Progetto “Mediterranean Center for Human Health Advanced

Biotechnologies (Med-CHHAB)”

Palermo, 17-20 dicembre 2013

"It took almost 4 years, a few business model changes and 348

investor pitches before...“ (1)

Benvenuti nel fantastico mondodelle startup!

Agenda• Chi sono• Introduzione

– Cos’è una startup– In che contesto vive– Perché è una cosa seria

• La (mezza) maratona– L’idea– Il team– Parenti, amici e lo zio d’America

• Show me the money– Il percorso netto di una startup– Angel investor, venture capital ed exit strategy

• Consigli di lettura per la sera• Domande e risposte

Chi sono

Floriano Bonfigli

@io_floriano

floriano.bonfigli@gmail.com

Chi sono

Pratica @ Teoria @

Cos’è una startup?

t

Revenue

SME

Cos’è una startup?

t

Revenue

Startup

SME

L’unica verità

Fonte: Startup School, Università di Stanford

In che contesto vive, dovrebbe vivere...

Government

Demand

Invention

Funding

Culture

Entrepreneurs

Infrastructures

Tax & IncentiveLaws e.g., bankruptcy

EconomyBig companies

UniversitiesCorporate R&D

PhysicalServices

Labor poolEducationNetwork

CelebratingTolerating failure Meritocratic

Debt & EquityFull range of options

Perché è una cosa seria?

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La (mezza) maratona

L’idea – a chi viene

6 luoghicomunidasfatare

3. Entrepreneurs are born, not made.

4. Entrepreneurs love risk.

5. Entrepreneurs are successful because they are charismatic.

6. Entrepreneurs are undisciplined.

(2)

2. Entrepreneurs are selfish and individualists.

1. They were the smartest and most high achieving people in the classroom.

I am Floriano Bonfigli, founder and CEO of Collabobeat.

The market we are addressing is worth more than €60B and is growing at a 22% rate.

Presentiamoci, è buona educazione...

‘’$how me the money’’

We are developing a digital platform helping doctors share visit notes with their patients. In fact, up to 80% of medical information provided to patients by healthcare practitioners is forgotten immediately. This is bad, very bad ,because patients feel lost and doctors loose their trust.

Quale problema risolviamo?

We have a private beta and are looking for doctors willing to join our community of early adopters, people willing to influence and shape the solution, right from the beginning, together with us! Do you know some open minded doctor? Please, put me in contact with them. They will like Collabobeat, so will their patients!

Call to action / Invito all’azione

L’idea – Parliamone, parliamone, parliamone...

Il team

Il team – Ma dove lo trovo?

Houston, abbiamo un (primo) problema...

Il team – Ma come lo trovo?

BusinessPlan

=Business Model Canvas

et similia

Il team – Ce l’ho, quindi?

Parenti, amici e lo zio d’AmericaOvvero l’arte del bootstrapping 1/2

How many of you like to sell? The rest of you, change your attitude or you're f*cked.

Free is not a business model. The gap is from zero to one penny - get people to pay anything.

Don't buy a fancy logo design, you can fix that later. Meeting at Starbucks? The cheapest item is tea. SMALL tea.

The best "Social Proof" is paying customers.

Bootstrapping is tough, but you're not alone!

Using the royal 'we' is perfectly acceptable when you're a one-person team.

Volunteer at conferences - you'll get in free, and have back-stage access

Push for coffee rather than lunch meetings. It's cheaper and easier to leave.

Buy Google AdWords against your competitor's name.Don't pay for stock photos, search flickr for creative commons.

NEVER pay to pitch. EVER. EVER EVER. FOREVER EVER. cc

Find a competitor's EULA and modify; don't pay to write your own. Also good for: Privacy Policy & contracts.

Try it once, clarify, then succeed second time.

Build your "Buy Now" button before your product. If they won't click buy now, it's not worth building.

Parenti, amici e lo zio d’AmericaOvvero l’arte del bootstrapping 2/2

Have a cheesy trademark outfit that people will remember you by. VCs will fund that shit.

Go to a different startup event every night - free pizza for life!

Make friends in lots of cities so there is always a couch to crash on

Fitness hack: run home from meetings (but not to them). Google "XYZ coupon code" before you buy anything online.

Charge more than all your competitors when you start, to ensure your users love you.

Run or bike your commute. Don't pay for public transportation.

You'll never have all of the information.

In marketing, there are only 2 things that matter - who are your customers and where are they

You should get to know personally your first 100 customers. Build a relationship and impress them.

Trust other people, you are in charge of quality.

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You will not succeed like Instagram, sorry about that!

Events are a great source of the best kind of beer: FREE beer.

Show me the money

Il percorso netto

t

Cash-flow

Fatturato

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Chi ci mette i soldi?

20.000$

200.000$

2.000.000$

200.000.000$ Collocazione in Borsa

L’angel investor

Imprenditori o manager che hanno fatto fortuna e che hanno voglia di...

1. ...ridare indietro al tessuto economico locale un po’ di quello che hanno ricevuto.

2. ...provare l’emozione e l’orgoglio di lanciare un nuovo imprenditore.

3. ...imparare come va ora il mondo, dal neo-imprenditore, stando dietro le quinte.

5. …investire in qualcosa di cui ci si è perdutamente innamorati, team e/o prodotto.

6. ...metterci tempo e faccia!

4. ...investire proprio capitale, ma solo quello che si è disposti a perdere, a non rivedere più.

From the startup perspective

financing is not the central

input of angels (8)

L’angel investor

Il venture capitalist

Financing process, funnel

1000 leads generated

150 meetings

70 pursued

8 financed

Definition

Financial intermediaries providing to privately held enterprises equity,risk sharing, managerial expense, contacts and reputation.

Investment portfolio

Defaults 60%Breakeven 12%Fire sales 10%Zombies 8%IPO/M&A 6%Good IPO/M&A 4%Wild Ones (IPO) 0%

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Esempio accademico

Il venture capitalistEarnings

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5Post

moneyPre

moneyPostIPO

PreIPO

$5M x 20 = $100M

$5M: earnings after 5 years when company goes public, number coming from your business plan20: value multipler for this kind of company when going public, number coming from the market$100M: expected values of the company going public

0000$13.2M

IF In 5 years value of the company will be $100M

Then

Step 1.

Venture Capital will ask 5/13.2= 38% to invest $5M

Step 2.

Step 3. (10)

Now, the value of the company is $13.2M (some financial math applied)

•Nel 1962 avvia una produzione nel garage della sua abitazione, fonda la Miraset. Nel 1964 muta la ragione sociale in Sterilplast.

•Nel 1966 mette assieme un gruppo di tecnici e sviluppa un rene artificiale, tale divisione viene chiamata Dasco. Il rene è molto richiesto, l'azienda assume il nome di Dasco. Nel 1969 ne cede il controllo alla casa farmaceutica Sandoz.

•Nel 1973, con l'appoggio degli amici-investitori storici, fonda la Bellco per produrre sistemi in concorrenza con la Dasco. Il successo della cessione di Dasco, lo convinsero a ripetere l'operazione nel 1977, vende la Bellco ad ENI.

•Di nuovo riparte con una nuova azienda, la Dideco. Nel 1986 la cede al gruppo Pfizer.

•Nel 1982 fonda la Darex in concorrenza con Dideco e la vende nel 1995 al colosso Tyco-Mallinkrodt.

•L'ultima creatura di Veronesi è la Starmed, fondata nel 2003.

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Storia di 4 exit, 100% made in Italy

Sulla destra, Mario Veronesi al MEDTEC Italy 2013 di Modena, del 3 ottobre 2013.

I fondatori di Twitter poco prima dell'IPO posseggono:@ev 12.0%, @jack 4.9% e @dickc 1.6% (CEO).

L’ultima IPO

@io_floriano floriano.bonfigli@gmail.com

Thanks included!

Consigli di lettura per la sera1. Cos’è una startup – Annal Vital, How Many Times Should You Try Before Success? http://fundersandfounders.com/how-many-times-should-you-try/

2. Cos’è una startup – Brett Martin, Postmortem of a Venture-backed Startup Lessons Learned from the rise and fall of @Sonar https://medium.com/p/72c6f8bec7df

3. Cos’è una startup – Paul Graham, Startup = Growth, http://paulgraham.com/growth.html

4. Parenti, amici e lo Zio d’America – Paul Graham, Do things that don’t scale http://paulgraham.com/ds.html

5. Parenti, amici e lo Zio d’America – Slava Akhmechet, 57 startup lessons http://www.defmacro.org/2013/07/23/startup-lessons.html

6. Il Venture Capitalist – George Deeb, Lesson #32: How to Value Your Startup Business http://redrocketvc.blogspot.it/2011/05/lesson-32-how-to-value-your-startup.html

7. IPO – Facebook S-1 http://www.sec.gov/Archives/edgar/data/1326801/000119312512034517/d287954ds1.htm#toc287954_7

http://fmineiblog.wordpress.com/2013/07/18/the-self-conscious-entrepreneur/(1)

Riferimenti bibliografici

(4) http://www.forbes.com/sites/groupthink/2013/07/10/six-whopping-lies-told-about-entrepreneurs-sometimes-by-entrepreneurs-themselves/

(2)(3)

http://youtu.be/M7VZIbeUrSU

http://youtu.be/415iM8rr1X8

* Coppola, A. (2011) What investors want, and how to successfully pitch them. [Presentation] InnovactionLab, Spring 2011.

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(6) https://twitter.com/ramencamp

http://fundersandfounders.com/how-funding-works-splitting-equity/(7)

http://www.mit.edu/~aschoar/KLS-Angels-June2011.pdf(8)

http://www.slideshare.net/mindthebridge/mtb-italy-tour-2011-alberto-onetti

(9)

(10) http://ocw.mit.edu/courses/sloan-school-of-management/15-431-entrepreneurial-finance-spring-2011/lecture-notes/MIT15_431S11_lec01.pdf

(11) http://it.wikipedia.org/wiki/Mario_Veronesi

@ garrynight

Flickr credits

@ apple_vinci

@ miuenski

@ onigiri-kun

@ Mathieu Thouvenin

@ Nick Grabowski

@ davemmett

@ Raymond Larose

@ Kimberly Kling (Joyful Roots)

@ Nardino

@ Bob Xu

@ Håkan Dahlström

@ ilmungo

@ angelocesare