天使投资人与风险投资课件

1、Angel VS. VCIshay GreenAngel VS. Venture Capital(And some tips about both)DisclaimerEntrepreneurship is a game of imagination The following are my opinionsTERMINOLOGY1Terminology Valuation Shares DilutionANGEL VS. VC MONEY2Angel VS. VC MoneyVCs are professionals who invest other peoples moneyAngel V

2、S. VC MoneyAngels are private people investing their hard earned moneyANGEL VS. VC PROFIT EXPECTATIONS3Profit ExpectationsVCs look for double digits profit multipliers(10 Times)Profit ExpectationsAngles would usually be happy in low end of a single digit(3 Times)ANGEL VS. VC INVESTMENT RISKS4Investm

3、ent RisksThe Angel is risking their own moneyInvestment RisksThe Angel is usually less knowledgeable than a VC in most aspectsInvestment RisksThe Angels tend to follow their gut feeling (So you better be damn sure you know what youre doing)Investment RisksThe Angel knows where you liveInvestment Ris

4、ksThe VC risk is divided through a larger portfolioANGEL VS. VC EXCEPTED HOLDINGS5Excepted HoldingsVCs expect a minimum of 20%-25% share holdings(They will ask for much more)Excepted HoldingsAngles are agnostic.TIMING6TimingAngels can afford investing in the scenarios of:SeedDown-round* Angels will

5、usually not execute their preemptive rightTimingVC will usually require a more mature company, and even a proof of concept before investingTimingAngel money is faster(For most Angels a meeting or two is sufficient to decide)Timing“Some VCs will yes you to death” - Adi Pundak-MintzWHY DO ANGELS EXIST

6、?7Why do Angels Exist?Potential for large multipliers on their investment outside of the stock marketsWhy do Angels Exist?The investment is not liquid When it is gone it is goneWhy do Angels Exist?The Google Facebook The Marker EffectWhy do Angels Exist?Tax BenefitsWhy do Angels Exist?Its Fashionabl

7、e& CoolVC TYPES ENTREPRENEUR POV8VC Types Seed FundsInvest small amount of money in early stage, with no promise for recurring investmentVC Types Israel Top Five - Has more then $100M fund- Known for its smart and beautiful partners* * Yaron from Giza VC is a great exampleVC Types InternationalEnabl

8、es you to tell everyone you now have direct access to Steve Jobs, Balmer and GodVC Types Famous Proven winners - Index Ventures invested in VC Types Top Tier Sequoia Draper Fisher JurvetsonANGEL TYPES ENTREPRENEUR POV9Angel Types IRich Industry Expert / Entrepreneur(Eduardo Shoval)Angel Types IISupe

9、r Angel(Yossi Vardi / Paul Grahm)Angel Types IIIRichie RichOil / Real-estate / Diamonds / WeaponsAngel Types IVThe GamblerAngel Types VFamilyBOARD OF DIRECTORS10Board Of DirectorsThe board represents the share-holders (investors)Board Of DirectorsThe board devises tactics and strategies for the comp

10、anyBoard Of DirectorsThe CEO is responsible for executing board decisionsBoard Of DirectorsEntrepreneurs & CEO keep the board up-to-dateBoard Of DirectorsAn effective board: Smart and self-conscience members One member+ is an industry expertINVESTOR RIGHTS11Investor RightsVoting Rights Are Dangerous

11、 (Try to avoid them)Investor RightsVeto Rights Are Lethal (Unacceptable)ANGEL-MAINTENANCE TECHNIQUES12Angel-Maintenance TechniquesAngel turns into Devil: Conflict of Interest Disappointment Greenmail Ignorant / Boarder Line DisorderAngel-Maintenance TechniquesProxy Mechanism - Protect the company fr

12、om its investors Protect the investors from themselves Protect the individual investor from himselfAngel-Maintenance TechniquesDefine a board representative for the angels with past experienceANGEL VS. VC VALUATION12VC VC allocates $10M total for an investment The money is divided between rounds The

13、 VC needs to maintain 25% holdings in the company unless you go to huge valuations. (*)AngelThe Tomer-Ishay Method Find a prominent lead investor and then negotiate Talk to the rest of the investors only after valuation was set Raising money in chunksAngelWhat should you tell the Angels before closing Make sure they understand the business plan Tell them they need