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Finanzas para Emprendedores
Marzo 2010
Sesión 1
SERVICIOS PROFESIONALES PARA INVERSORES Y EMPRENDEDORES
28/04/2010
ASESORÍA DE NEGOCIO
CONSULTORÍA CAPITALIZADA
FORMACIÓN
INCUBADORA Y SERVICIOS SOPORTE
Okuri Ventures ayuda a convertir las ideas innovadoras en negocios de éxito
Definición y valoración de ideas para la toma de
decisiones de inversión
Lanzamiento de iniciativas mediante la provisión de
los recursos básicos
Implantación de modelos de negocio y en la gestión de
iniciativas
Desarrollo profesional y personal mediante la
formación y orientación
FINANZAS PARA EMPRENDEDORES
28/04/2010
OBJETIVO
Introducir a estudiantes de pérfil técnico los conceptos financieros clave a la hora de emprender
RESULTADO
•Comprensión de los indicadores financieros clave
•Capacidad para parametrizar los modelos facilitados de cara a valorar una startup y presentar las proyecciones finnacieras a inversores
DURACIÓN
2 sesiones 4h
SESIÓN 1• Conceptos
• Principios
• Ecuaciones
• Inversores; Objetivos y restricciones, etapas, “Capital riesgo” y Palancas de Valor
• Conclusiones para el emprendedor
SESIÓN 2• Business Plan
• Precio
• Modelo de Negocio
• Otras herramientas
FINANZAS PARA EMPRENDEDORES – Sesión 1
28/04/2010
1. Conceptos
2. Principios
3. Ecuaciones
4. Inversores
5. Conclusiones para el emprendedor
6. Overview Finance 102
1. CONCEPTOS
28/04/2010
� Euros, Cuentas y Cuentos
� Ingreso (devengo vs. cobro)
� Gasto (devengo vs. pago, fijo vs. variable, inversión/coste hundido vs.
recurrente)
� Margen (EBIT vs EBITDA, bruto vs neto, contable vs tesorería)
� Balance y Cuenta de resultados (Activo vs Pasivo, deudor vs acreedor, real vs
contable, y ratios de rentabilidad)
A
E
L
R
E
R=p*q, ABC…
CC, /Producto (analítica)…
Impacto pago a
90 días: Caso
Agoranews
2. PRINCIPIOS
28/04/2010
Time value of money
Diversification
Price of risk
(Sharpe ratio)
Efecto interés compuesto
“Más vale pajaro en mano
que ciento volando”
Riesgo mercado vs. empresa
“No pongas todos los huevos en la
misma cesta”
Correlación riesgo y retorno
“Nadie vende duros a cuatro
pesetas”
3. ECUACIONES
28/04/2010
� CAPM: r% = α + βp = Rf +β*MRP)
� WACC= Ke * (E / (D+E)) + Kd (D / (D+E))
� FCF = Net income + depreciation – changes in working capital – Capital expenditures
Sales
-COGS
-Overhead
-Depreciation
=EBIT (NOP)
-Interest expenses
-Taxes
=Net Income
Reporting Valuation
EBIT
-Cash taxtes on EBIT
=NOPLAT
+Depreciation
-Changes in WCR
-Capex
=FCF
4. INVERSORES PROFESIONALES – ¿OTP?
28/04/2010
Brokers
Family officesSICAVs
CVC
Private
Banking
Insurance &
Pension
Funds
Funds of
Funds Investment
Banking
Angel Funds
Hedge Funds
Comercial
Banks
Grants and
Subsidies
Endowments
¿?
Sovereign
Funds
4. INVERSORES PROFESIONALES – Etapas
28/04/2010
4. INVERSORES PROFESIONALES – “Capital Riesgo”
28/04/2010
Target yearly return
Holding period(years)
Investment death rate
Entry/exit multiplier
25%+ 3-5 <20% x3,5
25%+ 3-5 >60% x10+
PE
VC
15%+ 4-7 >80% x20+BA
Fuente: Cifras orientativas
5. INVERSORES PROFESIONALES – Palancas de valor
28/04/2010
Retorno al Accionista
Multiplicador Inversión
PE
VC
Fuente: Cifras orientativas
5. INVERSORES PROFESIONALES – Entendiendo el Venture Capital
28/04/2010
http://www.bothsidesofthetable.com/understanding-vcs/
6. CONCLUSIONES PARA EL EMPRENDEDOR
28/04/2010
1 / (1-n)
Fuente: http://www.paulgraham.com/equity.html
FINANZAS PARA EMPRENDEDORES
28/04/2010
OBJETIVO
Introducir a estudiantes de pérfil técnico los conceptos financieros clave a la hora de emprender
RESULTADO
•Comprensión de los indicadores financieros clave
•Capacidad para parametrizar los modelos facilitados de cara a valorar una startup y presentar las proyecciones finnacieras a inversores
DURACIÓN
2 sesiones 4h
SESIÓN 1• Conceptos
• Principios
• Ecuaciones
• Inversores; Objetivos y restricciones, etapas, “Capital riesgo” y Palancas de Valor
• Conclusiones para el emprendedor
SESIÓN 2• Business Plan
• Precio
• Modelo de Negocio
• Otras herramientas
FINANZAS PARA EMPRENDEDORES – Sesión 2
28/04/2010
1. The Business Plan
2. The Price
3. The Business Model
4. Other Tools
m
4/28/2010
My time is valuable… how much will I spend looking at your BP
4/28/2010
What investors are looking for
…and so should YOU
4/28/2010
YourCompany
YourInvestor
YourNumbers
WHAT WE INCLUDE IN A FINANCIAL 1 PAGER: COMPANY
4/28/2010
� Opportunity description
� Business Model
� Need Satisfied
WHO ARE YOU
� Products / Services
� Market Objective
� Competitors
WHAT DO YOU DO
HOW DO YOU ACHIVE IT
� Sales & Marketing Strategy
� Current and Funnel Clients
� Investment Allocation
� Exit Strategy
OPPORTUNITY FOR THE INVESTOR
WHAT WE INCLUDE IN A FINANCIAL 1 PAGER: INVESTOR
4/28/2010
� Business Sector (Tags)
� Contact Information
� Executive Team
� Financial Information
― Investment Stage
― Current Capital
― Monthly Burn Rate
― Pre-Money Valuation
― Investment Capital
� Current Investors
� Forums
RELEVANT INFORMATION FOR THE INVESTOR
WHAT WE INCLUDE IN A FINANCIAL 1 PAGER: NUMBERS
4/28/2010
Year 1 … Year N
Revenues
EBITDA
Net Result
Assets
Liabilities
Cash
Multiplier
CF Breakeven
Money… when and how much
FINANZAS PARA EMPRENDEDORES – Sesión 2
28/04/2010
1. The Business Plan
2. The Price
3. The Business Model
4. Other Tools
PRICING METHODS - BENCHMARK
28/04/2010
Be careful
� What you compare
� Units
� Time
� Location
Tabulate data and present in graphs or simple tables
Useful for similar products
Difficult to obtain data
PRICING METHODS - MARKUP
28/04/2010
Be careful
� Over price
� Cost Allocation
� Unitary marginal, variable and fixed cost
Useful for established products in competitive atmosphere
Always lower limit
Easy to obtain data… your company
PRICING METHODS – VALUE ADDED
28/04/2010
Be careful
� What are the needs of the client
� Determine the value per use
Useful for breakthrough technologies
Clearly explain the gains the client will have
Difficult to obtain data
Always upper limit
FINANZAS PARA EMPRENDEDORES – Sesión 2
28/04/2010
1. The Business Plan
2. The Price
3. The Business Model
4. Other Tools
What makes your business tick
Up and Down… almost ALLWAYS is related
4/28/2010
How to determine your business drivers
4/28/2010
How
How
How
How
How
Target: Commercials in “Gran Consumo” companies
5.000 users first year , recurrent and growingGo to 5 of the 100 companies in the market -> 1000
users/ client
Are you still with 5 clients and 1.000 Users / Client?1
I personally (or my network) know 5 decision takers in
those companies, initial prospection has been made
Are you still with 5 clients and 1.000 Users / Client?2
Are my clients going to demand a trial phase
Are you still with 5 clients and 1.000 Users / Client? 4Success in conversion rate from trial to client?
Are you still with 5 clients and 1.000 Users / Client? 5
Size of companies -> level of control over users
Are you still with 5 clients and 1.000 Users / Client? 3
Usefulness
4/28/2010
Target: Commercials in “Gran Consumo” companies
5.000 users first year , recurrent and growingGo to 5 of the 100 companies in the market -> 1000
users/ client
Are you still with 5 clients and 1.000 Users / Client?1
I personally (or my network) know 5 decision takers in
those companies, initial prospection has been made
Are you still with 5 clients and 1.000 Users / Client?2
Are my clients going to demand a trial phase
Are you still with 5 clients and 1.000 Users / Client? 4Success in conversion rate from trial to client?
Are you still with 5 clients and 1.000 Usurers / Client? 5
Size of companies -> level of control over users
Are you still with 5 clients and 1.000 Users / Client? 3
Marketing / Sales
Strategy
Scalability
Success of
product / service
28/04/2010
Don’t be afraid…
Your own matrix …
We will help you with an standard
28/04/2010
FINANZAS PARA EMPRENDEDORES – Sesión 2
28/04/2010
1. The Business Plan
2. The Price
3. The Business Model
4. Other Tools
28/04/2010