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1
	
  	
  	
  	
  	
  Startup	
  Galore	
  …	
  
	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  …	
  How	
  VCs	
  think	
  i...
My	
  current	
  porKolio	
  and	
  areas	
  of	
  VC	
  experNse:	
  
Mobile	
  Internet,	
  Big	
  Data	
  &	
  Cloud	
 ...
T-­‐Venture’s	
  PorKolio	
  of	
  100co’s	
  
3 Unicorns & 5 IPOs
$1B+ in Value
20+ Centaurs
$100m+ in Value
40+ of Littl...
4
	
  	
  So..	
  How	
  can	
  I	
  become	
  successful	
  in	
  Fundraising?	
  
5	
  
Learn	
  to	
  understand	
  how	
  Investors	
  THINK	
  about	
  YOU!	
  
6	
  
	
  Like	
  Startups	
  –	
  VCs	
  are	
  risking	
  to	
  burn	
  $$$	
  of	
  LPs	
  
55%	
  of	
  US	
  venture	
  capital	
  investments	
  are	
  wriaen	
  off	
  	
  
 	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  62%	
  of	
  EU	
  investments	
 ...
9	
  
	
  But	
  the	
  Market	
  has	
  changed	
  –	
  and	
  so	
  did	
  VCs.	
  
2/9/15 10
4.000.000 €
400,000 €
40,000 €
4,000 €
1995 2005 2010 2014
Costs needed to start an IT based company
Technology
...
441
119
75 86
2000 2005 2010 2012
#	
  of	
  acNve	
  	
  U.S.	
  VCs	
  declined,	
  But	
  BIG	
  funds	
  raised.	
  
…...
2/9/15 12
Previous Tech Cycle
Current market cap:
$139B+ $173B+ $347B+
$33B+
$30B+
$206B+ $212B+
New Tech Cycle
Market Cap...
13
	
  	
  This	
  looks	
  promising	
  !	
  –	
  So	
  let’s	
  start	
  a	
  business…	
  
2/9/15 14
Public	
  listed	
  startups	
  are	
  significantly	
  more	
  mature	
  than	
  in	
  the	
  past	
  	
  	
  
I...
Late	
  stage	
  private	
  financing	
  produces	
  loky	
  valuaNons.	
  
When a concept works the competition is fierce....
2/9/15 16
Thus late stage valuations have risen the fastest in 4years!
That competition based trend must be watched very c...
17
	
  	
  	
  Consider:	
  Early	
  Exit:	
  lower	
  price,	
  big	
  stake	
  	
  	
  
	
  	
  	
  	
  	
  	
  	
  	
  ...
To be successful offer great Value to Customers
18
To	
  be	
  successful	
  offer	
  great	
  VALUE	
  to	
  Customers	
  
19
	
  	
  You	
  are	
  THE	
  hardest	
  compeNtor	
  ….	
  or	
  THE	
  best	
  fit	
  
20
you	
  close	
  an	
  innovaNon	
  gap	
  for	
  a	
  market	
  leader	
  
Snowden gave as the Opportunity to Become Big in Security
21There	
  is	
  the	
  Opportunity	
  to	
  Become	
  Big	
  in...
22
However	
  the	
  focus	
  is	
  outside	
  Europe	
  for	
  the	
  future	
  !	
  
	
  The	
  App	
  Economy	
  is	
  ...
Seek smart partnerships for reach and trust
23
	
  	
  	
  Seek	
  smart	
  partnerships	
  for	
  reach	
  and	
  trust	
...
24
	
  	
  	
  	
  	
  QuesNons?	
  
25
	
  	
  Always	
  ask	
  for	
  advice	
  -­‐	
  not	
  for	
  money.	
  	
  
(money	
  will	
  come	
  if	
  advisor	
...
26
ENJOY	
  THE	
  RIDE	
  BEING	
  AN	
  ENTREPRENEUR!	
  ...	
  	
  
27
….	
  but	
  find	
  the	
  right	
  Balance	
  in	
  life	
  –	
  Have	
  FUN!	
  
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Startup galore how VCs think in a unicorn world - T-Venture Thomas Grota

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Speaking at pirates on shore event in Riga (Latvia) to young founders and entrepreneurs about the changing world of venture capitalists regarding unicorns, high valuation, IPO metrics and how to be motivated to start own company by Thomas Grota T-Ventures Deutsche Telekom Group

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Startup galore how VCs think in a unicorn world - T-Venture Thomas Grota

  1. 1. 1          Startup  Galore  …                        …  How  VCs  think  in  a  Unicorn  World.                                                    Thomas  Grota,  Investment  Director  T-­‐Venture  (Deutsche  Telekom)                                                                                                                                      @thomasgr          Blog:  thomasgr.tumblr.com         Pirates on Shore 2015
  2. 2. My  current  porKolio  and  areas  of  VC  experNse:   Mobile  Internet,  Big  Data  &  Cloud  based  PlaKorms     Thomas Grota – Investment Director T-Venture Holding GmbH – @thomasgr E  X  I  T  S  
  3. 3. T-­‐Venture’s  PorKolio  of  100co’s   3 Unicorns & 5 IPOs $1B+ in Value 20+ Centaurs $100m+ in Value 40+ of Little Ponies $10m+ in Value
  4. 4. 4    So..  How  can  I  become  successful  in  Fundraising?  
  5. 5. 5   Learn  to  understand  how  Investors  THINK  about  YOU!  
  6. 6. 6    Like  Startups  –  VCs  are  risking  to  burn  $$$  of  LPs  
  7. 7. 55%  of  US  venture  capital  investments  are  wriaen  off    
  8. 8.                                              62%  of  EU  investments  are  wriaen  off    
  9. 9. 9    But  the  Market  has  changed  –  and  so  did  VCs.  
  10. 10. 2/9/15 10 4.000.000 € 400,000 € 40,000 € 4,000 € 1995 2005 2010 2014 Costs needed to start an IT based company Technology Drivers Open Source Cloud + AWS Developers Start Companies ========== 99% cost reduction    Entrepreneurs  need  less  capital  to  start  a  company   Thanks  to  cloud,  viral  markeNng  via  social  &  easy  payment.  
  11. 11. 441 119 75 86 2000 2005 2010 2012 #  of  acNve    U.S.  VCs  declined,  But  BIG  funds  raised.   …  low  number  leads  to  dominant  VCs  seeking  Unicorn  investments.
  12. 12. 2/9/15 12 Previous Tech Cycle Current market cap: $139B+ $173B+ $347B+ $33B+ $30B+ $206B+ $212B+ New Tech Cycle Market Capitalization at IPO ($B)    So  private  investors  capturing  more  value  in  early  stage  companies,   encouraging  greater  pre-­‐IPO  funding  while  capturing  own  pro-­‐rata.     *)  Data  from  Q1  2015.      
  13. 13. 13    This  looks  promising  !  –  So  let’s  start  a  business…  
  14. 14. 2/9/15 14 Public  listed  startups  are  significantly  more  mature  than  in  the  past       IF  Pre-­‐IPO  stage  is  reached  -­‐  the  investments  are  secured  for  longer   IPO in '00 IPO in '13 3.1 7.4 Years to IPO (from first financing) IPO in '00-'01 IPO in '13-'14 $35 $102 Revenue ($mn) IPO in '00-'01 IPO in '13-'14 13.3 5.3 Valuation/Revenue Multiple More  Time   More  Revenue            Smaller  MulNple,   but  more  Return  
  15. 15. Late  stage  private  financing  produces  loky  valuaNons.   When a concept works the competition is fierce. 2/9/15   15   Seed  Stage   Early  Stage   Later  Stage                                                  Larger                                            Later  stage                                      rounds  aker                                    validaNon     More  seed  rounds  as  costs  decline  &   sources  of  capital  increase   TradiNonal  VC   Today’s  VC   ValuaNon  Beaer  equity  posiNon  for     early  stage  investors  and  founders            compeNNve  areas   (Big  funds  needed)  
  16. 16. 2/9/15 16 Thus late stage valuations have risen the fastest in 4years! That competition based trend must be watched very carefully… 184% 235% Source:  Q2  20014  PitchBook  US  Venture  Industry  Data  Sheet.  As  of  Q1  2014  
  17. 17. 17      Consider:  Early  Exit:  lower  price,  big  stake                                    vs.  Late  Exit:    higher  price,  small  stake     Not  everyone  will  reach  the  BIG  EXIT   …  Buyers  are  looking  for  the  Big  Deal!  
  18. 18. To be successful offer great Value to Customers 18 To  be  successful  offer  great  VALUE  to  Customers  
  19. 19. 19    You  are  THE  hardest  compeNtor  ….  or  THE  best  fit  
  20. 20. 20 you  close  an  innovaNon  gap  for  a  market  leader  
  21. 21. Snowden gave as the Opportunity to Become Big in Security 21There  is  the  Opportunity  to  Become  Big  in  SECURITY…  
  22. 22. 22 However  the  focus  is  outside  Europe  for  the  future  !    The  App  Economy  is  Growing  much  Faster  outside  EU28    Revenues  from  apps  and  app  related  products  &  services,  EU28  vs.  Rest  of  World,  2014    
  23. 23. Seek smart partnerships for reach and trust 23      Seek  smart  partnerships  for  reach  and  trust  
  24. 24. 24          QuesNons?  
  25. 25. 25    Always  ask  for  advice  -­‐  not  for  money.     (money  will  come  if  advisor  is  interested)  
  26. 26. 26 ENJOY  THE  RIDE  BEING  AN  ENTREPRENEUR!  ...    
  27. 27. 27 ….  but  find  the  right  Balance  in  life  –  Have  FUN!  
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Speaking at pirates on shore event in Riga (Latvia) to young founders and entrepreneurs about the changing world of venture capitalists regarding unicorns, high valuation, IPO metrics and how to be motivated to start own company by Thomas Grota T-Ventures Deutsche Telekom Group

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