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Chapter 10 - Financing entrepreneurial ventures worldwide. You’ve developed your business idea and written a business plan in which you have forecast how much money you’ll need for your new venture. Now you’re wondering where you will get the initial money to start your business and the follow-on capital to grow it. In this chapter, we discuss the mechanics of raising money from investors, including business angels, venture capitalists, and public stock markets.
FI NANCI NG ENTREPRENEURI AL VENTURES WORLDWI DE Chapt e r 10 MI CROFI NANCI NG & MI CROCREDI T Growth in the implementation of microcredit, 1997-2012 Year 12/31/97 12/31/98 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/09 12/31/10 12/31/11 12/31/12 Number of Institutions Reporting 618 925 1,065 1,567 2,186 2,572 2,931 3,164 3,133 3,316 3,552 3,589 3,652 3,703 3,718 Total Number of Clients Reached 13,478,797 20,938,899 23,555,689 30,681,107 54,932,235 67,606,080 80,868,343 92,270,289 113,261,390 133,030,913 154,825,825 190,135,080 205,314,502 195,014,970 203,509,307 Number of 'poorest' clients reported 7,600,000 12,221,918 13,779,872 19,327,451 26,878,332 41,594,778 54,785,433 66,614,871 81,949,036 92,922,574 106,584,679 126,220,051 137,547,441 124,293,727 115,584,445 Source: Maes, J.P and Reed, L.R State of the Microcredit Summit Campaign Report 2014 Microfinancing by region, 2010 (in millions) Latin America/ Asia Africa/ Middle East Caribbean Number of Poorest Families Number Reached by Microfinance Percent Coverage 182.4 125.5 69% 79.8 8.9 11% 2.9 32% 3.4 0.13 4% Source: Maes, J.P and Reed, L.R State of the Microcredit Summit Campaign Report 2012 Microcredit Summit Campaign, 2012 Page 39 Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 © Eastern Europe & Central Asia I NFORMAL I NVESTORS Informal Investor Prevalence Rate, 2014 Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 © ANNUAL AMOUNT PER I NFORMAL I NVESTOR Annual amount per informal investor vs GDP per capita (US$) Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 © SEED FUNDI NG PER COMPANY Startup funding per company vs GDP per capita (US$) Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 © RELATI ONSHI P OF I NFORMAL I NVESTOR TO I NVESTEE Relationship: InvestorInvestee Percent Total Mean Amount Invested US$ Median Payback Time Median X Return Close family 49.4% 23,190 years 1x Other relative 9.4% 12,345 years 1x Work colleague 7.9% 39,032 years 1x Friend, neighbor 26.4% 15,548 years 1x Stranger 6.9% 67,672 2-5 years 1.5 x 100.0% 24,202 years 1x Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 © FI NANCI AL RETURNS ON I NFORMAL I NVESTMENT Expe c t e d I RR f or e nt r e pr e ne ur s a nd i nf or ma l i nve s t or s Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 © SUPPLY AND DEMAND FOR STARTUP FI NANCI NG Percentage of nascent businesses that could be funded by available informal investment Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 © SUPPLY AND DEMAND FOR STARTUP FI NANCI NG Global Crowdfunding Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2014 © I NFORMAL I NVESTMENT VS VENTURE CAPI TAL Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 © 10 CLASSI C VENTURE CAPI TAL I NVESTMENT Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 © 11 FI NANCI NG ENTREPRENEURI AL VENTURES Financing entrepreneurial ventures in the United States, 2014 High Classic Venture Capital Superstars $49.3 billion to 3,662 ventures Constrained Glamorous Economic Core Ambitious Innovation Low Informal investments by family, friends, and foolhardy strangers $199 billion to million of ventures Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 © Low High Growth 12 ECONOMI C BENEFI TS OF VENTURE CAPI TAL BACKED COMPANI ES 2000 2010 2000-2010 Annual Growth Jobs 8.7 Million 11.9 Million 2.9% Sales $1.5 Trillion $3.08 Trillion 6.8% Top States by Employment at Venture-Capital-Backed Companies Headquartered in the State in 2010 California 2,887,063 Texas 1,129,551 Pennsylvania 783,527 Washington 778,579 Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 © Massachusetts 775,151 13 FLOW OF VENTURE CAPI TAL VENTURE CAPITAL FIRMS TAKEDOW MoneyGatekeepers N 1% Annual 2-3% Annual Fee Limited Fee Partners General Pension Funds Insurance Partners INVESTO RS • • • • • Companies Corporations Foreign Endowments Individuals Funds of Funds Money Entrepreneurs 20% of Capital Gains DISTRIBUTIO IPOs/Mergers /Acquisitions N of Return Principal & 80% of Equity Capital Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 Gains â ã PORTFOLIO COMPANIES Unrealize d RESIDUA L 14 FI NANCI AL RETURNS ON VENTURE CAPI TAL Venture capital IRRs and NASDAQ and S&P 500 Returns through Dec 31, Fund Type Year Years 2014 Years 10 Years 20 Years Seed/Early Stage 23.1 19.3 16.8 9.8 56.7 Later/Expansio n Stage 8.9 14.2 16.6 12.8 11.3 Multi Stage 22.9 17.4 14.8 10.3 13.8 All Venture Funds 21.5 18.0 16.1 10.3 35.4 NASDAQ 13.4 22.1 15.9 8.1 9.6 S&P 500 13.7 20.4 15.5 7.7 9.9 Source: Cambridge Associates LLC U.S Venture Capital Index® and Selected Benchmark Statistics Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 © 15 FI NANCI AL RETURNS ON VENTURE CAPI TAL Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 © 16 ... ventures Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 © Low High Growth 12 ECONOMI C BENEFI TS OF VENTURE CAPI TAL BACKED COMPANI ES 2000 2 010 200 0-2 010 Annual Growth Jobs... Employment at Venture-Capital-Backed Companies Headquartered in the State in 2 010 California 2,887,063 Texas 1,129,551 Pennsylvania 783,527 Washington 778,579 Bygrave & Zacharakis, Entrepreneurship,... 39,032 years 1x Friend, neighbor 26.4% 15,548 years 1x Stranger 6.9% 67,672 2-5 years 1.5 x 100 .0% 24,202 years 1x Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017 © FI NANCI AL RETURNS