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[PreMoney SF 2015] Felicis Ventures >> Aydin Senkut, "How To: Select Companies (Counterintuitive Insights From A VC With Eight $1B+ Unicorns, 29 $100M+ Centaurs & 55 Exits In < 10 Years)"

Aydin Senkut
Founder, Felicis Ventures

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[PreMoney SF 2015] Felicis Ventures >> Aydin Senkut, "How To: Select Companies (Counterintuitive Insights From A VC With Eight $1B+ Unicorns, 29 $100M+ Centaurs & 55 Exits In < 10 Years)"

  1. Unique Insights on Venture & Picking Companies JUNE12,2015 Aydin Senkut | @asenkut @felicisventures
  2. Aydin Senkut | @asenkut @felicisventures1 Our Evolution & Track Record Aggregate Exit Value Up 3x, Exit Count Up ~2x with Every New Felicis Fund
  3. Aydin Senkut | @asenkut @felicisventures2 Venture Adages Are Meant To Be Broken DEFINE YOUR “SANDBOX” (E.G. FINTECH FOCUS, SEED FUND, ENTERPRISE FUND) STRICT OWNERSHIP TARGETS & BOARD SEATS SILICON VALLEY IS THE ONLY FERTILE GROUND
  4. Aydin Senkut | @asenkut @felicisventures3 Our Founders Hail from a Vast Range of Countries & Backgrounds
  5. Aydin Senkut | @asenkut @felicisventures So Does Our Team: We Have Strong Immigrant / International DNA 4 DIVERSITY IS A POINT OF STRENGTH FOR US, NOT AN AFTERTHOUGHT
  6. Aydin Senkut | @asenkut @felicisventures5 Our Model Is Not One-Size-Fits-All
  7. Aydin Senkut | @asenkut @felicisventures6 We Try to Pick Sectors Before Inflection Point / Mass VC Interest
  8. Aydin Senkut | @asenkut @felicisventures7 Our Sectoral Shifts Coincide with Major Changes in Markets CURRENTLY FOCUSING MORE ON ENTERPRISE, FINTECH AND HEALTH o  Fintech & Health[care] rising within Nasdaq to 7% & 17% (up from 4% & 7%) + both sectors are non-cyclical o  Enterprise exits significantly up in last 3 years (M&A up 3x, IPO up 2x) Top 50 VC-Backed Exits By Year, Consumer vs. Enterprise Technology Consumer Services Healthcare Financials Industrials Other Nasdaq by Industry Source: WSJ, April 23, 2015 Source: CB Insights, April 2015
  9. Aydin Senkut | @asenkut @felicisventures8 We Adapt Our Strategy to Perceived Market Shifts FV I FV II FV III FV IV Vintage 2006 2010 2012 2014 Pre Revenue Mix Pre-revenue (49%) Pre-revenue (49%) Pre-revenue (30%) Pre-revenue (34%) Top Sectors Consumer Internet Mobile E-Commerce Enterprise Fintech Enterprise Health
  10. Aydin Senkut | @asenkut @felicisventures9 We Look For Global Winners, Not Local Heroes
  11. Aydin Senkut | @asenkut @felicisventures10 International Founders Capture Arbitrage Opportunities INTERNATIONAL INVESTMENTS REPRESENT ROUGHLY 20% OF OUR FAIR MARKET VALUE FIRST BIG FELICIS IPO IS CANADIAN SIGNIFICANT LABOR COST DIFFERENCE DUE TO GOVERNMENT INCENTIVES IN COUNTRIES LIKE CANADA: Source: AngelList
  12. Aydin Senkut | @asenkut @felicisventures11 Picking Winners is Hard, Especially When Valuations Change Drastically Min – Max Range Convertible Note 2.5x Seed 6x Series A 10x Average Entry Valuation Range Across Early Stages, 2006-2015
  13. Aydin Senkut | @asenkut @felicisventures12 We Focus on Revenues, Less On Valuations TO COMBAT HIGHER VALUATIONS COMPRESSING MULTIPLES, OPT FOR BETTER REVENUE GROWTH POTENTIAL •  2010: 6 companies* with ~$10M+ annual revenues •  2015: 9 companies* with ~$100M+ annual revenues; all 6 from 2010 have exited * Across ALL Felicis Funds
  14. Aydin Senkut | @asenkut @felicisventures We Look For Great Companies Everywhere 13 MORE THAN HALF (52%) OF OUR PORTFOLIO VALUE COMES FROM (18%) DEALS SOURCED OUTBOUND
  15. Aydin Senkut | @asenkut @felicisventures14 Remain Flexible & Adaptable ORIGINALLY PLANNED TO INVEST ONLY IN SOFTWARE COMPANIES, BUT BREAKING THAT RULE PRODUCED SOME OF OUR BIGGEST HITS:
  16. Highlights from Portfolio Companies Valued at $100M+
  17. Aydin Senkut | @asenkut @felicisventures16 Enterprise Leads, Though All Sectors Produced Winners $100M+ $1B+ Connected Devices 3 1 Fintech 2 3 Mobile 2 - E-Commerce 2 3 Health 2 - Consumer Internet 6 1 Enterprise 11 1 Education 1 - 3D 1 Distribution of FV Winners by Sector & Valuation
  18. Aydin Senkut | @asenkut @felicisventures17 Seed Stage Investments Still Represent Roughly Half Our Winners $100M+ $1B+ Seed 19 4 Early 6 4 Growth 5 1 Distribution of FV Winners by Stage & Valuation
  19. Aydin Senkut | @asenkut @felicisventures18 SF Bay Area Dominant Among Winners, but has NO Monopoly on Talent $100M+ $1B+ SF Bay Area 23 6 Rest of US 5 1 International 1 2 Distribution of FV Winners by HQ Location & Valuation
  20. Aydin Senkut | @asenkut @felicisventures19 Our Winners Skew Towards 1st Time Founders $100M+ $1B+ First Time 22 6 Repeat 8 3 Distribution of FV Winners by Founder Experience Level & Valuation
  21. Aydin Senkut | @asenkut @felicisventures20 Complete Teams Execute & Hire Better $100M+ $1B+ 1 7 - 2 14 5 3 6 2 4 3 2 Distribution of FV Winners by Number of Founders & Valuation
  22. Aydin Senkut | @asenkut @felicisventures21 Average Founder Age at Start 30, Youngest 21 $100M+ $1B+ Average 30 28 Youngest 21 22 Oldest 40 37 Distribution of FV Winners by Founder Age at Start & Valuation
  23. Aydin Senkut | @asenkut @felicisventures22 Building Winners Still Takes Time (Though It’s Accelerating) $100M+ $1B+ Earliest Start 2003 2005 Most Recent Start 2013 2010 Among $1B+ Unicorns: Shopify IPO took 10 years from founding, ~5 years from 1st institutional round Wish took 5 years from founding to reach $1B+ valuation, 5 years from seed round Distribution of FV Winners by Year Founded & Valuation
  24. Aydin Senkut | @asenkut @felicisventures23 What We Learned from Our Iconic Companies FOUNDERS THAT CAN SUCCINCTLY ARTICULATE THEIR SUCCESS MUCH MORE LIKELY TO SUCCEED •  Founders that can visualize (& articulate) success more likely to achieve it •  Iconic Founders have a unique insight into what makes their products really awesome •  Iconic Companies create their own Playbook •  Iconic Companies execute in short bursts, test hypotheses with real data, fast

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