The document discusses venture capital investment and startup investing. It provides statistics on internet users in Iran and outlines the typical stages of startup investing from pre-seed to Series A. It also examines the history of venture capital firms and investing, and explains how VC funds are structured. Power laws are discussed as they relate to the distribution of returns from startup portfolios.

1. ‫ﻏﺎﻧﻢزاده‬ ‫ﻧﺎﺻﺮ‬
‫ﺟﺴﻮراﻧﻪ‬ ‫ﺳﺮﻣﺎﯾﻪﮔﺬاری‬ ‫آﯾﻨﺪهی‬

2. @ghanemzadeh

3. ‫اﯾﺮان‬ ‫در‬ ‫اﺳﺘﺎرﺗﺎپﻫﺎ‬ ‫اﻧﻔﺠﺎر‬

4. ‫اﯾﺮان‬
‫ﻣﯿﻠﯿﻮن‬ ۴۵ ‫از‬ ‫ﺑﯿﺶ‬ :‫ﮐﺎرﺑﺮان‬
٪۵۵ ‫از‬ ‫ﺑﯿﺶ‬ :‫ﻧﻔﻮذ‬ ‫ﺿﺮﯾﺐ‬
‫ﻣﯿﻠﯿﻮن‬ ۷۰ ‫از‬ ‫ﺑﯿﺶ‬ :‫ﮐﺎرﺑﺮان‬
‫ﻣﯿﻠﯿﻮن‬ ۸۰ ‫ﺣﺪود‬ :‫ﺟﻤﻌﯿﺖ‬
.‫م‬ ۳۰ ‫ﺑﺎﻻی‬ :‫ﺳﺎل‬ ۳۵-۲۰
.‫م‬ ۴۰ ‫از‬ ‫ﺑﯿﺶ‬ :‫ﻫﻮﺷﻤﻨﺪ‬

5. ‫ﺳﺘﺎرهﻫﺎ‬ ‫ﻇﻬﻮر‬

6. ‫اﺳﺘﺎرﺗﺎپﻫﺎ‬ ‫روی‬ ‫ﺳﺮﻣﺎﯾﻪﮔﺬاری‬ ‫ﺑﻪ‬ ‫ﻧﯿﺎز‬
(‫ﭘﺬﯾﺮ‬ ‫)ﺧﻄﺮ‬ ‫ﺟﺴﻮراﻧﻪ‬
:‫ﻫﻮﺷﻤﻨﺪ‬ ‫ﭘﻮل‬
‫ﻗﻮی‬ ‫ﺷﺒﮑﻪی‬
‫ﺗﺠﺮﺑﻪ‬
‫ﺻﺒﺮ‬ ‫و‬ ‫ﺑﯿﻨﺶ‬
(‫)ﻋﻤﻠﯿﺎت‬ ‫اﺟﺮا‬ ‫در‬ ‫ﮐﻤﮏ‬

7. ‫اﺳﺘﺎرﺗﺎپﻫﺎ‬ ‫روی‬ ‫ﺟﺴﻮراﻧﻪ‬ ‫ﺳﺮﻣﺎﯾﻪﮔﺬاری‬
‫آﻏﺎز‬ ‫ﻣﺤﺼﻮل/ﺑﺎزار‬ ‫ﻫﻤﺨﻮاﻧﯽ‬ ‫ﮔﺴﺘﺮشﭘﺬﯾﺮی‬
Pre-Seed Seed Series A
‫ﺷﺘﺎبدﻫﻨﺪه‬
‫ﺳﺮﻣﺎﯾﻪﮔﺬار‬ ‫ﻓﺮﺷﺘﮕﺎن‬
(VC) ‫ﺟﺴﻮر‬ ‫ﺳﺮﻣﺎﯾﻪﮔﺬاران‬:‫ﻓﺮﺷﺘﮕﺎن‬ ‫ﮔﺮوه‬
‫ﺑﺎﻧﯿﺎن‬
‫ﮐﺎراﯾﺎ‬
‫اﯾﺮاﺗﻞ‬
‫ﺑﺮﮐﺖ‬
‫رﻫﻨﻤﺎ‬
‫ﺳﺮآوا‬
(‫)روﯾﺶ‬ ‫ﻟﻮﺗﻮس‬
‫ﺗﮑﻨﻮﻟﻮژی‬ ‫ﺗﻮﺳﻌﻪ‬ ‫ﺻﻨﺪوق‬
FFF
‫ﺧﻮدﮔﺮداﻧﯽ‬

8. VC Firm
(General Partner)
VC Fund
(Limited Partnership)
Paid 2% fee + 10-20% of Profits
Limited Partners
(public pension funds, corporate pension funds, insurance companies, high
net-worth individuals, family offices, endowments, foundations,
fund-of-funds, sovereign wealth funds, etc.)
Startup 1
(Ownership %)
Startup 2
(Ownership %)
Startup 3
(Ownership %)
Fund Management
Ownership of Fund
‫ﻣﯽﮐﻨﺪ؟‬ ‫ﮐﺎر‬ ‫ﭼﮕﻮﻧﻪ‬ (‫)اﺳﺘﺎﻧﺪارد‬ ‫ﺟﺴﻮراﻧﻪ‬ ‫ﺳﺮﻣﺎﯾﻪﮔﺬاری‬

9. ‫وﻟﯽ‬ ‫ﺳﯿﻠﯿﮑﻮن‬ :‫ﺗﺎرﯾﺨﭽﻪ‬
1891
1939
1956Shockley
Semiconductor
1957
1968
1976

10. ‫ﺟﺴﻮراﻧﻪ‬ ‫ﺳﺮﻣﺎﯾﻪﮔﺬاری‬ ‫ﺷﺮﮐﺖﻫﺎی‬ :‫ﺗﺎرﯾﺨﭽﻪ‬
1972
1972
1977
1983
2003
1995
2009

11. (~Power law ) ۸۰/۲۰ ‫ﻗﺎﻧﻮن‬
Mike Maples, Floodgate

12. .‫اﺳﺖ‬ ‫ﺑﯿﺸﺘﺮ‬ ‫اﺳﺘﺎرﺗﺎپﻫﺎ‬ ‫ﺑﻘﯿﻪ‬ ‫ﺑﺎزده‬ ‫ﺟﻤﻊ‬ ‫از‬ ‫اﺳﺘﺎرﺗﺎپ‬ ‫ﺑﻬﺘﺮﯾﻦ‬ ‫ﺳﺮﻣﺎﯾﻪﮔﺬاری‬ ‫ﺑﺎزده‬ ‫ارزش‬
‫ﺻﻮرت‬ ‫ﻫﻤﯿﻦ‬ ‫ﺑﻪ‬ ‫و‬ ‫اﺳﺖ‬ ‫ﺑﯿﺸﺘﺮ‬ ‫ﺷﺮﮐﺖﻫﺎ‬ ‫ﺑﺎﻗﯽﻣﺎﻧﺪه‬ ‫ﺑﺎزده‬ ‫ﺟﻤﻊ‬ ‫از‬ ‫دوﻣﯿﻦ‬ ‫ﺑﺎزده‬ ‫ارزش‬
…
Mike Maples, Floodgate
Power Law

13. Power Law
Source: Gil Ben-Artzy — Money Talks

15. Power Law

16. Exit :‫ﻫﺎ‬VC ‫ﺳﺮﻣﺎﯾﻪی‬ ‫ﺑﺎزﮔﺸﺖ‬

17. ‫ﺻﺒﻮر‬ ‫ﺻﻨﻌﺘﯽ‬ :‫ﺟﺴﻮراﻧﻪ‬ ‫ﺳﺮﻣﺎﯾﻪﮔﺬاری‬

18. ‫ﻧﮕﺮ‬ ‫آﯾﻨﺪه‬ ‫و‬ ‫ﺟﺴﻮر‬ :‫ﺟﺴﻮراﻧﻪ‬ ‫ﺳﺮﻣﺎﯾﻪﮔﺬاری‬
Source: PWC

19. ‫ﺳﺮﻣﺎﯾﻪ‬ ‫ﺑﺎزﮔﺸﺖ‬ ‫ﻣﺤﺮک‬ ‫ﻣﻮﺗﻮر‬ ‫ﺗﻤﻠﮏ‬

20. ‫آﻏﺎزﯾﻦ‬ ‫ﻣﺮاﺣﻞ‬ ‫ﺳﺮﻣﺎﯾﻪﮔﺬاران‬

21. AppDynamics
Source: EquityZen

23. VC's big winners from the $3.3B Jet.com acquisition

25. @ghanemzadeh