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presents
Back to Basics: Financial
Fundamentals For Startups
Get Funded: Financing your Startup
August 13, 2013
Smith Anderson
Silicon Valley Bank
(617) 796-6958
Smanderson@svb.com
Twitter: @SmithTown561
Dan Allred
Silicon Valley Bank
(617) 796-6904
dallred@svb.com
Twitter: @dgallred
http://danallred.tumblr.com
Chuck Goldman
Apperian
CEO and Co-Founder
cgoldman@apperian.com
Arye Barnehama
Melon
Co-Founder
arye@usemelon.com
Why We’re Here
Sources of Financing Overview
Crowdfunding: A Kickstarter case
study.
Equity: What you need to know.
Debt: When is it right for you.
Financing partners take risk
Bootstrapping	
  
• Vendor	
  financing
	
  	
  Trade	
  credit
	
  	
  Stretching	
  payables
• Customer	
  financing
	
  	
  Prepayments,	
  deferred	
  revenue
• Self	
  financing
	
  	
  Working	
  without	
  pay
	
  	
  Ge>ng	
  others	
  to	
  do	
  the	
  same
	
  	
  Personal	
  credit,	
  credit	
  cards,	
  etc.
Bootstrapping	
  
• Amount	
  of	
  capital
	
  	
  RelaAvely	
  small	
  amounts
• Use	
  of	
  capital
	
  	
  Working	
  capital	
  (brings	
  future	
  cash	
  inflow
	
  	
  forward	
  OR	
  delays	
  current	
  cash	
  ouElow)	
  
• Stage	
  of	
  company
	
  	
  Useful	
  at	
  all	
  stages,	
  especially	
  startup.
• Who	
  bears	
  the	
  risk	
  &	
  what	
  type
	
  	
  Personal	
  risk	
  early,	
  bankruptcy	
  risk	
  later
	
  	
  Working	
  capital	
  risk	
  (risk	
  of	
  insolvency)
Crowdfunding deep dive
Crowdfunding	
  Then..
Crowdfunding	
  Then..
• 1884	
  this	
  project	
  ran	
  out	
  of	
  
money.	
  
Crowdfunding	
  Then..
• 1884	
  this	
  project	
  ran	
  out	
  of	
  
money.	
  
• Joseph	
  Pulitzer	
  wrote	
  an	
  
arAcle	
  asking	
  for	
  donaAons	
  
to	
  fund	
  project.	
  
Crowdfunding	
  Then..
• 1884	
  this	
  project	
  ran	
  out	
  of	
  
money.	
  
• Joseph	
  Pulitzer	
  wrote	
  an	
  
arAcle	
  asking	
  for	
  donaAons	
  
to	
  fund	
  project.	
  
• $100K	
  raised	
  to	
  finish	
  this	
  
project	
  in	
  just	
  under	
  6	
  
months
Crowdfunding	
  Then..
• 1884	
  this	
  project	
  ran	
  out	
  of	
  
money.	
  
• Joseph	
  Pulitzer	
  wrote	
  an	
  
arAcle	
  asking	
  for	
  donaAons	
  
to	
  fund	
  project.	
  
• $100K	
  raised	
  to	
  finish	
  this	
  
project	
  in	
  just	
  under	
  6	
  
months
• 125K	
  people	
  donated	
  to	
  this	
  
fund.	
  
Crowdfunding	
  Then..
• 1884	
  this	
  project	
  ran	
  out	
  of	
  
money.	
  
• Joseph	
  Pulitzer	
  wrote	
  an	
  
arAcle	
  asking	
  for	
  donaAons	
  
to	
  fund	
  project.	
  
• $100K	
  raised	
  to	
  finish	
  this	
  
project	
  in	
  just	
  under	
  6	
  
months
• 125K	
  people	
  donated	
  to	
  this	
  
fund.	
  
• GiU	
  from	
  France
Crowdfunding	
  Then..
• 1884	
  this	
  project	
  ran	
  out	
  of	
  
money.	
  
• Joseph	
  Pulitzer	
  wrote	
  an	
  
arAcle	
  asking	
  for	
  donaAons	
  
to	
  fund	
  project.	
  
• $100K	
  raised	
  to	
  finish	
  this	
  
project	
  in	
  just	
  under	
  6	
  
months
• 125K	
  people	
  donated	
  to	
  this	
  
fund.	
  
• GiU	
  from	
  France
Crowdfunding:	
  Today	
  and	
  Beyond
Product/Project
• Currently	
  thriving
– Pledgie	
  (2006)
– Sellaband	
  (2006)
– IndieGoGo	
  (2008)
– GiveForward	
  (2008)
– Kickstarter	
  (2009)
– RocketHub	
  (2009)
– Fundly	
  (2009)
– GoFundMe	
  (2010)
– Appsplit	
  (2010)	
  
– Microventures	
  (2010)
– Fundageek	
  (2011)
• Incredibly	
  powerful	
  momentum	
  in	
  the	
  
last	
  few	
  years.	
  	
  
Equity	
  
• Not	
  legal…yet
• JOBS	
  Act	
  passed	
  July	
  10th
• Accredited	
  vs.	
  non-­‐accredited.	
  	
  
	
  
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
   Not	
  to	
  Kickstart?
• Kickstarter	
  	
  -­‐	
  Launched	
  in	
  2009
• $750MM	
  funding	
  46,000	
  projects.
• 4K	
  currently	
  in	
  progress,	
  110,000	
  total
• Melon	
  Kickstarter
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you	
  go	
  to	
  
market.	
  	
  
Not	
  to	
  Kickstart?
• Kickstarter	
  	
  -­‐	
  Launched	
  in	
  2009
• $750MM	
  funding	
  46,000	
  projects.
• 4K	
  currently	
  in	
  progress,	
  110,000	
  total
• Melon	
  Kickstarter
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you	
  go	
  to	
  
market.	
  	
  
• Almost	
  zero	
  risk	
  if	
  market	
  
Not	
  to	
  Kickstart?
• Kickstarter	
  	
  -­‐	
  Launched	
  in	
  2009
• $750MM	
  funding	
  46,000	
  projects.
• 4K	
  currently	
  in	
  progress,	
  110,000	
  total
• Melon	
  Kickstarter
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you	
  go	
  to	
  
market.	
  	
  
• Almost	
  zero	
  risk	
  if	
  market	
  
• MarkeAng	
  story	
  done	
  for	
  
you.
Not	
  to	
  Kickstart?
• Kickstarter	
  	
  -­‐	
  Launched	
  in	
  2009
• $750MM	
  funding	
  46,000	
  projects.
• 4K	
  currently	
  in	
  progress,	
  110,000	
  total
• Melon	
  Kickstarter
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you	
  go	
  to	
  
market.	
  	
  
• Almost	
  zero	
  risk	
  if	
  market	
  
• MarkeAng	
  story	
  done	
  for	
  
you.
• Almost	
  immediate	
  access	
  to	
  
cash
Not	
  to	
  Kickstart?
• Kickstarter	
  	
  -­‐	
  Launched	
  in	
  2009
• $750MM	
  funding	
  46,000	
  projects.
• 4K	
  currently	
  in	
  progress,	
  110,000	
  total
• Melon	
  Kickstarter
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you	
  go	
  to	
  
market.	
  	
  
• Almost	
  zero	
  risk	
  if	
  market	
  
• MarkeAng	
  story	
  done	
  for	
  
you.
• Almost	
  immediate	
  access	
  to	
  
cash
Not	
  to	
  Kickstart?
Ø No	
  secrets	
  to	
  hide	
  from	
  
compeAAon.	
  
• Kickstarter	
  	
  -­‐	
  Launched	
  in	
  2009
• $750MM	
  funding	
  46,000	
  projects.
• 4K	
  currently	
  in	
  progress,	
  110,000	
  total
• Melon	
  Kickstarter
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you	
  go	
  to	
  
market.	
  	
  
• Almost	
  zero	
  risk	
  if	
  market	
  
• MarkeAng	
  story	
  done	
  for	
  
you.
• Almost	
  immediate	
  access	
  to	
  
cash
Not	
  to	
  Kickstart?
Ø No	
  secrets	
  to	
  hide	
  from	
  
compeAAon.	
  
Ø Price	
  point
• Kickstarter	
  	
  -­‐	
  Launched	
  in	
  2009
• $750MM	
  funding	
  46,000	
  projects.
• 4K	
  currently	
  in	
  progress,	
  110,000	
  total
• Melon	
  Kickstarter
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you	
  go	
  to	
  
market.	
  	
  
• Almost	
  zero	
  risk	
  if	
  market	
  
• MarkeAng	
  story	
  done	
  for	
  
you.
• Almost	
  immediate	
  access	
  to	
  
cash
Not	
  to	
  Kickstart?
Ø No	
  secrets	
  to	
  hide	
  from	
  
compeAAon.	
  
Ø Price	
  point
Ø Go	
  to	
  Market	
  Strategy	
  
• Kickstarter	
  	
  -­‐	
  Launched	
  in	
  2009
• $750MM	
  funding	
  46,000	
  projects.
• 4K	
  currently	
  in	
  progress,	
  110,000	
  total
• Melon	
  Kickstarter
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you	
  go	
  to	
  
market.	
  	
  
• Almost	
  zero	
  risk	
  if	
  market	
  
• MarkeAng	
  story	
  done	
  for	
  
you.
• Almost	
  immediate	
  access	
  to	
  
cash
Not	
  to	
  Kickstart?
Ø No	
  secrets	
  to	
  hide	
  from	
  
compeAAon.	
  
Ø Price	
  point
Ø Go	
  to	
  Market	
  Strategy	
  
Ø Runway	
  
• Kickstarter	
  	
  -­‐	
  Launched	
  in	
  2009
• $750MM	
  funding	
  46,000	
  projects.
• 4K	
  currently	
  in	
  progress,	
  110,000	
  total
• Melon	
  Kickstarter
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you	
  go	
  to	
  
market.	
  	
  
• Almost	
  zero	
  risk	
  if	
  market	
  
• MarkeAng	
  story	
  done	
  for	
  
you.
• Almost	
  immediate	
  access	
  to	
  
cash
Not	
  to	
  Kickstart?
Ø No	
  secrets	
  to	
  hide	
  from	
  
compeAAon.	
  
Ø Price	
  point
Ø Go	
  to	
  Market	
  Strategy	
  
Ø Runway	
  
Ø Timing
• Kickstarter	
  	
  -­‐	
  Launched	
  in	
  2009
• $750MM	
  funding	
  46,000	
  projects.
• 4K	
  currently	
  in	
  progress,	
  110,000	
  total
• Melon	
  Kickstarter
Crowdfunding:	
  A	
  Kickstarter	
  story	
  
To	
  Kickstart?	
  
• Demand/market	
  validaAon	
  
done	
  before	
  you	
  go	
  to	
  
market.	
  	
  
• Almost	
  zero	
  risk	
  if	
  market	
  
• MarkeAng	
  story	
  done	
  for	
  
you.
• Almost	
  immediate	
  access	
  to	
  
cash
Not	
  to	
  Kickstart?
Ø No	
  secrets	
  to	
  hide	
  from	
  
compeAAon.	
  
Ø Price	
  point
Ø Go	
  to	
  Market	
  Strategy	
  
Ø Runway	
  
Ø Timing
Ø Funding	
  Commitments	
  
• Kickstarter	
  	
  -­‐	
  Launched	
  in	
  2009
• $750MM	
  funding	
  46,000	
  projects.
• 4K	
  currently	
  in	
  progress,	
  110,000	
  total
• Melon	
  Kickstarter
Is	
  it	
  right	
  for	
  you?
Probably
• Hardware	
  with	
  a	
  specific	
  
cost	
  for	
  prototype.
• Consumer	
  facing	
  projects
• Micro-­‐market	
  products
• Market	
  unknown	
  products.	
  
• One-­‐off	
  garage	
  projects
• ArAsts
• Philanthropists
Probably	
  Not
• Large	
  companies
• Complex	
  products	
  with	
  
intricate	
  sales	
  cycles
• Infrastructure	
  or	
  enterprise	
  
products	
  that	
  are	
  unlikely	
  to	
  
touch	
  consumers.
Angel Investors
Angels
• Class	
  of	
  capital
	
  	
  Equity	
  (ownership	
  in	
  company)
• Structure/organizaAon
	
  	
  High	
  net	
  worth	
  (HNW)	
  individuals
	
  	
  Some	
  groups	
  and	
  clubs
	
  	
  Some	
  “super	
  angel”	
  funds
• MoAvaAon/incenAves
	
  	
  Upside	
  –	
  stock	
  appreciaAon
	
  	
  Most	
  look	
  for	
  an	
  “exit”	
  (i.e.	
  liquidity	
  event
Angels
• Amount	
  of	
  capital
	
  	
  $100k	
  to	
  $2mm
• Use	
  of	
  capital
	
  	
  Growth	
  capital	
  (i.e.	
  new	
  cash	
  for	
  growth)
• Stage	
  of	
  company
	
  	
  Early-­‐stage,	
  product/market	
  development
• Who	
  bears	
  the	
  risk	
  &	
  what	
  type
	
  	
  Angel	
  investor	
  bears	
  risk
	
  	
  Product/market	
  risk,	
  execuAon	
  risk
Angels
• Structure	
  of	
  investment
	
  	
  Purchase	
  of	
  common	
  or	
  preferred	
  stock
	
  	
  SomeAmes	
  converAble	
  debt	
  iniAally
• Price	
  of	
  investment
	
  	
  25-­‐50%	
  of	
  company’s	
  stock
	
  	
  ConverAble	
  debt	
  ~25%	
  min	
  ownership
• Monitoring	
  the	
  investment
	
  	
  ReporAng
	
  	
  Some	
  angels	
  (or	
  groups)	
  want	
  BOD	
  seat
• Value	
  add
	
  	
  $$$,	
  industry	
  experAse,	
  connecAons
Venture Capital
Venture	
  Capital	
  
• Class	
  of	
  capital
	
  	
  Equity	
  (ownership	
  in	
  company)
• Structure/organizaAon
	
  	
  Limited	
  partnership
	
  	
  10	
  year	
  funds	
  (invest,	
  grow	
  &	
  harvest)
• MoAvaAon/incenAves
	
  	
  Upside	
  (30%	
  IRR	
  and	
  3x	
  overall	
  for	
  fund)
	
  	
  Looking	
  for	
  an	
  “exit”	
  (i.e.	
  liquidity	
  event)
Venture	
  Capital
• Amount	
  of	
  capital
	
  	
  $1mm-­‐20mm	
  
	
  	
  Some	
  seed	
  acAvity	
  as	
  well
• Use	
  of	
  capital
	
  	
  Extreme	
  growth	
  capital
• Stage	
  of	
  company
	
  	
  Early-­‐stage	
  and	
  growth	
  stage
• Who	
  bears	
  the	
  risk	
  &	
  what	
  type
	
  	
  Limited	
  partners	
  and	
  general	
  partners
	
  	
  Product,	
  market,	
  tech	
  &	
  execuAon	
  risk
Venture	
  Capital
• Structure	
  of	
  investment
	
  	
  Purchase	
  of	
  preferred	
  stock
	
  	
  SomeAmes	
  converAble	
  debt	
  iniAally
• Price	
  of	
  investment
	
  	
  20-­‐40%	
  of	
  company’s	
  stock
• Monitoring	
  the	
  investment
	
  	
  ReporAng
	
  	
  BOD	
  seats
	
  	
  RedempAon	
  rights,	
  registraAon	
  rights
• Value	
  add
	
  	
  $$$,	
  industry	
  experAse,	
  capital	
  markets
Debt
Debt
• Class	
  of	
  capital
	
  	
  Debt	
  (senior	
  debt	
  as	
  discussed	
  here)
• Structure/organizaAon
	
  	
  Banks	
  (regulated	
  to	
  accept	
  deposits)
	
  	
  Finance	
  companies	
  (corporaAons)
	
  	
  Debt	
  funds	
  (limited	
  partnerships)
• MoAvaAon/incenAves
	
  	
  Banks	
  –	
  interest	
  &	
  fee	
  income
	
  	
  Finance	
  companies,	
  funds	
  –	
  interest
	
  	
  Venture	
  debt	
  –	
  warrant	
  income
Debt
• Amount	
  of	
  capital
	
  	
  $1mm-­‐100mm
• Use	
  of	
  capital
	
  	
  Working	
  capital
	
  	
  Growth	
  capital
	
  	
  AcquisiAon	
  capital
• Stage	
  of	
  company
	
  	
  All	
  stages
• Who	
  bears	
  the	
  risk	
  &	
  what	
  type
	
  	
  The	
  lender
Debt
• Structure	
  of	
  investment
	
  	
  Senior	
  secured	
  credit
• Price	
  of	
  investment
	
  	
  Interest	
  and	
  fees	
  for	
  established	
  co’s
	
  	
  Plus	
  warrants	
  for	
  pre-­‐profit	
  co’s
• Monitoring	
  the	
  investment
	
  	
  ReporAng
	
  	
  Financial	
  covenants
	
  	
  AffirmaAve	
  &	
  negaAve	
  covenants
• Value	
  add
	
  	
  $$$,	
  connecAons,	
  patern	
  recogniAon
Case study
• The	
  early	
  days…
	
  -­‐Chuck	
  –	
  director	
  of	
  enterprise	
  at	
  Apple
	
  -­‐Launches	
  Apperian	
  in	
  January	
  2009
	
  -­‐App	
  development	
  for	
  enterprise	
  clients
	
  -­‐Fee	
  for	
  service	
  work	
  	
  
• How	
  did	
  I	
  finance	
  the	
  business?
• The	
  early	
  days…
	
  -­‐Bootstrapping
	
  -­‐Self-­‐financing	
  (and	
  sacrifice)
	
  -­‐Vendor	
  relaAonships
	
  -­‐Customer	
  financing	
  
• Six	
  months	
  later…
	
  -­‐The	
  dogs	
  are	
  eaAng	
  the	
  dog	
  food
	
  -­‐iPhone	
  is	
  exploding	
  in	
  the	
  enterprise
	
  -­‐Recurring	
  service	
  revenues
	
  -­‐Vision	
  for	
  EASE	
  (Enterprise	
  ApplicaAon	
  
Services	
  Environment)	
  plaEorm
How	
  did	
  I	
  finance	
  the	
  business?
• Six	
  months	
  later…
	
  -­‐$1mm	
  seed	
  round
	
  -­‐Common	
  Angels	
  &	
  Launch	
  Capital
	
  -­‐AddiAonal	
  $500k	
  in	
  Q1-­‐10
• Q1-­‐10:	
  the	
  one	
  year	
  old	
  startup…
	
  -­‐Begin	
  developing	
  EASE	
  plaEorm
	
  -­‐Acquihire	
  a	
  small	
  development	
  shop
	
  -­‐Focus	
  solely	
  on	
  enterprise	
  app	
  clients
	
  -­‐Begin	
  transiAoning	
  from	
  services	
  to	
  products	
  
How	
  did	
  I	
  finance	
  the	
  business?
• Q1-­‐10:	
  the	
  one	
  year	
  old	
  startup…
	
  -­‐$500k	
  SVB	
  line	
  of	
  credit
	
  -­‐Leverage	
  A/R	
  with	
  enterprise	
  clients
	
  -­‐Smooth	
  out	
  cash-­‐flow	
  as	
  R&D	
  expense	
  ramps
	
  -­‐Bridge	
  between	
  payrolls	
  –	
  when	
  flush	
  with	
  A/
R	
  but	
  low	
  on	
  cash,	
  uAlize	
  line	
  of	
  credit	
  for	
  
payroll,	
  expenses,	
  etc.
• Q1-­‐11:	
  the	
  two	
  year	
  old	
  startup…
	
  -­‐Enterprise	
  mobility	
  is	
  hot!
	
  -­‐BYOD,	
  iPad	
  in	
  Xmas	
  2010
	
  -­‐Apperian	
  building	
  out	
  management	
  team
	
  -­‐Customers	
  converAng	
  from	
  service	
  contracts	
  to	
  
EASE	
  plaEorm
	
  	
  -­‐	
  Key	
  move:	
  move	
  to	
  recurring	
  SaaS	
  Product
How	
  did	
  I	
  finance	
  the	
  business?
• Q1-­‐11:	
  the	
  two	
  year	
  old	
  startup…
	
  -­‐$9.5mm	
  series	
  A
	
  -­‐NorthBridge,	
  Bessemer,	
  Kleiner	
  Perkins
	
  -­‐1st	
  enterprise	
  investment	
  from	
  KP	
  iFund
	
  -­‐Over	
  2	
  years	
  of	
  cash	
  runway
• The	
  past	
  two	
  years…
	
  -­‐ConAnued	
  market	
  expansion
	
  -­‐MDM,	
  MAM,	
  BYOD,	
  etc.
	
  -­‐Enterprise	
  security,	
  compliance,	
  etc.
	
  -­‐DistribuAon	
  partnerships
• Personnel	
  growth
– 5-­‐20	
  year	
  one,	
  40	
  by	
  year	
  three	
  and	
  70	
  year	
  four	
  
How	
  did	
  I	
  finance	
  the	
  business?
• The	
  past	
  two	
  years…
	
  -­‐$12.4mm	
  preempAve	
  series	
  B	
  in	
  Mar	
  ‘12
	
  -­‐$4.6mm	
  series	
  B	
  extension	
  in	
  Jan	
  ’13	
  with	
  
Intel	
  Capital
	
  -­‐ConAnued	
  expansion	
  of	
  SVB	
  credit	
  
relaAonship	
  each	
  year
• Exit	
  Scenario	
  at	
  10x	
  revenue	
  –	
  Looking	
  at	
  
market	
  trends…
Questions?
presents
INSTRUCTOR
Course Name
Learn the skills
you need to win,
from people who’ve
done it before
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Startup Roadkill??....these financing tools will help you avoid the 18 wheelers

  • 1. presents Back to Basics: Financial Fundamentals For Startups
  • 2. Get Funded: Financing your Startup August 13, 2013 Smith Anderson Silicon Valley Bank (617) 796-6958 Smanderson@svb.com Twitter: @SmithTown561 Dan Allred Silicon Valley Bank (617) 796-6904 dallred@svb.com Twitter: @dgallred http://danallred.tumblr.com
  • 3. Chuck Goldman Apperian CEO and Co-Founder cgoldman@apperian.com Arye Barnehama Melon Co-Founder arye@usemelon.com
  • 4. Why We’re Here Sources of Financing Overview Crowdfunding: A Kickstarter case study. Equity: What you need to know. Debt: When is it right for you.
  • 6. Bootstrapping   • Vendor  financing    Trade  credit    Stretching  payables • Customer  financing    Prepayments,  deferred  revenue • Self  financing    Working  without  pay    Ge>ng  others  to  do  the  same    Personal  credit,  credit  cards,  etc.
  • 7. Bootstrapping   • Amount  of  capital    RelaAvely  small  amounts • Use  of  capital    Working  capital  (brings  future  cash  inflow    forward  OR  delays  current  cash  ouElow)   • Stage  of  company    Useful  at  all  stages,  especially  startup. • Who  bears  the  risk  &  what  type    Personal  risk  early,  bankruptcy  risk  later    Working  capital  risk  (risk  of  insolvency)
  • 10. Crowdfunding  Then.. • 1884  this  project  ran  out  of   money.  
  • 11. Crowdfunding  Then.. • 1884  this  project  ran  out  of   money.   • Joseph  Pulitzer  wrote  an   arAcle  asking  for  donaAons   to  fund  project.  
  • 12. Crowdfunding  Then.. • 1884  this  project  ran  out  of   money.   • Joseph  Pulitzer  wrote  an   arAcle  asking  for  donaAons   to  fund  project.   • $100K  raised  to  finish  this   project  in  just  under  6   months
  • 13. Crowdfunding  Then.. • 1884  this  project  ran  out  of   money.   • Joseph  Pulitzer  wrote  an   arAcle  asking  for  donaAons   to  fund  project.   • $100K  raised  to  finish  this   project  in  just  under  6   months • 125K  people  donated  to  this   fund.  
  • 14. Crowdfunding  Then.. • 1884  this  project  ran  out  of   money.   • Joseph  Pulitzer  wrote  an   arAcle  asking  for  donaAons   to  fund  project.   • $100K  raised  to  finish  this   project  in  just  under  6   months • 125K  people  donated  to  this   fund.   • GiU  from  France
  • 15. Crowdfunding  Then.. • 1884  this  project  ran  out  of   money.   • Joseph  Pulitzer  wrote  an   arAcle  asking  for  donaAons   to  fund  project.   • $100K  raised  to  finish  this   project  in  just  under  6   months • 125K  people  donated  to  this   fund.   • GiU  from  France
  • 16. Crowdfunding:  Today  and  Beyond Product/Project • Currently  thriving – Pledgie  (2006) – Sellaband  (2006) – IndieGoGo  (2008) – GiveForward  (2008) – Kickstarter  (2009) – RocketHub  (2009) – Fundly  (2009) – GoFundMe  (2010) – Appsplit  (2010)   – Microventures  (2010) – Fundageek  (2011) • Incredibly  powerful  momentum  in  the   last  few  years.     Equity   • Not  legal…yet • JOBS  Act  passed  July  10th • Accredited  vs.  non-­‐accredited.      
  • 17. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   Not  to  Kickstart? • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  • 18. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     Not  to  Kickstart? • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  • 19. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   Not  to  Kickstart? • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  • 20. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. Not  to  Kickstart? • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  • 21. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. • Almost  immediate  access  to   cash Not  to  Kickstart? • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  • 22. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. • Almost  immediate  access  to   cash Not  to  Kickstart? Ø No  secrets  to  hide  from   compeAAon.   • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  • 23. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. • Almost  immediate  access  to   cash Not  to  Kickstart? Ø No  secrets  to  hide  from   compeAAon.   Ø Price  point • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  • 24. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. • Almost  immediate  access  to   cash Not  to  Kickstart? Ø No  secrets  to  hide  from   compeAAon.   Ø Price  point Ø Go  to  Market  Strategy   • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  • 25. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. • Almost  immediate  access  to   cash Not  to  Kickstart? Ø No  secrets  to  hide  from   compeAAon.   Ø Price  point Ø Go  to  Market  Strategy   Ø Runway   • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  • 26. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. • Almost  immediate  access  to   cash Not  to  Kickstart? Ø No  secrets  to  hide  from   compeAAon.   Ø Price  point Ø Go  to  Market  Strategy   Ø Runway   Ø Timing • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  • 27. Crowdfunding:  A  Kickstarter  story   To  Kickstart?   • Demand/market  validaAon   done  before  you  go  to   market.     • Almost  zero  risk  if  market   • MarkeAng  story  done  for   you. • Almost  immediate  access  to   cash Not  to  Kickstart? Ø No  secrets  to  hide  from   compeAAon.   Ø Price  point Ø Go  to  Market  Strategy   Ø Runway   Ø Timing Ø Funding  Commitments   • Kickstarter    -­‐  Launched  in  2009 • $750MM  funding  46,000  projects. • 4K  currently  in  progress,  110,000  total • Melon  Kickstarter
  • 28. Is  it  right  for  you? Probably • Hardware  with  a  specific   cost  for  prototype. • Consumer  facing  projects • Micro-­‐market  products • Market  unknown  products.   • One-­‐off  garage  projects • ArAsts • Philanthropists Probably  Not • Large  companies • Complex  products  with   intricate  sales  cycles • Infrastructure  or  enterprise   products  that  are  unlikely  to   touch  consumers.
  • 30. Angels • Class  of  capital    Equity  (ownership  in  company) • Structure/organizaAon    High  net  worth  (HNW)  individuals    Some  groups  and  clubs    Some  “super  angel”  funds • MoAvaAon/incenAves    Upside  –  stock  appreciaAon    Most  look  for  an  “exit”  (i.e.  liquidity  event
  • 31. Angels • Amount  of  capital    $100k  to  $2mm • Use  of  capital    Growth  capital  (i.e.  new  cash  for  growth) • Stage  of  company    Early-­‐stage,  product/market  development • Who  bears  the  risk  &  what  type    Angel  investor  bears  risk    Product/market  risk,  execuAon  risk
  • 32. Angels • Structure  of  investment    Purchase  of  common  or  preferred  stock    SomeAmes  converAble  debt  iniAally • Price  of  investment    25-­‐50%  of  company’s  stock    ConverAble  debt  ~25%  min  ownership • Monitoring  the  investment    ReporAng    Some  angels  (or  groups)  want  BOD  seat • Value  add    $$$,  industry  experAse,  connecAons
  • 34. Venture  Capital   • Class  of  capital    Equity  (ownership  in  company) • Structure/organizaAon    Limited  partnership    10  year  funds  (invest,  grow  &  harvest) • MoAvaAon/incenAves    Upside  (30%  IRR  and  3x  overall  for  fund)    Looking  for  an  “exit”  (i.e.  liquidity  event)
  • 35. Venture  Capital • Amount  of  capital    $1mm-­‐20mm      Some  seed  acAvity  as  well • Use  of  capital    Extreme  growth  capital • Stage  of  company    Early-­‐stage  and  growth  stage • Who  bears  the  risk  &  what  type    Limited  partners  and  general  partners    Product,  market,  tech  &  execuAon  risk
  • 36. Venture  Capital • Structure  of  investment    Purchase  of  preferred  stock    SomeAmes  converAble  debt  iniAally • Price  of  investment    20-­‐40%  of  company’s  stock • Monitoring  the  investment    ReporAng    BOD  seats    RedempAon  rights,  registraAon  rights • Value  add    $$$,  industry  experAse,  capital  markets
  • 37. Debt
  • 38. Debt • Class  of  capital    Debt  (senior  debt  as  discussed  here) • Structure/organizaAon    Banks  (regulated  to  accept  deposits)    Finance  companies  (corporaAons)    Debt  funds  (limited  partnerships) • MoAvaAon/incenAves    Banks  –  interest  &  fee  income    Finance  companies,  funds  –  interest    Venture  debt  –  warrant  income
  • 39. Debt • Amount  of  capital    $1mm-­‐100mm • Use  of  capital    Working  capital    Growth  capital    AcquisiAon  capital • Stage  of  company    All  stages • Who  bears  the  risk  &  what  type    The  lender
  • 40. Debt • Structure  of  investment    Senior  secured  credit • Price  of  investment    Interest  and  fees  for  established  co’s    Plus  warrants  for  pre-­‐profit  co’s • Monitoring  the  investment    ReporAng    Financial  covenants    AffirmaAve  &  negaAve  covenants • Value  add    $$$,  connecAons,  patern  recogniAon
  • 42. • The  early  days…  -­‐Chuck  –  director  of  enterprise  at  Apple  -­‐Launches  Apperian  in  January  2009  -­‐App  development  for  enterprise  clients  -­‐Fee  for  service  work     • How  did  I  finance  the  business?
  • 43. • The  early  days…  -­‐Bootstrapping  -­‐Self-­‐financing  (and  sacrifice)  -­‐Vendor  relaAonships  -­‐Customer  financing  
  • 44. • Six  months  later…  -­‐The  dogs  are  eaAng  the  dog  food  -­‐iPhone  is  exploding  in  the  enterprise  -­‐Recurring  service  revenues  -­‐Vision  for  EASE  (Enterprise  ApplicaAon   Services  Environment)  plaEorm How  did  I  finance  the  business?
  • 45. • Six  months  later…  -­‐$1mm  seed  round  -­‐Common  Angels  &  Launch  Capital  -­‐AddiAonal  $500k  in  Q1-­‐10
  • 46. • Q1-­‐10:  the  one  year  old  startup…  -­‐Begin  developing  EASE  plaEorm  -­‐Acquihire  a  small  development  shop  -­‐Focus  solely  on  enterprise  app  clients  -­‐Begin  transiAoning  from  services  to  products   How  did  I  finance  the  business?
  • 47. • Q1-­‐10:  the  one  year  old  startup…  -­‐$500k  SVB  line  of  credit  -­‐Leverage  A/R  with  enterprise  clients  -­‐Smooth  out  cash-­‐flow  as  R&D  expense  ramps  -­‐Bridge  between  payrolls  –  when  flush  with  A/ R  but  low  on  cash,  uAlize  line  of  credit  for   payroll,  expenses,  etc.
  • 48. • Q1-­‐11:  the  two  year  old  startup…  -­‐Enterprise  mobility  is  hot!  -­‐BYOD,  iPad  in  Xmas  2010  -­‐Apperian  building  out  management  team  -­‐Customers  converAng  from  service  contracts  to   EASE  plaEorm    -­‐  Key  move:  move  to  recurring  SaaS  Product How  did  I  finance  the  business?
  • 49. • Q1-­‐11:  the  two  year  old  startup…  -­‐$9.5mm  series  A  -­‐NorthBridge,  Bessemer,  Kleiner  Perkins  -­‐1st  enterprise  investment  from  KP  iFund  -­‐Over  2  years  of  cash  runway
  • 50. • The  past  two  years…  -­‐ConAnued  market  expansion  -­‐MDM,  MAM,  BYOD,  etc.  -­‐Enterprise  security,  compliance,  etc.  -­‐DistribuAon  partnerships • Personnel  growth – 5-­‐20  year  one,  40  by  year  three  and  70  year  four   How  did  I  finance  the  business?
  • 51. • The  past  two  years…  -­‐$12.4mm  preempAve  series  B  in  Mar  ‘12  -­‐$4.6mm  series  B  extension  in  Jan  ’13  with   Intel  Capital  -­‐ConAnued  expansion  of  SVB  credit   relaAonship  each  year • Exit  Scenario  at  10x  revenue  –  Looking  at   market  trends…
  • 53. presents INSTRUCTOR Course Name Learn the skills you need to win, from people who’ve done it before visit