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    Financiar El Emprendimiento

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    Alejandra888888
    This document discusses financing entrepreneurship. It covers basic concepts of debt and equity, types of debt and equity, and costs and risks associated with them. It discusses thinking like an investor by considering investment alternatives and portfolio diversification. It also discusses thinking like a startup by focusing on control, valuation, and reaching milestones to derisk the company for future funding rounds. The goal is to properly assign risk to startups and price that risk to achieve an attractive risk/benefit ratio for investors.

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    Financiar El Emprendimiento

    Uploaded by

    Alejandra888888
    10 views18 pages
    This document discusses financing entrepreneurship. It covers basic concepts of debt and equity, types of debt and equity, and costs and risks associated with them. It discusses thinking like an investor by considering investment alternatives and portfolio diversification. It also discusses thinking like a startup by focusing on control, valuation, and reaching milestones to derisk the company for future funding rounds. The goal is to properly assign risk to startups and price that risk to achieve an attractive risk/benefit ratio for investors.

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    Financiar el emprendimiento

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    This document discusses financing entrepreneurship. It covers basic concepts of debt and equity, types of debt and equity, and costs and risks associated with them. It discusses thinking like an investor by considering investment alternatives and portfolio diversification. It also discusses thinking like a startup by focusing on control, valuation, and reaching milestones to derisk the company for future funding rounds. The goal is to properly assign risk to startups and price that risk to achieve an attractive risk/benefit ratio for investors.

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    10 views18 pages

    Financiar El Emprendimiento

    Uploaded by

    Alejandra888888
    This document discusses financing entrepreneurship. It covers basic concepts of debt and equity, types of debt and equity, and costs and risks associated with them. It discusses thinking like an investor by considering investment alternatives and portfolio diversification. It also discusses thinking like a startup by focusing on control, valuation, and reaching milestones to derisk the company for future funding rounds. The goal is to properly assign risk to startups and price that risk to achieve an attractive risk/benefit ratio for investors.

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    of 18

    EMPRENDIMIENTO

    Financiar el emprendimiento

    LECTURER: Ismael Guerrero Arias


    EMAIL: iguerrero@uloyola.es

    Ismael Guerrero Arias

    26/10/2022 1
    • Conceptos Basicos
    • Pensar como un inversor
    • Pensar como una start up
    DEUDA Y EQUITY
    TIPOS DE DEUDA Y EQUITY
    COSTE DE DEUDA Y EQUITY

    Cost Risk for the company

    D Lower Higher

    E Higher Lower
    FUENTES DE DEUDA Y EQUITY
    DINERO = COMMODITY

    Money moves from the different alternative markets based on liquidity and interest
    rates mainly.
    PENSANDO COMO UN INVERSOR

    • FIX vs. EQUITY INCOME


    • INVESTMENT ALTERNATIVES COMPEETING FOR FUNDS:
    • FIX – BONDS
    • EQUITY – STOCK MARKET vs. PRIVATE PLACEMENTS
    • ASSET ALLOCATION – PORTFOLIO THEORIES - DIVERSIFICATION

    WHAT MAKES INVESTING IN START UPS ATTRACTIVE?


    HOW MUCH SHOULD BE PLACED IN START UPS?
    PRINCIPAL TAREA DE UN INVERSOR

    • ASSIGN THE RIGHT RISK TO THE COMPANY


    • PRICE THAT RISK PROPERLY
    • DERISK THE COMPANY AFTER INVESTING

    Price Failure Rate


    ASIGNAR EL RIESGO APROPIADO AL START UP

    • IDEA, TEAM, SECTOR, TIMING (ENVIRONMENT)….


    • DEFINE VERY WELL THE DIFFERENT ROUNDS REQUIRED
    • CHANCES TO REACH THE NEXT ROUND OR MY EXIT ROUND
    RATIO BENEFICIO/RIESGO

    • Investing in a seed company – success rate 5%


    • Capital at Risk = 50.000 EUR
    • Every 100 investments only 5 succed = Every 5.000.000 EUR invested only 5 succeed
    • Those 5 success need to pay at least 5.000.000 EUR, 1.000.000 EUR each

    1.000.000/50.000=20x
    DERISK

    • Investing in a start up company – success rate 10%


    • Capital at Risk = 50.000 EUR
    • Every 100 investments only 10 succed = Every 5.000.000 EUR invested only 10 succed
    • Those 10 success need to pay at least 5.000.000 EUR, 500.000 EUR each

    500.000/50.000=10x
    PENSANDO COMO UNA START UP

    • CONTROL
    • VALUATION
    • REACH THE NEXT DERISK GATE
    CONTROL

    • Spend some money on a Good shareholders agreement


    • Look for passive investors
    • Do not lock yourself in on control for future rounds
    VALORACION

    • Think less on your current valuation and more on defining well the risk gates
    and the ammount of money you trully need to reach the next one
    • Do not rise more than needed on each round, there is way more money
    here than on fighting the current valuation
    • Give value to a “good for you” shareholders agreement
    ALCANZAR EL SIGUIENTE MILESTONE

    • BE CONSERVATIVE IN YOUR PREDICTIONS


    • PLAN IN ADVANCE ALL THE GATES TO REACH EBTIDA>0
    • REACH THE NEXT DERISK GATE/STAGE

    Source: Gino Minacchi

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