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Everything you need to know about Venture Capital 20 February 2007 Ben Holmes Index Ventures

Who we are ,[object Object],[object Object],[object Object],[object Object],Index Ventures Selected Investments

Agenda ,[object Object],[object Object],[object Object],[object Object]

Venture Capital – Size of market ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Sources: Dow Jones VentureOne, Paul Fisher at FirstCapital

Venture Capital – How the VC makes money ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Venture Capital – Stages of Investment ,[object Object],Seed Early Stage Series A, (B) Later Stage (B),C,D… Pre-IPO / Buy-out Private Equity Potential Sources of Funds 0 - €1m Grant-funding University seed funds Friends and family Angel Investors (Venture Capital) € 2m-€20m Venture Capital (Wealthy) Angel investors € 5m-€20m Venture Capital € 30m+ Specialist Late stage tech investment funds Hedge Funds

Venture Capital – What a good VC will add ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

VC Case Study ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

VC Case Study ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Venture Capital – Typical Deal Terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],but that’s so unfair… Photo Source: Philip Greenspun, MIT

Good reasons to raise VC Large Potential Market Opportunity Unique Product Or Concept Excellent Development Capability Pre-requisites Intense competition likely Need to move rapidly Implications… Hiring Infrastructure VC funding supports Rapid Product Development Internationalisation Partnerships Commercialisation

When NOT to raise VC ,[object Object],[object Object],[object Object],[object Object],[object Object],Application is a feature not a product Market size is too small Motivation is not financial

The top tips… ,[object Object],[object Object],[object Object]

Identifying relevant VC partners ,[object Object],[object Object],Has funds to invest Match of Size/Stage/ Geography Relevant Portfolio No directly competitive investments Excellent track record Shortlist Good free sources on VC funding http://www.thealarmclock.com/euro/ http://www.vecosys.com

Getting on radar screens ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Sharing relevant information ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Pre - first meeting Pre - termsheet Post - termsheet ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2-4 weeks 1-2 Months

Valuation should not be the decisive factor Value at exit Probability of getting there % share of business at exit Entrepreneur’s Equation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Key things to consider ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Right partner at a fair price vs. Any partner at best price

Thank you Ben Holmes Email : benh@indexventures.com Skype : ben_holmes Stardoll : binky2128

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