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Enterprise Equity Venture Capital Enterprise Equity Venture Enterprise Equity Venture Capital Capital Investment General Partner Investment General Partner of of The AIB Seed Capital Fund The AIB Seed Capital Fund Enterprise Acceleration Centre Limerick 8th Dec 2008

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Enterprise Equity Venture Capital

Enterprise Equity Venture CapitalEnterprise Equity Venture Capital

Investment General PartnerInvestment General Partnerof of

The AIB Seed Capital FundThe AIB Seed Capital Fund

Enterprise Acceleration Centre Limerick8th Dec 2008

Enterprise Equity Venture Capital

AIB Seed Capital Fund

€30 million fund Fund commenced 1st July 2007 Initial investment size up to €500,000 Total lifetime investment €1,500,000 First Institutional Investor No Property, Retail, Leisure

Enterprise Equity Venture Capital

Frank Walsh Enterprise Equity Venture Capital

• Investment Banker – San Fransicso

• Business Development Advisor – CIS

• Consultant – Dublin (Own Business)

• Venture Capitalist – Dublin

• Custom Fit Golf – Cork (Own Business)

• Venture Capitalist – Cork

Enterprise Equity Venture Capital

Timeline

• Mutual Agreement to Proceed

• Agree Terms

• Term-sheet

• SSA & other docs

• Closing

Enterprise Equity Venture Capital

Deal Metrics - Size

How much money should you raise?

As much as you need As much as you can Promoter participation Other participation

Enterprise Equity Venture Capital

Deal Metrics - Price

How to value your early-stage company?

Negotiated not derived Risk/Reward Dilution/Shareholding Market conditions ESOP

Enterprise Equity Venture Capital

Deal Metrics - Instrument

Ordinary Shares Simple & Unifying

Preference/Preferred Liquidation preference “double dip” Anti-dilution Ratchet – Performance based Voting/board representation

Converts On Further Investment On Multiple of Future Revenue On Exit Valuation

Enterprise Equity Venture Capital

Term Sheet

Commercial Issues Deal Economics

Governance Issues Board Representation Keyman Insurance Employment Contracts Shareholder/Business Changes Good/Bad Leaver

Cost Issues Management Fee Arrangement Fee Deal Fees Commitment Fee

Enterprise Equity Venture Capital

Legal Representation

Experience Institutional investment

Bandwidth Partner/solicitor

Price Fixed Consistent with opposition

Strict Instruction Commercial view

Enterprise Equity Venture Capital

The legal Process – 5 pages to 500 pages

SSA Articles Disclosure letter Legal Due Diligence Financial Due Diligence Employment contracts Third Party Contracts IP Evaluation

Enterprise Equity Venture Capital

Deal Gestation

Only bad things happen here!

Market conditions MAC Deal bound Business neglect Relationship deterioration Inappropriate financial activity

Enterprise Equity Venture Capital

Deal Gestation

How to survive!

Complete disclosure Speedy closing Commercial view Delegate deal responsibility Maintain focus on business

Enterprise Equity Venture Capital

Closing

Lodge Check Celebrate your success

Enterprise Equity Venture Capital

Contact Information

Frank WalshInvestment ExecutiveEnterprise EquityNational Software CentreCork

Tel : (021) 230-7127 087-286-1182E-mail : [email protected]

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