The Entrepreneurial Bible to Venture Capital: Inside Secrets from the Leaders in the Startup Game

Inhaltsverzeichnis

List of Contributors and Interviewees xi
Foreword by André Jaeggi xiii
Introduction 1

1 Start Me Up! 3
Why Now Is a Great Time to Start a Company, Be a Venture Capitalist, Be an Angel Investor, or Invest in a VC Fund 3
BranchOut: The Textbook Case Study for Superb Angel Advisory Round and VC Funding 7
Add Angel Dignitaries to Your Series A VC Round 10
Why Entrepreneurship Is Becoming Increasingly Important and Why Angel Investing and Venture Capital Are Here to Stay 11
Getting Started 12
We've Got to Start a Company 13
When to Start Up? 14

2 Angels, Mortals, and Super Angels 17
The "Startup Cambrian Explosion" 18
Ron Conway, Super Angel 20
Accelerators 22
Tech Stars and the Rise of Accelerators 24
Online Funding Resources 28
Crowdfunding: Everything You Always Wanted to Know but Were Afraid to Ask 28
Practical Ideas and Advice on Raising Angel Funding 35
How to Recruit and Negotiate with Advisors 37
Convertible Note Versus Priced Round 37
Valuation Ranges for Pre-Money Caps on Seed-StageConvertible Note Financings 40
Don't Raise Angel Funding at Too High a Valuation 41
Raising Angel Funding 41
Steve Jobs Rated by His VC 43
The Team Means Everything 44
A Balanced Team 44
Recruit a First-Class Team Contingent upon Funding 51
Choose Your Investors Wisely 52
Building Blocks of Pre-Money Valuations 53
Pitch Lawyers before Pitching Angels 53
Legal Fees for Startups: Fixed Pricing 55
Legal Factors to Consider When Choosing an Angel Investor 56
Smart Angels Flock Together 57
Pledge Funds 58
The Importance and Art of Networking 58
Never Turn Down a Smart Strategic Investor 59

3 How Venture Capital Works 61
Understanding VC Titles 66
To the Victor the Spoils 67
The Stock Market and Venture Capital 69
Where Do VCs Get Their Money? 69
Why Are VCs So Arrogant? 71
Old School Venture Capital: Pitch Johnson on the Early Days of Silicon Valley 72
Romans Five Forces Venture Model: Incentives Are Not Aligned 77
Corporate VCs 79
Family Offices 80
The Difference between Venture Capital and Private Equity 81
A Perspective on the Difference between VC and PE 83
What About Venture Debt? 85
This Is Not Your Mother's Venture Debt 86
Pick the Right Partner the First Time 89
Questions You Should Ask Your Venture Debt Partner 90
Venture Debt Terminology and Term Sheets Revealed 91
Why Venture Debt Is an Attractive Asset Class 95
Fund of Funds 96
More Than Matchmakers Between GPs and End Investors 97

4 What to Bring to the Dog and Pony Show! 103
Business Plans 103
Executive Summary 105
Investor Slide Deck 105
Financial Model 106
Characteristics of the Best Spreadsheet Models 109
Investor Control Schedule 114
Demo and Video 115
The Pitch 116
Five VCs Explain What They Really Think About Your Pitches 118

5 Practical Ideas and Advice on Raising VC Funding 121
How Should an Entrepreneur Approach Negotiation of the Key Terms? 123
How to Negotiate with a Venture Capitalist 124
Don't Tell VCs Which Other VCs You Are Talking To 127
Confidentiality: No NDAs or Secrets in the Fast Lane 128
Bridge Financing 129
Living from Round to Round 129
Employ an Army of Interns 130
Customer Financing 130
Dual Tracking 132
Venture Fratricide 132

6 Corporate Governance: Who's The Boss? 135
The VC That Wanted a Board Seat 136
Engaging the Board of Directors 140
Making Your Board Work for You 146

7 Company Building and Growing Value 149
Distribution Versus Product 149
Skype: Where is Your Button on Kazaa? 150
Facebook: The Balance Among Product, End User Experience, and Advertising 151
MySpace: Pimp Out Your Contacts 153
YouTube: How to Extend Beyond Your Domain 156
The Marketing Myth 157
The Blackmail Business Model 159
The Nine-Year Overnight Success 160
Just Grab the Bird and Lower Yourself Out of Those Clouds 161
How to Come Up with True Innovation That Drives the Rest 162
Picking a Name 163

8 Which Way to the Exit? 165
M&A Is the Most Likely Positive Outcome for Most Entrepreneurs 165
Practical Ideas and Advice When Selling Your Companyvia M&A 165
Three Kinds of Business Buyers 170
How Instagram Secured a $1 Billion Valuation 172
Advice on the $300 Million Sale of Adify 173
How Liquidation Preferences and Carve Outs Play inExit Scenarios 174
How to Smoke Out the Serious VCs in Your Syndicate 175
Large Trade Sales of Private, Venture-Backed MedicalDevice Companies 176
Acqui-Hire Early Exits: VCs Versus Founders 176
Several Perspectives on Acqui-Hires 185
Seek Truth in Facts: Statistics on Venture Exits 186
Fund Physics: Expect Improved IRRs from Smaller Funds 188

9 Do We Need All These Lawyers? 191
What Are the Key Terms in a Term Sheet? 192
No Time Like Right Now to Settle a Legal Dispute 198
Dumb Licensing 200
Letting a Licensee Get Out of Control 201
Sometimes You Have to Go Downhill to Get to the Top of the Next Hill 202
It Is Better to Be Lucky Than Good 203

10 Ladder to Liquidity: The Secondary Market 205
How Early-Stage Angels and VCs Can Get Their Cash Back Prior to an Exit 205
To Sell or Not to Sell: The Secondary Market for Startups 208
The Direct Secondary Market: Selling Some of Your Sharesfor Cash Before a Liquidity Event 210
Founders' Preferred: Best Structure for Founder Early Liquidity 211
Direct Secondary Funds 213
When to Take Your Chips off the Table 213
The Founders Club Equity Exchange Fund Model 214

Afterword 219
Acknowledgments 221
Index 223

The Entrepreneurial Bible to Venture Capital: Inside Secrets from the Leaders in the Startup Game

Inside Secrets from the Leaders in the Startup Game

Buch (Gebundene Ausgabe, Englisch)

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inkl. gesetzl. MwSt.

The Entrepreneurial Bible to Venture Capital: Inside Secrets from the Leaders in the Startup Game

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Gebundenes Buch

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Hörbuch

Hörbuch

ab Fr. 8.40

Beschreibung

Details

Einband

Gebundene Ausgabe

Erscheinungsdatum

15.08.2013

Verlag

MCGRAW-HILL Professional

Seitenzahl

256

Beschreibung

Details

Einband

Gebundene Ausgabe

Erscheinungsdatum

15.08.2013

Verlag

MCGRAW-HILL Professional

Seitenzahl

256

Maße (L/B/H)

23.6/15.6/2.7 cm

Gewicht

530 g

Sprache

Englisch

ISBN

978-0-07-183035-5

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  • The Entrepreneurial Bible to Venture Capital: Inside Secrets from the Leaders in the Startup Game
  • List of Contributors and Interviewees xi
    Foreword by André Jaeggi xiii
    Introduction 1

    1 Start Me Up! 3
    Why Now Is a Great Time to Start a Company, Be a Venture Capitalist, Be an Angel Investor, or Invest in a VC Fund 3
    BranchOut: The Textbook Case Study for Superb Angel Advisory Round and VC Funding 7
    Add Angel Dignitaries to Your Series A VC Round 10
    Why Entrepreneurship Is Becoming Increasingly Important and Why Angel Investing and Venture Capital Are Here to Stay 11
    Getting Started 12
    We've Got to Start a Company 13
    When to Start Up? 14

    2 Angels, Mortals, and Super Angels 17
    The "Startup Cambrian Explosion" 18
    Ron Conway, Super Angel 20
    Accelerators 22
    Tech Stars and the Rise of Accelerators 24
    Online Funding Resources 28
    Crowdfunding: Everything You Always Wanted to Know but Were Afraid to Ask 28
    Practical Ideas and Advice on Raising Angel Funding 35
    How to Recruit and Negotiate with Advisors 37
    Convertible Note Versus Priced Round 37
    Valuation Ranges for Pre-Money Caps on Seed-StageConvertible Note Financings 40
    Don't Raise Angel Funding at Too High a Valuation 41
    Raising Angel Funding 41
    Steve Jobs Rated by His VC 43
    The Team Means Everything 44
    A Balanced Team 44
    Recruit a First-Class Team Contingent upon Funding 51
    Choose Your Investors Wisely 52
    Building Blocks of Pre-Money Valuations 53
    Pitch Lawyers before Pitching Angels 53
    Legal Fees for Startups: Fixed Pricing 55
    Legal Factors to Consider When Choosing an Angel Investor 56
    Smart Angels Flock Together 57
    Pledge Funds 58
    The Importance and Art of Networking 58
    Never Turn Down a Smart Strategic Investor 59

    3 How Venture Capital Works 61
    Understanding VC Titles 66
    To the Victor the Spoils 67
    The Stock Market and Venture Capital 69
    Where Do VCs Get Their Money? 69
    Why Are VCs So Arrogant? 71
    Old School Venture Capital: Pitch Johnson on the Early Days of Silicon Valley 72
    Romans Five Forces Venture Model: Incentives Are Not Aligned 77
    Corporate VCs 79
    Family Offices 80
    The Difference between Venture Capital and Private Equity 81
    A Perspective on the Difference between VC and PE 83
    What About Venture Debt? 85
    This Is Not Your Mother's Venture Debt 86
    Pick the Right Partner the First Time 89
    Questions You Should Ask Your Venture Debt Partner 90
    Venture Debt Terminology and Term Sheets Revealed 91
    Why Venture Debt Is an Attractive Asset Class 95
    Fund of Funds 96
    More Than Matchmakers Between GPs and End Investors 97

    4 What to Bring to the Dog and Pony Show! 103
    Business Plans 103
    Executive Summary 105
    Investor Slide Deck 105
    Financial Model 106
    Characteristics of the Best Spreadsheet Models 109
    Investor Control Schedule 114
    Demo and Video 115
    The Pitch 116
    Five VCs Explain What They Really Think About Your Pitches 118

    5 Practical Ideas and Advice on Raising VC Funding 121
    How Should an Entrepreneur Approach Negotiation of the Key Terms? 123
    How to Negotiate with a Venture Capitalist 124
    Don't Tell VCs Which Other VCs You Are Talking To 127
    Confidentiality: No NDAs or Secrets in the Fast Lane 128
    Bridge Financing 129
    Living from Round to Round 129
    Employ an Army of Interns 130
    Customer Financing 130
    Dual Tracking 132
    Venture Fratricide 132

    6 Corporate Governance: Who's The Boss? 135
    The VC That Wanted a Board Seat 136
    Engaging the Board of Directors 140
    Making Your Board Work for You 146

    7 Company Building and Growing Value 149
    Distribution Versus Product 149
    Skype: Where is Your Button on Kazaa? 150
    Facebook: The Balance Among Product, End User Experience, and Advertising 151
    MySpace: Pimp Out Your Contacts 153
    YouTube: How to Extend Beyond Your Domain 156
    The Marketing Myth 157
    The Blackmail Business Model 159
    The Nine-Year Overnight Success 160
    Just Grab the Bird and Lower Yourself Out of Those Clouds 161
    How to Come Up with True Innovation That Drives the Rest 162
    Picking a Name 163

    8 Which Way to the Exit? 165
    M&A Is the Most Likely Positive Outcome for Most Entrepreneurs 165
    Practical Ideas and Advice When Selling Your Companyvia M&A 165
    Three Kinds of Business Buyers 170
    How Instagram Secured a $1 Billion Valuation 172
    Advice on the $300 Million Sale of Adify 173
    How Liquidation Preferences and Carve Outs Play inExit Scenarios 174
    How to Smoke Out the Serious VCs in Your Syndicate 175
    Large Trade Sales of Private, Venture-Backed MedicalDevice Companies 176
    Acqui-Hire Early Exits: VCs Versus Founders 176
    Several Perspectives on Acqui-Hires 185
    Seek Truth in Facts: Statistics on Venture Exits 186
    Fund Physics: Expect Improved IRRs from Smaller Funds 188

    9 Do We Need All These Lawyers? 191
    What Are the Key Terms in a Term Sheet? 192
    No Time Like Right Now to Settle a Legal Dispute 198
    Dumb Licensing 200
    Letting a Licensee Get Out of Control 201
    Sometimes You Have to Go Downhill to Get to the Top of the Next Hill 202
    It Is Better to Be Lucky Than Good 203

    10 Ladder to Liquidity: The Secondary Market 205
    How Early-Stage Angels and VCs Can Get Their Cash Back Prior to an Exit 205
    To Sell or Not to Sell: The Secondary Market for Startups 208
    The Direct Secondary Market: Selling Some of Your Sharesfor Cash Before a Liquidity Event 210
    Founders' Preferred: Best Structure for Founder Early Liquidity 211
    Direct Secondary Funds 213
    When to Take Your Chips off the Table 213
    The Founders Club Equity Exchange Fund Model 214

    Afterword 219
    Acknowledgments 221
    Index 223