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An Insiders View:An Insiders View:
How to Raise MoneyHow to Raise Money
from VCsfrom VCsBob DahlbergBob Dahlberg
PartnerPartnerHorizon VenturesHorizon VenturesLos Altos, CALos Altos, CABob at horizonvc comBob at horizonvc com
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AgendaAgenda
VC financing +s andVC financing +s and ss
How VCs decideHow VCs decide
The VC dating gameThe VC dating game
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Venture Capital Isnt RequiredVenture Capital Isnt Required
To Build a Great Business To Build a Great Business BroadcomBroadcom
No VC moneyNo VC money
CiscoCisco $5M in revenue, profitable before Sequoia invested$5M in revenue, profitable before Sequoia invested
DellDell Raised money at $60M in revenueRaised money at $60M in revenue
eBayeBay $4.5M in revenue and profitable before Benchmark$4.5M in revenue and profitable before Benchmark
investedinvested MicrosoftMicrosoft
VC funded after being profitableVC funded after being profitable
The MathWorksThe MathWorks >$300M in revenue, no VC money>$300M in revenue, no VC money
OracleOracle Government contract funded first productGovernment contract funded first product
SAS InstituteSAS Institute > $1.9B in revenue, the largest private software> $1.9B in revenue, the largest private software
company, no VC moneycompany, no VC money
SiebelSiebel
Customers funded first productCustomers funded first product
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VC Financing Comes with CostsVC Financing Comes with Costs
Fund raising takes time away from servingFund raising takes time away from serving
customerscustomers False sense of security: it masks viabilityFalse sense of security: it masks viability
Money enables costly mistakesMoney enables costly mistakes
Money removes spending disciplineMoney removes spending discipline
Adds additional master(s)Adds additional master(s)
You give up a lot of ownershipYou give up a lot of ownership Sets the exit strategy and timingSets the exit strategy and timing
Source: Greg Gianforte, CEO RightNow, http://cet.berkeley.edu/Resources/CETLectures.html
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But it Sure Can HelpBut it Sure Can Help
1.1. Cash to fuel growthCash to fuel growth2.2. Strategy / business adviceStrategy / business advice
3.3. Introductions: investors, customers and partnersIntroductions: investors, customers and partners4.4. RecruitingRecruiting
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AgendaAgenda
VC financing +s andVC financing +s and ss
How VCs DecideHow VCs Decide
The VC dating gameThe VC dating game
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We Live in Unprecedented TimesWe Live in Unprecedented Times
Facing the worst economy since the 30sFacing the worst economy since the 30s
No IPO marketNo IPO market
Average time to M&A is 6 years,Average time to M&A is 6 years,IPO is 8 years,IPO is 8 years,
Deal StatusDeal Status
Most deals in the last 6 months were follow on withMost deals in the last 6 months were follow on withexisting investors.existing investors.
New investors are asking for 30New investors are asking for 30 40% down40% downrounds, or are waiting for prices to fall.rounds, or are waiting for prices to fall.
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Against that backdrop .....Against that backdrop .....
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How do Most VCs Decide?How do Most VCs Decide?
Youll first have to understand VCYoull first have to understand VCcare abouts ....care abouts ....
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VCs Want to do DealsVCs Want to do Deals Deliver Big Returns to their LPsDeliver Big Returns to their LPs
SOURCE: TheFunded.com, NVCA / Thompson Reuters Exit Poll and VC Fundraising Q3
VC Exit Value vs. Money Raised
$0
$5,000
$10,000
$15,000
$20,000
$25,000$30,000
$35,000
$40,000
$45,000
2003 2004 2005 2006 2007 1H
2008
VC Exits
VC Fundraising
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Good Deals are Hard to FindGood Deals are Hard to Find
We kiss a lot of frogs toWe kiss a lot of frogs to
find the princefind the prince-- Venture capital industry clich
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Venture Grade Deals are 1/200Venture Grade Deals are 1/200% 2003 Corporate Tax Returns by
Revenue
2.2% 1.9%
81.8%
0.5%
13.6%
0%
20%
40%
60%
80%
100%
< $1M < $5M < $10M < $50M >$50M
Revenue
Percen
tof
5.4MReturns
Source: IRS.gov
VCGradeLife Style CompaniesAKA Walking Dead
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Its Hard to Spot WinnersIts Hard to Spot Winners
Every deal has hair on itEvery deal has hair on it
Its easy to find many, many problemsIts easy to find many, many problems
EBAY: OnEBAY: On--line flea market? Come on!line flea market? Come on!
Google: 5 CEO candidates passed before Eric S.Google: 5 CEO candidates passed before Eric S.
Search is doneSearch is done
It is not easy to discern a winner:It is not easy to discern a winner: Portfolio returns: 1 @ 10X; 2 @ 1X; 7@0XPortfolio returns: 1 @ 10X; 2 @ 1X; 7@0X
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VCs Personal Bias is a FactorVCs Personal Bias is a Factor
Will be working together for 6+ yearsWill be working together for 6+ years
The project must be interestingThe project must be interesting
Team compatibility is criticalTeam compatibility is critical
The unexpected is going to happenThe unexpected is going to happen
Got to get through the hard timesGot to get through the hard times
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So How do Most VCs Decide?So How do Most VCs Decide?
VCs VCs fall in love with the dealfall in love with the deal
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Your StartYour Start--Up Must Be AttractiveUp Must Be Attractive
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Attractive is....Attractive is.... Big MarketBig Market
Open to disruptionOpen to disruption Customers in pain and who buyCustomers in pain and who buy
Growing order trendGrowing order trend
Strong product offering / technologyStrong product offering / technology Differentiated, protectedDifferentiated, protected
Successful TeamSuccessful Team
A PlayersA Players Successful Investors / Advisors / Board MembersSuccessful Investors / Advisors / Board Members
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AgendaAgenda
VC financing +s andVC financing +s and ss
How VCs DecideHow VCs Decide
The VC dating gameThe VC dating game
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VC Dating is a Grueling ProcessVC Dating is a Grueling Process
1.1. Requires mental toughnessRequires mental toughness2.2. You may have to talk to 10You may have to talk to 10 40 firms to find40 firms to find
the matchthe match3.3. Success demands careful planning andSuccess demands careful planning and
executionexecution
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Time ScalesTime Scales
11
IntroductionIntroduction22
First DateFirst Date33
DatingDating
1 to 6 weeks
2 to 12 weeks
Per VC
Per VC
Per Funding2 to 26 weeks
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It Will Be the BestIt Will Be the Best
Business Advice Youll ever GetBusiness Advice Youll ever Get
1.1. ListenListen2.2. LearnLearn
3.3.
Accept itAccept it4.4. Bake learnings into your business planBake learnings into your business plan
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Step 1: IntroductionStep 1: Introduction
GoalGoal: Get the first date: Get the first date
StrategyStrategy: Approach: Approach the right VC, rightthe right VC, right
IntroductionIntroduction The PitchThe Pitch DueDueDiligenceDiligence
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The Right VC, RightThe Right VC, Right
1.1. Right VCs,Right VCs,
2.2. The Right WayThe Right Way
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The Right VCThe Right VC
has Greener Moneyhas Greener Money
VC money is not a bank loanVC money is not a bank loan
Do your homeworkDo your homework!!
Talk to startTalk to start--up CEOsup CEOs
Actively investingActively investing Right sector (life sciences vs. semiconductor)Right sector (life sciences vs. semiconductor)
Relevant portfolio, expertise, and synergiesRelevant portfolio, expertise, and synergies
Early vs. late stageEarly vs. late stage
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Funding to Customer ValidationFunding to Customer Validation CustomersCustomers
Consulting engagementsConsulting engagements
NonNon--Recurring Engineering (NRE) engagementsRecurring Engineering (NRE) engagements Retainer fees from customersRetainer fees from customers
GovernmentGovernment Small Business Innovation Research Grants (SBIR)Small Business Innovation Research Grants (SBIR)
Big CompaniesBig Companies ValueValue--Added Reseller (VAR) agreementsAdded Reseller (VAR) agreements
DivestituresDivestitures protected supplier contract with parent for aprotected supplier contract with parent for a
defined perioddefined period
MoonlightingMoonlighting Founders waive compensationFounders waive compensation
Family, Friends and FoolsFamily, Friends and Fools
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Approach the Right VC, RightApproach the Right VC, Right
1.1. Right VCs,Right VCs,
2.2. The Right WayThe Right Way
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The Right WayThe Right Way
We only look at deals that areWe only look at deals that are
introduced to us by people we knowintroduced to us by people we know
Mike Schuh, Foundation CapitalMike Schuh, Foundation Capital
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Study Finds Business Plans a WasteStudy Finds Business Plans a Waste
See: http://www.rhsmith.umd.edu/news/releases/2009/040809.aspx
Social connections trump business plans
by a long shot, says Goldfarb. Thus it is
that people who already know VCs and
angels have an easier time raising money.
The irony, says Goldfarb, is that people
who dont have connections need to go
out and make them, which may require
that they have a business plan to discuss.
But the plan is sort of like a businesscard, he says just something that
business protocol dictates you carry
around.
Social connections trump business plans
by a long shot, says Goldfarb. Thus it is
that people who already know VCs and
angels have an easier time raising money.The irony, says Goldfarb, is that people
who dont have connections need to go
out and make them, which may require
that they have a business plan to discuss.
But the plan is sort of like a businesscard, he says just something that
business protocol dictates you carry
around.
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The Right Way:The Right Way:
Introduction by ReferralIntroduction by Referral
1.1. Successful entrepreneursSuccessful entrepreneurs
2.2. Lawyers that work with VCs and startLawyers that work with VCs and start--upsups3.3. Angel investorsAngel investors
4.4. VCsVCs
5.5. Other service providers:Other service providers:
bankers, head hunters, bankers, head hunters,
Avoid BrokersAvoid Brokers (= Mothers(= Mothers--inin--Law)Law)
Create a buffer layer in between you and VCs.Create a buffer layer in between you and VCs.
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Sales Tool:Sales Tool:
The Executive SummaryThe Executive Summary
Tool ObjectiveTool Objective: To get a meeting: To get a meeting
One pager that covers:One pager that covers: Contact informationContact information
Customer problemCustomer problem
Your solution (product/technology)Your solution (product/technology)
Market sizeMarket size
CompetitorsCompetitors
TeamTeam
Customer proof pointsCustomer proof points Funding statusFunding status
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Executive Summary TemplateExecutive Summary Template
Funding History:
Total Amount Raised to Date:Participants AmountIndividuals:VCs:Others:
Total Seeking:Committed Funds (If Any):Use of funds:
Milestones
Competition
Technology
Defensibilit
Company Overview:
Company Information:
Newco, Inc.Address :Phone:Fax:Website:EmailBasic Details:
Founded In:# Of Employees: 15 (X US / Y off shore)
Pain:
Solution:
Team:
Company founded ____ ___ Patents filed on ___ Product Introduction ____ $ in sales in x $ in sales in x+1 $ in sales in x + 2
Business Model
Financials:
Cumulative Revenue:Burn Rate: $Cash Flow Positive in: Year ?
3-Year Revenue Forecast:
Year 1: $Year 2: $Year 3: $
Funding History:
Total Amount Raised to Date:
Total Seeking: $
Committed Funds (If Any):
Use of funds: E
Valuation Expectations:
Tagline
Logo
www.bandangels.com
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How VCs VetHow VCs Vet
Your Exec SummaryYour Exec Summary Is the referral source credible?Is the referral source credible?
Is this company in my geography?Is this company in my geography? < 1< 1 --2 hours travel time2 hours travel time
Is this a scalable business?Is this a scalable business?
Is the team credible?Is the team credible?
Are the existing investors credible?Are the existing investors credible?
Can I possibly fall in love with the:Can I possibly fall in love with the: CEOCEO
Target marketTarget market Problem being solvedProblem being solved
The technology being developedThe technology being developed
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RejectionRejectionWe cant kiss all the pretty girls
-Bob Kagle, Benchmark
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Step 2: The PitchStep 2: The Pitch
GoalGoal: Get the second date: Get the second date
StrategyStrategy:: SketchSketchout a compelling,out a compelling,
exciting visionexciting vision
11
IntroductionIntroduction
22
The PitchThe Pitch
33
DueDue
DiligenceDiligence
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Pitch Advice is AbundantPitch Advice is Abundant---- and not duplicated hereand not duplicated here
Guy Kawasaki, Garage Technology VenturesGuy Kawasaki, Garage Technology Ventureswww.garage.com/resources/building.shtmlwww.garage.com/resources/building.shtml
Brad Feld, Mobius Venture CapitalBrad Feld, Mobius Venture Capitalwww.feld.com/blog/archives/2004/06/the_torturous_w.htmlwww.feld.com/blog/archives/2004/06/the_torturous_w.html
David Cowan, Bessemer Venture PartnersDavid Cowan, Bessemer Venture Partnerswhohastimeforthis.blogspot.com/2005/11/howwhohastimeforthis.blogspot.com/2005/11/how--toto--notnot--writewrite--businessbusiness--
plan.htmlplan.html
Sequoia CapitalSequoia Capitalsequoiacap.comsequoiacap.com/ideas//ideas/
SVASESVASEwww.svase.org/components/uploads/SVASE%2010%20Slide%20Template.www.svase.org/components/uploads/SVASE%2010%20Slide%20Template.pptppt
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Tell a Simple, yet CompellingTell a Simple, yet Compelling
StoryStory
Your StartYour Start--Up is everything to youUp is everything to you
But just another pretty face to the VCBut just another pretty face to the VC
VCs easily drown in detailsVCs easily drown in details
Boredom sets inBoredom sets in
Your goal is simple:Your goal is simple:
Get the next dateGet the next date
VC Start-Up
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Story Telling is a SkillStory Telling is a Skill Jerry Weissman Coach
to CEOs on an IPORoad Show
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The Story VCs Want to HearThe Story VCs Want to Hear Big MarketBig Market
Open to disruptionOpen to disruption
Customers in pain and who buyCustomers in pain and who buy
Growing order trendGrowing order trend
Strong product offering / technologyStrong product offering / technology Differentiated, protectedDifferentiated, protected
Successful TeamSuccessful Team
A PlayersA Players Successful Investors / Advisors / Board MembersSuccessful Investors / Advisors / Board Members
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Four Pillars to any VC PitchFour Pillars to any VC Pitch
++
TeamTeam TechnologyTechnology
ProductProduct
FinancialsFinancials
MarketMarket
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Market Size isMarket Size is
Every VCs ConcernEvery VCs Concern
% 2003 Corporate Tax Returns by Revenue
2.2% 1.9%
81.8%
0.5%
13.6%
0%
20%
40%
60%
80%
100%
< $1M < $5M < $10M < $50M >$50M
Revenue
Perce
ntof
5.4MReturns
Source: IRS.gov
VCGrade1:200
MarketMarket
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1.1. Market VettingMarket Vetting
CompetitionCompetition
VC clich: No competition = No MarketVC clich: No competition = No Market
Is there room for this startIs there room for this start--up?up? Is there any potential to grow fast?Is there any potential to grow fast?
Is the market big enough to maneuverIs the market big enough to maneuverif the first niche doesnt work out?if the first niche doesnt work out?
MarketMarket
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DahlbergDahlberg 4343
Example: Competition / EcosystemExample: Competition / Ecosystem
RTLS/RFID
YMS
TMS
WMS
Custom Asset Mgmt
ERPOver The RoadTrailer/Tractor Tracking
Middleware/Fusion
Ekahau
Aeorscout
Laudis
Fluensee
SystemId
Retalix
Yardview
C3
RedPrairie Manhattan
OthersOracle
SAP
OAT
QualComm TrimbleSkyBitz
Zebra
NewcoAsset Control
Asset Location Asset Management
OracleWMS
Players
I2
BEA
Microsoft
MotorolaIBM
HPThingMagic
Impinj
Alien
Size of oval does not represent size of company but rather functional coverage in segment
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#1 Cause of Failure is#1 Cause of Failure isthe Lack of Customersthe Lack of Customers
Demonstrate you know your customer coldDemonstrate you know your customer cold
Theres a logical reason behind theTheres a logical reason behind the
customer listcustomer list Articulated customer segmentationArticulated customer segmentation
Strategic approachStrategic approach
List your marquee customersList your marquee customers
Show that customers are helpingShow that customers are helping
MarketMarket
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DahlbergDahlberg 454545
Example: CustomersExample: CustomersManufacturing Retail
Logistics
Transportation
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2. Team2. Team
Show off your leadership aptitudeShow off your leadership aptitude
Personal results, personal successPersonal results, personal success
StartStart--up mentality vs. Big company mentalityup mentality vs. Big company mentality
Company pedigreeCompany pedigree worked at market leadersworked at market leaders Backed by blue ribbon advisorsBacked by blue ribbon advisors
Key: people investors trustKey: people investors trust
Expect your backgrounds to be rigorouslyExpect your backgrounds to be rigorouslychecked.checked.
TeamTeam
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Copyright 2007, 2008, 2009 Robert W.Copyright 2007, 2008, 2009 Robert W.
DahlbergDahlberg 4747
Example: Corporate OrganizationExample: Corporate Organization
Disclose:Disclose:
Experience &Experience &HolesHoles
DavidEngineering
DougSales
MarkCFO
Bob CEO
TBHMarketing
11 Engineers
Cory2 Application
Engineers1 Marketing2 Salespeople
JoeCTO
Rob
33 P d TP d T
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3.3. Product Test:Product Test:
Aspirin or Vitamin??Aspirin or Vitamin??
The product has to be compellingThe product has to be compelling
Customer inertia is hugeCustomer inertia is huge
Customers change only when they have toCustomers change only when they have to Dont fix what isnt broke.Dont fix what isnt broke.
TechnologyTechnologyProductProduct
FF t
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Feature orFeature or
a Company?a Company?
A Feature?A Feature?
Can the incumbent add this feature to anCan the incumbent add this feature to an
existing product easily?existing product easily?
A Product?A Product? Part of a fullPart of a full--product portfolio?product portfolio?
A Company?A Company? Can the value prop create a substantialCan the value prop create a substantial
business?business?
TechnologyTechnologyProductProduct
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4. Financials4. FinancialsFinancialsFinancials
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Cash is KingCash is King
Revenue forecast will likely not materialize, SoRevenue forecast will likely not materialize, So
Is this plan realistic?Is this plan realistic?
Revenue must not be too big, but not too smallRevenue must not be too big, but not too small
Spending plan will be scrutinized.Spending plan will be scrutinized.
Cash is KingCash is King
Successful CEOs are frugalSuccessful CEOs are frugal
FinancialsFinancials
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Sequoia Capitals Directive to CEOs 10/2008
O OE l HOW WE MAKE MONEY
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Copyright 2007, 2008, 2009 Robert W.Copyright 2007, 2008, 2009 Robert W.
DahlbergDahlberg 5353
Example: HOW WE MAKE MONEYExample: HOW WE MAKE MONEY
PRODUCT
ON-DEMAND
$
Newco 1.0SAME PRODUCT
3 REVENUE STREAMS
ECU/hours
NewcoDELPLOYED IN APUBLIC CLOUD
NewcoDELPLOYED IN APUBLIC CLOUD
APPLICATIONDELPLOYED IN APUBLIC CLOUD
APPLICATIONDELPLOYED IN APUBLIC CLOUD
$ Additional ECUs
Licensed Server
ENTERPRISE
DELPLOYED ATCUSTOMER SITE
DELPLOYED ATCUSTOMER SITE
APPLICATIONDELPLOYED IN A
PRIVATE or PUBLICCLOUD
APPLICATIONDELPLOYED IN A
PRIVATE or PUBLICCLOUD
Newco 2.0 On-Premise Q4 2008$
Newco X
Newco X
Newco X
Example: BUILD + SELLExample: BUILD + SELL
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Example: BUILD + SELLExample: BUILD + SELL
Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8
On-demandLAMP
VMWareBeta
MySQL
Postgres
EDB
AmazonPlatform
EDB PrivateBranding
V2.0 ReleaseOn-premise
Glassfish
Tomcat
OLAP/DWBundle
LicenseServer
3-6 NewComponents
3-6 NewComponents
3-6 NewComponents
3-6 NewComponents
2-3 CoreEnhancement
s
Xen? MSFT?
2-3 CoreEnhancement
s
2-3 CoreEnhancement
s
2-3 CoreEnhancement
s
VMWareProduction
1 2 3 5 5 6 63
$0.3 $0.6 $1.2 $1.2 $1.5 $1.5 $1.8 $1.8
1 2 3
$0.75 $0.75 $1.5 $2.25 $3.0$2.25$0.75
ENGINEERINGTEAMS
SALESTEAMS
PRODUCT
4
JBoss
0925
36 4568 68
79 79
TOTALTEAM
EMPLOYEES
COST($M):
REVENUE ($M):
PRODUCT
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The Morning After The Morning After
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What Can You Do?What Can You Do? React to the business advice you receivedReact to the business advice you received
Adjust as necessary, your business strategyAdjust as necessary, your business strategy Polish your pitch for the next VCPolish your pitch for the next VC
Incorporate learning from each interactionIncorporate learning from each interaction
Simplify, SimplifySimplify, Simplify
Clarify confusing pointsClarify confusing points
Address objection itemsAddress objection items
Rearrange the slide orderRearrange the slide order
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What Will Most VCs Do?What Will Most VCs Do? Best case: Fast no, slow yesBest case: Fast no, slow yes
Typical: Innocuous turn down, if at allTypical: Innocuous turn down, if at all They dont want to burn any bridgesThey dont want to burn any bridges
Typical: No urgencyTypical: No urgency Risk reduces as time passesRisk reduces as time passes
Wait for a milestoneWait for a milestone
quarter resultsquarter results prototype worksprototype works
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RejectionRejection Accept rejection gracefullyAccept rejection gracefully
There is no rationale argument to bring theThere is no rationale argument to bring theVC backVC back
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What Might Happen?What Might Happen? When a VC senses love, youll hear backWhen a VC senses love, youll hear back
Be responsive!Be responsive! VCs like working with responsive peopleVCs like working with responsive people
Youre building a relationshipYoure building a relationship
Respond to requestsRespond to requests < 24 hours< 24 hours
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Step 3: Due DiligenceStep 3: Due DiligenceGoalGoal: Receive a term sheet: Receive a term sheet
StrategyStrategy: Two way test drive: Two way test drive
ApproachApproach The PitchThe PitchDueDue
DiligenceDiligence
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Prepare in AdvancePrepare in Advance Executive resumes & referencesExecutive resumes & references
Line up references in advance,Line up references in advance, Contact people VCs will findContact people VCs will find
Financial QuarterliesFinancial Quarterlies
Capitalization tableCapitalization table
Customer / technology referencesCustomer / technology references
Keep them updated on your progress,Keep them updated on your progress, Use them judiciouslyUse them judiciously
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Typical Due Diligence ProcessTypical Due Diligence Process1.1. More informationMore information (Exec. resumes, financials, cap(Exec. resumes, financials, cap
table, personal references, etc.)table, personal references, etc.)
2.2. Meet with VCs expert(s)Meet with VCs expert(s)
Portfolio companies, friends, paid expertsPortfolio companies, friends, paid experts
3.3. Follow up meeting(s) at your officeFollow up meeting(s) at your office4.4. Calls to customers and personal referencesCalls to customers and personal references
5.5. Calls to backCalls to back--channel referenceschannel references
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Remember VCs come with CostsRemember VCs come with Costs
Fund raising takes time away from serving customersFund raising takes time away from serving customers
False sense of security: it masks viabilityFalse sense of security: it masks viability
Money enables costly mistakesMoney enables costly mistakes Money removes spending disciplineMoney removes spending discipline
Adds additional master(s)Adds additional master(s)
You give up a lot of ownershipYou give up a lot of ownership
Sets the exit strategy and timingSets the exit strategy and timing
Source: Greg Gianforte, CEO RightNow, http://cet.berkeley.edu/Resources/CETLectures.html
So Use Due Diligence as aSo Use Due Diligence as a
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gg
Two Way Test DriveTwo Way Test Drive Can I work with this team / VC for the nextCan I work with this team / VC for the next
6 years?6 years? Is this a quality team / VC?Is this a quality team / VC?
Do team / VC listen?Do team / VC listen?
Is the team/VC honest, ethical, reliable?Is the team/VC honest, ethical, reliable?
dependable?dependable?
How do they react being under fire?How do they react being under fire?
Syndication:Syndication:
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yy
Two Parents are Better than OneTwo Parents are Better than One For the entrepreneurFor the entrepreneur
More strategic minds around the tableMore strategic minds around the table Hedge against one VC walking outHedge against one VC walking out
For the VCFor the VC Validates that the start up has legsValidates that the start up has legs
More powder availableMore powder available
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Getting MarriedGetting Married Locate a SyndicateLocate a Syndicate
PartnerPartner
Term SheetTerm Sheet
Legal due diligenceLegal due diligence
Cash in the bankCash in the bank
And RememberAnd Remember
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Venture Capital Isnt RequiredVenture Capital Isnt Required BroadcomBroadcom
No VC moneyNo VC money
CiscoCisco
$5M in revenue, profitable before Sequoia$5M in revenue, profitable before Sequoiainvestedinvested
DellDell
Raised money at $60M in revenueRaised money at $60M in revenue
eBayeBay
$4.5M in revenue and profitable before$4.5M in revenue and profitable beforeBenchmark investedBenchmark invested
MicrosoftMicrosoft
VC funded after being profitableVC funded after being profitable
The MathWorksThe MathWorks
>$300M in revenue, no VC money>$300M in revenue, no VC money
OracleOracle Government contract funded first productGovernment contract funded first product
SAS InstituteSAS Institute
> $1.9B in revenue, the largest private software> $1.9B in revenue, the largest private softwarecompany, no VC moneycompany, no VC money
SiebelSiebel
Customers funded first productCustomers funded first product
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Entrepreneur ResourcesEntrepreneur Resources Law firm outreachLaw firm outreach DLA Piper Venture PipelineDLA Piper Venture Pipeline
www.venturepipeline.comwww.venturepipeline.com
Fenwick & West LLPFenwick & West LLP
Darrell Kong
Orrick, Herrington & Sutcliffe LLPs Total AccessOrrick, Herrington & Sutcliffe LLPs Total Access"Chad Lynch" "Chad Lynch"
Pillsbury Winthrop Shaw Pittman LLPs Back Stage PassPillsbury Winthrop Shaw Pittman LLPs Back Stage Pass
[email protected]@pillsburylaw.com
Wilson, Sonsini, Goodrich, and RosatiWilson, Sonsini, Goodrich, and Rosatiwsgr.com/WSGR/Display.aspx?SectionName=practice/venturecapital.hwsgr.com/WSGR/Display.aspx?SectionName=practice/venturecapital.htmtm
SDForumSDForum
www.sdforum.orgwww.sdforum.org Silicon Valley Banks Venture ExchangeSilicon Valley Banks Venture Exchange
Shai Goldman, Director, [email protected] Goldman, Director, [email protected]
SVASE,SVASE, Silicon Valley Association of Startup EntrepreneursSilicon Valley Association of Startup Entrepreneurs..
www.svase.orgwww.svase.org The Enterprise Network of Silicon ValleyThe Enterprise Network of Silicon Valley
Tensv.orgTensv.org
Womens Technology ClusterWomens Technology Clusterwww.wtcwww.wtc--sf.orgsf.org
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To Your New VentureTo Your New Venture
Success!Success!