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Understanding venture capital Nic Brisbourne Cass Business School Lecture November 27th 2009
Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Nic Brisbourne ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],DFJ Esprit
Structure of the venture industry Fees + Carry
Home runs – the maths demands them ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
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
The process of making investments changes with the heat in the market
How VCs find companies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Deciding to make an investment ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Investment execution ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Typical deal terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],but that’s so unfair…
Helping companies to help themselves ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
What a good VC will add ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Making the fund a success ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Internal process for a VC fund ,[object Object],[object Object],[object Object],[object Object]
Recruitment into a VC fund ,[object Object],“ “ And a passion for your sector!!!
Conclusion ,[object Object]
Thank you & Questions Nic Brisbourne, Partner DFJ Esprit TheEquityKicker

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Cass Business School Lecture Nov 2009

  • 1.  
  • 2.  
  • 3. Understanding venture capital Nic Brisbourne Cass Business School Lecture November 27th 2009
  • 4.
  • 5.
  • 6.
  • 7. Structure of the venture industry Fees + Carry
  • 8.
  • 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
  • 11.
  • 12.
  • 13.
  • 14.
  • 15.
  • 16.
  • 17.
  • 18.
  • 19.
  • 20.
  • 21. Thank you & Questions Nic Brisbourne, Partner DFJ Esprit TheEquityKicker

Notas del editor

  1. 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
  2. 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
  3. Does the common practice of requiring warm introductions promote inbreeding and reduce meritocracy? – David Semeria
  4. 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)