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Mastering the VC Game - Quebec City Conference Presentation

A short summary of my book, Mastering the VC Game, for the Quebec City Conference - October 2014

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1 
Jeffrey Bussgang General Partner, Flybridge Capital Partners Senior Lecturer, Harvard Business School @bussgang www.jeffbussgang.com
2 
Entrepreneurship is about Passion
3 
Why I Wrote The Book 
•As an entrepreneur, I found venture capital to be a black box 
•As a VC, having seen the other side, I wanted to help entrepreneurs understand how to finance and build great companies 
•My mission: to demystify the VC world for entrepreneurs and help them bring their dreams to fruition
•General Partner, Flybridge Capital Partners 
Early-stage VC firm based in Boston and NYC 
Portfolio companies include MongoDB, DataXu, Crashlytics 
•Senior Lecturer at Harvard Business School 
•Former entrepreneur 
Cofounder/President Upromise (acq’d by SallieMae) 
VP at Open Market (IPO ‘96) 
•Blog: Seeing Both Sides.com 
•Book: Mastering the VC Game 
Context for My Perspective
4 
•$2.9 trillion – venture- backed businesses combined sales (20% of total business revenues in US) 
•12 million – jobs at venture-backed companies (12% of US work force) 
Give me a lever long enough, and I will move the Earth. - Archimedes 
Impact of Venture Capital is Enormous…
…Yet A Cottage Industry 
NYSE: $16.6 trillion NASDAQ: $8.5 trillion TOTAL: $25.1 trillion 
VC Investments: $20-30 billion/yr 
10 basis 
points 
1000-1500 
Initial VC deals/yr 
60,000-80,000 angel deals/yr 
1-2% 
100-150 Active 1st round VCs 
1000 Investment firms

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Mastering the VC Game - Quebec City Conference Presentation

  • 1. 1 Jeffrey Bussgang General Partner, Flybridge Capital Partners Senior Lecturer, Harvard Business School @bussgang www.jeffbussgang.com
  • 2. 2 Entrepreneurship is about Passion
  • 3. 3 Why I Wrote The Book •As an entrepreneur, I found venture capital to be a black box •As a VC, having seen the other side, I wanted to help entrepreneurs understand how to finance and build great companies •My mission: to demystify the VC world for entrepreneurs and help them bring their dreams to fruition
  • 4. •General Partner, Flybridge Capital Partners Early-stage VC firm based in Boston and NYC Portfolio companies include MongoDB, DataXu, Crashlytics •Senior Lecturer at Harvard Business School •Former entrepreneur Cofounder/President Upromise (acq’d by SallieMae) VP at Open Market (IPO ‘96) •Blog: Seeing Both Sides.com •Book: Mastering the VC Game Context for My Perspective
  • 5. 4 •$2.9 trillion – venture- backed businesses combined sales (20% of total business revenues in US) •12 million – jobs at venture-backed companies (12% of US work force) Give me a lever long enough, and I will move the Earth. - Archimedes Impact of Venture Capital is Enormous…
  • 6. …Yet A Cottage Industry NYSE: $16.6 trillion NASDAQ: $8.5 trillion TOTAL: $25.1 trillion VC Investments: $20-30 billion/yr 10 basis points 1000-1500 Initial VC deals/yr 60,000-80,000 angel deals/yr 1-2% 100-150 Active 1st round VCs 1000 Investment firms
  • 7. California: $94B NY: $20B Mass: $33B Source: NVCA 2014 Yearbook 76% of total US VC $ in these 3 regions That Is Highly Concentrated
  • 8. 8 Why Raise Money from VC Deep Pockets: High risk tolerance and additional funding for follow- on rounds Swing Big: VCs don’t invest in niches, they invest in transformative ideas that can build large companies Experience Matters: VCs have “seen the movie” over and over again and can help avoid pitfalls to find the path to success Value-Add: VCs provide domain experience, industry contacts, and strategic planning
  • 9. 9 •Scope out the firm – size matters, as does the individual •Arrange for a warm introduction •Prepare, Be Brief (VCs Blink), Don’t Downplay the Risk 04/09/10 9 Raising $ from VCs: Find the Sweet Spot
  • 10. •Ideas are a dime a dozen •Having a world-class team is golden •Laser focus of the young entrepreneur is very powerful –E.g., Bill Gates, Michael Dell, and Mark Zuckerberg •Golden rule: 10 04/09/10 10 The Right People: an Unfair Advantage
  • 11. Investor’s Decision Tree Worth 3 minutes (email, phone)? Worth 30 mins (phone, in person)? Worth 60-90 mins (in person)? Worth 2nd mtg (in person)? Ignore Pass gracefully Pass but stay In touch Serious due diligence Pass but be helpful No No No No
  • 12. Typical Investment Criteria •Tangible things investors like to see: –Very big market (> $500m) –Unfair advantage (why you? why now?) –Attractive business model (recurring, high gross margin) –Unique technology or business model approach •Intangible things investors like to see: –“Pied Piper” – an ability to recruit and retain a great team, partners –Interpersonal chemistry –Movie, not a snapshot
  • 13. Expectations and Milestones •Have well-documented milestones that represent what you expect to achieve during the initial funding period –Team building –Technical progress/product development –Customers, revenue –Budget •Talk to the investor about the next round before you close this round –Expectations, amount, price 13
  • 14. •Tale of Two Cities •Lots of Liquidity…for now •Transparency •Angels, Super Angels and Seed Funds •Competing to be “Entrepreneur Friendly” Changes in VC Landscape
  • 15. 15 Conclusion •Unique and special time for entrepreneurship •Unique and special time for technology and innovation, globally •Role of VC is critical, valuable, but rare •To secure financing, you need to be special, tenacious, compelling…and a little lucky
  • 16. 1 Jeffrey Bussgang General Partner, Flybridge Capital Partners Senior Lecturer, Harvard Business School @bussgang www.jeffbussgang.com