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PreMoney SF 2017: Redefining Intelligent Growth, Ann Miura-Ko of Floodgate

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1FLOODGATE |Proprietary & Confidential
Redefining Intelligent Growth
Ann Miura-Ko, Floodgate
PreMoney SF Conference
Decemb...

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2FLOODGATE |Proprietary & Confidential
We’ve always known that becoming a great startup is a difficult endeavor
Source: CB...
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PreMoney SF 2017: Redefining Intelligent Growth, Ann Miura-Ko of Floodgate

  1. 1. 1FLOODGATE |Proprietary & Confidential Redefining Intelligent Growth Ann Miura-Ko, Floodgate PreMoney SF Conference December 5, 2017
  2. 2. 2FLOODGATE |Proprietary & Confidential We’ve always known that becoming a great startup is a difficult endeavor Source: CB Insights
  3. 3. 3FLOODGATE |Proprietary & Confidential CAPITAL RAISED PEAK VALUATION MOST-FUNDED STARTUPS TO FAIL IN 2017 $950M $1.5B (Jan ‘16) $135M $600M (March ‘15) $149M $564M (Aug ‘15) $121M $459M (March ‘16) $75M $400M (Nov ‘14) $75M $160 (March ‘16) $59M $169M (Apr ‘15) Yet, many failing startups are consuming more capital than ever before Source: TechCrunch
  4. 4. 4FLOODGATE |Proprietary & Confidential Unprofitable Hypergrowth Become not just the fast-growing first-mover, but the massively scaled last-mover, without any regard to cost. We’ve recently been accustomed to one particular type of growth Ann Miura-Ko, @annimaniac
  5. 5. 5FLOODGATE |Proprietary & Confidential A high loss rate for VC is obvious, but should these startups be consuming this much capital? Ann Miura-Ko, @annimaniac
  6. 6. 6FLOODGATE |Proprietary & Confidential Startups CREATE VALUE for customers and shareholders when they become real businesses that scale intelligently. Startups DESTROY VALUE when they consume capital too rapidly relative to their growth and subsequently become worth less than their preference stacks. Ann Miura-Ko, @annimaniac
  7. 7. 7FLOODGATE |Proprietary & Confidential What have we learned that can help founders avoid growth that destroys value? Ann Miura-Ko, @annimaniac
  8. 8. 8FLOODGATE |Proprietary & Confidential VALUE-SEEKING GROWTH-SEEKING Unlock a new product value proposition with the potential to delight a large number of attractive customers. Accumulate attractive customers with increasing speed and predictability. To be great, we need to HACK VALUE before we can HACK GROWTH TRUTH-SEEKING Ann Miura-Ko, @annimaniac
  9. 9. 9FLOODGATE |Proprietary & Confidential Case Study: Aug 2010 Expansion to focus on corporations Sep 2011 $1.2M Series Seed $6M Series A Expansion to focus on large universities Expansion to focus on long-distance routes Aug 2012 LAUNCHES What does this truth-seeking phase look like in reality? Ann Miura-Ko, @annimaniac
  10. 10. 10FLOODGATE |Proprietary & Confidential There are many profiles of growth Unprofitable Hypergrowth Lyft, Airbnb Profitable Hypergrowth Microsoft, Veeva Systems Linear Growth Main street businesses Profitable Decline As a category begins to decline, seek to maximize possible profits in the twilight years of the category Magazine subscriptions Non-scaleable growth where the value you get out of it is correlated with the money you put in Become not just the fast-growing first-mover, but the massively scaled last-mover Focus on “profit first” and growing profits in a maturing market you dominate VENTURE-BACKABLE Ann Miura-Ko, @annimaniac
  11. 11. 11FLOODGATE |Proprietary & Confidential And there’s one more Value Profile... Ann Miura-Ko, @annimaniac
  12. 12. 12FLOODGATE |Proprietary & Confidential The DENIAL Profile. Ann Miura-Ko, @annimaniac
  13. 13. 13FLOODGATE |Proprietary & Confidential Determining the correct Value Profile is a combination of AMBITION & ACCEPTANCE A company should try to accelerate its value creation at the greatest possible rate. But “possible” is the key word. The ambition to grow rapidly needs to be reconciled with the most realistic growth strategy for optimal value creation. This massive democratization of entrepreneurship should allow us, as VCs and LPs, to be more creative as to how we make returns. Ann Miura-Ko, @annimaniac
  14. 14. 14FLOODGATE |Proprietary & Confidential Thank You

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