Up and Running

DECEMBER 9, 2014

Bates: Good morning and welcome to our CEO panel, “How to Fine-Tune Your Small Business Finances From Funding to Growth” which I think is the direction that we would all like to be going. I’m here with some really phenomenal CEOs who are going to talk to us today about small business finances from funding to growth.

Small Business 95

Small Business Finance Forecast Metrics 95

Austin Startup

JULY 6, 2018

The below outlines how I would approach the decision: Cash and Equity. Very simply, what are you giving and what are you getting in return in terms of cash and equity for joining the program? Some accelerators will require you to “make room” for them in future financings up to a certain amount.

Dilution 48

Dilution Startup Technical Review Equity 48

VC Cafe

NOVEMBER 28, 2010

I sraeli Private Equity is experiencing some serious growth, according to the IVC- GKH Quarterly Private Equity (PE) Survey conducted by IVC Research Center. Private Equity is relatively less developed than VC in Israel but with deep pockets. Aggregate PE Deal Value by Size (%).

Private Equity 100

Private Equity Equity Mezzanine 100

VC Cafe

MAY 4, 2011

IVC Research Center has released the Quarterly Survey of Israeli Private Equity Deals for Q1 2011. Eleven private equity deals in Q1 2011, amounted at $216 million, a 68% decrease from the $668 million in Q1 last year, and a 74% decline from the previous quarter ($826 million). Figure 1: Private Equity Deal Value by Quarter ($M).

Private Equity 99

Private Equity Equity Mezzanine 99

Steve Blank

APRIL 14, 2013

And they were increasing at an aggregate 33 million IOS and Android activations per month. Even though they’re next to Zhongguancun, the hottest place for startups in China, there seems to be a lower appetite for risk, a lack of interest in equity (instead optimizing for a high salary) and very little loyalty to any one company.

China 323

China Silicon Valley Non-Compete Intellectual Property 323

Steve Blank

APRIL 14, 2013

And they were increasing at an aggregate 33 million IOS and Android activations per month. Even though they’re next to Zhongguancun, the hottest place for startups in China, there seems to be a lower appetite for risk, a lack of interest in equity (instead optimizing for a high salary) and very little loyalty to any one company.

China 215

China Silicon Valley Non-Compete Intellectual Property 215

www.vccafe.com

MARCH 11, 2013

Task Management. Project Management Tools. Subscription Payments / Management. Managing APIs. Customer Relationship Management. Contractor Management. Private beta invitations & management: Prefinery. Scanning / Document Management. Project Management tools. Part 4- Closing.

Software Review 53

Software Review Technical Review Startup 53

David Teten

NOVEMBER 15, 2013

Asset management also shows the traditional earmarks of an industry ripe for disruption — most obviously, unhappy customers and extremely profitable incumbents. Despite this, it’s hard to think of good examples of disruption to asset management in the classic, Clay Christensen sense.

Management 114

Management Pre-Money Valuation Venture Capital New Hampshire 114

ithacaVC

FEBRUARY 23, 2011

A management carve out plan (MCOP) is a written obligation of the company that, in simple terms, provides that certain management members get a predetermined slice of proceeds when a company is sold. As the investors’ aggregate liquidation preference (ALP) increases typically the need for a MCOP also increases.

Liquidation Preference 55

Liquidation Preference Management Preferred Stock Dividend 55

Startup Company Lawyer

JANUARY 9, 2011

Convertible debt with a price cap seems to be the preferred structure for early-stage financings. Over the last 12 months, I’ve noticed a trend where early-stage startup companies raise seed financings of between $250K and $1M using a convertible note with a price cap. Is a priced Series A financing a valid alternative?

Liquidation Preference 57

Liquidation Preference Finance Preferred Stock Common Stock 57

Both Sides of the Table

JUNE 29, 2011

It’s as though we forgot the management mantra of the 90′s about “core competencies&# or the most common VC advice to entrepreneurs: Focus. I believe some VCs have entered the early-stage market as simply an option on future financing rounds. I’m less sure it will work well for returns. Funny, that.

Venture Capital 296

Venture Capital Software LP Early Stage 296

Cracking the Code

MARCH 12, 2010

While the group sentiment for 2010 did not improve significantly vs. November 2009, the projections for 2011 are now a lot more optimistic - 42% higher 2011 aggregated EBITDA announced in March 2010 vs. the November 09! This is a significant guidance revision, which shows the current focus and mindset of the management of these companies.

Software Review 63

Software Review Technical Review Cloud Forecast 63

VC Cafe

JUNE 19, 2020

Impact Investing has been around for a long time, most prominently since the 1960’s as companies and governments began engaging with the concept through private equity and debt investing in developing economies. Impact tech investors include Bridges Fund Managements, DBL, Accion, Elevar equity and Patamar, among others.

Venture Capital 174

Venture Capital Global South Africa 174

David Teten

FEBRUARY 7, 2012

Although any given early-stage company is quite risky, when aggregated across a large portfolio, returns are very attractive. Our finance team acts as an outsourced CFO. Before making the decision to join ff Venture Capital , I did some research on early-stage tech investing as an asset class and how it’s evolving.

Early Stage 148

Early Stage Private Equity Portfolio Aggregator 148

VC Cafe

NOVEMBER 3, 2010

Upon closing the deal, Essilor will fully consolidate Shamir Optical while keeping the Israeli management team of Shamir Optical in place. one of the largest publishers of educational books in the world, bought educational software startup Tegrity , the fourth exit for private equity firm Infinity Group in 2010.

Bandwidth 79

Bandwidth Framework Forecast 79

Professor VC

NOVEMBER 14, 2011

Angel investments are highly risky and I would estimate that over 90% provide no return to equity investors. and an investor in Right Side Capital Management (RSCM). I am curious about the rise of kickstarter type intermediaries who can manage the investment process and potentially make a single investment in a start-up.

SEC 54

SEC San Jose Angel Investor Accredited Investor 54

abovethecrowd.com

APRIL 20, 2016

Why the Unicorn Financing Market Just Became Dangerous…For All Involved. Many have noted that the aggregate shareholder value created by all of the Unicorns will vastly overshadow the losses from the inevitable failed unicorns. By the first quarter of 2016, the late-stage financing market had changed materially.

IPO 40

IPO Term Sheet Silicon Valley Valuation 40

Altgate

APRIL 22, 2009

"  It's basically a web tool that creates draft preferred financing term sheets for startups.  Obviously, WSGR has a much larger sample size and the fact that they make it public (in aggregate) is impressive. link] Swedes Start Voting as Reinfeldt’s Coalition Is Poised to Win Second Term | BZEE Finance [.]

Term Sheet 52

Term Sheet Intellectual Property Venture Capital Hawaii 52

Steve Blank

SEPTEMBER 14, 2009

3) invest in and take equity stakes in exchange for capital. We could for example, find warning signs in popular literature about e.g. finance suggesting rapid maturation in bond trading. A serious study here: [link] concluded that younger people being more creative is a highly predictable at the aggregate level. Warning sign?

Silicon Valley 217

Silicon Valley IPO Technical Review Venture Capital 217

techcrunch.com

FEBRUARY 19, 2010

Tweet View Comments Sarah Lacy Feb 19, 2010 Pepperdine has a new study out that attempts to shed some light on the clubby, shadowy world of private finance. Researchers polled experts in lending, mezzanine capital, private equity, venture capital and private businesses themselves. A few more stats make that picture look worse.

Venture Capital 62

Venture Capital Technical Review Sweat Equity Valuation 62

Agile VC

NOVEMBER 13, 2012

The IPO market remained closed to IT startups, but there were big acquisitions like Google buying YouTube for $1.65B (Fall 2006) and late stage financing rounds for companies like Facebook (Microsoft round at $15B valuation in Fall 2007). Kevin Rose was on the cover of BusinessWeek. So at a fund level (e.g.

LP 154

LP Portfolio Venture Capital IRR 154

www.chubbybrain.com

SEPTEMBER 28, 2011

Between the worse data aggregation method and the much higher amount of work Wesabe made you do, it was far easier to have a good experience on Mint , and that good experience came far more quickly. So, the best way of dealing with this issue is to take a long, long vesting period for all major sweat equity founders.

Software Review 79

Software Review Startup Technical Review Vesting 79

abovethecrowd.com

JUNE 2, 2021

When I share this, reporters often ask me, “why is management so gullible to sit there and listen to a demand imbalance goal of 30x-50x?”. Also, take a look at this critically important data point , also aggregated by Professor Jay Ritter. The banker’s even brag in marketing documents about this “achievement.” (see see below).

IPO 82

IPO Customer Matching Silicon Valley 82

Professor VC

JANUARY 17, 2008

While currently free to angel groups, their business model revolves around aggregating the angel investment data. If my math is correct, this is approximately a 31% IRR, which has to beat individual angel investments on aggregate and venture capital returns over the period of the study (1990-2007). return on investment after 3.5

Pre-Money Valuation 28

Pre-Money Valuation Angel Investor Angel Groups Valuation 28

K9 Ventures

MAY 14, 2011

The incubators invest usually for an equity stake and buy equity at a extremely low valuation (for example, 7% for $15,000, which implies a pre-money valuation of less than $200,000). The institutional funds typically manage a relatively large pot of capital (~$300M or higher per fund, with multiple funds running). Individual.

Preferred Stock 125

Preferred Stock Seed Stage Incubator Early Stage 125

Startup Company Lawyer

FEBRUARY 21, 2010

Due to aggregate liquidation preferences that may exceed the acquisition price in an M&A deal, common stock may be rendered worthless. This was particularly common from 2001 to 2003, after the dot-com crash when companies had raised a large amount of venture financing at high valuations. Participation. Allocation.

Retention 31

Retention Liquidation Preference Employee Common Stock 31