Andjeli Rano Lete-Niko Slavnic-PG 2011

Niko Slavnic
Podgorica, 23.2.2011
Niko.Slavnic@gmail.com
Anđeli rano lete
5 načina do „krila“ za vaše poslovne ideje
niko.slavnic @IEDC.si
No Managers - Just Entrepreneurs!
Share price timeline finance
1994
0,001 USD Jeff Bezos
10.000 $ + 44.000 $ loan
0,1717 USD 1995 Family - parents
245.000 $
A
M 0,1287-0,3333 USD 1995 2 business angels
54.408 $
A 0,3333 USD 1996 Syndication of BA
Z 20 x46.850 $ = 937.000 $.
O 0,3333 USD 1996 family

20.000 $
N 2,3417 USD 1996 2 Venture Funds
8 mio. $.
18 USD 1997 IPO
3 mio. shares = 49,1 mio.$.
52,11 USD 1998 bonds

326 mio. $ bonds for 75 mio. $
 Events  Harvard VC
 Mobile  First SEE book for VC
 OTC  SeedCamp
 Distribution innovation  EBAN
 TV sales  IEDC
 PC service  Slovenia Start Up
 New markets  iTime 09, 10 (Microsoft)
 Turnaround publishing  IncredibleEurope BA
 Finance support
 Patents
Entrepreneurial vs. VC experience
Yes/No?
“Imam osjećaj,
da je ovaj_____
PRAVI!”
Fail Quick
Fail Cheap
What is going on the market?
Market is limited
Just quality and price?
we are the
ONLY/BEST
one in the
world
2
Kako “nova” je voda?
217 evr.
http://www.charitywater.org/
1. What problem do you solve? (Evidence of the value of the
problem)
2. How do you solve it? (Does it work?)
3. Who are your clients & how much will they pay for the
solution?
4. Can you make a profit from engaging in this?
5. How can you really grow the business so that in 5 years my
investment is worth 10x what it is today?
6. Who are the team? And why should I believe that they can
deliver on the above?
7. Tell me all the things that can go wrong with the plan – and
what contingencies do you have in place to cope with these?
7 key questions
Mi nismo anđeli
Niko Slavnič
 Retained earnings (Internally Generated Funds)
– You reinvest your money into growth of the business
 Grants and other support on offers (incubators, TP)

– Usually the cheapest money you can get (consider kg of reports)
 Debt financing (credit, leasing, factoring,

franchising…)
– You borrow money and return the borrowed amount + interests in agreed time
periods. There must be insurance for every penny, it influences your cash flow
and there is usually no added value from Mr. Banker.
 Equity financing (!)

– The investors becomes co-owner of the company
Sources of financing
• 9 out of 10 ventures fail in 5 years
• 6 out of 10 BA invested companies fail
• 1 out of 10 invested ventures makes
more money than expected
• 1 out of 100 invested is homerun - and

that’s the name of the game
Concept of Venutre Financing

equity
financing
Inside
– 4F (founders, friends, family, fools)
Outside
– Business angels
Venture Capital
– Venture Funds
– Private Equity Funds
– Stock Exchange
Equity financing
Red way
Founders
Friends
Family
Fools
Blue way
AUSTRIA SPAIN ESBAN - Red Española de Business Angels
i2 - Die Börse für Business Angels / AWS www.business-angels.at www.esban.com ACC1O' - CIDEM | COPCA
www.awsg.at www.catalonia.com BAN Madrid
BELGIUM Be Angels www.madrimasd.org BANC
www.beangels.be BAN Vlaanderen www.bancat.com BANG
www.banvlaanderen.be BRABO Ventures - Associated www.bang.es GOBAN - CEEI Ciudad Real/BICs
www.braboventures.com BULGARIA Bulgarian Business Angels Association www.ceeicr.es ESADE ALUMNI - CEIE
www.bbaa-bg.org Bulgarian Business Angels Network www.esadealumni.net ENTRINNOVA
www.bban.eu www.entrinnova.com IESE
CROATIA CRANE - Croatian Business Angels Network www.crane.hr www.iese.edu/businessangels InnoBAN
UMIS-SMEA Small and Medium Entrepreneurs' Association - Associated coming soon REALIZA BUSINESS ANGELS
www.umis-smea.hr www.realiza-ba.com UNIBAN
CZECH REPUBLIC Angel Investor Association www.uniban.org XARXA UNIBA www.uniba.cat
www.aia.cz HIDALGO Partners - Associated SWEDEN SVCA - Swedish Venture Capital and Private Equity Association
www.investori.cz
www.svca.se ALMI Businesspartner Orebro AB - Associated
FINLAND SITRA - The Finnish Innovation Fund www.sitra.fi www.almi.se NUTEK - Associated
FRANCE France Angels www.nutek.se STING - Stockholm Innovation & Growth BA
www.franceangels.org/ KEIRETSU FORUM PARIS www.stockholminnovation.com
www.k4forum.com MEDIA-DEALS (Transnational Network)
www.media-deals.org PARIS BUSINESS ANGELS SWITZERLAND SECA - The Swiss Private Equity & Corporate Finance Association
www.parisbusinessangels.com SOPHIA BUSINESS ANGELS www.seca.ch BAS Business Angels Switzerland
www.sophiabusinessangels.com www.businessangels.ch CTI Invest - The Swiss Venture Platform
www.cti-invest.ch Go Beyond Ltd (Transnational Network)
GERMANY BAND - Business Angels Netzwerk Deutschland e.V. www.go-beyond.biz THE NETHERLANDS BiD Network Foundation
www.business-angels.de Business Angel Agentur Ruhr www.bidnetwork.org Development Agency of East Netherlands
www.baar-ev.de Netzwerk|nordbayern www.meestersvandetoekomst.nt EsBro B.V.
www.netzwerk-nordbayern.de BANSON www.esbro.org NEBIB
www.banson.net Peter Jungen Holding - Associated www.nebib.nl TECHNOPARTNER - Associated
QUANTUM BOARD GmbH www.technopartner.nl
www.quantumboard.eu GREECE Mentoring Business Development Services SA
www.mentoring.com.gr Hellenic Organisation of Small & Medium Enterprises & TURKEY
Handicraft - Associated Metutech-BAN www.metutech.metu.edu.tr
www.eommex.gr LabX www.lab-x.org
ITALY IBAN - Italian Business Angels Network UNITED KINGDOM
www.iban.it META Group S.R.L. - Early Stage Ventue Capital Fund BBAA - British Business Angels Association
www.meta-group.com
www.bbaa.org.uk Advantage West Midlands - Associated
LUXEMBOURG LBAN - Luxembourg Business Angel Network www.lban.lu www.advantagewm.co.uk DELTA FINANCE - Associated
MALTA Malta Enterprise - Associated www.deltafinance.biz E-SYNERGY - Early Stage Ventue Capital Fund
www.maltaenterprise.com Malta BAN www.e-synergy.com EXEMPLAS - Associated
www.maltaban.com
www.exemplas.com Finance South East - Early Stage Ventue Capital Fund
NORWAY Connect Vest Nusiness Angel Network www.connectvest.no www.financesoutheast.co.uk Halo
POLAND PolBAN - Polska Sieć Aniolow Biznesu www.nisp.co.uk LINC Scotland
www.polban.pl Lewiatan Business Angels www.lincscot.co.uk London Business Angels
www.lba.pl SilBAN - Śląska Sieć Aniołów Biznesu www.lbangels.co.uk MBM Commercial LLP - Associated
www.silban.pl
www.mbmcommercial.co.uk NESTA - Associated
PORTUGAL FNABA - Federação Nacional de Associações de Business Angels www.nesta.org.uk Northwest Business Angels
www.fnaba.org APBA - Associaçao Portuguesa de Business Angels
www.apba.pt GESVENTURE www.nwbusinessangels.co.uk SWAIN - South West Angel & Investor Network
www.gesventure.pt IAPMEI - Portuguese Agency for Companies - Associated www.swain.org.uk Xenos
www.iapmei.pt www.xenos.co.uk
RUSSIA The National Union of Business Angels of Russian Federation - RUSSBA UKRAINE Private Investors of Ukraine www.uaban.org
www.russba.ru SLOVENIA Business Angels of Slovenia TRANSNATIONAL EUROPEAN NETWORKS
www.poslovniangeli.si (under construction)
European Business Incubation Centre Network (EBN/BIC) - Associated
www.businessangels.si (under construction)
Business Angels
www.ebn.be European Foundation for Management Development (EFMD) ww.efmd.org

Business Angels
 High net worth individuals with lots of business experience
and good reputation; usually serial entrepreneurs
 High emotional incentive
 Smart money
– Business and sector know how
– Experiences
– Social capital
– Sometimes working in the business (for free)
 Their drive is to create companies
 Not all angels are alike

– Sector, business background
– Active (hands-on), passive investors
Business angels
Co. Angel Invest Exit Value
Apple No name) $91.000 $154 mio.
Amazon.com Thomas Alberg $100.000 $26 mio.

Body Shop Ian McGlinn £4.000 £42 mio.
Angels can fly

 Seed or Startup Phase
– Prototype, first customers
 100k€ - 300k€, + syndications
 All the sectors, but usually sectors they know
Geographically: max two hour drive

– New paradigm of cross border investing
 Time horizon of investment: 3 – 7 years (exit)
 Exit: IPO, M&A, Buyback
 ROI: min 30% annually; rule of thumb:
– 3x money in 3 years
– 5x money in 5 years
Business angels
1. Higher credibility
2. Strategic and business consulting
3. Sales contacts
4. Helping to close the deal
5. Contacts of potential strategic partners
6. Organizing a business
7. HR contacts
8. Getting additional funding
9. Exit
9x Adding Value
 Innovative idea
– problem, pain, solution
 Business model
– scalability, profit margins etc.
 Big market
– PEG – Potential for Explosive Growth
 Top executive team with strong leadership
 Exit strategy
Enthusiasm (spark in the eyes) and Competences
(knowledge, skills, values, beliefs + experiences, network)
What do we look for?

Green way
 It’s a FUND (like mutual fund) with hired management
team (some of them are partners)
 Established for 10 – 12 years (fund raising, investing, exits)
 They have their own investors who expect return
 Investment policy
 Investments in later stages (in our region)
– Expansion capital
 Higher investment size: 1 mio € to 3 mio €
 Different added value: CFO, Exit
 Different type of funds (Sector, Geography, Stage of development)
VC Funds - difference
Sklad Regija Spletna stran
Kohlberg Kravis Roberts (KKR) US, Europa www.kkr.com
Clayton, Dubilier & Rice US, Europa www.cdr-inc.com
Doughty Hanson Europa www.doughtyhanson.com
The Carlyle Group Global www.thecarlylegroup.com
Thomas H. Lee Partners US N/A
JP Morgan Partners Global www.jpmorganpartners.com
BC Partners Europa www.bcpartners.com
Apax Partners Europa www.apax.com
Alchemy Partners Europa www.alchemypartners.com
CVC Capital Partners Europa www.cvceurope.com
Warburg, Pincus & Co. Global www.warburgpincus.com
Bain Capital US www.baincap.com
Forstmann Little & Co. US www.forstmannlittle.com
Who’s Who in VC
European Private Equity and Venture
Capital Association
 Investments by European private equity and venture
capital firms amounted to
€73.8bn in 2007
 5,200 European companies received
private equity investments.
 About 85% of these companies have fewer than 500
employees.
Studies show that between 2000 and 2004 European
private equity and venture capital financed companies
created 1 million new jobs
EU VC
VC Europe
EU BAN Statistics
• 300 angel networks in EU
• 250 EBAN members
BAN
EU versuss US
2007 EU US
Networks 297 245
Estimate n of 75.000 250.000
angels
Investment per 165.000€ 210.500€
round
Total estimate 3-5 billion€ 20 billion€
invested
annually
Total invested - 4 billion € 20 billion €
by VC annually
in seed (EVCA
data)
• 25% of US level
Sucess Stories
SI
• Big Bang
• Zemanta (?)
EU
• The Body Shop
• Skype (50.000€ -> 2 mio € in 3 years)
• Innocent
US
• Apple
• Dell
• Amazon
• Google (433x money back)
My way
Investment process
Preparation of
Inflow and Internal
investment Investment,
selection of training and Investment
Due Dilligence agreement addition of
potential business plan presentation
and value and exits
projects preparation
negotiations
BAN Manager Review

Investment criteria
 Phase of the company: Seed or startup (founded company with

first revenues)
 Size: 100.000 € - 500.000 € (syndication, trend)
 Mechanisms: Equity financing, convertible loan agreements
 Sectors: No limitations (ethical business)
 Investment time: 3 to 5 years
 Expected: Minimum 30% annual return
 Targets: Companies with high growth potential, excellent
management and viable exit strategy.
What is an entrepreneur?
http://vimeo.com/1295830
What are investors looking for?
What are the classic mistakes start-ups
make time and again?
How do I find investors who are right for
me? http://vimeo.com/1295947
Video
1. niche market
2. product quality
3. entrepreneur profesionall skills
4. expected financial compensation (for investors)
5. formal protection product (Patents)
6. possible "exits" from the company
7. confidence and reliability of the entrepreneur
8. entrepreneur's experience
9. Market growth potential
10.impression after the meeting
11.potential product sales
12.enthusiasm of the entrepreneur
13.protection of competitive advantages
TEST
What is most important for investor?
1. confidence and reliability of the entrepreneur
2. entrepreneur profesionall skills
3. enthusiasm of the entrepreneur
4. expected financial compensation (for investors)
5. potential product sales
6. market growth potential
7. entrepreneur's experience
8. impression after the meeting
9. product quality
10.protection of competitive advantages
11.possible "exits" from the company
12.niche market
13.formal protection product (Patents)
Test Results
Enthusiasm
Trust
Expertise
Impression after meeting
Experience
Most important for investor?

Enthusiasm
Trust
Expertise
Impression after meeting
Experience
Looking for Entrepreneurship characteristics

You - 8 Success factors
Do you have it?
• Passion – do it for Love, not for Money
– If you do it for love, money comes anyway
• Hard Work – nothing worthwhile comes easily
• Focus – focus yourself on one thing
• Push – physically, mentally, you gotta push, push, push
– Shyness, Self doubt
• Improve – get damn good at something (practice, practice, practice)
• Serve – serve others something of value (problem solving)
• Persist – through Criticism, Rejections, Assholes, Pressure
• Ideas - be curious, ask questions, solve problems, network,…
(TED.com: Richard St. John’s 8 secrets of success)

Idejama dajemo krila
Niko Slavnič
It’s like getting married
• Desire (followed by action)
• Meeting point
– Angel networks (20%)
– People you already know (80%)
• Good sales pitch
• Chemistry (!)
• Same vision
• Trust
• Contribution into relationship
• Signing the contract
• Divorce
What to look for?
1. Innovative idea
– problem, pain, solution
2. Business model
– scalability, profit margins etc.
3. Big market
– PEG – Potential for Explosive Growth
4. Top executive team with strong leadership
5. Exit strategy
Enthusiasm (spark in the eyes) and Competences (knowledge,

Myths
Investor will steal my idea
Investor will take over my company

hell angels in Slovenia
Niko Slavnič
Why Business Angels of Slovenia?
• A big lack of early stage financing sources for SMEs, even

bigger in the financial crises
• Fast development of new entrepreneurial activities
• In the past, few successful business angel investments
were made, but no network
• Business angels are a very important fragment of the
capital market in every country and have a significant
role in the development of successful new companies
• We had first sponsor for 50.000€
Profile of the Association
• Legal founding form: Non for profit association (club)
• Founding date: June 2007
• Official name: Poslovni angeli Slovenije
• International name: Business Angels of Slovenia
• Webpage: www.poslovniangeli.si, www.businessangels.si
• Primary investment region: Slovenia
• Secondary investment region: Countries in the Balkan
region (cross border investments - trend)
• Our members: More than 35 carefully selected top high
net-worth individuals from Slovenia
Association activities
• Promoting equity investing

• Scanning and evaluating the projects/teams/companies
• Educating potential business angels and entrepreneurs
• Cooperation with entrepreneurial support organizations
• Organization of internal events (investment dinner)
• Deal structuring (legal, financial structure etc.)
• Due Diligence
• Monitoring and adding value (hands on investing)
• Information exchange between members
• Cooperation with foreign business angel networks
Pipeline development
• Public relations
• Appearance at entrepreneurial conferences
• Promotion through key partners
– Educational institutions (faculties, institutes etc.)
– Support environment (incubators, technology parks etc.)
– Student initiatives
– Co investments
• Webpage
• Networking and word-of-mouth advertising
Our own projects
• StartUp Slovenia Business Plan competition (co organizers)

• 100% StartUp Forum (co organizers)
• iTIME Business Accelerator
• (don’t) SKIP conference (early stage financing conference)
• Slovenian Innovation Forum (co organizers)
• Investment Readiness Program (StartUp School)
• More than 40 entrepreneurial events per year!

My way
Start Up School
• The purpose is to help entrepreneurs write appropriate

investment documentation:
– Business plan
– Executive summary
– Business plan presentation (10/20/30)
• The emphasis is on financial projections for a 3 to 5 year
forecast
• For every project, we try to make a basic deal structure which
is the starting-point for further negotiations between the
investors and entrepreneurs
• We also prepare the entrepreneurs for their presentation to
the investors
EU Projects
• EBAN Members
• Easy Cross Border Early Stage Financing (2008 – 2009)
• Inno Deal Innovations (2008 – 2009)
• Ready for Equity 2 (2009 – 2010)
– 4 years of program development
– Business angel trainings
– Entrepreneur trainings
– EBAN Accredited
• International oriented BAN!
Club financing
• Memberships fee for Business Angels (1.500€)

• Investment Readiness Program (200€)
• 3% Success Fee of the Investment
• Consulting services
• Sponsorships and donations
• Public sources of financing (EU projects)
• It’s good to have a sponsor (private or public)

Current results
• Founded in June 07 (very young BAN)

• 35 members, business angels
• Over 300 companies reviewed (100+ annually)
• Over 100 companies took part in our IRP
• 50 projects presented at 5 investment dinners
• 8 projects supported, total investment value of 1,65 mio €
• Business angels Fund (5,4 mio €)
Business angels Fund
• Starts to operate in Jan. 2011

• 5,4 mio € business angel fund
• 51% business angel money, 49% public money
• Most active business angels are in investment committee

• Sectors allowing for high returns
• Seed and early stage fund (50.000€ - 500.000€)
• We plan to make 15 investments in next 5 years
Our portfolio
• OBS d.o.o. – mountvacation.com internet booking portal

• Versor d.o.o. – systems for parking optimization in car parks
• Sonia d.o.o. – fashion accessory store
• Acies E d.o.o. – biotechnology development company
• British International School in Ljubljana d.o.o.
• Sosed d.o.o. – computer assistance at home
• Ekstundo d.o.o. – patent for eliminating dead spots in cycling
• VentureLab d.o.o. – management and business service company
 Zemanta:
 http://www.youtube.com/watch?v=06yib
v1uAqI
 SQUARE:
 http://www.youtube.com/watch?v=QSzsF
AJAKHI
10 good reasons for becoming BA
anyone with a little spare cash, belief in their business acumen and an adventurous spirit can
get involved in this exciting and sometimes very rewarding venture.
1.For the profits - 

2. What else is there to invest in? Have hands on
3. For the kudos - management consultants of the new millennium
4. To be part of something special “I built that one”
5. To give a little back –put years of expertise to good use
6. To contribute more than just funds - more than just your money.
7. To exercise your grey matter – stimulate your mind and your wallet
8. Financial security – Less eggs in one basket
9. The spirit of adventure - confidence for new paths even when the way is unclear
10. Did I mention the profits? - It can be massive
HOĆETE KRILA?
How to
?
A.1 A.2
A.4
A.3 A.4
Learning Menü: Big Five
BLACK SWAN
 Off the radar screen
 Huge Impact
 “Retrospectively” logical
& foreseeable!
Low Probability High Impact (by Nassim Taleb)
GO
How to
globaly?
SHARKS IN
BLUE OCEAN
•value innovation
•do something different, create a "blue ocean".
•The innovation (in product, service, or delivery)
must raise + create value for the market
• simultaneously reducing/eliminating features &
services that are less valued by the current or future
market
B.O.S.: Sharks in the red ocean (by W.Chan Kim)
MAKE
MARKET
How to
your market?
Cirque du Soleil: reinventing the industry
Wii : focus on core business, innovation
technological leaps when they matter
ELEPHANT
CAN(NOT) DANCE
Learning Elephants to dance
BIG
BOYS
How to
your Company?
the shift from
chemistry to
electronics is a
technological change
that destroys the
profitability of the
traditional
photography
business
Kodak as a
niche player
From Hero to Zero?

Adopting customers
Mouses are eating the cheese
PURPLE COW
• Habit of doing the "unsafe" thing
• Explore the limits
• Go from the smallest conceivable market
• Find things "just not done"
• Differentiate your customers. Ignore the rest.
• Pick one underserved niche
• Customer base that loves what you do
• Ask, "Why not?"
Making & marketing something remarkable = asking new
questions + trying new practices (Seth Godin)
DO
SALES
How to
your products?
Using Denmark brand: Shipman (www.Seaway.si )
from niche to Monte Carlo www.interblock.si
How to sold the fridge for $ 110,000? www.Gorenje.si
9
BUTTERFLY WINGS
The flapping wing = a small change
in the initial condition, which causes
a chain of events leading to
large-scale phenomena
The butterfly effect (Jacques Hadamard)
MORE
CONSUMERS
How to
users?
In modern Japanese slang, the term otaku refers to an overtly obsessive fan of,
or is specialized in any one particular theme, topic, or hobby.
Otaku
You are having Your own stadards
Customer development
How far can you go?
Me
http://www.youtube.com/watch?v=1xXNoB3t8vM&mode=related&search=
http://www.youtube.com/watch?v=DIvifMxBcmQ
Others
http://www.youtube.com/watch?v=YgW7or1TuFk&NR=1
Virtual
http://www.youtube.com/watch?v=ovL4pZod_gw
We
http://www.apple.com/iphone/ads/ad2/
iCult
http://www.youtube.com/watch?v=ljbI-363A2Q
SHiFT
HAPPENS
…because this creates
Create Customer Value profit potential
…because it protects the

Differentiate potential from
other companies
…in order to realise
Extract Value the profit potential
What are the goals of every business?

One thing that really
matters about a plan is how
it’s different from every
other plan.
NEXT
THING?
Brand called
Almost everything you don't do has no good reason for it. Almost
everything you don't do is the result of:
fear / inertia / lack of someone asking "Why not?"
out
of
the box
HAS DONE?
IN THE WORLD
THAT NO ONE
DONE TODAY,
WHAT HAVE YOU
ACOT (Apple Classroom of Tomorrow)
West High School, Columbus, Ohio, ZDA
What can angels for you?
Dare
Care
Share
The most important part of this day
is
what you DO
afterwards
Decision Making
TODAY
TOMORROW
A.1 A.2
A.4
A.3 A.4
Learning Menü: Big Five
Contact:
niko.slavnic@gmail.com +386 41 690 666

Andjeli Rano Lete-Niko Slavnic-PG 2011

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Niko Slavnic

A 0,3333 USD 1996 Syndication of BA

O 0,3333 USD 1996 family

52,11 USD 1998 bonds

 Grants and other support on offers (incubators, TP)

 Debt financing (credit, leasing, factoring,

 Equity financing (!)

• 6 out of 10 BA invested companies fail

• 1 out of 10 invested ventures makes

• 1 out of 100 invested is homerun - and

Concept of Venutre Financing

 High emotional incentive

 Their drive is to create companies

 Not all angels are alike

Amazon.com Thomas Alberg $100.000 $26 mio.

Angels can fly

 All the sectors, but usually sectors they know

Geographically: max two hour drive

What do we look for?

BAN Manager Review

 Phase of the company: Seed or startup (founded company with

Most important for investor?

Looking for Entrepreneurship characteristics

(TED.com: Richard St. John’s 8 secrets of success)

Enthusiasm (spark in the eyes) and Competences (knowledge,

Investor will steal my idea

Investor will take over my company

• A big lack of early stage financing sources for SMEs, even

• Promoting equity investing

• StartUp Slovenia Business Plan competition (co organizers)

• More than 40 entrepreneurial events per year!

• The purpose is to help entrepreneurs write appropriate

• Memberships fee for Business Angels (1.500€)

• It’s good to have a sponsor (private or public)

• Founded in June 07 (very young BAN)

• Starts to operate in Jan. 2011

• Most active business angels are in investment committee

• OBS d.o.o. – mountvacation.com internet booking portal

1.For the profits - 

From Hero to Zero?

…because it protects the

What are the goals of every business?

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