Documentos de Académico
Documentos de Profesional
Documentos de Cultura
1. Conceptos
2. Principios
3. Ecuaciones
4. Inversores
28/04/2010
1. CONCEPTOS
Impacto pago a
90 días: Caso
Agoranews
R R=p*q, ABC… E
A
E CC, /Producto (analítica)… L
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2. PRINCIPIOS
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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?
¿?
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”
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5. INVERSORES PROFESIONALES – Palancas de valor
Retorno al Accionista
PE
Multiplicador
Inversión
VC
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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
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FINANZAS PARA EMPRENDEDORES – Sesión 2
2. The Price
4. Other Tools
28/04/2010
My time is valuable… how much
m
4/28/2010
What investors
are looking for
…and so should
YOU
4/28/2010
Your
Company
Your
Investor
Your
Numbers
4/28/2010
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
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
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WHAT WE INCLUDE IN A FINANCIAL 1 PAGER: NUMBERS
Money… when
and how much
4/28/2010
FINANZAS PARA EMPRENDEDORES – Sesión 2
2. The Price
4. Other Tools
28/04/2010
PRICING METHODS - BENCHMARK
Be careful
What you compare
Units
Time
Location
Cost Allocation
Unitary marginal,
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PRICING METHODS – VALUE ADDED
the client
Determine the value
per use
28/04/2010
FINANZAS PARA EMPRENDEDORES – Sesión 2
2. The Price
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
Success of
product / service
3 Size of companies -> level of control over users
Are you still with 5 clients and 1.000 Users / Client?
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28/04/2010
FINANZAS PARA EMPRENDEDORES – Sesión 2
2. The Price
4. Other Tools
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