Thomas Arctaedius Ph D Nuclear Physics Started 8 companies (3 sold, 2 dead, 3 alive) CEO and chairman Visiting scholar Stanford University

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2 Thomas Arctaedius Ph D Nuclear Physics Started 8 companies (3 sold, 2 dead, 3 alive) CEO and chairman Visiting scholar Stanford University Board member in 5 companies and organisations. Chairman VentureCup Founder of CSES Adjunct researcher at Stockholm University DSV

3 Sen VD och grundare av ayond AB Design, Innovation och Utveckling

4 Agenda 0. Intro this 1. Innovationsprocessen 2. Finasiering, typer 3. Bootstrap 4. Outro OBS: Finansiering skiljer sig mycket beroende på typ av affärsidé: B2B, B2C Innovativt, existerande Produkt, tjänst, socialt

5 Några frågeställningar Vilka typer av finansiering finns det? Vilken typ passar mig? Hur gör jag? Hur minimerarar jag behovet?

6 Part 1 The process

7 The innovation process? Idea Planning Team Prototype Beta test Sell

8 Market risk The way ahead START Capital interested GOAL Technical risk/uncertainty

9 Part 2 Financing

10 Types of financing Equity based-financing Business Angels Venture Capital Crowd funding (equity) Loans and grants Family/Friends and own Banks loan Grants, prizes Crowd funding, peer-to-peer Public soft-loans (soft-loan: you pay back if you succeed, otherwise not) Customer/supplier Partnership Crowd funding

11 Different financing needs FFF Grants Soft-loan Start-up Planning/Analysis Soft-loan Business Angels Customer / supplier Accelerator MVP/ Prototype dev. Proof of concept First customers Venture Capital Banks Development: Sales Industrialisation Revenue IPO Under water how long can investors hold their breath?

12 Two models Big-money (Venture Capital) Stepwise soft money & Bootstrapping $ time

13 Loan and grants Almi (new products next year) 25 kkr start money, grant (75 kkr pre-study loan) Must use innovation support organisation 250 kkr Mikrolån (100%) Business plan Budget ~50-300(++) kkr Innovationslån Business plan Project Plan

14 Loan and grants Verifiering för tillväxt»2*250 kkr verification grant»research connection Vinnova Different programs,»eg VINN-NU»Vinn Verifiering Grants/Prizes Uppfinnareföreningen; Stockholms Stad Different competitions and many more

15 Equity basedfinancing Business angels Persons! Invests money and time in early stage companies Approx 600 persons in Sweden, 55+ male Less than 30 females but increasing Invests 300 kkr to ~3.000 kkr Very active Sometimes in groups/networks

16 Equity basedfinancing Venture Capital Invests other peoples money High demands on business plans and structure Approx early stage VC in Sweden Appoints one Investment manager Active, high demands on accounting and forecasts Strict shareholders agreement Money in tranches

17 Example creating value - You need kkr to develop and sell your product Step wise Step 1: Public(Almi) 15kkr + 75kkr Step 2: Innovation loan: 210 kkr Step 3: A grant: 100 kkr Step 4: Customer: 200 kkr Step 5: Business angel You now need 400 kkr, you get a valuation of 4,000 kkr and sell 10% of the company to the BA Big money Step 1: Apply for 1.000kkr from VC/BA You get an valuation of kkr and need to sell 49% of your company

18 Värdering Vid ägarkapital krävs en värdering av bolaget Alltid svårt En förhandling, finns ingen formel

19 Att lyckas med finansiering Kunder! Vad ska pengarna användas till? Vad satsar grundarna? Varför just ert team? Ideas are nothing - execution is everything Tidigare erfarenheter En bra pitch övertyga om marknad och teknik

20 Att misslyckas med finansiering Inga konkurrenter Världsherravälde vi ska ta x% av den X M$ stora världsmarknaden Otydlig affärsmodell vem säljer vad till vem För mycket teknik för lite marknad För mycket namedropping

21 Part 3 Bootstrap

22 How to finance your startup! Bootstrap finance It s not raising money but having the wits and hustle to do without it 22

23 Bhides article in Harward Business Review: Bootstrap Finance: The Art of Start-ups Interviewed 100 private companies, 8 years or younger from the 500 fastest growing companies, Median US$, 80% from FFF Raising money has become a disease. Entrepreneurs are wasting lots of brainpower scheming to raise money Bootstrap finance: A. Bhide, Harward Business Review, November-December 1992

24 Bootstrap Finance In short, "bootstrapping" means: starting a new business without start-up capital. Financing a small firm through highly creative acquisition and use of resources without raising equity from traditional sources or borrowing money from a bank.

25 Strategies for Successful Bootstrapping Kom igång snabbt! MVP! Hitta det som snabbt ger intäkter. Kanske inte göra precis det du tänkte utan det som ger intäkter (men behåll kärnan i idén) Håll nära kontakt med kunderna, lär och lyssna och mät (kolla Lean Start-up) Låt kundernas vilja att betala bestämma vad ni gör Börja enkelt och fokusera Använd strategin Don t stick to your strategy Anställa inga dyra personer

26 Strategier Låt kunder och leverantörer vara med och finansiera Förskott, betala sent Fokusera på likviditet och kassaflöde inte resultat. Inga komplicerade bokföringsgrejor Betala ut lön i början av månaden

27 Bootstrapping handlar om att utnyttja den första tidens unika egenskaper. Var smart, dra nytta av litenheten. Kopiera inte stora bolag. Snåla låna, köp billigt, pruta, förhandla Låna saker, hyra Fokusera det som ger intäkter

28 Part 4 Outro Customer income gives you freedom

29 Support Innovationskontoret vid SU ALMI CONNECT. VentureCup, Starthus och inkubatorer STING SU Innovation KTH Innovation KI Innovation CSES Utbildning SSES, SU kurser ex ENTRE vid DSV (7,5hp)

30 advice

31 Comments Questions? Discussion