Nikolaj Bjørner Senior Researcher Microsoft Research Redmond
Business Angels. Nikolaj Højer - Growing Games 2015
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Transcript of Business Angels. Nikolaj Højer - Growing Games 2015
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Games and Angels
Nicolaj Højer Nielsen [email protected]
www.linkedin.com/in/nicolajnielsen @nhoejer
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Nicolaj Højer Nielsen: My background
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Risk in startups – as perceived by investors
Organizational
Market
Tech
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Perceived TECHNOLOGY risk in games
Tech
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Perceived MARKET risk in games
Market
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Most angels dont believe they could foresee this– BEFORE LAUNCH
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Perceived ORG risk – in games
Organizational
COMMERCIAL COMPETENCES – even more than the tech team
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WHY do Business Angels invest?
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Example: Recon Instruments
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The human factor: Either you know the investor, or the investor
knows the industry
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You will have to JUMP before getting the investor on board
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How angels perceive early stage game investments in games/apps
1. Low technology risk - great
2. A lottery ticket on the market side
3. Impossible to evaluate market/demand before launch
4. Hard to evaluate org competences, because many angels have limited industry experience within apps/games
5. Invest for many other reasons than financial return
6. FUN factor could be high
7. Conclusion: You will fund the first steps – this also sends a strong signal to potential investor
8. (unless you know them personally – and they trust you)
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EXTRA SLIDES
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kr. 0
kr. 20.000.000
kr. 40.000.000
kr. 60.000.000
kr. 80.000.000
kr. 100.000.000
kr. 120.000.000
kr. 140.000.000
kr. 160.000.000
Q12008
Q22008
Q32008
Q42008
Q12009
Q22009
Q32009
Q42009
Q12010
Q22010
Q32010
Q42010
Q12011
Pre-money valuation: A startup
PROTOTYPE
Business Angels
VC
Family/friends
PARTNERS REVENUE TEAM & IDÉ
Are you sure you need money now?
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Different types
Inexperienced investor
- Often a perform from your extended network
- Or executive/high net worth that wants to be involved in startups
- Few investments
Member of BA Network - Active in one of the official NA networks
- Entrepreneurs, executives and “old money”
- Often more experienced in service/production industries
Super angels - Experienced successful entrepreneurs
- Especially investing own money from IT exits
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Different behaviour
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How to find them?
Member of BA Network - Formal channels: DVCA.dk and the
websites of the 5 formal networks (ex. www.Ba-copenhagen.dk)
- But try personal contact before! Look at members that have invested in similar
cases/industries!
Super angels - Very visible in the media (Jesper buch,
Tommy Ahlers, Martin Thorborg, Morten Wagner, Morten Strunge etc.)
- Most of them NOT member of formal BA networks. Use direct calls/e-mails.
- Get many requests - use personal connections to get introduced)
Inexperienced investor - They basically invest in YOU
- Find them via friends-of-friends - Often does not see themselves as a
business angel but would like to invest into a “lottery ticket”