The Entrepreneurial Way

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1 The Entrepreneurial Way Workshop Wednesday 30 January How to Pitch for Investment Colin Spiller

2 What form of business do you want? Organic Business Less impact Slower growth Just debts More manageable Less commitment Easier to copy Good for lifestyle Fully Funded Business Faster growth Proper marketing More help Less room for copycats Greater accountability More pressure to succeed High potential businesses businesses By taking the low risk option you may risk failure

3 What choices do I have? Family & Friends (& Fools!) Overdraft Secured Bank Loan Customers Competitions & Grants Savings Credit Cards Venture Capital Re-mortgage home Angel Equity

4 Angel Equity Finance Private individual investment Self made people typically built successful businesses Small amounts - 50k to 750k, typical 100k to 300k in a club May offer help, NED, connections Typically invest in what they know Often lack process, looking for fun as well as a return Angels give you money for a share of your business.

5 Venture Capital Professional Investors give you money In return for a share of the business Fund larger businesses with very fast growth prospects. Typically invest 2m+ Expect a major say in how the business is run Often specific milestones must be met to get each stage of funding Often install own people to help run the business Sharper investment terms, fees & process Get their money before you on Exit! Focus on Exit, Exit, Exit!

6 Bank Loans Hard to get now Need to be able to demonstrate that you can easily repay it, interest and capital: 5yrs max Will have to go through credit checks Will probably have to give PG s and security Will often have to go to a number of banks Decision take by a remote credit committee! Will try to sell you invoice discounting, etc Unlikely to add any value to the business

7 Which way is best for me? Can you afford to put up security and possibly lose it? Do you have sufficient security? Do you have high-growth potential? Do you need outside expertise? Are you prepared to share the profits & upside? Only do what works for you and meets your comfort level of risk

8 Angel Finance not for everyone Just an idea Need short term cash Loan best or FFF or Credit Card They will want to know what s going on Your share of business diluted Can be time-consuming at pitches Stressful (although we do our best)

9 What ELSE do Angels Bring? Vote of confidence & not a loan Valuable skills & experience Contacts / credibility Another brain for key decisions More peace of mind Follow-up funding & help Nothing concentrates the mind better

10 Prepare to Pitch Plan your business, write up your business plan Have punchy overview 2 to 3 pages Work out how much money you need, for what and what share of the business you re offering, ie the valuation Tell everyone you know you re fund raising, even friends of friends who may help, your accountant & lawyer Look for opportunities to talk to angel groups, or your bank & especially entrepreneurs who have done it Have a strong market understanding Raising takes much longer than you expect Even if nobody ever reads your plan, it shows you have thought it through

11 Top Tip Whattevver get to these 3 things quickly The Idea Easily explained / Protected / Pain Barriers / Wow, must Google it Sector they know The Numbers Valuation reasonable, Share meaningful / BE horizon / Exit plan / 3 x their money min The Team Likeability / Fun / Experience Don t over complicate it

12 What NOT to say to an angel. Oh how wonderful, now I can holiday in the Seychelles! No, I don't believe in making profit, I'm in it for the fun Or for the children, charity or religious reasons 95% of investment goes towards salaries MINE! Now I can get my loans in the business repaid! This is so clever - Oh, YOU wouldn t understand Apart from Google, we have no competition! If you don t do it, I can ALWAYS take it to my bank My Mum thinks this a good idea Monthly accounts, you must be joking! I never want to leave the business

13 What Inspires Angels Scalable business Clever Business Model, sell while sleeping! Protectable IP & Good ROI Clear Exit Strategy Credible / Likeable MD / Fun Balanced and Experienced Team Interesting and Exciting Angel has real opportunity to Add Value World Saving (S)EIS Tax relief

14 The Business Plan You need one, but often not read Summary: key What is need and pain? What problem solved? What do you do, the solution/offering? What is the market size:, slice & dice? Competitors and why different? Who are the people, what achieved? How will you go to market? Customers & Achievements The numbers: Revenue model & projections & cash Money needed, what for & valuation Exit plan

15 Elevator Pitch The Pitch - The On the Business: - On the fundraising BP Summary, ie Management Overview Presentation 10 to 12 slides, max 15: intro & summary slide key Problems solved, revenue and clients to date, funding & for what + valuation. your investment, people, market Prepare Due Diligence pack DD Questionnaire, contracts, IPR, Taxes and HMRC, (S)EIS application, BP, accounts current & Co y House

16 Cost of raising money & VAT BA events - Flat fee, + % on success + equity sometimes OION success fee of 5%,.oion.co.uk TVIN k + 5% above 25k.tvin.co.uk 1 London BAs %.businessangels-london.co.uk AIN 100 to %.angelinvestmentnetwork.co.uk FSE %.financesoutheast.com + loans envestors.com Southampton: angels5k.co.uk Costs? Angels Den % (& free legal s) Plus legals, DD, & board fees!

17 How to Look After Your Angel Cherish them they can & will help you! Regular information flow formal & informal Quarterly accounts & cash flows Copy on news items Newsletter for them Meet key ones / advisory board quarterly No Surprises Use as a sounding board & for leads Be available Don t embarrass them - social media!

18 Tips for Entrepreneurs R H - made over 50 angel investment Choose your Angel Research him Negotiating with your Angel Flattery works nicely Working with your Angel: Do not, Do not, Do not ignore them! You may need them in a hurry!

19 Other Sources of funding Government & EU grants R & D awards up to 60%, up to 500k Technology Strategy Board Awards thecarbontrust.co.uk & Samuel Wilson Ln fund Crowd funding, social funds, Shell Springboard 40k prize green projects Business Plan Competitions Your professional advisors F, F & F, Credit Cards! R & D Tax credits Smart is better than dumb Dumb is better than no Customers and partners sell more!

20 Be Aware Legal s: Can be expensive! (Angels Den STD deals free) Nabarro & Keystone Law Packages typically 5 to 6k May be easier to sell products than raise cash Both takes time, but selling increases your value No repayment of founder loans or pay rise post investment Take care - Social media bad comments It will take a lot time & effort to raise investment Ensure all your key info together & up to date P & L & Balance Sheet, management accounts Client contracts, employment contracts & IPR PAYE, NI, VAT & Corp Tax, P11 D s Valuation link to pipeline (S)EIS rules & Cert s Watch out for aspiring CEO s

21 Summary Angel Finance not for everyone It doesn t have to be expensive although you can spend thousands if you want to It doesn t have to be too painful Angels are looking FOR reasons to invest indeed if they are not investing they are not making money, especially now! Come to Angels Den, It s friendly, its fun Free funding clinics We don t bite or bark!

22 How To Pitch For Investment Colin Spiller Good luck! Other Information Sources Angels, Dragons and Vultures: Simon Acland Book Crowd Funding: ie & Crowdcube City Business Library workshops & info British Library Bus & IP Centre Workshops & info Royal Institute, great events & venue Treat it as a Major A/C sale!! Invest Documents: Meet ups Boot Law, Mash up for mobile, Tech 4.5 Royal Society of Arts, Social Enterprise focus + Events Shell Live Wire great resource up to 30yrs? Entrepreneurs Club: ie

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