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Ángel Inversión, Emprendimiento y Venture Capital en el Mundo
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Should You Fund Your Startup With Convertible Debt?

Should You Fund Your Startup With Convertible Debt? | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it
Should your business offer its investors debt or equity in exchange for capital? The answer may be both.

 

There are many ways for a nascent small business to acquire the money it needs to start operations and expand. By now, many owners realize that the traditional bank loan is the most difficult and least advantageous source of capital for many small businesses. They instead turn to venture capital firms or angel investors. When you finally find the right funding partner and shake hands on the amount of capital to invest, the difficult part begins. Should you take the money as debt to be repaid and preserve your equity? Or do you make them true partners by giving them an ownership stake in the company?

 

In practice, the answer is both because many investments in startup and small businesses today are done by using convertible debt.

 

Convertible Debt 101

Convertible debt can convert to equity given certain conditions and within certain parameters. It serves as a form of “bridge financing” to give a company access to money immediately while it searches for larger amounts of capital. Convertible debt offers lenders the protections of debt, such as having a claim to the assets in the case of bankruptcy, while also letting them enjoy the potential upside that equity provides if the company succeeds.

 

Typically, convertible debt is issued in the form of a note with either the lender or borrower having the option to convert it into equity. The note itself lists all of the key details such as the amount being borrowed, the interest rate of the note, the maturity date and provisions for conversion.

 

Key Terms

The provisions for conversion into equity are absolutely critical for both the lender and the borrower:

 

Type of equity. Typically, the debt converts into preferred stock instead of common stock. This continues to give the lender (now investor) additional protection in the form of a liquidation preference in case the company goes bankrupt.

 

Conversion price. One of the features of convertible notes is that it doesn’t necessarily specify the price at which the debt converts into equity. Instead of stating that it will do so at “$10 per share,” it agrees to convert at whatever price the company is able to secure capital at the next significant round of financing. This makes sense for both sides, since agreeing to a fixed price at this early stage would create problems for everyone.

 

Price caps and discounts. Simply agreeing to convert at a yet-to-be-determined price is typically too risky for lenders. They want extra protections, so the note usually indicates that the conversion price will be capped at a certain amount. It also offers a discount to the valuation as a way to compensate the lender for the additional risk they took by investing early. So the note could state that the conversion price will be the lower of a “25 percent discount from the price of the Series A investment” or “the price per share if the valuation were $X million.” The former is the discount and the latter is the price cap.

 

Everyone Wins

In addition to offering additional protections for investors, owners also gain by using convertible notes. Most important, they don’t have to give up equity so early in the life of the company when it may not be worth much. It allows the valuation of any equity to be determined in to the future, giving the owners more time to increase the value of what they have built and therefore letting them give up less ownership in exchange for investor money.

 

Convertible notes may be a good option for your company. There are many details to consider and if you aren’t careful, a shrewd investor may receive a better deal than you expected or were willing to offer. Talk to your legal and financial advisors to see if convertible notes are a good option for your business.  

 

Ver articulo: www.openforum.com/articles/should-you-fund-your-startup-with-convertible-debt 

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How Many Investors are Too Many?

How Many Investors are Too Many? | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

This post originally ran on TechCrunch.

 

Leer el articulo de Mark Suster, Emprendedor y Venture Capitalist: http://www.bothsidesofthetable.com/2011/02/22/how-many-investors-are-too-many/

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Emprendimiento Colombiano Bodytech levanta USD$40 millones

Emprendimiento Colombiano Bodytech levanta USD$40 millones | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it
Company press release Through a strategic alliance with Teka Capital, Bodytech continues its consolidation as the leader of gyms in Latin America In...

 

Leer más: http://www.endeavor.org/blog/bodytech-investment-2012

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How Financial Innovation Can Save the World - Atlantic Mobile

How Financial Innovation Can Save the World - Atlantic Mobile | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

Financial innovation got a bad rep in the financial crisis. But inside the well-barricaded Federal Reserve Bank in downtown San Francisco last month, the financial engineers were at it again.

 

Teams of financial statistical whiz kids pitched complex new bonds, loan-guarantees, and hybrid structures of debt and equity. Their target? It wasn't mortgages. It was women's economic empowerment. It was energy efficiency improvements and ranchland conservation. It was small businesses in Africa.

 

The Occupy movement has tarred Wall Street with a broad brush, while economists like Yale's Robert Shiller have tried to rescue finance from the consequences of its excesses. At the Fed, the MBA students competing in the second International Impact Investing Challenge were part of a new crop of financial engineers taking a different tack: tweaking risk and reward to directly tap at least a small part of the $60 trillion private capital markets for positive, measurable social impact.

 

The contest winners, who come from Stanford, have a plan to bring electricity to remote Indonesian islands -- and 5 to 7 percent returns to investors -- by financing local micro-grids through special-purpose vehicles owned jointly with community co-ops. The runners-up, from the Kellogg School of Management at Northwestern, aimed to help slum dwellers in Mumbai get higher-paying jobs, financing job-training by offering private investors 7 percent of graduates' paychecks for two years.

 

"These are not idealistic kids," the mastermind of the contest, David Chen, CEO of Equilibrium Capital Group LLC in Portland, Ore., said of the student financiers. "They are making a judgment call on the future. This is the equivalent of investing in hedging strategies or emerging markets, or high-tech 25 years ago. In each of those cases, the market efficiency and information efficiency gains went to those that were first."

 

HIGH FINANCE FINDS A HEART

 

"Impact investing" is catching on among investors who want to use finance to make more food, cleaner water, better health care, smarter children, and a richer bottom-of-the-pyramid. Morgan Stanley has an "investing with impact" offer for its wealthiest customers, and AOL founder Steve Case told The Economist that impact investing was the hottest topic of conversation among a group of billionaires gathered in Santa Barbara.

 

In the broadest view, impact investors are simply betting on fundamental trends. In a volatile and resource-constrained world, investments to provide food, water, energy, health care, education and sanitation to a growing and increasingly affluent global population arguably have lower risks and higher long-term returns. But on the ground, even innovative efforts to meet basic needs often are hampered by inefficiencies and market failures that prevent those who create value from getting paid for it.

 

Enter the financial innovators.

 

If J.P. Morgan can use credit default swaps to bet that corporate credit ratings would rise in a volatile economy, why not let other investors use newfangled investment vehicles to bet that job training can keep ex-offenders from returning to prison or that transitional housing can reduce the ranks of the chronically homeless? The savings to governments in unbuilt prisons and unfilled beds in homeless shelters could be significant.

 

HOW FINANCE CAN REDUCE CRIME


A British import offers a way to collateralize such win-wins. "Social impact bonds," sometimes called pay-for-success contracts, let private investors buy low-interest bonds to finance preventive efforts and get repaid, with a small premium, from those government savings. The new bonds effectively leverage the value of prevention, an ounce of which, Benjamin Franklin taught us, is worth a pound of cure.

 

If the social interventions meet its benchmark, a government agency pays off the bondholders out of the substantial savings from lower costs associated with jail-time, nursing homes and emergency room costs. If the programs flop, too bad. Budget-crunched agencies pay only for what works.

 

So far, exactly one such bond has been issued, to be repaid by the U.K Ministry of Justice if re-entry services for released prisoners lowers their recidivism rate by at least 7.5 percent. But Massachusetts is getting ready to back bonds to finance housing and other services for the chronically homeless, to improve their well-being, and reduce Medicaid costs. The Labor Department is committing $20 million for pay-for-success contracts for state-level workforce development; the Justice Department is backing contracts for prisoner re-entry programs.

 

"We hope to show that you can securitize a new form of cash flow out of government savings based on the spread between prevention and cure," says Tracy Palandjian, who heads Social Finance, the Boston-based nonprofit that is organizing a number of demonstration efforts.

 

If it sounds sketchy, consider that financing methods we now take for granted were once edgy as well. The 30-year amortized mortgage was introduced by the Federal Housing Administration in the 1930s to unlock bank lending during the Depression. In the late 1970s, federal regulators let pension fund fiduciaries invest in venture capital, fueling the tech explosion.

 

CAN "MORAL" FINANCE REALLY MAKE MONEY?

 

Now there's a rush to "crack the code" for unlocking private capital to meet the needs of the world's poor. For example:

 

-- The government's Overseas Private Investment Corp., or OPIC, agreed to put down $285 million last year in a half-dozen "impact" funds that pledged to raise another $590 million in private capital.

 

-- The Small Business Administration has committed $1 billion over five years to finance job-creation in low-income communities and clean energy projects, matched by private capital.

 

-- In the UK, the Big Society Fund launched recently with 600 million pounds (more than $950 million) to invest in social enterprises. Two-thirds of the money comes from dormant bank accounts reclaimed by the government and the rest from four big banks.

 

"There are all these funds trying to prove that certain types of investments are not as risky as traditional investors perceive them and that commercial money can get into the sector," says Christian Schattenmann, CFO of Bamboo Finance, which has raised $250 million and is now focused on solar power in the developing world. "In 10 to 15 years, mainstream and impact investing will merge and become one sector again and everybody will be looking at environmental and social impact."

 

A GOOD BET IS HARD TO FIND


Suddenly, everybody seems to be looking for "impact" investments that promise measureable social and environmental benefits along with financial returns. But it turns out such ventures are not that easy to find. An increasing number of companies around the world are seeking "the fortune at the bottom of the pyramid," as the late C.K. Prahalad put it, but most are too young or too risky to be "investable" by investors' criteria.

 

For example, the new $25 million African Agricultural Capital Fund provides a hunting license for Pearl Capital Partners in Kampala, Uganda, to find 20 agribusiness deals that can together raise the income and productivity of at least 250,000 East African households. "Even putting aside the impact thesis, there are some really interesting opportunities in the market to address the needs of low-income people," says Amy Bell, head of J.P. Morgan's social finance unit, which brokered $17 million in equity investments - not grants - from the Gates, Rockefeller and Gatsby foundations, and itself made an $8 million commercial loan. But J.P Morgan's assessment of the risk was aided by a guarantee by the U.S. Agency for International Development for half of its loan.

 

In Nairobi, M-Kopa LLC is creating a way for low-income consumers to use their mobile phones to pay-as-they-go for solar power systems, farm equipment, sewing machines and other productivity-enhancing equipment, was swarmed by impact investors eager to help it move from testing to rollout. That was partly a function of its pedigree: the venture was incubated by Signal Point Partners, the mobile-services incubator started by Nick Hughes, who as Vodafone's head of global payments in 2004 launched M-Pesa, a mobile payments system now used by more than 10 million Kenyans to pay bills and transfer money. The rush was also spurred by risk-insurance from USAID, which mitigated some of the local currency risk for international investors.

 

Jacquelyn Novogratz, head of Acumen Fund, a pioneering impact fund that put $1.1 million into M-Kopa, is unapologetic about the need for risk-reducing subsidies. "The dirty secret is, I'm not seeing a lot of people making money in this field," she says. "There's so much desire, so much talent, so much money. What we don't have is deals on the ground."

 

Acumen, along the consultancy Monitor Group, recently issued a report calling for even more subsidies. Unlike angel investing in advanced markets for technology or health care, investments in new ventures for the poorest of the poor can't promise outsize returns to outweigh the early risk. "With an iPod, there are some early adopters who will pay through the nose for it, says Monitor's Ashish Karamchandani. "There are no early adopters will to pay through the nose for a low-cost irrigation system."

 

'I DON'T WANT TO BURY MODERN CAPITALISM'


To mitigate low and volatile returns, the report calls for "enterprise philanthropy," in which foundations play the role of seed investors and market-makers, staking entrepreneurs to startup capital and stimulating customer demand for new approaches or whole new categories, plowing the ground for for-profit ventures.

 

"There's a lot of interest from investors and there are certainly social needs that need capital, but the market is not clearing," says Antony Bugg-Levine, co-author of, "Impact Investing: Transforming How We Make Money While Making a Difference," who as a program officer at Rockefeller Foundation made early grants to build up the field. Bugg-Levine, who now heads the Nonprofit Finance Fund, argued in a recent article in Harvard Business Review that different types of investors can get paid in different types of currencies -- charitable investors into a social venture can reap their returns in lives saved or girls educated, for example, leaving higher financial returns for more profit-oriented investors. You can think of that as a subsidy, he says, or as a high-leverage strategy to bring in additional capital and reduce the charitable outlay required to get the equivalent result.

 

Just as in high-tech investing, many early-stage social investments will fail. But the few that succeed may present opportunities for truly sizeable investments in new products and services for a global market.

 

There's a fine line between the "breathless maximizers" who champion private impact investment as the cure for all global ills and the "derisive minimizers" who dismiss the whole opportunity, Elizabeth Littlefield, OPIC's chief executive, said at the Global Philanthropy Forum in April. The appropriate comparison for impact investing, she said, is not to the entire global capital market, but to the pittance that now goes to foreign aid and economic development. A one percent shift in asset allocation toward sustainable development would generate $2 trillion, she said, 10-times the global budget for foreign aid

 

"It's not just new money. It's new money tied to newer, more efficient, more innovative generations of technology and infrastructure and services," Littlefield said. "I don't want to bury modern capitalism. I want to cultivate it."

 

http://m.theatlantic.com/business/archive/2012/05/how-financial-innovation-can-save-the-world/257920/

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Fred Wilson And The Death Of Venture Capital - Forbes

Fred Wilson And The Death Of Venture Capital - Forbes | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it
Fred Wilson has seen the future of the venture capital industry, and it's not pretty.


Leer el articulo: http://www.forbes.com/sites/jjcolao/2012/05/08/fred-wilson-and-the-death-of-venture-capital/

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Tools of the Trade: Building a Robust Deal Pipeline of Impact Companies in Emerging Economies

Recomendaciones de New Ventures y un panel de expertos en inversión de impacto para mejorar el pipeline en economías emergentes: http://nextbillion.net/blogpost.aspx?blogid=2769

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Is Angel Investing worth it?

Is Angel Investing worth it? | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it
The advantages and disadvantages of angel investing.

 

Fuente: http://thirtysixmonths.com/is-angel-investment-worth-it/

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Puede enseñar emprendimiento? Argumentos Si y No

Puede enseñar emprendimiento? Argumentos Si y No | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

Leer más: http://online.wsj.com/article/SB10001424052970204603004577267271656000782.html?mod=wsj_share_tweet

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8 Categories of Angel Investors - Indian Investment Network

8 Categories of Angel Investors - Indian Investment Network | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

In today’s competitive business world, there are times when you run out of capital funds. The easiest and most convenient source of funding during such times, are the angel investors. This however doesn’t mean that you accept cash from any angel investor. Choosing the right kind of angel investor is also an important consideration.

 

While there are several kinds of angel investors, they can widely be categorized as:

 

Return on Investment (ROI) Angels

 

One thing about ROI angels is that, they invest only when the market is doing well. This is because; such investors are mainly concerned with the financial rewards they will be able to reap given the high-risk investments they make. For the ROI angels each investment is like another significant addition to their already diversified portfolio.

 

Corporate Angels

 

These angels are most often former business executives who have either been replaced from large corporations downsized or taken voluntary retirement. While these investors seem to be making investments only for the sake of profitability, they are actually looking for a paid & secured position in the company they are investing in.

 

High -Tech Angels

 

Though these investors are less in experience, the investments made by them in modern technology is quite significant. These investors value profitability as much as they value the exhilaration of introducing a novel technology in the market.

 

Entrepreneurial Angels

 

These are successful investors who have their own brilliant businesses, which provide them with a steady flow of income for making high-risk investments in start-up companies. While they make all efforts to help entrepreneurs launch their start-ups, they do not actively get involved in the operations of the company.

 

Core Angels

 

These are investors with extensive business experience, who have accumulated enormous amount of wealth over extended period of time. One important fact about these investors is that, they usually tend to make high-risk investments in spite of their losses, which adds-up to their diversified portfolio. Core Angels not just make capital investments but also useful knowledge investments.

 

Professional Angels

 

Being professionally employed as lawyers, physicians, etc, these angels make investments into companies of their fields. At times, they may invest in several companies simultaneously. Professional angels are extremely valuable for initial capital investments.

 

Micromanagement Angels

 

These are considered to be the most serious types of investors. While most of them are born with a silver spoon, most others acquire their wealth through sheer hardwork. These investors usually seek a board position & tend to implicate the business strategies they have incorporated in their own companies into the companies they are investing in.

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Modernización de las empresas es el foco de Bancóldex este año

Modernización de las empresas es el foco de Bancóldex este año | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

Las empresas consideran que es el momento de hacer más inversiones para renovar su aparato productivo, algunas con tecnología de punta y otras para aumentar sus líneas de fabricación.

 

Leer más sobre Bancodex y su enfoque en la modernización de empresas: http://www.dinero.com/negocios/articulo/modernizacion-empresas-foco-bancoldex-este-ano/145432

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What successful investors teach us about investing in startups - South African Investment Network

What successful investors teach us about investing in startups - South African Investment Network | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

Here are tips from active angel investors who have enjoyed success...

 

1) Investors Rely on Networks

2) Look for a Strong Team

3)  Stay Involved

4) Look at Salaries

5) Seed Multiple Ventures

6) Understand the Exit Strategy

 

Leer explicación de los tips: http://www.investmentnetwork.co.za/article/what-successful-investors-teach-us-about-investing-in-startups

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LeanLaunchLab: Online Tools For Focused, Nimble Startups - Forbes

LeanLaunchLab: Online Tools For Focused, Nimble Startups - Forbes | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

Last May, entrepreneur Ben Mappen scored a meeting with Menlo Ventures managing director Shawn Carolan to pitch a startup idea. Carolan invited Steve Blank, an eight-time serial entrepreneur and Stanford professor, to help evaluate the notion...

 

He imagined an online service that would maintain a structured, cumulative log of a startup’s activities. That would keep investors and advisers abreast of the company’s progress so they could help steer the company constantly and immediately, rather than waiting for infrequent meetings or urgent phone calls...

 

Leer más sobre la herramienta online de LeanLaunchLab: http://www.forbes.com/sites/tedgreenwald/2012/02/23/leanlaunchlab-online-tools-for-nimble-startups/

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10 Ways to Get Investors to Listen to Your Business Pitch - South African Investment Network

10 Ways to Get Investors to Listen to Your Business Pitch - South African Investment Network | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

If there's one thing I've learned from a couple decades of talking to small-business owners, it's that entrepreneurs are always excited about their business. But translating that enthusiasm into a pitch that makes investors plunk down their money is a whole different ballgame.

 

Appealing to investors is a skill unto itself, but it can be learned. Here are ten tips on how to craft your investor pitch:

 

1. Keep it short. You should be able to quickly describe what your company does and why it's innovative in 30 to 60 seconds. Be engaging and let your enthusiasm show.

 

2. Pitch the right investor. Most venture-capital firms and angel investors have an industry they know well and they make most of their investments there. Concentrate on finding an investor who knows your business and can offer expertise, not just cash.

 

3. Know the competition. Be prepared to describe the size of your market, who the major players are, their market share and how your offering will be different and make customers want to switch.

 

4. Have your numbers ready. How many customers do you have? What's your customer-acquisition cost? What are your revenue projections? How much free cash flow is the business generating? If you can't supply these basic financial metrics, you're in trouble. Or as Shark Tank's Kevin O'Leary likes to say to entrepreneurs who stumble on their figures: "You're dead to me."

 

5. Pitch your experience. Many investors want to see that you have prior experience that will help keep you from making newbie mistakes with their money. Previous leadership at a startup that successfully went public is ideal. Though, if you don't have that, pitch your team's collective attributes. For instance, experience in the industry, experience in business management at a bigger company or at a previous startup can also look attractive.

 

6. Don't sit on your assets. If your company has valuable intellectual property -- a patent, trademark or proprietary piece of software, for instance -- play that up. Investors like a company with a hard asset that could be sold off if the business doesn't make it on its own.

 

7. Mention your own investment. Investors like owners to have "skin in the game" – that is, their own money on the line. When you invest in your own company, outside investors know you're committed to your idea. The pitch "I have a great idea but no money, why don't you give me yours?" doesn't usually get very far.

 

8. Make realistic projections. Investors are often skeptical about hockey-stick shaped growth charts. Be ready to explain your forecasting methods and why you're confident sales will rise.

 

9. Know what you'll do with the money. How will this funding help your company grow? Provide a precise answer, as in, "With this money, we'll hire 50 new sales reps in new territories."

 

10. Make an "ask." Have a precise figure in mind, and close by asking for it.

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Claves para el Mentoring de Emprendedores | Prodem Blog - Prodem - Programa de Desarrollo Emprendedor

Claves para el Mentoring de Emprendedores | Prodem Blog - Prodem - Programa de Desarrollo Emprendedor | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

¿Qué es el mentoring? ¿Cuál es su diferencia con el coaching? ¿Sabe el mentor cuáles son sus tareas específicas? Un material útil de la canadiense Fondation de Léntrepreneurship, que acá difundimos, responde éstas y otras preguntas.

 

Leer el articulo y las claves: http://www.prodem.ungs.edu.ar/blog/2012/05/titulo-2/

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Valuation Methods 101

Valuation Methods 101 | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it
A quick description of the 5 common valuation methods for venture capital.

 

This is the first of a six part series on different methods used by angel investors to arrive at pre-money startup valuations. Below is a brief description of each of the most popular methods. Detailed descriptions will be published over the next few weeks:

 

The Scorecard Method:


This method compares the target company to typical angel-funded startup ventures and adjusts the average valuation of recently funded companies in the region to establish a pre-money valuation of the target. Such comparisons can only be made for companies at the same stage of development.

 

The Venture Capital Method

 

The Venture Capital Method (VC Method) was first described by Professor Bill Sahlman at Harvard Business School in 1987 in a case study and has been revised since. It is one of the most useful methods for establishing the pre-money valuation of pre-revenue startup ventures.

 

Return on Investment (ROI) = Terminal (or Harvest) Value ÷ Post-money Valuation

 

(in the case of one investment round, no subsequent investment and therefore no dilution)

 

Then: Post-money Valuation = Terminal Value ÷ Anticipated ROI

 

The Dave Berkus Method


Dave Berkus is a founding member of the Tech Coast Angels in Southern California, a lecturer and educator. He has invested in more than 70 startup ventures. Dave’s valuation model first appeared in a book published by Harvard’s Howard Stevenson in the middle nineties and has been used by angels since. The valuation is based on 5 metrics whereby investors add up to $0.5 million for each of the 5 categories.

 

The Cayenne Valuation Calculator


This calculator uses 25 questions to size up the progress of the new venture and calculate a pre-money valuation for investment purposes. In many cases, the outcome from answering these 25 questions indicates that the company has not made sufficient progress in development to justify investment.

 

The Risk Factor Summation Method


Reflecting the premise that the higher the number of risk factors, then the higher the overall risk, this method forces investors to think about the various types of risks which a particular venture must manage in order to achieve a lucrative exit.

 

Good practice suggests using at least three methods to first estimate the appropriate pre-money valuation and then using those results to finalize the valuation. For example, if the three methods give approximately the same number, simply average the three. If one method seems to be an outlier, use the average of the other two. Alternately, if one method is an outlier, calculate the pre-money valuation using a fourth method, in an attempt to find three methods in close agreement. If the three methods are uncomfortably different, feel free to use one or even two additional methods to arrive at a fair valuation.

 

The Scorecard Method is my favorite and it can be used as the primary valuation method. I like the Risk Factor Summation Method, but only as a supplemental methodology because it considers factors not always included in investor considerations. The other three methods are all valuable, but should, in my opinion, be used in combination with the Scorecard Method.

Bill Payne

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It’s Morning in Venture Capital

It’s Morning in Venture Capital | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

Un analisis profundo de los criticos recientes de Venture Capital, incluyendo cifras y gráficas. 

 

Leer aqui: http://www.bothsidesofthetable.com/2012/05/23/its-morning-in-venture-capital/?utm_medium=bothsid.es-twitter&utm_source=t.co&awesm=bothsid.es_jB&utm_content=tweet_button-vertical&utm_campaign=

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David S. Rose sobre cómo convencer a los inversores de capital de riesgo (ICR) | Video on TED.com

TED Talks ¿Cómo empezar? La rapidísima charla de TED U de David S. Rose - fundador de Gust.com, inversionista y emprendedor!

 

Ver el video con subtitulos en español: http://www.ted.com/talks/lang/es/david_s_rose_on_pitching_to_vcs.html?source=facebook#.T7-52fK8VLx.facebook

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Entrevista con director de Bamboo Finance, Fondo de Inversión de Impacto: ‘Las inversiones deben resolver problemas sociales’

Jean Philippe de Schrevel, director ejecutivo de Bamboo Finance, dice que Colombia es un país interesante para las inversiones de impacto porque se tiene a la vez el problema y la solución.

 

Leer la entrevista en Portafolio: http://www.portafolio.co/negocios/%E2%80%98las-inversiones-deben-resolver-problemas-sociales%E2%80%99

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Daniel Izzo habla sobre el Primer Fondo de Riesgo de Inversión de Impacto en Brasil - Forbes Magazine (traducción)

Daniel Izzo habla sobre el Primer Fondo de Riesgo de Inversión de Impacto en Brasil - Forbes Magazine (traducción) | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

Hace poco, la Iniciativa Oportunidades para la Majoría (OPM) del Banco Interamericano de Desarrollo fue anfitrión de Daniel Izzo, co-fundador y socio de Vox Capital, primer fondo de riesgo de inversión de impacto en Brasil. Vox Capital se enfoca en empresas de alto potencial que atienden a la población brasileña de bajos ingresos a través de productos y servicios con el potencial de mejorar sus vidas. Además, Vox Capital es el primer fondo brasileño que OPM apoya mediante inversión.

 

En esta amplia entrevista, hablé con Daniel sobre sus motivaciones, las empresas que hacen parte del portafolio actual de Vox Capital, del sector emprendimiento social en Brasil y en América Latina, de sus aprendizajes de liderazgo en el transcurso de su carrera, y mucho más.

 

Antes de Vox Capital Daniel trabajó 12 años en marketing y desarrollo de negocios en Johnson & Johnson Brasil y en Submarino - durante su etapa inicial.- Daniel ha estado trabajando con la comunidad de la base de la pirámide de Brasil desde 2007, cuando aún trabajando en J&J, desarrolló un proyecto con las comunidades de bajos ingresos de Rio de Janeiro, vendiendo productos, generando ingresos para miembros de la comunidad, y educando la comunidad en asuntos de salud.

 

Oportunidades para la Mayoría (OPM) es una iniciativa presidencial del Banco Interamericano de Desarrollo lanzada en 2007. OPM trabaja con socios del sector privado para identificar modelos de negocio escalables y con potencial de ser replicables. A través de préstamos, subvenciones, y subsidios OPM busca aumentar la productividad, permitir el ingreso de los pobres en la economía formal, generar empleos, tratar las fallas de mercado que elevan los costos a quienes menos tienen, y traer bienes y servicios de calidad a 360 millones de latinoamericanos y caribeños que se encuentran en la base de la pirámide socioeconómica. El portafolio de OPM alcanzó más de 200 millones de dólares en autorizaciones a finales de 2011.

 

Leer la Entrevista: http://espanol.nextbillion.net/blog/2012/05/08/daniel-izzo-habla-sobre-fondo-de-inversin-de-impacto-brasil

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Five ways to spot a great angel investor

1) Science versus real life

2) Get angels with lots of friends

3) But find someone who cares – and will put in the hours

4) Have more than one – build an expert team

 5) Let your angel shine on you – say “no” to Ashton

 

Leer el articulo: http://www.investmentnetwork.co.za/article/five-ways-to-spot-a-great-angel-investor-theyre-your-second-brain-not-just-cash-machines

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¿Cómo un start-up colombiano obtuvo USD 1.2 millones de inversión semilla?

¿Cómo un start-up colombiano obtuvo USD 1.2 millones de inversión semilla? | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

La plataforma de social booking en cuyo grupo fundador constan los colombianos Alex Torrenegra, y el argentino Diego Saéz-Gil, acaba de anunciar que ha asegurado una primera ronda de inversión por USD 1.2 millones de dólares que servirán para el desarrollo y crecimiento de su producto.

 

La inversion es producto de un equipo muy internacional de inversores provenientes de Europa, Estados Unidos y Sudamérica, que incluye a Ventech ( Francia), Quotidian Ventures (New York), CAP Ventures (Buenos Aires) así como perfiles como Fabrice Grinda (OLX, Zingy), Dave Lerner (Columbia Venture Labs, Venture Studio), Roeland Boonstoppel (Amber Ventures), Alec Oxenford (OLX, DeRemate), Javier Tenessa (eDreams, ODIGEO), Justin Siegel (JSmart, JNJ Mobile) entre otros.

 

Dichos fondos serán utilizados para acelerar el proceso de crecimiento de la plataforma y crear mas servicios en ella, a través de “social features” integrándola a otra redes sociales, prestando especial atención a las herramientas mobile de acceso y gestión de la plataforma. El mercado por el cual iniciarán su expansión es América Latina y en especial Brasil, donde la población de turistas mochileros del mundo ha crecido notablemente, y país sede de la próxima Copa Mundial de Fútbol

 

InBed.me cuenta con el partnership con Hostelworld, la mayor red de hostels en línea, este acuerdo habilita a Inbed.me a ofrecer las mas de 250 mil propiedades que Hostelworld tiene en su inventario.

 

Hablé con Diego respecto del proceso .

 

Maca: ¿ Cuentame cómo fue el proceso de negociación? ¿Cuanto duró, qué consideraron clave?

 

Diego: El proceso de fundraising fue largo y desgastante. Más de 4 meses. Pitchamos a más de 50 inversores de todas las geografías: USA, LatAm, Europa… hasta India. Lo bueno es que aprendimos mucho en el proceso y todo el feedback que los inversores nos fueron dando lo fuimos incorporando a nuestro modelo.

 

Realizar una ronda con tantos inversores como lo hicimos nosotros tiene lados positivos y negativos: lo difícil es coordinar a tantas personas en simultaneidad, pero lo bueno es que tenemos accesso a un red de contactos muy grande y que todos ellos contribuyen con sus conocimientos y experiencias.

 

Maca: ¿ Cual es tu perspectiva de obtención de inversión para emprenddores latam?

 

Diego: Creo que cada vez se va haciendo más posible levantar capital extranjero para proyectos nacidos en LatAm. Creo que un buen esquema es armar un equipo de marketing/business development en USA y mantener el desarrollo en LatAm. A los inversores en USA les gusta ver parte del equipo ahí, pero están ok con desarrollo ‘nearshore’. Por otro lado, Brasil como mercado se ha puesto muy interesante, y crecientemente los inversores quieren ver proyectos con tracción allí. Yo creo que se viene una década muy interesante para la región.

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How to Calculate Market Potential for a Startup

How to Calculate Market Potential for a Startup | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

Learn how to calculate the market potential for your startup, and determine how much market share you will capture:

 

1. What is your total market potential?

2. How much of that market can/will you capture?

 

Although it may be impossible to answer these questions accurately, you can use a data-driven, bottom up, and logical approach to help answer these questions in a way that will satisfy potential investors and bankers.

 

Leer más de la metodología: http://www.businessplanexecutivesummary.com/2012/02/how-to-calculate-market-potential-for-a-startup.html

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Presentacion ante Consejos Superiores de Micro y PYMES - 23 Feb 2012

Presentacion ante Consejos Superiores de Micro y PYMES - 23 Feb 2012 | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

En este documento pueden consultar la presentación que realizó Camilo Montes, el Director de Micro, Pequeña y Mediana Empresa del Ministerio de Comercio, Industria y Turismo.

 

-Que es una empresa de alto impacto?

-Que iniciativas tiene el gobierno Colombiano para apoyarlos?

 

Ver la presentación: http://es.scribd.com/doc/82953885/Presentacion-ante-Consejos-Superiores-de-Micro-y-PYMES-23-Feb-2012

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Amy Raisbeck's comment, February 12, 2013 8:53 AM
Es necesario pagar para ver los documentos de scribd al parecer. Seria bueno que siendo una presentacion de un evento del ministerio sean gratuitos este tipo de documento.
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The State and Future of Impact Investing - Forbes

The State and Future of Impact Investing - Forbes | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

In a recent interview with Antony Bugg-Levine, CEO of Nonprofit Finance Fund, we discussed his new book about the impact investing sector, emerging trends and ideas in this space, challenges and opportunities moving forward, what...

 

Leer más: http://www.forbes.com/sites/rahimkanani/2012/02/23/the-state-and-future-of-impact-investing/

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TechCrunch | Porque el próximo miembro de su Junta Directiva debe ser una mujer

TechCrunch | Porque el próximo miembro de su Junta Directiva debe ser una mujer | Ángel Inversión, Emprendimiento y Venture Capital en el Mundo | Scoop.it

If you’re not aware, studies show companies with gender diversity at the top drive better financial performance on multiple measures – for example, 36% better stock price growth and 46% better return on equity...

 

Leer más: http://techcrunch.com/2012/02/19/why-your-next-board-member-should-be-a-woman-why-your-next-board-member-should-be-a-woman/

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