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INSIDE VENTURE CAPITAL
February 2016
Christophe Raynaud – Managing Partner & Cofounder
WHO AM I TO SPEAK ?
 HEC graduate (last millenium)
 Entrepreneur…
- Chateauonline
- Netboussole
- Samaris
 …Turned VC (...
WHAT WILL I BE TALKING ABOUT ?
 What is Venture Capital History ?
 What is an investment thesis ? What’s ISAI’s ?
 How ...
WARNING
 NO BULLSHIT RULE
 NOT THE TRUTH, JUST MY OWN EXPERIENCE
HISTORY OF
VENTURE CAPITAL
GENERAL DORIOT
FATHER OF VENTURE CAPITAL
 FRENCH ENGINEER
 HBS MBA 1922
 FOUNDER OF INSEAD
 FOUNDED AR&D in 1946
- $4M RAISED
- FIRST...
A $70K INVESTMENT
IN 1958…
A $70K INVESTMENT
IN 1958…
…TURNED INTO A
$355M RETURN*
IN 1970
* INCLUDING A $2M LOAN ON TOP
OF THE INITIAL INVESTMENT
A $70K INVESTMENT
IN 1958…
…TURNED INTO A
$355M RETURN*
IN 1970
> 5000X MULTIPLE
> 100% IRR
* INCLUDING A $2M LOAN ON TOP
...
HBS ENTREPRENEURSHIP ALUMNI
 DRAPER & JOHNSON (DGA)
 PERKINS (KPCB)
- Compaq/Sun/AOL/Netscape/Google
 ARTHUR ROCK (VENR...
FROM 1957
TRAITOROUS
EIGHT
TO
1st TRILLION $
STARTUP
FAIRCHILD SEMICONDUCTOR ALUMNI
 ROBERT NOYCE
& GORDON MOORE
(INTEL)
 EUGENE KLEINER
(KPCB)
 DON VALENTINE (SEQUOIA)
- A...
RISE OF AN INDUSTRY
RISE OF AN INDUSTRY
RISE OF AN INDUSTRY 99000
… GIVING BIRTH TO MANY WORLD-WIDE Cies
… GIVING BIRTH TO MANY NEW INDUSTRIES
… WITH HUGE SOCIAL/ECONOMIC IMPACT
 21% OF U.S GDP
2.900.000.000.000 $ (Revenue of US Venture backed Cies)
 80% OF JOBS ...
THANK YOU
GEORGES
VENTURE CAPITAL
NOWADAYS
MATURITY PHASE & RECENT TRENDS
 CYCLES, WAVES & BUBBLES
BEER INDUSTRY ANALOGY
- BIG BRANDS / MICRO VC
 ENTREPRENEURS’ F...
SUSTAINABLE VALUE CREATION IN THE US
SOURCE QUILVEST VENTURE
HYPER CONCENTRATION OF PROFITS
SOURCE QUILVEST VENTURE
CYCLES AFFECT RETURNS
SOURCE QUILVEST VENTURE
VERY POOR RETURNS IN FRANCE
THE US JUGGERNAUT
SOURCE QUILVEST VENTURE
MORE RETURNS, MORE MONEY
SOURCE QUILVEST VENTURE
0%
20%
40%
60%
80%
100%
4Q03 2Q04 4Q04 2Q05 4Q05 2Q06 4Q06
Other
Business,
Consumer,
Retail
IT
Healthcare
I.T IS CLEARLY T...
# of Active VC Firms
0
200
400
600
800
1000
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
# of Act...
TECH BOOM or TECH BUBBLE ?
SOURCE UPFRONTVC /
MARK SUSTER
TECH BOOM or TECH BUBBLE ?
SOURCE UPFRONTVC /
MARK SUSTER
TECH BOOM or TECH BUBBLE ?
SOURCE UPFRONTVC /
MARK SUSTER
TECH BOOM or TECH BUBBLE ?
SOURCE UPFRONTVC /
MARK SUSTER
TECH BOOM or TECH BUBBLE ?
SOURCE UPFRONTVC /
MARK SUSTER
TECH BOOM or TECH BUBBLE ?
SOURCE UPFRONTVC /
MARK SUSTER
Download slides on twitter/chraynaud
Hec inside venture capital part 1 by @chraynaud
Hec inside venture capital part 1 by @chraynaud
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Hec inside venture capital part 1 by @chraynaud

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Slides from a lecture about entrepreneurship and venture capital at HEC school of Management

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Hec inside venture capital part 1 by @chraynaud

  1. 1. INSIDE VENTURE CAPITAL February 2016 Christophe Raynaud – Managing Partner & Cofounder
  2. 2. WHO AM I TO SPEAK ?  HEC graduate (last millenium)  Entrepreneur… - Chateauonline - Netboussole - Samaris  …Turned VC (dark side of the force) - Saeed Amidi (Amidzad partner / plug&play tech center) - Paris Business Angels - ISAI CONTACT : r a y n a u d @ i s a i . Fr / @chraynaud
  3. 3. WHAT WILL I BE TALKING ABOUT ?  What is Venture Capital History ?  What is an investment thesis ? What’s ISAI’s ?  How do VC/ISAI source/screen opportunities ?  What makes a great founder ?
  4. 4. WARNING  NO BULLSHIT RULE  NOT THE TRUTH, JUST MY OWN EXPERIENCE
  5. 5. HISTORY OF VENTURE CAPITAL
  6. 6. GENERAL DORIOT
  7. 7. FATHER OF VENTURE CAPITAL  FRENCH ENGINEER  HBS MBA 1922  FOUNDER OF INSEAD  FOUNDED AR&D in 1946 - $4M RAISED - FIRST EVER PRIVATE EQUITY / VC FUND > A FAIL FOR MORE THAN 10 YEARS UNTIL…
  8. 8. A $70K INVESTMENT IN 1958…
  9. 9. A $70K INVESTMENT IN 1958… …TURNED INTO A $355M RETURN* IN 1970 * INCLUDING A $2M LOAN ON TOP OF THE INITIAL INVESTMENT
  10. 10. A $70K INVESTMENT IN 1958… …TURNED INTO A $355M RETURN* IN 1970 > 5000X MULTIPLE > 100% IRR * INCLUDING A $2M LOAN ON TOP OF THE INITIAL INVESTMENT
  11. 11. HBS ENTREPRENEURSHIP ALUMNI  DRAPER & JOHNSON (DGA)  PERKINS (KPCB) - Compaq/Sun/AOL/Netscape/Google  ARTHUR ROCK (VENROCK) - 3COM/APPLE/INTEL - HELPED FAIRCHILD SEMICONDUCTOR RAISE $1,5M > BIRTH OF SILICON VALLEY
  12. 12. FROM 1957 TRAITOROUS EIGHT TO 1st TRILLION $ STARTUP
  13. 13. FAIRCHILD SEMICONDUCTOR ALUMNI  ROBERT NOYCE & GORDON MOORE (INTEL)  EUGENE KLEINER (KPCB)  DON VALENTINE (SEQUOIA) - ATARI/ORACLE/CISCO/YAHOO/YOUTUBE > BIRTH OF VENTURE CAPITAL
  14. 14. RISE OF AN INDUSTRY
  15. 15. RISE OF AN INDUSTRY
  16. 16. RISE OF AN INDUSTRY 99000
  17. 17. … GIVING BIRTH TO MANY WORLD-WIDE Cies
  18. 18. … GIVING BIRTH TO MANY NEW INDUSTRIES
  19. 19. … WITH HUGE SOCIAL/ECONOMIC IMPACT  21% OF U.S GDP 2.900.000.000.000 $ (Revenue of US Venture backed Cies)  80% OF JOBS CREATED 12.1 MILLION JOBS ( AT US Venture Bascked Cies)
  20. 20. THANK YOU GEORGES
  21. 21. VENTURE CAPITAL NOWADAYS
  22. 22. MATURITY PHASE & RECENT TRENDS  CYCLES, WAVES & BUBBLES BEER INDUSTRY ANALOGY - BIG BRANDS / MICRO VC  ENTREPRENEURS’ FUND  BASICS STILL TRUE : - US DOMINATED INDUSTRY - HIT DRIVEN INDUSTRY
  23. 23. SUSTAINABLE VALUE CREATION IN THE US SOURCE QUILVEST VENTURE
  24. 24. HYPER CONCENTRATION OF PROFITS SOURCE QUILVEST VENTURE
  25. 25. CYCLES AFFECT RETURNS SOURCE QUILVEST VENTURE
  26. 26. VERY POOR RETURNS IN FRANCE
  27. 27. THE US JUGGERNAUT SOURCE QUILVEST VENTURE
  28. 28. MORE RETURNS, MORE MONEY SOURCE QUILVEST VENTURE
  29. 29. 0% 20% 40% 60% 80% 100% 4Q03 2Q04 4Q04 2Q05 4Q05 2Q06 4Q06 Other Business, Consumer, Retail IT Healthcare I.T IS CLEARLY THE DOMINANT SECTOR SOURCE NVCA
  30. 30. # of Active VC Firms 0 200 400 600 800 1000 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 # of Active VC Firms* GROWTH OF ACTIVE VC FIRMS SOURCE NVCA
  31. 31. TECH BOOM or TECH BUBBLE ? SOURCE UPFRONTVC / MARK SUSTER
  32. 32. TECH BOOM or TECH BUBBLE ? SOURCE UPFRONTVC / MARK SUSTER
  33. 33. TECH BOOM or TECH BUBBLE ? SOURCE UPFRONTVC / MARK SUSTER
  34. 34. TECH BOOM or TECH BUBBLE ? SOURCE UPFRONTVC / MARK SUSTER
  35. 35. TECH BOOM or TECH BUBBLE ? SOURCE UPFRONTVC / MARK SUSTER
  36. 36. TECH BOOM or TECH BUBBLE ? SOURCE UPFRONTVC / MARK SUSTER
  37. 37. Download slides on twitter/chraynaud

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