investor Directors • Legal fees capped at £25k • Weighted average anti-dilution • Liquidation Preference etc… 44
  • 45. Value of Founder’s Share = IEP 13.8m+ Ownership = 30.6% External Funding = IEP 16.69m+ TIP Understand the economic and control terms 45
  • 46. VC Funding Series C • €10m • Pre money valuation €21m • C convertible preferred shares @ €2.801 per share • Employee Option Pool (20%) • 3 Investor Directors • Keyman insurance for Raomal Perera & Denis Hennessy • Legal fees capped at £50k 46
  • 47. Moving to the US • Consider buying a US product firm to establish a beach-head • Choose US geography based on proximity to customers and relevant capital • Keep engineering in a lower-cost region outside of US • You don’t need to hire an American to run your operation but your US head should have US experience, especially sales & business development • Leverage existing multinational customers /partners 47
  • 48. Acquisition Series C-1 • €11m • Acquired iPIN • Entry into the US market • Create clear market leader • Build strength against new competitors • Accelerate growth and profitability 48
  • 49. [email protected] | @raomal @LeanDisruptor | www.linkedin.com/in/raomal RAOMAL PERERA ADDITIONAL MATERIAL
  • 50. MY FUND RAISING JOURNEY | @raomal 50 THE TOOLKIT
  • 51. Master Your Weapons 51 • Yourself • Business Model Canvas • Your Pitches: Elevator Pitch, 2-page Executive Summary, Slide Presentation • Pitching Skills • Financial Plan – do stress test your assumptions – Pricing – Market – Customers, Partners • Negotiation Skills 51
  • 52. 52
  • 54. Financial Model Business Model Business Idea Financial Model Your plans for: • Buying & Selling • Overheads • Funding • Fixed Assets Projected: • Profit & Loss Account • Balance Sheet • Ratios But will it make money? 54
  • 55. Obvious But Essential • Your Financial Plan must clearly explain how the macro view of the business opportunity in your business plan translates into a micro view of how investors can generate a return by investing in your enterprise. • I cannot emphasize enough how much thought needs to go into preparing the financial model to show that you truly understand your business model • Know your model, own your model! 55
  • 56. Negotiation 56 Tip: Three things matter when negotiating a financing; 1.Achieving a good and fair result 2.Not killing your personal relationship getting there 3.Understanding the deal that you are striking
  • 57. Negotiation 57 • Your biggest advantage is to have a solid Plan B – lots of interest and competition for the deal. • Never make an offer first – Why run the risk of aiming too low • Listen more than talk – especially at the beginning of the negotiation • Understand the market terms and whether they apply to your situation. • Have an open and collaborative approach with your Investor.
  • 58. Company Early product Seed the Market Market Penetration Trade Sale / IPO Bootstrap to Nail the Problem Series C/D Investment Series B Investment Seed Funding 1: Problem /Solution Fit 2: Product/Market Fit 3: Scale 4: Exit Stepping Stones • Customer Development • MVP • Early Revenues • Build Team • Aggressive Market Rollout • Large Market Opportunity confirmed
  • 59. www.facebook.com/LeanDisruptor Advice to startups – Heidi Roizen DFJ 59 http://heidiroizen.tumblr.com/post/139377970205/dear-startups-heres- how-to-stay-alive • Stop clinging to your (or anyone else’s) valuation • Redefine what success looks like • Get to cash-flow positive on the capital you already have (AKA, survive) • Understand whether your current investors are going to get you there • Stop worrying about morale • Cut more than you think is needed • Focus maniacally on your metrics • Hunker down
  • 61. History • General Georges Doroit is considered to be the father of venture capital industry – founder of INSEAD • In 1946 he founded American Research and Development (ARD) Corporation, whose biggest success was Digital Equipment Corporation. – When Digital Equipment went public in 1968 it provided ARD with 101% IRR. – ARD's US$70,000 investment in Digital Corporation in 1959 had a market value of US$37mn in 1968. 528x!! • The first Bay Area venture-backed startup is generally considered to be Fairchild Semiconductor, funded in 1959 by Venrock Associates (Rockefeller)61
  • 62. What you need to know about Venture Capital Venture capitalists: – Raise pools of capital from institutional and individual investors – Finance new and rapidly growing companies; – Purchase preferred equity securities and take board positions; – Add value to the company through active participation; – Take higher risks with the expectation of higher rewards; – Have a long-term orientation – Make $$$ by via M&A or IPO liquidity events 62
  • 63. 63 The VC’s Internal Deliberation Cycle One Pager Y N Initial Diligence Financial Model Y N Deep Diligence Scenario Analyses Y N Term Sheet & Negotiations Oppt. introduced at weekly investment team meeting ~ 2 weeks Initial findings and assumptions reviewed at weekly team meeting ~ 2-3 months Detailed findings and assumptions presented to investment committee New oppt sourced, added to funnel 800 400 160 60 closed 4,000
  • 64. VC Funding TIPS: •Understand the economic and control terms •Get to know the General Partners in the VC – They matter and make the decisions •The term sheet is critical. What’s in it usually determines the final deal structure. Don’t think of it as a letter of intent. Think of it as a blue print for future relationship with your investor. •Liquidation preference is a critical term that is part of most equity financing •Move to close the deal quickly – From Term Sheet to money in the bank - we did it in 10 days! 64
  • 65. Convertible Debt The stock price is not set and is determined at a later date when a larger financing occurs. • Discount • Time horizon • Valuation Caps • Interest Rate • Conversion Mechanics • Conversion in a sale of the company 65
  • 66. Warrants • In finance, a warrant is a security that entitles the holder to buy the underlying stock of the issuing company at a fixed price called exercise price until the expiry date. 66
  • 67. Sample Due Diligence Checklist • Financial Information • Products • Customer Information • Competition • Marketing, Sales and Distribution • R&D • Management and Personnel • Legal and Related Matters 67
  • 68. 68 Term Sheets –What purpose do term sheets serve? –What are the basic components? –Who is protected? –How do terms differ between earlier and later stage investments? –How do terms change under varying market conditions? • Term Sheet Templates: • US: NVCA – www.nvca.org – Templates of legal documents / term sheet – New edition May 2014 • France: AFIC – http://www.afic.asso.fr – Guide des bonnes pratiques du Capital-Risque • UK: BVCA – www.bvca.co.uk – Standard industry documents / model documents for early stage investments / term sheet
  • 69. Finalizing the Investment 69 $ Teaser, Elevator pitch 2 pager, BP, working sessions with partner, team Terms discussed Your team pitches to their full partnership Final DD, legal docs drafted Your GREAT innovatio n 3-9 months Invited to office Term sheet issued Invited for coffee They visit onsite, key suppliers, … Receive them onsite Check received Now the fun part
  • 70. Purpose of Term Sheets • Term sheets are: – Negotiation documents between investors and companies – Roadmap for drafters of the binding legal documents – Quick references for investors • Term sheets are not: – Legal documents. They are non-binding. Legal PE investment docs include: – Stock Purchase Agreements – Certificates Of Incorporation – Investor Rights Agreements – Voting Agreements – Rights of First Refusal and Co-Sale Agreements – Management Rights Letters – Indemnification Agreements – Model Legal Opinions 70
  • 71. The Bones • Amount raised & valuation • Financing structure • Instruments (to limit risk) • Reps & warranties • Investors’ rights • Management terms & conditions 71
  • 72. Amount Raised & Valuation • Post-, pre-money – Series A wants 20% of XYZ Corp. for its €4.0m investment: € investment / € value of company = % ownership € investment / % ownership = € value of company €20.0m = value of XYZ Corp. Post money = €20.0m Pre money = €16.0m • Price per share – 5.0m shares outstanding before new financing € share price = € value of company / # shares outstanding € share price = €16.0m / 5.0m shares Price per share = €3.20 # new shares issued = € investment / € share price # new shares issued = €4.0m / €3.20 # new shares issued = 1.25m shares 72
  • 73. Financing Structure • Lead investor • Syndicate of co-investors • Closing date, no-shop • Tranches and milestones • Dividends and warrants • Capitalization structure, pre- and post- investment – Option pool 73
  • 74. Instruments • Anti-dilution (at next round) – Protects my ownership percentage –Weighted average –Full ratchet • Liquidation preferences (at exit) – Me first, then everyone else –Not participating with common (favors common) –Fully participating with common (favors preferred) – Pay to play 74
  • 75. Example: Liquidation Stacks 0 25 50 75 100 0 25 50 75 100 125 150 Proceeds($Millions) Exit Value ($ Millions) D Round A-B-C Round Common 75
  • 76. Reps & Warranties • What is the true and complete state of this company? – Company registration – Financial statements – Business plan – IP rights and other assets – Liabilities – Material contracts – Litigation 76
  • 77. Investors’ Rights • Redemption • Conversion • Registration & piggy back • Board representation • Reporting and board schedule • First refusal • Drag along 77
  • 78. Management Terms & Conditions • Divestment restrictions • Protection provisions • Vesting • Non-compete • Nondisclosure • Expenses, diligence 78
  • 79. Discount Rates • Why so high (typically 40% – 75%)? – Compensation for company building, value add – Illiquidity of the shares – As a proxy for haircutting financial projectionsSeed Start-up Expansion ExitMezzanine Stages JustifiableDiscountRate Base RORSystematic Risk 79
  • 80. Pitching PITCH KILLERS •Don’t know your audience •Opening with team bios •Slide abuse •No hook/No power •Monotone/lecturing with many people •Not prepared for Q&A •Bullshitting (there’s no way this can fail) •Weak closing KILLER PITCHES Know your audience Opening with The Promise Kawasaki’s 10/20/30 rule Driving home the need Athletic presentation by 1 person Prepared for Q&A Credibility (these are the risk, we mitigate them by..) Killer closing 80
  • 81. How to Pitch to Investors – Sequoia, 500 Startups … 81 https://e27.co/500-startups-sequoia-others-want-pitch-20151127/ 1. “We often say if you have traction, lead with traction” – Dave McClure, 500 Startups 2. “Exceptional storytellers make you want to believe” - Tomasz Tunguz, Redpoint Ventures 3. “Crystal-clear thinking is one of the things we look for, not a fancy slide pitch” - Douglas Leone, Sequoia Capital 4. “Has the founder a secret — a novel insight drawn from personal experience?” – Marc Andreessen, Andreessen Horowitz 5. “Say what you’re doing as soon as possible, preferably in the first sentence” – Paul Graham, Y- Combinator
  • 82. A Good VC Pitch – What is the opportunity? • Tells VCs what they need to know • Is different from your customer sales pitch • Is about your business, not about your product • Is clear about what you do • Excites VCs about the opportunity to build a market leader 82
  • 83. A Good VC Pitch – Deal with the Risks • Deal honestly with your key risks: • Product Risk: Does the product work & meet customer needs? • Market Risk: Is there a large € market for this? • Competitive Risk: Is this the best company in this space? • Management Risk: Is this the right management team to execute and build this business? • Liquidity Risk: Can VCs exit (within the timeframe of the fund) and return € to investors? 83
  • 84. What You Say – What the VC Hears • We are three years ahead of the market – OK, call me in two years when customers need you, if you haven’t run out of money waiting for the market to emerge. • The big guys don’t have a clue – Great. They won’t partner with you, either. • Our model is conservative and only assumes we get 1% of the market. – Why 1%? Your model is faith-based, not fact- based. • We are the next Instagram. – Please don’t skip your meds. 84
  • 85. What You Say – What The VC Hears • We are Groupon for restaurants, events…. – You and 10,000 others… most of whom will fail • We are destined to win because our product is so compelling. – And you’ll be outclassed by folks with better marketing • Exit strategy? As the next big thing, we’ll IPO for sure. – But 95% of exits are M&A. • We have no competition. – You have no market… OR... – Really? We met two competitors last month 85
  • 86. The Letters of Intent – The Other Term Sheet • Structure of the deal. • Carve-out • Asset deal or a stock deal • Assumptions of Stock Options • Reps, Warranties & Indemnification • Escrow • Confidentiality & Non-disclosure Agreement • Conditions to close • The No-Shop clause • Fees, fees and More fees 86
  • 87. The Legal things you should know • Intellectual Property • Employment Issues • Incorporation • Stock Options • Accredited Investors • Valuation 87
  • 88. The Key to Getting Funded • Has a credible CEO /founders with relevant market experience for this business • Has traction & proof points (customers) • Is strongly differentiated from the competitors • Has a well conceived business model – Financials are supported by business assumptions – Company is metrics and milestone driven – CEO/team knows what it takes to get sustainable growth – Is capital efficient – The economics seem to make sense – The team lives their model • Is solving a problem that matters and captures the investors imagination 88
  • 89. The Dream Team • Made € for investors • Built marquee companies • Has startup experience • Worked together before • Developed world class products • Dealt well with adversity; turned around company from under performer to high impact winner • Managed positive M&A or IPO exits • Has an excellent contact network in this market • Hires well 89
  • 91. Who’s Your Investor? The Good, The Bad Investor The Good The Bad You • You’re the boss • Total control • Total ownership • Minimal funding • No feedback Angel(s) • Mentoring • Feedback • Moderate funding • No obligation to repay • Limited runway • Limited network • Some dilution VCs • Unlimited funding • Long runway • Large network • Good governance • Your credibility • Conflicting agendas • Loss of control • Massive dilution Bank • No equity dilution • No mentoring/feedback • No network • Bias on cash flow • Obligation to repay 91
  • 92. Investor Types by Stage Financing Round Definition Typical Amounts Typical Investors Pre-seed Proof of concept - - Visa, mortgage - Friends & Family - Small grants Seed Prototype (alpha) €25k - €500k - Friends & Family - Govt. Agencies - Angels Start-up Commercial device (beta) €500k - €3m - Super Angels - Early-stage VCs Expansion - 1-3 rounds typical Strengthen team Scale manufacturing Expand sales €2m - €10m - VCs - CVCs Mezzanine/Bridge CFBE Position for IPO €5m - €30m - VCs - Cross-over funds Buy-out Secondary sale - - PE firms www.thousandseeds.com 92
  • 93. Funding – SME Tool (Ireland) This is a great tool for Irish Entrepreneurs. Originally produced by the Dept of Finance and now promoted and supported by the LEOs.; https://www.localenterprise.ie/Discover- Business-Supports/Supporting-SMEs-Online- Tool/ 93
  • 94. Funding: Bootstrapping Good Books:  Seth Godin – Bootstrappers Bible  37 Signals - Getting Real & Rework 7 bootstrapper tools 1. Nothing to Loose 2. Happy with small fish 3. Presidential Input 4. Rapid R&D 5. The Underdog 6. Low Overhead 7. Time 94
  • 95. How To Run A Company On A Shoe String (i.e. Bootstrap) What are the best productivity tools for entrepreneurs: http://www.quora.com/What-are-the- best-productivity-tools-for-entrepreneurs?srid=9JG eg: Dropbox, Evernote, Gmail,Google Docs, LinkedIn, Mailchimp, Mindmaps, Skype, Wunderlist, Xobni, Expensify, AsanaFlow, Basecamp etc… 95
  • 96. Funding: Award Programmes • Award programmes • Inter-trade Ireland’s Seedcorn competition • Cartier Women’s Initiative • Social Entrepreneurs Ireland • Lots more ……. Exercise: Search for Award programmes both local & global that you could avail off. 96
  • 98. Get Investor Ready - Enterprise Ireland Pre Investment Supports for High Potential Start-Ups (HPSUs) • HPSU Feasibility Grant - €15k (50%) Used to investigate the viability and potential of an innovative/high potential start-up and the development of an Investor Ready Business Plan. Eligible costs include; Salaries and Overheads, Consultancy Fees, Foreign Travel and Subsistence, EI approved Business Accelerator Fees, Trade Fair costs and Prototype costs. • Mentor Grant - €1,750 Used to support the cost of a Mentor Assignment. Enterprise Ireland can match you with an experienced business mentor to assist you in your start-up phase or advise on specific areas of your plan. 98
  • 99. Get Investor Ready - Enterprise Ireland Pre Investment Supports for High Potential Start-Ups (HPSUs) • Innovation Voucher -€ 5k Innovation Vouchers, worth €5k, are available to assist a company to work with a registered college or knowledge provider to explore a business opportunity or technical problem. • New Frontiers Entrepreneur Development Programme - €15k (6 months full-time) National incubation programme that offers successful applicants with a package of supports to help accelerate their business development and to equip you with the skills to successfully start and grow a company. Applications must be made directly to your nearest participating Institute of Technology. 99
  • 100. Get Investor Ready - Enterprise Ireland Pre Investment Supports for High Potential Start-Ups (HPSUs) • Competitive Feasibility Fund - North East Region - €25k Fund to assist a new start-up company or individual entrepreneur to investigate the viability of a new significant growth orientated business or proposition to be located in the North East Region (counties Louth, Cavan and Meath). • Competitive Feasibility Fund for Female Entrepreneurs - €25k Fund to assist Female Entrepreneurs to investigate the viability of a new growth orientated business that can succeed in global markets. The focus is on developing new businesses that can move beyond the domestic market and demonstrate real potential for internationalisation. 100
  • 101. Investor Ready - Enterprise Ireland Equity Investment Supports for High Potential Start-Ups (HPSUs) • Competitive Start Fund for Female Entrepreneurs - €50k €50k equity investment to support eligible, female-led, early stage start-up companies. Learn more about the type of companies supported and the next closing date for applications. • Competitive Start Fund (CSF) €50k €50k equity investment to support eligible early stage start-up companies. Learn more about the type of companies supported and the next closing date for applications. • Innovative HPSU Fund (Equity) €150k-€350k The Innovative HPSU Fund allows Enterprise Ireland to offer equity investment to HPSU clients, on a co-funded basis to support the implementation of company business plans. First time and follow-on equity investments in HPSUs are supported under this offer. 101
  • 102. Crowdfunding Entrepreneurs using : Today’s technology (internet and website) to  Reach many and  Find capital to their idea, project or company 102
  • 103. Funding - Options OTHER • Bank Loan • Factoring / Invoice Discounting: • Leasing: • Hire purchase, finance lease 103
  • 104. Angel Investment Gust Platform • Gust.com/entrepreneurs (deal flow platform) • Edit Business Details • Upload a Video Pitch • Share Documents Secularly • Track Investor Activity • Tips from Investors 104
  • 105. 16 Common Questions about Fund Raising – Steven McDermid 1. When should we raise capital; how do we time it right? - Raise money when you have sufficient cash runway 2. What does a typical company raising a Series C look like, and what are the right milestones we need to hit in order to ensure a successful raise? - Alignment of capital to milestones 3. Should we ask for a specific valuation? - Take the best offer that the market offers 4. How much capital should we raise? - Be strategic about the amount of capital you raise 105http://a16z.com/2015/02/27/16-common-questions-about-fundraising/
  • 106. 16 Common Questions about Fund Raising – Steven McDermid 5. What investors should we target? - Find investors appropriate for your stage of the company 6. What are ‘crossover’ investors? - Typically invests in public companies but also invest in private companies 7. Should we include ‘strategic’ investors in our round? - It may close some other doors 8. How many investors should we approach? Can’t I approach just a select few? - It is a balance 106http://a16z.com/2015/02/27/16-common-questions-about-fundraising/
  • 107. 16 Common Questions about Fund Raising – Steven McDermid 9. Can’t I just have a conversation with Investors? Do I really need to prepare a full slide deck? - Make those interactions count 10. How long does it take to raise a round? - It takes time. Key is execution of the business 11.I’m worried about sharing confidential information. How much information should we share – and when should I provide customer references? - No fear here 12.What kind of financial model should I provide to investors? - Understand your cash burn and financials 107 http://a16z.com/2015/02/27/16-common-questions-about-fundraising/
  • 108. 16 Common Questions about Fund Raising – Steven McDermid 13.Should we raise debt instead of equity? - Debt is a good source of capital. But you do have to repay debt 14.Should we use an advisor to help us raise the round? -Not every company needs an advisor 15.Should I sell some secondary stock? - Maybe interpreted as a negative signal 16.What happens if I come up empty after running a process, or if the market conditions turn against me? - Make sure you have a plan B 108 http://a16z.com/2015/02/27/16-common-questions-about-fundraising/
  • 109. [email protected] | @raomal @LeanDisruptor | www.linkedin.com/in/raomal RAOMAL PERERA THANK YOU!