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FINANZAS PARA EMPRENDEDORES

OBJETIVO SESIÓN 1
• Conceptos
Introducir a estudiantes de pérfil técnico • Principios
los conceptos financieros clave a la hora • Ecuaciones
de emprender
• Inversores; Objetivos y restricciones, etapas, “Capital riesgo” y
Palancas de Valor
RESULTADO • Conclusiones para el emprendedor
•Comprensión de los indicadores
financieros clave
•Capacidad para parametrizar los SESIÓN 2
modelos facilitados de cara a valorar una • Business Plan
startup y presentar las proyecciones • Precio
finnacieras a inversores • Modelo de Negocio
• Otras herramientas
DURACIÓN
2 sesiones 4h

28/04/2010
FINANZAS PARA EMPRENDEDORES – Sesión 1

1. Conceptos

2. Principios

3. Ecuaciones

4. Inversores

5. Conclusiones para el emprendedor

6. Overview Finance 102

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1. CONCEPTOS

 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)

Impacto pago a
90 días: Caso
Agoranews

 Balance y Cuenta de resultados (Activo vs Pasivo, deudor vs acreedor, real vs


contable, y ratios de rentabilidad)

R R=p*q, ABC… E
A
E CC, /Producto (analítica)… L
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2. PRINCIPIOS

Efecto interés compuesto


Time value of money “Más vale pajaro en mano
que ciento volando”

Riesgo mercado vs. empresa


Diversification
“No pongas todos los huevos en la
misma cesta”

Correlación riesgo y retorno


Price of risk
“Nadie vende duros a cuatro
(Sharpe ratio) pesetas”

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3. ECUACIONES

 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

Reporting Valuation
Sales
-COGS
-Overhead
-Depreciation
=EBIT (NOP) EBIT
-Interest expenses -Cash taxtes on EBIT
-Taxes =NOPLAT
=Net Income
+Depreciation
-Changes in WCR
-Capex
=FCF
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4. INVERSORES PROFESIONALES – ¿OTP?

SICAVs Family offices


Insurance &
Brokers Pension
Funds
Endowments

¿?
Private
Banking
Hedge Funds

Grants and
Angel Funds Subsidies
CVC

Funds of Comercial
Funds Investment Banks
Banking
Sovereign
Funds
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4. INVERSORES PROFESIONALES – Etapas

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4. INVERSORES PROFESIONALES – “Capital Riesgo”

Target yearly Holding period Investment Entry/exit


return (years) death rate multiplier

PE 25%+ 3-5 <20% x3,5

VC 25%+ 3-5 >60% x10+

BA 15%+ 4-7 >80% x20+


Fuente: Cifras orientativas

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5. INVERSORES PROFESIONALES – Palancas de valor

Retorno al Accionista

PE

Multiplicador
Inversión

VC

Fuente: Cifras orientativas

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5. INVERSORES PROFESIONALES – Entendiendo el Venture Capital

http://www.bothsidesofthetable.com/understanding-vcs/

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6. CONCLUSIONES PARA EL EMPRENDEDOR

1 / (1-n)
Fuente: http://www.paulgraham.com/equity.html

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FINANZAS PARA EMPRENDEDORES

OBJETIVO SESIÓN 1
• Conceptos
Introducir a estudiantes de pérfil técnico • Principios
los conceptos financieros clave a la hora • Ecuaciones
de emprender
• Inversores; Objetivos y restricciones, etapas, “Capital riesgo” y
Palancas de Valor
RESULTADO • Conclusiones para el emprendedor
•Comprensión de los indicadores
financieros clave
•Capacidad para parametrizar los SESIÓN 2
modelos facilitados de cara a valorar una • Business Plan
startup y presentar las proyecciones • Precio
finnacieras a inversores • Modelo de Negocio
• Otras herramientas
DURACIÓN
2 sesiones 4h

28/04/2010
FINANZAS PARA EMPRENDEDORES – Sesión 2

1. The Business Plan

2. The Price

3. The Business Model

4. Other Tools

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My time is valuable… how much
m

will I spend looking at your BP

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What investors
are looking for

…and so should
YOU

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Your
Company
Your
Investor

Your
Numbers
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WHAT WE INCLUDE IN A FINANCIAL 1 PAGER: COMPANY
 Opportunity description
WHO ARE YOU  Business Model
 Need Satisfied

 Products / Services
WHAT DO YOU DO  Market Objective
 Competitors

HOW DO YOU  Sales & Marketing Strategy


ACHIVE IT  Current and Funnel Clients

OPPORTUNITY FOR  Investment Allocation


THE INVESTOR  Exit Strategy

4/28/2010
WHAT WE INCLUDE IN A FINANCIAL 1 PAGER: INVESTOR
 Business Sector (Tags)
 Contact Information
 Executive Team
 Financial Information RELEVANT
― Investment Stage

― Current Capital
INFORMATION
― Monthly Burn Rate
FOR THE
― Pre-Money Valuation INVESTOR
― Investment Capital

 Current Investors
 Forums

4/28/2010
WHAT WE INCLUDE IN A FINANCIAL 1 PAGER: NUMBERS

Multiplier Year 1 … Year N


Revenues
CF Breakeven EBITDA
Net Result
Assets
Liabilities
Cash

Money… when
and how much
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FINANZAS PARA EMPRENDEDORES – Sesión 2

1. The Business Plan

2. The Price

3. The Business Model

4. Other Tools

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PRICING METHODS - BENCHMARK

Useful for similar


products
Difficult to obtain data

Be careful
 What you compare

 Units

 Time

 Location

Tabulate data and


present in graphs or
simple tables
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PRICING METHODS - MARKUP

Useful for established


products in competitive
atmosphere
Always lower limit
Easy to obtain data… your
company
Be careful
 Over price

 Cost Allocation

 Unitary marginal,

variable and fixed cost

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PRICING METHODS – VALUE ADDED

Useful for breakthrough


technologies
Clearly explain the gains
the client will have
Difficult to obtain data
Always upper limit
Be careful
 What are the needs of

the client
 Determine the value

per use

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FINANZAS PARA EMPRENDEDORES – Sesión 2

1. The Business Plan

2. The Price

3. The Business Model

4. Other Tools

28/04/2010
What makes your business tick
Up and Down… almost ALLWAYS is related

4/28/2010
How to determine your business drivers

Target: Commercials in “Gran Consumo” companies


How
5.000 users first year , recurrent and growing
How Go to 5 of the 100 companies in the market -> 1000

How 1 users/ client


Are you still with 5 clients and 1.000 Users / Client?
I personally (or my network) know 5 decision takers in

How 2 those companies, initial prospection has been made


Are you still with 5 clients and 1.000 Users / Client?

3 Size of companies -> level of control over users


Are you still with 5 clients and 1.000 Users / Client?

How 4 Are my clients going to demand a trial phase


Are you still with 5 clients and 1.000 Users / Client?

5 Success in conversion rate from trial to client?


Are you still with 5 clients and 1.000 Users / Client?
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Usefulness

Target: Commercials in “Gran Consumo” companies


5.000 users first year , recurrent and growing
Go to 5 of the 100 companies in the market -> 1000
Marketing / Sales
Strategy 1 users/ client
Are you still with 5 clients and 1.000 Users / Client?
I personally (or my network) know 5 decision takers in
Scalability 2 those companies, initial prospection has been made
Are you still with 5 clients and 1.000 Users / Client?

Success of
product / service
3 Size of companies -> level of control over users
Are you still with 5 clients and 1.000 Users / Client?

4 Are my clients going to demand a trial phase


Are you still with 5 clients and 1.000 Users / Client?

5 Success in conversion rate from trial to client?


Are you still with 5 clients and 1.000 Usurers / Client?
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Don’t be afraid…
Your own matrix …
We will help you with an standard

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FINANZAS PARA EMPRENDEDORES – Sesión 2

1. The Business Plan

2. The Price

3. The Business Model

4. Other Tools

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