Finanzas para Emprendedores

Marzo 2010

Sesión 1

SERVICIOS PROFESIONALES PARA INVERSORES Y EMPRENDEDORES

28/04/2010

ASESORÍA DE NEGOCIO

CONSULTORÍA CAPITALIZADA

FORMACIÓN

INCUBADORA Y SERVICIOS SOPORTE

Okuri Ventures ayuda a convertir las ideas innovadoras en negocios de éxito

Definición y valoración de ideas para la toma de

decisiones de inversión

Lanzamiento de iniciativas mediante la provisión de

los recursos básicos

Implantación de modelos de negocio y en la gestión de

iniciativas

Desarrollo profesional y personal mediante la

formación y orientación

FINANZAS PARA EMPRENDEDORES

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OBJETIVO

Introducir a estudiantes de pérfil técnico los conceptos financieros clave a la hora de emprender

RESULTADO

•Comprensión de los indicadores financieros clave

•Capacidad para parametrizar los modelos facilitados de cara a valorar una startup y presentar las proyecciones finnacieras a inversores

DURACIÓN

2 sesiones 4h

SESIÓN 1• Conceptos

• Principios

• Ecuaciones

• Inversores; Objetivos y restricciones, etapas, “Capital riesgo” y Palancas de Valor

• Conclusiones para el emprendedor

SESIÓN 2• Business Plan

• Precio

• Modelo de Negocio

• Otras herramientas

FINANZAS PARA EMPRENDEDORES – Sesión 1

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1. Conceptos

2. Principios

3. Ecuaciones

4. Inversores

5. Conclusiones para el emprendedor

6. Overview Finance 102

1. CONCEPTOS

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� Euros, Cuentas y Cuentos

� Ingreso (devengo vs. cobro)

� Gasto (devengo vs. pago, fijo vs. variable, inversión/coste hundido vs.

recurrente)

� Margen (EBIT vs EBITDA, bruto vs neto, contable vs tesorería)

� Balance y Cuenta de resultados (Activo vs Pasivo, deudor vs acreedor, real vs

contable, y ratios de rentabilidad)

A

E

L

R

E

R=p*q, ABC…

CC, /Producto (analítica)…

Impacto pago a

90 días: Caso

Agoranews

2. PRINCIPIOS

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Time value of money

Diversification

Price of risk

(Sharpe ratio)

Efecto interés compuesto

“Más vale pajaro en mano

que ciento volando”

Riesgo mercado vs. empresa

“No pongas todos los huevos en la

misma cesta”

Correlación riesgo y retorno

“Nadie vende duros a cuatro

pesetas”

3. ECUACIONES

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� CAPM: r% = α + βp = Rf +β*MRP)

� WACC= Ke * (E / (D+E)) + Kd (D / (D+E))

� FCF = Net income + depreciation – changes in working capital – Capital expenditures

Sales

-COGS

-Overhead

-Depreciation

=EBIT (NOP)

-Interest expenses

-Taxes

=Net Income

Reporting Valuation

EBIT

-Cash taxtes on EBIT

=NOPLAT

+Depreciation

-Changes in WCR

-Capex

=FCF

4. INVERSORES PROFESIONALES – ¿OTP?

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Brokers

Family officesSICAVs

CVC

Private

Banking

Insurance &

Pension

Funds

Funds of

Funds Investment

Banking

Angel Funds

Hedge Funds

Comercial

Banks

Grants and

Subsidies

Endowments

¿?

Sovereign

Funds

4. INVERSORES PROFESIONALES – Etapas

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4. INVERSORES PROFESIONALES – “Capital Riesgo”

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Target yearly return

Holding period(years)

Investment death rate

Entry/exit multiplier

25%+ 3-5 <20% x3,5

25%+ 3-5 >60% x10+

PE

VC

15%+ 4-7 >80% x20+BA

Fuente: Cifras orientativas

5. INVERSORES PROFESIONALES – Palancas de valor

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Retorno al Accionista

Multiplicador Inversión

PE

VC

Fuente: Cifras orientativas

5. INVERSORES PROFESIONALES – Entendiendo el Venture Capital

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http://www.bothsidesofthetable.com/understanding-vcs/

6. CONCLUSIONES PARA EL EMPRENDEDOR

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1 / (1-n)

Fuente: http://www.paulgraham.com/equity.html

FINANZAS PARA EMPRENDEDORES

28/04/2010

OBJETIVO

Introducir a estudiantes de pérfil técnico los conceptos financieros clave a la hora de emprender

RESULTADO

•Comprensión de los indicadores financieros clave

•Capacidad para parametrizar los modelos facilitados de cara a valorar una startup y presentar las proyecciones finnacieras a inversores

DURACIÓN

2 sesiones 4h

SESIÓN 1• Conceptos

• Principios

• Ecuaciones

• Inversores; Objetivos y restricciones, etapas, “Capital riesgo” y Palancas de Valor

• Conclusiones para el emprendedor

SESIÓN 2• Business Plan

• Precio

• Modelo de Negocio

• Otras herramientas

FINANZAS PARA EMPRENDEDORES – Sesión 2

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1. The Business Plan

2. The Price

3. The Business Model

4. Other Tools

m

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My time is valuable… how much will I spend looking at your BP

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What investors are looking for

…and so should YOU

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YourCompany

YourInvestor

YourNumbers

WHAT WE INCLUDE IN A FINANCIAL 1 PAGER: COMPANY

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� Opportunity description

� Business Model

� Need Satisfied

WHO ARE YOU

� Products / Services

� Market Objective

� Competitors

WHAT DO YOU DO

HOW DO YOU ACHIVE IT

� Sales & Marketing Strategy

� Current and Funnel Clients

� Investment Allocation

� Exit Strategy

OPPORTUNITY FOR THE INVESTOR

WHAT WE INCLUDE IN A FINANCIAL 1 PAGER: INVESTOR

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� Business Sector (Tags)

� Contact Information

� Executive Team

� Financial Information

― Investment Stage

― Current Capital

― Monthly Burn Rate

― Pre-Money Valuation

― Investment Capital

� Current Investors

� Forums

RELEVANT INFORMATION FOR THE INVESTOR

WHAT WE INCLUDE IN A FINANCIAL 1 PAGER: NUMBERS

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Year 1 … Year N

Revenues

EBITDA

Net Result

Assets

Liabilities

Cash

Multiplier

CF Breakeven

Money… when and how much

FINANZAS PARA EMPRENDEDORES – Sesión 2

28/04/2010

1. The Business Plan

2. The Price

3. The Business Model

4. Other Tools

PRICING METHODS - BENCHMARK

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Be careful

� What you compare

� Units

� Time

� Location

Tabulate data and present in graphs or simple tables

Useful for similar products

Difficult to obtain data

PRICING METHODS - MARKUP

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Be careful

� Over price

� Cost Allocation

� Unitary marginal, variable and fixed cost

Useful for established products in competitive atmosphere

Always lower limit

Easy to obtain data… your company

PRICING METHODS – VALUE ADDED

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Be careful

� What are the needs of the client

� Determine the value per use

Useful for breakthrough technologies

Clearly explain the gains the client will have

Difficult to obtain data

Always upper limit

FINANZAS PARA EMPRENDEDORES – Sesión 2

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1. The Business Plan

2. The Price

3. The Business Model

4. Other Tools

What makes your business tick

Up and Down… almost ALLWAYS is related

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How to determine your business drivers

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How

How

How

How

How

Target: Commercials in “Gran Consumo” companies

5.000 users first year , recurrent and growingGo to 5 of the 100 companies in the market -> 1000

users/ client

Are you still with 5 clients and 1.000 Users / Client?1

I personally (or my network) know 5 decision takers in

those companies, initial prospection has been made

Are you still with 5 clients and 1.000 Users / Client?2

Are my clients going to demand a trial phase

Are you still with 5 clients and 1.000 Users / Client? 4Success in conversion rate from trial to client?

Are you still with 5 clients and 1.000 Users / Client? 5

Size of companies -> level of control over users

Are you still with 5 clients and 1.000 Users / Client? 3

Usefulness

4/28/2010

Target: Commercials in “Gran Consumo” companies

5.000 users first year , recurrent and growingGo to 5 of the 100 companies in the market -> 1000

users/ client

Are you still with 5 clients and 1.000 Users / Client?1

I personally (or my network) know 5 decision takers in

those companies, initial prospection has been made

Are you still with 5 clients and 1.000 Users / Client?2

Are my clients going to demand a trial phase

Are you still with 5 clients and 1.000 Users / Client? 4Success in conversion rate from trial to client?

Are you still with 5 clients and 1.000 Usurers / Client? 5

Size of companies -> level of control over users

Are you still with 5 clients and 1.000 Users / Client? 3

Marketing / Sales

Strategy

Scalability

Success of

product / service

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Don’t be afraid…

Your own matrix …

We will help you with an standard

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FINANZAS PARA EMPRENDEDORES – Sesión 2

28/04/2010

1. The Business Plan

2. The Price

3. The Business Model

4. Other Tools

28/04/2010