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1
October 28, 2009
Serial entrepreneurs co-creating growth companies
in health and Web
Funding
start-ups
Timo Ahopelto
Founding Partner
timo@lifelineventures.com
2
October 28, 2009
Timo.
Minulla on vanha vakava rytmihäiriö.
R&D palaverissa olin
saada sydänkohtauksen.
Voinko mennä kotiin loppupäiväksi?
3
October 28, 2009
Timo. I still believe that
your company is the
best. You are financially
stable and you have the
best technology.
EUR 2.5 million in
due payments >
100 days. My CTO
almost got heart
attack.
4
October 28, 2009
Co-creating growth companies
Petteri
Koponen
Timo
Ahopelto
Jarkko
Joki-Tokola
• Built four life sciences and telecoms companies to global market leaders
• Raised in excess of €100 million in venture capital and angel investor funding
• Built the best-performing venture-funded life sciences IT company in Finland
• Worked in all the startup CxO roles in Europe, the US and Asia
5
October 28, 2009
Call us if...
• Your idea is revolutionary, industry-defining or otherwise bigger
than life
• You will lead a global category
• Your team masters technology, science or core processes
• You believe it would be fun to work together to create a ’once-in-a-
lifetime’ experience and significant value fast
6
October 28, 2009
Venture capital
returns continue to slide
Source: Cambridge Associates 2009
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Total value of paid-in capital by year
7
October 28, 2009
Reason?
We have moved away from
entrepreneurs funding
entrepreneurs
How it used to be Today
8
October 28, 2009
Call for experienced
entrepreneurs to drive
companies go international
Select 2-3 start-ups /manager
Managers work hands-on
Managers invest into start-ups personally
Public funding leverage from Tekes,
Veraventure and Finnvera
What did we decide to do in Finland by the Ministry?
9
October 28, 2009
10
October 28, 2009
11
October 28, 2009
12
October 28, 2009
About raising money...
13
October 28, 2009
Fund-raising is easy for passionate
entrepreneurs with big idea and
capability to execute
It is difficult only for MBAs with business plans
14
October 28, 2009
Timing is everything. You need to raise
against the next stage of expectations.
Idea Alpha Real customers Real revenue growth
$ $ $ $ $
Real traction
15
October 28, 2009
Amount is important. You need to raise
to deliver the expectations.
Idea Alpha Real traction Real customers Real revenue growth
$ $ $ $ $
Can this
really
scale?
Is this
really
validated by
customers?
Does this
work?
Where is
your
trend-line?
16
October 28, 2009
Story #2
Founding CEO of CRF Health – the company we just bought back from 3i plc and a top performing
VC-funded Finnish IT company all time
17
October 28, 2009
CRF Health funding story for EUR 25 million
Idea Alpha Real customers Real revenue growth
$ $ $ $ $
Real traction
2000
* Stratos Ventures
* Angels
2001
* 3i
* Stratos Ventures
Not capable
to attract new investors
2002
* NVP
* 3i
* Stratos Ventures
Bridge funding from
the investors
2010
Founders bought
3i out
18
October 28, 2009
Business plan document is over-rated.
Plans don’t close deals, results do.
19
October 28, 2009
Network.
But understand that networks do not close
deals either - and if you are good enough,
you don’t need networks to start.
20
October 28, 2009
Have timeline and keep it.
We will close this round
by end of this year to
have our product
launched by end of Q1
next year.
21
October 28, 2009
Ending words...
22
October 28, 2009
Think what you would expect from
someone you trust your money to?
23
October 28, 2009
The list can become quite simple...
Good idea
Good team
Big market
Capability to execute
Return for the money
24
October 28, 2009
Serial entrepreneurs co-creating growth companies
in health ad Web
Contact us to talk more!
Timo Ahopelto
Founding Partner
timo@lifelineventures.com

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SUW Funding StartUps, Timo Ahopelto

  • 1. 1 October 28, 2009 Serial entrepreneurs co-creating growth companies in health and Web Funding start-ups Timo Ahopelto Founding Partner timo@lifelineventures.com
  • 2. 2 October 28, 2009 Timo. Minulla on vanha vakava rytmihäiriö. R&D palaverissa olin saada sydänkohtauksen. Voinko mennä kotiin loppupäiväksi?
  • 3. 3 October 28, 2009 Timo. I still believe that your company is the best. You are financially stable and you have the best technology. EUR 2.5 million in due payments > 100 days. My CTO almost got heart attack.
  • 4. 4 October 28, 2009 Co-creating growth companies Petteri Koponen Timo Ahopelto Jarkko Joki-Tokola • Built four life sciences and telecoms companies to global market leaders • Raised in excess of €100 million in venture capital and angel investor funding • Built the best-performing venture-funded life sciences IT company in Finland • Worked in all the startup CxO roles in Europe, the US and Asia
  • 5. 5 October 28, 2009 Call us if... • Your idea is revolutionary, industry-defining or otherwise bigger than life • You will lead a global category • Your team masters technology, science or core processes • You believe it would be fun to work together to create a ’once-in-a- lifetime’ experience and significant value fast
  • 6. 6 October 28, 2009 Venture capital returns continue to slide Source: Cambridge Associates 2009 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Total value of paid-in capital by year
  • 7. 7 October 28, 2009 Reason? We have moved away from entrepreneurs funding entrepreneurs How it used to be Today
  • 8. 8 October 28, 2009 Call for experienced entrepreneurs to drive companies go international Select 2-3 start-ups /manager Managers work hands-on Managers invest into start-ups personally Public funding leverage from Tekes, Veraventure and Finnvera What did we decide to do in Finland by the Ministry?
  • 12. 12 October 28, 2009 About raising money...
  • 13. 13 October 28, 2009 Fund-raising is easy for passionate entrepreneurs with big idea and capability to execute It is difficult only for MBAs with business plans
  • 14. 14 October 28, 2009 Timing is everything. You need to raise against the next stage of expectations. Idea Alpha Real customers Real revenue growth $ $ $ $ $ Real traction
  • 15. 15 October 28, 2009 Amount is important. You need to raise to deliver the expectations. Idea Alpha Real traction Real customers Real revenue growth $ $ $ $ $ Can this really scale? Is this really validated by customers? Does this work? Where is your trend-line?
  • 16. 16 October 28, 2009 Story #2 Founding CEO of CRF Health – the company we just bought back from 3i plc and a top performing VC-funded Finnish IT company all time
  • 17. 17 October 28, 2009 CRF Health funding story for EUR 25 million Idea Alpha Real customers Real revenue growth $ $ $ $ $ Real traction 2000 * Stratos Ventures * Angels 2001 * 3i * Stratos Ventures Not capable to attract new investors 2002 * NVP * 3i * Stratos Ventures Bridge funding from the investors 2010 Founders bought 3i out
  • 18. 18 October 28, 2009 Business plan document is over-rated. Plans don’t close deals, results do.
  • 19. 19 October 28, 2009 Network. But understand that networks do not close deals either - and if you are good enough, you don’t need networks to start.
  • 20. 20 October 28, 2009 Have timeline and keep it. We will close this round by end of this year to have our product launched by end of Q1 next year.
  • 22. 22 October 28, 2009 Think what you would expect from someone you trust your money to?
  • 23. 23 October 28, 2009 The list can become quite simple... Good idea Good team Big market Capability to execute Return for the money
  • 24. 24 October 28, 2009 Serial entrepreneurs co-creating growth companies in health ad Web Contact us to talk more! Timo Ahopelto Founding Partner timo@lifelineventures.com