Xlerate Technologies Lawrence Wright, Dave Rich Уроки для разработчиков при поиске инвесторов и партнеров 5 Дек 06. - презентация

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2 Xlerate Technologies Lawrence Wright, Dave Rich Уроки для разработчиков при поиске инвесторов и партнеров 5 Дек 06

3 Business Strategy? Critical in a competitive environment Deeper than planning; strategy = winning Unifying theme that lends coherence Consistent goals, game awareness, ruthlessly clear about resources, tactical maneuverability All firms are either growing or dying –Observe, orient, decide, act. Repeat,… Everything has a cost – decisions! There is no such thing as a low-tech industry. There are only low-tech companies

4 Business Model Options Outsource License Partnership Grow Business –with goal to sell to competitor –with goal to IPO –with goal to retain business Always have an exit strategy even if you never intend to use it

5 Building Your Companys Value Company Value (log $) Scientist with an ideaPrototype, customer(s) & collaborators, good IPR, biz plan Steps completion is first investable point! May contain multiple stages Solid IPR Foundation Solidly protectable, scalable, customer contracts Next round financing! Manufacturing Sales Revenue $$$$$$$$$$$$$$ Self-Sustaining Cashflow $$ $

6 Common Business Model Investor(s) Offshore Newco xx% Investor, Remainder with RF Co. Russian Inventor, Product Development, Test, Prototype Russian Institute Manufacturer(s) Royalty Agreement Global Customers, Partners, Licensees Newco Russian Rep Office

7 Dynamic Roles Catalysts –Those who can help assemble the pieces needed Collaborators –Technical or logistic specialists with mutual interests Partners –Specialists with mutual needs Customers –Potential buyers you MUST CONVINCE to purchase!! Investors –Those who exchange their money for equity, etc. DO NOT CONFUSE THESE ROLES! … And ROLES MAY CHANGE OR BE COMBINED OVER TIME!

8 The Free Gas Theory: Business is Naturally Chaotic Customer Collaborator Investor Catalyst Partner

9 Building a Biz Systematically with Xlerate: Customer Collaborator 2nd Round Investor Catalyst Partner Biz Plan Catalyst 1 st round Investor 2 nd Round Investor Xlerate IPR Analysis IPR Biz Plan

10 Этапы инвестиций в высокотехнологичные проекты Открытие Тестиро- вание гипотезы Экспери- менталь- ный образец Промышлен- ный образец Серийное производство Идея Период до первичного финансирования Первичное финансирование 1й этап 2й этап / расширение Оборотный капитал Финансирование Разработка продукта Основатели Родственники и друзья * Бизнес-ангелы* Государств. гранты Фонды первичного финансирования разработок Венчурные фонды Прочие инвесторы Кредиты

11 Российская ситуация - интересная возможность для инвесторов Ранние стадии инвестирования представляются слишком рискованными для многих Но: у венчурных фондов растет интерес к Hi-Tech но –мало предпринимателей в Hi-Tech –отсутствуют менеджеры, маркетологи, специалисты по передаче в производство,.. –ученые не понимают рынка В результате – практически никем не обработанный поток качественных и готовых к инвестициям проектов ранней стадии. Для Инвесторов!

12 Меры по увеличению количества проинвестированных проектов Source: Сменить модель – активно искать и развивать потенциальные проекты Развивать специализацию в определённых рыночных секторах Инвестировать в техническую и рыночную валидацию проектов Обеспечить проектам менеджеров, предпринимателей, маркетологов, и других специалистов. Для Инвесторов!

13 Концепция Xlerate: целенаправленное развитие Довести проект до точки инвестируемости Обеспечить менеджерскую команду если нужна Открыть новые применения и новые рынки для технологии Подготовить стратегический бизнес план Познакомить инвесторов с готовыми проектами

14 Beyond the science, you will need to consider: –Market analysis –Solid business & program management –Certification and quality management –Product specifications and road map – look at alternative markets –Marketing strategy –Detailed schedules and costs –IPR strategy –Investor negotiations –Manufacturing plans –Customer support –Risk and risk mitigation plans –Pro forma financial models и так далее...

15 Protecting your IP No public disclosures NDAs, No compete Protect samples and prototypes from reverse engineering, modifications Check patent field, blocking patents, … Patent when you get a strategy –RF patent, then PCT, then Intl (US, EU, JP, etc.) in conjunction with partners Biz managers should play major role in what/how to patent

16 Rounds of Financing: The Importance of Knowing Where You Are Near-ReadyInvestment monies for Near-Ready technologies are expected to have revenues in < 2 yrs: –Thus, for a staged $1M investment, investors would expect us to have a company value of $1.5M-2.0M in 2 years. Early-StageInvestment monies for Early-Stage technologies may not have revenues until > 4 yrs: –Thus, for the same $1M investment, investors would require us to have a company value of > $4M after 4 years. Early-Stage money is > 2x more expensive! –Need to develop inexpensive, step-by-step ways to demonstrate your abilities for Early-Stage technologies Higher risks on Early-Stage Technologies also demand a higher IRR

17 Rounds of Financing Expect to need multiple rounds of financing –Investor who will commit large investments in Russia for EARLY STAGE TECHNOLOGIES, are very difficult to find, take a long-time to make decisions, demand flawless execution, generally want their own management team, wont pay fees, and are very expensive (IRR) –To help you maximize your equity, always anticipate a multiple-rounds strategy because of high IRR demands It doesnt matter how long youve been working on your technology… It matters if investors consider you an EARLY STAGE investment opportunity!

18 Rounds of Financing, 2 Concentrate your efforts on the first round of financing… First round or Angel financing –Expect $0.5M to $2M However, dont neglect the future plans of the company… which could possibly delay later financing rounds –Start developing second round customers, collaborators and partners now

19 Typical Mistakes Over-valuation of technology –Remember no one thinks they need your technology and no one will ever pay for sunk R&D costs Asking for too much money, too soon Asking for money from the wrong people (i.e. future customers) Management of science and business are 2 very different things –No investor or biz partner will ever want to see the scientist in a management position All technologies have a window of market opportunity –If you miss your window, your technology is worth nothing A good technology does not automatically equal successful market penetration The goal of technology is not always to do smth. cheaper The person who takes the most risks gets the most rewards –i.e. what risks are you taking? Get business advice (not only legal) before patenting Dont try to control everything Institute are non-investable entities and not suitable for commercialization

20 Спасибо! Lawrence Wright CEO, Xlerate Technologies