Diese Präsentation wurde erfolgreich gemeldet.
Wir verwenden Ihre LinkedIn Profilangaben und Informationen zu Ihren Aktivitäten, um Anzeigen zu personalisieren und Ihnen relevantere Inhalte anzuzeigen. Sie können Ihre Anzeigeneinstellungen jederzeit ändern.
Valentina Casella
INTERNATIONALIZATION OF ITALIAN
START-UPS
The United States
1
Internationalization: Born Global
• The Concept Yesterday (McKinsey & Co. and others in the 90’s)
– Sales focus: “Manage...
2
Why The United States?
• The American Dream Factor
• Investment Opportunities
• Large and Profitable Market for Products...
3
What Formula for Italian Start-ups
• There is no right answer
• The “Multinazionale Tascabile”
– Italian headquarters
– ...
4
How to Attract US Investments
• There is no Right Answer
• Still, three words of advice: You Need Traction
• What is tra...
5
How to Attract US Investments: What Else?
• Be ready to move to the US
• Find the best “bridge” to move over, don’t do i...
6
Moving to the United States: the Legal Side
• Immigration
– Identify the best visa option
• Corporate Law and Corporate ...
7
Corporate Law and Corporate Governance
• Corporate law is state based
– Decide in what jurisdiction to form your company...
8
Jurisdiction: Why Delaware?
• Preferred by Angel Investors and VCs, top choice for IPOs
• Most sophisticate and flexible...
9
Jurisdiction: Why Not Delaware?
• Other sophisticated jurisdictions exist
• Extra filing fees in the state in which the
...
10
Corporate Form: Which One to Choose
• The LLC
– “Flow through” for tax purposes
– More flexible, less formalities, but ...
11
Corporate Form: Which One to Choose (Cont’d)
• The S-Corporation (IRS election)
– “Flow through” for tax purposes
– Sim...
12
Corporate Form: Which One to Choose (Cont’d)
• The C-Corporation
– Not a “flow through” entity tax wise: shareholder fa...
13
Raising Capital: Before the VCs
• Convertible Notes
– Convertible debt instrument, with maturity (circa 18 mo.)
– Inter...
14
Raising Capital: More Flexible Instruments
• SAFE (Simple Agreement for Future Equity)
– Y Combinator, 2013
– Not a deb...
15
To Wrap it All Up
• Get the activities world map right
• Get traction
• Get on the move
• Get the right advisors
• Get ...
Nächste SlideShare
Wird geladen in …5
×

Internationalization of italian start-ups - Valentina Casella

Slide evento "Internazionalizzazione delle startup italiane" - Italia Startup.

Slide di Avv. Valentina Casella - Studio Casella e Associati Solicitor.

  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

Internationalization of italian start-ups - Valentina Casella

  1. 1. Valentina Casella INTERNATIONALIZATION OF ITALIAN START-UPS The United States
  2. 2. 1 Internationalization: Born Global • The Concept Yesterday (McKinsey & Co. and others in the 90’s) – Sales focus: “Management that views the world as marketplace from the outset” (Knight and Cavusgil, 1996) – Domestic market perceived too small for profitability – Specialized, high technology products for competitive advantage • And Today (start-up ecosystem) – Broader focus: fund raising, R&D, human capital, sales – Clearly define from the start the activities to do locally and those to start abroad – If you believe in Unicorns: need a market of at least 100 million people to scale your company up to 1 billion capitalization
  3. 3. 2 Why The United States? • The American Dream Factor • Investment Opportunities • Large and Profitable Market for Products • Efficient Market and Regulations • Strong Startup Culture and Ecosystem – Sophisticated incubators, investors and professionals
  4. 4. 3 What Formula for Italian Start-ups • There is no right answer • The “Multinazionale Tascabile” – Italian headquarters – world leadership in market niche with high value added • The Dual Model (Funambol, Decysion, Gild and others) – Italy: R&D, human capital – United States: headquarters, fund raising, sales – Generally: US holding, with Italian subsidiary
  5. 5. 4 How to Attract US Investments • There is no Right Answer • Still, three words of advice: You Need Traction • What is traction? “Quantitative evidence of market demand” (Naval Ravikant, AngelList CEO) • How to get traction? – Test your product and market in your home country – Get a seed round at home
  6. 6. 5 How to Attract US Investments: What Else? • Be ready to move to the US • Find the best “bridge” to move over, don’t do it in a vacuum • Build a strong local network • Be ready to form a US Company • Work with local professionals from the outset
  7. 7. 6 Moving to the United States: the Legal Side • Immigration – Identify the best visa option • Corporate Law and Corporate Governance – How to best structure your business – Instruments to raise capital • Intellectual Property – Paramount to protect your IP and trade secrets • Tax – Be prepared to navigate both Federal and State tax intricacies
  8. 8. 7 Corporate Law and Corporate Governance • Corporate law is state based – Decide in what jurisdiction to form your company • What corporate form for your legal entity? – C-Corporation – S-Corporation – LLC
  9. 9. 8 Jurisdiction: Why Delaware? • Preferred by Angel Investors and VCs, top choice for IPOs • Most sophisticate and flexible body of corporate law • Director and business friendly • Predictable and reliable: Court of Chancery case law • Fast and efficient • No corporate tax if company does not do business in Delaware • Privacy Protection
  10. 10. 9 Jurisdiction: Why Not Delaware? • Other sophisticated jurisdictions exist • Extra filing fees in the state in which the company conducts business • Annual costs for registered agent for the service of process • Annual franchise tax for the right to incorporate in Delaware • Annual reporting obligations
  11. 11. 10 Corporate Form: Which One to Choose • The LLC – “Flow through” for tax purposes – More flexible, less formalities, but higher risk of “veil piercing” – As a foreign investor, risk of paying taxes in the US – VCs strongly prefer c-corporations: both for tax reasons and for predictability
  12. 12. 11 Corporate Form: Which One to Choose (Cont’d) • The S-Corporation (IRS election) – “Flow through” for tax purposes – Similar formalities as C-Corporations – Limitations on ownership (max 100 shareholders, not for non resident aliens) – VCs strongly prefer c-corporations: both for tax reasons and for predictability
  13. 13. 12 Corporate Form: Which One to Choose (Cont’d) • The C-Corporation – Not a “flow through” entity tax wise: shareholder face double taxation on dividends – More formalities to comply with – Perceived as more solid by investors – VCs strongly prefer c-corporations: both for tax reasons and for predictability – Only viable vehicle for IPOs
  14. 14. 13 Raising Capital: Before the VCs • Convertible Notes – Convertible debt instrument, with maturity (circa 18 mo.) – Interest rate (around 5%) – Converts to (preferred) stock upon “Qualified Financing” (around $1million or more) – Conversion price determined through lower of cap and/or discount (usually 20%) – If the company is sold: conversion or premium on investment (around 2x) – Pros: company valuation not needed at the outset, relatively fast and cheap process
  15. 15. 14 Raising Capital: More Flexible Instruments • SAFE (Simple Agreement for Future Equity) – Y Combinator, 2013 – Not a debt instrument: no maturity, no interest – Cap and/or discount – Promise to receive (preferred) equity in the event of a future equity financing (typically not qualified) • KISS (Keep It Simple Security) – 500 Startups, 2014 – Two instruments: Convertible Debt (a standardized convertible note) and Convertible Equity (similar, with no interest rate)
  16. 16. 15 To Wrap it All Up • Get the activities world map right • Get traction • Get on the move • Get the right advisors • Get the money • Get the market • Good Luck!

    Als Erste(r) kommentieren

    Loggen Sie sich ein, um Kommentare anzuzeigen.

Slide evento "Internazionalizzazione delle startup italiane" - Italia Startup. Slide di Avv. Valentina Casella - Studio Casella e Associati Solicitor.

Aufrufe

Aufrufe insgesamt

368

Auf Slideshare

0

Aus Einbettungen

0

Anzahl der Einbettungen

2

Befehle

Downloads

4

Geteilt

0

Kommentare

0

Likes

0

×