Financing_of_Start-up_Ventures.pdf

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1、FinancingofStart-upVenturesJanuary17,2006Dr.RuediGygaxNovartisVentureFundNovartisVentureFundFinancingofStart-upAgendaVenturesJanuary17,2006Dr.RuediGygaxFinancing:Achapterofthebusinessplan?!DifferenttypesofcompaniesTypesoffundsWhofinances?TherightfundtypeforyourcompanyBalancesheetconsiderati

2、onsValuationImplementationin(several)financingroundsTermsheetsSummaryQ&ANovartisVentureFundBusinessPlanNovartisVentureFundBusinessplanDescriptionofbusinessExecutivesummaryEnterprise,technology,conceptFinancingneedsMarketanalysisCompetitiveanalysisCHFSWOT-analysis(strength,weaknesses,chances

3、,risks)StrategicgoalsundactionplansStructureandorganization,peopletimeFinancialstructureNovartisVentureFundDifferenttypesofcompaniesNovartisVentureFundType„ServiceCompany“SmallisbeautifulSomeinitialinvestments,Incomesoonafterstart.Small(risk/returns)NovartisVentureFundType„Dog“Alreadythebus

4、inessplanisafailureHighrisk-lowreturnNovartisVentureFundType„BioTech“Highrisk–highrewardLargeR&D-cost,verylongtimeframes.FirstincomethroughpartneringHighrisk–highreturn.NovartisVentureFundType„InstrumentCompany“CapitalintensiveSignificantR&D-cost,significantworkingcapitalneeded.Mediumtimeto

5、revenues.Mediumrisk–mediumreturnsNovartisVentureFundDifferentTypesofCompaniesneeddifferentFinancingStrategiesFinancialTypeofCompanyneedsSomeinitialinvestments,ServicesrelativelyIncomesoonafterstart.forfeesmallSmall(risk/returns)isbeautifulSignificantR&D-cost,significantworkingHard-/Software

6、capitalneeded.Mediumtimetorevenues.productslargeMediumrisk–mediumreturnsLargeR&D-cost,verylongtimeframes.IntellectualveryFirstincomethroughpartneringpropertyproductslargeHighrisk–highreturn.NovartisVentureFundHowtofinance?NovartisVentureFundTypesofFundsProsandConsCo-ownershipEquitySharingup

7、sideanddownsideShareholder:SamepartyFundsBorrowingmoneyObligationtorepayDebtObligationtopayinterestDebtor:ThirdpartyNovartisVentureFundTypesofFundsProsandConsCo-ownershipEquitySharingupsideanddownsideShareholder:SamepartyFunds+AlignedInterests+Trust-Expe