Доклад: “Introduction to angel investing, its exploding growth and internationalization” В докладе рассмотрено введение в инвестирование бизнес-ангелов – частных инвесторов, вкладывающих деньги в инновационные проекты (стартапы) на этапе создания предприятия в обмен на возврат вложений и долю в капитале. Будут затронуты следующие вопросы: типы компаний, нуждающихся в инвестировании, определение стоимости компании, что привлекает бизнес-ангелов, необходимый уровень рентабельности инвестиций и т.д. Кроме этого, будет затронут вопрос резкого всплеска количества стартапов в США и роль СМИ в этой связи. Также в ходе презентации будет сказано о причинах быстрого роста стартапов и их роли на международной арене.

1. John Angel Investing
Ason
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2. Angel Investing
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3. Personal Background
 25 years AT&T Bell Labs experience
 Successful in stock market
 Angel investor last 17 years
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4. Angel Investments
Xlibris.com Scoople.it DoodleDeals.com
Koding.com GetMaid.com ERANYC.com
Centrak.com OffTrackPlanet.com Ology.com
Diapers.com HotList.com Imbookin.com
CallunaVineyards.com Tips.by Spling.com
WeHostels.com LiveLook.com Bikini.com
FulcrumGallery.com Geometrix SpatialLabs
AdPilot Hooja MotionMathGames.com
AppyCouple.com PhlatBall.com IvyExec.com
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5. What is Angel Investing ?
 Source of funds for early stage companies
 Typically first “professional” level
 Typically $100,000 to $500,000
 Experience / assistance provided
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6. Angel Profile
 Usually private
 Ability to accumulate capital
 Retired professionals
 Entrepreneurs
 Financial return secondary concern
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7. What do Angels Want ?
 A pleasant experience
 Excitement of growing a company
 Financial return
 An environment to contribute / participate
 Management / oversight
 Contacts
 An exit strategy
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8. Exit Strategies (descending order)
 Chapter 11 / Disbanding
 Life style (put option)
 Buyout / Merger
 Venture Capital round
 IPO
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9. How to Find Angels ?
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10. How to Find Angels ?
 Networking
 Venture groups
 Venture fairs
 Internet
 University lectures
 Intermediaries
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11. What do Angels Want to See ?
 Short focussed business plan
 Quality management / people
 Reasonable valuation (20-30% equity)
 Market validation
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12. Negotiating with Angels
 Must be win / win
 Process is asymmetrical
 Valuations fuzzy
 Angel contribution fuzzy
 Angels timeframe is casual / slow
 Angels do not HAVE to invest
 Angels can walk away at anytime
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13. Financial Returns
 Ten times investment in 3 to 5 years
 50% IRR per year
 Lifestyle companies do not qualify
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14. Company Culture
 Speed, speed, speed
 Outsource everything
 Leverage / margins
 Compete / cooperate
 Open non-secretive
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15. Angels VS VCs
Money Own Other people’s
Revenues None $2 – 5 million
Management Partial Complete
Stage Early Expansion
IRR 50% 30%
Multiples 10X 2X – 4X
Risk High Low
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16. Evaluation Process
 Clear, concise, compelling, coherent
one page executive summary
 Very large potential (10X)
 Intellectually stimulating
 Marketing/sales skills
 Fundamental keystone patent
 Execution capabilities
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17. Exploding Angel Market
 Starting a company close to zero
 Validating a company close to zero
 Emergence of accelerators
 Emergence of Super Angels (Micro VCs)
 Emergence of AngelList
 Emergence of graphical investor decks
 Emergence of family offices
Dramatic increase in speed of angel investing
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18. International Activity
 Startups are outsourcing
 Foreign startups looking for funding
 Foreign governments looking to build
angel and startup ecosystems
 Accelerators going international
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19. Thank You
John Ason
www.JohnAson.com
Ason@comcast.net
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