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Presented by: Andrew Stotz, CFA 29 April 2016
Pre-Revenue Valuation
18 Questions
29 April 2016 2
Five areas to consider
Source: A. Stotz Investment Research
Trust
Idea
Execution
Exit
Enthusiasm
329 April 2016
Trust
29 April 2016 4
Trust
Source: A. Stotz Investment Research
1. Do I trust this founding team?
529 April 2016
Product Idea
29 April 2016 6
Idea
Source: A. Stotz Investment Research
2. How amazing is the idea? How do
people respond to it?
29 April 2016 7
Product proof
Source: A. Stotz Investment Research
3. What level of proof is there that
the product actual...
29 April 2016 8
Pain
Source: A. Stotz Investment Research
4. Does the product solve a real pain
point? Who REALLY needs th...
29 April 2016 9
Disrupter
Source: A. Stotz Investment Research
5. Is the product a disrupter?
(If yes, then market pain ma...
29 April 2016 10
Industry
Source: A. Stotz Investment Research
6. What is the industry's size and
growth? Is the addressab...
29 April 2016 11
Revenue
Source: A. Stotz Investment Research
7. What is the revenue potential?
How complete and compellin...
29 April 2016 12
Intellectual property
Source: A. Stotz Investment Research
8. What is the intellectual property?
Is it pr...
1329 April 2016
Execution
29 April 2016 14
Plan
Source: A. Stotz Investment Research
9. How thorough is the business
plan?
29 April 2016 15
Competitors
Source: A. Stotz Investment Research
10. Who are the direct competitors?
How will they respon...
29 April 2016 16
Customers
Source: A. Stotz Investment Research
11. Has the exact customer segment
been clearly identified?
29 April 2016 17
Startup experience
Source: A. Stotz Investment Research
12. How many startups have the
founders been invo...
29 April 2016 18
Industry experience
Source: A. Stotz Investment Research
13. What is the founding team's level
of industr...
29 April 2016 19
Marketing
Source: A. Stotz Investment Research
14. How thorough is the marketing
plan?
29 April 2016 20
Partners
Source: A. Stotz Investment Research
15. Have potential partners or
customer/partners been ident...
29 April 2016 21
Sales experience
Source: A. Stotz Investment Research
16. What sales experience does the
team have?
2229 April 2016
Exit
29 April 2016 23
Exit
Source: A. Stotz Investment Research
17. Has the team identified its top
three potential buyers?
2429 April 2016
Enthusiasm
29 April 2016 25
Enthusiasm
Source: A. Stotz Investment Research
18. How many people have I told about this idea
since I l...
29 April 2016 26
Every startup’s dream
Source: A. Stotz Investment Research
-5,000
0
5,000
10,000
15,000
20,000
Year 1 Yea...
29 April 2016 27
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18 Questions for Pre-Revenue Valuation of a Startup

Oftentimes, I’m asked about the concept of pre-revenue valuation for a startup. Well, that’s a very difficult thing because you’ve got no revenue and certainly no profit.

How do you value this?

In my opinion, the first step in the valuation of a company is to ask these 18 questions. These 18 questions cover five areas. First is trust; second is the idea; third is execution; fourth is the exit; and the fifth is enthusiasm.

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18 Questions for Pre-Revenue Valuation of a Startup

  1. 1. Presented by: Andrew Stotz, CFA 29 April 2016 Pre-Revenue Valuation 18 Questions
  2. 2. 29 April 2016 2 Five areas to consider Source: A. Stotz Investment Research Trust Idea Execution Exit Enthusiasm
  3. 3. 329 April 2016 Trust
  4. 4. 29 April 2016 4 Trust Source: A. Stotz Investment Research 1. Do I trust this founding team?
  5. 5. 529 April 2016 Product Idea
  6. 6. 29 April 2016 6 Idea Source: A. Stotz Investment Research 2. How amazing is the idea? How do people respond to it?
  7. 7. 29 April 2016 7 Product proof Source: A. Stotz Investment Research 3. What level of proof is there that the product actually works?
  8. 8. 29 April 2016 8 Pain Source: A. Stotz Investment Research 4. Does the product solve a real pain point? Who REALLY needs this?
  9. 9. 29 April 2016 9 Disrupter Source: A. Stotz Investment Research 5. Is the product a disrupter? (If yes, then market pain may not be necessary)
  10. 10. 29 April 2016 10 Industry Source: A. Stotz Investment Research 6. What is the industry's size and growth? Is the addressable market massive?
  11. 11. 29 April 2016 11 Revenue Source: A. Stotz Investment Research 7. What is the revenue potential? How complete and compelling are the 5 year revenue forecasts?
  12. 12. 29 April 2016 12 Intellectual property Source: A. Stotz Investment Research 8. What is the intellectual property? Is it protectable?
  13. 13. 1329 April 2016 Execution
  14. 14. 29 April 2016 14 Plan Source: A. Stotz Investment Research 9. How thorough is the business plan?
  15. 15. 29 April 2016 15 Competitors Source: A. Stotz Investment Research 10. Who are the direct competitors? How will they respond?
  16. 16. 29 April 2016 16 Customers Source: A. Stotz Investment Research 11. Has the exact customer segment been clearly identified?
  17. 17. 29 April 2016 17 Startup experience Source: A. Stotz Investment Research 12. How many startups have the founders been involved in?
  18. 18. 29 April 2016 18 Industry experience Source: A. Stotz Investment Research 13. What is the founding team's level of industry experience?
  19. 19. 29 April 2016 19 Marketing Source: A. Stotz Investment Research 14. How thorough is the marketing plan?
  20. 20. 29 April 2016 20 Partners Source: A. Stotz Investment Research 15. Have potential partners or customer/partners been identified?
  21. 21. 29 April 2016 21 Sales experience Source: A. Stotz Investment Research 16. What sales experience does the team have?
  22. 22. 2229 April 2016 Exit
  23. 23. 29 April 2016 23 Exit Source: A. Stotz Investment Research 17. Has the team identified its top three potential buyers?
  24. 24. 2429 April 2016 Enthusiasm
  25. 25. 29 April 2016 25 Enthusiasm Source: A. Stotz Investment Research 18. How many people have I told about this idea since I learned of it?
  26. 26. 29 April 2016 26 Every startup’s dream Source: A. Stotz Investment Research -5,000 0 5,000 10,000 15,000 20,000 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 US$million Profit Revenue
  27. 27. 29 April 2016 27 Click on the logo below to check out the video…

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