DOCSLIB.ORG

How Venture Capitalists Increase the Odds of Startup Success

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
How Venture Capitalists Increase the Odds of Startup Success The Lower-Risk Startup: How Venture Capitalists Increase the Odds of Startup Success DAV ID TETEN, ADHAM ABDELFATTAH, KOEN BREMER, AND GYORGY BUSLIG DAVID TETEN ur goal is to understand how ven- METHODOLOGY is a partner at ff Venture ture capitalists (VCs) can system- Capital and founder and atically help startups increase their Our study draws on a wide range of Chair of Harvard Business odds of success, beyond simply research: in-depth interviews with more than School Alumni Angels 50 venture capital investors, entrepreneurs, of Greater New York Oproviding more capital. The primary levers of in New York, NY. a VC to do this are team building, operational startup incubators, and advisory service pro- [email protected] improvement, perspective and strategic guid- viders; a proprietary database and survey of ance, skill building, customer development, VCs’ portfolio value creation practices; a wide ADHAM ABDELFATTAH analytics, and the VC firm network. We will scan of academic and practitioner publications is the founder and CEO focused on the topics of entrepreneurship and of CircleVibe, a mobile discuss the range of philosophies we found startup in the crowd- among major VCs in their approaches. We venture investing; and the authors’ personal sourcing space and a find that certain operationally oriented VCs experience working in venture capital, ear- consultant on leave from are hiring unusually large teams of operators ly-stage technology companies, and strategy 1 McKinsey & Company and that the firms with this strategy typically consulting. in New York, NY. We should emphasize a key caveat. For [email protected] have top-quartile returns (above 20% IRR in the relevant time periods). We then def ine our study, we wanted to analyze whether the KOEN BREMER a blueprint for how investors can assess their Portfolio Operator strategy led to higher returns. is a consultant with strengths in order to meaningfully help port- Sadly, this is virtually impossible to do rigor- the Boston Consulting folio companies succeed. ously, for several reasons: Group in Amsterdam, We believe that developing and insti- The Netherlands. • This strategy is relatively new, so insuf- [email protected] tutionalizing management techniques that The Journal of Private Equity 2013.16.2:7-19. Downloaded from www.iijournals.com by Jeanne Miller on 04/03/13. enable better startup success rates will increase ficient data are available for the small GYORGY BUSLIG the availability of disruptive technology, while number of funds pursuing this strategy. is a consultant with also increasing investor returns and entrepre- • Returns data for VCs are difficult to It is illegal to make unauthorized copies of this article, forward an user or post electronically without Publisher permission. McKinsey & Co. in neur success rates. Given the mediocre median obtain and difficult to compare with one Budapest, Hungary. another across inconsistent fund sizes, [email protected] returns of the VC industry (4.41% end-to-end pooled for the 10 years ended March 31, 2012, check sizes, and strategies. according to the Cambridge Associates U.S. • VCs with higher returns naturally have Venture Capital Index) and the high failure more cash, feel more self-confident, and rate of the typical entrepreneur, techniques therefore are more likely to invest the to improve the odds of success are highly money needed for the expensive Portfolio needed. Operator strategy. SPRING 2013 THE JOURNAL OF PRIVATE EQUITY 7 JJPE-TETEN.inddPE-TETEN.indd 7 22/14/13/14/13 44:48:46:48:46 PMPM We can only say with reasonable confidence that • Team building: designing and recruiting for a start- most of the funds with well-developed portfolio operator up’s most important asset, its human capital base. strategies have returns in the top quartile (above 20% • Operations: enhancing administrative, accounting, IRR) for the time periods during which they have used legal, and technological capabilities. that strategy. We obtained data on returns from Preqin, • Perspective: strategy, competitive positioning, Fortune, and sources at funds of funds. Our thesis that defin ing the target market, and scoping the greater participation correlates with higher returns is con- product. sistent with two other formal studies: “Returns of Angel • Skill building: building the right skills, especially Investors in Groups” (2007), by Robert Wiltbank and for senior management. Warren Boeker, with funding and support from the Ewing • Customer development: identifying and gaining access Marion Kauffman Foundation, and “Prediction and Con- to the right customers. trol Under Uncertainty: Outcomes in Angel Investing” • Analysis: how entrepreneurs measure, understand, (2009), by Robert Wiltbank, Stuart Read, Nicholas and report the performance of their early-stage Dew, and Saras D. Sarasvathy. The studies were based on companies. entirely distinct datasets. Both found that higher levels of • Network: the cheapest and sometimes most value- angel participation in investments, as measured by number added service that an investor can provide is access of hours per week interacting with a portfolio company, to his/her network, particularly to potential inves- correlates with higher returns. tors and acquirers. WHO SHOULD BE INTERESTED A company’s need for the TOPSCAN services is IN THIS RESEARCH greatest in its earlier life. However, even among private equity funds that invest in late-stage, stable, established Venture capitalists. With the increasing competition companies, we see some such funds building portfolio in the startup funding space, providing distinctive sup- operations groups. These firms clearly believe that their port to portfolio companies can be a strong competi- portfolio companies benefit from a similar resource. tive advantage for VCs in deal sourcing as well as for Venture capitalists are financiers of a special nature. improving returns. They fund highly uncertain projects that usually operate Entrepreneurs. Our f indings help startups assess who within a very fast moving environment with constantly the most value-added investors are. Furthermore, this shifting technological paradigms. The teams they work study allows entrepreneurs to understand how they can with are entrepreneurs trying to engage in extensive extract more value from their current investors. product and customer development efforts for a product Large corporations. Almost every large company is or they don’t typically have a full vision of, for a customer it should be thinking about new, disruptive businesses it whose needs are opaque, and for a use case that is ambig- can incubate and/or buy. Our findings provide insight uous. This is a very different world from traditional on how to successfully gestate new businesses. corporate lending or investing. We believe that partially due to this unique con- The Journal of Private Equity 2013.16.2:7-19. Downloaded from www.iijournals.com by Jeanne Miller on 04/03/13. WHY AND HOW VCs SHOULD BE ACTIVELY text—quite distinct from that of other asset managers INVOLVED IN PORTFOLIO COMPANIES like private equity investors, hedge funds, and commer- cial banks—VCs can and should add tremendous value It is illegal to make unauthorized copies of this article, forward an user or post electronically without Publisher permission. The conventional school of thought is that inves- by supporting their portfolio companies more actively tors generally should create value by selecting the “right” beyond writing them checks. Almost all VCs say that companies, business plans, and teams in which to invest. they respond to portfolio CEO requests and make intro- This article argues that in addition to that selection func- ductions to people in their network when asked. We tion, venture investors have a wider role to play—the view that as the minimum level of appropriate support. value-creation function. Our research shows that many leading VCs have VCs can add more value to their portfolios through the invested significant resources in building out portfolio following seven elements, the “TOPSCAN” framework: operational support, based on a fundamental belief that their companies are typically incomplete in multiple 8 THE LOWER-RISK STARTUP: HOW VENTURE CAPITALISTS INCREASE THE ODDS OF STARTUP SUCCESS SPRING 2013 JJPE-TETEN.inddPE-TETEN.indd 8 22/14/13/14/13 44:48:46:48:46 PMPM ways and will benefit by systematic support. It is rela- • Industry network: One entrepreneur observed about tively easy for most VCs to do this, as VCs typically one of the most prominent VCs in America, “[X]’s enjoy a strong network and many have significant opera- default response to all problems is to e-mail intro- tional experience in their focus industries. duce you to 3–10 people in his network who can The Portfolio Operator strategy has potential to help.” See VC Profiles 1 (NextView Ventures) and boost returns, as discussed previously. In addition, VCs 3 for examples. (particularly those focused on internet investments) live • Funding network: Later-stage VCs pay careful atten- in a social-media-enabled world where almost every tion to who the earlier funders in a company are, investor has a very visible public resume on LinkedIn; using the reputations of the funders as a proxy for many have a public blog; and blogs and rating sites such as their own diligence. The next-best asset to a large TheFunded.com closely track their behavior. Social media pool of capital in-house is the ability to easily help footprints make it exceptionally easy for entrepreneurs to raise more capital in later rounds from past syn- assess precisely how much value a potential investor can dicate partners. See VC Profiles 7 (First Round add, and reach out to those investors specifically. Capital) and 9 (ff Venture Capital). • In-house expertise: VCs can provide consulting, ANALYSIS OF CURRENT PRACTICES accounting, or operational resources, both directly from their own staff and from preferred service We have identified three common categories of providers. See VC Profile 9 (ff Venture Capital).
Load more

Recommended publications
  • Private Equity Program (PE Program)
    Attachment 3, Page 1 of 28 California Public Employees’ Retirement System (CalPERS) Private Equity Program (PE Program) Quarterly Report Executive Summary (As of December 31, 2012) Presentation Date: February 19, 2013 This report is solely for the use of CalPERS personnel. No part of it may be circulated, quoted or reproduced for distribution outside CalPERS without prior written approval from Pension Consulting Alliance, Inc. Nothing herein is intended to serve as investment advice, a recommendation of any particular investment or type of investment, a suggestion of the merits of purchasing or selling securities, or an invitation or inducement to engage in investment activity. Pension Consulting Alliance, Inc. Attachment 3, Page 2 of 28 Quarterly Report December 31, 2012 Table of Contents Section Tab Executive Summary 1 CalPERS’ Private Equity Program Performance Review 2 Private Equity Team Organizational Update 3 Private Equity Market Environment Overview 4 Appendices PE Program Relationships by Total Exposure Attachment 3, Page 3 of 28 Quarterly Report December 31, 2012 1.0 Introduction Private equity is a long-term asset class with performance results influenced by various factors. This report concentrates on several key exposures that contribute to performance results, including sector, geography, structure and vintage year. In addition, the broad industry trends highlighted herein may affect future performance results. 1.2 Highlights of Program Activity The PE Program outperformed the Policy Benchmark over the latest three-year period and posted an annual return above long-term return expectations as of December 31, 2012. However over the latest one, five, and ten-year periods, the PE Program underperformed the Policy Benchmark.
    [Show full text]
  • Lucene in Action Second Edition
    Covers Apache Lucene 3.0 IN ACTION SECOND EDITION Michael McCandless Erik Hatcher , Otis Gospodnetic FOREWORD BY DOUG CUTTING MANNING www.it-ebooks.info Praise for the First Edition This is definitely the book to have if you’re planning on using Lucene in your application, or are interested in what Lucene can do for you. —JavaLobby Search powers the information age. This book is a gateway to this invaluable resource...It suc- ceeds admirably in elucidating the application programming interface (API), with many code examples and cogent explanations, opening the door to a fine tool. —Computing Reviews A must-read for anyone who wants to learn about Lucene or is even considering embedding search into their applications or just wants to learn about information retrieval in general. Highly recommended! —TheServerSide.com Well thought-out...thoroughly edited...stands out clearly from the crowd....I enjoyed reading this book. If you have any text-searching needs, this book will be more than sufficient equipment to guide you to successful completion. Even, if you are just looking to download a pre-written search engine, then this book will provide a good background to the nature of information retrieval in general and text indexing and searching specifically. —Slashdot.org The book is more like a crystal ball than ink on pape--I run into solutions to my most pressing problems as I read through it. —Arman Anwar, Arman@Web Provides a detailed blueprint for using and customizing Lucene...a thorough introduction to the inner workings of what’s arguably the most popular open source search engine...loaded with code examples and emphasizes a hands-on approach to learning.
    [Show full text]
  • Copyrighted Material
    BINDEX 03/09/2012 18:54:54 Page 345 Index A SAS 111, 267 SAS 112, 267–268 Accountants, 92, 223–226 SAS 113, 268 Accredited investors, 16, 339 SAS 114, 269 Acquisition, 339 SAS 115, 270 Acquisition Premium, 339 American Jobs and Closing Tax Advisors, selection of, 91–92 Loopholes Act of 2010, 54 Akerlof, George, 48 American Research and American Accounting Association Development Corporation (AAA), 339 (ARD), 31 American Institute of Certified American waterfall model, 10 Public Accountants (AICPA), Angel investing, 20–21 339 Antitakeover provisions, 93 accounting and review standards, Antitrust legislation, federal 270–271 235–238 SSARS 10, 271 Celler-Kefauver Antimerger Act SSARS 12, 271 (1950), 237 auditing standards Clayton Antitrust Act (1914), SAS 1, 243 236 SAS 1 amendments, 257 Federal Trade Commission Act SAS 82, 249 (1914), 236–237 SAS 82 replacements, Hart-Scott-Rodino Antitrust 257–264 Improvement Act (1976), SAS 85 amendments, 257 140, 237–238 SAS 95, 249 Robinson-Patman Act (1936), SAS 99, 256–257 237 SAS 104,COPYRIGHTED 264 Sherman MATERIAL Antitrust Act (1890), SAS 105, 265 236 SAS 106, 265 Apollo Global Management, 53, 55 SAS 107, 265–266 Assessments, manufacturing, SAS 108, 266 319–333 SAS 109, 266 corporate vision and mission, SAS 110, 267 323–324 345 BINDEX 03/09/2012 18:54:54 Page 346 346 INDEX Assessments, manufacturing Breakup fee, 129–130, 339 (Continued) Bridge financing, 339 customer satisfaction and Broker-dealer, 339 perceived quality, 322–323 Bulge bracket bank, 74 employee satisfaction, 320–322 Business development companies equipment and facility (BDCs), 54 maintenance, 324–326 Business intelligence, 277–292, 339 inventory management and application to private equity, product flow, 327–328 291–292 operational data and cost of sales, exit strategy, 292 328 investment decision, 291 visual management, 326 portfolio companies, strategic Audit, scaling, 206 management of, 291 Auditing Standards.
    [Show full text]
  • Philadelphia Investment Trends Report
    Venture impact Technology investment in the Greater Philadelphia region Trends and highlights, January 2008 to June 2013 Innovation, investment and opportunity On behalf of EY, Ben Franklin Technology Partners of Southeastern Pennsylvania and the Greater Philadelphia Alliance for Capital and Technologies (PACT), we are pleased to present this review 421 companies of technology investment trends and highlights in the Greater Philadelphia region. $4.1 billion The technology investment community in the Greater Philadelphia region includes a wide variety of funding sources supporting a diverse array of companies and industry sectors. In this report, Total investment since we’ve analyzed more than a thousand investment rounds and January 2008 exits that occurred in the Philadelphia region since 2008 – including investments from venture capital fi rms (VCs), angel investors (Angels), corporate/strategic investors, seed funds, accelerators and other sources of funding. As shown in this report, 2012 reversed a post-recession slowdown in venture funding in Greater Philadelphia, and to date, 2013 has brought a welcome increase in the amount of new funds available at regional investment fi rms. These are positive signs for our region’s technology companies, as are the increasing number of exits via IPO and acquisition, which serve as further validation of the investment opportunities created by our region’s growing technology sector. We encourage you to explore this report, and we hope that it will provide useful insights into the current state of
    [Show full text]
  • Venture Capital Postively Disrupts
    PRIVATE CLIENT SERIES VENTURE CAPITAL POSITIVELY DISRUPTS INTERGENERATIONAL INVESTING Families of wealth face three key questions about intergenerational wealth planning: how best to invest to sustain future generations; how best to engage the next genera- tion; and how best to ensure family unity endures. Often each question is addressed independently. We find that a conversation across generations about the impact of a meaningful venture capital (VC) allocation can help address all three questions in an integrated manner. Venture capital offers the potential for attractive returns relative to public equity markets, often in a tax-advantaged manner, thus allowing the portfolio to generate more wealth to support current and future generations. Bringing the next generation into the conversation about the changing investing landscape also offers the oppor- tunity for both generations to learn about the unique aspects of VC investing and the critical role it can play in the family’s portfolio. Furthermore, the vast potential that exists for making lasting impact through VC, both in terms of financial returns and contributions to society, may provide unifying experiences across generations. For many families, venture investing may provide a connection to the original roots of entrepreneurship that created the family wealth. As VC spurs continued innovation and industry disruption, families should consider the potential positive disruption the inclusion of VC can bring to their intergenerational investment plans. This paper provides some context for considering such an inclusion by discussing the investment potential and implications for interested investors. Venture, the source of future returns Whether it be cloud computing, machine learning, or artificial intelligence, emerging technologies are transforming many industries.
    [Show full text]
  • Associate Enablement Perspectives
    CONFIDENTIAL 1H2020 Associate Enablement Perspectives DISCLAIMER: ComCap LLC make no representation or warranty, express or implied, in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions contained herein. ComCap LLC accepts no liability for any use of these materials. The materials are not intended to be relied upon as advice outside of a paid, approved use and they should not be considered a guarantee of any specific result. Each recipient should consult his or her own accounting, tax, financial, and other professional advisors when considering the scenarios and information provided. An introduction to ComCap ▪ ComCap is a premier boutique investment bank focused on the intersection of commerce and capital, with key focus on B2B SaaS, B2C e-commerce, payments, mobile commerce, marketplaces and B2B services for retail technologies (IT and marketing services, in-store, fulfillment, logistics, call center, analytics, personalization, location intelligence) ▪ Headquartered in San Francisco with European coverage from London & Moscow, and LATAM coverage from Sao Paulo. Our firm works with mid-cap public companies on buyside initiatives and public and private growth companies on financing and strategic M&A ▪ In addition to being the only boutique focused on disruptive commerce models, we differentiate by: ‒ Bringing bulge bracket techniques to emerging models; ‒ A strong and uncommon buyside/strategy practice; ‒ Deep understanding of industry drivers and synergy analyses;
    [Show full text]
  • Agenda Item 5B
    Item 5b - Attachment 3, Page 1 of 45 SEMI - ANNUAL PERFORMANCE R EPORT California Public Employees’ Retirement System Private Equity Program Semi-Annual Report – June 30, 2017 MEKETA INVESTMENT GROUP B OSTON C HICAGO M IAMI P ORTLAND S AN D IEGO L ONDON M ASSACHUSETTS I LLINOIS F LORIDA O REGON C ALIFORNIA U N I T E D K INGDOM www.meketagroup.com Item 5b - Attachment 3, Page 2 of 45 California Public Employees’ Retirement System Private Equity Program Table of Contents 1. Introduction and Executive Summary 2. Private Equity Industry Review 3. Portfolio Overview 4. Program Performance 5. Program Activity 6. Appendix Vintage Year Statistics Glossary Prepared by Meketa Investment Group Page 2 of 45 Item 5b - Attachment 3, Page 3 of 45 California Public Employees’ Retirement System Private Equity Program Introduction Overview This report provides a review of CalPERS Private Equity Program as of June 30, 2017, and includes a review and outlook for the Private Equity industry. CalPERS began investing in the private equity asset class in 1990. CalPERS currently has an 8% interim target allocation to the private equity asset class. As of June 30, 2017, CalPERS had 298 investments in the Active Portfolio, and 319 investments in the Exited Portfolio1. The total value of the portfolio was $25.9 billion2, with total exposure (net asset value plus unfunded commitments) of $40.2 billion3. Executive Summary Portfolio The portfolio is diversified by strategy, with Buyouts representing the largest exposure at 66% of total Private Equity. Mega and Large buyout funds represent approximately 57% of CalPERS’ Buyouts exposure.
    [Show full text]
  • Private Equity
    Private Equity: Accomplishments and Challenges by Greg Brown, University of North Carolina; Bob Harris, University of Virginia; Steve Kaplan, University of Chicago; Tim Jenkinson, University of Oxford; and David Robinson, Duke University ince the 1980s, there has been an ongoing discussion about the role of private S equity (PE) in the economy. As investors have flocked to the asset class, voices critical of the negative social impact of PE have grown louder. In this article, we examine what is known from the academic literature about the effects of private equity on corporate productivity, the returns for investors, and possible broader economic and social consequences. We catalogue what we believe to be strong evidence of the overall benefits of PE-backed companies and investors in private equity, as well as spillovers in the form of broader gains in economic productivity. We also describe apparent instances of PE shortcomings in some specific industries where negative social impacts can be measured in some way. In our view, private equity is “capitalism in high gear” and, Back to the 1980s as such, subject to most of the same debates concerning Our account of private equity begins at the end of the 1980s, economic and social conditions in a free enterprise system. when hostile takeovers and other often highly leveraged While some argue that the 2020 version of capitalism transactions, including a relative newcomer called the lever- (as practiced in the U.S. and much of the world) is inef- aged buyout (or LBO), came under fierce attack in both the fective in coping with current social needs, much of the press and conventional business circles.
    [Show full text]
  • Instagram’S Success, Networking the Old Way
    April 13, 2012 Behind Instagram’s Success, Networking the Old Way By SOMINI SENGUPTA, NICOLE PERLROTH and JENNA WORTHAM SAN FRANCISCO — Past midnight, in a dimly lighted warehouse jutting into the San Francisco Bay, Kevin Systrom and Mike Krieger introduced something they had been working on for weeks: a photo-sharing iPhone application called Instagram. What happened next was crazier than they could have imagined. In a matter of hours, thousands downloaded it. The computer systems handling the photos kept crashing. Neither of them knew what to do. “Who’s, like, the smartest person I know who I can call up?” Mr. Systrom remembered thinking. He scrolled through his phone and found his man: Adam D’Angelo, a former chief technology officer at Facebook. They had met at a party seven years earlier, over beers in red plastic cups, at the Sigma Nu fraternity at Stanford University. That night in October 2010, Mr. D’Angelo became Instagram’s lifeline. “Adam spent like 30 minutes on the phone with us,” Mr. Systrom recalled, “walking us through the basic things we needed to do to get back up.” Mr. Systrom, now 29, offered this as a parable for the roomful of would-be entrepreneurs who came to hear him talk at Stanford last spring: in the intensely competitive start-up scene here, success is as much about who you know as what you know. “Make sure to spend some time after the talk getting to know the people around you,” he told his audience. Those people, he might have added, might one day shape your destiny.
    [Show full text]
  • Enterprise 2.0 in Europe”, Produced by Tech4i2, IDC and Headshift for the European Commission
    Enterprise 2.0 study D4 Final report Authors David Osimo, Katarzyna Szkuta, Paul Foley and Federico Biagi (Tech4i2) Mike Thompson and Lee Bryant (Headshift) David Bradshaw and Gabriella Cattaneo (IDC) Juergen Ritzek (Green Business Consulting) Deliverable D4 Version Final draft Date and place Bruxelles 7th December 2010 Addressee officers Fred-Arne Odegaard Contract ref. 30-CE-0264260/00 SMART 2009/0021 The opinions expressed in this study are those of the authors and do not necessarily reflect the views of the European Commission. 1 Executive summary The present report contains the final results for the study on “Enterprise 2.0 in Europe”, produced by Tech4i2, IDC and Headshift for the European Commission. The report is addresses 4 main issues: What is E20? Why it matters? How is it implemented? So what should the European Commission do? There are many definition of E20. We adopt the general definition by McAfee (2009), based on the concept of SLATES: Search, Links, Authoring, Tags, Extensions, Signals. Concretely, we refer to the adoption of Web 2.0 tools and values by enterprises, with particular regard to three kinds of products: • Tools for identifying people with expertise, knowledge or interest in a particular area and linking to them • Tools for finding, labelling and sharing useful content/information (authoring) • Wiki/collaboration/authoring and project work The key novelty lies not so much in technological developments, but in the values of web 2.0: emergent approach, open innovation, no hierarchy, many- to-many, rapid development. In particular, we consider E20 as a key enabler of open innovation and innovative working practices (results driven, employee centered, based on open communication).
    [Show full text]
  • The Handbook of Financing Growth
    ffirs.qxd 2/15/05 12:30 PM Page iii The Handbook of Financing Growth Strategies and Capital Structure KENNETH H. MARKS LARRY E. ROBBINS GONZALO FERNÁNDEZ JOHN P. FUNKHOUSER John Wiley & Sons, Inc. ffirs.qxd 2/15/05 12:30 PM Page b ffirs.qxd 2/15/05 12:30 PM Page a Additional Praise For The Handbook of Financing Growth “The authors have compiled a practical guide addressing capital formation of emerging growth and middle-market companies. This handbook is a valuable resource for bankers, accountants, lawyers, and other advisers serving entrepreneurs.” Alfred R. Berkeley Former President, Nasdaq Stock Market “Not sleeping nights worrying about where the capital needed to finance your ambitious growth opportunities is going to come from? Well, here is your answer. This is an outstanding guide to the essential planning, analy- sis, and execution to get the job done successfully. Marks et al. have cre- ated a valuable addition to the literature by laying out the process and providing practical real-world examples. This book is destined to find its way onto the shelves of many businesspeople and should be a valuable ad- dition for students and faculty within the curricula of MBA programs. Read it! It just might save your company’s life.” Dr. William K. Harper President, Arthur D. Little School of Management (Retired) Director, Harper Brush Works and TxF Products “Full of good, realistic, practical advice on the art of raising money and on the unusual people who inhabit the American financial landscape. It is also full of information, gives appropriate warnings, and arises from a strong ethical sense.
    [Show full text]
  • Speaker Book
    Table of Contents Program 5 Speakers 9 NOAH Infographic 130 Trading Comparables 137 2 3 The NOAH Bible, an up-to-date valuation and industry KPI publication. This is the most comprehensive set of valuation comps you'll find in the industry. Reach out to us if you spot any companies or deals we've missed! March 2018 Edition (PDF) Sign up Here 4 Program 5 COLOSSEUM - Day 1 6 June 2018 SESSION TITLE COMPANY TIME COMPANY SPEAKER POSITION Breakfast 8:00 - 10:00 9:00 - 9:15 Between Tradition and Digitisation: What Old and New Economy can Learn from One Another? NOAH Advisors Marco Rodzynek Founder & CEO K ® AUTO1 Group Gerhard Cromme Chairman Facebook Martin Ott VP, MD Central Europe 9:15 - 9:25 Evaneos Eric La Bonnardière CEO CP 9:25 - 9:35 Kiwi.com Oliver Dlouhý CEO 9:35 - 9:45 HomeToGo Dr. Patrick Andrae Co-Founder & CEO FC MR Insight Venture Partners Harley Miller Vice President CP 9:45 - 9:55 GetYourGuide Johannes Reck Co-Founder & CEO MR Travel & Tourism Travel 9:55 - 10:05 Revolution Precrafted Robbie Antonio CEO FC MR FC 10:05 - 10:15 Axel Springer Dr. Mathias Döpfner CEO 10:15 - 10:40 Uber Dara Khosrowshahi CEO FC hy Christoph Keese CEO CP 10:40 - 10:50 Moovit Nir Erez Founder & CEO 10:50 - 11:00 BlaBlaCar Nicolas Brusson MR Co-Founder & CEO FC 11:00 - 11:10 Taxify Markus Villig MR Founder & CEO 11:10 - 11:20 Porsche Sebastian Wohlrapp VP Digital Business Platform 11:20 - 11:30 Drivy Paulin Dementhon CEO 11:30 - 11:40 Optibus Amos Haggiag Co-Founder & CEO 11:40 - 11:50 Blacklane Dr.
    [Show full text]