Ce diaporama a bien été signalé.
Nous utilisons votre profil LinkedIn et vos données d’activité pour vous proposer des publicités personnalisées et pertinentes. Vous pouvez changer vos préférences de publicités à tout moment.
THE CASE FOR SEEDING EUROPE

+Turkey

STARTUPTURKEY 2014
VITALY M. GOLOMB | @VITALYG
+Investor

K E E N P R I N T. C O M

I N V E S T O R H A R V E S T. C O

S TA R T U PA D D V E N T U R E . C O
#startupturkey supports #ukraine
THE SILICON VALLEY FUNDING STACK

circa 2014

M&A / IPO
GROWTH EQUITY
$100M+ VC FUNDS
ANGELS/SEED VCs
ACCELERATORS
BOOTSTR...
EUROPEAN FUNDING STACKcirca 2014
M&A / IPO
GROWTH EQUITY
$100M+ VC FUNDS
ANGELS / SEED VCs
ACCELERATORS
BOOTSTRAP / FFF
2001 DOT COM CRASH
US VC FUNDS RAN AWAY FROM EUROPE
few, STRONG EUROPEAN VC FUNDS SURVIVED
LARGE FUND THESIS ARE BASED
ON $5M+ FIRST ROUND
… and pre-date
LIMITED BIG DEALS

+
LIMITED EXITS
=
MOST REGIONAL
FUNDS TOO BIG

TO PROVIDE GOOD
RETURNS
YESTERDAY’S SEED IS TODAY’S SERIES A/B
YESTERDAY’S IPOs ARE TODAY’S ACQUIHIRES
SOURCE: STEVE BLANK
MEDIAN EXIT = $20M
SOURCE: SEED DB
MINIMUM ACCEPTABLE VC RETURN
20% IRR OR 6X ON CASH
$300M FUND = $1.8B
MODEL BROKEN EVEN IN SILICON VALLEY
TOP QUARTILE = 2.1X
SOURCE: STEVE BLANK
DO YOU FEEL
LUCKY?
WELL DO
YOU, PUNK?
EUROPE PRODUCES HIGHER

MULTIPLES THAN U.S.
EXIT ARE 25% SMALLER, BUT…
ENTRY VALUATIONS ARE 3-4X LOWER
EUROPE PRODUCES
50% AS MANY EXITS AS U.S.
AND 1/3 OF $100M+ EXITS
WITH ONLY 20% OF U.S. VC
MEDIAN CASH-ON-CASH
$100M+ EXIT MULTIPLE

4.5X
US
2005-2011 SOURCE: EARLYBIRD, DOW JONES VENTURE SOURCE

7.2X
EUROPE
REPEAT ENTREPRENEURS
IN VC FUNDED COMPANIES
50% NEW
93% NEW
50% REPEAT
7% REPEAT
1998

2007
SOURCE: EARLYBIRD GLOBAL ENTRE...
NUMBER OF LATENT EUROPEAN
ENTREPRENEURS GROWING

9.0%

8.5%

2012

7.4%

2006

5.2%
4.5%

2000
SOURCE: EARLYBIRD GLOBAL EN...
DEAL FLOW GROWING

12% CAGR
BLACKJACK
SPLIT

DOUBLE DOWN

MULTIPLE
INVESTMENTS
IN THE SAME
THEME

INCREASE
OWNERSHIP %
AS RISK IS
REMOVED
TYPICAL “BLACKJACK” 3 STAGE
INVESTMENT PATH (IN EUROPE)

$500K@ $8M VAL
=
14% OWNERSHIP
(POST DILUTION)
$100K@ $1M VAL
=
1...
CASH-ON-CASH EXIT MATH

$30M
5.25X

$50M $100M
8.75X

17.5X
TYPICAL FUND NEEDS AT LEAST TWO
30X EXITS OUT OF 10-20 INVESTMENTS
“BLACKJACK” FUND HAS 10X MORE CHANCES
@vitalyg
“BLACKJACK” SEED FUND

FOR EUROPE
LAUNCHING IN 2014
@vitalyg
“I SKATE TO WHERE THE
PUCK IS GOING TO BE,
NOT WHERE IT HAS
BEEN.”
!

WAYNE GRETZKY
want the slides?
follow @vitalyg
The Case for Seeding Europe from #StartupTurkey 2014
Prochain SlideShare
Chargement dans…5
×

The Case for Seeding Europe from #StartupTurkey 2014

12 236 vues

Publié le

Publié dans : Business, Économie & finance
  • Login to see the comments

The Case for Seeding Europe from #StartupTurkey 2014

  1. THE CASE FOR SEEDING EUROPE +Turkey STARTUPTURKEY 2014 VITALY M. GOLOMB | @VITALYG
  2. +Investor K E E N P R I N T. C O M I N V E S T O R H A R V E S T. C O S TA R T U PA D D V E N T U R E . C O
  3. #startupturkey supports #ukraine
  4. THE SILICON VALLEY FUNDING STACK circa 2014 M&A / IPO GROWTH EQUITY $100M+ VC FUNDS ANGELS/SEED VCs ACCELERATORS BOOTSTRAP/Friends Family & Fools
  5. EUROPEAN FUNDING STACKcirca 2014 M&A / IPO GROWTH EQUITY $100M+ VC FUNDS ANGELS / SEED VCs ACCELERATORS BOOTSTRAP / FFF
  6. 2001 DOT COM CRASH US VC FUNDS RAN AWAY FROM EUROPE few, STRONG EUROPEAN VC FUNDS SURVIVED
  7. LARGE FUND THESIS ARE BASED ON $5M+ FIRST ROUND … and pre-date
  8. LIMITED BIG DEALS + LIMITED EXITS = MOST REGIONAL FUNDS TOO BIG TO PROVIDE GOOD RETURNS
  9. YESTERDAY’S SEED IS TODAY’S SERIES A/B
  10. YESTERDAY’S IPOs ARE TODAY’S ACQUIHIRES
  11. SOURCE: STEVE BLANK
  12. MEDIAN EXIT = $20M SOURCE: SEED DB
  13. MINIMUM ACCEPTABLE VC RETURN 20% IRR OR 6X ON CASH $300M FUND = $1.8B
  14. MODEL BROKEN EVEN IN SILICON VALLEY TOP QUARTILE = 2.1X
  15. SOURCE: STEVE BLANK
  16. DO YOU FEEL LUCKY?
  17. WELL DO YOU, PUNK?
  18. EUROPE PRODUCES HIGHER MULTIPLES THAN U.S.
  19. EXIT ARE 25% SMALLER, BUT… ENTRY VALUATIONS ARE 3-4X LOWER
  20. EUROPE PRODUCES 50% AS MANY EXITS AS U.S. AND 1/3 OF $100M+ EXITS WITH ONLY 20% OF U.S. VC
  21. MEDIAN CASH-ON-CASH $100M+ EXIT MULTIPLE 4.5X US 2005-2011 SOURCE: EARLYBIRD, DOW JONES VENTURE SOURCE 7.2X EUROPE
  22. REPEAT ENTREPRENEURS IN VC FUNDED COMPANIES 50% NEW 93% NEW 50% REPEAT 7% REPEAT 1998 2007 SOURCE: EARLYBIRD GLOBAL ENTREPRENEURSHIP REPORT
  23. NUMBER OF LATENT EUROPEAN ENTREPRENEURS GROWING 9.0% 8.5% 2012 7.4% 2006 5.2% 4.5% 2000 SOURCE: EARLYBIRD GLOBAL ENTREPRENEURSHIP REPORT
  24. DEAL FLOW GROWING 12% CAGR
  25. BLACKJACK
  26. SPLIT DOUBLE DOWN MULTIPLE INVESTMENTS IN THE SAME THEME INCREASE OWNERSHIP % AS RISK IS REMOVED
  27. TYPICAL “BLACKJACK” 3 STAGE INVESTMENT PATH (IN EUROPE) $500K@ $8M VAL = 14% OWNERSHIP (POST DILUTION) $100K@ $1M VAL = 10% OWNERSHIP $200K@ $4M VAL = 12.5% OWNERSHIP (POST DILUTION)
  28. CASH-ON-CASH EXIT MATH $30M 5.25X $50M $100M 8.75X 17.5X
  29. TYPICAL FUND NEEDS AT LEAST TWO 30X EXITS OUT OF 10-20 INVESTMENTS “BLACKJACK” FUND HAS 10X MORE CHANCES
  30. @vitalyg
  31. “BLACKJACK” SEED FUND FOR EUROPE LAUNCHING IN 2014 @vitalyg
  32. “I SKATE TO WHERE THE PUCK IS GOING TO BE, NOT WHERE IT HAS BEEN.” ! WAYNE GRETZKY
  33. want the slides? follow @vitalyg

×