'

Investing in Tech Startups

Понравилась презентация – покажи это...





Слайд 0

Unlocking Silicon Valley: Investing in Tech Startups @DaveMcClure @500Startups http://500.co Miami, Nov 2015


Слайд 1

Dave McClure
 Founding Partner & Chief Troublemaker, 500 Startups 00’s & 10’s: • VC: Founders Fund, Facebook fbFund, 500 Startups • Angel: Mashery, Mint.com, SlideShare, Twilio, Wildfire, SendGrid • Marketing: PayPal, Simply Hired, Mint.com, O’Reilly 80’s & 90’s: • Entrepreneur: Aslan Computing (acq’d by Servinet/Panurgy) • Developer: Windows / SQL DB consultant (Intel, MSFT) • Engineer: Johns Hopkins‘88, BS Eng / Applied Math


Слайд 2

500 Startups
 Global Seed Fund & Startup Accelerator • What is 500? – $200M silicon valley VC fund + startup accelerator – 100+ people / 30 investing partners / 18 countries / 20+ languages – 2500+ Founders / 250+ Mentors – Community + Education + Events • ~1300+ Portfolio Co’s / 50+ Countries – Credit Karma ($3B+) – Twilio ($1B+) – GrabTaxi ($1B+) – Wildfire (acq GOOG, $350M) – MakerBot (acq SSYS, $400M) – Viki (acq Rakuten, $200M) – Simple (acq BBVA, $117M) – Sunrise (acq MSFT, $100M) – SendGrid – Udemy – Barkbox – Intercom – TalkDesk


Слайд 3

The 500 Portfolio: Over 1,000 Companies in 50 Countries 3 Unicorns > $1B+ in valuation 30 Centaurs > $100M+ in valuation Udemy VivaReal TheRealReal ElaCarte Smule Womply Ipsy Remind TalkDesk Life360 Intercom StyleSeat BarkBox Kinnek WePay Peertransfer Plangrid Tradesy Sendgrid Vungle Virool Sprig 300 Ponies > $10M+ in valuation Skimlinks ToutApp Recurly ContaAzul Zozi BoostCTR OwnLocal Brainient Bustle LeTote Breather Mayvenn SpotHero Canva TokyoOtakuMode ClubW Muse Geekatoo Transcriptic SnapSheet Algolia Juxta Labs RealtyShares Unikrn Lenda AgFunder BTCjam Junglee Culture Alley Cleanify Italist AllDay Avanoo Neighborly Holidog ViralGains SilverPush StudyPool ++++


Слайд 4

500 Startups: 100+ Investors, Entrepreneurs, Geeks from Silicon Valley / USA + 17 other Countries Tim Chae Dave McClure Marvin Liao Andrea Barrica Edith Yeung Emily Chiu Christine Tsai FOUNDING PARTNER Robert Neivert FOUNDING Early employee Paypal, early ‘Super Angel’, venture capitalist at Founder’s Fund, led fbFund. Early employee YouTube, led developer community building for Google after YouTube’s acquisition Max Fram-Schwartz Mojan Movassate Philipp Moehring Khailee Ng MANAGING LATAM/BRAZIL Rui Ma Cjin Cheng Elizabeth Yin James Riney Diana Moldavsky Zafer Younis Santiago Zavala Juan L. Salaberry Erhan Erdogan Hasan Haider Pankaj Jain Bedy Yang MANAGING SOUTH EAST ASIA Sean Percival Ryan Lawler Built and exited 2 startups in 3 years. GroupsMore sold to Groupon + SAYS.com merged to be listed on the Malaysian stock exchange Founded Brazil Innovators and built startup ecosystems in Latin America, and most active seed investor threre. Kauffman Fellow Krating Poonpol Natavudh P. (Moo) Binh Tran Adam Benayoun Mat Johnson Matt Lerner The title “Partner” is used in accordance with customary business practice in the venture capital industry and does not indicate a legal Eddie Thai Tammy Camp


Слайд 5

[ This Talk ] • Changes in Building Technology Startups • Changes in Venture Capital Investing • Silicon Valley Investing Unlocked


Слайд 6

Before & After 2 Dot-Com Crashes
 LEAN Startup: Simpler, Faster, Cheaper, Smarter Before 2000 Big, Fat, Dinosaur Startup • Sun Servers • Oracle DB • Exodus Hosting • 12-24mo dev cycle • 6-18mo sales cycle • <100M people online • $1-2M seed round • $3-5M Series A • Sand Hill Road crawl After 2008 Lean, Little, Cockroach Startup • • • • • • • • • AWS, Google, PayPal, FB, TW Cloud + Open Source SW Lean Startup / Startup Wknd 3-90d dev cycle SaaS / online sales >3B people online <$100K incub + <$1M seed $1-3M Series A Angel List global visibility


Слайд 7

Changes in Tech Startups • LESS Capital required to build product, get to market – Dramatically reduced cost for servers, software, bandwidth – Funding Platforms: KickStarter, Angel List, Funders Club, etc – Access to online platforms for 100M-1B+ consumers, smallbiz, etc • MORE Customers via ONLINE platforms (100M+ users) – Search (Google, Baidu) – Social (Facebook, Twitter, LinkedIn) – Mobile (Apple, Android) – E-Commerce (Amazon, Ebay/PayPal, Alibaba) – Media (YouTube, Pinterest, Instagram) – Comm/Msgs (WeChat, WhatsApp, Line, SnapChat, Email, Voice, SMS, etc) • LOTS of little bets: Accelerators, Angels, Angel List, Small Exits – Capital + Co-working + Mentoring -> Design, Data, Distribution – “Fast, Cheap Fail”, network effects, quantitative + iterative investments


Слайд 8

Platforms 2.0
 Search, Social, Mobile, Video, Messaging


Слайд 9

Building Tech Startups Make lots of little bets: • Start with many small “experiments” • Filter out failures + small wins • Double-down on stuff that looks like it’s working • Incubation: $0-100K (“Build & Validate Product”) • Seed: $100K-$1M (“Test & Grow Marketing Channels””) • Venture: $1M-$10M (“Maximize Growth & Revenue”)


Слайд 10

Investment Stage #1: 
 Product Validation + Customer Usage • Structure – 1-3 founders – $25-$100K investment – Incubator environment: multiple peers, mentors/advisors • Test Functional Prototype / “Minimum Viable Product” (MVP): – – – – Prototype->Alpha, ~3-6 months Develop Minimal Critical Feature Set => Get to “It Works! Someone Uses It.” Improve Design & Usability, Setup Conversion Metrics Test Small-Scale Customer Adoption (10-1000 users) • Demonstrate Concept, Reduce Product Risk, Test Functional Use • Develop Metrics & Filter for Possible Future Investment


Слайд 11

Investment Stage #2: 
 Market Validation + Revenue Testing • Structure – 2-10 person team – $100K-$1M investment – Syndicate of Angel Investors / Small VC Funds • Improve Product, Expand Customers, Test Revenue: – – – – Alpha->Beta, ~6-12 months Scale Customer Adoption => “Many People Use It, & They Pay.” Test Marketing Campaigns, Customer Acquisition Channels + Cost Test Revenue / Unit Economics, Find Profitable Customer Segments • Prove Solution/Benefit, Assess Market Size • Test Channel Cost, Unit Economics, Revenue Opportunity • Determine Org Structure, Key Hires


Слайд 12

Investment Stage #3: 
 Revenue Validation + Growth • Structure – 5-25 person team – $1M-$10M investment – Seed & Venture Investors • Make Money (or Go Big), Get to Sustainability: – – – – – Beta->Production, 12-24 months Revenue / Growth => “We Can Make (a lot of) Money!” Mktg Plan => Predictable Channels / Campaigns + Budget Scalability & Infrastructure, Customer Service & Operations Connect with Distribution Partners, Expand Growth • Prove/Expand Market, Operationalize Business • Future Milestones: Profitable/Sustainable, Exit Options


Слайд 13

[ This Talk ] • Changes in Building Technology Startups • Changes in Venture Capital Investing • Silicon Valley Investing Unlocked


Слайд 14

VC Industry Changes • • • • Lean Startup Efficiency, Reduced Capital Costs Global Market: 3B->6B Internet/Smartphone Access Billion-Person Distribution Platforms, “Growth Hacking” Improved Monetization, Payments Infrastructure, Logistics • Explosion of “Unicorns”, Private Capital Displacing IPOs • Seed Funds, Angel Investors, Accelerators, Funding Platforms • Global Market for Customers, Investors, Acquirers more info: http://PreMoney.co


Слайд 15

Investor Education • • • • • • • Startups are NOT Real Estate Most Startups Fail / Power Law Returns Portfolio Approach (20-50+ investments) Legal Structure, Financial Structure Syndication + Co-Investment Access to Downstream Capital Exits & Liquidity 16


Слайд 16

500 Strategy: Lots of Little Bets* 1) make lots (>100) of investments in early-stage startups 2) over next 2 years, double-down on top 20% 3) wait 3-10 years for returns: -10-20% small exits @1-5X (<25M+) -5-10% larger exits @5-20X ($25-250M+) -1-2% unicorns @20-50X+ (>$250M-1B+) *See Peter Sims book: “Little Bets”


Слайд 17

Startup Risk Reduction PRODUCT Early Customer Usage Functional Prototype Concept [about to be] Scalable Customer Acquisition Profitable Unit Economics When 500 Likes to Invest MARKET REVENUE Scalable Profitable Business Exit?


Слайд 18

How 500 Invests Seed Angel Pre-Seed Accelerator Seed Follow-On Post-Seed Series A/B Legal review Growth Partner approval “Distro" Selection Criteria – Data-Driven Process Based on Pre-defined Metrics • • • • • • Product or service solves a problem for a specific target customer Capital-efficient business; operational at less than $1M in external financing Scalable internet-based distribution (search, social, mobile) or proven ability to scale sales Functional prototype required before investing (or previous product success) Measurable traction: engaged users, some revenue, and attractive unit economics Cross-functional team with design, engineering and marketing expertise


Слайд 19

[ This Talk ] • Changes in Building Technology Startups • Changes in Venture Capital Investing • Silicon Valley Investing Unlocked


Слайд 20

Critical Ecosystem Factors • • • • • • • • Optimism & Belief (“Silicon Valley”) Mentorship + Education (Knowledge) Universities + Companies (People) Capital, Legal, Finance (Infrastructure) Engineering + Design / UX (Product) Platforms + Distribution (Customers) Online Payments (Monetization) IPO / M&A Market (Exits) 21


Слайд 21


Слайд 22

/ Q: Chances of spotting unicorn? a) 1% b) 2% c) 5% d) 10%


Слайд 23

/ Q: Chances of spotting unicorn? a) 1% b) 2% c) 5% d) 10% e) ZERO


Слайд 24

/ Chances of spotting unicorn = ~1%


Слайд 25

Portfolio Diversification “Spray, not Pray”


Слайд 26

/ http://bit.ly/99VCProble


Слайд 27

/ If portfolio size = 15 companies


Слайд 28

/ If portfolio size = 30 companies


Слайд 29

/ If portfolio size = 100 companies


Слайд 30

#500VCs 500 Startups + Stanford University Investor Education Program #Venture Capital Unlocked: Learn best practices of Silicon Valley Investing #Startup Accelerator: Build your own accelerator with 500 Startups #VC/Angel 101: How to build an early-stage investment thesis


Слайд 31

#500VCs 500 Startups + Stanford University Investor Education Program How to build investment thesis Connection with Silicon Valley investors and mentors How to generate deal flow Trends and relevant area of investments Meet REAL startup founders and conduct selection Legal docs: cap table and standard terms


Слайд 32

#500VCs 500 Startups + Stanford University Investor Education Program Feb 8th-19th 2016 @ Stanford+500 signup NOW: 
 http://500.vc


Слайд 33

Questions? Comments? • More? – – – – http://500.co (our company) http://500hats.com (my blog) https://angel.co/500startups (our fund) Dave McClure, @DaveMcClure


Слайд 34


×

HTML:





Ссылка: