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Entrepreneurship Workshop Yerevan -Building Value and Startup Funding

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Entrepreneurship Workshop Yerevan -Building Value and Startup Funding

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TECHNOLOGY ENTREPRENEURSHIP WORKSHOP: STEP ARMENIA
Enterprise Incubator Foundation (EIF) in cooperation with CRDF Global. Technology Entrepreneurship workshop conducted by invited Top serial entrepreneurs form US and Europe.

Setup Presentation for early stages funding panel
Securing Early-Stage Funding: Equity Financing (Angel and VC investments), Crowdfunding, Non-equity Funding (self-funding, grants, bank financing, etc.)
Lead Presenter: Valto Loikkanen
Panelists: Ray Johnson, Yeva Hyusyan and Manuk Hergnyan

TECHNOLOGY ENTREPRENEURSHIP WORKSHOP: STEP ARMENIA
Enterprise Incubator Foundation (EIF) in cooperation with CRDF Global. Technology Entrepreneurship workshop conducted by invited Top serial entrepreneurs form US and Europe.

Setup Presentation for early stages funding panel
Securing Early-Stage Funding: Equity Financing (Angel and VC investments), Crowdfunding, Non-equity Funding (self-funding, grants, bank financing, etc.)
Lead Presenter: Valto Loikkanen
Panelists: Ray Johnson, Yeva Hyusyan and Manuk Hergnyan

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Entrepreneurship Workshop Yerevan -Building Value and Startup Funding

  1. 1. Entrepreneurship Workshop Yerevan, Armenia Building Value & Startup Funding Valto Loikkanen Grow VC Group ++ www.growvc.com ++ @growvc ++ Copyrights © Grow VC Group 2015
  2. 2. About me
  3. 3. My Evolution As an Entrepreneur ● Entrepreneur ● International entrepreneur ● International serial entrepreneur ● International portfolio entrepreneur
  4. 4. As an Entrepreneur ● 20 years as international Serial Entrepreneur (US, EU, Asia) & Portfolio Entrepreneur, with personal hard earned success & failures ● 17 years experience in developing web based tools for various business processes ● 6 Years of developing equity crowdfunding and other digital investment market solutions globally ● 5 years for Startup Ecosystem development combined with online support tools, platforms & metrics ● For two years, being part of three EC Horizon 2020 Groups: ○ Access to Risk Finance, ○ Spreading Excellence & Widening participation ○ International Cooperation
  5. 5. As a Business Advisor ● 10 years of startup mentoring ○ with 2000+ one to one mentoring sessions and workshops ○ with 1000+ entrepreneurs and hundreds of startups around the world at various development stages and industries ● In parallel 10 years developing Startup Support services, with entrepreneurial mind and lean methodology (fast ideation, implement and measure cycle) ● 5 years of “living lab” development for Startup Ecosystem in Finland with City of Helsinki
  6. 6. About Grow VC Group "The global pioneer of securities crowdfunding, peer to peer marketplaces and new investment models."
  7. 7. Grow Advisors provide consulting and knowledge resources for Digital Investing Marketplace and Startup Ecosystem development Ecosystem Back-end infrastructure and Support to manage, measure & peer benchmark Startup ecosystems Deal Index offers Visibility to Professional & International Investors and real time investment Market Data Digital Investment Marketplace Back-end solutions and Development Other Grow VC Group Companies & Services For Economic Development
  8. 8. Local Investors & Equity Crowdfunding International Growth $ $$ $ i ! % ? ! $ i Local Startup Ecosystem International Investors & Multinational Corporations Talent, Startups & Support Services Grow Advisors provide consulting and knowledge resources for Digital Investing Marketplace and Startup Ecosystem development. Ecosystem Back-end infrastructure and Support to manage, measure & peer benchmark your ecosystem. Deal Index offers Visibility to Professional & International Investors and real time investment Market Data. Digital Investment Marketplace Back- end solutions and Development $$$ $$ $$ Talent & Investments Growing Startups $$$ The leading global pioneer of digital investment market solutions for private securities. Other Grow VC Group Companies & Services For Economic Development Peer Benchmarking
  9. 9. What is a Startup?
  10. 10. A B C D High Growth Ambition and very scalable business model Low Growth Ambition and/or Non Scalable business Market validated business model Unvalidated business model "a kiosk" "new startup" “New Startup”
  11. 11. Startup stages
  12. 12. http://en.wikipedia.org/wiki/Startup_company Startup Development?
  13. 13. ? Startup Development
  14. 14. Startup Development Phases
  15. 15. Build / Release Validate / Iterate Ideation Scalable product or service idea for a big enough target market. Some initial business models for how it would make money. One person or only a vague team; no confirmed commitment or no right balance of skills in the team structure yet. Concepting Clear and meaningful target with direction for at least 3 years with milestones how to get there, -> 3, 6, 12, 24, 36 months… Team of two or three core founding partners with balanced ownership. Can also already have some extended team with lighter commitment (stock options and or cash compensation) Commitment Committed and balanced founding team. Able to develop the product or service (Minimum Viable Product) without dependency of uncommitted external resources, or already an initial product or service in place. Existing signed shareholder agreement between founders, with milestones, committed time and money use, for at least 2+ years with vesting. Validation Can demonstrate some user growth and or revenue (initial traction). Continue to attract additional resources (money or sweat equity) for equity or future revenue. Looking for clear market validation (Product Market Fit), to move into scaling. Scaling Showing a clear, growing and measurable user and or market traction in a big or rapidly growing target market. Can and wants to scale fast. May have attracted significant funding. Establishing Achieved great growth, that can expected to continue. No longer needs to struggle to get resources and can acquire those easily. Continues to grow and often wants to culturally continue behaving like a "startup" for as long as possible. Founders exit or continue business as usual. Minimum Viable Product This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. www.startupcommons.org Vision > Target > Mission Growth Idea / Team Fit Product / Market Fit Business Model / Market Fit STARTUP DEVELOPMENT PHASES ● Business Model Canvas ● Co-founder Team Building Scale / Expand -2 -1 30 21
  16. 16. Securing Early-Stage Funding
  17. 17. Securing Early-Stage Funding ● Equity Financing (Angel and VC investments) ● Crowdfunding ● Non-equity Funding (self-funding, grants, bank financing, etc.) But remember also! ● Bootstrapping ● Customer funding (revenue)
  18. 18. Build / Release Validate / Iterate Ideation Scalable product or service idea for a big enough target market. Some initial business models for how it would make money. One person or only a vague team; no confirmed commitment or no right balance of skills in the team structure yet. Concepting Clear and meaningful target with direction for at least 3 years with milestones how to get there, -> 3, 6, 12, 24, 36 months… Team of two or three core founding partners with balanced ownership. Can also already have some extended team with lighter commitment (stock options and or cash compensation) Commitment Committed and balanced founding team. Able to develop the product or service (Minimum Viable Product) without dependency of uncommitted external resources, or already an initial product or service in place. Existing signed shareholder agreement between founders, with milestones, committed time and money use, for at least 2+ years with vesting. Validation Can demonstrate some user growth and or revenue (initial traction). Continue to attract additional resources (money or sweat equity) for equity or future revenue. Looking for clear market validation (Product Market Fit), to move into scaling. Scaling Showing a clear, growing and measurable user and or market traction in a big or rapidly growing target market. Can and wants to scale fast. May have attracted significant funding. Establishing Achieved great growth, that can expected to continue. No longer needs to struggle to get resources and can acquire those easily. Continues to grow and often wants to culturally continue behaving like a "startup" for as long as possible. Founders exit or continue business as usual. Minimum Viable Product This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. www.startupcommons.org Vision > Target > Mission Growth Idea / Team Fit Product / Market Fit Business Model / Market Fit STARTUP DEVELOPMENT PHASES ● Business Model Canvas ● Co-founder Team Building Scale / Expand -2 -1 30 21
  19. 19. -2 -1 30 21 Public services & funding Private service providers & investors Supporting Startup Development Startup Knowledge - Money & Connections
  20. 20. Startup Key Milestones -2. Ideation -1. Concepting 0. Commitment 1. Validation 2. Scaling 3. Establishing
  21. 21. From “investors” point of view
  22. 22. “Investor” - anyone that makes meaningful resource investment purely for ROI money, work, project, time, skills, contacts etc..
  23. 23. Valuation? ● typically used and know from investing money to company ● is needed also for other calculation purposes ● is also needed for founders ownership % estimates & sweat equity investments (for work, services, contacts etc.) ● acts as a measure of company development ● is a core "deal tool" at all stages
  24. 24. About valuation ● for cash investment the valuation is typically lower than for other types ● is only as real as validated with an actual deal(s) made - anything else is "guesstimate" ● typical valuation levels do exist for different stages ● early stages more based on promise and later stages more based on results so far + estimated development curve
  25. 25. Ideation ● Potential scalable product/service idea ● Some initial business models for how it would make money ●One person or vague team ●no real commitment confirmed ●and/or no right balance in the team structure yet -2 3210-1
  26. 26. “Investors” view "pie in the sky" – a lot of work to get involved.... 3-2 210-1
  27. 27. Valuation level $0 3-2 210-1
  28. 28. Business Potential More Potential Big Market Market growing Market pull Scalable Less Potential Small market Market shrinking Market Push Not scalable
  29. 29. Concepting ● Have set some clear meaningful target ● clear direction (3y+) with key milestones to get there ● …36, 24, 12, 6, 3 months -> 3, 6, 12, 24, 36 months… ● Team of two or three core people ● but can also have additional team with lighter commitment -2 -1 30 21
  30. 30. Team Idea Market -2 -1 30 21
  31. 31. “Investors” view “hmmm..., maybe there is something here...” still very risky.... money does not really help here... -2 -1 30 21
  32. 32. Valuation level $0 - 100k -2 -1 30 21
  33. 33. Commitment ● Committed skills balanced founding team ● Able to develop the product/service (without dependency of uncommitted external resources) ● OR already have initial product/service developed ● Shareholder agreement with “right things” in it ● milestones & committed time/money usage ● founding team commitments for min. 2+ years with vesting, etc. -2 -1 30 21
  34. 34. Founding Team & Talent Idea Market -2 -1 30 21
  35. 35. “Investors” view “Looks like this may have real potential..? Time to get in for a good deal...? Still very risky..... Maybe join as Advisor...?” -2 -1 30 21
  36. 36. Valuation level $300 - 500k -2 -1 30 21
  37. 37. Team Validation More Potential Good Team Balanced Skills Committed Doer Attitude Right Culture Less Potential Solo Entrepreneur Uneven Skills Not committed Talker Attitude Wrong Culture
  38. 38. Commission and/or Stock Options Founders or Regular Shares With Vesting Advisor Stock Options Commission Trainee Or Stock Options Proven Talent & Reliability Unproven Talent Or Reliability Motivated by Vision & Challenges NOTE: Salary option available only when there is enough revenue. Startup Between Phases -1 to 1 Motivated By Money & Vision
  39. 39. Validation ● Can already show some user growth and/or revenue (initial traction) ● And/or continue to attract external resources (money / additional people/work) for equity or future revenues -2 -1 30 21
  40. 40. Overall Team Talent Product Market Customers 1 3-1 0-2 2
  41. 41. “Investors” view “This is starting to get interesting...” Join now? - Later I may not get in or it's going to be out of my range… -2 -1 30 21
  42. 42. Valuation level $500k - 2M -2 -1 30 21
  43. 43. Between Phases 1 & 2 ● Is where assumptions get validated ● If selected market and team is good… -> The idea and business models can be (and often is) changed or pivoted several times
  44. 44. Commission and/or Stock Options Seed Investors Shares Commission Regular Shares With Vesting Advisor Stock Options Commission Trainee Or Stock Options Equity Crowdfunding Proven Talent & Reliability Unproven Talent Or Reliability Motivated by Vision & Challenges NOTE: Salary option available only when there is enough revenue. Startup Between Phases 1 to 2 Motivated By Money & Vision
  45. 45. Scaling ● Showing clear and growing user/market traction, momentum and or growth ● And/or is able to attract significant funding -2 -1 30 21
  46. 46. Team Talent Product Market Customers Organization 21 3-1 0-2
  47. 47. Market Customers ProductPeople Organization -2 -1 30 1 2
  48. 48. “Investors” view awesome! :) OR Oh, I missed the boat :( earliest time when good VC's start to get interested.... -2 -1 30 21
  49. 49. Valuation level $1 - 10M -2 -1 30 21
  50. 50. Commission and/or Salary Seed, VC Or Strategic Investors Shares Salary / Commission Stock Options Regular Shares With Vesting Equity Crowdfunding Trainee Equity Crowdfunding Proven Talent & Reliability Unproven Talent Or Reliability Motivated by Vision & Challenges Startup After Phase 2 Motivated By Money & Vision
  51. 51. Establishing ● Pretty clearly is going to make it ● Often wants to culturally continue behaving like a "startup" for as long as possible ● No longer need to "try" get resources and can get those easily ● Continue to grow ● Founders make exit or continue biz as usual -2 -1 30 21
  52. 52. Valuation level $5 - 10M+ -2 -1 30 21
  53. 53. Market People Organization Products Customers Markets -2 -1 30 1 2
  54. 54. Salary / Commission Stock Options Regular Shares With Vesting Commission and/or Salary VC & Strategic Investors Shares IPO or Equity Crowdfunding Trainee IPO or Equity Crowdfunding Proven Talent & Reliability Unproven Talent Or Reliability Motivated by Vision & Challenges Startup Around 3 Motivated By Money & Vision
  55. 55. Salary / Commission Stock Options Regular Shares With Vesting Commission and/or Salary VC & Strategic Investors Shares Stock Market Trainee Proven Talent & Reliability Unproven Talent Or Reliability Motivated by Vision & Challenges Startup After 3 Motivated By Money & Vision
  56. 56. Securing Early-Stage Funding ● Equity Financing (Angel and VC investments) ● Crowdfunding ● Non-equity Funding (self-funding, grants, bank financing, etc.)
  57. 57. Valto Loikkanen valto@growvc.com +358 400 421 551 (FIN) +1 415 854-0546 (US) Grow VC Group ++ www.growvc.com ++ @growvc ++ Thank You!

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