Scaling up your Enterprise: Growth, Governance and Finance

Nicosia • 13-14 March 2019
Scaling up your Enterprise:
Growth, Finance, Governance

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Introduction
The 6-18 months following launch of an enterprise or start-up are critical. Once a prototype
has been launched and is in the market, a key priority is to achieve growth.
Known as scaling up, this growth process typically requires achievement in three core
areas:
1. Achieving product / market fit: Continually developing your product and business model
to ensure the widest and deepest possible growth in terms of users;
2. Growing human resources and decision-making capacity: Ensuring that your talent and
governance structures are continually evolving to meet growth requirements;
3. Securing finance: Making sure you have the financial resources to grow, either using
organic cash flow or external financing.
This presentation will offer a brief roadmap to prepare for your scaling up journey. It will
include practical tools, methods and advice for different aspects of scaling, and outline
some common pitfalls seen along the way.

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Philip Ammerman
Philip studied at Princeton University, Cornell University, School of Industrial and
Labour Relations, and Oxford University, Said Business School. He began his career
with Kienbaum and Partner in New York and Dusseldorf in 1991, working on large-
scale strategic organisational development projects.
In September 1995, he co-founded Navigator with two partners. Since then, he has
implemented over 180 projects in 35 countries. Since 1997, Navigator has advised
companies and governments on digital transformation, investment-led growth and
restructuring. Over € 6 billion in completed investment projects have been delivered.
Since 2010, Philip has led the Navigator Entrepreneurship Charter, a commitment to
support 1 start-up or social entrepreneur between 2010 and 2020. In this capacity,
Philip acts as an early-stage angel investor and business mentor. The focus of our
Charter is on B2B, professional services operations or SaaS. To date, we have
invested in 7 start-ups and have three more planned.
In February 2018, Philip was appointed as Team Coordinator for Greece for the
European Bank for Reconstruction & Development (EBRD), and is currently
implementing 2 international advisory projects for innovative firms in Greece.
Philip acts as regional portfolio manager for Brookstreet Equity Partners, a private
equity fund investing in innovative Greek enterprises.
http://www.brookstreetequity.com/
He is a non-executive Board Member for Redfin Capital, an asset management firm.
He is an evaluator for the European Commission’s Horizon SME I and II grant scheme,
and advises a range of private equity, venture capital and investment banks world
wide.
Contact Information
Skype: philipammerman
Email: pga@navigator-consulting.com
www.navigator-consulting.com
LinkedIn: philipammerman

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Idealised Cash Flow Curve
Pre-Launch
(Start-up)
Time (Months)
Launch
(Start-up)
Financial Revenue (+)
Financial Loss (-)
Pre-Revenue or
Loss-Making
(Start-up)
Revenue-Making
(Start-up)
Growth
(Scale-up)
Net Cash
0

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Start-up J-Curve
http://startupsac.com/the-startup-j-curve/
Based on Howard Love: The J Curve

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J-Curve & Startup Financing Cycle
7
Adapted from: https://en.wikipedia.org/wiki/File:Startup_financing_cycle.JPG
Angels, FFF
Seed Capital
Time
(Months)
Financial Revenue (+)
Financial Loss (-)
Break-Even
Early-Stage
Valley of Death
Later-Stage
VCs, Acquisitions,
Mergers, Alliances
IPO
Public
Company
Secondary
Offerings

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5 Growth Scenarios
1. Organic Growth A company grows organically using its own profitability and
cash flow.
2. Sponsored Growth
A company grows faster by scaling up through advertising or
other means of promotion, usually requiring finance.
3. Mergers &
Acquisitions
A company grows by taking over other businesses, either via
mergers or acquisitions. External financing is usually required.
4. Venture Capital /
Private Equity
A company becomes a platform for growth by combining own
capital with external VC or PE capital. This is a private
transaction.
5. IPO / ICO / Other
Capital Raising
A company lists part of shares on a stock exchange or seeks
alternative financing arrangements (ICO, convertible bond).
This is usually a public transaction (excepting ICOs).

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Financing Partner Expectations
Partner Value Range Equity Share ROI Expectation
Bank Loan for Collateral:
typically 70% loan-to-value
None Interest Rate 3-6%
Business Angel € 10,000 – 250,000 Small minority
share
100% minimum
Venture Capital € 2,500,000 minimum:
minimum tickets are rising
rapidly
Minority or
majority
Unicorns
Private Equity € 2,500,000 minimum:
minimum tickets are rising
rapidly
Minority with
control forms
100% in 5 years
minimum
Bond or Convertible
Bond
€ 500,000 minimum Bond converts to
equity under
certain triggers
Bond rate: 4-9%
Initial Public Offering € 5,000,000 minimum:
depends on exchange,
company
20% minimum
float; depends
Immediate share
appreciation; Longer-
term growth

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Smart Capital and Stupid Capital
Smart Capital
Has a format investment process.
Makes data-driven investment decisions.
Uses third-party professionals for due diligence.
Challenges assumptions and core logic.
Negotiates complex term sheets.
Requests seniority and capital protection.
Refuses most opportunities.
Implements thesis-driven investments.
Requires board seat and reporting.
Releases equity in phases, based on
milestones.
Makes emotional decisions / FOMO.
Does not investigate / accepts at face value.
No data review.
Does not protect own capital.
Does not request board seat.
Follows the crowd.
Releases equity in lump sum, not tied to milestones.
Stupid Capital

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Why are Investment Tickets Rising?
Due Diligence Costs
Big4 Accounting Firm: € 25,000 min.
Legal Support: € 75,000+
Technical Specialists: € 15,000+
Travel: € 10,000
KYC Reports: € 5,000
Full time analysts & research teams.
Review 15+ opportunities for each investment
completed.
Lose money on several investments; await
success on a small number of deals.
Own Business Costs
Most VC firms will not look at deals under € 2.5 mln. Most Sand Hill Road
firms are far higher than this.
Most PE firms or investment banks will not do deals under € 10 mln

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What do these companies have in common?

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Uber (c/o Statista)

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Twitter (c/o AFP)

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European Investment Fund (EIB)

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Equifund (Greece) https://equifund.gr/
https://equifund.gr/wp-content/uploads/2018/02/EquiFund-Brochure.pdf

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European Angel Investments

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European Private Equity Funds

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European Venture Capital Funds

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Statista: VC Funding in the US
20

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Softbank Vision Fund: $ 100 billion
https://money.cnn.com/2017/05/21/technology/saudi-softbank-tech-fund-target/

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China is growing fast
https://www.ft.com/content/9cdd3098-7d3c-11e8-bc55-50daf11b720d

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Made in China 2025
http://www.chinagoabroad.com/en/guide/going-out-the-global-dream-of-a-
manufacturing-power-2016-china-outbound-investment-outlook

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Thinking about Cyprus
How does Cyprus fit into an innovative future?
1. Sandbox for
Product Launch and
Prototyping
Develop, launch and
monitor in a controlled
environment
Small market size
makes user research
and evaluation easy
Downside: Low market
traction
2. EMEA
Investment Holding
Platform
Use CY as a holding
company location for
assets in EMEA
Attract Chinese, GCC
assets
Downside: Low flights,
high costs, talent issue
3. Demonstrate
sectoral
consolidation play
Consolidate fragmented
industry in a controlled
environment
Use as a future console-
dation platform for Greek
assets
Downside: Low market
traction, high valuations

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Business Failure Rates
https://www.bls.gov/bdm/entrepreneurship/entrepreneurship.htm

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Conclusions
1. The key role of finance is to help your company grow.
2. If you are asking for finance to get to the prototype or GTM stage, consider
splitting your ask into two stages:
a. Prototype & launch
b. Growth
Your enterprise valuation prior to launch will be different from your valuation
post-launch. Your challenges are also different.
3. Remember that funding rounds can take 6-8 months to close. Plan your
resources and timing accordingly.
4. Make sure your business plan:
a. Includes a strong operations plan to underpin your financial ask
b. Includes an industry-standard growth plan

Part 2:
Scaling Up
Sales & Operations

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A Typical Pitching Cycle “Try / Try Again”
Your
Business
Plan
Investor
Research
&
Shortlist
Initial
Contact
(Referral)
Teaser
Pitch

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Approach & Data Quality
1. Getting Attention
Half the battle is getting attention.
Make sure that when you finally
achieve this, you are 100% ready.
Most investors will prioritise a
referral over a cold call. There are
exceptions.
2. Provide Quality
Your teaser should provide
sufficient information to get from
point A (being unknown) to point B
(getting invited to a meeting).
Don’t waste time with nebulous
concepts: answer questions rather
than raise them.
100% ready means:
a. Realistic and well-documented assumptions
b. A complete value chain model
c. A complete growth model (don’t stop at launch).

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Good Examples
Intro to the Y Combinator Seed Deck
https://blog.ycombinator.com/intro-to-the-yc-seed-deck/
Reid Hoffmann LinkedIn Pitch to Greylock
https://www.reidhoffman.org/linkedin-pitch-to-greylock/

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Revenue or Market Share
Revenue Strategy
✓ Goods or services are charged for
✓ Market share is gained through
discounts, rebates or other market
share mechanisms
✓ A “freemium” approach is often used:
limited functionality for some
services; fees paid for other
✓ Key performance indicators include:
1. Customer acquisitions costs
2. Customer lifetime revenue
3. Unit sales margins
Market Share Strategy
✓ Goods or services are offered for free
✓ Venture capital supports the process
of gaining market share
✓ An unspoken objective is to become
a monopolist: setting the terms of the
market
✓ Key performance indicators include:
1. User growth (# users or active
users)
2. User time (minutes per day,
logins per day, etc)
3. User engagement (likes,
downloads, uploads, etc.)

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Market & Target Audience Definition
Total Available
Market
The total population of all potential customers in a geographic
market.
Beachhead Market
A subset of the total available market that the company believes it
can enter and dominate successfully, prior to moving on to other
markets.
Service Obtainable
Market
A conservative and realistic estimate of a target market that can be
reached and converted by the company.
The closer you can define your target market and customer profiles, the better you can
integrate this data into your sales forecast.

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Example: CloudAware Home Integration App
Total Available
Market
126.22 mln households in the United States (Statista)
Beachhead Market 13,000,000 households in California
3,250,000 households in New York
2,500,000 households in Massachussetts
Service Obtainable
Market
10% of total households in SOM:
1,300,000 households in California
325,000 households in New York
250,000 households in Massachussetts
Customers include higher net worth households that have at least
one college educated parent, are technologically literate, will have a
smartphone, and will be able to active and configure the
CloudAware software with home internet and online subscriptions.

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Example: CloudAware
Market Forecast
Product/Service Name: App
Customers Unit 2018 2019 2020 2021 2022 2023
Total Available Market % Change 1% 1% 1% 1% 1%
# Customers, mln 126.22 127.48 128.76 130.04 131.35 132.66
Beachhead Market % Change 1% 1% 1% 1% 1%
# Customers, mln 18.75 18.94 19.13 19.32 19.51 19.71
Service Obtainable Market % Change 1% 1% 1% 1% 1%
# Customers,mln 1.875 1.89 1.91 1.93 1.95 1.97
Value Unit 2018 2019 2020 2021 2022 2023
Total Available Market % Change
Market Size € mln* 12,622 12,748 12,876 13,004 13,135 13,266
Beachhead Market % Change
Market Size € mln 1,875 1,894 1,913 1,932 1,951 1,971
Service Obtainable Market % Change
Market Size € mln 188 189 191 193 195 197
*Assumption that each household will spent € 100 per year in home-related apps and subscriptions.

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Sales Funnel Optimisation
What factors need to be captured by the business model for online sales?
Online Marketing gets potential
consumers to the website
Online Sales
converts visitors to
customers
Customer care and after-sales service
cultivate renewals and referrals

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Sales Funnel: Online Marketing Indicators
Generic Online Marketing Indicators
Traffic by Source: Organic, Referral, Sponsored
Traffic from Emails, Social Media
Traffic by Keyword
# Visitors
# Repeat Visitors
# Bounce Rate
Average Page Views
Average Time on Site
Entry / Exit Analysis
CTA Clickrates

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Sales Funnel: Online Sales Indicators
Generic Online Sales Indicators
App Store Downloads
Other Downloads
Customer Accounts Created
Social Logins
Installations / Activations
Conversion Rate (# Purchasing Visitors / # Total Visitors)
Special Offer Conversion Rate
Dropout Analysis
# Returns
# Inquiries
Customer Lifecycle Income
Customer Acquisition Costs
Customer Defect Rates
Customer Churn

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Sales Funnel: Online Customer Care Indicators
Generic Online Customer Care Indicators
Renewal Rate
Technical Support Requests
Traffic to Technical Support Pages / FAQs
Inquiries

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Customer Lifetime Value (LTV)
Lifetime Value How much income will one customer bring over an estimated
“lifetime” of engagement with your firm?
Set Customer Type Customers fall into different bands, based on activity
a. High frequency users (usually 15-20% total)
b. Average users
c. One-time or inactive users (usually 50%+)
Generate ideal customer transaction record over time (5 years?)
Generate weighted average of all customer transactions (renewals, income)
This is your customer LTV
Example: ECN Customer renews 3 times at € 50 per year
LTV = € 150
Set Customer Value
Your customer LTV must be > your Customer Acquisition Cost!

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Customer Metrics
Traffic
Registrations
Downloads
Activations
DAU
MAU
Bounce Rate
Revenue
Conversion Rate
Renewal Rate
Retention Rate
# Visitors to Website
# Users registering for service
# Users downloading app
# Users activating app
# Daily Active Users (also expressed as ratio DAU / Total Users)
Monthly Active Users (also expressed as ratio DAU / Total Users)
Total Site Visitors to site, then navigating away, or no further interaction
Total Revenue gained (expressed in value)
Total Users with Transaction / Total Users (Traffic)
Users Renewing Service / Total Users
Active Customers Retained / Total Users

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Customer Metrics & Product-Market Fit
Table © Gustaf Alstromer, Y Combinator

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Product-Market Fit: #Users
Chart © David Rusenko, Weebly

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Capital / PL Indicators
Cash Burn Rate: Average (Annualised) Monthly Operating Expenditure
Runway: The number of months available to work at present cash
reserves and monthly operating expenditure
Total Cash Available
Monthly Operating Expenditure
60,000
10,000
Example: = 6 months

Part 3:
Scaling Up
Staff & Governance

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Start-up Evolution: Family
Start-up, pre-launch
✓ 4-8 people
✓ Flat orga structure
✓ Interchangeable roles
✓ Everyone does everything
✓ Focus is on product
✓ Pre-launch sprints
✓ All opinions important

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Start-up Evolution: Neighbourhood
Start-up, post-launch
✓ 50-75 people
✓ Three-layer orga structure
✓ Limited hierarchy
✓ Lots of damage control, fluidity following market
✓ Focus is on product and sales
✓ Product owner opinions count
✓ Available CEO, Board
CTO/Product CFO
Developers Sales Staff
Marketing Staff
Accounting Staff
CMO
Board
CEO

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Start-up Evolution: City
Growth Phase / Scale-up
✓ 200+ people
✓ Four+-layer orga structure
✓ Limited hierarchy
✓ Formal damage control in internal/external PR teams
✓ Focus is on product, sales, brand, legal, HR
✓ Access to CEO and Board is controlled and formal
CTO/CPO CMO CFO
Finance
Board
CEO
Legal
Treasury
Accounting
National Sales
Social Media
Public Relations
Product Team 1
Product Team 2
Product Team 3
Communications
HR
Recruitment
Benefits
Development
International Sales

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Modelling Payroll: Family
Step 1: Document Total Employer Costs of Payroll
Payroll Tax = Monthly Salary * PayrollTax (20%)
Gross Monthly Wage = Monthly Salary + Payroll Tax
Annual Wage = Gross Monthly Wage x 12
Staff Name Position
Monthly
Salary Payroll Tax
Gross Monthly
Wage
Annual
Wage
Martin F. CEO 6,500 1,300 7,800 93,600
Stan B. CTO 4,500 900 5,400 64,800
Georgia M. Developer 3,000 600 3,600 43,200
Rebecca I. CMO 3,500 700 4,200 50,400
Total Payroll 17,500 3,500 21,000 252,000

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Modelling Payroll: Family
Model Payroll Costs over Business Plan Term
Inflation 2% 2% 2% 2% 2%
Staff Name Position
Monthly
Salary
Payroll
Tax
Gross Monthly
Wage
Annual
Wage 2018 2019 2020 2021 2022 2023
Martin F. CEO 6,500 1,300 7,800 93,600 93,600 95,472 97,381 99,329 101,316 103,342
Stan B. CTO 4,500 900 5,400 64,800 64,800 66,096 67,418 68,766 70,142 71,544
Georgia M. Developer 3,000 600 3,600 43,200 43,200 44,064 44,945 45,844 46,761 47,696
Rebecca I. CMO 3,500 700 4,200 50,400 50,400 51,408 52,436 53,485 54,555 55,646
Total Payroll 17,500 3,500 21,000 252,000 252,000 257,040 262,181 267,424 272,773 278,228
Labour cost inflation is used in most situations where a country has an automatic cost of living
adjustment. In some companies, wages are kept stable and a bonus is given instead.

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Growth Scenario: CloudAware Integration
1. Orga Structure, 2023
CTO CMO CFO
Accounts
Board
CEO
Legal
Household Sales
Social Media
Public Relations
App Team
Modem Team
Access Team
Communications
HR
Developer Sales
3
3
3
Customer Suppt 2
5
2
1
1
1
1 1 1 1 1
1
2 Secretaries 2
By 2023, CloudAware will have reached
our full complement of 31 staff.
We will be selling three product groups
into two core markets: Households and
Developers.

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2. Key Product Development Phases
Product Dev Cycle 2018 2019 2020 2021 2022 2023
App Development
App 1.0 Launch
App 2.0 Release
App 3.0 Release
App 4.0 Release
App 5.0 Release
Modem Development
Modem 1.0 Launch
Modem 2.0 Release
Modem 3.0 Release
Modem 4.0 Release
Modem 5.0 Release
Access Development
Access 1.0 Launch
Access 2.0 Release
Access 3.0 Release
Access 4.0 Release
Access 5.0 Release

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3. Staff Payroll Staff Name Position
Monthly
Salary Payroll Tax
Gross Monthly
Wage Annual Wage
Martin F. CEO 6,500 1,300 7,800 93,600
Stan B. CTO 4,500 900 5,400 64,800
Georgia M. CPO: Application 3,000 600 3,600 43,200
TBI Developer - CPO 1 2,000 400 2,400 28,800
TBI CPO: Modems 3,000 600 3,600 43,200
TBI CPO: Access 3,000 600 3,600 43,200
Rebecca I. CMO 3,500 700 4,200 50,400
TBI Household Sales Head 2,000 400 2,400 28,800
TBI Household Sales Executive 1,500 300 1,800 21,600
TBI Developer Sales Head 2,500 500 3,000 36,000
TBI Developer Sales Executive 2,000 400 2,400 28,800
TBI Social Media 1,500 300 1,800 21,600
TBI Public Relations 2,000 400 2,400 28,800
TBI Communications 1,500 300 1,800 21,600
TBI Customer Support 1,500 300 1,800 21,600
TBI Customer Support 1,500 300 1,800 21,600
TBI CFO 3,000 600 3,600 43,200
TBI Accountant 1,500 300 1,800 21,600
TBI Accountant 1,500 300 1,800 21,600
TBI HRM 2,000 400 2,400 28,800
TBI Secretary 1,200 240 1,440 17,280
TBI Secretary/Reception 1,200 240 1,440 17,280
TBI Legal 2,500 500 3,000 36,000
Total 68,900 13,780 82,680 992,160
By 2023, CloudAware
will have reached a
total of 31 staff. Annual
payroll (unadjusted) will
be € 992,160 mln.
All three products—the
App, Modem and
Access Control—will
have been developed
and launched.
TBI: To Be Identified

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4. Staff Payroll
Rampup
Inflation 2% 2% 2% 2% 2%
Staff Name Position 2018 2019 2020 2021 2022 2023
Martin F. CEO 93,600 95,472 97,381 99,329 101,316 103,342
Stan B. CTO 64,800 66,096 67,418 68,766 70,142 71,544
Georgia M. CPO: Application 43,200 44,064 44,945 45,844 46,761 47,696
TBI Developer - CPO 1 28,800 29,376 29,964 30,563 31,174
TBI Developer - CPO 1 28,800 29,376 29,964 30,563 31,174
TBI CPO: Modems 43,200 44,064 44,945 45,844
TBI Developer - CPO 1 28,800 29,376 29,964 30,563
TBI Developer - CPO 1 28,800 29,376 29,964 30,563
TBI CPO: Access 43,200 44,064 44,945
TBI Developer - CPO 1 28,800 29,376 29,964
TBI Developer - CPO 1 28,800 29,376 29,964
Rebecca I. CMO 50,400 51,408 52,436 53,485 54,555 55,646
TBI Household Sales Head 28,800 29,376 29,964 30,563 31,174
TBI Household Sales Executive 21,600 22,032 22,473 22,922 23,381
TBI Household Sales Executive 21,600 22,032 22,473 22,922
TBI Household Sales Executive 21,600 22,032 22,473
TBI Household Sales Executive 21,600 22,032
TBI Developer Sales Head 36,000 36,720 37,454 38,203 38,968
TBI Developer Sales Executive 28,800 29,376 29,964 30,563
TBI Social Media 21,600 22,032 22,473 22,922
TBI Public Relations 28,800 29,376 29,964
TBI Communications 21,600 22,032
TBI Customer Support 21,600 22,032 22,473 22,922 23,381
TBI Customer Support 21,600 22,032 22,473 22,922
TBI CFO 43,200 44,064 44,945 45,844 46,761
TBI Accountant 21,600 22,032 22,473 22,922 23,381
TBI Accountant 21,600 22,032 22,473
TBI HRM 28,800 29,376 29,964 30,563 31,174
TBI Secretary 17,280 17,626 17,978 18,338 18,704
TBI Secretary/Reception 17,280 17,626 17,978 18,338
TBI Legal 36,000 36,720 37,454
Total 252,000 533,520 755,870 979,788 1,042,584 1,063,435
4 10 8 7 2 0New Hires
4 14 22 29 31 31Total

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Scaling-up Questions
How will your staffing and payroll evolve over the next five years (after launch)?
Where are your key markets? Where will your key staff be located?
If you needed to hire 50 developers in Cyprus, where will you find them?
Do you have a recruitment plan based on your organisational development?
Will you offer performance-based remuneration?
What share of total operating expenditure is staff costs?
What equity share do key staff members get?
Do you have the managers necessary to manage growth?
Would you, as founder / co-founder, step aside in favour of a CEO?
Would you accept our recommendation of CFO?

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Growth and Capital
Growth today is heavily dependent on capital.
Whether this is cash flow management for own, organic growth, or externally-financed growth,
there is a unique opportunity to grow using external capital.
Themes:
1. Consolidate small players to buy market share.
2. Buy out older competitors facing generational change.
3. Expand nationally in Cyprus; then expand into Greece and elsewhere.
4. Adapt and demonstrate new technology and processes.
5. Avoid capital-heavy investments (like property): invest in market share or market growth.
6. Run a tight ship: professional financial reporting, excellent websites, databases, etc.

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Growth and Location
If you plan a global service, are you in the right country?
Are you prepared to move yourself and your team into a key market?
Can you access the right technical and other resources in Cyprus?
Can you grow far enough from Cyprus?
How does Cyprus registration affect your corporate valuation?

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Answer Questions: Don’t Raise Them
You have one chance to pitch correctly.
Show that you have thought deeply about what your growth plan is.
Understand where capital must be applied at each stage of the growth curve.
Understand how equity will be distributed to financing partners, founders and staff.

Scaling up your Enterprise: Growth, Governance and Finance

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Scaling up your Enterprise: Growth, Governance and Finance