The Capital Food Chain for Entrepeneurs - University of Auckland Presentation
-
Upload
the-icehouse -
Category
Business
-
view
242 -
download
1
description
Transcript of The Capital Food Chain for Entrepeneurs - University of Auckland Presentation
!"# $%&'(%) *++, $"%'-!"#!$%&'(%)!*++,!$"%'-!
*+. /-(.#&.#-#0.1*+.!/-(.#&.#-#0.1
2'))!3%4-#
!"#!$%&'()*&+,!-.!/01234%5!!0*&%(**!617--3!
8%+)(9)(%(0)!&%!:(*&5(%1(
5 ,56#-,%
• 7-(.+,08('+-7-(.+,08('+-
• 5-6#)1!%-,!9$1
• 201'-#11!&)%-1
) )• :+;!'-<#1(+.1!#<%)0%(#!,#%)1
• =+'-6 ,#%)1=+'-6!,#%)1
• *'<#!)#11+-1
;)&(%5*<!.4=&3,!>!.--3*
/%?(3*@(%+0)(!A49&+43&*+
B,9&143!)-0%5C!!D>?@ABBC
8417 &%'(*+-)C >?@D AB BBB
B,9&143!)-0%5C! >?@EBBFBBB
8417 &%'(*+-)C >?@GH BBB
B,9&143!)-0%5C!!>?@IJ
8417 &%'(*+-)C >?@GJ8417!&%'(*+-)C!>?@D"ABFBBB
/%%043!E%'(*+=(%+C!!>?@IH2
8417!&%'(*+-)C!!>?@GHFBBB
/%%043!E%'(*+=(%+C!!>?@DH2
8417!&%'(*+-)C!!>?@GJ
/%%043!E%'(*+=(%+C!!>?@DH2
$%*-97&*+&14+(5
E%'(*+&%?!&%!4!.)&(%5<!.4=&3,
F4**&'(
/11)(5&+(5<!*4'',
E%'(*+&%?!+&=(!4%5!=-%(,
/1+&'(
G&=&+(5!94)+%()*7&9
E%*+&+0+&-%43!=-%(,
H(%()43 F4)+%()* 41+&'(F4**&'(
I"J!3&.(+&=(!&%'(*+=(%+*!
8K0&+,<!5(L+<!?&.+M
/1+&'(
E%'(*+&%?!&%!(%+)(9)(%(0)
F-)+.-3&-!-.!4%?(3!5(43*
H(%()43!F4)+%()*!41+&'(
E%'(*+!&%!1-=94%,
G4)?(!9-)+.-3&-
7-<#1('6%('+- *#%1'K')'(4 =#<#)+&L#-( 7-(.+,08('+- M.+;(" J%(0.'(4
!"#!$%&'(%)!N'O#848)#7-<#1('6%('+- *#%1'K')'(4 =#<#)+&L#-( 7-(.+,08('+- M.+;(" J%(0.'(4
3.++O!+O!
8+-8#&(@##, @(%.("0& /%.)4 *'.1(F!@#8+-,F!#(8PPP
QR*7!
*.'#-,1F! 5-6#)!7-<#1(+.1 73RF!2%-S19#-(0.#!$%&'(%)
3Q *+0-,#.1F!
*%L')4
6 F&
!7J/
95N?/!R*!=/5!:
!7J/
!"# *0-,'-6 M%&!"#!*0-,'-6!M%&
3.#"@##,! @##,T@(%.("0& *?U=7UM!/%.)4 @(%6# N%(#. @(%6#1
@(%6# @(%6# M53/%.)4!@(%6# N%(#.!@(%6#1
9#.4 O#; %-6#)
;-0%5()*<!/%?(3
9#.4!O#; %-6#)!
,#%)1!,+-#!
%K+<#!>A!
L'))'+-
;)&(%5* >!
;4=&3,
/%?(3!
E%'(*+-)* 9#.4!O#;!9$!
,#%)1!,+-#!
@(%+0)(!A49&+43&*+*
K#)+;!>E!
L'))'+-
>B!!!!!!!!!!!!!!!!!!>DHBC!!!!!!!!!!!!!!!!!!!!>APH!L'))'+-!!!!!!!!!!>E!L'))'+-!!!!!!!!!!>AB!L'))'+-!0&
/U!Q/3Q/U/?Q@V!
M W" 7 5M+!W"#.#!7-<#1(+.1!5.#vest
ors
r of
Inv
LS
Num
be
AN
GE
VCsGAP
Investment (one round)
$5 million $10 million
NNNOL&3394,%(O1-=
( )
U ,' ) 5 ( XU=5 YU+-,'18)+10.#!56.##L#-(1!XU=51Y
• J+1( %-6#)1 %-, 9$1 ;')) -+( 1'6-• J+1(!%-6#)1!%-,!9$1!;'))!-+(!1'6-
– @##!(++!L%-4!,#%)1
7 ( '( ' S ( (' ' K '– 7-(#6.'(4!'1!S#4!(+!8+-('-0'-6!K01'-#11
–U+(!L+('<%(#,!(+!1(#%)!(#8"-+)+64
• J%4!1'6-!U=5Z
– =0.'-6!,0#!,')'6#-8#F!-+(!#%.)'#.
– $+<#.'-6!%!<#.4!-%..+;!1#(!+O!'110#1
• 201'-#11 3)%- " -+ &.+&.'#(%.4 '-O+.L%('+-201'-#11!3)%-! -+!&.+&.'#(%.4!'-O+.L%('+-
NNNOL&3394,%(O1-=
* ' , , * ') 7*.'#-,1!%-,!*%L')4!7-<#1(+.1
3 , O' '• 3.#"1##,!O'-%-8'-6
– !+!,#<#)+&!&.+,08(
– !+!O'-,!801(+L#.1
• ?-1+&"'1('8%(#,• ?-1+&"'1('8%(#,
– /[0'(4\!!=#K(\!!M'O(\
' ' " K O '– N'L'(!("#!-0LK#.!+O!'-<#1(+.1
NNNOL&3394,%(O1-=
! " # $%!&'(")!*&#!$%)
NNNOL&3394,%(O1-=
W" 5 !" 5 ) \W"+!5.#!!"#1#!5-6#)1\! W#%)("4!'-,'<',0%)1!] ^%88.#,'(#,!'-<#1(+.1_4
! ^2##-!("#.#!%-,!,+-#!("%(_!#-(.#&.#-#0.1
! ^J%,!L+-#4_
! M#-#.%))4!>DHC">DHBC!&#.!,#%)!&#.!%-6#)
! @#<#.%)!%-6#)!'-<#1(L#-(1
! J+.#!("%-!!EBBFBBB!%8('<#!%-6#)1
! Q%-6#!+O!'-<+)<#L#-(1! G(45!&%'(*+-)!P A74&)=4%!-.!+7(!!-4)5
! E%'(*+-)Q45'&*-)
! F4**&'( &%'(*+-)! F4**&'(!&%'(*+-)
NNNOL&3394,%(O1-=
9 ( $ '( )' (9#-(0.#!$%&'(%)'1(1! M#-#.%)!&%.(-#.1
! @%)%.'#,!L%-%6#.1
! J'-'L%)!'-<#1(L#-(F!"06#!0&1',#
! N'L'(#,!&%.(-#.1
! $+.&+.%('+-1F!&#-1'+-!O0-,1F!
;#%)("4!'-,'<',0%)1
! !+(%))4!&%11'<#!'-<+)<#L#-(
! ABBB!<#-(0.#!8%&'(%)!O0-,1!#
! @'`#V >H L'))'+- (+ a>AB K'))'+-@'`#V!!>H!L'))'+-!(+!a>AB!K'))'+-
NNNOL&3394,%(O1-=
J (' ('J+('<%('+-
9/U!?Q/!$537!5N7@!@V!!L%S#!L+-#4
5UM/N@
! Q#(0.- +- 7-<#1(L#-( '1 ("# L#(.'8! Q#(0.-!+-!7-<#1(L#-(!'1!("#!L#(.'8
! @(%4'-6!'-<+)<#,!X1#-1#!+O!01#O0)-#11Y
! M'<# K%8S (+ 8+LL0-'(4! M'<#!K%8S!(+!8+LL0-'(4!
! 5OO#8('+-!O+.!#-(.#&.#-#0.1
NNNOL&3394,%(O1-=
7-<#1('-6!$+L&%.'1+-5-6#)1 9$1
R-334)*5&&.+b'L%(#)4!
>DH 2'))'+-
/99)-S&=4+(3,
TJU !&33&-%>DH!2'))'+- TJU!!&33&-%
"0=L()!-.!
E%'(*+=(%+*HBFBBB V<WWW
"0=L()!-.!6+4)+"09!
R(43*DHFBBB DJWW
"0=L()!-.!E%'(*+-)* DHBFBBB I<WWW
F() :-0%5 >EBB BBB TX"Y =&33&-%F()!:-0%5 >EBBFBBB TX"Y!=&33&-%
8417!E%'(*+-) >DHFBBB!!%-,!0& TJ!=&33&-%!4%5!09
B,9&143 E%'(*+=(%+ /%.)4 @(%6# G4+() 6+4?(
NNNOL&3394,%(O1-=
B,9&143!E%'(*+=(%+ /%.)4!@(%6# G4+()!6+4?(
+ , -"+.),&())!-"*&)
NNNOL&3394,%(O1-=
B & + L 3
/)#<%(+.!3'(8"
BN-!=&%0+(!'()L43!*0==4),
F)-501+<!-99-)+0%&+,<!5&..()(%+&4+&-%
/++)41+!&%+()(*+!P %-+!13-*&%??
/b#80('<#!@0LL%.4
J"Z!94?(!N)&++(%!*0==4),
!434%1(5!9)(*(%+4+&-%
/++)41+!&%+()(*+!P %-+!13-*&%?
3 3 ' (
JW!=&%0+(!'()L43!9)(*(%+4+&-%
A 7 3 33+;#.3+'-( A-'()!N7-3(!934%
;&%5!*()&-0*!&%'(*+-)*
JW UW 94?(* 930* 499(%5&1(**0))!201'-#11!3)%-
X;.'(#!O0))!&)%-!O'.1(Y
JW"UW!94?(*!930*!499(%5&1(*
@43&54+&-%!*1-)(14)5![50(!5&3&?(%1(\
!4*&*!.-)!433!-+7()!934%!.-)=*
NNNOL&3394,%(O1-=
W ' ' 2 ' 3)W.'('-6!201'-#11!3)%-1
• /-(.#&.#-#0.!J?@!!;.'(#!&)%-!X-+!8+-10)(%-(1Y
• ?1# #,'(+.1 O+. 8)%.'(4 %-, K.#<'(4?1#!#,'(+.1!O+.!8)%.'(4!%-,!K.#<'(4
• Q#1+0.8#1
B7 ! & ] .– B7(!!0*&%(**!](%+-)!" NNNO.4*++)41O-)?
– 6!/!" 7++9CQQNNNO*L4O?-'Q*+4)+&%?^L0*&%(**Q&%5(SO7+=3
E%1 !0*&%(** F34% !0&35&%? 6(1+&-% L, 6(1+&-%– E%1O!!0*&%(**!F34%!!0&35&%?<!6(1+&-%!L,!6(1+&-%!
7++9CQQNNNO&%1O1-=Q?0&5(*QN)&+(^L&_^934%QJW``WO7+=3
NNNOL&3394,%(O1-=
/0*".*1,&' 2(*")/0*".*1,&'!2(*")34*1!#5!,&0()156)!"557!85698
NNNOL&3394,%(O1-=
5 ) Q (' @ (5-6#)!Q%('-6!@41(#L
B"GBcJ%-%6#L#-( (#%L B"GBc
B"DHc
J%-%6#L#-(!(#%L
@'`#!+O!+&&+.(0-'(4
B"AHc
B"ABc
3.+,08(!d!(#8"-+)+64
@%)#1!8"%--#)1
B"ABc
B Hc
$+L&#('('<#!%,<%-(%6#
@' O ("' , B!" Hc
B!" Hc
@'`#!+O!("'1!.+0-,
U##,!O+.!L+.#!O0-,'-6
NNNOL&3394,%(O1-=
* , K) J !*0-,%K)#!J%-%6#L#-(!!#%L1
• $/R
– A8a!(S9()&(%1(
– @()+&143 (S9()&(%1(@()+&143!(S9()&(%1(
– A-4174L3(!['(),!&=9-)+4%+\
G 5 7&– G(45()*7&9
• !#%L
– !434%1(!4%5!1-=93(+(
– 8S9()&(%1( N-)2&%? +-?(+7()8S9()&(%1(!N-)2&%?!+-?(+7()
NNNOL&3394,%(O1-=
@' O (" R ( '(@'`#!!+O!("#!R&&+.(0-'(4
) K)• @8%)#%K)#
– TVW!=&33&-%![=&%O\!&%!)('(%0(*!&%!U!,(4)*
T– [@A*!3--2!.-)!bTIWW!=&33&-%\
• :'6"!6.+11!L%.6'-16 6 6
• N%.6#!-'8"#!L%.S#(
? O ' ' ' ,• ?-O%'.!8+L&#('('<#!%,<%-(%6#
• Q#%,4!O+.!801(+L#.1
NNNOL&3394,%(O1-=
R-8#!4+0!"%<#!%((.%8(#,!'-<#1(+.1Z
! " # ! $!%"&'!(#)!!)*$
NNNOL&3394,%(O1-=
@ O " 5 ) 7 ' 3@0LL%.4!+O!("#!5-6#)!7-<#1('-6!3.+8#11
• 3.#"18.##-'-6
• @8.##-'-6@8.##-'-6
• =0#!,')'6#-8#
• 7-<#1(L#-(!&.#1#-(%('+-
• *+))+;"0& ,'18011'+-1 %-, L##('-61*+))+; 0&!,'18011'+-1!%-,!L##('-61
• $)+1'-6
NNNOL&3394,%(O1-=
= ) *) @( (' ('=#%)!*)+;!@(%('1('81
• 3.#18.##-'-6
• @8.##-'-6
! A!'-!E!(+!@8.##-'-6
! A '- G (+ ==@8.##-'-6
• =0#!=')'6#-8#
! A!'-!G!(+!==
! A!'-!G!(+!7-<P!J##('-6
• 7-<#1(L#-( ! A!'-!D!.%'1#!L+-#4
!• R9/Q5NN ! A!'-!ID!;"+!%&&)4!.#8#'<#!
'-<#1(L#-(
NNNOL&3394,%(O1-=
+",)!-".(*/).!(%!0,%"1
NNNOL&3394,%(O1-=
77
=+-e( (%S# ,0LK L+-#4f=+- (!(%S#!,0LK!L+-#4f!
NNNOL&3394,%(O1-=
N S * @ ( JN++S!*+.!@L%.(!J+-#4!]
7-<#1(+.1!#%6#.!(+!'-<#1(!L+-#4 %-,!('L#
'-!4+0.!8+L&%-4F!K.'-6'-6!("#'.!1S'))1!4 & 4F 6 6
%-,!#b&#.'#-8#1!(+!"#)&!4+0!6.+;!
1088#11O0))4P1088#11O0))4P!!
$"#8S!("#!.#O#.#-8#1!+O!&+11'K)#!
' K O ' ' "'-<#1(+.1!K#O+.#!1'6-'-6!%!(#.L!1"##(
NNNOL&3394,%(O1-=
77
W"#-!&'(8"'-6!'-<#1(+.1F!
,+-e(!#)%K+.%(#!'-!
,#18.'K'-6!4+0.!
&.+,08(T(#8"-+)+64&.+,08(T(#8"-+)+64
NNNOL&3394,%(O1-=
7-<#1(+.1!;%-(!(+!"#%.!%K+0(!
4+0.!K01'-#11F!-+(!g01(!4+0.!&.+,08(
W" ' " ' ' ) , \W"%(!'1!("#!8+L&#('('<#!)%-,18%&#\!!
W"%(!'1!("#!1'`#!+O!("#!+&&+.(0-'(4\!!
')) K O ) K ' \W'))!73!K#!%!01#O0)!K%..'#.!(+!#-(.4\!!
:+;!L08"!L+-#4!;'))!'(!(%S#!(+!%8"'#<#!&+1'(' # 8%1" O)+ \&+1'('<#!8%1"!O)+;\!
:+;!,+!4+0!S-+;!4+0!8%-!L%S#!("#!&.+,08(\&.+,08(\!!
3.+<',#!'-<#1(+.1!;'("!%!K%)%-8#,!&.#1#-(%('+- +O 4+0. K01'-#11&.#1#-(%('+-!+O!4+0.!K01'-#11
NNNOL&3394,%(O1-=
777
=+-e(!+<#.#1('L%(#!
("#!1'`#!+O!("#!L%.S#(
NNNOL&3394,%(O1-=
5880.%(#)4!,#(#.L'-#!("#!
%,,.#11%K)# L%.S#(V%,,.#11%K)#!L%.S#(V("#!1'`#!+O!("#!+&&+.(0-'(4!O+.!4+0.!
&.+,08(!1+),!(+!4+0.!801(+L#.1
7 3 3 7c,9-+7(+&143!(S4=93(C!!/%!(%+)(9)(%(0)!&%!+7(!
*7((9*2&%!*(4+!1-'()!L0*&%(**!(*+&=4+(*!+7(!*&_(!
. 7 L T L 33-.!+7(!-99-)+0%&+,!+-!L(!TJWW!L&33&-%!9()!,(4)!P
+7(!*&_(!-.!+7(!40+-=-L&3(!=4)2(+d!!
=+-e(!O%))!'-(+!("'1!(.%&Z'-<#1(+.1!8%-!1##!.'6"(!
(".+06"!("'1!,#8#&('+-
NNNOL&3394,%(O1-=
7979
=+-e( ^K%)) &%.S_ .#<#-0#1=+- (! K%))!&%.S !.#<#-0#1!
%1 % &#.8#-(%6# +O ("#%1!%!&#.8#-(%6#!+O!("#!
(+(%)!L%.S#(!
NNNOL&3394,%(O1-=
J%-4!/-(.#&.#-#0.1!,#<#)+&!
O O&.+O+.L% .#<#-0#1!%1!%!&#.8#-(%6#!+O!
("#!%,,.#11%K)#!L%.S#(!
eB7(!+-+43!=4)2(+!&*!TVUW<WWW<WWW!4%5!N(!N&33!149+0)(!WOUf!&%!,(4)!-%(![TIOX!=&33&-%\!4%5!
IWf!&%!,(4)!.&'(![TVU!=&33&-%\Og!!
!"'1!1'L&)4!;+-e(!O)4!;'("!'-<#1(+.1P!!20'),!4+0.!.#<#-0#!&)%-!O.+L!("#!K+((+L!0&!]
,#O'-#!;"'8"!801(+L#.1!;'))!K04!"+;!L08"!'-!("#!O'.1(!4#%.Z!1#8+-,!4#%.Z#(8P!
NNNOL&3394,%(O1-=
99
=+-e( &.#11 ("# O'.1(=+- (!&.#11!("#!O'.1(!
L+<#. %,<%-(%6#L+<#.!%,<%-(%6#!
NNNOL&3394,%(O1-=
h*'.1(!J+<#.!5,<%-(%6#e!
' )) O ,'1!010%))4!%!O.%0,
O ) " , " "7(!'1!O.#[0#-()4!("#!G.,!+.!E("!8+L&%-4!'-!("#!1&%8#!("%(!'1!1088#11O0)P!!
*'.1("(+"L%.S#(!+O(#-!,#L%-,1!L'11'+-%.4!1%)#1!X,#<#)+&'-6!#-('.#)4!-#;!L%.S#(1YF!.#[0'.'-6!"06# %L+0-( +O L+-#4 %-, #b&#.('1# (+"06#!%L+0-(!+O!L+-#4!%-,!#b&#.('1#!(+!
(".'<#P!!
5 ) " A , 'O5880.%(#)4!%88#11!("#!A1(!L+<#.!%,<%-(%6#F!'O!%-4F!%-,!#1'%))4!"+;!L08"!'(!;'))!8+1(!(+!
&#-#(.%(# ("'1 L%.S#(&#-#(.%(#!("'1!L%.S#(P!
NNNOL&3394,%(O1-=
N O (" =N#11+-1!O+.!("#!=%4• Q%'1'-6!L+-#4!'1!,'OO'80)(!%-,!('L#"8+-10L'-66 4 6
• @&#-,!("#!('L#!-#8#11%.4!(+!0-,#.1(%-,!("#!8%&'(%) O++, 8"%'- O+. #-(.#&.#-#0.18%&'(%)!O++,!8"%'-!O+.!#-(.#&.#-#0.1
• N#%.-!;"%(!L+('<%(#1!'-<#1(+.1!(+!O0-,!8+L&%-'#18+L&%-'#1
• 30.10#!O0-,'-6!%1!1L%.(!#-(.#&.#-#0.
• !'L#!1&#-(!&.#&%.'-6!;'))!1%<#!10K1(%-('%)!('L#!'-!.%'1'-6!L+-#4
NNNOL&3394,%(O1-=
Q#1+0.8#1Q#1+0.8#1
• N'1('-6!+O!5-6#)!M.+0&1!] ;;;P%-6#)8%&'(%)#,08%('+-P+.6
• 2(8,&,1,0(!:.,#(!15!;*,),&'!<5&(=!865>!!&'(")F!2P!3%4-#!XDBBiY• TVX!.)-=!NNNOL&3394,%(O1-=
• ?1*1(!58!14(!!61@!!!&!/A(B.1,0(!?.>>*6=!+6,(8,&'!5&!%.11,&'/#'( -6*B1,B()!,&!!>(6,B*&!!&'("!C&0()1,&'
j J%4 d / Re:%))+.%- XDBBGY >GH O.+L ;;; %L%`+- 8+LjP!J%4!d!/P!R :%))+.%- XDBBGY!>GH!O.+L!;;;P%L%`+-P8+L
• D(6>!?4((1)!E!$*".*1,5&!F !!G,&(!H=!G,&(!G557!*1!14(!C&16,B*B,()!58!$(&1.6(!%*I,1*"!D(6>!?4((1)!E!$*".*1,5&J!5P!W') ,' XDBBGY >AB OW')L#.,'-6!XDBBGY!>AB!O.+L!;;;P%L%`+-P8+L
• D4(!!61!58!14(!?1*61F!XDBBEY!MP!C%;%1%S'F ;;;P%L%`+-P8+L
NNNOL&3394,%(O1-=
k0#1('+-1\\
;-)!(%K0&)&(*!-)!+-!1-%+41+!!&33C
:OF403h+7(&1(7-0*(O1-O%_h
NNNOL&3394,%(O1-=