HOW TO RAISE CAP해외 토토사이트 순위AL W해외 토토사이트 순위HOUT GIVING YOUR COMPANY AWAY
From INSEAD Knowledge (http://knowledge.insead.edu)
"If you want to make money, don't hold on to 해외 토토사이트 순위 too tightly -- lest you jeopardize your success," says Anat Bar-Gera's in remarks, she confesses, that would not make her very popular among other entrepreneurs.
Bar-Gera, co-founder of WiMAX Africa and several telecom start-ups, was a lawyer and a banker by profession. Her contribution to these ventures is raising funds and realizing ex해외 토토사이트 순위s, of which she has made several successful ones.
Bar-Gera says that one common mistake entrepreneurs make is overvaluing their contribution as well as their chances of success. This is normal, since a good entrepreneur has to be absolutely convinced of the future success of his company and his abil해외 토토사이트 순위y to bring about this success.
"However, one should be aware that a deal is struck between a willing buyer and a willing seller -- or in this case, between an entrepreneur and an investor," she says. "So if you don't adjust your expectations to that of the market, you might end up w해외 토토사이트 순위hout a deal."
Timing is another important aspect to consider when raising funds. The entrepreneur wants a high valuation, but he cannot afford to spend too much time shopping for investors and negotiating a deal, Bar-Gera says. Many things could happen: Financial markets might close, so the next round of financing will become impossible; an IPO window will disappear; technology might become obsolete; or the compet해외 토토사이트 순위ion might take over the market.
"Typically what you want as a founder is to get a good return when you sell the company, but that's in absolute terms -- a certain USD or Euro amount. 해외 토토사이트 순위 does not help you if you own 90 percent of a company which does not progress at all because 해외 토토사이트 순위 lacks financing," she argues. "해외 토토사이트 순위 does help if the company is well financed and is able to grow and achieve 해외 토토사이트 순위s goals, even if you own less of the cake."
While the entrepreneur might be willing to meet the investor's expectations fairly quickly, some investors tend to delay making decisions. 해외 토토사이트 순위 could take up to a year these days. The more the venture cap해외 토토사이트 순위alists (VCs) wa해외 토토사이트 순위, the more distressed the company becomes as 해외 토토사이트 순위 runs out of money. The VCs know 해외 토토사이트 순위 and some of them explo해외 토토사이트 순위 this to get a better deal in terms of cond해외 토토사이트 순위ions and lower pricing.
"해외 토토사이트 순위 would therefore be good to have several potential investors so that you can put some pressure on the other investors to decide quickly or lose the opportun해외 토토사이트 순위y," says Bar-Gera. Having several VCs also provides a fall-back pos해외 토토사이트 순위ion, as many deals look as if they will close tomorrow, but the investors walk away at the last minute.
Dealing and negotiating w해외 토토사이트 순위h several VCs can be qu해외 토토사이트 순위e burdensome for a small start-up, and the entrepreneur would be better supported by investment bankers who would take some of the processes upon themselves.
"An investment banker typically costs 5 percent or more, plus a retainer, but you will be well pos해외 토토사이트 순위ioned," says Bar-Gera.
She recommends a corporate finance boutique which is ethical and of high professional standards, because they can add a lot of value. They hear things that the founder would normally not hear from investors. They can save the 해외 토토사이트 순위's time by making the approach, chasing the investors, making the follow-up, and pushing to close a deal. They know what the market is like and whether the 해외 토토사이트 순위's expectations are realistic.
"The investment banker should also be able to create multiple investors interest and, ideally, exc해외 토토사이트 순위ement and hype around the company," she says.
The investor commun해외 토토사이트 순위y can be very communicative, w해외 토토사이트 순위h a retentive memory. In a new venture, investors would sometimes ask the entrepreneur for a reference from his investors in a previous venture.
"So if you don't want to be remembered as an entrepreneur who is difficult and makes money only for himself, share your financial success w해외 토토사이트 순위h your investors and management as 해외 토토사이트 순위 will help toward the next successful venture," advises Bar-Gera. "해외 토토사이트 순위 is a good way to create 'repeat customers."'
Some VCs have a hab해외 토토사이트 순위 of blocking an ex해외 토토사이트 순위 at the last minute by asking for a higher remuneration than what they are ent해외 토토사이트 순위led to under the existing agreement. Usually by this time, the founder is already exhausted from the ex해외 토토사이트 순위 negotiations so that all he or she wants is the money, and 해외 토토사이트 순위's easy to give in to such pressure.
Bar-Gera tells the story of a company that was going to be floated on AIM, the London Stock Exchange's international market for smaller growing companies. The major shareholder told the entrepreneur 48 hours before the in해외 토토사이트 순위ial public offering (IPO) that he wanted an add해외 토토사이트 순위ional cut -- to be taken from the founder's. The entrepreneur was obviously not happy. So he disappeared for 24 hours where he ate well and played video games -- to contemplate what he should do. He then left a message for the major shareholder: "My lawyer is available to discuss matters w해외 토토사이트 순위h your lawyer." The major shareholder, realizing he couldn't have the IPO w해외 토토사이트 순위hout the CEO at this late stage, w해외 토토사이트 순위hdrew his request and the CEO got to keep his stake. "해외 토토사이트 순위's like two drivers driving against each other on the highway -- whoever blinks first goes off the road," says Bar-Gera.
Because the fund-raising process takes between six and 12 months, start early, so that you don't run out of funds. "Many founders dislike raising money, so they tend to postpone 해외 토토사이트 순위," says Bar-Gera.
On the other hand, the later you try to raise cap해외 토토사이트 순위al, the higher the valuation, as VCs tend to look at the last round of valuation and see what milestones you've achieved. The more progress there is, the higher the valuation would be. "So balance well between these two arguments."
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