ࡱ> 9;: ( / 00DTimes New Romanbb(b0LbLb 0DArialNew Romanbb(b0LbLb 0" DMonotype Sortsbb(b0LbLb 00DBenguiat Frisky ATT(b0LbLb 0B  @n?" dd@  @@`` P)O     c $@8g46d6dXb 0Pbf ppp@  <4BdBdbbf\ ?  O =HBuilding the Business of Building businesses Experience of a private B.AIIH  FIVE YEARS AFTER   B.A MISSION  BA has to be convinced and convince others that helping the creation of micro and small companies is mandatory for the future of a country. BA role is  key for early stage, not only as investor but more as a pusher to build a real company with a real business. He must be involved in the company life BA must help to fulfill the  structure holes of the start up , that can be technical, marketing and sales, production, services, finances..... And push to organize the company, to define a positioning on the market and a strategy. Participate and help for next rounds of financing.*I I FIRST STEP FOR START-UP  SECOND AND MANDATORY STEP  MANDATORY FINANCIAL ENVIRONMENT   ,All the start-up are not a future Oracle or Microsoft, many of them can become medium/ reasonable size company ( 3 to 10 Meuros) if helped at the right moment. IT is very important to find  structures private or governmental able to provide the 1.5 or second round of financing which accept to finance, help and support such profile of companies, and not only future  stars /, or companies yet successful. Today due to the consequences of the 92  Internet bubble , it s hard to find post-development financing, at least in France ,y    'B.A selection to help a start-up today  (  Based on my 5 years and 10 companies experience the technology company that have a chance to start must have: A real Technology and/or an application Know-how A mix of management, development and marketing and sales capabilities A team very sensible to the market demand, very flexible to modify/adapt products and functions in front of market reaction. ( up to now I haven t see a market study and sales previsions of a Business Plan corresponding to the reality). Being sure to have, before to start, enough cash to reach first version of the product and first sales, it s now a minimum of 2M euros. So it s easier to start service companies.....sorry vo4oV]4 U  7  A PANORAMA OF MX5 INVESTMENTS  ! CONCLUSION   THE END SOME QUESTIONS?    ` .T3f` T3f3f` 999MMM` lff3f3޲` eoHff33Ҷ` ff!>?" dd@ ?nFd@ d " @ ` n?" dd@   @@``@n?" dd@  @@``PP   @ ` ` p>> wo (     s *tv   v e1Cliquez pour modifier le style du titre du masque2 2.  c $v ` v vCliquez pour modifier les styles du texte du masque Deuxime niveau Troisime niveau Quatrime niveau Cinquime niveau4 w  c $4 v k v ]* 2    c $ v `  v _*(2    c $ v `@ v _*(2  j  Bvd @  <T!v0P SMX5"  Z  B޽h))? ? 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T3f3f 0 0Pb(  P P 04&v P   v ]*    P 0&v    v _*   d P c $ ?  v: P 0&v  @ v vCliquez pour modifier les styles du texte du masque Deuxime niveau Troisime niveau Quatrime niveau Cinquime niveau4 w P 6T'v `P  v ]*    P 6? `  v _*   H P 0޽h ? ̙33R  @X(  Xl X C @ P   v  X 0$AP " DCharles MALKA, Forum Binary Venture Capital Bucharest, September 26E 2E E H X 0޽h ? T3f3fz  *"Ph(  hl h C B    v  h 0C0`N MX5 is in the B.A business from end of 1998, as private investor with limited funds (750 000 euros). Investment in 10 companies/start-up Today One is dead Two have been sold to large corporations Two are freeze Five are still running Around 200 jobs have been created. N 2] 2$ 2 2]%,]    H h 0޽h ? T3f3f  `p(  pl p C $D     l p C D `  H p 0޽h ? T3f3f  p:(  l  C C       0dC   .Start-up need to have in the environment A Business Angel network with involved BA Seed Money funds with available consultants to help in building the company A mix of B.A, Funds and consultants $)(2 2 )   H  0޽h ? T3f3f  e]( H l  C F     I  0$G0y The most important reason for failure is the inability to attract and maintain financing Attracting financing is an ongoing effort. Success in the initial round is no guarantee that later rounds will be an easy matter. One of the most critical mistakes is under estimating the capital requirement.... In term of the ongoing costs (X2) and the length of time it will take for revenues (X3). & 2F<  H  0޽h ? T3f3f  ( Ss l  C F     l  C E `  H  0޽h ? T3f3f  (  l  C dI    v l  C I   v H  0޽h ? T3f3f .( [   0J bA PANORAMA OF MX5 INVESTMENTS.(2  ,  0DK0 ASTRIA ERP for Biological laboratory 1.5 Me revenues, Start 4 years ago with 150Ke no 2nd round, JAAGO Software providing complete personalization engine for mobile Internet Applications Start 3 years ago with 2 M$ ...sold to NOKIA ARTURIA Music Software company providing Virtual Studio (STORM) and Synthesizer ( MOOG) Start 4 years ago with 150 Ke second round 150 Ke, Commercial success, needs funds to make money8 2, 2[ 2- 2Z 2c 21,V- 1c6a    2 H  0޽h ? T3f3f VN\( 4@u@ \ \ s *   gA PANORAMA OF MX5 INVESTMENTS   \ 0P8 } MAILOMANIA Corporate email service Freeze.....error on the market acceptability, and not enough money to finish the solution and market it ATHYS Software for real time automation simulation Start 3 years ago with 1.5 Me sold to DASSAULT RAISE PARTNER Solutions for Robust Risk management in Finance. Very successful Start 2 years ago with 1.2 Me, running for second round & 2h 25 20 2P 2: 2 2 h/0A: B  : H \ 0޽h ? T3f3f  WO(  l  C D     ;  0D+  sGREENLIGHT a funny consumer product Start 4 years ago Incredible acceptance by consumers Freeze Marketing Fiasco:% 2O 2%> t H  0޽h ? T3f3ff   (  $ l  C t%v   v   0%v`` ,A country needs a permanent flow of new companies All the actors must participate , government, corporations, Universities, financial community etc. and citizens also by acquiring entrepreneurial spirit. Environment has to be tailored for ease the start-up process, and there is 4 key factors (between zillions) for having some success with a start-up Technology environment (University, Research center....) Financial environment ( Government support like ANVAR in France, VCs, Banks,... Marketing and Sales spirit through training and experience LUCK*` 2 2`   N H  0޽h ? T3f3fd   d( i'i dl d C d  P    H d 0޽h ? T3f3frP0#Bp3Hd_/kJNRVPXnZOdfpl!bF( / 00DTimes New Roman$b$b0b0TbTb 0DArialNew Roman$b$b0b0TbTding the Business of Building businesses Experience of a private B.AFIVE YEARS AFTER B.A MISSIONFIRST STEP FOR START-UPSECOND AND MANDATORY STEP MANDATORY FINANCIAL ENVIRONMENT)A Project for financing in Grenoble Area(B.A selection to help a start-up today Aucun titre de diapositiveAucun titre de diapositiveA PANORAMA OF MX5 INVESTMENTS CONCLUSIONTHE END SOME QUESTIONS? Polices utilisesModle de conceptionTitres des diapositives  6> _PID_GUIDAN{CF2CE960-ED07-11D7-8C9F-0080C7DD8AA5}Root EntrydO) 8T<Current User,SummaryInformation( PowerPoint Document("  !"#$%&'()*+,-./0123456G8QfHIJKLMNOPVWXYZ[\]^_`abcdeghijkl7  !"#$%&'()*+,-./012345678:;<=>?@ABCDEFGHIJ_AndiAndiOh+'0 px  ( 4 @ LX`Business Angel..a storyiMalkass5C:\WIN95\BUREAU\Mes documents Pro\MX5\Masque MX5.ppttMalka9517kMicrosoft PowerPointocu@ ‹@@!;1lh@7G8 oM  I&Root EntrydO)@T@Current User2SummaryInformation( PowerPoint Document("  !"#$%&'()*+,-./0123456G8QfHIJKLMNOPVWXYZ[\]^_`abcdeghijkl7  !"#$%&'()*+,-./012345678:;<=>?@ABCDEFGHIJ_FlorinFlorinOh+'0 px  ( 4 @ LX`Business Angel..a storyiMalkass5C:\WIN95\BUREAU\Mes documents Pro\MX5\Masque MX5.ppttMalka9517kMicrosoft PowerPointocu@ ‹@@!;1lh@7G8 oM  I&> _PID_GUIDAN{CF2CE960-ED07-11D7-8C9F-0080C7DD8AA5}b 0" DMonotype Sorts$b$b0b0TbTb 00DBenguiat Frisky ATT0b0TbTb 0B   @n?" dd@  @@`` X*_     c $@8g46d6d`b 0Xbf ppp@  <4BdBd$b$bf\ ?  O =)HBuilding the Business of Building businesses Experience of a private B.AII I FIVE YEARS AFTER   B.A MISSION  BA has to be convinced and convince others that helping the creation of micro and small companies is mandatory for the future of a country. BA role is  key for early stage, not only as investor but more as a pusher to build a real company with a real business. He must be involved in the company life BA must help to fulfill the  structure holes of the start up , that can be technical, marketing and sales, production, services, finances..... And push to organize the company, to define a positioning on the market and a strategy. Participate and help for next rounds of financing.*I I FIRST STEP FOR START-UP  SECOND AND MANDATORY STEP  MANDATORY FINANCIAL ENVIRONMENT   ,All the start-up are not a future Oracle or Microsoft, many of them can become medium/ reasonable size company ( 3 to 10 Meuros) if helped at the right moment. 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( up to now I haven t seDocumentSummaryInformation89Root EntrydO)%UCurrent User%SummaryInformation( PowerPoint Document("  !"#$%&'()*+,-./0123456G8HIJKLMNOPVQfWXYZ[\]^_`abcdeghijkl7  !"#$%&'()*+,-./012345678:;<=>?@ABCDEFGHIJ_bMalkaOh+'0 px  ( 4 @ LX`Business Angel..a storyiMalkass5C:\WIN95\BUREAU\Mes documents Pro\MX5\Masque MX5.ppttMalka9517kMicrosoft PowerPointocu@ ‹@@!;1lh@7G8 oM  I&e a market study and sales previsions of a Business Plan corresponding to the reality). Being sure to have, before to start, enough cash to reach first version of the product and first sales, it s now a minimum of 2M euros. So it s easier to start service companies.....sorry vo4oV]4   A PANORAMA OF MX5 INVESTMENTS  ! CONCLUSION   THE END SOME QUESTIONS?  X  @h(  hl h C =    v  h 0T>0`N MX5 is in the B.A business from end of 1998, as private investor with limited funds (750 000 euros). 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T3f3fr(me 0vʼnplΠ"b &&#TNPPp0v & TNPP &&TNPP    & "--- !- "----- !---&&& - "Arial - . 2 1 .&t&--- $pp--- $-p-pZZ- $ZpZp- $pp- $pp- $pp- $pp;;z- $;p;phhr- $hphpj- $ppb- $ppZx- $ppTo- $ppIINh- $IpIpvvJb- $vpvpG_- $pp---& "--q--&--{ -- BBenguiat Frisky ATT- . 2 *MX5.--1x-- Times New Roman- 3f.I2 ,Building the Business of Building businesses           . 3f.02 "Experience of a private B.A        .--\-- 3fTimes New Romanl- .2 Charles MALKA,  . .12 Forum Binary Venture Capital       . .*2 OBucharest, September 26    .--"Systemn-&TNPP &՜.+,D՜.+,    *Affichage l'cranMX5"T j Times New RomanArialMonotype SortsBenguiat Frisky ATTMasque MX5.pptIBuil