Plug Cambridge International Entrepreneur Meetup
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My experiences, doing business in Boston, and lessons learned/tips for startups
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Plug Cambridge International Entrepreneur Meetup
- 1. Plug Cambridge International Entrepreneur Meetup David Chang June 15, 2016 David Chang @changds
- 8. Direct Via Syndicate/Fund My Angel Investments
- 11. How can Boston help grow your business?
- 13. Local Pillar Tech Companies
- 14. Big Tech Companies with Local Presence
- 15. Industry Clusters of Expertise Marketing Tech e-commerce Cybersecurity Cloud Travel Mobile Ed Tech Robotics Life Sciences Health IT Energy See http://www.slideshare.net/bussgang/boston-startup-scene-fall-2015
- 19. Accelerators / Incubators David Chang @changds Co-working Corporate University Independent
- 22. Media
- 23. Lessons Learned
- 25. Share Your Summit & Basecamp
- 26. Leverage Your Natural Presentation Style
- 27. Adjust for Your Audience
- 28. No Blind Spots Pricing Customer Collaborators Funding Promotion Product / Service Context Place Company Concept Competition
- 29. Pitch Materials for Each Level •1 Sentence •1 Paragraph •1 Page •1 Light Deck •1 Follow-up Deck
- 32. Start or Join a Company
- 33. People Bonds > Company Bonds
- 34. Find the Right Co-founders
- 36. What Obstacles Stand in Your Way?
- 38. Equity Capital Dynamics Unusual return distribution for venture capital So investors must • Swing for fences every time • Own significant stake • Be able to change the team Source: @DawnUmlah
- 39. Fundraising Campaign Prep Target Socialize Raise Close David Chang @changds
- 40. Basic Prep Legal representation Founders agreements Cap table Pitch materials Financial plan
- 41. Raise at Each Stage How Much? What For? Prove Out?
- 42. Structure Preferred Stock • Preferences over common • Board seat or 2 • Option pool • Liquidation preference- they get their $ first • Control over sale, new options Convertible Debt • Debt that becomes preferred equity when you raise it • No valuation, but the “cap” is a valuation ceiling • Interest accrues, rate <10% • Conversion discount
- 43. Identify Investor Targets Stage Location Sector Business Model Investment Thesis Social / Trust Filter
- 44. Socialize • Get warm intros • Find strongest mutual connections to 30+ potential investors • Network over 2-3 months • Ask for referrals, not money • Refine pitch • Incorporate feedback, but avoid whiplash changes “I’m not ready to raise” “Who would be helpful?” “Who else should I talk to?”
- 45. Raise: Go for the Ask • Talk to your top candidates ALL AT ONCE • Run conversations in parallel • Decide whether / when to tell investors about each other • “Triggering events” to get a (or better) term sheet • How much should you focus on valuation?
- 46. Dilution & Valuation • Professional investors will offer a reasonable range • Don’t poison the relationship with greed Example 50/50 founder split Seed: $1M on $x A: $6M on $12M B: $10M on $20M See www.ownyourventure.com What’s your share? x=$3M: 17% x=$5M: 19% x=$7M: 19% $1.5M raise @$3M: 15%
- 47. Closing the Deal • Rolling close vs. set close • Reference check investors • Not done until money is in the bank Key terms q Board composition q Option pool q Voting rights q Founder vesting q Change of control q Redemption rights q Information rights q Anti-dilution