Cass Business School Lecture Nov 2009
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Slides for Nic Brisbourne's CASS Business School talk on Venture Capital 27 November 2009
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Cass Business School Lecture Nov 2009
- 3. Understanding venture capital Nic Brisbourne Cass Business School Lecture November 27th 2009
- 7. Structure of the venture industry Fees + Carry
- 9. Different funds specialise in investing differing amounts Seed Early Stage Series A, (B) Later Stage (B),C,D… Pre-IPO / Buy-out Private Equity Investment Size Potential Sources of Funds 0 - €1m Grant-funding University seed funds Friends and family Angel Investors (Venture Capital) € 2m-€20m Venture Capital (Wealthy) Angel investors € 5m-€20m Venture Capital € 30m+ Specialist Late stage tech investment funds Hedge Funds
- 10. The process of making investments changes with the heat in the market
- 21. Thank you & Questions Nic Brisbourne, Partner DFJ Esprit TheEquityKicker
Notas del editor
- Notes Takes a long time Pitch to literally hundreds of potential investors Nearly all of whom say no Sound familiar? It should to anyone who has raised VC – parallels are legion Hope to persuade 10-20 to invest in your fund Then have to get them all to close at the same time ‘ Limited’ joke But it is challenging – must invest across multiple asset classes and multiple types of VC fund – again a bit like a VC must invest across multiple tech sectors
- By taking investment at these different sizes you lock yourself into a big exit Lose the opportunity for a small potentially lucrative one Lose the opportunity for a lifestyle biz
- Does the common practice of requiring warm introductions promote inbreeding and reduce meritocracy? – David Semeria
- Market Need a big, attractive and fast growing market to support a big exit Need to be honest about which part of a market is truly addressable Cliche – but 1% of a huge market as per Gartner is a terrible idea Top down and bottom up assessment Check against forecasts Product Product market fit Quality of idea Barriers to entry Most VCs want to see something working The more working the better Revenues Traffic Beta customers Prototype Team Look for relevant experience Sector Entrepreneur Look for characteristics Energy level Belief Fact based decision making But to a very great extent gut feel (Blink, my mistakes)