Business model contest v1.1

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Start Up AcademyBusiness Model ContestUniversità di Catania, 17 Maggio 2013

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NearMe: The Digital High Street

Connecting retailers and brands with consumers on the move

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Che cos’è una “Startup”?

• Un’azienda nei suoi primi anni di vita

• Senza capitali

• Senza un team

• Senza un prodotto

• Senza un business model

• Con molti competitor

Siete sicuri di volerci provare?

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il tuo piano A è destinato a fallire

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il tuo piano A è destinato a fallire

Instead they made radical changes to their initial models, became household names and delivered huge returns for investors.”

“If the founders of Google, PayPal or Starbucks had stuck to their original business plans, we’d likely never have heard of them.

Randy Komisar e John Mullins, Getting to Plan B

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“Esperienza significa imparare dai tuoi errori

Saggezza significa imparare dagli errori degli altri”

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Managing New Businesses

Da Leggere ASSOLUTAMENTE

A Guide to Venture Capital Term Sheets

A Guide To VC Term Sheets

Startup Finance Fundamentals

Business Model Fundamentals

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Qualche consiglio che avrei voluto ricevere 5 anni fa

1. Se non siete disposti ad “investire” di persona, perchè lo dovrebbe fare qualcun’altro?

2. Scordatevi del funding, pensate a creare il prodotto ed avere dei clienti

3. “Cash is king”, alla fine del mese si devono pagare gli stipendi

4. Cercate competenze complementari alle vostre, non speculari

5. “A players hire A players, B players hire C players, C players hire ...”

6. Le decisioni non possono sempre essere collettive. Qualcuno deve poter decidere

7. Siete voi i primi venditori del vostro prodotto. Se non volete vendere, cambiate lavoro

8. Il fallimento è parte del gioco; se è psicologicamente ingestibile, non provate neppure

9. Iterate velocemente. I “reality check” sono fondamentali per adattare la rotta

10. Nessuno può farcela da solo. Imparate a chiedere aiuto e siate pronti ad aiutare gli altri

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Altre risorse DA STUDIARE

• Seed Summit: http://seedsummit.org/

• The VC Method: http://www.vcmethod.com

• Angel List: https://angel.co

• Mark Suster: http://www.bothsidesofthetable.com http://thisweekin.com/

• Fred Wilson: http://www.avc.com

• Chris Dixon: http://cdixon.org

• Ben Horowitz: http://bhorowitz.com

• Steve Blank: http://steveblank.com The Standard European Term Sheet

seedsummit

! ! [COMPANY]

SUMMARY OF TERMS FOR SALE OF SERIES SEED ORDINARY SHARES

Company [Company]

Founders [Founder 1], [Founder 2], & [Founder 3]

Investors [Lead Investor] (the “Lead Investor”) in conjunction with other investors [Additional Investors] (the “Investors”) mutually agreeable to the Lead Investor and the Company.

Structure of Financing The financing will be up to an aggregate of [___] at a fully diluted pre-money valuation of [___], including an unallocated employee share option plan (“ESOP”) of [ ]%. The Lead Investor will invest up to [___] and would hold no less than [___]% of the Company on a fully diluted basis.

Conditions to Close (i) completion of confirmatory due diligence and anti-money laundering checks (ii) all employees having entered into service agreements containing IP assignment provisions and (iii) receipt of all necessary consents.

Estimated Closing Date [Closing Date].

Type of Security Newly issued series seed convertible preferred shares (“Seed Shares”), which shall rank senior to all other shares of the Company in all respects [and be provided with the same rights as the next series of preferred stock (with the exception of anti-dilution rights).]

Liquidation Preference Upon a liquidation, dissolution, winding up, merger, acquisition, sale, exclusive license or other disposal of substantially all of the assets or a majority of the shares of the Company (a “Change of Control”),

Option 1: [the holders of the Seed Shares shall receive the higher of: (a) one times the original purchase price for the Seed Shares; or (b) the amount they would receive if all shareholders received their pro rata share of such assets or proceeds.]

Option 2: [(a) the holders of the Seed Shares shall receive one times the original purchase price for the Seed Shares; and (b) all shareholders shall receive their pro rata share of any remaining assets or proceeds.]

[Anti-Dilution Provisions] [In the event that the Company issues additional securities at a purchase price less than the current Series Seed Preferred conversion price, such conversion price shall be adjusted on a [ ] basis.

The following issuances shall not trigger an anti-dilution adjustment: (i) securities issuable upon conversion of any of the Series Seed Preferred, or as a dividend or distribution on the Series Seed Preferred; (ii) securities issued upon the conversion of any debenture, warrant, option, or other convertible security; or (iii) Common Stock issuable upon a stock split, stock dividend, or any subdivision of shares of Common Stock; and (iv) shares of Common Stock (or options to purchase such shares of Common Stock) issued or issuable to employees or directors of, or consultants to, the Company pursuant to any plan approved by the Company’s Board of Directors.]

Important Decisions Option 1: [Certain important actions of the Company shall require the consent of the holders of a majority of the Seed Shares (a “Seed Majority”) or the Seed Director, to include amongst others, actions to: (i) alter the rights, preferences or privileges of the Seed Shares (ii) allot any new shares beyond those anticipated by this investment (iii) create any new class or series of shares having rights, preferences or privileges senior to or on a parity with the Seed Shares (iv) increase the number of shares reserved for issuance to employees and consultants, whether under the ESOP or otherwise (v) redeem or the selling of any shares (vi) pay or declare dividends or distributions to shareholders (vii) change the number of board members (viii) take any action which results in a Change of Control (ix) amend the constitutional documents (x) effect any material change to the nature of the business or the agreed business plan (xi) subscribe or

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GRAZIE

Antonio Virzì+44 7873 599 [email protected]