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.

10 lessons learnt from investing in Startups

405 vues

Publié le

10 lessons learnt from investing in Startups in Poland and Europe based on the experiences of two, private micro-funds / VCs.

Publié dans : Business
  • DOWNLOAD THIS BOOKS INTO AVAILABLE FORMAT (Unlimited) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { https://tinyurl.com/yyxo9sk7 } ......................................................................................................................... Download Full EPUB Ebook here { https://tinyurl.com/yyxo9sk7 } ......................................................................................................................... ACCESS WEBSITE for All Ebooks ......................................................................................................................... Download Full PDF EBOOK here { https://tinyurl.com/yyxo9sk7 } ......................................................................................................................... Download EPUB Ebook here { https://tinyurl.com/yyxo9sk7 } ......................................................................................................................... Download doc Ebook here { https://tinyurl.com/yyxo9sk7 } ......................................................................................................................... ......................................................................................................................... ......................................................................................................................... .............. Browse by Genre Available eBooks ......................................................................................................................... Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult,
       Répondre 
    Voulez-vous vraiment ?  Oui  Non
    Votre message apparaîtra ici

10 lessons learnt from investing in Startups

  1. 1. 10 lessons learnt from investing in Startups
  2. 2. Start 2013 Money deployed: Euro 5M 15 investments Seed + early stage Marketplace & Saas + others Start 2013 Money deployed: Euro 4M 12 investments Mainly seed Marketplace & Saas + others Business Angels Start 2011 Money deployed:
 Euro 1M 12 investments Seed Marketplace & Saas
  3. 3. • 4000 projects reviewed • 35 investments (incl. 4 co-investments) • 20% write-offs • 10% money-back • 8 companies with 5x+ growth • 2 companies exceeding Euro 100 M valuations Business Angels
  4. 4. Current, total valuation of companies in Protos, HH and our BAs portfolio exceeds Euro 400 M
  5. 5. - People are by far the most important factor. People constitutes 80% chances for a success or a failure, both for a Startup and aVC. 'You are the average of the five people, you mostly spend time with' Lesson for a Founder: - Chose your partners very wisely. - Friends and Family is usualy an average choice. -Your Investors will be your Partners. Spend time on getting know your potential Investor. Rule #1. - People
  6. 6. Rule #2. - Specialization / Focus - VC as well as a Startup should have a common focus (an area of interest). - Funds offering REAL smart money usually present strong specialization. Lesson for a Founder: - If you would like a real support from your Investor - chose aVC with a specialization matching your business. - CheckVC's current and past portfolio. - Not everyVC is good for you.
  7. 7. Rule #3. - Values / DNA - VC usually has its own 'backbone', its 'code of conduct', unbreakable values and rules - its 'DNA'. - These values are presented i.e. in their investment agreements, specific clauses, and the way they treat Founders. - DNA of aVC influences its perception at the market. Lesson for a Founder: - Find out what values and investment standards presents a VC. - The best source of information are other founders from this VC's portfolio.
  8. 8. - GoodVC (seed / early stage) present adequate relation of number of Startups in portfolio to internal resources: - approx. 5-6 Startups per 1 Partner - portfolio of 25-50 Startups - > 25 Startups - decreased probability for 'Dragon' or 'Unicorn' - < 50 Startups - possible defocus ('Spray and Pray' strategy) Lesson for a Founder: - Check if aVC would be able to help you, or you 'will be lost' in its portfolio. - CheckVC's Partners and Inv. Managers prior experiences and track record. - Find out with whom will you be able to work. - The way your fund will help you depends largely on you. 
 Fight for their time! Rule #4. - Portfolio / Resources
  9. 9. Rule #5. - Follow-on Policy - Follow-on policy is a crucialVC success factor - 50/50 - optimal ratio - A goodVC should have a clear 'stage' and follow-on investment policy. Lesson for a Founder: - Be sure if aVC you are dealing with will support you in later rounds and on what conditions. - A lack of follow-on of your fund in later rounds can be really problematic.
  10. 10. - One of the key elements ofVC is it's network: BAs, other VCs, entrepreneurs, specialists, they work and co-invest with. - Network is the most important dealflow channel. Lesson for a Founder: - Check out the network of aVC you are dealing with and get to know how you can benefit from it. - Ask who are LPs and what are the examples of their help. - Find out if other Startups from aVC's portfolio benefited from such co-operation. Rule #6. - Network, network, network
  11. 11. - Startup's lifetime is on average longer nowadays as it was few years ago due to the international expansion. - The longerVC's lifetime the longer fund can stay with a startup and generate better returns. -VCs stay with a startup on average 5,5 years. Lesson for a Founder: - Check out what's theVC's lifetime you are dealing with. - Be sure how long aVC can stay with you and what are their goals when it comes to returns. -You don't want yourVC to try to sell their shares in your startup after 2 years becuase they are motivated by internal regulations. Rule #7. -VC's Lifetime / Investment Period
  12. 12. -VC should support its Startups in all possible, business aspects incl.: recruitment, accounting, legal, PR, software- house, e-marketing etc. -VC should be 'a Hub' offering complex services easing the successful start of the business. Lesson for a Fouder: - It is better to chose a Fund being a Hub of all services you need.Ask theVC what do they have? - GoodVCs often have own Platform where Founders and all members of their network exchange information and help each other. Rule #8. - The Hub / The Platform
  13. 13. Rule #9. - Dealflow network invitation active hunt organic no of projects 460 32 12 940 no of deals 9 2 2 2 conversion 2% 6,4% 17% 0,2% Lesson for a Founder: - Sending your deck to kontakt@vc.com rarely brings positive result. 
 VCs receive plenty of projects from organic and they call it 'the noise'. - Do not write directly to investors at FB Messenger nor LinkedIn. - It is much better to reach-ourVC through an intro / refferal from somebody from their network - VC scan different market opportunities and often they actively look for projects in specific areas or sectors.You could askVC for an inspiration.
  14. 14. Rule #10. - Track Record / Fitness Trail - A good Team would be successful with a difficult business and 'adjust' it to the market. A weak Team could not be successful even with a business easy to expand. - VC are eager to invest in 'serial entrepreneurs' or people with executional experiences and proven track record (both of successes and failures) - AmongVCs there is limited trust for Founders without track record and you have to build one. Lesson for a Founder: - If you do not have a track record, take care about your referrals. - Be prepared for a 'Fitness Trail' (a few months) when you co-operate with aVC (before an investment) proving your execution.

×