vc fund raising process

An Insiders View: An Insiders View: How to Raise Money How to Raise Money

from VCsfrom VCsBob DahlbergBob DahlbergVenture PartnerVenture Partner

Horizon VenturesHorizon VenturesLos Altos, CALos Altos, CABob at horizonvc comBob at horizonvc com

Key Message:Key Message:

VC Fundraising is a VC Fundraising is a Sales Sales ProcessProcess, ,

Not a PitchNot a Pitch

Feb. 4, 2008 3Copyright 2007, 2008 Robert W. Dahlberg

AgendaAgenda

nn Venture Capital financing CaveatsVenture Capital financing Caveats

nn Raising money is a sales processRaising money is a sales process

nn Four steps to falling in loveFour steps to falling in love


Full Disclosure: VC Costs…Full Disclosure: VC Costs…††

nn False sense of security: masks viabilityFalse sense of security: masks viabilitynn Fund raising takes time away from serving Fund raising takes time away from serving

customerscustomersnn Adds an additional set of mastersAdds an additional set of mastersnn Money enables costly mistakesMoney enables costly mistakesnn Money removes spending disciplineMoney removes spending disciplinenn Sets the exit strategy and timingSets the exit strategy and timingnn You give up a lot of ownershipYou give up a lot of ownership

†† Source: Greg Gianforte, CEO RightNow, http://cet.berkeley.edu/Resources/CETLectures.html


Venture Capital Isn’t RequiredVenture Capital Isn’t RequiredTo Build a Great Business …To Build a Great Business …

nn BroadcomBroadcomnn No VC moneyNo VC money

nn CiscoCisconn $5M in revenue, profitable before Sequoia invested$5M in revenue, profitable before Sequoia invested

nn DellDellnn Raised money at $60M in revenueRaised money at $60M in revenue

nn eBayeBaynn $4.5M in revenue and profitable before Benchmark $4.5M in revenue and profitable before Benchmark

investedinvestednn MicrosoftMicrosoft

nn VC funded after being profitableVC funded after being profitablenn The MathWorksThe MathWorks

nn >$300M in revenue, no VC money>$300M in revenue, no VC moneynn OracleOracle

nn Government contract funded first productGovernment contract funded first productnn SAS InstituteSAS Institute

nn > $1.9B in revenue, the largest private software > $1.9B in revenue, the largest private software company, no VC moneycompany, no VC money

nn SiebelSiebelnn Customers funded first productCustomers funded first product


…… But it Can Sure HelpBut it Can Sure Help

1.1. Cash to fuel growthCash to fuel growth2.2. Cash to fuel growthCash to fuel growth3.3. Strategy / business adviceStrategy / business advice4.4. Introductions: VCs, customers partnersIntroductions: VCs, customers partners5.5. RecruitingRecruiting


AgendaAgenda


nnRaising money is a sales processRaising money is a sales process



Fundraising = Selling an InvestmentFundraising = Selling an Investment

nn It’s likely to be the biggest sale of your lifeIt’s likely to be the biggest sale of your life

nn Success demands careful planning and Success demands careful planning and executionexecution


Fundraising is a Grueling ProcessFundraising is a Grueling Process

1.1. Requires mental toughnessRequires mental toughness2.2. You may have to talk to 10 You may have to talk to 10 –– 40 firms to find 40 firms to find

the matchthe match3.3. It’s the best business advice you will get!It’s the best business advice you will get!§§ ListenListen§§ LearnLearn§§ Accept itAccept it§§ Bake learnings into your business planBake learnings into your business plan


The Classic Enterprise Sales ProcessThe Classic Enterprise Sales Process

InitiateInitiateDiscoveryDiscovery

Educate/Educate/EvaluateEvaluate

JustifyJustifyValidateValidate


Fundraising is a 4 Step Sales ProcessFundraising is a 4 Step Sales Process

InitiateInitiateDiscoveryDiscovery

Educate /Educate /EvaluateEvaluate

JustifyJustifyValidateValidate

11PreparePrepare

22ApproachApproach

33“The Pitch”“The Pitch”

4 4 Due Due

DiligenceDiligence


Time ScalesTime Scales

11PreparePrepare

22ApproachApproach


44Due Due

DiligenceDiligence

1 to 6 weeks

2 to 12 weeks

Per VC

Per VC

Per Funding2 to 26 weeks


AgendaAgenda


nn Raising money is a sales processRaising money is a sales process



Step 1: PrepareStep 1: Prepare

nn GoalGoal: Build an investable company: Build an investable company

nn StrategyStrategy: Understand the VC’s Mind: Understand the VC’s Mind


VC Problem #1VC Problem #1nn Deliver BIG returns to their Limited Partners in an Deliver BIG returns to their Limited Partners in an

out of favor investment sectorout of favor investment sector

nn HUNGRY to do HUNGRY to do GOODGOOD dealsdeals

-20.0-10.0

0.010.020.030.040.0

2000 2001 2002 2003 2004 2005 2006

VC Return PE ReturnSource: Cambridge Associates


VC Problem #2VC Problem #2

““We kiss a lot of frogs to We kiss a lot of frogs to find the prince”find the prince”

-- Venture capital industry cliché


Venture Grade Deals are RareVenture Grade Deals are Rare % 2003 Corporate Tax Returns by

Revenue

2.2% 1.9%

81.8%

0.5%

13.6%

0%

20%

40%

60%

80%

100%

< $1M < $5M < $10M < $50M >$50M

Revenue

Per

cen

t of

5.4M

Ret

urn

s

Source: IRS.gov

VCGrade

Life Style CompaniesAKA “Walking Dead”


VC Problems #3, 4, 5VC Problems #3, 4, 5

nn No one can pick which start up will make itNo one can pick which start up will make itnn Every deal has “hair on it” Every deal has “hair on it” –– it’s easy to find problemsit’s easy to find problemsnn Portfolio returns: 1 @ 10X; 4 @ 2X; 5@1X; 10 @0XPortfolio returns: 1 @ 10X; 4 @ 2X; 5@1X; 10 @0Xnn => VC will rely on their gut in the end=> VC will rely on their gut in the end

nn Will be working together for 6+ yearsWill be working together for 6+ yearsnn It has to be an interesting project It has to be an interesting project nn There has to be compatibility with the teamThere has to be compatibility with the team

nn The unexpected is going to happenThe unexpected is going to happennn Got to get through the hard timesGot to get through the hard times


So How do Most VCs Decide?So How do Most VCs Decide?

VCs “fall in love” with the dealVCs “fall in love” with the deal


So the StartSo the Start--Up Must Be AttractiveUp Must Be Attractive


Attractive in 2008 IsAttractive in 2008 Is

nn Big MarketBig Marketnn Open to disruptionOpen to disruption

nn Customers in pain and who buyCustomers in pain and who buynn Growing order trendGrowing order trend

nn Strong product offering / technologyStrong product offering / technologynn Differentiated, protectedDifferentiated, protected

nn Successful TeamSuccessful Teamnn “A Players” “A Players” nn Successful Investors / Advisors / Board MembersSuccessful Investors / Advisors / Board Members


#1 Start#1 Start--Up Failure is the Up Failure is the Lack of (high) Paying Customers Lack of (high) Paying Customers

nn Know your customer!Know your customer!nn Walk in your customer’s shoesWalk in your customer’s shoesnn Know why they will buyKnow why they will buy


Dot Bomb SchoolDot Bomb School

Concept/Concept/Bus. PlanBus. Plan

ProductProductDev.Dev.

Alpha/betaAlpha/betaTestTest FCSFCS

nn ““Build it and they will come!”Build it and they will come!”nn Product Development ModelProduct Development Model

nn “Get big fast”“Get big fast”


New SchoolNew School

Customer Development Model†

CustomerCustomerDiscoveryDiscovery

CustomerCustomerValidationValidation

Customer Customer CreationCreation

CompanyCompanyScaleScale

† Steve Blank, The Four Steps to the Epiphany.


CustomersCustomers that are that are BuyingBuying isisThe Essential Investment CriteriaThe Essential Investment Criteria

www.cafepress.com/kandsranch


Step 2: Approach Step 2: Approach

nnGoalGoal: Get the first meeting: Get the first meeting

nn StrategyStrategy: Approach the right VC, right: Approach the right VC, right

PreparePrepare ApproachApproach ““The Pitch”The Pitch” Due Due DiligenceDiligence


The Right VC, RightThe Right VC, Right

1.1. Right VCs,Right VCs,

2.2. Right Time,Right Time,

3.3. The Right Way The Right Way


1. The Right VC 1. The Right VC has Greener Moneyhas Greener Money

nn VC money is not a bank loanVC money is not a bank loannn Do your homeworkDo your homework!!nn Talk to startTalk to start--up CEOsup CEOsnn Actively investing Actively investing

nn Fund has moneyFund has moneynn VC has capacity (not too many board seats)VC has capacity (not too many board seats)

nn Right sector (life sciences vs. semiconductor)Right sector (life sciences vs. semiconductor)nn Relevant portfolio, expertise, and synergiesRelevant portfolio, expertise, and synergiesnn Early vs. late stageEarly vs. late stage


Approach the Right VC, RightApproach the Right VC, Right

1.1. Right VCs,Right VCs,

2.2. Right Time,Right Time,

3.3. The Right WayThe Right Way


2. The Right Time 2. The Right Time -- 11

““Seek financing Seek financing on the backside on the backside of a milestone”of a milestone”

–– John Hall, John Hall, Horizon VenturesHorizon Ventures



““VC money is very expensive fuel to be VC money is very expensive fuel to be used for taxiing around an airport.”used for taxiing around an airport.”

–– Peter Rip, Crosslink CapitalPeter Rip, Crosslink Capital



nn Seek VC financing after Customer ValidationSeek VC financing after Customer Validation

CustomerCustomerDiscoveryDiscovery

CustomerCustomerValidationValidation

Customer Customer CreationCreation

CompanyCompanyScaleScale

† Steve Blank, The Four Steps to the Epiphany.

Funding

““Taxiing Phase”Taxiing Phase”


Software Seed Rounds Fell 27% YoYSoftware Seed Rounds Fell 27% YoY

0

50

100

150

200

250

300

350

400

2004 2005 2006 2007(75%)

SeedEarly StageExpansionLater

• Early Stage company investments increased 28% YoY.• Expansion company investments decreased 15% YoY and 20% from 2004.

Source: PricewaterhouseCoopers/Thomson Venture Economics/National Venture Capital Association MoneyTree™Survey

Software VC Investments by Company Stage


Funding to Customer ValidationFunding to Customer Validationnn CustomersCustomers

nn Consulting engagementsConsulting engagementsnn NonNon--Recurring Engineering (NRE) engagementsRecurring Engineering (NRE) engagementsnn Retainer fees from customersRetainer fees from customers

nn GovernmentGovernmentnn Small Business Innovation Research Grants (SBIR)Small Business Innovation Research Grants (SBIR)

nn Big CompaniesBig Companiesnn ValueValue--Added Reseller (VAR) agreementsAdded Reseller (VAR) agreementsnn Divestitures Divestitures –– protected supplier contract with parent for a protected supplier contract with parent for a

defined perioddefined periodnn MoonlightingMoonlighting

nn Founders waive compensationFounders waive compensationnn Family, Friends and FoolsFamily, Friends and Fools


Approach the Right VC, RightApproach the Right VC, Right

nnRight VCs,Right VCs,

nnRight Time,Right Time,

nnThe Right WayThe Right Way


The Right WayThe Right Way

““We only look at deals that are We only look at deals that are introduced to us by people we know”introduced to us by people we know”

–– Mike Schuh, Foundation CapitalMike Schuh, Foundation Capital


The Right Way: The Right Way: Introduction by ReferralIntroduction by Referral

1.1. Successful entrepreneursSuccessful entrepreneurs2.2. Lawyers that work with VCs and startLawyers that work with VCs and start--upsups3.3. Angel investorsAngel investors4.4. Other service providers: Other service providers: nn bankers, head hunters, …bankers, head hunters, …

Avoid BrokersAvoid Brokers (= Mothers(= Mothers--inin--Law)Law)Create a buffer layer in between you and VCs.Create a buffer layer in between you and VCs.


Sales Tool:Sales Tool:The Executive SummaryThe Executive Summary

nn Tool ObjectiveTool Objective: To get a meeting: To get a meetingnn One pager that covers:One pager that covers:

nn Contact informationContact informationnn Customer problemCustomer problemnn Your solution (product/technology)Your solution (product/technology)nn Market sizeMarket sizenn CompetitorsCompetitorsnn TeamTeamnn Customer proof pointsCustomer proof pointsnn Funding statusFunding status


Executive Summary TemplateExecutive Summary Template

Funding History:

Total Amount Raised to Date: Participants Amount Individuals: VCs: Others: Total Seeking: Committed Funds (If Any): Use of funds:

Milestones

Competition

Technology

Defensibility

Company Overview:

Company Information:

Newco, Inc. Address : Phone: Fax: Website: Email Basic Details:

Founded In: # Of Employees: 15 (X US / Y off shore)

Pain:

Solution :

Team:

• Company founded ____ • ___ Patents filed on ___ • Product Introduction ____ • $ in sales in x • $ in sales in x+1 • $ in sales in x + 2

Business Model

Financials: Cumulative Revenue: Burn Rate: $ Cash Flow Positive in: Year ? 3-Year Revenue Forecast:

Year 1: $ Year 2: $ Year 3: $

Funding History:

Total Amount Raised to Date: Total Seeking: $ Committed Funds (If Any): Use of funds: E

Valuation Expectations:

Tagline

Logo

www.bandangels.com


How VCs Vet How VCs Vet Your Exec SummaryYour Exec Summary

nn Is the referral source credible?Is the referral source credible?nn Is this company in my geography?Is this company in my geography?

nn < 1 < 1 --2 hours travel time2 hours travel timenn Is this a scalable business?Is this a scalable business?nn Is the team credible? Is the team credible? nn Are the existing investors credible?Are the existing investors credible?nn Can I possibly love the:Can I possibly love the:

nn CEOCEOnn Target marketTarget marketnn Problem being solvedProblem being solvednn The technology being developedThe technology being developed


VC’s Tool: VentureSourceVC’s Tool: VentureSource


RejectionRejection

“We can’t kiss all the pretty girls”-Bob Kagle, Benchmark


Step 3: The PitchStep 3: The Pitch

nn GoalGoal: Get follow: Get follow--on meetings on meetings

nn StrategyStrategy: : SketchSketch out a compelling, out a compelling, exciting pictureexciting picture

11PreparePrepare

22ApproachApproach


44Due Due

DiligenceDiligence


PowerPoint “Pitch” Advice PowerPoint “Pitch” Advice is Abundantis Abundant

nn SVASESVASEwww.svase.org/components/uploads/SVASE%2010%20Sliwww.svase.org/components/uploads/SVASE%2010%20Slide%20Template.pptde%20Template.ppt

nn David Cowan, Bessemer Venture PartnersDavid Cowan, Bessemer Venture Partnerswhohastimeforthis.blogspot.com/2005/11/howwhohastimeforthis.blogspot.com/2005/11/how--toto--notnot--writewrite--

businessbusiness--plan.htmlplan.html

nn Brad Feld, Mobius Venture CapitalBrad Feld, Mobius Venture Capitalwww.feld.com/blog/archives/2004/06/the_torturous_w.htmlwww.feld.com/blog/archives/2004/06/the_torturous_w.html

nn Guy Kawasaki, Garage Technology VenturesGuy Kawasaki, Garage Technology Venturesblog.guykawasaki.com/2005/12/the_102030_rule.htmlblog.guykawasaki.com/2005/12/the_102030_rule.html


Your Goal:Your Goal:Get the Next Date Get the Next Date

nn Tell a simple yet compelling storyTell a simple yet compelling storynn VCs easily drown in detailsVCs easily drown in detailsnn Your key points get forgottenYour key points get forgottennn Boredom sets inBoredom sets in

nn Listen and learnListen and learn


K.I.S.S. Principle:K.I.S.S. Principle:Tell a Simple StoryTell a Simple Story

nn Avoid 3 Blind VCs and (You’re) the Avoid 3 Blind VCs and (You’re) the ElephantElephantnn Too common at first VC meetings:Too common at first VC meetings:

nn You know your business bestYou know your business bestnnAssume nothing!Assume nothing!

VC Start-Up

K.I.S.S. = Keep it Simple Stupid


Peter Lynch’s Investment AdvicePeter Lynch’s Investment Advice

““Never invest in Never invest in any idea you any idea you can't illustrate can't illustrate with a crayon.”with a crayon.”


Jerry Weissman Coach to Jerry Weissman Coach to IPO Road Show CEOsIPO Road Show CEOs


Expect to Go off the RailsExpect to Go off the Rails

1.1. VCs are curious, smart and impatientVCs are curious, smart and impatientnn They will ask a lot of questions when confusedThey will ask a lot of questions when confused

2.2. VCs are testing you:VCs are testing you:nn Are you an effective leader?Are you an effective leader?nn Able to listen to “board room” feedback?Able to listen to “board room” feedback?nn Able to listen to customer feedback?Able to listen to customer feedback?

nn ReRe--arrange the slide order to address arrange the slide order to address issues that come up earlyissues that come up early


Listen Carefully!Listen Carefully!

nn It’s the best business advice you will get!It’s the best business advice you will get!§§ ListenListen§§ LearnLearn§§ Accept itAccept it§§ Bake learnings into your business planBake learnings into your business plan


Four Reasons for LoveFour Reasons for Love

++

Team Team TechnologyTechnology FinancialsFinancials

MarketMarket


1. Market Size is Every VC’s Concern1. Market Size is Every VC’s Concern

nn Is the market big enough to build a big Is the market big enough to build a big company?company?

nn Is there any potential to grow fast?Is there any potential to grow fast?nn Is there room for this startIs there room for this start--up?up?nn Is the market big enough to maneuver Is the market big enough to maneuver

if the first niche doesn’t work out?if the first niche doesn’t work out?


1. Lack of Customers 1. Lack of Customers is the #1 Cause of Failureis the #1 Cause of Failure

nn Does the team really know the customer?Does the team really know the customer?nn Is there a logical reason behind the Is there a logical reason behind the

customer list?customer list?nn Strategic or opportunistic?Strategic or opportunistic?nn Any notion of customer segmentation?Any notion of customer segmentation?

nn Are the customers tier 1?Are the customers tier 1?nn How much are the customers helping?How much are the customers helping?


2. Team2. Team

nn Every team claims to be “world class”Every team claims to be “world class”nn Demonstrate SuccessDemonstrate Successnn Company pedigree Company pedigree –– worked at market leadersworked at market leadersnn Personal resultsPersonal resultsnn Personal successPersonal successnn StartStart--up mentality vs. Big company mentalityup mentality vs. Big company mentality

nn Expect your backgrounds to be rigorously Expect your backgrounds to be rigorously checked.checked.


3.3. Product Test: Product Test: Aspirin or Vitamin??Aspirin or Vitamin??

nn Inertia is hugeInertia is hugenn Customers change only when they have toCustomers change only when they have tonn “Don’t fix what isn’t broke.”“Don’t fix what isn’t broke.”


3. Product3. ProductFeature or a Company?Feature or a Company?

nn A Feature?A Feature?nn Can the incumbent add this feature to an Can the incumbent add this feature to an

existing product easily?existing product easily?

nn A Product?A Product?nn Part of a fullPart of a full--product portfolio?product portfolio?

nn A Company?A Company?nn Can the value prop create a substantial Can the value prop create a substantial

business?business?


4. Financial Forecasts4. Financial Forecasts

““I don’t have Excel on my computer!”I don’t have Excel on my computer!”---- Mark Stevens, Sequoia CapitalMark Stevens, Sequoia Capital


Cash flow is kingCash flow is king

nn Revenue forecast will likely not materialize, SoRevenue forecast will likely not materialize, Sonn Is this plan realistic?Is this plan realistic?nn Revenue must not be too big, but not too smallRevenue must not be too big, but not too small

nn Spending plan will be scrutinized.Spending plan will be scrutinized.nn Cash is KingCash is Kingnn Successful CEOs are frugalSuccessful CEOs are frugal


The Morning After …The Morning After …


What Can You Do?What Can You Do?

nn React to the business advice you receivedReact to the business advice you receivednn Adjust your business strategy Adjust your business strategy as is necessaryas is necessary

nn Polish your pitch for the next VCPolish your pitch for the next VCnn Incorporate learning from each interactionIncorporate learning from each interactionnn Simplify, SimplifySimplify, Simplify

nn Clarify confusing pointsClarify confusing pointsnn Address objection itemsAddress objection itemsnn Rearrange the slide orderRearrange the slide order


What Will Most VCs Do?What Will Most VCs Do?

nn Go silent or an innocuous turn downGo silent or an innocuous turn downnn They don’t want to burn any bridgesThey don’t want to burn any bridges

nn Go at their own pace, no urgencyGo at their own pace, no urgencynn Risk reduces as time passesRisk reduces as time passesnn Wait for a milestoneWait for a milestone

nn quarter sales results quarter sales results nn prototype worksprototype works


RejectionRejection

nn Accept rejection gracefullyAccept rejection gracefullynn There is no rationale argument to bring the There is no rationale argument to bring the

VC backVC back


What Might Happen?What Might Happen?

nn When a VC senses love, you’ll hear backWhen a VC senses love, you’ll hear backnn Be responsive!Be responsive!nn VC’s like working with responsive peopleVC’s like working with responsive peoplenn You’re building a relationshipYou’re building a relationshipnn Respond to requests Respond to requests < 24 hours< 24 hours


Step 4: Due DiligenceStep 4: Due Diligence

nnGoalGoal: Get a term sheet: Get a term sheetnn StrategyStrategy: Two way test drive: Two way test drive

PreparePrepare ApproachApproach ““The Pitch”The Pitch” Due Due DiligenceDiligence


Due Diligence = Due Diligence = Two Way Test DriveTwo Way Test Drive

nn Can I work with this team / VC for the next Can I work with this team / VC for the next 6 years?6 years?

nn Is this a quality team / VC?Is this a quality team / VC?nn Do team / VC listen?Do team / VC listen?nn Is the team/VC honest, ethical, reliable? Is the team/VC honest, ethical, reliable?

dependable?dependable?nn How do they react being under fire?How do they react being under fire?


Prepare in AdvancePrepare in Advance

nn Customer / technology referencesCustomer / technology referencesnn Keep references updated on your progressKeep references updated on your progressnn Use them judiciouslyUse them judiciously

nn Executive resumes & referencesExecutive resumes & referencesnn Line up references in advance, Line up references in advance, nn Contact people VCs will findContact people VCs will find

nn Financial QuarterliesFinancial Quarterliesnn Capitalization tableCapitalization table


Typical Due Diligence ProcessTypical Due Diligence Processnn More information More information (Exec. resumes, financials, cap table, (Exec. resumes, financials, cap table,

personal references, etc.)personal references, etc.)

nn Meet with VC’s “expert(s)”: Portfolio Meet with VC’s “expert(s)”: Portfolio companies, friends, paid expertscompanies, friends, paid experts

nn Follow up meeting(s) at your office / their Follow up meeting(s) at your office / their officeoffice

nn Calls to customers and personal referencesCalls to customers and personal referencesnn Calls to backCalls to back--channel referenceschannel references


Getting “Married”Getting “Married”

nn Locate a Syndicate PartnerLocate a Syndicate Partnernn Term SheetTerm Sheetnn Legal due diligenceLegal due diligencenn Cash in the bankCash in the bank


Syndication:Syndication:Two Parents are Better than OneTwo Parents are Better than Onenn For the entrepreneurFor the entrepreneurnn More strategic minds around the tableMore strategic minds around the tablenn Hedge against one VC walking outHedge against one VC walking out

nn For the VCFor the VCnn Validates that the start up has legsValidates that the start up has legsnn More powder availableMore powder available


And Remember…And Remember…Venture Capital Isn’t RequiredVenture Capital Isn’t Required

nn BroadcomBroadcomnn No VC moneyNo VC money

nn CiscoCisconn $5M in revenue, profitable before Sequoia $5M in revenue, profitable before Sequoia

investedinvestednn DellDell

nn Raised money at $60M in revenueRaised money at $60M in revenuenn eBayeBay

nn $4.5M in revenue and profitable before $4.5M in revenue and profitable before Benchmark investedBenchmark invested

nn MicrosoftMicrosoftnn VC funded after being profitableVC funded after being profitable

nn The MathWorksThe MathWorksnn >$300M in revenue, no VC money>$300M in revenue, no VC money

nn OracleOraclenn Government contract funded first productGovernment contract funded first product

nn SAS InstituteSAS Institutenn > $1.9B in revenue, the largest private software > $1.9B in revenue, the largest private software

company, no VC moneycompany, no VC moneynn SiebelSiebel

nn Customers funded first productCustomers funded first product


Entrepreneur ResourcesEntrepreneur Resourcesnn Law firm outreachLaw firm outreach

nn DLA Piper Venture PipelineDLA Piper Venture Pipelinewww.venturepipeline.comwww.venturepipeline.com

nn Fenwick & West LLPFenwick & West LLP“Darrell Kong” <“Darrell Kong” <dkongdkong _ _ fenwick.comfenwick.com>>

nn Orrick, Herrington & Sutcliffe LLP’s “Total Access”Orrick, Herrington & Sutcliffe LLP’s “Total Access”"Chad Lynch" <"Chad Lynch" <clynchclynch _ _ orrick.comorrick.com>>

nn Pillsbury Winthrop Shaw Pittman LLP’s “Back Stage Pass”Pillsbury Winthrop Shaw Pittman LLP’s “Back Stage Pass”kiran.kambojkiran.kamboj _ _ pillsburylaw.compillsburylaw.com

nn Wilson, Sonsini, Goodrich, and RosatiWilson, Sonsini, Goodrich, and Rosatiwsgr.com/WSGR/Display.aspx?SectionName=practice/venturecapital.hwsgr.com/WSGR/Display.aspx?SectionName=practice/venturecapital.htmtm

nn SDForumSDForumnn www.sdforum.orgwww.sdforum.org

nn Silicon Valley Bank’s Venture ExchangeSilicon Valley Bank’s Venture Exchangenn Shai Goldman, Director, Shai Goldman, Director, sgoldmansgoldman _ _ svb.comsvb.com

nn SVASE, SVASE, Silicon Valley Association of Startup EntrepreneursSilicon Valley Association of Startup Entrepreneurs..

www.svase.orgwww.svase.orgnn The Enterprise Network of Silicon ValleyThe Enterprise Network of Silicon Valley

Tensv.orgTensv.orgnn Women’s Technology ClusterWomen’s Technology Cluster

www.wtcwww.wtc--sf.orgsf.org


To Your New Venture To Your New Venture Success!Success!

vc fund raising process

Economy & Finance

sales process n n

revenue n ebay n

love n

profitable n

mathworks n

product n sas institute

good deals n

n dell nraised money