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Master 2 Ingénierie pour la Santé et le Médicament
Université Joseph Fourier, Grenoble 14/10/2015
Alain Rodermann, Managin...
1. VC$
2. FUNDRAI$ING
3. TERM$
4. WHERE
VC$
Georges Doriot
Someone,
somewhere,
is making a
product that
will make
your product
obsolete
The Recipe
What is the American Way of VC ?
20 companies in a fund
$1b companies candidates (unicorns)
2-4 blockbusters (x 10-50)
§ ...
VC	
  Business	
  Model
Lifetime 10y
+ Management fees 2%/y
- Hurdle rate 7%/y
- Losses 50%
=> average multiple for 0 carr...
VC returns
Source	
  avc.com
FUND
RAI$ING
The Powerpoint Presentation
Do VCs read business plans ?
How many scenarios ?
Bottom up monthly financial plan
Don’t underestimate salaries and staff size
Net income higher than 2...
-­‐4
-­‐2
0
2
4
6
8
10
12
14
16
1 2 3 4 5 6 7 8 9
in
out
in	
  -­‐ out
cash	
  position
Phasing
21
0,1 0,7 2+
Break-­‐even
Should you accept more money than
you need ?
23
Geographical Breakdown
VC selection rate
1/300
European Market
European Market
European Market
Source	
  dowjones Venturewire ;	
  nb	
  of	
  deals	
  2Q2014
Biotech IPos
Biotech VC Market
33
Healthcare VC market
34
Healthcare : 30% of EU VC Investments
35
15 Top European Biotech VCs
1. Woodford
2. Sofinnova Partners
3. TVM
4. Abingworth
5. Wellington
6. HBM
7. Sunstone
8. Sev...
TERM$
38
Guillaume	
  Bodinier,Contrat	
  de	
  mariage	
  en	
  Italie,	
  1831
Founder Dream
A bubble in the USA
Reality
Check
The VC
Arsenal
Is there a Valuation Magic Formula ?
R)(1
FV
R)(1
Ci
NPV n
1
0
i
+
+
+
= ∑
−n
Rodermann	
  
Magic
System
⎪⎩
⎪
⎨
⎧ ∏ −...
Liquidation Preference Adjustments
1X	
  Double	
  dip,	
  participating 1X	
  Single	
  dip
invested shares % nominal pre...
Full Ratchet & Washout
Example
Ratchet
§ investor 2 wants to get 20% for 1M€
48
Series shareholder
Pre	
  
Money	
  
k€
k€
invested
€ per	
  
sh...
Veto Rights
Reps and Warranties
How not to be fired in 6 months ?
Build a balanced board of brilliant
directors
Hire an experienced chairman
Pay an experi...
Becoming Global –
Should I stay or Should I go ?
WHERE
Operational efficiency
CLIENTS PARTNERSTALENTS TAX SUBSIDIES
SALES	
  &	
  MKT OPERATIONS R&D HEADQUARTERS
EU’s Four Freedoms
Free	
  movement	
  
Goods
Capital
Services
People	
  
within	
  EU's	
  
28	
  member	
  states
Transatlantic Trade and Investment
Partnership (in progress)
Access to Funding
VC
Corporate Tax Optimisation
SUBSTANCE=PEOPLE+DECISION
BRPS	
  :	
  OECD	
  Base	
  Erosion	
  and	
  Profit	
  Shifting	
  ...
Where will you live ? : Fame
Where will you live ? : Lifestyle
Where will you live ? : Tax
Choose a pill
Alain Rodermann
Managing Partner
@alroder
Questions
UJF master 2 14/10/2015
UJF master 2 14/10/2015
UJF master 2 14/10/2015
UJF master 2 14/10/2015
UJF master 2 14/10/2015
UJF master 2 14/10/2015
UJF master 2 14/10/2015
UJF master 2 14/10/2015
UJF master 2 14/10/2015
UJF master 2 14/10/2015
UJF master 2 14/10/2015
UJF master 2 14/10/2015
UJF master 2 14/10/2015
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UJF master 2 14/10/2015

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a 2:30 course on Venture Capital and how to raise money from VCs in the context of biotech Startups and the French ecosystem

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UJF master 2 14/10/2015

  1. 1. Master 2 Ingénierie pour la Santé et le Médicament Université Joseph Fourier, Grenoble 14/10/2015 Alain Rodermann, Managing Partner Raising VC Money and More
  2. 2. 1. VC$ 2. FUNDRAI$ING 3. TERM$ 4. WHERE
  3. 3. VC$
  4. 4. Georges Doriot Someone, somewhere, is making a product that will make your product obsolete
  5. 5. The Recipe
  6. 6. What is the American Way of VC ? 20 companies in a fund $1b companies candidates (unicorns) 2-4 blockbusters (x 10-50) § IPOs (big) § Trade sales (fast) 4-6 write-offs (x 0) 3-4 deals a year/ partner
  7. 7. VC  Business  Model Lifetime 10y + Management fees 2%/y - Hurdle rate 7%/y - Losses 50% => average multiple for 0 carry = 5 X Min Target Multiple = 10 X
  8. 8. VC returns Source  avc.com
  9. 9. FUND RAI$ING
  10. 10. The Powerpoint Presentation
  11. 11. Do VCs read business plans ?
  12. 12. How many scenarios ? Bottom up monthly financial plan Don’t underestimate salaries and staff size Net income higher than 25% is suspect Include international business if any Can you make 10M€, 100M€ or more in sales ? § Money availability drives financial strategy Conservative post money keeps options open Try hiring a good fundraiser VCs don’t sign NDAs
  13. 13. -­‐4 -­‐2 0 2 4 6 8 10 12 14 16 1 2 3 4 5 6 7 8 9 in out in  -­‐ out cash  position Phasing 21 0,1 0,7 2+ Break-­‐even
  14. 14. Should you accept more money than you need ?
  15. 15. 23
  16. 16. Geographical Breakdown
  17. 17. VC selection rate 1/300
  18. 18. European Market
  19. 19. European Market
  20. 20. European Market Source  dowjones Venturewire ;  nb  of  deals  2Q2014
  21. 21. Biotech IPos
  22. 22. Biotech VC Market 33
  23. 23. Healthcare VC market 34
  24. 24. Healthcare : 30% of EU VC Investments 35
  25. 25. 15 Top European Biotech VCs 1. Woodford 2. Sofinnova Partners 3. TVM 4. Abingworth 5. Wellington 6. HBM 7. Sunstone 8. Seventure 9. Dievini 10. Forbion 11. Truffle 12. Malin 13. Syncona 14. Edmond de Rothschild 15. Ysios 36
  26. 26. TERM$
  27. 27. 38 Guillaume  Bodinier,Contrat  de  mariage  en  Italie,  1831
  28. 28. Founder Dream
  29. 29. A bubble in the USA
  30. 30. Reality Check
  31. 31. The VC Arsenal
  32. 32. Is there a Valuation Magic Formula ? R)(1 FV R)(1 Ci NPV n 1 0 i + + + = ∑ −n Rodermann   Magic System ⎪⎩ ⎪ ⎨ ⎧ ∏ −×+−≤ ≤ + ≤ n DiCpremoney Cpremoney C 010 0 0 0 )1( FV %50%15
  33. 33. Liquidation Preference Adjustments 1X  Double  dip,  participating 1X  Single  dip invested shares % nominal premium founders 100  000,00  € 100000 67% 1,00  € -­‐ € VC 500  000,00  € 50000 33% 1,00  € 9,00  € 600  000,00  € 150000
  34. 34. Full Ratchet & Washout
  35. 35. Example Ratchet § investor 2 wants to get 20% for 1M€ 48 Series shareholder Pre   Money   k€ k€ invested € per   share New  shares total   shares Post   money  k€ Options seed Inception 0 100 1 100000 100000 100 A Investor    1 10000 3000 100 30000 130000 13000 ESOP 3000 B investor  2 1300 1000 10,00 100000 500000 5000 0 ratchet  shares   for  Investor  1 0 270000
  36. 36. Veto Rights
  37. 37. Reps and Warranties
  38. 38. How not to be fired in 6 months ? Build a balanced board of brilliant directors Hire an experienced chairman Pay an experiencedspecialized coach Disclose problems as they arrive Never Lie Write minutes just after board meetings Do what you promised to do
  39. 39. Becoming Global – Should I stay or Should I go ? WHERE
  40. 40. Operational efficiency CLIENTS PARTNERSTALENTS TAX SUBSIDIES SALES  &  MKT OPERATIONS R&D HEADQUARTERS
  41. 41. EU’s Four Freedoms Free  movement   Goods Capital Services People   within  EU's   28  member  states
  42. 42. Transatlantic Trade and Investment Partnership (in progress)
  43. 43. Access to Funding VC
  44. 44. Corporate Tax Optimisation SUBSTANCE=PEOPLE+DECISION BRPS  :  OECD  Base  Erosion  and  Profit  Shifting  Project Double  Irish  Dutch Sandwich
  45. 45. Where will you live ? : Fame
  46. 46. Where will you live ? : Lifestyle
  47. 47. Where will you live ? : Tax
  48. 48. Choose a pill
  49. 49. Alain Rodermann Managing Partner @alroder Questions

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