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Raising Startup Capital
Session 3- The Fundraising Process


Nathan Beckord @startupventures
General Assembly
San Francisco
October 4, 2012
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        Raising Startup Capital -- Fundraising Process   GENERAL ASSEMBLY
  2     Nathan Beckord @startupventures                  October 4, 2012
Hi. My name is...
Nathan	
  Beckord,	
  CFA.	
  	
  Principal,	
  www.VentureArchetypes.com

  •   My	
  Job:	
  Startup	
  CFO,	
  Advisor,	
  and	
  BD	
  Guy

  •   100+	
  Startup	
  clients	
  over	
  the	
  past	
  eight	
  years
          •   E.g.	
  Kickstarter,	
  Clicker,	
  Autonet,	
  Zerply,	
  GetHired,	
  etc.

  •   Clients	
  have	
  raised	
  over	
  $98	
  million	
  in	
  seed	
  capital	
  and	
  achieved	
  5	
  exits
          •   Example:	
  I	
  ran	
  financial	
  modeling	
  for	
  Clicker.com,	
  which	
  raised	
  2	
  rounds	
  of	
  VC	
  
                 and	
  sold	
  for	
  $100m	
  in	
  3	
  years.

  •   Previously:	
  Technology	
  ValuaYon	
  |	
  Investment	
  Banking	
  |	
  Venture	
  Capital

  •   Chartered	
  Financial	
  Analyst	
  (CFA)	
  and	
  MBA

                     Raising Startup Capital -- Fundraising Process      GENERAL ASSEMBLY
      3              Nathan Beckord @startupventures                     October 4, 2012
Do you really want to raise $$?
    +	
  Plus	
  +	
                                                   -­‐	
  Minus	
  -­‐	
  
 •Fuel	
  for	
  Growth                                              •DiluYon
 •Credibility                                                        •Misalignment	
  of	
  Goals
 •Hiring	
  Boost                                                    •ReporYng	
  DuYes	
  /	
  “Boss”
 •Advice,	
  Network                                                 •Exit	
  ObligaYon
 •Extended	
  Runway                                                 •ProtecYve	
  Provisions
 •PR	
  /	
  PosiYve	
  Signaling                                    •Loss	
  of	
  Control
 •Rainy	
  Day	
  Fund                                               •Founders	
  Get	
  Fired

Reality	
  Check:	
  less	
  than	
  5%	
  of	
  companies	
  successfully	
  raise	
  capital

             Raising Startup Capital -- Fundraising Process   GENERAL ASSEMBLY
    4        Nathan Beckord @startupventures                  October 4, 2012
Are you sure you want VC?
                                                                                                         IPO
                    $ 100M
                                                                Strategic Partners
Decreasing Return




                        $ 50M                                 Venture Capital
                                                                                                    Banks

                         $ 1M
                                       Angels
                                   FFF     Gov’t
                                       Business Plan                            Beta                Profitability
                                Idea                            Prototype                   Sales
                                                                     Decreasing Risk
                            Raising Startup Capital -- Fundraising Process   GENERAL ASSEMBLY
                    5       Nathan Beckord @startupventures                  October 4, 2012
Let’s talk about the...



     Funding Process


     Raising Startup Capital -- Fundraising Process   GENERAL ASSEMBLY
 6   Nathan Beckord @startupventures                  October 4, 2012
But first, how NOT to do it
            This pretty much sums up what most do (wrong)...




            Instead: treat the fundraising game as what it really is:


                        SALES 101: Lead-Gen, Qualification, and Closing

                        Raising Startup Capital -- Fundraising Process   GENERAL ASSEMBLY
                7       Nathan Beckord @startupventures                  October 4, 2012



Itʼs very important to target the right investors
Finding (and qualifying) the right investors takes a tremendous amount of work
This is your job, not your advisors, friend, etc.
Sales process snapshot
                                         Generate initial, broad database of potential investors



                                                Screen by geography, stage, sector focus;
                                                 Filter out those with direct competitors


                                                      Select appropriate partner or
                                                       contact person within firm
                                                           Generate target list

  YOUR	
  JOB	
  is	
  to	
  
                                                       Filter by best matches; seek
  herd	
  investors	
                                      “warm” introductions

 from	
  the	
  top	
  of	
  
the	
  funnel	
  (Leads)	
                              Initiate investor outreach
                                                         Arrange pitch meetings
    to	
  the	
  Close	
                                  Present business plan

   (Shares	
  Sold)                                        Follow-on meetings
                                                              Due diligence
                                                               Term sheets


                                                              Execute share
                                                                purchase
                                                               agreement


                     Raising Startup Capital -- Fundraising Process    GENERAL ASSEMBLY
        8            Nathan Beckord @startupventures                   October 4, 2012




                                Sales 101
Step 1: Pick a leader


             Who’s the designated driver?

                       CEO                                            CFO                               VP BD
               is	
  oden	
  the	
  “sales	
                    as	
  “finance	
  guy”	
                 is	
  oden	
  the	
  
                guy/gal”	
  in	
  early	
                       this	
  fits	
  job	
  role;	
        ‘startup	
  hustler’	
  
               startups	
  =	
  skillset	
                      but	
  few	
  startups	
            and	
  skillset	
  crosses	
  
                        match                                        have	
  a	
  CFO                both	
  categories	
  

                             Raising Startup Capital -- Fundraising Process      GENERAL ASSEMBLY
               9             Nathan Beckord @startupventures                     October 4, 2012



Supporting team: CTO / VP engineering.

Many engineers are now hustlers too.




                                         Sales 101
Step 2: Build funnel
                FOCUS	
  here	
  on	
  
               adding	
  names	
  to	
                                                             Sources	
  for	
  Leads:	
  
                 the	
  top	
  of	
  the	
                                                         •Browsing	
  Angel	
  List
                funnel...aim	
  for	
                                                              •Friends	
  /	
  colleagues
                 100	
  minimum                                                                    •PEHub,	
  VentureWire
                                                                                                   •Conference	
  speakers
                                                                                                   •TechCrunch	
  arYcles
              We	
  will	
  filter	
  down	
                                                        •Cross-­‐referencing	
  funded	
  
               to	
  30	
  -­‐	
  50	
  later                                                      deals	
  on	
  Crunchbase
                                                                                                   •Quora,	
  CapLinked,	
  etc.
                                                                                                   Start	
  to	
  look,	
  and	
  you’ll	
  
              UlYmately	
  ending	
                                                                start	
  to	
  “see”	
  relevant	
  
              in	
  2-­‐4	
  term	
  sheets                                                        investors	
  everywhere...



                               Raising Startup Capital -- Fundraising Process   GENERAL ASSEMBLY
                10             Nathan Beckord @startupventures                  October 4, 2012



Naval Ravikant sent me this tip for using AngelList:  "Here's a killer feature for building a target list:  http://
angel.co/people.  Choose stage, market, location.  Sort by paths. It'll create a personalized list of investors for
you to approach, sorted by how easy it is for you to get to them."   




                                           Sales 101
Step 3: Create tracking system                                                                                                                                                        (in	
  google	
  
                                                                                                                                                                                                     docs)
                                                                                                                                                                        To-Dos / Task Task  Alerts /
          VC firm                  Investor                         Email                         Last contact                       Current status                     List          Owner Due by             Ref'd By

          STRONG INTEREST
                                                                                                  June 16, 2006 - Reviewed
                                                                                                  presentation and provided positive
          August Capital           David Hornik                     hornik@augustcap.com          feedback.                          Wants to be kept up-to-date.     Send revised deck Ben              21-Sep Todd
                                                                                                                                     Interested in further engagement
                                   Salil Deshpande, Entrepreneur-in-                              July 21, 2006 - Email introduction with other partners at Bay;      Ping him next week
          Bay Partners             Residence                         salil@baypartners.com        to Blueprint Ventures.             Referred to Blueprint Ventures.  to sched mtg       Jake                  Todd
                                   Richard Yen, Principal/David
                                   Frankel, Managing Director/
                                   George Hoyem, Managing            Richard@blueprintventures.co Aug. 18, 2006 - Meeting to review                                     Intro him to our
          Blueprint Ventures       Director                          m                            financials.                       ????                                seed investor        Jake        19-Sep Nate

          INTERESTED
                                   Joyce Chung, General Partner                                 Aug. 15, 2006 - Email exchange       Follow up meeting scheduled for
          Cardinal Venture Capital (Founding)                       joyce@cardinalvc.com        on meeting to review technology.     Aug. 24 at Kiptronic HQ.        Follow up meeting Ben                     Todd
                                                                    DSpreng@crescendoventures.
                                                                    com/
                                   David Spreng, General Partner/   jhable@crescendoventures.co July 14, 2006 - Email of financial
          Crescendo Ventures       Jason Hable, Associate           m                           docs.                                Currently reviewing financial docs. N/A                 Todd              Nate
                                                                                                Aug. 16, 2006 - Sent intro email                                         Stalk him outside
          Founders Fund            Ken Howery, Partner              ken@thefoundersfund.com     based on mutual friend.              Waiting for response.               his apartment       Ellen       26-Sep Jim
                                                                                                                                     Plans to review docs and
                                                                                                                                     schedule another session; Need
          IDG Ventures             Abhijit Pradhu                   aprabhu@idgventures.com       July 24, 2006- Email of docs       to reschedule meeting.              N/A                 Todd              Todd

          NOT DEAD YET
          Kayne Anderson Capital                                                                  July 24, 2006 - Phone                                                 Send Google
          Advisors                 Healy Jones                      kapi2@kaynecapital.com        conversation                       Wants to be kept up-to-date.       Analytics report     Ben               Nate
          North Bridge Venture                                                                                                       Aug. 22, 2006 - Update meeting
          Partners                 Paul Santinelli                  pas@NBVP.COM                Aug. 2, 2006 - Phone call            scheduled                          Send new deck        Jake        21-Sep Todd
                                                                                                Aug. 10, 2006 - Phone
                                   Simeon Simeonov, General         ssimeonov@polarisventures.c conversation; Put him in touch with                                     Work back
          Polaris Ventures         Partner                          om                          Kiptronic partners.                 Follow up next week.                channels             Ben               Todd

          NEW LEADS
                                                                    ravi@shastaventures.com/                                                                            Revise our Team
          Shasta Ventures          Ravi Mohan/Jason Pressman        jason@shastaventures.com      Met him years ago                                                     slide                Ellen       21-Sep Nate

          Trinity Ventures         Jim Tybur                        jim@trinityventures.com       Met him at Giant's game                                               Ping him next week Jake                Todd



                                           Raising Startup Capital -- Fundraising Process                             GENERAL ASSEMBLY
                         11                Nathan Beckord @startupventures                                            October 4, 2012



build it in docs.google.com

you can also build it in excel and upload it to google docs




                                                          Sales 101
Step 4: Filter down to direct hits

                                                                                                 Filtering	
  Criteria:	
  
                                                                                                 •Invested	
  in	
  compeYtors
                                                                                                 •No	
  dry	
  powder	
  (funds)
                                                                                                 •Wrong	
  sector	
  focus
                                                                                                 •Wrong	
  stage
                FOCUS	
  here	
  on	
                                                            •Wrong	
  geo.	
  locaYon
               filtering	
  down	
  to	
                                                          •Has	
  bad	
  reputaYon
                about	
  30	
  direct	
  
                    targets.                                                                     Diligently	
  cut	
  down	
  the	
  
                                                                                                 list	
  now	
  for	
  a	
  beBer	
  hit	
  
                                                                                                 rate	
  later.	
  




                             Raising Startup Capital -- Fundraising Process   GENERAL ASSEMBLY
               12            Nathan Beckord @startupventures                  October 4, 2012



For finding out about good / bad reputation, check out Thefunded.com

Also, ask founders of companies theyʼve funded for candid feedback.




                                       Sales 101
Step 5: Organize your posse

                                                                          Recruit	
  from:	
  
                                                                          •Startup	
  friends
                                                                          •Anorney,	
  accountant
                                                                          •Advisory	
  Board
                                                                          •Professors
                                                                          •Startup	
  ‘connectors’
                                                                          Tips:	
  
                                                                          •Play	
  to	
  their	
  ego
                                                                          •Make	
  it	
  easy	
  /	
  low	
  risk
                                                                          •Get	
  everyone	
  together	
  
                                                                           for	
  dinner	
  /	
  wine.	
  



      Raising Startup Capital -- Fundraising Process   GENERAL ASSEMBLY
 13   Nathan Beckord @startupventures                  October 4, 2012




                Sales 101
Step 6: Degrees of Separation
                                               LinkedIn




                                                                                                        Angel	
  List




                                     Raising Startup Capital -- Fundraising Process   GENERAL ASSEMBLY
                       14            Nathan Beckord @startupventures                  October 4, 2012



Really	
  what	
  we’re	
  doing	
  here	
  is	
  mapping	
  our	
  social	
  graph	
  on	
  top	
  of	
  our	
  target	
  list	
  to	
  find	
  the	
  BEST	
  
WARM	
  INTRO	
  



                                               Sales 101
Step 7: Polish your pitch & model
                                                                                                                            +	
  Angel	
  List	
  
                                                                                                                            Profile	
  Page
                                                                                                                            	
  	
  (angel.co)




                                      Raising Startup Capital -- Fundraising Process    GENERAL ASSEMBLY
                        15            Nathan Beckord @startupventures                   October 4, 2012



Get	
  momentum	
  story	
  in	
  place
Build	
  really	
  slick,	
  fricYonless	
  pitch
Build	
  Angel	
  List	
  at	
  same	
  Yme	
  you	
  build	
  the	
  deck	
  (but	
  keep	
  stealth	
  for	
  a	
  bit)	
  
Step 7.5: Hacking Angel List

                                                                                             1.Get	
  a	
  lead	
  investor	
  first
                                                                                             2.Build	
  mulYple	
  forms	
  of	
  
                                                                                               social	
  proof
                                                                                             3.Peacock	
  your	
  profile
                                                                                             4.Hollywood	
  soundbite
                                                                                             5.Tweak	
  profile	
  +	
  status
                                                                                             6.Hustle	
  to	
  be	
  “ Trending”
                                                                                             7.Create	
  catalyst



               Excerpted	
  from	
  hBp://www.seedstagecapital.com/2011/07/hacking-­‐angel-­‐list.html

                                 Raising Startup Capital -- Fundraising Process   GENERAL ASSEMBLY
                     16          Nathan Beckord @startupventures                  October 4, 2012



Geqng	
  lead	
  takes	
  80%	
  of	
  the	
  Yme	
  /	
  effort.	
  	
  	
  A	
  name	
  brand	
  lead	
  is	
  even	
  bener.
Social	
  proof	
  =	
  Advisors,	
  Board,	
  Referrer,	
  References,	
  Incubator,	
  Anorney.	
  	
  Angels	
  rely	
  on	
  “who	
  you	
  
know”	
  as	
  first	
  filter.	
  	
  
Get	
  	
  these	
  people	
  to	
  follow,	
  share,	
  status	
  updates,	
  etc.	
  
Peacocking	
  =	
  great	
  product	
  slides,	
  tracYon	
  slides,	
  team	
  bios,	
  etc.	
  
Soundbite-­‐-­‐	
  either	
  X	
  for	
  Y	
  or	
  what	
  you	
  do
Use	
  catalyst	
  to	
  close	
  
Step 8: Open ‘er up and let ‘em fly
               Intros:	
  
               •Get	
  introduced	
  (v.	
  cold)
               •Make	
  it	
  easy	
  for	
  your	
  
                posse	
  to	
  make	
  intros

               Pitch:
               •A/B	
  test	
  your	
  pitch
               •ConYnually	
  refine	
  it,	
  
                improve	
  it

               Process:	
  
               •Aim	
  for	
  concentrated	
  
               ‘blitzkrieg’	
  approach
               •Compress	
  meeYngs	
  into	
  
               short	
  Yme	
  frame


                                  Raising Startup Capital -- Fundraising Process   GENERAL ASSEMBLY
                    17            Nathan Beckord @startupventures                  October 4, 2012



Key	
  here	
  is	
  warm	
  leads,	
  plus	
  conYnually	
  improving	
  pitch	
  (like	
  interviewing)	
  and	
  packing	
  many	
  meeYngs	
  
into	
  compressed	
  window,	
  all	
  to	
  get	
  your	
  mojo	
  on.	
  	
  Build	
  momentum	
  for	
  the	
  deal.	
  
Step 8.5: Making it easy
You	
  write	
  this	
  with	
  the	
  “ask”:                              ...and	
  have	
  your	
  
“Hi Nathan, I see you are connected to Lewis at ACME
                                                                           connector	
  write	
  this:	
  
Ventures. I would love it if you could introduce us.                      “Lewis, Iʼd like to intro you to Scott
                                                                          Shepherd, founder of CatBnB.  Scott was
As you know, we launched CatBnB to make life better                       the engineer #3 at Facebook and his co-
for the 82m cat owners in the U.S. when they go on                        founder, Janet, was a top salesperson at
vacation.  Since launching our closed beta 3 months                       Salesforce. 
ago, we have had nearly a million cat owners register,
and 75k have already boarded a cat in their home.                         Iʼve been advising them since inception
Weʼve recently introduced our subscription model and to                   and they know how to execute; they are
our delight, 15% of our users have upgraded.  It now                      (selectively) starting to talk to investors. 
costs us $3 to acquire a new paying customer, each of                     Take a look at their AngelList profile
whom generates an average $12.50 ARPU.                                    and their exec sum, attached.  I will leave
                                                                          it to you to to connect; let me know what
We will soon be looking for funding to scale. I see that                  transpires.  Best, Nathan”  
Lewis has a background in exotic cat breeding and has
just raised a new fund. Iʼd love to show him what weʼre
doing.” 




                 Raising Startup Capital -- Fundraising Process   GENERAL ASSEMBLY
     18          Nathan Beckord @startupventures                  October 4, 2012
Step 9: Pitch hard + Go for the close
           TIps:	
  

           •Expect	
  3-­‐6	
  meeYngs	
  per	
  
           VC	
  before	
  geqng	
  a	
  term	
  
           sheet

           •More	
  term	
  sheets	
  =	
  more	
  
           leverage,	
  faster	
  close

           •Follow	
  up	
  frequently
           •It	
  can	
  be	
  very	
  hard	
  to	
  get	
  
           an	
  actual	
  “no”	
  



                                 Raising Startup Capital -- Fundraising Process   GENERAL ASSEMBLY
                 19              Nathan Beckord @startupventures                  October 4, 2012



Live pitch meeting is usually an hour.
Goal is always to get to next step in process...always ask what that is at end of meeting
There will be progressively more people / partners in each successive meeting.
Be rapid in your responses and follow up. Be ready for DD.
If youʼre getting, “weʼd like to see... (traction / more team / deals / a lead ) thatʼs usually a “no”
Fundraising is just the beginning
        Notes:	
  
        •Geqng	
  funded	
  is	
  just	
  
        the	
  start	
  of	
  what	
  is	
  
        (usually)	
  a	
  long	
  journey

        •Now	
  you	
  have	
  an	
  
        obligaYon	
  to	
  perform,	
  
        so...


               Go	
  Get	
  ‘Em!
               	
  	
  	
  	
  	
  	
  and
               	
  Have	
  Fun!


                            Raising Startup Capital -- Fundraising Process   GENERAL ASSEMBLY
             20             Nathan Beckord @startupventures                  October 4, 2012



Cheeky monkey
Raising Startup Capital -- Fundraising Process   GENERAL ASSEMBLY
21   Nathan Beckord @startupventures                  October 4, 2012
MVP (minimal viable pitch)                                                                                     Message:
         What	
  you’re	
   More	
  people	
  than	
  ever	
  (78M!)	
  have	
  dogs.	
  They	
                        ✓	
  Problem
                                                                                                                       ✓	
  Market	
  size	
  &	
  Trends
         doing	
  &	
  why spend	
  $2bln/yr	
  puqng	
  dogs	
  in	
  kennels	
  but	
  it’s	
                        ✓	
  SoluYon	
  /	
  Product
                                  expensive	
  &	
  dogs	
  hate	
  it.	
  We	
  are	
  “airbnb	
  for	
  dogs.”       ✓	
  Clear	
  &	
  big	
  Vision


                                  Samir-­‐	
  VP	
  Engr,	
  prev.	
  @Adobe;	
  Samantha-­‐	
  Designer,	
              ✓	
  Solid	
  Team-­‐-­‐Hacker,	
  	
   	
  
                                                                                                                             Hustler,	
  Designer
         Who	
  are	
  you        prev.	
  @Apple,	
  NYU;	
  Stewart-­‐	
  Stanford	
  MBA;	
  	
                       ✓	
  Pedigree,	
  Experience
                                                                                                                         ✓Peer	
  reference	
  /	
  
                                  Advisors:	
  Steve	
  Blank,	
  Andrew	
  Chen.	
                                         “social	
  proof”


        What’s	
  going	
   POC	
  in	
  SF,	
  NY,	
  Atlanta	
  (now);	
  Adding	
  3k	
  members	
  &	
               ✓	
  Thesis	
  Validated
                                                                                                                         ✓	
  TracYon	
  /	
  Growth
                     on	
   120	
  boarders	
  /	
  week	
  via	
  events,	
  AKC	
  partnership,	
                      ✓	
  MarkeYng	
  Plan	
  
                                   select	
  GOOG	
  ads.	
  	
  Avg.	
  booking	
  $55	
  x	
  7%	
  =	
  $3.85	
       ✓	
  Bus.	
  Model
                                                                                                                         ✓	
  Momentum


             What	
  you	
   $4m	
  Series	
  A	
  @$16m	
  pre	
  to	
  hit	
  6	
  more	
  geo.	
  mkts                ✓	
  Sensible	
  UOF
                                                                                                                         ✓	
  Strong	
  Future	
  Vision
                want	
   Burning	
  $75k/mo.	
  	
  	
  Cash	
  Flow	
  B/E	
  @	
  2k	
  bookings	
  /	
                ✓	
  Economics	
  Scale
                                                                                                                         ✓	
  Path	
  to	
  Profitability
                                   week	
  (2013).	
  	
  	
  LTV	
  >	
  CAC	
  	
  	
  ($145	
  vs.	
  $33).           ✓	
  RealisYc	
  ValuaYon

                               Raising Startup Capital -- Fundraising Process             GENERAL ASSEMBLY
                  22           Nathan Beckord @startupventures                            October 4, 2012



each of these could easily be a slide, in 40 point font...add a title, add a clever image or a supporting chart or
diagram, and youʼre done. Killer MVP.

To note, I intentionally did not include a competition slide, as that can be a rathole. Make them ask about it,
make them bring it up. But def have a thoughtful analysis and appendix slide to answer.
Information progression
              Level of Informational Detail!


                                                                                                                                            Negotiations / Structuring / Close


                                                                                                                   st
                                                                                                                     !             Due Diligence Documentation
                                                                                                              re
                                                                                                         te
                                                                                                       In
                                                                                                  or
                                                                                                st
                                                                                           ve                            Business Plan / Offering Memorandum
                                                                                     e   In
                                                                               siv
                                                                          es
                                                                       gr
                                                                 P   ro
                                                                                           Investor Presentation and Pitch Book


                                                                 Investment Opportunity Summary


                                                     Elevator Pitch / Introductory Email Teaser




                                                               Timeline and Progression!

                                               Raising Startup Capital -- Fundraising Process                                GENERAL ASSEMBLY
                            23                 Nathan Beckord @startupventures                                               October 4, 2012



this is a little outdated, but conveys the general idea that deeper information is transferred as you progress
with series of meetings.




                                                         Sales 101

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Raising startup capital - fundraising as a process general assembly sf oct 4 2012

  • 1. Raising Startup Capital Session 3- The Fundraising Process Nathan Beckord @startupventures General Assembly San Francisco October 4, 2012
  • 2. HELLO. General Assembly is a global network of campuses for individuals seeking opportunity and education in technology, business, and design founded in NYC. Follow us on Twitter at @GA_SF for the latest news on classes, courses, and events in San Francisco, and use the hashtag #GASF to continue the conversation. Take a look at our course catalog at generalassemb.ly/sf for a list of classes currently offered. Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 2 Nathan Beckord @startupventures October 4, 2012
  • 3. Hi. My name is... Nathan  Beckord,  CFA.    Principal,  www.VentureArchetypes.com • My  Job:  Startup  CFO,  Advisor,  and  BD  Guy • 100+  Startup  clients  over  the  past  eight  years • E.g.  Kickstarter,  Clicker,  Autonet,  Zerply,  GetHired,  etc. • Clients  have  raised  over  $98  million  in  seed  capital  and  achieved  5  exits • Example:  I  ran  financial  modeling  for  Clicker.com,  which  raised  2  rounds  of  VC   and  sold  for  $100m  in  3  years. • Previously:  Technology  ValuaYon  |  Investment  Banking  |  Venture  Capital • Chartered  Financial  Analyst  (CFA)  and  MBA Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 3 Nathan Beckord @startupventures October 4, 2012
  • 4. Do you really want to raise $$? +  Plus  +   -­‐  Minus  -­‐   •Fuel  for  Growth •DiluYon •Credibility •Misalignment  of  Goals •Hiring  Boost •ReporYng  DuYes  /  “Boss” •Advice,  Network •Exit  ObligaYon •Extended  Runway •ProtecYve  Provisions •PR  /  PosiYve  Signaling •Loss  of  Control •Rainy  Day  Fund •Founders  Get  Fired Reality  Check:  less  than  5%  of  companies  successfully  raise  capital Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 4 Nathan Beckord @startupventures October 4, 2012
  • 5. Are you sure you want VC? IPO $ 100M Strategic Partners Decreasing Return $ 50M Venture Capital Banks $ 1M Angels FFF Gov’t Business Plan Beta Profitability Idea Prototype Sales Decreasing Risk Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 5 Nathan Beckord @startupventures October 4, 2012
  • 6. Let’s talk about the... Funding Process Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 6 Nathan Beckord @startupventures October 4, 2012
  • 7. But first, how NOT to do it This pretty much sums up what most do (wrong)... Instead: treat the fundraising game as what it really is: SALES 101: Lead-Gen, Qualification, and Closing Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 7 Nathan Beckord @startupventures October 4, 2012 Itʼs very important to target the right investors Finding (and qualifying) the right investors takes a tremendous amount of work This is your job, not your advisors, friend, etc.
  • 8. Sales process snapshot Generate initial, broad database of potential investors Screen by geography, stage, sector focus; Filter out those with direct competitors Select appropriate partner or contact person within firm Generate target list YOUR  JOB  is  to   Filter by best matches; seek herd  investors   “warm” introductions from  the  top  of   the  funnel  (Leads)   Initiate investor outreach Arrange pitch meetings to  the  Close   Present business plan (Shares  Sold) Follow-on meetings Due diligence Term sheets Execute share purchase agreement Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 8 Nathan Beckord @startupventures October 4, 2012 Sales 101
  • 9. Step 1: Pick a leader Who’s the designated driver? CEO CFO VP BD is  oden  the  “sales   as  “finance  guy”   is  oden  the   guy/gal”  in  early   this  fits  job  role;   ‘startup  hustler’   startups  =  skillset   but  few  startups   and  skillset  crosses   match have  a  CFO both  categories   Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 9 Nathan Beckord @startupventures October 4, 2012 Supporting team: CTO / VP engineering. Many engineers are now hustlers too. Sales 101
  • 10. Step 2: Build funnel FOCUS  here  on   adding  names  to   Sources  for  Leads:   the  top  of  the   •Browsing  Angel  List funnel...aim  for   •Friends  /  colleagues 100  minimum •PEHub,  VentureWire •Conference  speakers •TechCrunch  arYcles We  will  filter  down   •Cross-­‐referencing  funded   to  30  -­‐  50  later deals  on  Crunchbase •Quora,  CapLinked,  etc. Start  to  look,  and  you’ll   UlYmately  ending   start  to  “see”  relevant   in  2-­‐4  term  sheets investors  everywhere... Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 10 Nathan Beckord @startupventures October 4, 2012 Naval Ravikant sent me this tip for using AngelList:  "Here's a killer feature for building a target list:  http:// angel.co/people.  Choose stage, market, location.  Sort by paths. It'll create a personalized list of investors for you to approach, sorted by how easy it is for you to get to them."    Sales 101
  • 11. Step 3: Create tracking system (in  google   docs) To-Dos / Task Task Alerts / VC firm Investor Email Last contact Current status List Owner Due by Ref'd By STRONG INTEREST June 16, 2006 - Reviewed presentation and provided positive August Capital David Hornik hornik@augustcap.com feedback. Wants to be kept up-to-date. Send revised deck Ben 21-Sep Todd Interested in further engagement Salil Deshpande, Entrepreneur-in- July 21, 2006 - Email introduction with other partners at Bay; Ping him next week Bay Partners Residence salil@baypartners.com to Blueprint Ventures. Referred to Blueprint Ventures. to sched mtg Jake Todd Richard Yen, Principal/David Frankel, Managing Director/ George Hoyem, Managing Richard@blueprintventures.co Aug. 18, 2006 - Meeting to review Intro him to our Blueprint Ventures Director m financials. ???? seed investor Jake 19-Sep Nate INTERESTED Joyce Chung, General Partner Aug. 15, 2006 - Email exchange Follow up meeting scheduled for Cardinal Venture Capital (Founding) joyce@cardinalvc.com on meeting to review technology. Aug. 24 at Kiptronic HQ. Follow up meeting Ben Todd DSpreng@crescendoventures. com/ David Spreng, General Partner/ jhable@crescendoventures.co July 14, 2006 - Email of financial Crescendo Ventures Jason Hable, Associate m docs. Currently reviewing financial docs. N/A Todd Nate Aug. 16, 2006 - Sent intro email Stalk him outside Founders Fund Ken Howery, Partner ken@thefoundersfund.com based on mutual friend. Waiting for response. his apartment Ellen 26-Sep Jim Plans to review docs and schedule another session; Need IDG Ventures Abhijit Pradhu aprabhu@idgventures.com July 24, 2006- Email of docs to reschedule meeting. N/A Todd Todd NOT DEAD YET Kayne Anderson Capital July 24, 2006 - Phone Send Google Advisors Healy Jones kapi2@kaynecapital.com conversation Wants to be kept up-to-date. Analytics report Ben Nate North Bridge Venture Aug. 22, 2006 - Update meeting Partners Paul Santinelli pas@NBVP.COM Aug. 2, 2006 - Phone call scheduled Send new deck Jake 21-Sep Todd Aug. 10, 2006 - Phone Simeon Simeonov, General ssimeonov@polarisventures.c conversation; Put him in touch with Work back Polaris Ventures Partner om Kiptronic partners. Follow up next week. channels Ben Todd NEW LEADS ravi@shastaventures.com/ Revise our Team Shasta Ventures Ravi Mohan/Jason Pressman jason@shastaventures.com Met him years ago slide Ellen 21-Sep Nate Trinity Ventures Jim Tybur jim@trinityventures.com Met him at Giant's game Ping him next week Jake Todd Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 11 Nathan Beckord @startupventures October 4, 2012 build it in docs.google.com you can also build it in excel and upload it to google docs Sales 101
  • 12. Step 4: Filter down to direct hits Filtering  Criteria:   •Invested  in  compeYtors •No  dry  powder  (funds) •Wrong  sector  focus •Wrong  stage FOCUS  here  on   •Wrong  geo.  locaYon filtering  down  to   •Has  bad  reputaYon about  30  direct   targets. Diligently  cut  down  the   list  now  for  a  beBer  hit   rate  later.   Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 12 Nathan Beckord @startupventures October 4, 2012 For finding out about good / bad reputation, check out Thefunded.com Also, ask founders of companies theyʼve funded for candid feedback. Sales 101
  • 13. Step 5: Organize your posse Recruit  from:   •Startup  friends •Anorney,  accountant •Advisory  Board •Professors •Startup  ‘connectors’ Tips:   •Play  to  their  ego •Make  it  easy  /  low  risk •Get  everyone  together   for  dinner  /  wine.   Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 13 Nathan Beckord @startupventures October 4, 2012 Sales 101
  • 14. Step 6: Degrees of Separation LinkedIn Angel  List Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 14 Nathan Beckord @startupventures October 4, 2012 Really  what  we’re  doing  here  is  mapping  our  social  graph  on  top  of  our  target  list  to  find  the  BEST   WARM  INTRO   Sales 101
  • 15. Step 7: Polish your pitch & model +  Angel  List   Profile  Page    (angel.co) Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 15 Nathan Beckord @startupventures October 4, 2012 Get  momentum  story  in  place Build  really  slick,  fricYonless  pitch Build  Angel  List  at  same  Yme  you  build  the  deck  (but  keep  stealth  for  a  bit)  
  • 16. Step 7.5: Hacking Angel List 1.Get  a  lead  investor  first 2.Build  mulYple  forms  of   social  proof 3.Peacock  your  profile 4.Hollywood  soundbite 5.Tweak  profile  +  status 6.Hustle  to  be  “ Trending” 7.Create  catalyst Excerpted  from  hBp://www.seedstagecapital.com/2011/07/hacking-­‐angel-­‐list.html Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 16 Nathan Beckord @startupventures October 4, 2012 Geqng  lead  takes  80%  of  the  Yme  /  effort.      A  name  brand  lead  is  even  bener. Social  proof  =  Advisors,  Board,  Referrer,  References,  Incubator,  Anorney.    Angels  rely  on  “who  you   know”  as  first  filter.     Get    these  people  to  follow,  share,  status  updates,  etc.   Peacocking  =  great  product  slides,  tracYon  slides,  team  bios,  etc.   Soundbite-­‐-­‐  either  X  for  Y  or  what  you  do Use  catalyst  to  close  
  • 17. Step 8: Open ‘er up and let ‘em fly Intros:   •Get  introduced  (v.  cold) •Make  it  easy  for  your   posse  to  make  intros Pitch: •A/B  test  your  pitch •ConYnually  refine  it,   improve  it Process:   •Aim  for  concentrated   ‘blitzkrieg’  approach •Compress  meeYngs  into   short  Yme  frame Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 17 Nathan Beckord @startupventures October 4, 2012 Key  here  is  warm  leads,  plus  conYnually  improving  pitch  (like  interviewing)  and  packing  many  meeYngs   into  compressed  window,  all  to  get  your  mojo  on.    Build  momentum  for  the  deal.  
  • 18. Step 8.5: Making it easy You  write  this  with  the  “ask”: ...and  have  your   “Hi Nathan, I see you are connected to Lewis at ACME connector  write  this:   Ventures. I would love it if you could introduce us.   “Lewis, Iʼd like to intro you to Scott Shepherd, founder of CatBnB.  Scott was As you know, we launched CatBnB to make life better the engineer #3 at Facebook and his co- for the 82m cat owners in the U.S. when they go on founder, Janet, was a top salesperson at vacation.  Since launching our closed beta 3 months Salesforce.  ago, we have had nearly a million cat owners register, and 75k have already boarded a cat in their home.  Iʼve been advising them since inception Weʼve recently introduced our subscription model and to and they know how to execute; they are our delight, 15% of our users have upgraded.  It now (selectively) starting to talk to investors.  costs us $3 to acquire a new paying customer, each of Take a look at their AngelList profile whom generates an average $12.50 ARPU.    and their exec sum, attached.  I will leave it to you to to connect; let me know what We will soon be looking for funding to scale. I see that transpires.  Best, Nathan”   Lewis has a background in exotic cat breeding and has just raised a new fund. Iʼd love to show him what weʼre doing.”  Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 18 Nathan Beckord @startupventures October 4, 2012
  • 19. Step 9: Pitch hard + Go for the close TIps:   •Expect  3-­‐6  meeYngs  per   VC  before  geqng  a  term   sheet •More  term  sheets  =  more   leverage,  faster  close •Follow  up  frequently •It  can  be  very  hard  to  get   an  actual  “no”   Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 19 Nathan Beckord @startupventures October 4, 2012 Live pitch meeting is usually an hour. Goal is always to get to next step in process...always ask what that is at end of meeting There will be progressively more people / partners in each successive meeting. Be rapid in your responses and follow up. Be ready for DD. If youʼre getting, “weʼd like to see... (traction / more team / deals / a lead ) thatʼs usually a “no”
  • 20. Fundraising is just the beginning Notes:   •Geqng  funded  is  just   the  start  of  what  is   (usually)  a  long  journey •Now  you  have  an   obligaYon  to  perform,   so... Go  Get  ‘Em!            and  Have  Fun! Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 20 Nathan Beckord @startupventures October 4, 2012 Cheeky monkey
  • 21. Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 21 Nathan Beckord @startupventures October 4, 2012
  • 22. MVP (minimal viable pitch) Message: What  you’re   More  people  than  ever  (78M!)  have  dogs.  They   ✓  Problem ✓  Market  size  &  Trends doing  &  why spend  $2bln/yr  puqng  dogs  in  kennels  but  it’s   ✓  SoluYon  /  Product expensive  &  dogs  hate  it.  We  are  “airbnb  for  dogs.” ✓  Clear  &  big  Vision Samir-­‐  VP  Engr,  prev.  @Adobe;  Samantha-­‐  Designer,   ✓  Solid  Team-­‐-­‐Hacker,       Hustler,  Designer Who  are  you prev.  @Apple,  NYU;  Stewart-­‐  Stanford  MBA;     ✓  Pedigree,  Experience ✓Peer  reference  /   Advisors:  Steve  Blank,  Andrew  Chen.   “social  proof” What’s  going   POC  in  SF,  NY,  Atlanta  (now);  Adding  3k  members  &   ✓  Thesis  Validated ✓  TracYon  /  Growth on   120  boarders  /  week  via  events,  AKC  partnership,   ✓  MarkeYng  Plan   select  GOOG  ads.    Avg.  booking  $55  x  7%  =  $3.85   ✓  Bus.  Model ✓  Momentum What  you   $4m  Series  A  @$16m  pre  to  hit  6  more  geo.  mkts ✓  Sensible  UOF ✓  Strong  Future  Vision want   Burning  $75k/mo.      Cash  Flow  B/E  @  2k  bookings  /   ✓  Economics  Scale ✓  Path  to  Profitability week  (2013).      LTV  >  CAC      ($145  vs.  $33). ✓  RealisYc  ValuaYon Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 22 Nathan Beckord @startupventures October 4, 2012 each of these could easily be a slide, in 40 point font...add a title, add a clever image or a supporting chart or diagram, and youʼre done. Killer MVP. To note, I intentionally did not include a competition slide, as that can be a rathole. Make them ask about it, make them bring it up. But def have a thoughtful analysis and appendix slide to answer.
  • 23. Information progression Level of Informational Detail! Negotiations / Structuring / Close st ! Due Diligence Documentation re te In or st ve Business Plan / Offering Memorandum e In siv es gr P ro Investor Presentation and Pitch Book Investment Opportunity Summary Elevator Pitch / Introductory Email Teaser Timeline and Progression! Raising Startup Capital -- Fundraising Process GENERAL ASSEMBLY 23 Nathan Beckord @startupventures October 4, 2012 this is a little outdated, but conveys the general idea that deeper information is transferred as you progress with series of meetings. Sales 101