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Venture Capital,
Funding & Pitching
Pieter Kemps
Business Development & Venture Capital, APAC
P_Kemps
A program designed to provide startups with the resources needed
to get started on AWS. Join some of the fastest-growing startups in
the world and build your business using AWS.
[Webinar] AWS Activate Webinar Series for Startups, Funding, Pitching and Venture Capital
2 Packages, Many Benefits
Trusted Advisor
Sign Up here:
Venture Capital,
Funding & Pitching
Pieter Kemps
Business Development & Venture Capital, APAC
P_Kemps
Why do we talk about this?
• Work with many startups & APAC’s leading VC’s
• Discuss many startups with VC’s & get feedback on pitches
• Not biased, no agenda, helping AWS startup customers
succeed
Venture Capital Overview
Impact of Cloud on Venture Capital
What is a good pitch?
But first…
Some questions for you
Venture Capital Overview
Impact of Cloud on Venture Capital
What is a good pitch?
Venture Capital
Startups!
Venture Capital
VC Fund
General Partners,
Principals, VP’s,
Associates, etc.
Startups
with need for capital
and growth potential
Limited Partners
institutional & high net
worth individuals
2-sided Platform model
Startups
with need for capital
and growth potential
Limited Partners
institutional & high net
worth individuals
Capital & Value Creation
connections, biz dev,
GTM, mentoring, etc
Risk & Return
Reduce Risk & deliver
Financial Returns
2-sided Platform model
“2 & 20”
So how does a VC make money?
“2 and 20”
Management Fee. VC raises a fund of e.g.
$100M and gets $2M per year to operate
the fund (staff, expenses, etc.)
2%
Performance Fee. VC returns the profits
from the fund to the LP’s but gets to keep
20% of these profits
20%
Venture Funding
Source:www.fundersandfounders.com
Source:www.fundersandfounders.com
100%
of nothing
17%
of a Big Companyis a lot less than
August ‘08
Nathan
Brian
Joe
January ’09
$20K Accelerator
Y Combinator
November ‘10
$7.2M Series A:
Sequoia
Greylock
SV Angel
& others
July ’11
$112M Series B
Andreessen Horowitz
General Catalyst
& others
April ’09
$600K Seed Round
Sequoia
Youniversity
01 04
idea MVP monetizescale
Product Risk Market Risk Financial Risk
02 03
Product?
Do we have a product?
Can we ship?
How to develop faster?
Better? Cheaper?
Market?
Do people buy?
Do they pay?
Can we scale?
Can we deal with spikes?
Profit?
Can we monetize?
How to keep costs down?
When can we break-even?
Can we get & stay profitable?
01 04
idea MVP monetizescale
Product Risk Market Risk Financial Risk
02 03
Startup 2.0: “Lean Investor” Model
• Incubator / Angel: $0-250K for ‘Product Viability’
• Seed: $250-$1M to ‘Expand Market Distribution’
• Venture: $1M-$5M to ‘Maximize Revenue’
01 04
idea MVP monetizescale
Seed RoundSeed Round
Series A, B, C, etc.Series A, B, C, etc.
Incubator / AngelIncubator / Angel
Product Risk Market Risk Financial Risk
02 03
$0-250K
$250-$1M
$1M-$5M, or more
What caused the evolution
towards the “Lean Investor”?
Venture Capital Overview
Impact of Cloud on Venture Capital
What is a good pitch?
Q & A
Pieter Kemps
Business Development & Venture Capital, APAC
P_Kemps
Venture Capital Overview
Impact of Cloud on Venture Capital
What is a good pitch?
“Amazon Web Services is probably the most
important thing that has happened to mobile
and web app developers that the press just
misses. Jeff Bezos has accidentally or maybe
on purpose powered a whole generation of
applications.”
Steve Blank
“Amazon changed the VC industry.
This is mind boggling. That online
book company. Not … or anybody
else. Amazon. 100% of the credit.”
Mark Suster, serial entrepreneur
and MD at GRP Partners
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
1995 – .com
Technology Startups require physical hardware and
proprietary software to build their business
Typical Series ATypical Series A Spent on…Spent on… InnovationInnovation
5-10M
•$2.5: marketing,
sales, etc.
•$2.5M on
infrastructure
•Not a lot, since
experimentation was
costly
Typical Series ATypical Series A Spent on…Spent on… InnovationInnovation
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
2000: Rise of Open Source
Open source software drove technology costs down by 90%,
which spurred innovation in technology
3-5M
•Less on Software–
LAMP
•More on development
•Still on infrastructure
•A lot more, as
experimentation is
less costly now
Typical Series ATypical Series A Spent on…Spent on… InnovationInnovation
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
2005: Enter the Cloud
Public Cloud pioneered by Amazon drove total
operating costs down significantly
500K-
3M
•Staff – the battle for
talent
•Customer Acquisition
•Explosion in
experimentation,
innovation, and
Startups
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
2007: Micro VC / Seed
Public Cloud led to explosion in the number of Startups
and the emerging of “micro VCs”
AngelsAngels IncubatorsIncubators VC’sVC’s
Angels unite in ‘Super
Angels’ for Seed
investments thru VC-
like setup
Boom in incubator
programs, with micro
investments,
mentoring, etc.
Venture funds that
back early-stage
startups with <$1M
E.g. BANSEA, Angels Den,
Angels Gate, etc
E.g. TechStars, Ycombinator, JFDI,
Kickstart Ventures, etc.
E.g. Matrix Partners, A16H,
500startups
28 startups in Asia
21 startups on AWS
71%
Why do VC’s care?
More deals
Shorter time to scale
Faster time to revenue
Lower ‘burn rate’
Higher valuation at exit
Venture Capital Overview
Impact of Cloud on Venture Capital
What is a good pitch?
Why is your pitch important?
Because it shows you have a
PLAN
What’s always there?
Product
Lots of product, product, product
Rosy Forecast
The infamous hockey stock
What’s always missing?
Business Model
not just WHAT, also HOW
Metrics
not just traction, also unit economics
Strategy
What will you DO? How will you GROW? Execution…
1.Problem
2.Solution
3.Business Model
4.Business Model Metrics
5.Growth Strategy
6.Status / Traction
7.Team
8.Competition
9.Roadmap / Forecast
10.ASK
10 / 20 / 30
Rule
Pitch Outline
1. Problem
Define the
problem clearly
Explain the impact.
Why bother?
What’s the opportunity?
Market size?
Problem Impact Market
Chip design has gotten
more complex, tools
haven’t improved
Product delays.
Increased costs. Less
collaboration
US$5B market for
Electronic Design
Automation software
2. Solution
3. Business Model
Business Model ≠ Pricing
Costs Structure
Value
Proposition
Key
Resources
Key
Activities
Key
Partners
Channels
CRM Customers
Revenue Streams
Capabilities you
have
How you use
these Capabilities
to make Money
Change as little as possible HERE… …to maximize the impact HERE
[Webinar] AWS Activate Webinar Series for Startups, Funding, Pitching and Venture Capital
[Webinar] AWS Activate Webinar Series for Startups, Funding, Pitching and Venture Capital
[Webinar] AWS Activate Webinar Series for Startups, Funding, Pitching and Venture Capital
4. Business Model Metrics
“I look for signs in a pitch that the founders
understand the mechanics of the business.”
Phil Morle, Pollenizer
4. Business Model Metrics
Acquisition
 Install / Sign-up (by campaign / channel)
 Conversion (by campaign / channel)
 Customer Acquisition Costs (CAC)
Activation:
 Monthly Active Users (MAU)
 Daily Active Users (DAU)
 Usage (login times / length)
Retention:
 DAU/MAU
 Day 1 / 7 / 30 retention
 User lifetime
4. Business Model Metrics
Revenue:
 Average revenue per User (ARPU)
 Av. revenue per Paying User (ARPPU)
 % paying user
 % buying in-app
 % whale vs dolphin vs minnow
 Life Time Value (LTV)
Refer:
 K-factor = nr of invites sent per DAU x
% acceptance/conversion rate
4. Business Model Metrics
Engagement
• 30/10/1 rule*: 30% of
registered is MAU, 10% is
DAU, 1% is peak concurrent
• This means DAU/MAU = 0.33
• DAU/MAU > 0.2 is good
Profitability
• 2 key metrics for subscription
business models**:
LTV >3x CAC
Months to
recover CAC
*Source: https://avc.com/2011/07/301010/ **Source: http://www.forentrepreneurs.com/saas-metrics-2/
< 12 Months
????
4. Business Model Metrics
????
4. Business Model Metrics
Avg Time
on Site
Avg Time
on Site
Average Basket
Price
Average Basket
Price
Advertising CTRAdvertising CTR
4. Business Model Metrics
Metric / KPI Now Comp A Comp B Comp C Goal
Advertising CTR 1.5% 3% 6% 2.5% 5%
Average time on site 4 9 6 5 10
Average Basket Price $18 $75 $118 $45 $73
Metric 4
Metric N
5. Growth Strategy
Metric / KPI Now Goal Growth Strategy & Actions
1. Advertising CTR 6% 8% 1. A/B test creatives
2. Continuously optimize campaign settings for CTR
3. Hire 1 marketing specialist
2. Website Conversion 5% 10% 1. A/B testing of landing pages
2. A/B testing signup flows
3. Run Marketing campaigns (marketing budget)
3. Conversion to Active Y% 70% 1. Automate email addition for known hosts
2. A/B testing of email account addition UX (UI and flow)
3. Hire UX/UI Designer
4. Conversion to Paid Z% 25% 1. Optimize the product package of Free and Paid
2. Make it easier to pay/transact
3. Develop the product to add new features to paid users
4. Deploy payment gateways & get PCI compliant
5. Hire 3 developers
10. ASK
Metric / KPI Now Goal Growth Strategy & Actions Costs
1. Advertising CTR 6% 8% 1. A/B test creatives
2. Continuously optimize campaign settings for CTR
3. Hire 1 marketing specialist
75K
2. Website Conversion 5% 10% 1. A/B testing of landing pages
2. A/B testing signup flows
3. Run Marketing campaigns (marketing budget)
150K
3. Conversion to Active Y% 70% 1. Automate email addition for known hosts
2. A/B testing of email account addition UX (UI and flow)
3. Hire UX/UI Designer
75K
4. Conversion to Paid Z% 25% 1. Optimize the product package of Free and Paid
2. Make it easier to pay/transact
3. Develop the product to add new features to paid users
4. Deploy payment gateways & get PCI compliant
5. Hire 3 developers
180K
My ASK for funding = $480K
[Webinar] AWS Activate Webinar Series for Startups, Funding, Pitching and Venture Capital
WHEN
do you need to have
WHAT
?
01 02 03 04
idea MVP monetizescale
Seed RoundSeed Round
Series ASeries APitch for Angel Money
Pitch for Seed Round
Pitch for Series A
Bootstrap / AngelBootstrap / Angel
Angel Pitch
Show me a
great idea!
1.Problem
2.Solution
3.Business Model
4.Business Model Metrics
5.Growth Strategy
6.Status / Traction
7.Team
8.Competition
9.Roadmap / Forecast
10.ASK
Seed Round Pitch
Show me
traction!
1.Problem
2.Solution
3.Business Model
4.Business Model Metrics
5.Growth Strategy
6.Status / Traction
7.Team
8.Competition
9.Roadmap / Forecast
10.ASK
Ash Fontana, Founder of AngelList
Series A Pitch
Show me a
business
&
show me
returns!
1.Problem
2.Solution
3.Business Model
4.Business Model Metrics
5.Growth Strategy
6.Status / Traction
7.Team
8.Competition
9.Roadmap / Forecast
10.ASK
So before you pitch…
Ask some important questions
Where is my startup in its lifecycle?
Do I understand my business model, metrics?
Can I explain my growth strategy and justify my ask?
Which TYPE of investor should I target?
So before you pitch…
And do your homework…
Decide what you look for in an investor
Easy vs Hard, Dumb vs Smart
Investigate who you want to ‘marry’
Which firm? Which Partner?
Speak with people that know them
Business partners (e.g. AWS), CEO’s in portfolio
Questions?
Pieter Kemps
Business Development & Venture Capital, APAC
P_Kemps

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[Webinar] AWS Activate Webinar Series for Startups, Funding, Pitching and Venture Capital

  • 1. Venture Capital, Funding & Pitching Pieter Kemps Business Development & Venture Capital, APAC P_Kemps
  • 2. A program designed to provide startups with the resources needed to get started on AWS. Join some of the fastest-growing startups in the world and build your business using AWS.
  • 4. 2 Packages, Many Benefits
  • 7. Venture Capital, Funding & Pitching Pieter Kemps Business Development & Venture Capital, APAC P_Kemps
  • 8. Why do we talk about this? • Work with many startups & APAC’s leading VC’s • Discuss many startups with VC’s & get feedback on pitches • Not biased, no agenda, helping AWS startup customers succeed
  • 9. Venture Capital Overview Impact of Cloud on Venture Capital What is a good pitch?
  • 11. Venture Capital Overview Impact of Cloud on Venture Capital What is a good pitch?
  • 13. Venture Capital VC Fund General Partners, Principals, VP’s, Associates, etc. Startups with need for capital and growth potential Limited Partners institutional & high net worth individuals
  • 14. 2-sided Platform model Startups with need for capital and growth potential Limited Partners institutional & high net worth individuals Capital & Value Creation connections, biz dev, GTM, mentoring, etc Risk & Return Reduce Risk & deliver Financial Returns
  • 15. 2-sided Platform model “2 & 20” So how does a VC make money?
  • 16. “2 and 20” Management Fee. VC raises a fund of e.g. $100M and gets $2M per year to operate the fund (staff, expenses, etc.) 2% Performance Fee. VC returns the profits from the fund to the LP’s but gets to keep 20% of these profits 20%
  • 20. 100% of nothing 17% of a Big Companyis a lot less than
  • 21. August ‘08 Nathan Brian Joe January ’09 $20K Accelerator Y Combinator November ‘10 $7.2M Series A: Sequoia Greylock SV Angel & others July ’11 $112M Series B Andreessen Horowitz General Catalyst & others April ’09 $600K Seed Round Sequoia Youniversity
  • 22. 01 04 idea MVP monetizescale Product Risk Market Risk Financial Risk 02 03 Product? Do we have a product? Can we ship? How to develop faster? Better? Cheaper? Market? Do people buy? Do they pay? Can we scale? Can we deal with spikes? Profit? Can we monetize? How to keep costs down? When can we break-even? Can we get & stay profitable?
  • 23. 01 04 idea MVP monetizescale Product Risk Market Risk Financial Risk 02 03 Startup 2.0: “Lean Investor” Model • Incubator / Angel: $0-250K for ‘Product Viability’ • Seed: $250-$1M to ‘Expand Market Distribution’ • Venture: $1M-$5M to ‘Maximize Revenue’
  • 24. 01 04 idea MVP monetizescale Seed RoundSeed Round Series A, B, C, etc.Series A, B, C, etc. Incubator / AngelIncubator / Angel Product Risk Market Risk Financial Risk 02 03 $0-250K $250-$1M $1M-$5M, or more
  • 25. What caused the evolution towards the “Lean Investor”?
  • 26. Venture Capital Overview Impact of Cloud on Venture Capital What is a good pitch?
  • 27. Q & A Pieter Kemps Business Development & Venture Capital, APAC P_Kemps
  • 28. Venture Capital Overview Impact of Cloud on Venture Capital What is a good pitch?
  • 29. “Amazon Web Services is probably the most important thing that has happened to mobile and web app developers that the press just misses. Jeff Bezos has accidentally or maybe on purpose powered a whole generation of applications.” Steve Blank
  • 30. “Amazon changed the VC industry. This is mind boggling. That online book company. Not … or anybody else. Amazon. 100% of the credit.” Mark Suster, serial entrepreneur and MD at GRP Partners
  • 31. 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1995 – .com Technology Startups require physical hardware and proprietary software to build their business Typical Series ATypical Series A Spent on…Spent on… InnovationInnovation 5-10M •$2.5: marketing, sales, etc. •$2.5M on infrastructure •Not a lot, since experimentation was costly
  • 32. Typical Series ATypical Series A Spent on…Spent on… InnovationInnovation 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2000: Rise of Open Source Open source software drove technology costs down by 90%, which spurred innovation in technology 3-5M •Less on Software– LAMP •More on development •Still on infrastructure •A lot more, as experimentation is less costly now
  • 33. Typical Series ATypical Series A Spent on…Spent on… InnovationInnovation 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2005: Enter the Cloud Public Cloud pioneered by Amazon drove total operating costs down significantly 500K- 3M •Staff – the battle for talent •Customer Acquisition •Explosion in experimentation, innovation, and Startups
  • 34. 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2007: Micro VC / Seed Public Cloud led to explosion in the number of Startups and the emerging of “micro VCs” AngelsAngels IncubatorsIncubators VC’sVC’s Angels unite in ‘Super Angels’ for Seed investments thru VC- like setup Boom in incubator programs, with micro investments, mentoring, etc. Venture funds that back early-stage startups with <$1M E.g. BANSEA, Angels Den, Angels Gate, etc E.g. TechStars, Ycombinator, JFDI, Kickstart Ventures, etc. E.g. Matrix Partners, A16H, 500startups
  • 35. 28 startups in Asia 21 startups on AWS 71%
  • 36. Why do VC’s care? More deals Shorter time to scale Faster time to revenue Lower ‘burn rate’ Higher valuation at exit
  • 37. Venture Capital Overview Impact of Cloud on Venture Capital What is a good pitch?
  • 38. Why is your pitch important? Because it shows you have a PLAN
  • 39. What’s always there? Product Lots of product, product, product Rosy Forecast The infamous hockey stock
  • 40. What’s always missing? Business Model not just WHAT, also HOW Metrics not just traction, also unit economics Strategy What will you DO? How will you GROW? Execution…
  • 41. 1.Problem 2.Solution 3.Business Model 4.Business Model Metrics 5.Growth Strategy 6.Status / Traction 7.Team 8.Competition 9.Roadmap / Forecast 10.ASK 10 / 20 / 30 Rule Pitch Outline
  • 42. 1. Problem Define the problem clearly Explain the impact. Why bother? What’s the opportunity? Market size? Problem Impact Market Chip design has gotten more complex, tools haven’t improved Product delays. Increased costs. Less collaboration US$5B market for Electronic Design Automation software
  • 44. 3. Business Model Business Model ≠ Pricing
  • 45. Costs Structure Value Proposition Key Resources Key Activities Key Partners Channels CRM Customers Revenue Streams Capabilities you have How you use these Capabilities to make Money Change as little as possible HERE… …to maximize the impact HERE
  • 49. 4. Business Model Metrics “I look for signs in a pitch that the founders understand the mechanics of the business.” Phil Morle, Pollenizer
  • 50. 4. Business Model Metrics Acquisition  Install / Sign-up (by campaign / channel)  Conversion (by campaign / channel)  Customer Acquisition Costs (CAC) Activation:  Monthly Active Users (MAU)  Daily Active Users (DAU)  Usage (login times / length) Retention:  DAU/MAU  Day 1 / 7 / 30 retention  User lifetime
  • 51. 4. Business Model Metrics Revenue:  Average revenue per User (ARPU)  Av. revenue per Paying User (ARPPU)  % paying user  % buying in-app  % whale vs dolphin vs minnow  Life Time Value (LTV) Refer:  K-factor = nr of invites sent per DAU x % acceptance/conversion rate
  • 52. 4. Business Model Metrics Engagement • 30/10/1 rule*: 30% of registered is MAU, 10% is DAU, 1% is peak concurrent • This means DAU/MAU = 0.33 • DAU/MAU > 0.2 is good Profitability • 2 key metrics for subscription business models**: LTV >3x CAC Months to recover CAC *Source: https://avc.com/2011/07/301010/ **Source: http://www.forentrepreneurs.com/saas-metrics-2/ < 12 Months
  • 54. ???? 4. Business Model Metrics Avg Time on Site Avg Time on Site Average Basket Price Average Basket Price Advertising CTRAdvertising CTR
  • 55. 4. Business Model Metrics Metric / KPI Now Comp A Comp B Comp C Goal Advertising CTR 1.5% 3% 6% 2.5% 5% Average time on site 4 9 6 5 10 Average Basket Price $18 $75 $118 $45 $73 Metric 4 Metric N
  • 56. 5. Growth Strategy Metric / KPI Now Goal Growth Strategy & Actions 1. Advertising CTR 6% 8% 1. A/B test creatives 2. Continuously optimize campaign settings for CTR 3. Hire 1 marketing specialist 2. Website Conversion 5% 10% 1. A/B testing of landing pages 2. A/B testing signup flows 3. Run Marketing campaigns (marketing budget) 3. Conversion to Active Y% 70% 1. Automate email addition for known hosts 2. A/B testing of email account addition UX (UI and flow) 3. Hire UX/UI Designer 4. Conversion to Paid Z% 25% 1. Optimize the product package of Free and Paid 2. Make it easier to pay/transact 3. Develop the product to add new features to paid users 4. Deploy payment gateways & get PCI compliant 5. Hire 3 developers
  • 57. 10. ASK Metric / KPI Now Goal Growth Strategy & Actions Costs 1. Advertising CTR 6% 8% 1. A/B test creatives 2. Continuously optimize campaign settings for CTR 3. Hire 1 marketing specialist 75K 2. Website Conversion 5% 10% 1. A/B testing of landing pages 2. A/B testing signup flows 3. Run Marketing campaigns (marketing budget) 150K 3. Conversion to Active Y% 70% 1. Automate email addition for known hosts 2. A/B testing of email account addition UX (UI and flow) 3. Hire UX/UI Designer 75K 4. Conversion to Paid Z% 25% 1. Optimize the product package of Free and Paid 2. Make it easier to pay/transact 3. Develop the product to add new features to paid users 4. Deploy payment gateways & get PCI compliant 5. Hire 3 developers 180K My ASK for funding = $480K
  • 59. WHEN do you need to have WHAT ?
  • 60. 01 02 03 04 idea MVP monetizescale Seed RoundSeed Round Series ASeries APitch for Angel Money Pitch for Seed Round Pitch for Series A Bootstrap / AngelBootstrap / Angel
  • 61. Angel Pitch Show me a great idea! 1.Problem 2.Solution 3.Business Model 4.Business Model Metrics 5.Growth Strategy 6.Status / Traction 7.Team 8.Competition 9.Roadmap / Forecast 10.ASK
  • 62. Seed Round Pitch Show me traction! 1.Problem 2.Solution 3.Business Model 4.Business Model Metrics 5.Growth Strategy 6.Status / Traction 7.Team 8.Competition 9.Roadmap / Forecast 10.ASK
  • 63. Ash Fontana, Founder of AngelList
  • 64. Series A Pitch Show me a business & show me returns! 1.Problem 2.Solution 3.Business Model 4.Business Model Metrics 5.Growth Strategy 6.Status / Traction 7.Team 8.Competition 9.Roadmap / Forecast 10.ASK
  • 65. So before you pitch… Ask some important questions Where is my startup in its lifecycle? Do I understand my business model, metrics? Can I explain my growth strategy and justify my ask? Which TYPE of investor should I target?
  • 66. So before you pitch… And do your homework… Decide what you look for in an investor Easy vs Hard, Dumb vs Smart Investigate who you want to ‘marry’ Which firm? Which Partner? Speak with people that know them Business partners (e.g. AWS), CEO’s in portfolio
  • 67. Questions? Pieter Kemps Business Development & Venture Capital, APAC P_Kemps