本スライドは、当初、支援している／今後、支援する起業家向けにベンチャー・ファンディングに関する基礎知識の共有を目的に執筆をはじめた．一方、帰国後、様々な起業家と出会い、話をする機会があった．一様に感じたのは、彼らがVCから資金調達するタイプのスタートアップ(venture-backed startups)に必要な知識・情報を得る機会が少ないということだ．そこで、本スライドも公開することにした．正直、財務は専門外なので、他の著作と違って躊躇したが、知識の共有こそが強いエコシステムの要だという思いもあり、稚拙ながら公開させて頂く． 第１章では、創業からExitまでのファンディングの大まかな流れを説明し、続く第２章では、数値を使って会社の所有権や価値の変化をシミュレーションした． 第３章では、ベンチャーキャピタル生態学というタイトルでVCのレベニューモデルと分類について紹介した．VCは顧客、社員と並び、重要なステークホルダーだ．VCのことを知らずにファンディングに臨むのはナンセンスだ．また、オープンイノベーションに取り組んでいる大企業にとっても、VCとの協業を考えるならば、VCのレベニューモデルや分類は知っておくべきだろう． 第４章は、BootstrapとVenture-backedというファンディングの違いが、経営方針やマーケティングに大きな違いを生み出すことを説明した．日本政府などは世界を席巻するベンチャー企業創生を掲げているが、そのためには、Venture-backedの特徴をよく理解して、育成や評価方法を構築すべきだろう．

1. 1. Exit
2.
3.
4. Bootstrap vs Venture-backed
Open Innovation

3. (*)
NPO
”Sushi Bento”
Exit(IPO or ) CFO
(*) VC
VC VC Win-Win

4. VC
Exit
Y Combinator (*)
(*) http://www.paulgraham.com/startupfunding.html

5. (*)
VC
(*)

6. 1. Exit
2.
3.
4. Bootstrap vs Venture-backed

7. ※
$1=¥100

8. 1. Exit

10. (*)
•
•
(*)

11. (*)
(*)
100 300

12. 4000 6000
(*)
(*) VC
VC
4000 6000

13. ”Exit Strategy”
or
IPO

14. (*)
(*)
20

15. (VC)
(*) VC
(*) VC VC
VC
Associate Analyst

16. VC
VC
(*)
(*)
VC

17. (*)
VC VC VC
(*)

18. EXIT
VC VC
…
IPO or
/ /VC
(*) Exit
D E Exit
Exit

19. VCVC
B
…

20. VC…
VC
VC
B
IPO

21. VCVC
B
…
Y-Combinator
(*)
VC
(*) Y-Combinator
Y-Combinator Ron Conway Top Tier Top Sequoia Capital
VC

23. VC (Exit)
(bootstrap)
( )
Exit (IPO/ )
Bootstrap Startup VC Venture-backed Startup
“Give up” ”Give”
“venture” VC

24. 10
Exit
25
(*)
(*)

25. NASDAQ
E
0.4% IPO 650
250 0.4%
CEO
10 2.5
(*) CEO

26. VC ”Open Innovation”
10 (*)
(*)

27. VC
2

28. VC
→
→
→

29. VC (*1)
(*2)
Win-Win
(*1) VC
(*2)

30. VC
(*1)
(*2)
(*1)
(*2) 5 20%

31. VC (*1)
VC
(*2) (*3)
(*1) VC VC
(*2)
(*3) ( THE BRIDGE )

32. NRE(Non Recurring Engineering: )
(*)
NRE fee
(
)
2
(*)
5 15 20

33. VC
Win-Win

35. 2.

36. 100%
(co-founders) (co-founders)

37. (Pre-money Valuation)
‣ Pre-money Valuation
‣
÷

38. ‣ Pre-money Valuation
‣
‣
÷
÷

39. Post-money Valuation
‣
÷
Post-money Valuation
= Pre-money Valuation +
=
=

40. 100%
16.7%
83.3%
(co-founders)
= 83.3%
= 16.7%
(co-founders)
(co-founders) =
=

41. (Pre-money valuation)

42. Pre-money valuation
25 valuation
(*) Pre-money
valuation
(*) VC VC
Pre-money valuation

43. Y-Combinator (*)
Anna Vital Infograph (**)
(*) http://www.paulgraham.com/startupfunding.html
… VC
(**) https://blog.adioma.com/how-funding-works-splitting-equity-infographic/

44. 100
Option Pool
20%
40%
40%
B
A
Option Pool
A 400 40%
B 400 40%
Option Pool 200 20%
1000 100%
(*) Option Pool A

45. Option Pool

46. 50

47. 5%
20%
37.5%
37.5%
B
A
Option Pool
A 375 37.5%
%B 375 37.5%
Option Pool 200 20%
50 5%
1000 100%

48. 13%
4%
17%
32.6%
32.6%

49. 3
□□
4%
13%
4%
13%
32.6%
32.6%
B
A
Option Pool
A 375 32.6% 7500
B 375 32.6% 7500
50 (*) 4.4% 1000
Option Pool 150 13.0% 3000
50 4.4% 1000
150 13.0% 3000
1150 100% 2 3
(*) (vest)

50. VC A
VC Option Pool 100
4%
12%
4%
20%
30.0%
30.0%
B
A
Option Pool
1150 +100 = 1250
A 375 30.0%
B 375 30.0%
50 4.0%
Option Pool 250 20.0%
50 4.0%
150 12.0%
1250 100%

51. VC A Pre-money valuation 10
5
33.3%
2.7%
8.0%
2.7%13.3%
20.0%
20.0%
B
A
Option Pool
1250 +625 = 1875
A 375 20.0%
%
3.0
B 375 20.0% 3.0
50 2.7% 0.4
Option Pool 250 (*) 13.3% 2.0
50 2.7% 0.4
150 8.0%
%
1.2
VC A 625 33.3% 5
1825 100% 15
10 ÷1250 = 80 /
5 ÷ 80 = 625
Post-money valuation = 15
A VC
(*)

52. B C
1600 A
A 375 60
B 375 60
(*) 50 8
50 8 300 267
150 24 3 80
VC A 625 100 5 20

55. 3
pre-money valuation
23.1%
3.8%
15.4%28.8%
28.8%
B
A
Option Pool
300 = 1300
A 375 28.8% 3750
B 375 28.8% 3750
Option Pool 200 15.4% 2000
50 3.8% 500
300 23.1% 3000
1300 100% 1 3
1 ÷ 1 = 10 /
3 ÷ 10 = 300
Post-money valuation = 1 3

56. 1
VC A
Pre-money valuation 5 5
50.0%
1.8%
10.7%
1.8%
8.9%
13.4%
13.4%
B
A
Option Pool
1400 +1400 = 2800
A 375 13.4% 1.3
B 375 13.4% 1.3
50 (*) 1.8% 0.2
Option Pool 250 8.9% 0.9
50 1.8% 0.2
300 10.7%
%
1.1
VC A 1400 50.0% 5
2800 100% 10
5 ÷1400 = 35.7 /
5 ÷ 35.7 = 1400
Post-money valuation = 10
A VC

57. 33.3%
2.7%
8.0%
2.7%
13.3%
20.0%
20.0%
B
A
Option Pool
A VC
50.0%
1.8%
10.7%
1.8%
8.9%
13.4%
13.4%
B
A
Option Pool
A VC
3 A 5
VC

58. A 375 13.4% 1.3
B 375 13.4% 1.3
50 (*) 1.8% 0.2
Option Pool 250 8.9% 0.9
50 1.8% 0.2
300 10.7% 1.1
VC A 1400 50.0% 5
2800 100% 10
A 375 20.0% 3.0
B 375 20.0% 3.0
50 (*) 2.7% 0.4
Option Pool 250 13.3% 2.0
50 2.7% 0.4
150 8.0% 1.2
VC A 625 33.3% 5
1825 100% 15
2/3

60. Google VC
Apple Facebook Amazon
Google(’98) → 30
Apple(’76) →
Facebook(’04) → SNS 100
Amazon(’94) →
※

61. 4 80
CEO CTO COO Engineering

62. 3.

63. VC Top Tier VC (2nd/3rd/…
Lower-Tier VC(*))
LP LP
(*) Y Combinator

64. VC VC 2
20 (*)
100
100
(*) 2% 2.5%
VC 15

65. 100 2 VC
2%(*1) 10 (*2)
20 VC
100
… × 10
20
VC
(*1) 10 2
(*2) 12~14 10

66. 100 80
100
80
… × 10
20
VC
(*) 3.11 75%
20%

67. Top Tier (*)VC IRR( )30%
20% 221
(*)
10 VC 10 2nd Tier
VC
1.310 = 13.8 30% 10
80 × 13.8 = 1104
: 1104 – 100 = 1004
20% : 1004 × 0.20 = 221
20
20%
221

68. IRR30% 12% VC
20%
1.5 VC
IRR VC 20 1 (*)
1.1210 = 3.1 12% 10
80 × 3.1 = 248
: 248 – 100 = 148
20% : 148 × 0.20 = 29.6
20%
29.6
(*) https://techcrunch.com/2017/06/01/the-meeting-that-showed-me-the-truth-about-vcs/
20

69. IRR 7% VC 7%
85% VC IRR 7%
20%
VC
1.0710 = 1.97 7% 10
80 × 1.97 = 157
: 157 – 100 = 57
20% : 57 × 0.20 = 11.4
20%
11.4
20

70. IRR 2% 10
VC
Tomer Dean (*)
1.0210 = 1.22 2% 10
80 × 1.22 = 97.5
: 97.5 – 100 = –2.5
20% : 0
20%
0
20
(*) https://techcrunch.com/2017/06/01/the-meeting-that-showed-me-the-truth-about-vcs/

71. VC
(*)
20
(*)

72. 3
VC
General Partner
(※ 100 )
0 5 10 15
2 / 4 / 6 /
8/
6 / 4 / 2 /
19 80 4.2

73. VC VC Lower Tier VC
(*)
Open Innovation
(*)

74. Top Tier VC
IRR 30%
(*) Top Tier Associate Analyst

75. Top Tier VC General Partner(GP)
Vice President(VP)
CEO VP
30
CEO
VC
(*) GP
VC Exit
(*) 1 ( 100 ) 1

76. Top Tier VC ( 1%)
Top Tier Top Tier 1
VC Lower Tier VC
(*) VC Top Tier Kleiner Perkins(KPCB) Sequoia Capital NEA
Graylock Partners Menlo Ventures Benchmark Capital Mayfield Fund Accel Partners Andressen Horowitz Khosla
Ventures Venrock Lightspeed Redpoint Battery Ventures etc.,
Lower Tier VC (99%)

77. Top Tier
Pre-money valuation
Pre-money valuation
( )

78. Lower Tier VC Pre-money valuation
Lower Tier VC
R40
VC
(*)
40 50

79. Top Tier
Lower Tier
Top Tier (*)
(*) Top Tier VC
VC

80. Lower Tier VC (99%)
Lower Tier VC 99%
( )
A C VC

81. Top Tier VC
VC
”VENTURE”
Lower Tier VC

82. VC
(*) VC
VC CVC

83. Top Tier VC
VC

84. VC
VC
Top Tier VC
(Partner Managing Director )
Top Tier (*)
(*) KPCB 90
NetScape Amazon.com

85. Lower Tier VC

86. VC (*)
VC
(*)
http://frombayarea.com/work/history-of-sv-and-vc/

87. (CVC) VC
VC
TSMC
CVC

88. CVC Intel Capital Google
CVC (GV) Adobe TI VC
100
Win-Win
4
(*) CVC CVC
VC
CVC

89. VC
http://frombayarea.com/work/history-of-sv-and-vc/

90. 4. Bootstrap vs Venture-backed

91. VC Exit (Venture-backed Startups)
Venture-backed Bootstrap(*)
(*) Bootstrap Exit

92. Bootstrap Venture-backed
(*)
(*)
Bootstrap Venture-backed
VC

93. Bootstrap Venture-backed
(sustainability)
Bootstrap
Sustainability

94. Bootstrap Venture-backed
(sustainability)
VC

95. Y Combinator 200 (DropBox) 199
2 (AirBnB) 198 (2012 )
VC
VC

96. Bootstrap Venture-backed
(sustainability)

97. Bootstrap Venture-backed
(sustainability)
Bootstrap

98. Bootstrap Venture-backed
(sustainability)
Venture-backed
( )

99. Apple DEC
Facebook SNS SNS
Amazon PC
Yahoo!
Microsoft
VC Google Exite Top Tier VC
Khosla 100 75
e-Commerce PayPal
2006 140 2008 AirBnB
2009 UBER

100. The good ideas are the ones that look like bad ideas.
Unfortunately, the bad ideas also look like bad ideas.
– Paul Buccheit, Partner, Y Combinator
from the lecture at Stanford University
(*) The above is the answer to a question from an audience. I’m not sure whether this was his original words
or he just quoted from others.

101. Venture-backed Bootstrap
Bootstrap
Venture-backed
ポ
キ
ッ

102. VC Bootstrap
Bootstrap Venture-backed
Bootstrap Bootstrap

103. Bootstrap Venture-backed

104. 5.

105. Venture-backed
Venture-backed

106. Exit

107. VC
VC VC
VC
VC

108. Bootstrap Venture-backed
Venture-backed

109. 2019 9

111. frombayarea.com
Chikafuji,Ryu
LinkedIn TAKA KONDO I-Commission