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presents
Back to Basics: Financial
Fundamentals For Startups
Get Funded: Financing your Startup
August 13, 2013
Smith Anderson
Silicon Valley Bank
(617) 796-6958
Smanderson@svb.com
Tw...
Chuck Goldman
Apperian
CEO and Co-Founder
cgoldman@apperian.com
Arye Barnehama
Melon
Co-Founder
arye@usemelon.com
Why We’re Here
Sources of Financing Overview
Crowdfunding: A Kickstarter case
study.
Equity: What you need to know.
Debt: ...
Financing partners take risk
Bootstrapping	
  
• Vendor	
  financing
	
  	
  Trade	
  credit
	
  	
  Stretching	
  payables
• Customer	
  financing
	
  	...
Bootstrapping	
  
• Amount	
  of	
  capital
	
  	
  RelaAvely	
  small	
  amounts
• Use	
  of	
  capital
	
  	
  Working	
...
Crowdfunding deep dive
Crowdfunding	
  Then..
Crowdfunding	
  Then..
• 1884	
  this	
  project	
  ran	
  out	
  of	
  
money.	
  
Crowdfunding	
  Then..
• 1884	
  this	
  project	
  ran	
  out	
  of	
  
money.	
  
• Joseph	
  Pulitzer	
  wrote	
  an	
 ...
Crowdfunding	
  Then..
• 1884	
  this	
  project	
  ran	
  out	
  of	
  
money.	
  
• Joseph	
  Pulitzer	
  wrote	
  an	
 ...
Crowdfunding	
  Then..
• 1884	
  this	
  project	
  ran	
  out	
  of	
  
money.	
  
• Joseph	
  Pulitzer	
  wrote	
  an	
 ...
Crowdfunding	
  Then..
• 1884	
  this	
  project	
  ran	
  out	
  of	
  
money.	
  
• Joseph	
  Pulitzer	
  wrote	
  an	
 ...
Crowdfunding	
  Then..
• 1884	
  this	
  project	
  ran	
  out	
  of	
  
money.	
  
• Joseph	
  Pulitzer	
  wrote	
  an	
 ...
Crowdfunding:	
  Today	
  and	
  Beyond
Product/Project
• Currently	
  thriving
– Pledgie	
  (2006)
– Sellaband	
  (2006)
...
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
   Not	
  to	
  Kickstart?
• Kickstarter	
  	
  -­‐	
  La...
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you...
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you...
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you...
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you...
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you...
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you...
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you...
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you...
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you...
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you...
Is	
  it	
  right	
  for	
  you?
Probably
• Hardware	
  with	
  a	
  specific	
  
cost	
  for	
  prototype.
• Consumer	
  f...
Angel Investors
Angels
• Class	
  of	
  capital
	
  	
  Equity	
  (ownership	
  in	
  company)
• Structure/organizaAon
	
  	
  High	
  net...
Angels
• Amount	
  of	
  capital
	
  	
  $100k	
  to	
  $2mm
• Use	
  of	
  capital
	
  	
  Growth	
  capital	
  (i.e.	
  ...
Angels
• Structure	
  of	
  investment
	
  	
  Purchase	
  of	
  common	
  or	
  preferred	
  stock
	
  	
  SomeAmes	
  co...
Venture Capital
Venture	
  Capital	
  
• Class	
  of	
  capital
	
  	
  Equity	
  (ownership	
  in	
  company)
• Structure/organizaAon
	
 ...
Venture	
  Capital
• Amount	
  of	
  capital
	
  	
  $1mm-­‐20mm	
  
	
  	
  Some	
  seed	
  acAvity	
  as	
  well
• Use	
...
Venture	
  Capital
• Structure	
  of	
  investment
	
  	
  Purchase	
  of	
  preferred	
  stock
	
  	
  SomeAmes	
  conver...
Debt
Debt
• Class	
  of	
  capital
	
  	
  Debt	
  (senior	
  debt	
  as	
  discussed	
  here)
• Structure/organizaAon
	
  	
  ...
Debt
• Amount	
  of	
  capital
	
  	
  $1mm-­‐100mm
• Use	
  of	
  capital
	
  	
  Working	
  capital
	
  	
  Growth	
  ca...
Debt
• Structure	
  of	
  investment
	
  	
  Senior	
  secured	
  credit
• Price	
  of	
  investment
	
  	
  Interest	
  a...
Case study
• The	
  early	
  days…
	
  -­‐Chuck	
  –	
  director	
  of	
  enterprise	
  at	
  Apple
	
  -­‐Launches	
  Apperian	
  in...
• The	
  early	
  days…
	
  -­‐Bootstrapping
	
  -­‐Self-­‐financing	
  (and	
  sacrifice)
	
  -­‐Vendor	
  relaAonships
	
 ...
• Six	
  months	
  later…
	
  -­‐The	
  dogs	
  are	
  eaAng	
  the	
  dog	
  food
	
  -­‐iPhone	
  is	
  exploding	
  in	...
• Six	
  months	
  later…
	
  -­‐$1mm	
  seed	
  round
	
  -­‐Common	
  Angels	
  &	
  Launch	
  Capital
	
  -­‐AddiAonal	...
• Q1-­‐10:	
  the	
  one	
  year	
  old	
  startup…
	
  -­‐Begin	
  developing	
  EASE	
  plaEorm
	
  -­‐Acquihire	
  a	
 ...
• Q1-­‐10:	
  the	
  one	
  year	
  old	
  startup…
	
  -­‐$500k	
  SVB	
  line	
  of	
  credit
	
  -­‐Leverage	
  A/R	
  ...
• Q1-­‐11:	
  the	
  two	
  year	
  old	
  startup…
	
  -­‐Enterprise	
  mobility	
  is	
  hot!
	
  -­‐BYOD,	
  iPad	
  in...
• Q1-­‐11:	
  the	
  two	
  year	
  old	
  startup…
	
  -­‐$9.5mm	
  series	
  A
	
  -­‐NorthBridge,	
  Bessemer,	
  Klein...
• The	
  past	
  two	
  years…
	
  -­‐ConAnued	
  market	
  expansion
	
  -­‐MDM,	
  MAM,	
  BYOD,	
  etc.
	
  -­‐Enterpri...
• The	
  past	
  two	
  years…
	
  -­‐$12.4mm	
  preempAve	
  series	
  B	
  in	
  Mar	
  ‘12
	
  -­‐$4.6mm	
  series	
  B...
Questions?
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Startup Roadkill??....these financing tools will help you avoid the 18 wheelers

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From Bootstrapping to Crowdfunding, the financing of startup companies requires a range of considerations along with "funding creativity" and strong dose of persistence. Great value propositions have to find a way to get funded. Here's how.

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Startup Roadkill??....these financing tools will help you avoid the 18 wheelers

  1. presents Back to Basics: Financial Fundamentals For Startups
  2. Get Funded: Financing your Startup August 13, 2013 Smith Anderson Silicon Valley Bank (617) 796-6958 Smanderson@svb.com Twitter: @SmithTown561 Dan Allred Silicon Valley Bank (617) 796-6904 dallred@svb.com Twitter: @dgallred http://danallred.tumblr.com
  3. Chuck Goldman Apperian CEO and Co-Founder cgoldman@apperian.com Arye Barnehama Melon Co-Founder arye@usemelon.com
  4. Why We’re Here Sources of Financing Overview Crowdfunding: A Kickstarter case study. Equity: What you need to know. Debt: When is it right for you.
  5. Financing partners take risk
  6. Bootstrapping   • Vendor  financing    Trade  credit    Stretching  payables • Customer  financing    Prepayments,  deferred  revenue • Self  financing    Working  without  pay    Ge>ng  others  to  do  the  same    Personal  credit,  credit  cards,  etc.
  7. Bootstrapping   • Amount  of  capital    RelaAvely  small  amounts • Use  of  capital    Working  capital  (brings  future  cash  inflow    forward  OR  delays  current  cash  ouElow)   • Stage  of  company    Useful  at  all  stages,  especially  startup. • Who  bears  the  risk  &  what  type    Personal  risk  early,  bankruptcy  risk  later    Working  capital  risk  (risk  of  insolvency)
  8. Crowdfunding deep dive
  9. Crowdfunding  Then..
  10. Crowdfunding  Then.. • 1884  this  project  ran  out  of   money.  
  11. Crowdfunding  Then.. • 1884  this  project  ran  out  of   money.   • Joseph  Pulitzer  wrote  an   arAcle  asking  for  donaAons   to  fund  project.  
  12. Crowdfunding  Then.. • 1884  this  project  ran  out  of   money.   • Joseph  Pulitzer  wrote  an   arAcle  asking  for  donaAons   to  fund  project.   • $100K  raised  to  finish  this   project  in  just  under  6   months
  13. Crowdfunding  Then.. • 1884  this  project  ran  out  of   money.   • Joseph  Pulitzer  wrote  an   arAcle  asking  for  donaAons   to  fund  project.   • $100K  raised  to  finish  this   project  in  just  under  6   months • 125K  people  donated  to  this   fund.  
  14. Crowdfunding  Then.. • 1884  this  project  ran  out  of   money.   • Joseph  Pulitzer  wrote  an   arAcle  asking  for  donaAons   to  fund  project.   • $100K  raised  to  finish  this   project  in  just  under  6   months • 125K  people  donated  to  this   fund.   • GiU  from  France
  15. Crowdfunding  Then.. • 1884  this  project  ran  out  of   money.   • Joseph  Pulitzer  wrote  an   arAcle  asking  for  donaAons   to  fund  project.   • $100K  raised  to  finish  this   project  in  just  under  6   months • 125K  people  donated  to  this   fund.   • GiU  from  France
  16. Crowdfunding:  Today  and  Beyond Product/Project • Currently  thriving – Pledgie  (2006) – Sellaband  (2006) – IndieGoGo  (2008) – GiveForward  (2008) – Kickstarter  (2009) – RocketHub  (2009) – Fundly  (2009) – GoFundMe  (2010) – Appsplit  (2010)   – Microventures  (2010) – Fundageek  (2011) • Incredibly  powerful  momentum  in  the   last  few  years.     Equity   • Not  legal…yet • JOBS  Act  passed  July  10th • Accredited  vs.  non-­‐accredited.      
  17. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   Not  to  Kickstart? • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  18. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     Not  to  Kickstart? • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  19. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   Not  to  Kickstart? • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  20. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. Not  to  Kickstart? • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  21. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. • Almost  immediate  access  to   cash Not  to  Kickstart? • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  22. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. • Almost  immediate  access  to   cash Not  to  Kickstart? Ø No  secrets  to  hide  from   compeAAon.   • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  23. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. • Almost  immediate  access  to   cash Not  to  Kickstart? Ø No  secrets  to  hide  from   compeAAon.   Ø Price  point • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  24. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. • Almost  immediate  access  to   cash Not  to  Kickstart? Ø No  secrets  to  hide  from   compeAAon.   Ø Price  point Ø Go  to  Market  Strategy   • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  25. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. • Almost  immediate  access  to   cash Not  to  Kickstart? Ø No  secrets  to  hide  from   compeAAon.   Ø Price  point Ø Go  to  Market  Strategy   Ø Runway   • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  26. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. • Almost  immediate  access  to   cash Not  to  Kickstart? Ø No  secrets  to  hide  from   compeAAon.   Ø Price  point Ø Go  to  Market  Strategy   Ø Runway   Ø Timing • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  27. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. • Almost  immediate  access  to   cash Not  to  Kickstart? Ø No  secrets  to  hide  from   compeAAon.   Ø Price  point Ø Go  to  Market  Strategy   Ø Runway   Ø Timing Ø Funding  Commitments   • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  28. Is  it  right  for  you? Probably • Hardware  with  a  specific   cost  for  prototype. • Consumer  facing  projects • Micro-­‐market  products • Market  unknown  products.   • One-­‐off  garage  projects • ArAsts • Philanthropists Probably  Not • Large  companies • Complex  products  with   intricate  sales  cycles • Infrastructure  or  enterprise   products  that  are  unlikely  to   touch  consumers.
  29. Angel Investors
  30. Angels • Class  of  capital    Equity  (ownership  in  company) • Structure/organizaAon    High  net  worth  (HNW)  individuals    Some  groups  and  clubs    Some  “super  angel”  funds • MoAvaAon/incenAves    Upside  –  stock  appreciaAon    Most  look  for  an  “exit”  (i.e.  liquidity  event
  31. Angels • Amount  of  capital    $100k  to  $2mm • Use  of  capital    Growth  capital  (i.e.  new  cash  for  growth) • Stage  of  company    Early-­‐stage,  product/market  development • Who  bears  the  risk  &  what  type    Angel  investor  bears  risk    Product/market  risk,  execuAon  risk
  32. Angels • Structure  of  investment    Purchase  of  common  or  preferred  stock    SomeAmes  converAble  debt  iniAally • Price  of  investment    25-­‐50%  of  company’s  stock    ConverAble  debt  ~25%  min  ownership • Monitoring  the  investment    ReporAng    Some  angels  (or  groups)  want  BOD  seat • Value  add    $$$,  industry  experAse,  connecAons
  33. Venture Capital
  34. Venture  Capital   • Class  of  capital    Equity  (ownership  in  company) • Structure/organizaAon    Limited  partnership    10  year  funds  (invest,  grow  &  harvest) • MoAvaAon/incenAves    Upside  (30%  IRR  and  3x  overall  for  fund)    Looking  for  an  “exit”  (i.e.  liquidity  event)
  35. Venture  Capital • Amount  of  capital    $1mm-­‐20mm      Some  seed  acAvity  as  well • Use  of  capital    Extreme  growth  capital • Stage  of  company    Early-­‐stage  and  growth  stage • Who  bears  the  risk  &  what  type    Limited  partners  and  general  partners    Product,  market,  tech  &  execuAon  risk
  36. Venture  Capital • Structure  of  investment    Purchase  of  preferred  stock    SomeAmes  converAble  debt  iniAally • Price  of  investment    20-­‐40%  of  company’s  stock • Monitoring  the  investment    ReporAng    BOD  seats    RedempAon  rights,  registraAon  rights • Value  add    $$$,  industry  experAse,  capital  markets
  37. Debt
  38. Debt • Class  of  capital    Debt  (senior  debt  as  discussed  here) • Structure/organizaAon    Banks  (regulated  to  accept  deposits)    Finance  companies  (corporaAons)    Debt  funds  (limited  partnerships) • MoAvaAon/incenAves    Banks  –  interest  &  fee  income    Finance  companies,  funds  –  interest    Venture  debt  –  warrant  income
  39. Debt • Amount  of  capital    $1mm-­‐100mm • Use  of  capital    Working  capital    Growth  capital    AcquisiAon  capital • Stage  of  company    All  stages • Who  bears  the  risk  &  what  type    The  lender
  40. Debt • Structure  of  investment    Senior  secured  credit • Price  of  investment    Interest  and  fees  for  established  co’s    Plus  warrants  for  pre-­‐profit  co’s • Monitoring  the  investment    ReporAng    Financial  covenants    AffirmaAve  &  negaAve  covenants • Value  add    $$$,  connecAons,  patern  recogniAon
  41. Case study
  42. • The  early  days…  -­‐Chuck  –  director  of  enterprise  at  Apple  -­‐Launches  Apperian  in  January  2009  -­‐App  development  for  enterprise  clients  -­‐Fee  for  service  work     • How  did  I  finance  the  business?
  43. • The  early  days…  -­‐Bootstrapping  -­‐Self-­‐financing  (and  sacrifice)  -­‐Vendor  relaAonships  -­‐Customer  financing  
  44. • Six  months  later…  -­‐The  dogs  are  eaAng  the  dog  food  -­‐iPhone  is  exploding  in  the  enterprise  -­‐Recurring  service  revenues  -­‐Vision  for  EASE  (Enterprise  ApplicaAon   Services  Environment)  plaEorm How  did  I  finance  the  business?
  45. • Six  months  later…  -­‐$1mm  seed  round  -­‐Common  Angels  &  Launch  Capital  -­‐AddiAonal  $500k  in  Q1-­‐10
  46. • Q1-­‐10:  the  one  year  old  startup…  -­‐Begin  developing  EASE  plaEorm  -­‐Acquihire  a  small  development  shop  -­‐Focus  solely  on  enterprise  app  clients  -­‐Begin  transiAoning  from  services  to  products   How  did  I  finance  the  business?
  47. • Q1-­‐10:  the  one  year  old  startup…  -­‐$500k  SVB  line  of  credit  -­‐Leverage  A/R  with  enterprise  clients  -­‐Smooth  out  cash-­‐flow  as  R&D  expense  ramps  -­‐Bridge  between  payrolls  –  when  flush  with  A/ R  but  low  on  cash,  uAlize  line  of  credit  for   payroll,  expenses,  etc.
  48. • Q1-­‐11:  the  two  year  old  startup…  -­‐Enterprise  mobility  is  hot!  -­‐BYOD,  iPad  in  Xmas  2010  -­‐Apperian  building  out  management  team  -­‐Customers  converAng  from  service  contracts  to   EASE  plaEorm    -­‐  Key  move:  move  to  recurring  SaaS  Product How  did  I  finance  the  business?
  49. • Q1-­‐11:  the  two  year  old  startup…  -­‐$9.5mm  series  A  -­‐NorthBridge,  Bessemer,  Kleiner  Perkins  -­‐1st  enterprise  investment  from  KP  iFund  -­‐Over  2  years  of  cash  runway
  50. • The  past  two  years…  -­‐ConAnued  market  expansion  -­‐MDM,  MAM,  BYOD,  etc.  -­‐Enterprise  security,  compliance,  etc.  -­‐DistribuAon  partnerships • Personnel  growth – 5-­‐20  year  one,  40  by  year  three  and  70  year  four   How  did  I  finance  the  business?
  51. • The  past  two  years…  -­‐$12.4mm  preempAve  series  B  in  Mar  ‘12  -­‐$4.6mm  series  B  extension  in  Jan  ’13  with   Intel  Capital  -­‐ConAnued  expansion  of  SVB  credit   relaAonship  each  year • Exit  Scenario  at  10x  revenue  –  Looking  at   market  trends…
  52. Questions?
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