New Venture Creation: from Idea to Investment - iCentre

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New Venture Creation: from Idea to Investment 

Facilitator: Yen-Lu Chow 

WholeTree Ventures – where Idea meets Experience

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Workshop schedule 

9:15 AM 

9:45 AM 

10:15 AM 

11:00 AM 

11:15 AM 

12:00 PM 

1:00 PM 

1:30 PM 

2:00 PM 

2:30 PM 

3:00 PM 

3:15 PM 

3:30 PM 

5:00 PM 

Getting started: Idea to business model 

Looking for the next big idea 

Creating a model business plan 

Break 

Group formation and biz plan development 

Lunch 

Crafting an elevator pitch 

Developing a financial plan 

Designing a winning presentation 

Dancing with VCs 

Becoming the master of your destiny 

Break 

Group presentations 

End 


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New Venture Creation: From Idea to Investment 

• Getting started: idea to business model 

• Looking for the next big idea 

• Creating a model business plan 

• Crafting an elevator pitch 

• Developing a financial plan 

• Designing a winning presentation 

• Dancing with VCs 

• Becoming the master of your destiny 


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14 steps to starting a business 

1. Idea 

2. Kitchen table - business model 

3. Founders commitment 

4. Pullout from employer 

5. Business plan creation 

6. Filling management team 

7. Raising seed capital 

8. Closing capital and incorporation 

9. Finding an office 

10. Start-up 

11. Secondary funding rounds 

12. Launch first product 

13. Raise working capital 

14. IPO 


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From idea to business model 

• How do we create value? 

• Who do we create value for? 

• What is our source of competence/advantage? 

• How do we differentiate ourselves? 

• How do we make money? 

• What are our time, scope and size ambitions? 

WholeTree Ventures – where Idea meets Experience 

Business model developed by Michael H. Morris, Ph.D

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How do we create value? 

Factors related to the offering 

• Primarily products/primarily services/heavy mix 

• Standardized/some customization/high customization 

• Broad line/medium breadth/narrow line 

• Deep lines/medium depth/shallow lines 

• Access to product/ product itself/ product bundled with other firm's 

product/service 

• Internal manufacturing or service delivery/ outsourcing/ licensing/ 

reselling/ value added reselling 

• Direct distribution/indirect distribution (if indirect: single or multi-channel) 


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Who do we create value for? 

Market factors 

• Type of organization: b-to-b/b-to-c/ both/other 

• Local/regional/national/international 

• Where customer is in value chain: upstream supplier/ downstream 

supplier/ government/institutional/ wholesaler/ retailer/ service 

provider / final consumer 

• Broad or general market/niche market 

• Transactional/relational 


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What is our source of competence/advantage? 

Internal capability factors 

• Production/operating systems 

• Selling/marketing 

• Information management/mining/info. packaging 

• Technology/R&D/creative or innovative capability/intellectual 

• Financial transactions/arbitrage 

• Supply chain management 

• Networking/resource leveraging 


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How do we differentiate ourselves? 

Competitive strategy factors 

• Image of operational excellence/consistency/dependability 

• Product or service quality/selection/features/availability 

• Innovation leadership 

• Low cost/efficiency 

• Intimate customer relationship/experience 


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How do we make money? 

Economic factors 

• Pricing & revenue sources: fixed/mixed/flexible 

• Operating leverage: high/medium/low 

• Volumes: high/medium/low 

• Margins, high/medium/low 


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What are our time, scope and size ambitions? 

Personal/investor factors 

• Subsistence model 

• Income model 

• Growth model 

• Speculative model 


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Sources of new business ideas 

• Forces, trends and mega-trends tech, macro, social, political 

• Changing market structures and needs 

• Market inefficiencies 

• Products in the market 

• Personal experience, hobbies and pastimes, personal passions 

• Cross regional, discipline or industry 


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New industries and markets – 

propelled by “the next big idea” 

• 100 years ago 

– automobiles, music recording, aviation, petrochemicals, 

pharmaceuticals, and management consulting 


– mutual funds, cellular telephones, biotechnology, discount retailing, 

express package delivery, snowboards, coffee bars, and home videos, 

venture capital, credit cards 


– personal computing, hybrid electric-gas autos, microprocessors, fiber 

optics and lasers, big-box merchandizing 


– internet, online retailing, online auction, digital cameras 

• Next 100 years 

– software, energy (efficient fuel cells, new approaches to solar power, 

safer nuclear), biotech, nanotech (carbon nano-tubes), healthcare 

(anti-aging, cancer drugs) 


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Characteristics of successful new business ideas 

• Not necessarily a new invention 

• Not necessarily a new idea 

• Notion that is poised to be taken seriously in the market place 

• Idea that is a tiny push away from general acceptance 


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Opportunities for business value creation 

• Technological innovation 

• Underserved or inefficient markets 

• Latent or newly emerging customer needs 

• Changing enabling conditions 

– Legal, political, social, cultural, infrastructural 

• Under-utilized or new sources of information 


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Capturing value through innovation 

• Improving existing product or process 

– Better quality / performance 

– Reduce cost 

• Changing the existing rules of competition 

– Disruptive technologies 

– New business model 

• Serving new market segments or customer needs 

– Creating whole new industry 

– Creating new market segmentation 


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Creating “unfair competitive advantages” 

• Establishing “first mover” advantages 

– First to recognize opportunity 

– Speed of execution 

– Establish dominant design; set de facto standard 

– First to critical mass of users 

• Erecting barriers to entry 

– Technology / other forms of proprietary intellectual capital 

– Disruptive effects on incumbents 

– Lock in major customers with high switching cost 

– Rapid pace of continuous innovation, market expansion 

– Strategic alliances to build value chain coalition 


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Sustaining competitive advantage is difficult 

• First-to-market is insufficient 

– Emerging competitors 

– Inadequate IP protection 

• First-mover disadvantages? 

– Pioneers get “arrows in the back” 

– Fast followers can learn from mistakes of pioneers, reap staff 

training and customer education benefits 

– Potential technological leapfrogging by later entrants 

• Supplier/buyer power may block innovation 

– Buy time for own forward/backward integration entry 


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Analyze strengths and weaknesses 

1. Is the venture proprietary? 

2. Are the initial production costs realistic? 

3. Are the initial marketing costs realistic? 

4. Does the product have potential for high margins? 

5. Is the time required to get to the market and to reach the breakeven 

point realistic? 


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Look at both internal and external factors 

• Is the potential market large? 

• Is the product the first of a growing family? 

• Does an initial customer exist? 

• Are the development costs and calendar times realistic? 

• Is this a growing industry? 

• Can the product and the need for it be understood by the financial 

community? 


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Evaluate technical feasibility 

• Functional design and attractiveness 

• Flexibility, durability, reliability 

• Product safety 

• Ease and low cost of maintenance 

• Ease of processing and manufacturing 

• User friendliness 


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Evaluate marketability 

• Investigate the full market potential and identifying customers 

• Analyzing the extent to which the potential market can be exploited 

• Determine opportunities and risks 

• Information sources include 

- General economic trends 

- Market data 

- Pricing data 

- Competitive data 


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Do you have these critical success factors? 

• Uniqueness 

– Amount of innovation required 

during pre-start-up 

– Length of time a non-routine 

venture remain non-routine 

• Investment 

– Capital investment varies from 

industries 

– Extent and timing of funds 

needed 

• Sales Growth 

– Growth pattern anticipated for 

new-venture sales and profits 

• Product Availability 

– Product and service still in 

development? 

– Products released too soon, 

recalled for further 

modifications, affecting 

company’s image 

• Customer Availability 

– Critical consideration to 

determine who the customers 

are and what their buying 

habits are. 


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What is the purpose of the business plan? 

• Roadmap for the entrepreneur 

• Selling tool for investors 

• To the investor in a start-up, the business plan is often what they 

are buying 


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Writing a model business plan 

• Concept 

• Market opportunity & strategy 

• Value proposition and sustainable competitive advantage 

• Products and services 

• Team 

• Financials, including pro-forma projections and valuation, total 

funding, funding required, equity offered and exit strategy 


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Begins with an executive summary 

• Contains the key points of your business plan 

• This is all that most investors will read 

• Approximately 2-5 pages long 

• Define your business 

• Why and how it is going to be a success 


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An executive summary should include 

• Concept 

• Market opportunity and strategy 

• Competitive advantage 

• Company products and services 

• Team 

• Financials 


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Presenting the concept 

• Why is it original? 

• Why is it compelling? 

• Why will it sell? 

• Why are you the team to sell it? 


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A good concept still requires a market 

• Identify market opportunity 

• The niche that will make you rich 

• Assess and analyze market 

– Competitors - don’t say you don’t have any 

–Customers 

• Develop marketing strategy 


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Sustainable competitive advantage (SCA) is key 

• What differentiates your business from competitors and is it 

sustainable? 

• Consistent difference in product attributes 

• That is a direct consequence of a capability gap 

• That endures over time 

• Based on delivering superior value to the customer 

• The product attribute differences must be the customer’s key 

buying criteria 


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Sources of SCA 

• Invisible assets 

• Impossible to copy 

• Unattainable with money alone 

• Capable of multiple uses and can speed adaptation 

• Payoff from market pioneering 


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Differentiation to create competitive advantage 

Product 

Services 

Personnel 

Image 

Features 

Performance 

Conformance 

Durability 

Reliability 

Reparability 

Style 

Quality 

Delivery 

Installation 

Customer 

Training 

Consulting 

Services 

Repair 

Competence 

Courtesy 

Credibility 

Reliability 

Responsiveness 

Communication 

Timeliness 

Symbols 

Written Media 

Audio/Visual Media 

Atmosphere 

Events 

Size/Market Share 


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Enhancing customer value 

• Better - through provision of superior quality and service 

• Faster - by being able to predict and meeting shifting customer 

requirements more quickly than competitors 

• Closer - creation of durable linkages, relationships and 

partnerships 


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Company products and services 

Describe your product or service to show that you have: 

• A superior product that 

• Meets customers needs better than the competition with 

• Some combination of 

– unique features, 

– superior quality/value or 

– ability to perform a unique task 


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The team is the most important thing 

• An excellent team can succeed with a less-than-perfect idea 

• A poor team will fail no matter how good the idea 

• Management team 

• Board of directors 

• Advisory board 

• Strategic partners 


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Financials are critical to investors 

• Business model 

– How will this company make money? 

– Path to profitability 

• Projections and valuation 

• Funding required and equity offered 

• Exit Strategy and ROI 


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What is an elevator pitch? 

• You find yourself in an elevator with a potential investor in your 

start-up company 

• You have sixty seconds to pitch your idea 

• Approximately 150 words; three short paragraphs 

• What do you say? 


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Elevator pitch = shortened executive summary 

• Idea 

• Market opportunity 

• Team 

• Competition 


• Total funding, funding required, valuation and equity offered 

• Exit strategy 


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Why is the elevator pitch important? 

• Most good business ideas can be explained very simply 

• Can you identify these business ideas? 

– “We are going to put a PC in every home.” 

– “Fictional romantic tale of a rich girl and poor boy who meet on 

the ill-fated voyage of the 'unsinkable' ship.” 

– “We are going to sell books on the internet.” 

• If you can not explain your idea simply, you are going to have 

difficulty selling it 


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Impossible? 

• “ConstructionBoots.com, is an e-commerce website that sells construction boots, on a b2c and 

a b2b basis. Our primary market consists of construction workers, with secondary markets 

including other individuals and companies in the construction trade. ConstructionBoots.com 

offers the highest quality products and drives traffic to the site by linking to other websites 

related to the construction industry. We believe that the customer would find purchasing and 

direct delivery of construction boots easier through our website, rather than purchasing via 

traditional retail outlets. 

• We will require $5 million in two rounds of funding to reach break-even and the point where the 

company can support itself on our own revenues. We seek to raise $2 million in the first round 

of funding, with a first round valuation of $5 million. We have an industry insider CEO and will 

hire a CFO and Director of Marketing with our first investment round. 

• We believe we will be the only pure e-commerce construction site and will face indirect 

competition from traditional brick and mortar B2B retailers who target the trade as well as 

traditional mass merchandisers. If all goes as planned, we would look to sell 

ConstructionBoots.com to an industry retailer who sells construction gear” 


Source: www.digitaldetroit.org 

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A 15-second pitch 

• For (target customers) 

• Who are dissatisfied with (the current market alternative) 

• Our product is a (new product category) 

• That provides (key problem-solving capability) 

• Unlike (the product alternative) 


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A 15-second pitch for Amazon.com (circa 1995) 

• For people who buy books 

• Who are dissatisfied with shopping in bookstores 

• Our product is an on-line bookstore with millions of titles 

• That uses the Internet to transform book buying into the fastest, 

easiest, and most enjoyable shopping experience possible. 

• Unlike Barnes & Noble, Waldenbooks and other brick-and-mortar 

bookstores 


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Elevator pitch don’ts 

• Do not run long - sixty seconds maximum 

• Don’t be a solution in search of a problem 

• Don’t get stuck on a detailed product description 

• Don’t use jargon 

• Don’t use overly long sentences 

• Don’t stop or go back - if you make a mistake, just keep going 


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Elevator pitch dos 

• Begin and end with your name 

• Incorporate a memorable phrase or image: Think different 

• Pitch the benefits to the investor 

• Be tangible 

• Be passionate 

• Conclude with action steps 


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Practice your pitch 

• Don’t expect to be able to ad-lib it 

• Practice out-loud in front of people 

• Time yourself and get your timing down 

• Be able to do your pitch in your sleep 


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In the financial section of the business plan 

• Business model 

• Financial projections 

• Valuation 

• Funding required and equity offered 

• Use of proceeds 

• Exit strategy and ROI 


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Business model: how will you make money? 

• Manufacturing and selling, outsourcing, partnering, licensing, 

revenue sharing, etc. 

• If it is complicated, include diagrams 

• What are your time, scope and size ambitions? 


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Valuation – how much is your business worth? 

• How much is your business worth, based on comparables and a 

DCF valuation of projected cash flows at an 80% discount rate? 

• Need to explain how you arrived at this valuation. 

• For seed stage companies, generally in the range of $2-4 MM. 

• Pre-money valuation - worth of the business before VC investment 

• Post-money valuation – after VC investment 


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How much equity does the investor receive? 

• Pre-money valuation 

– Equity = Amount invested by VC ÷ (Agreed pre-money value of 

business + Amount invested by VC) 

– $1 MM VC / ($3MM pre + $1 MM VC) = 25% VC equity 

• Post-money valuation 

– Equity = Amount invested by VC ÷ post-money valuation 

– $1MM VC / $4MM post = 25% VC equity 


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How much funding is required? 

• What are sources of funds – debt, equity, retained earnings 

• How much money do you need to raise and how much equity will 

the investor receive? 

• You should generally be raising around $0.6MM to $1.5MM at this 

stage. 

• Remember if raising less than $1MM, will likely be seeking 

investment from Angel investors rather than from VCs. 


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Stages and sources of funds 

OM 

F,F&F 

Incubators 

corporations 

government 

Customers, suppliers, 

strategic partners 

VCs, Banks for VC loans 

Founder’s 

Capital 

Seed/ 

Angel 

Series 

A, B, C 

Mezzanine Pre-IPO IPO 

VC hurdle rates 60-100% 40-60% 20% Why are these rates so high? 


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Equity offered – how much do you need? 

• What percentage does the company want to sell? 

– Often too much or too little 

– This is the wrong question 

• Set performance and fund-raising milestones 

– How much money do you need to achieve the next milestone? 

– Divide defensible firm value by funds needed to determine 

percentage to sell 

• Equity offered in the seed stage should usually be in the range of 

15-30% 


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Use the funds to fuel company growth 

• How are you going to use the money you are raising? 

• Show a detailed breakdown 

• Minimize investment in fixed assets 

• No big salaries for founders 


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Exit strategy and ROI 

• How will investors make money and how much? 

• The most likely exit strategies are IPOs and trade sale, with IPO 

the first choice in most cases. 

• For VCs, ROI should be at least 10 times and preferably 30-100 

times over 5 years. 


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Create financial projections 

Scalability necessary for VC investment - $50MM in annual rev 

• 3-5 years of projected balance sheet, 

income statement and cash flow 

statements. 

• Project from bottom up and top down 

• Sales growth and market share are key 

• Project cash requirements using a 

detailed budget 

Gross Revenues 

Operating Expenses 

EBITDA 

Metric: Ex: Units sold/leased 

Yr 1 Yr 2 Yr 3 Yr 4 


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Pro-forma financial statements 


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Pro-forma DCF valuation model 


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Calculate VC’s Projected ROI 


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Your presentation should include 

• The big idea 



• Company products and services 

• Why are you the best team to do this 

• Financials 


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Use visual aids in your presentation 

• Have no more than one slide per minute of presentation time 

• If your presentation is scheduled to be 15 minutes long, try to have 

around 15 slides 

• Use a clean visual design for the slides, which does not detract 

from the content 


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Less is more 

• Each slide should have around 3-5 short bullet points, maximum 

• Generally avoid sub-bullet points unless they are critical 

• On presentation slides, less is more 

• If you can't explain your message simply, you need to re-formulate 

your message 


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Create takeaway messages 

• People are most likely to remember the first or last things you say 

– start and end the presentation with points that you want them to 

take away 

• They will forget most of the things that you say in the presentation 

– make sure to communicate your important points clearly, 

concisely and memorably 

• People remember stories more easily than lists of facts 

– if you can make any of your key points in story form, that can be 

helpful 


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Start well 

• First impressions are critical - you make yours in the first 7 

seconds of your presentation 

• Be provocative 

• Ask a question 

• Jokes - can be effective, but risky 


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Connecting with the audience 

• Be authoritative 

• Know your material 

• Lead the audience through your story 

• Use anecdotes and illustrative examples 

• Everything you say should contribute to your point 

• Make eye contact 


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How to interest your audience 

• If you can choose, pick a topic they are interested in 

• Outline the problem and present solutions 

• Be passionate 

• Be interactive 

• Display mastery of the material 

• Tell them something that they don’t already know 


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Q&A is the most important part 

• Audience has a chance to ask you about what is on their mind 

• Q&A is do or die time 

• Prepare for Q&A by studying your material in-depth 

• Anticipate likely difficult questions and formulate answers 

• Note questions you are asked and if you did not have a good 

answer to a specific question, formulate one for next time 

• Don’t disagree - agree 


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Presentations are designed to sell 

• Remember that the purpose of many presentations is to sell 

• It is very difficult to sell just by reciting facts about something 

• Want to generate interest, enthusiasm and excitement, while 

conveying expertise, knowledge, competence and teamwork 

• High resolution talks that are clear and rich in content 

• Maximize the rate of information transfer to your audience 


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Putting it all together 

• Develop rapport with the audience 

– Acknowledge the presence of the audience 

• Give them an idea of where you're going 

– Give people a road map of the journey you're taking them 

• Show your enthusiasm 

– Find your own level of passion, bring out that honest enthusiasm 

• It's not about numbers 

– It's about what the numbers mean 

• Make it visual 

– Picture is worth a thousand words 

• Save the best for last 

– Start strong; finish even stronger 


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• Becoming the master of your own destiny 


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Understanding the Startup Graveyard 

• Fact: 75% of internet/tech start-ups beyond biz plan stage will end 

in absolute failure 

• VCs understand these facts; on average fund < 1% of biz plans 

received 

• Companies must make several management decisions that will 

prove critical to sustained success and viability 

• Companies that make strategic errors during the crucial time often 

do not survive 

• Too many ways to fail! 


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Causes of failures 

• Facts 

– People 

– Market opportunity 

– Funding 

– Product and service 

• Suspects 

– Competition (product, talent, etc) 

– Future funding 

– Technology advances/upgrades 

– Customer preferences 

• Surprises 

– Paradigm shifts/disruptive technologies 

– New business models 

– Divine acts 


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Early stage investments 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

45 

35 

31 

24 

22 

19 19 

5 

Management Market Product Funding 

VCs 

Entrepreneurs 


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Later stage investments 

35 

30 

25 

35 

27 

29 

26 

23 

26 

VCs 

Entrepreneurs 

20 

19 

15 

14 

10 

5 

0 

Management Market Product Funding 


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Management Check-list 

Does management/team have passion 

Does management/team have a clear vision 

History of past success 

Experience of management team 

Skill set of management team 

Ability to focus around source of competitive advantage 

Degree of ownership 

Luck factor 

Perceived ability to execute 

Adaptability 

Ability to attract and retain talent 


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Market Opportunity Check-list 

Market potential of idea 

Competitive position 

Defensibility of business plan 

Quality of business model 

Adaptability of business model 

Revenue-generating ability 

Profit potential 

Current/potential alliance partners 


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Product and Service Check-list 

Demand for product 

Degree of addressing customer needs 

Technology 

Strength of brand 

Fulfillment and client service 


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Funding Check-list 

Number and quality of (other) investors 

Project use of funds (legitimate vs. zombie) 

% of company owned by VCs 

Number and quality of similar investments 


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Avoiding failure: lessons recapped 

• Need clearly defined set of goals 

• Successes and failures evaluated relative to the goals 

• Entrepreneur should have 

– full control of the facts 

– be proactive about the suspects, and 

– build enough flexibility into the business model to react 

successfully to surprises 


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The entrepreneur: what skills to master? 

• Identifying and pursuing opportunity 

• Networking 

• Selling and promoting 

• Being proactive 

• Teamwork 


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Characteristics of a successful entrepreneur 

• Leadership and vision 

• Drive and ambition 

• Perseverance 

• Self-confidence, optimism 

• Talent and passion 

• Appetite for uncertainty 


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What about luck? 

• Luck by definition is random 

• In the long run, luck evens out for everyone 

• Luck plays some role in success but much less than you imagine 

• Don’t wait to get lucky; make your own luck 

• “Opportunity favors the prepared mind” 


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Making your own luck 

• Perseverance 

• Networking 

• Flexibility 

• Focus 

• Learn from experience 

• Turn every setback to advantage 


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Fostering the Entrepreneurial Spirit 

 

 

 

 

 

 

 

Being curious 

– Wondering why things work, what’s beyond the hills 

Wanting to explore 

– Having the courage to go where no man has gone before 

Willing to learn 

– Acquiring new knowledge from others 

Wishing to build 

– Using new knowledge to make something different 

Being skeptical; not accept status quo 

– Always ask why, and if is there a better way 

Taking the path less traveled 

– Willing to take a risk, to be authentic, to be different 

Staying hungry, staying foolish 


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Promoting the Entrepreneurial Culture 

Everyone has a voice 

Tools of creativity are widely distributed 

Easy and cheap to experiment 

Capabilities counts more than credentials and titles 

Commitment is voluntary 

Power is granted from below 

Authority is fluid and contingent on value-added 

Everything is decentralized 

Ideas compete on equal footing 

Easy for buyers and sellers to find each other 

Resources free to follow opportunities 

Decisions are peer-based 


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Group presentations 


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5 Minute Presentation 

• Concept 




• Team 

• Financials & Exit Strategy 


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1 Minute Elevator pitch 

• Idea 

• Market opportunity 

• Team 



• Total funding, funding required, valuation and equity offered 

• Exit strategy 


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“Entrepreneurs are simply those who 

understand that there is little difference 

between obstacle and opportunity and are 

able to turn both to their advantages.” 

-Victor Kiam 


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“All progress depends on the unreasonable 

man. The reasonable an adapts himself to 

the world. The unreasonable man persists 

in trying to adapt the world to himself.” 

- George Bernard Shaw 


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Sources and recommended reading 

•Start Up: A Silicon Valley Adventure, by Jerry Kaplan 

•The Entrepreneur: 25 Golden Rules for the Global Business Manager, by William 

Heinecke with Jonathan Marsh 

•Tech-venture: New Rules on Value and Profit from Silicon Valley, by Mohan 

Sawhney, Ranjay Gulati, Anthony Paoni 

•The Second Bounce of the Ball: Turning Risk into Opportunity, by Ronald Cohen 

•Venture Capital: The Definitive Guide for Entrepreneurs, Investors and 

Practitioners by Joel Cardis, Sam and Jason Kirschner, Stan and Hildy Richelson, 

John Wiley & Sons 

•Red Herring Magazine 


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Contact info 

Yen-Lu Chow 

WholeTree Ventures 

yenluc@wholetree.com 

+65-97887537 (hp) 

9 Temasek Boulevard 

#08-02 Suntec Tower Two 038989 


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New Venture Creation: from Idea to Investment - iCentre

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