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Show Me the Money: Start-up Accelerators
1. Session I - Seed Accelerators:
āStart-up Scourge or Super-charger?ā
Monday July 29, 2013
General Assembly Seminar
Part of the āShow me the $$$$!ā GA event series:
Insider perspective on fundraising and entrepreneurship
Tom Wisniewski
RosePaul Investments
Thanks to all who participated at the event last night @ GA NYC and a special thanks to our guest speakers:
Kamran Ansari, Greycroft Partners;
Brian Cohen, New York Angels ;
Charlie Kemper, Entrepreneurs Roundtable Accelerator;
Shai Goldman, 500 Startups;
Fred Cook, Moveline (TechStars Alum);
Jonathon Ende, SeamlessDocs (ERA Alum);
Heather Marie, 72Lux (500 Startups Alum)
-TW (Thomas@rosepaul.com)
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Agenda
I. Kick-off and Introduction
II. Panel with Accelerators (ERA, 500 Start-ups)
III. Panel with Investors (Greycroft, NY Angels)
IV. [Brief Networking Break]
V. Panel with Founders (Moveline, 72Lux, SeamlessDocs)
VI. More Networking/ Beveragesā¦ā¦ā¦
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I. Kick-Off and Introduction
Show me the $$$$! Series: An Insiderās Guide.
Monthly series on the critical elements of successful start-up
development, fundraising and entrepreneurship.
Goal: make it a great, impactful event.
Leverage:
ļ§ Interesting/Meaningful Topics
ļ§ Present some prepared, well structure content
ļ§ Get great experienced, successful āinsidersā to share
there perspective
ļ§ Include Networking (ā¦and some beer and wine!)
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Tonightās Focus
ļ® There are a lot of challenges in launching a start-up: the odds
appear to be heavily stacked against you.
Less than 100:1 will succeed
ļ® Its not all about a fantastic idea and great team. Two huge factors:
ā¢ Getting the necessary guidance, input, and access ā¦.that allow
you to refine and build the business
ā¢ Raising the capital you need.
ā¦ā¦..Media can make it look easy, but the reality is: itās really
hard.
ļ® Accelerators: Seem to offer the keys to both.
ā¢ Lots of help: during the program, demo day, after
ā¢ Capital: Modest investment upfront, some follow-on(?) andā¦.a
huge boost in raising capital from Angels/VCās post
program.
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ļ® After B-school: joined a start-up management consulting firm Mitchell Madison
Group; focus on Strategy/Operations/IT for financial services, tech, outsourcing,
private equity/VC clients (1993 to 2000)
ļ® Walker Digital: helped set-up and run an early āinternet incubatorā (2000)
ļ® Independent Advisor / Turn-arounds: Advised VC and PE Firms on portfolio
company strategy and new investments; joined the management team of two
companies
ļ® Currently:
ā¢ Early stage investor and advisor to start-ups
ā¢ Member and director at New York Angels
ļ® Investor in:
ā¢ Moveline (Uber for the moving industry) --Techstars Alum;
ā¢ SeamlessDocs (āAdobe 2.0ā internet document sharing) ā ERA Alum
ā¢ DealFlicks ( āHotel.comā for movie tickets) ā500 Start-Ups Alum;
ā¦..and ~10 other ventures that didnāt go through Accelerators,
Tom Wisniewski: My background
ļ® Born in NYC; grew-up in Montclair, NJ
ļ® Physics and Philosophy major undergrad
(Clark University); MBA at Tuck School
(Dartmouth)
ļ® 1st Job: Programmer at Morgan Stanley then
moved to Investment Banking
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Sources of Investment: Seed Fundraising, Angels and VCās
Stage (Pre-Round):
ā¢ Expected to
have:
ā¢ You and a pitch. ā¢ Well developed pitch
ā¢ Answers to āb-planā questions
ā¢ Some productā¦
ā¢ Some tractionā¦.
ā¢ Significant variation among firms butā¦.
Angel req. +:
- More Traction! Clients, users/stats,
more proof. E.g. ā$100K monthly revsā
- ā¦..Growth potential! $1B Industry,
$100M Rev
ā¢ Donāt Expect: ā¢ Product, Traction,
Team
ā¢ Proven business model, product
market fit (know it will change)
Who/what are
they?
ā¢ People you already
know, that trust you
ā¢ Individuals that are experienced
early stage investors
ā¢ A Firm. A group of professional
investors that raises, invests and
manages other peopleās $
Angel Investment
Friends and
Family
Venture Capital
āYouā
aka Bootstrapped
Earlier Stage Later Stage
Round Size $: ā¢ $10ās of K
to $100K
ā¢ $100ās of K
to $1M+
ā¢ $500K to
$1.5M
Investment Size $: $5K ā $10ās of K ā¢ $25K ā $75K ā¢ $250K-$750K
Valuation (Pre-
Mon):
ā¢ < $1 M ā¢ $1 ā 5 M ā¢ $5-10 M
II. Start-up Life-Cycle and Fundraising
āSeedā VC āTraditional Series Aā VC
ā¢ $5M-$15M
ā¢ $3M ā $5M
ā¢ $10 ā 25 M
āSeedā
Where do the Accelerators fit in?
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Accelerators: Some Stats
Stats from Seed-DB (www.seed-db.com):
ā¢ 171 āSeed Acceleratorā Programs world-wide
ā¢ 2862 companies āacceleratedā
ā¢ $2.5B raised (Includes all subsequent
rounds); $1.1B if we exclude Y-Combinator
ā¢ 148 Exits
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Name Location
Date
Founded
Accept.
Rate Funding Cost
Cohort
Size
Class
Timing Class Length
Funded
to Date
Examples of
Graduates
Y Combinator Mountain
View, CA
2005 2% $14K-$20K +
$80K note
None 82 Jan-
Mar,
Jun-Aug
3 months 550 Reddit, Scribd,
Weebly,
Dropbox,
Airbnb,
Codecademy,
42Floors
TechStars Boston, MA;
Boulder, CO;
Chicago, IL;
New York,
NY
2007 <1% $18K +
optional
$100K
convertible
debt
None 8-13 Varies 3 months 162 Filtrbox,
IntenseDebat
e, MadKast,
Socialthing,
Localcents,
DailyBurn
500 Startups Mountain
View, CA
2010 <2% $50K for 5%
equity
$6K/founder,
$3K/non-
founder
25-35 Varies
(NYC
every 9
Mo. ?)
4 months 288 9GAG,
InternMatch,
72Lux,
Fitocracy
Dreamit Philadelphia,
PA; Austin,
TX; Israel;
New York,
NY
2008 N/A $5K + $5K for
each founding
member (up
to 4)
None 10-15 Varies 3 months 95 MindSnacks,
SCVNGR,
SeatGeek,
Notehall
(acquired by
Chegg),
Entrepreneur's
Roundatable
Accelerator
NY, NY 2011 1% $40K None 10 Jun-
Sept,
Jan-Apr
4 months 50 TripleLift,
Stray Boots,
numberFire
Accelerators: Some Stats
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Our guest speakers tonight:
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ļ® Kamran Ansari, Greycroft Partners
ļ® Brian Cohen, New York Angels
ļ® Charlie Kemper, Entrepreneurs Roundtable Accelerator
ļ® Shai Goldman, 500 Startups
ļ® Fred Cook, Moveline (TechStars Alum)
ļ® Jonathon Ende, SeamlessDocs (ERA Alum)
ļ® Heather Marie, 72Lux (500 Startups Alum)
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Thanks!
Thomas Wisniewski
Contact Info
Email: Thomas@RosePaul.com
LinkedIn: http://www.linkedin.com/in/thomaswis
Twitter: @thomaswis
This presentation: http://www.slideshare.net/Thomaswis/
Next event in the SMTM series:
Monday September 30th
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Tom Wisniewski: Investor Profile
ļ® Direct āAngelā Investor in Companies
ā¢ $25K-250K investments; Typical valuations: $1-5 Million,
ā¢ Typical Stage: at least some āproductā done, some customer/sales traction
ā¢ Sector focus: Opportunistic generally within internet/software space;
- fair amount of Saas B2B, and consumer āmarketplaceā models, ecommerce enablers.
- NOT (or not much?): hardware, heathcare/pharma, cleantech
ā¢ NYC based: 50% investments in NYC area companies; total of ~80% NE overall (e.g
Boston, DC), 20% West Coast.
ā¢ Examples:
- Sociocast (social/behavioral big data analytics)
- LiveLook (Saas, live collaboration sales/service platform)
- Anvato (Ad insertion to live video streaming via proprietary machine vision)
- Moveline (Uber for the moving industry)
- SeamlessDocs (Saas, paperwork automation; āAdobe 2.0ā internet document sharing)
- Movio (Digital āRedBoxā; content delivery via ālast 100 ftā of wifi internet)
- HeTexted (Relationship advice forum generating content, media opportunities)
- Wanderu (Kayak for ground transportation)
- DealFlicks (a āPricelineā or āHotel.comā for movie theater tickets)
- iCharts (tool that enables engaging, sharable, embedible chart content)
ļ® Investor in Funds
ā¢ In addition to direct investments in start-ups, invest in VC and PE funds.
ā¢ Examples:
- Social Starts (Seed fund for start-ups leveraging the Social Web)
- Brooklyn Bridge Ventures (Charlie OāDonnellās fund)
- Entrepreneurs Roundtable Accelerator (ERA Fund)
- Greycroft Partners (Venture Fund)
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