Equity Split in Start-Ups - Lebret

Service des relations industrielles(SRI)
EPFL
Equity in start-ups
A Case Study
and some data
Herv Lebret
Fall 2011
As a fast track: Google

EPFL

EPFL
The Case Study
A fictitious example
Founders

EPFL
A professor advises his PhD Student to

create a start-up as the results of the
research are promising. The professor
knows an experienced business person
who is ready to join.
How should they split equity?
Founders equity split

EPFL
There is no single answer.

An equal split could be the initial idea, then
should be taken into account:
- past contribution,
- future commitment & expertise / credibility,
- reverse vesting should exist (i.e. if someone stops activity,
he keeps a pro-rata of a 4-5 year commitment),
- the money invested is a dangerous element and should be
left to future financing rounds,
- when IP belongs to a university, there will be a license which
usually includes some equity to academic institution.
Founders pie calculator

EPFL
http://www.andrew.cmu.edu/user/fd0n/35%20Founders'%20Pie%20Calculator.htm
Weight
PhD
Prof.
Idea
Bus. Plan
Expertise /credibility
Commitment/
responsabilities
Risk
Total
280
131
49
100
47%
18%
36%
Split
Biz.
This was an exercise only, and after a negotiation

they agree on the next table:
Founders equity split
f
f
f
Title
Name
CTO
Chief Scientist
VP Bus. Dev
PhD
Professor
Biz
Total

EPFL
Ownership
Shares
Founder's
Founder's
45.0%
4'500'000
25.0%
2'500'000
30.0%
3'000'000
100.0%
10'000'000
The VC round

EPFL
The founders need resources and go to a VC they

know. The VC proposes $1M for 40% of the company
and asks also for a 20% ESOP plan. The VC will
receive preferred shares (i.e. with special rights).
ESOP is the employee stock option plan. When an
employee exercises his option, he receives
common shares (similar to founder shares). The
company has already 7 employees and some options
are granted (outstanding).
Round A equity split
f
f
f
Title
Name
CTO
Chief Scientist
VP Bus. Dev
PhD
Professor
Biz
Officers & executives

Other common
Total common before options
Options-outstanding
Options-Available
Options-Total
Total - company
Investors (VCs, not management)
Investors (others)
Total- Investors
Total
Number of employees

EPFL
Ownership
Number of shares/stock
Founder's
Series A
Founder's
Series A
45.0%
18.0%
4'500'000
4'500'000
25.0%
10.0%
2'500'000
2'500'000
30.0%
12.0%
3'000'000
3'000'000
100.0%
40.0%
10'000'000
10'000'000
100.0%
40.0%
10'000'000
54.6%
4.0%
16.0%
20.0%
60.0%
1'000'000
4'000'000
5'000'000
15'000'000
40.0%
10'000'000
24.1%
40.0%
100.0%
10'000'000
25'000'000
The B & C round

EPFL
It is very usual to see additional rounds of

financing called B and C rounds. Each round
will have its own size, valuation and price per
share.
VC rounds
Round
Date
Amount
Seed / A
B
C
Total
mai-07
jan-08
oct-09
$1'000'000
$10'000'000
$15'000'000
$26'000'000
# Shares
Price per Ownership

share
(approx.)
10'000'000
$0.10
40.0%
9'090'909
$1.10
25.0%
4'155'844
$3.61
10.0%
23'246'753
Employee stock

EPFL
The CEO will usually be around 5-10% just before

the IPO. The VPs will be in the 0.5%-2% range.
The stock option plan is kept to a level which enables

attracting new managers & employees (usually 2030% including common shares of non-founders)
The vesting period is 4 years with 1 year cliff.
There may be a fiscal impact related to vesting and
exercise.
Round B-C equity split

f
f
f
Title
Name
CTO
Chief Scientist
VP Bus. Dev
CEO
VP S&M
VP Eng.
VP Prods
CFO
PhD
Professor
Biz

Other common
Options-outstanding
Options-Available
Options-Total
Total - company
Investors (others)
Total- Investors
Total - PreIPO
Number of employees

EPFL
Ownership
Number of shares/stock
Founder's
Series A
Series B
PreIPO /C
Founder's
Series A
Series B
PreIPO /C
45.0%
18.0%
12.4%
10.8%
4'500'000
4'500'000
4'500'000
4'500'000
25.0%
10.0%
6.9%
6.0%
2'500'000
2'500'000
2'500'000
2'500'000
30.0%
12.0%
8.3%
7.2%
3'000'000
3'000'000
3'000'000
3'000'000
8.3%
7.2%
3'000'000
3'000'000
1.9%
1.7%
700'000
700'000
1.0%
400'000
1.0%
400'000
0.5%
200'000
100.0%
40.0%
37.7%
35.4%
100.0%
40.0%
37.7%
54.6%
4.0%
16.0%
20.0%
60.0%
5.7%
4.1%
9.8%
47.5%
40.0%
52.5%
24.1%
40.0%
100.0%
10'000'000
10'000'000
13'700'000
35.4%
10'000'000
13'700'000
14'700'000
14'700'000
6.0%
2.7%
8.7%
44.1%
1'000'000
4'000'000
5'000'000
15'000'000
2'072'727
1'500'000
3'572'727
17'272'727
2'500'000
1'111'688
3'611'688
18'311'688
10'000'000
19'090'909
52.5%
100.0%
45.9%
10.0%
55.9%
100.0%
10'000'000
25'000'000
19'090'909
36'363'636
19'090'909
4'155'844
23'246'753
41'558'441
25
70
Remarks:
- The founders ownership numbers represent the ratio they own compared to other
employees on row Total-company and the ratio they own compared to employees and
investors in Total-pre IPO.
- Non-founder employee shares and options is maintained to 20% in this case.
IPO

EPFL
The company goes public when revenues and

growth are steady. The company raises additional
money to further grow.
It also brings liquidity to founders and investors.
In 2000 (and over the past 22 years), if the IPO is
successful, the average gave:
- a CEO stock value will be $6-8M.
- a VP stock is around $1M
- and employees have in average $100k.
The investment bank takes a 6-8% fee on the

amount raised.
IPO capitalization table

Ac tivity
Town, St
f= founder
D = direc tor
f
f
f
High-Tech
Lausanne, CH
Pric e per share
Symbol
Title
Name
CTO
Chief Scientist
VP Bus. Dev
CEO
VP S&M
VP Eng.
VP Prods
CFO
PhD
Professor
Biz
Company
IPO date
Market cap.
URL
$200
CSSA

EPFL
CS
6-juin-10
$908'9 35'086
www.c s-sa.
Inc orporation
State
Date
years to IPO
CH
oct-06
3.7
Owners hip
Number of shares /stoc k
Founder's Series A
Series B
PreIPO /C Pos t IPO
Founder's
Series A
Series B
PreIPO /C
Post IPO
45.0%
18.0%
12 .4 %
10.8%
9.9%
450' 000
450'00 0
450' 000
450'0 00
450 '000
25.0%
10.0%
6 .9 %
6.0%
5.5%
250' 000
250'00 0
250' 000
250'0 00
250 '000
30.0%
12.0%
8 .2 %
7.2%
6.6%
300' 000
300'00 0
300' 000
300'0 00
300 '000
8 .2 %
7.2%
6.6%
300' 000
300'0 00
300 '000
1 .9 %
1.7%
1.5%
70' 000
70'0 00
70 '000
1.0%
0.9%
40'0 00
40 '000
1.0%
0.9%
40'0 00
40 '000
0.5%
0.4%
20'0 00
20 '000

Other common
Opti ons-outs tanding
Opti ons-Avai lable
Opti ons-Total
Total - company
Investors (others)
Total- Inves tors
Total - PreIPO
IPO
Opti on (underwri ters)
Total outstanding
100.0%
100.0%
24.1%
37 .7 %
35.4%
1'000' 000
1' 000'00 0
1'470'0 00
1'470 '000
$2 94'000 '000
1'470'0 00
250'0 00
111'1 68
361'1 68
1'831'1 68
1'470 '000
250 '000
150 '000
400 '000
1'870 '000
$2 94'000 '000
$ 50'000 '000
$ 30'000 '000
$ 80'000 '000
$3 74'000 '000
1'909 '091
415 '584
2'324 '675
4'194 '675
350 '000
4'544 '675
35.4%
6.0%
2.7%
8.7%
44.1%
32.3%
5.5%
3.3%
8.8%
41.1%
1' 000'00 0
100'00 0
400'00 0
500'00 0
1' 500'00 0
1'370' 000
207' 273
150' 000
357' 273
1'727' 273
40.0%
52 .5 %
1'909' 091
52 .5 %
100 .0 %
42.0%
9.1%
51.2%
92.3%
7.7%
0.0%
1 00.0%
1' 000'00 0
40.0%
100.0%
45.9%
10.0%
55.9%
100.0%
1' 000'00 0
2' 500'00 0
1'909' 091
3'636' 364
1'909'0 91
415'5 84
2'324'6 75
4'155'8 43
3'636' 364
4'155'8 43
7
IPO
25
70
Total cash before fees

Paid to underwri ters
Others
Net
s old by company
s old by sh areholders
Total shares sold
Option to underwriters
$ 90'000 '000
$ 50'000 '000
$ 60'000 '000
$ 60'000 '000
$ 14'000 '000
$8'000 '000
$8'000 '000
$4'000 '000
1'370' 000
37 .7 %
5 .7 %
4 .1 %
9 .8 %
47 .5 %
22.0%
* The difference b etween common shares
32.3%
40.0%
4.0%
16.0%
20.0%
60.0%
54.6%
Number of employees
and options is very small. In this c as e,

the number of n on-founder shares
and ESOP is maintained to 20%
of the c ompany at each VC round
40.0%
Val ue
$3 81'818 '200
$ 83'116 '886
$4 64'935 '086
$8 38'935 '086
$ 70'000 '000
$0
$9 08'935 '086
200
$70'0 00'000
$4'9 00'000
$6 00'000
$64 '500'00 0
350' 000
100' 000
450' 000
-
Revenues
200 9
Amount
$10 0'000'0 00
Growth
400 %
Number of empl oyees
Avg . val. of s tock p er emp
2 008
$ 20'000 '000
200
$250 '000

EPFL
Equity Split:
Its a culture
A quote on valuation & founders

EPFL
Don Valentine founder of Sequoia
When people come as a team (usually it is three or four people and typically
heavyweight on engineering), it is a complex process. But I think all of us
have seen it in the earlier days, times when I can remember saying, "Well,
look, we'll put up all the money, you put up all the blood, sweat and tears and
we'll split the company", this with the founders. Then if we have to hire more
people, we'll all come down evenly, it will be kind of a 50/50 arrangement.
Well, as this bubble got bigger and bigger, you know, they were coming and
saying, "Well, you know, we'll give you, for all the money, 5 percent, 10
percent of the deal." And, you know, that it's a supply and demand thing. It's
gone back the other way now. But, in starting with a team, it's a typical thing
to say, well, somewhere 40 to 60 percent, to divide it now. If they've got the
best thing since sliced bread and you think they have it and they think they
have it, you know, then you'll probably lose the deal because one of these
guys will grab it.
Transcript of oral panel the Pioneers of Venture Capital September 2002
More quotes
How to be Silicon Valley?
Few startups happen in Miami, for example,
because although it's full of rich people, it has few
nerds. It's not the kind of place nerds like.
Whereas Pittsburgh has the opposite problem:
plenty of nerds, but no rich people.
Paul Graham (Y-combinator)
http://www.paulgraham.com/
Look around who the heroes are. They arent
lawyers, nor are they even so much the
financiers. Theyre the guys who start
companies
Robert Noyce (founder of Intel)

EPFL
Readings
In the Company of Giants
Rama Dev Jager
and Rafael Ortiz
1997
Founders at Work
Jessica Livingston
2007

EPFL
Betting It All
Michael S. Malone
2001
Once You're Lucky,

Twice You're Good:
Sarah Lacy
2008
As a conclusion: Google
Activity
Town, St
f= founder
D= director
Title
f
f
Pres. Prod
Pres. tech
CEO
SVP Sales
VP Eng.
Legal Counsel
CFO
VP prod. Manag
VP Bus. Ops
Internet search
Price per share
Symbol
$80
GOOG
Google
1-aot-04
$22'921'832'480
www.google.com
Incorporation
State
Date
years to IPO
CA, DE
sept-98
5.9
Name
Founder's
Employee
PreIPO
Post IPO
Founder's
Employee
PreIPO
Post IPO
Value
Ownership
Ownership
Ownership
Ownership
Shares
Shares
Shares
Shares
Larry Page
50.0%
19.5%
14.4%
13.4%
38'490'304
38'490'304
38'490'304
38'490'304
$3'079'224'320
Sergey brin
50.0%
19.5%
14.4%
13.4%
38'490'304
38'490'304
38'490'304
38'490'304
$3'079'224'320
Eric Schmidt
7.5%
5.5%
5.2%
14'758'600
14'758'600
14'758'600
$1'180'688'000
Omid Kordestani
Wayne Rosing
David C. Drummond
George Reyes
Jonathan J. Rosenberg
Shona L. Brown
-

Options-outstanding
Options-Available
Options-Total
Total - company
Stanford
Investors (others)
Total- Investors
Total - PreIPO
IPO
Option (underwriters)
Total outstanding
NB: the difference between common and
options could not be established precisely
VCs
KP
Sequoia
Company
IPO date
Market cap.
URL

EPFL
100.0%
46.5%
34.4%
32.0%
83.9%
46.5%
34.4%
32.0%
91'739'208
53.5%
39.5%
36.8%
105'557'098
53.5%
100.0%
39.5%
73.9%
36.8%
68.9%
105'557'098
197'296'306
2.3%
17.9%
0.7%
16.7%
0.6%
28.8%
26.1%
100.0%
24.3%
93.2%
39.0%
26.9%
91'739'208
91'739'208
91'739'208
91'739'208
$7'339'136'640
105'557'098
105'557'098
197'296'306
105'557'098
105'557'098
197'296'306
$8'444'567'840
$8'444'567'840
$15'783'704'480
47'787'600
1'842'000
19'997'000
69'626'600
266'922'906
47'787'600
1'842'000
19'997'000
69'626'600
266'922'906
$3'823'008'000
$147'360'000
$1'599'760'000
$5'570'128'000
$21'353'832'480
6.8%
19'600'000
$1'568'000'000
100.0%
286'522'906
$22'921'832'480

Paid to underwriters
Others
Net
sold by company
sold by shareholders
Total shares sold
Round
A
B
C
Total
Date
76'980'608
$7'339'136'640
$1'568'000'000
Revenues
Amount
2003
$1'465'000'000
Growth
Number of employees
Avg. val. of stock per emp
$1'568'000'000
19'600'000
2002
$439'000'000
234%
2'500
$3'377'827
19'600'000
Amount
oct.98
May 99
May 01
91'739'208
$960'000
$25'000'000
$15'000'000
$40'960'000
# Shares
15'360'000
47'787'600
6'479'000
69'626'600
Price per
share
Valuation
$0.06
$0.52
$2.32
Ownership
(approx)
$5'771'288
16.6%
$73'307'829
34.1%
$339'420'917
4.4%
As a conclusion: Genentech
Same model for biotech
Activity
Town, St
f= founder
D= director
Title
fD CEO
fD VP
VP Finance
VP Marketing
VP, Gen. Counsel
Biotechnology
South San Francisco. CA
Price per share
$35.0
Symbol
GENE/DNA
Name
Robert Swanson
Herbert Boyer
Fred Middleton
Robert Byrnes
Thomas Kiley
Company
IPO date
Market cap.
URL
Genentech Inc.
Oct-80
$261'523'570
www.genentech.com
Other common
Options-outstanding (Series B *)
Options-Available
Options-Total
Total - company
Investors (KP)
Investors (Lubriziol)
Investors (Others)
Total- Investors
Total - PreIPO
2.0%
0.9%
0.8%
100.0%
64.3%
29.5%
25.6%
68.0%
27.3%
91.5%
12.5%
42.0%
10.8%
36.4%
62.2%
1.7%
6.8%
8.5%
100.0%
0.8%
3.1%
3.9%
45.9%
0.7%
2.7%
3.4%
39.8%
14.5%
24.0%
15.5%
54.1%
100.0%
12.6%
20.8%
13.5%
46.8%
86.6%
28.6%
IPO
Total outstanding
VCs
Tom Perkins
Donald Murflin
Incorporation
State
CA
Date
Apr-76
years to IPO 4.5
Founder's
Employee
PreIPO
Post IPO
Founder's
Employee
PreIPO
Post IPO
Value
Ownership
Ownership
Ownership
Ownership
Shares
Shares
Shares
Shares
50.0%
31.1%
14.3%
12.4%
925'000
925'000
925'000
925'000
$32'375'000
50.0%
31.1%
14.3%
12.4%
925'000
925'000
925'000
925'000
$32'375'000
D
D

EPFL
24.8%
60'000
60'000
60'000
$2'100'000
1'910'000
1'910'000
1'910'000
$66'850'000
810'602
2'720'602
810'602
2'720'602
810'602
2'720'602
$28'371'070
$95'221'070
49'750
201'750
251'500
2'972'102
49'750
201'750
251'500
2'972'102
49'750
201'750
251'500
2'972'102
$1'741'250
$7'061'250
$8'802'500
$104'023'570
938'800
1'555'200
1'006'000
3'500'000
6'472'102
938'800
1'555'200
1'006'000
3'500'000
6'472'102
$32'858'000
$54'432'000
$35'210'000
$122'500'000
$226'523'570
13.4%
1'000'000
$35'000'000
100.0%
7'472'102
$261'523'570

Others
Net
sold by company
Total shares sold
KP (Chairman)
Lubrizol
* ESOP was a Series B preferred

stock mechanism
VCs
Round
KP
Wilmington
Lubriziol
Seed (KP)
A
A
Date
$35'000'000
$2'250'000
$32'750'000
1'000'000
Revenues
1979
Amount
$3'405'804
Growth
298%
Number of employees
1'000'000
Amount
Apr-78
Sep-79
1'850'000
$200'000
$500'000
$10'000'000
# Shares
Price per
Valuation
Ownership
share
938'000
$0.21
$594'456
34%
250'000
$2.00
$6'076'000
8%
1'000'000
$10.00 $40'380'000
25%
1978
$856'335
112
$268'860
Appendix: More cap. tables

EPFL
Company
Slide
Topic
Slide
Google
20
MIPS
41
Genentech
21
Netscape
32
Apple
23
Numerical Tech.
33
Actelion
24
Oracle
34
ARM
25
Rambus
35
Atheros
26
Riverbed
36
Cypress
27
Sun
37
eBay
28
Vertex
38
Logitech
29
Virata
39
Microsoft
30
Yahoo
40
Sources: High-Tech Start-up, J. Nesheim (Free Press, 2000), personal data,

& more on http://www.startup-book.com/2011/08/15/more-data-on-ipo-and-founders
Apple Computer
Activity
Town, St
f= founder
D= director
Title
f
f
Computers
Cupertino, CA
Price per share
Symbol
Name
Founder's
Ownership
Options-outstanding
Options-Available
Options-Total
Total - company
59.5%
48.7%
43.4%
27'224'671
27'224'671
27'224'671
$598'942'762
28.8%
28.1%
87.6%
23.0%
71.8%
20.5%
63.9%
12'860'963
40'085'634
12'860'963
40'085'634
12'860'963
40'085'634
$282'941'186
$881'883'948
12.4%
10.1%
5'652'600
12.4%
100.0%
10.1%
81.9%
9.0%
4.5%
13.6%
77.5%
5'652'600
5'652'600
45'738'234
5'652'600
2'852'600
8'505'200
48'590'834
$124'357'200
$62'757'200
$187'114'400
$1'068'998'348
7.8%
10.3%
18.1%
100.0%
7.0%
9.2%
16.2%
93.6%
4'375'816
5'753'882
10'129'698
55'867'932
4'375'816
5'753'882
10'129'698
58'720'532
$96'267'952
$126'585'404
$222'853'356
$1'291'851'704
6.4%
4'000'000
$88'000'000
100.0%
62'720'532
$1'379'851'704
20.6%
IPO
Total outstanding
Post IPO Founder's

Employee
PreIPO
Post IPO
Value
Ownership Shares
Shares
Shares
Shares
11.2%
7'029'448
7'029'448
7'029'448
$154'647'856
12.0%
7'542'448
7'542'448
7'542'448
7'542'448
$165'933'856
4.5%
2'810'232
2'810'232
2'810'232
$61'825'104
6.4%
3'989'231
3'989'231
3'989'231
3'989'231
$87'763'082
9.3%
5'853'312
5'853'312
5'853'312
$128'772'864
18.4%
IPO
janv-77
3.9
100.0%
25.2%

Investors (others)
Total- Investors
Total - PreIPO
Incorporation
State
Date
years to IPO
PreIPO
Ownership
12.6%
13.5%
5.0%
7.1%
10.5%
34.6%
Other common
Apple Computers
12-dc-80
$1'379'851'704
www.apple.com
Employee
Ownership
15.4%
16.5%
6.1%
8.7%
12.8%
65.4%
VCs
Sequoia
Company
IPO date
Market cap.
URL
$22
Chairman, EVP
V. Chairman, VP
Pres, CEO
VP
Others

EPFL

Others
Net
Shares sold by company
Shares sold by shareholders
Total shares sold
11'531'679
5'652'600
45'738'234
$101'200'000
$5'980'000
$661'600
94'558'400
4'000'000
600'000
4'600'000
-
Revenues
LTM
LQ
Amount
$117'900'000 $41'500'000
Growth
146%
109%
Number of employees
1'015
$401'279
Actelion
Activity
Town, St
f= founder
D= director
Biopharma
Allschwill, CH
Price per share
Symbol
Title
Name
f
f
f
f
f
CEO
Research
Corp Ops
Clinical Dev.
CFO
Jean Paul Clozel

Walter Fischli
Thomas Widmann
Isaac Kobrin
Andre Mueller
Martine Clozel
Founding team*
Chairman
Robert Cawthorn

Other common
Options-outstanding
Options-founders
Options-Total
Total - company
Investors (others)
Total- Investors
Total - PreIPO
IPO
Total outstanding
VCs
Atlas
Sofinnova
3i
* there is uncertainty on the numbers
these are options to founders only
common shares specifics not known

EPFL
SFr. 260.0
SWX: ATLN
Company
IPO date
Market cap.
URL
Founder's
Ownership
Employee
Ownership
PreIPO
Ownership
Actelion
6-avr-00
SFr. 1'363'403'600
www.actelion.com
Incorporation
State
CH
Date
dc-97
years to IPO 2.3
Post IPO
Ownership
Employee
Shares
Founder's
Shares
PreIPO
Shares
Post IPO
Shares
Value
100.0%
0.0%
51.9%
2.6%
14.1%
0.7%
11.4%
0.6%
600'000
600'000
30'000
600'000
30'000
600'000
30'000
SFr. 156'000'000
SFr. 7'800'000
100.0%
54.5%
14.8%
12.0%
600'000
630'000
630'000
630'000
SFr. 163'800'000
88.7%
4.0%
58.5%
1.1%
15.9%
0.9%
12.9%
46'200
676'200
46'200
676'200
46'200
676'200
SFr. 12'012'000
SFr. 175'812'000
51.9%
15.6%
25.9%
41.5%
100.0%
4.2%
7.1%
11.3%
27.2%
3.4%
5.7%
9.2%
22.0%
180'000
300'000
480'000
1'156'200
180'000
300'000
480'000
1'156'200
180'000
300'000
480'000
1'156'200
SFr. 46'800'000
SFr. 78'000'000
SFr. 124'800'000
SFr. 300'612'000
72.8%
0.0%
72.8%
100.0%
58.9%
0.0%
58.9%
80.9%
3'087'660
3'087'660
SFr. 802'791'600
3'087'660
4'243'860
3'087'660
4'243'860
SFr. 802'791'600
SFr. 1'103'403'600
19.1%
1'000'000
SFr. 260'000'000
100.0%
5'243'860
SFr. 1'363'403'600
14.1%
11.4%
Others
Net
sold by company
Total shares sold
VCs
Round
A
B
Total
SFr. 260'000'000
SFr. 246'600'000
1'000'000
Revenues
2000
1999
Amount
SFr. 31'523'000 SFr. 2'800'000
Growth
1026%
Number of employees
146
SFr. 402'822
1'000'000
-
Date
1998
1999
Price per
Amount
# Shares
share
SFr. 18'000'000
1818000 SFr. 9.9
SFr. 38'000'000
1503060 SFr. 25.3
SFr. 56'000'000
3321060
Ownership
Valuation
(approx.)
SFr. 23'940'594
SFr. 99'131'292
75%
38%
Arm Holdings
Activity
Town, St
f= founder
D= director
Microprocessors
Cambridge, UK
Price per share
Symbol
Title
Name
Chairman, CEO
COO
Robin Saxby
Jamie Urquhart
5.75
ARMH

Other common
Options-outstanding
Options-Available
Options-Total
Total - company
Acorn
Apple
Others
Total- Investors
Total - PreIPO

EPFL
Company
IPO date
Market cap.
URL
Arm Holdings
17-avr-98
302'021'729
www.arm.com
Employee
PreIPO
Post IPO
Ownership
Ownership
Ownership
10.2%
3.6%
3.1%
1.8%
0.6%
0.6%
ARM is allowed to issue 10% of common shares

as options. 1'500'000 was chosen to fit the rule
Employee
PreIPO
Post IPO
Value
Shares
Shares
Shares
1'632'000
1'632'000
1'632'000
9'384'000
295'200
295'200
295'200
1'697'400
12.1%
54.7%
66.8%
4.2%
19.2%
23.4%
3.7%
16.6%
20.3%
1'927'200
8'744'020
10'671'220
1'927'200
8'744'020
10'671'220
1'927'200
8'744'020
10'671'220
11'081'400
50'278'115
61'359'515
23.8%
9.4%
33.2%
100.0%
8.3%
3.3%
11.6%
35.0%
7.3%
2.9%
10.1%
30.4%
3'811'889
1'500'000
5'311'889
15'983'109
3'811'889
1'500'000
5'311'889
15'983'109
3'811'889
1'500'000
5'311'889
15'983'109
21'918'362
8'625'000
30'543'362
91'902'877
25.3%
15.9%
22.0%
13.8%
65.0%
100.0%
56.5%
86.9%
11'561'961
7'261'961
10'851'078
29'675'000
45'658'109
11'561'961
7'261'961
10'851'078
29'675'000
45'658'109
66'481'276
41'756'276
62'393'699
170'631'250
262'534'127
13.1%
6'867'409
39'487'602
100.0%
52'525'518
302'021'729
IPO
Total outstanding
Arm was created as a JV between

Apple, Acorn and VLSI
Incorporation
State
UK
Date
oct-90
years to IPO 7.5

Others
Net
sold by company
Total shares sold
39'487'602
39'487'602
6'867'409
6'867'409
-
Revenues
1998
Amount
42'268'000
Growth
59%
Number of employees
1997
26'580'000
300
240'655
Atheros
Activity
Town, St
f= founder
D= director
Title
f ex-CEO, consultant
fD Chair
CEO
VP Eng.
VP Ops
VP Sales
former CEO

EPFL
Semiconductor - wireless
Sunnyvale, CA
Price per share
$14.0
Symbol
ATHR
Name
Theresa Meng
John Hennessy
Craig Barratt
Richard Bahr
Ranendu Das
Tom Foster
Redelfs
Company
IPO date
Market cap.
URL
Atheros
18-fvr-04
$1'026'721'598
www.atheros.com
Incorporation
State
DE
Date
mai-98
years to IPO 5.8
Founder's
Employee
PreIPO
Post IPO
Founder's
Employee
PreIPO
Post IPO
Value
Ownership
Ownership
Ownership
Ownership
Shares
Shares
Shares
Shares
83.6%
12.4%
6.5%
5.6%
4'085'000
4'085'000
4'085'000
4'085'000
$57'190'000
16.4%
2.4%
1.3%
1.1%
800'000
800'000
800'000
800'000
$11'200'000
7.0%
3.7%
3.1%
2'300'000
2'300'000
2'300'000
$32'200'000
3.1%
1.6%
1.4%
1'035'000
1'035'000
1'035'000
$14'490'000
1.7%
0.9%
0.8%
570'960
570'960
570'960
$7'993'440
1.4%
0.7%
0.6%
445'000
445'000
445'000
$6'230'000
6.9%
3.6%
3.1%
2'283'000
2'283'000
2'283'000
$31'962'000

Other common
Options-outstanding
Options-Available
Options-Total
Total - company
Investors (others)
Total- Investors
Total - PreIPO
100.0%
35.0%
18.3%
15.7%
11'518'960
11'518'960
11'518'960
$161'265'440
24.1%
26.7%
61.6%
13.9%
32.2%
12.0%
27.7%
8'782'961
20'301'921
8'782'961
20'301'921
8'782'961
20'301'921
$122'961'454
$284'226'894
14.8%
0.0%
0.0%
38.4%
100.0%
14.6%
5.4%
20.1%
52.3%
12.6%
4.7%
17.2%
44.9%
9'222'244
3'416'512
12'638'756
32'940'677
9'222'244
3'416'512
12'638'756
32'940'677
9'222'244
3'416'512
12'638'756
32'940'677
$129'111'416
$47'831'168
$176'942'584
$461'169'478
47.7%
0.0%
47.7%
100.0%
41.0%
0.0%
41.0%
85.9%
30'046'580
30'046'580
30'046'580
62'987'257
$420'652'120
$0
$420'652'120
$881'821'598
10'350'000
$144'900'000
$0
$1'026'721'598
7.8%
IPO
Total outstanding

Others
Net
sold by company
Total shares sold
VCs
30'046'580
62'987'257
14.1%
0.0%
100.0%
6.7%
VCs
NEA
Foundation
August
4'885'000
Round
A
B
C
Total
Series A
Date
may99
mars.00
apr01
73'337'257
$144'900'000
Revenues
2003
Amount
$87'400'000
Growth
294%
Number of employees
$134'757'000
10'350'000
2002
$22'200'000
171
$1'474'110
10'350'000
Amount
# Shares
$6'025'000
12'050'000
$25'300'000
7'676'014
$66'670'856
10'320'566
$97'995'586
30'046'580
Series B
Series C
Total
NEA
4'329'292
464'683
4'793'975
Foundation
5'000'000
1'327'506
1'547'988
7'875'494
August
5'000'000
1'327'506
464'396
6'791'902
Fidelity Mt. Vernon Trust
3'095'975
3'095'975
Price per
share
$0.50
$3.30
$6.46
Valuation
Ownership
Final Ownersip
at round (wo
ESOP)
$8'467'500
71%
19.1%
$81'117'446
31%
12.2%
$225'658'007
30%
16.4%
47.7%
Cypress Semiconductor
Activity
Town, St
f= founder
D= director
Title
f
f
f
f
f
f
Semicon
San Jose, Ca
Price per share
Symbol
Name
Pres, CEO
VP S&M
VP Manuf.
VP Fab.
VP R&D
VP Eng.
CFO
Others
Company
IPO date
Market cap.
URL
$9
CY
Cypress Semicon
29-mai-86
$317'528'334

EPFL
Incorporation
State
Date
years to IPO
dc-82
3.5
Founder's
Ownership
33.5%
13.3%
13.3%
13.3%
13.3%
13.3%
Employee
Ownership
11.3%
4.5%
4.5%
4.5%
4.5%
4.5%
2.3%
4.3%
PreIPO
Ownership
2.9%
1.1%
1.1%
1.1%
1.1%
1.1%
0.6%
1.1%
100.0%
40.3%
10.3%
7.7%
2'700'423
2'700'423
2'700'423
$24'303'807
50.4%
26.5%
66.8%
6.7%
17.0%
5.0%
12.7%
1'774'992
4'475'415
1'774'992
4'475'415
1'774'992
4'475'415
$15'974'928
$40'278'735
33.2%
8.5%
2'225'415
33.2%
100.0%
8.5%
25.5%
6.3%
4.2%
10.5%
23.2%
2'225'415
2'225'415
6'700'830
2'225'415
1'474'585
3'700'000
8'175'415
$20'028'735
$13'271'265
$33'300'000
$73'578'735
54.2%
2.9%
17.4%
74.5%
100.0%
40.4%
2.1%
13.0%
55.6%
78.7%
14'265'444
750'000
4'590'067
19'605'511
26'306'341
14'265'444
750'000
4'590'067
19'605'511
27'780'926
$128'388'996
$6'750'000
$41'310'603
$176'449'599
$250'028'334
7'500'000
35'280'926
$67'500'000

Other common
Options-outstanding
Options-Available
Options-Total
Total - company
33.6%

Monolithic Memories
Investors (others)
Total- Investors
Total - PreIPO
8.6%
IPO
Total outstanding
Post IPO Founder's

Employee
PreIPO
Post IPO
Value
Ownership Shares
Shares
Shares
Shares
2.1%
754'666
754'666
754'666
754'666
$6'791'994
0.9%
300'000
300'000
300'000
300'000
$2'700'000
0.9%
300'000
300'000
300'000
300'000
$2'700'000
0.9%
300'000
300'000
300'000
300'000
$2'700'000
0.9%
300'000
300'000
300'000
300'000
$2'700'000
0.9%
300'000
300'000
300'000
300'000
$2'700'000
0.4%
155'625
155'625
155'625
$1'400'625
0.8%
290'132
290'132
290'132
$2'611'188
2'254'666
2'225'415
6'700'830
21.3%
6.4%
IPO
100.0%
Others
Net
Total shares sold
$67'500'000
$4'200'000
$500'000
$62'800'000
7'500'000
7'500'000
-
Revenues
LTM
Amount
$16'600'000
Growth
412%
Number of employees
$317'528'334
LQ
$8'900'000
218%
340
$105'893
Ebay Inc.
Activity
Town, St
f= founder
D= director
Title
fD Chairman
D Pres, CEO
SVP Mark.
f VP Strat Planning
VP Prod Dev
VP Mark & Bus Dev
CFO
VP Legal

EPFL
Internet auction site

San Jose, CA
Price per share
$18
Symbol
EBAY
Name
Omidyar
Whitman
Swette
Skoll
Wilson
Westly
Bengler
Jacobson

Options-outstanding
Options-Available
Options-Total
Total - company
Investors (others)
Total- Investors
Total - PreIPO
IPO
Total outstanding
eBay
23-sept-98
$914'667'318
www.ebay.com
Incorporation
State
CA, DE
Date
mai-96
years to IPO 2.4
Founder's Employee
PreIPO Post IPO Founder's
Employee
PreIPO
Post IPO
Value
Ownership Ownership Ownership Ownership Shares
Shares
Shares
Shares
59.9%
40.7%
32.5%
30.0% 15'229'425
15'229'425
15'229'425
15'229'425
$274'129'650
6.4%
5.1%
4.7%
2'400'000
2'400'000
2'400'000
$43'200'000
1.6%
1.3%
1.2%
600'000
600'000
600'000
$10'800'000
40.1%
27.3%
21.8%
20.1% 10'200'000
10'200'000
10'200'000
10'200'000
$183'600'000
2.4%
1.9%
1.8%
900'000
900'000
900'000
$16'200'000
2.3%
1.8%
1.7%
864'000
864'000
864'000
$15'552'000
1.4%
1.1%
1.0%
525'000
525'000
525'000
$9'450'000
0.7%
0.5%
0.5%
250'002
250'002
250'002
$4'500'036
100.0%
82.8%
66.2%
60.9%
82.1%
82.8%
66.2%
68.0%
3.8%
13.4%
17.2%
100.0%
3.0%
10.7%
13.7%
79.9%
18.8%
1.3%
20.1%
100.0%
17.3%
1.2%
18.5%
92.1%
54.3%
Kagle
VCs
25'429'425
30'968'427
30'968'427
30'968'427
$557'431'686
60.9%
30'968'427
30'968'427
30'968'427
$557'431'686
2.8%
9.9%
12.6%
73.6%
1'410'315
5'007'748
6'418'063
37'386'490
1'410'315
5'007'748
6'418'063
37'386'490
1'410'315
5'007'748
6'418'063
37'386'490
$25'385'670
$90'139'464
$115'525'134
$672'956'820
8'791'836
622'250
9'414'086
46'800'576
8'791'836
622'250
9'414'086
46'800'576
$158'253'048
$11'200'500
$169'453'548
$842'410'368
3'489'275
525'000
50'814'851
$62'806'950
$9'450'000
$914'667'318
6.9%
1.0%
100.0%
50.0%
IPO
VCs
Benchmark
Company
IPO date
Market cap.
URL

Others
Net
Total shares sold
$63'000'000
$4'410'000
$975'000
$57'615'000
3'489'275
10'725
3'500'000
525'000
Round
Date
Amount
Seed / A
B
B extension
Total
Dec96
June97
May98
$15'000
$3'000'000
$1'992'000
$5'007'000
Revenues
6m-98
Amount
$14'900'000
Growth
776%
Number of employees
# Shares
6m-97
$1'700'000
76
$334'022
Price per
Valuation
Ownership
share
(approx.)
4'500'000
$0.00
$15'000
3'000'000
$1.00 $28'429'425
11%
1'200'000
$1.66 $49'184'846
4%
8'700'000
Logitech
Activity
Town, St
f= founder
D= director
Comupter devices
Apples, CH
Price per share
Symbol
Title
Name
CEO, chair
Vice chair
Daniel Borel
Pierluigi Zappacosta
VP finance
GM Far East
Barry Zwarenstein
Erh-Hsun Chang
GM Europe
Marc M. Chatel
SVP Bus Divs
Rory Dooley
VP Info
Patrick W. Brubeck
VP Sales
Vladimir M. Langer
VP Scanner Div
Dominique Pitteloud

EPFL
$160.0
LOGI
Company
IPO date *
Market cap.
URL
Logitech
27-mars-97
$419'801'280
www.logitech.com
Incorporation
State
Switzerland
Date
janv-81
years to IPO 16.2
Founder's
Employee
PreIPO
Post IPO
Founder's
Employee
PreIPO
Post IPO
Value
Ownership
Ownership
Ownership
Ownership
Shares
Shares
Shares
Shares
52.9%
10.0%
10.0%
9.3%
243'205
243'205
243'205
243'205
$38'912'800
47.1%
8.9%
8.9%
8.3%
216'500
216'500
216'500
216'500
$34'640'000
Held in treasury
Other common
Options-outstanding
Options - available
Options-Total
Total - company
Investors (others)
Total- Investors
Total - PreIPO
IPO
Total outstanding
VCs
* Logitech went public in Switzerland in 1988

The US shares were 10x a Swiss shares
i.e. at $16 / share
100.0%
6.1%
25.1%
6.1%
25.1%
5.6%
23.1%
25.5%
49.3%
74.3%
49.3%
74.3%
19.0%
9.2%
16.5%
25.7%
100.0%
19.0%
147'537
607'242
147'537
607'242
147'537
607'242
$23'605'920
$97'158'720
45.5%
68.7%
1'194'446
1'801'688
1'194'446
1'801'688
1'194'446
1'801'688
$191'111'360
$288'270'080
9.2%
16.5%
25.7%
100.0%
8.5%
15.2%
23.7%
92.4%
222'070
400'000
622'070
2'423'758
222'070
400'000
622'070
2'423'758
222'070
400'000
622'070
2'423'758
$35'531'200
$64'000'000
$99'531'200
$387'801'280
0.0%
0.0%
0.0%
100.0%
0.0%
0.0%
0.0%
92.4%
2'423'758
2'423'758
$0
$0
$0
$387'801'280
200'000
$32'000'000
$0
$419'801'280
459'705
7.6%
0.0%
100.0%
17.5%
Others
Net
sold by company
Total shares sold
2'623'758
$32'000'000
$5'400'000
$26'600'000
200'000
200'000
-
Revenues
1997 (mar)
Amount
$413'000'000
Growth
16%
Number of employees
1996
$355'000'000
2'995
$75'674
Microsoft
Activity
Town, St
f= founder
D= director
Title
f
f
Microcomputer software
Redmonf, WA
Price per share
$21.0
Symbol
MSFT
Name
CEO
EVP-left
VP Sys SW
COO
VP Aps SW
VP CDROM
VP Intl
VP COM
VP HW Dev
CFO
Others
Other common
Options-outstanding
Options-Available
Options-Total
Total - company
Investors (others)
Total- Investors
Total - PreIPO
IPO
Total outstanding
VCs

EPFL
Company
IPO date
Market cap.
URL
Microsoft
13-mars-86
$586'665'786
www.microsoft.com
Incorporation
State
Date
years to IPO
janv-75
11.2
Founder's
Employee
PreIPO
Post IPO
Founder's
Employee
PreIPO
Post IPO
Value
Ownership
Ownership
Ownership
Ownership
Shares
Shares
Shares
Shares
63.7%
46.8%
44.2%
40.2%
11'222'000
11'222'000
11'222'000
11'222'000
$235'662'000
36.3%
26.6%
25.2%
22.9%
6'390'000
6'390'000
6'390'000
6'390'000
$134'190'000
7.1%
6.7%
6.1%
1'710'001
1'710'001
1'710'001
$35'910'021
1.7%
1.6%
1.4%
400'000
400'000
400'000
$8'400'000
100.0%
0.7%
82.8%
0.6%
78.3%
0.6%
71.2%
82.6%
6.0%
88.8%
5.7%
83.9%
73.4%
11.2%
0.0%
11.2%
100.0%
69.3%
158'001
19'880'002
158'001
19'880'002
158'001
19'880'002
$3'318'021
$417'480'042
5.1%
76.3%
1'435'111
21'315'113
1'435'111
21'315'113
1'435'111
21'315'113
$30'137'331
$447'617'373
10.6%
0.0%
10.6%
94.5%
9.6%
1.9%
11.5%
87.8%
2'681'457
2'681'457
2'681'457
23'996'570
2'681'457
539'896
3'221'353
24'536'466
$56'310'597
$11'337'816
$67'648'413
$515'265'786
5.4%
0.1%
5.5%
100.0%
4.9%
0.1%
5.0%
92.8%
1'378'901
21'099
1'400'000
25'396'570
1'378'901
21'099
1'400'000
25'936'466
$28'956'921
$443'079
$29'400'000
$544'665'786
2'000'000
$42'000'000
$0
$586'665'786
17'612'000
2'681'457
23'996'570
7.2%
0.0%
100.0%
63.0%
Others
Net
sold by company
Total shares sold
27'936'466
$58'695'000
$3'661'450
$541'000
$54'492'550
2'000'000
795'000
2'795'000
-
Revenues
LTM
Amount
$140'400'000
Growth
44%
Number of employees
LQ
$49'900'000
35%
998
$86'621
MIPS Computer Systems

Activity
Town, St
f= founder
D= director
Title
f
f
f
f
RISC computers
Sunnyvale, CA
Price per share
Symbol
Name
Chair, Pres, CEO

C. Scientist
VP Dev. Prog.
VP VLSI (left)
Director
EVP Field Ops
SVP Eng Manuf
VP International
VP Legal
Others
Other common
Options-outstanding
Options-Available
Options-Total
Total - company
Investors (others)
Total- Investors
Total - PreIPO
IPO
Total outstanding
VC?
Confusion on management shares

There could be too high a number by
277'450
Founders
John Hennessy
John Moussouris
Robert Wall
Company
IPO date
Market cap.
URL
$17.5
Founder's
Ownership
29.1%
29.1%
29.1%
12.8%
100.0%
18.0%
11.7%
6.6%
MIPS Computer
21-dc-89
$432'652'500

EPFL
Incorporation
State
Date
years to IPO
aot-84
5.3
Employee
PreIPO
Post IPO
Founder's
Employee
PreIPO
Post IPO
Value
Ownership
Ownership
Ownership
Shares
Shares
Shares
Shares
2.5%
1.4%
1.2%
295'654
295'654
295'654
$5'173'945
3.4%
1.9%
1.6%
400'000
400'000
400'000
400'000
$7'000'000
3.4%
1.9%
1.6%
400'000
400'000
400'000
400'000
$7'000'000
3.4%
1.9%
1.6%
400'000
400'000
400'000
400'000
$7'000'000
1.5%
0.8%
0.7%
176'338
176'338
176'338
176'338
$3'085'915
1.1%
0.6%
0.5%
127'000
127'000
127'000
$2'222'500
0.8%
0.5%
0.4%
94'000
94'000
94'000
$1'645'000
0.3%
0.2%
0.1%
31'250
31'250
31'250
$546'875
0.2%
0.1%
0.1%
25'200
25'200
25'200
$441'000
6.4%
3.6%
3.0%
750'625
750'625
750'625
$13'135'938
22.9%
13.0%
10.9%
1'376'338
2'700'067
2'700'067
2'700'067
$47'251'173
41.8%
64.7%
23.8%
36.8%
20.0%
30.9%
4'934'951
7'635'018
4'934'951
7'635'018
4'934'951
7'635'018
$86'361'643
$133'612'815
35.3%
20.0%
16.8%
4'163'147
4'163'147
4'163'147
$72'855'073
35.3%
100.0%
20.0%
56.8%
16.8%
47.7%
4'163'147
11'798'165
4'163'147
11'798'165
4'163'147
11'798'165
$72'855'073
$206'467'888
22.6%
20.6%
43.2%
100.0%
19.0%
17.3%
36.3%
84.0%
4'696'531
4'278'304
8'974'835
20'773'000
4'696'531
4'278'304
8'974'835
20'773'000
$82'189'293
$74'870'320
$157'059'613
$363'527'500
3'950'000
$69'125'000
$0
$432'652'500
16.0%
0.0%
100.0%
5.6%
Others
Net
sold by company
Total shares sold
24'723'000
$80'500'000
$5'198'000
$900'000
74402000
3'950'000
650'000
4'600'000
-
Revenues
LTM
Amount
$39'400'000
Growth
183%
Number of employees
LQ
$17'500'000
141%
592
$268'947
Netscape Communications
Activity
Town, St
f= founder
D= director
Title
Internet SW
Mountain View CA
Price per share
Symbol
Name
fD Chairman
Clark
D Pres. CEO
Barksdale
fD VP Tech
Andreessen
VP Eng
Schell
VP Mark
Homer
VP Sales
Rulon-Miller
VP GM Int.
Sha
CFO
Currie
Gen Coun
Katz
VP HR
Malefyt
$28
NSCP
Netscape
5-aot-95
$1'068'520'432
www.netscape.com
Incorporation
State
Date
years to IPO
avr-94
1.3
Founder's Employee
Employee
PreIPO
Post IPO
Value
Shares
Shares
Shares
90.7%
41.2%
30.0%
25.5%
9'720'000
9'720'000
9'720'000
9'720'000
$272'160'000
17.0%
12.3%
10.5%
4'000'000
4'000'000
4'000'000
$112'000'000
9.3%
4.2%
3.1%
2.6%
1'000'000
1'000'000
1'000'000
1'000'000
$28'000'000
1.7%
1.2%
1.0%
400'000
400'000
400'000
$11'200'000
1.3%
0.9%
0.8%
300'000
300'000
300'000
$8'400'000
1.7%
1.2%
1.0%
400'000
400'000
400'000
$11'200'000
2.5%
1.9%
1.6%
600'000
600'000
600'000
$16'800'000
1.3%
0.9%
0.8%
300'000
300'000
300'000
$8'400'000
1.3%
0.9%
0.8%
300'000
300'000
300'000
$8'400'000
1.3%
0.9%
0.8%
300'000
300'000
300'000
$8'400'000
100.0%
73.4%
53.4%
45.4%
10'720'000
17'320'000
17'320'000
17'320'000
$484'960'000
Other common
Options-outstanding
Options-Available
Options-Total
Total - company
Total- Investors
Total - PreIPO
48.1%
21.1%
94.5%
15.4%
68.8%
13.0%
58.4%
4'976'328
22'296'328
4'976'328
22'296'328
4'976'328
22'296'328
$139'337'184
$624'297'184
45.4%
3.6%
1.9%
5.5%
100.0%
2.6%
1.4%
4.0%
72.8%
2.2%
1.2%
3.4%
61.8%
855'000
443'672
1'298'672
23'595'000
855'000
443'672
1'298'672
23'595'000
855'000
443'672
1'298'672
23'595'000
$23'940'000
$12'422'816
$36'362'816
$660'660'000
27.2%
27.2%
100.0%
23.1%
23.1%
84.9%
8'816'444
8'816'444
32'411'444
8'816'444
8'816'444
32'411'444
$246'860'432
$246'860'432
$907'520'432
5'000'000
750'000
38'161'444
$140'000'000
$21'000'000
$1'068'520'432
33.1%
IPO
Total outstanding
VCs
Kleiner Perkins
Company
IPO date
Market cap.
URL

EPFL
13.1%
2.0%
100.0%
28.1%
IPO

Others
Net
VCs
Round
Date
Seed / A
B
C
Total
May 94
avr.95
$140'000'000
$9'800'000
$900'000
$129'300'000
5'000'000
750'000
Amount
$3'113'250
$6'428'750
$18'000'000
$27'542'000
Revenues
$16'600'000
Date
6m-95
Growth
39%
Number of employees
# Shares
$11'900'000
3m-95
257
$635'320
Price per
Valuation
Ownership
share
(approx.)
4'151'000
$0.75
$11'153'250
28%
2'857'222
$2.25
$39'888'500
16%
2'000'000
$9.00 $177'554'000
10%
9'008'222
Numerical Technologies
Activity
Town, St
f= founder
D= director
Title
fD Pres, CEO
fD CTO
CFO
VP Mark., Bus.Dev.
D
D Professor
D Professor
f founder, left
VP Eng.
EDA Software and Tech.

San Jose, CA
Price per share
$14.0
Symbol
NMTC
Name
Y. Pati
Y.-T. Yang
R. Mora
A. Sharan
N. Gupta
T. Kailath
A. El Gammal
M. Grant
Lars Herlitz
Company
IPO date
Market cap.
URL
Numeritech
6-avr-00
$443'675'890
www.numeritech.com

EPFL
Incorporation
State
CA, DE
Date
nov-95
years to IPO 4.4
Founder's
Employee
PreIPO
Post IPO
Founder's
Employee
PreIPO
Post IPO
Value
Ownership
Ownership
Ownership
Ownership
Shares
Shares
Shares
Shares
40.3%
18.8%
9.9%
7.9%
1'755'000
2'518'500
2'518'500
2'518'500
$35'259'000
32.0%
15.6%
8.3%
6.6%
1'395'000
2'092'500
2'092'500
2'092'500
$29'295'000
0.0%
3.1%
1.6%
1.3%
412'500
412'500
412'500
$5'775'000
0.0%
3.1%
1.6%
1.3%
412'500
412'500
412'500
$5'775'000
3.4%
7.1%
3.7%
3.0%
150'000
948'414
948'414
948'414
$13'277'796
16.6%
8.0%
4.2%
3.4%
722'220
1'066'914
1'066'914
1'066'914
$14'936'796
3.4%
4.8%
2.5%
2.0%
150'000
641'667
641'667
641'667
$8'983'338
4.2%
1.4%
0.7%
0.6%
185'000
185'000
185'000
185'000
$2'590'000
0.0%
1.9%
1.0%
0.8%
255'000
255'000
255'000
$3'570'000

Other common
Options-outstanding
Options-Available
Options-Total
Total - company
Transcription Series E
Total- Investors
Total - PreIPO
100.0%
63.6%
33.7%
26.9%
8'532'995
8'532'995
8'532'995
$119'461'930
45.5%
7.8%
71.5%
4.2%
37.8%
3.3%
30.2%
1'052'635
9'585'630
1'052'635
9'585'630
1'052'635
9'585'630
$14'736'890
$134'198'820
32.5%
5.2%
23.4%
28.5%
100.0%
2.7%
12.4%
15.1%
53.0%
2.2%
9.9%
12.1%
42.3%
694'500
3'133'916
3'828'416
13'414'046
694'500
3'133'916
3'828'416
13'414'046
694'500
3'133'916
3'828'416
13'414'046
$9'723'000
$43'874'824
$53'597'824
$187'796'644
32.0%
15.0%
47.0%
100.0%
25.6%
12.0%
37.6%
79.9%
8'102'995
3'809'994
11'912'989
25'327'035
8'102'995
3'809'994
11'912'989
25'327'035
$113'441'930
$53'339'916
$166'781'846
$354'578'490
6'364'100
$89'097'400
$0
$443'675'890
17.2%
IPO
Total outstanding
20.1%
0.0%
100.0%
13.7%
Others
Net
sold by company
Total shares sold
VCs
Mohr Davidow
Index Ventures
Goldman Sachs
VCs
4'357'220
Round
A
B
C
D
Total
Date
$89'097'400
$81'300'000
6'364'100
Revenues
1999
Amount
$5'492'000
Growth
646%
Number of employees
6'364'100
Amount
Dec96
Aug97
Aug98
Aug99
31'691'135
$540'000
$703'500
$7'970'990
$14'123'857
$23'338'347
# Shares
2'250'000
1'050'000
2'445'089
2'357'906
8'102'995
Price per
Valuation
Ownership
share
(approx.)
(approx.)
$0.24
$1'585'733
34%
$0.67
$5'130'337
14%
$3.26
$32'933'527
24%
$5.99
$74'636'688
19%
1998
$736'000
105
$232'951
Oracle Systems
Activity
Town, St
f= founder
D= director
Title
f
f
Database software
Belmont, CA
Price per share
Symbol
Name
Pres, CEO
SVP Dev.
VP Sales Intl
Employee
Employee
CFO
Others
Other common
Options-outstanding
Options-Available
Options-Total
Total - company
Investors (others)
Total- Investors
Total - PreIPO
IPO
Total outstanding
VCs

EPFL
Company
IPO date
Market cap.
URL
$15.0
ORCL
Oracle
12-mars-86
$251'352'210
www.oracle.com
Incorporation
State
Date
years to IPO
juin-77
8.8
Founder's
Employee
PreIPO
Post IPO
Founder's
Employee
PreIPO
Post IPO
Value
Ownership
Ownership
Ownership
Ownership
Shares
Shares
Shares
Shares
67.2%
33.4%
30.6%
27.5%
4'608'750
4'608'750
4'608'750
4'608'750
$69'131'250
32.8%
16.3%
14.9%
13.4%
2'246'668
2'246'668
2'246'668
2'246'668
$33'700'020
2.4%
2.2%
1.9%
326'000
326'000
326'000
$4'890'000
1.6%
1.5%
1.4%
227'222
227'222
227'222
$3'408'330
1.6%
1.5%
1.3%
220'000
220'000
220'000
$3'300'000
1.0%
0.9%
0.8%
140'000
140'000
140'000
$2'100'000
1.9%
1.7%
1.6%
260'000
260'000
260'000
$3'900'000
100.0%
58.2%
53.4%
47.9%
8'028'640
8'028'640
8'028'640
$120'429'600
64.0%
19.5%
77.7%
17.9%
71.2%
16.1%
64.0%
2'690'804
10'719'444
2'690'804
10'719'444
2'690'804
10'719'444
$40'362'060
$160'791'660
20.5%
0.0%
20.5%
91.7%
18.4%
4.2%
22.6%
86.6%
3'082'863
49.7%
22.3%
0.0%
22.3%
100.0%
3'082'863
3'082'863
13'802'307
3'082'863
707'841
3'790'704
14'510'148
$46'242'945
$10'617'615
$56'860'560
$217'652'220
8.3%
7.4%
1'246'666
1'246'666
$18'699'990
8.3%
100.0%
7.4%
94.0%
1'246'666
15'048'973
1'246'666
15'756'814
$18'699'990
$236'352'210
6.0%
1'000'000
$15'000'000
100.0%
16'756'814
$251'352'210
45.6%
40.9%
Others
Net
sold by company
Total shares sold
6'855'418
3'082'863
13'802'307
$31'500'000
$2'205'000
$545'000
$28'750'000
1'000'000
1'100'000
2'100'000
-
Revenues
LTM
Amount
$23'100'000
Growth
82%
Number of employees
LQ
$11'400'000
103%
425
$203'776
Rambus
Activity
Town, St
f= founder
D= director
Title
D President, CEO
fD Ch. Scientist & VP
fD Vice-President
CFO
VP Bus. Dev
VP Eng.
VP Marketing
f Other founders
Semicon IP
Los Altos, CA
Price per share
Symbol
Name
Geoff Tate
Michael Farmwald
Mark Horowitz
Gary Harmon
David Mooring
Allen Roberts
Subodh Toprani

Other common
Options-outstanding
Options-Available
Options-Total
Total - company
Investors (others)
Total- Investors
Total - PreIPO
IPO
Total outstanding
VCs
MDV
KP
Dunlevie (now Benchmark)

EPFL
Company
IPO date
Market cap.
URL
$12.0
RMBS
Rambus Inc
13-mai-97
$304'347'060
www.rambus.com
Incorporation
State
CA, DE
Date
mars-90
years to IPO 7.2
Founder's
Ownership
Employee
PreIPO
Post IPO
Founder's
Employee
PreIPO
Post IPO
Value
Ownership
Ownership
Ownership
Shares
Shares
Shares
Shares
11.1%
5.4%
4.8%
1'209'789
1'209'789
1'209'789
$14'517'468
56.4%
15.0%
7.4%
6.5%
1'639'548
1'639'548
1'639'548
1'639'548
$19'674'576
33.3%
8.9%
4.4%
3.8%
968'365
968'365
968'365
968'365
$11'620'380
1.5%
0.7%
0.6%
160'250
160'250
160'250
$1'923'000
2.8%
1.4%
1.2%
306'500
306'500
306'500
$3'678'000
4.2%
2.1%
1.8%
460'500
460'500
460'500
$5'526'000
1.8%
0.9%
0.8%
195'500
195'500
195'500
$2'346'000
10.3%
2.8%
1.4%
1.2%
300'000
300'000
300'000
300'000
$3'600'000
100.0%
48.1%
23.6%
20.7%
2'907'913
5'240'452
5'240'452
5'240'452
$62'885'424
37.2%
23.7%
71.8%
11.6%
35.2%
10.2%
30.8%
2'583'478
7'823'930
2'583'478
7'823'930
2'583'478
7'823'930
$31'001'736
$93'887'160
26.7%
22.1%
6.2%
28.2%
100.0%
10.8%
3.0%
13.9%
49.1%
9.5%
2.7%
12.1%
43.0%
2'404'372
674'102
3'078'474
10'902'404
2'404'372
674'102
3'078'474
10'902'404
2'404'372
674'102
3'078'474
10'902'404
$28'852'464
$8'089'224
$36'941'688
$130'828'848
50.9%
44.5%
11'297'351
$135'568'212
50.9%
100.0%
44.5%
87.5%
11'297'351
22'199'755
11'297'351
11'297'351
22'199'755
12.5%
3'162'500
$37'950'000
100.0%
25'362'255
$304'347'060
13.1%
11.5%
Others
Net
sold by company
Total shares sold
$135'568'212
$266'397'060
$37'950'000
$34'117'000
3'162'500
3'162'500
-
Revenues
1997
Amount
$26'015'000
Growth
131%
Number of employees
1996
$11'270'000
139
$430'606
Riverbed
Activity
Town, St
f= founder
D= director
Title
fD Pres, CEO, Chair
fD CTO
CFO
VP Mark., Bus.Dev.
VP Eng.
VP Tech Ops.
CIO
Gen. Councel

EPFL
Entreprise data mgmt

San Francisco, CA
Price per share
$9.75
Symbol
RVBD
Name
Jerry M. Kennelly
Steven McCanne
Randy S. Gottfried
Eric Wolford
Gordon Chaffee
Stephen R. Smoot
Harold E. Irvine II
Brett A. Nissenberg
Company
IPO date
Market cap.
URL
Riverbed
26-sept-06
$720'049'571
www.riverbed.com
Incorporation
State
Date
years to IPO
DE
mai-02
4.4
Founder's
Employee
PreIPO
Post IPO
Founder's
Employee
PreIPO
Post IPO
Value
Ownership
Ownership
Ownership
Ownership
Shares
Shares
Shares
Shares
50.0%
30.7%
10.2%
8.1%
5'000'000
6'000'000
6'000'000
6'000'000
$58'500'000
50.0%
30.8%
10.2%
8.2%
5'000'000
6'019'808
6'019'808
6'019'808
$58'693'128
2.8%
0.9%
0.7%
550'000
550'000
550'000
$5'362'500
3.2%
1.1%
0.8%
621'978
621'978
621'978
$6'064'286
100.0%
67.6%
22.4%
17.9%
13'191'786
13'191'786
13'191'786
$128'619'914
71.9%
18.1%
85.7%
6.0%
28.4%
4.8%
22.6%
3'529'546
16'721'332
3'529'546
16'721'332
3'529'546
16'721'332
$34'413'074
$163'032'987
14.3%
4.7%
2'798'146
2'798'146
14.3%
100.0%
4.7%
33.1%
3.8%
6.8%
10.6%
33.2%
2'798'146
19'519'478
2'798'146
19'519'478
2'798'146
5'000'000
7'798'146
24'519'478
$27'281'924
$48'750'000
$76'031'924
$239'064'911
60.7%
48.5%
66.9%
100.0%
53.4%
86.6%
35'795'393
3'646'046
39'441'439
58'960'917
35'795'393
3'646'046
39'441'439
63'960'917
$349'005'082
$35'548'949
$384'554'030
$623'618'941
8'600'000
1'290'321
73'851'238
$83'850'000
$12'580'630
$720'049'571
Other common
Options-outstanding
Options-Available
Options-Total
Total - company
61.6%

Investors (others)
Total- Investors
Total - PreIPO
20.4%
IPO
Total outstanding
11.6%
1.7%
100.0%
16.3%
Others
Net
sold by company
Total shares sold
VCs
Accel
Lightspeed
UV partners
Round
A
B
C
D
Total
10'000'000
Date
Amount
janv.03
dec03
dec04
feb06
$6'550'000
$9'900'000
$19'900'000
$19'900'000
$56'250'000
$96'430'630
$96'430'630
9'890'321
100'000
9'990'321
1'290'321
# Shares
14'395'604
11'961'721
9'345'796
3'738'318
39'441'439
Revenues
2004
Amount
$22'900'000
Growth
816%
Number of employees
Price per
Valuation
Ownership
share
(approx.)
(approx.)
$0.455
$11'100'000
59%
$0.836
$30'394'724
33%
$2.140
$97'804'679
26%
$5.350 $264'511'699
8%
2003
$2'500'000
174
$354'569
Sun Microsystems
Activity
Town, St
f= founder
D= director
Title
f
f
f
f
Unix workstations
Mountain View, CA
Price per share
Symbol
Name
CEO
VP Tech
Board director
VP R&D
EVP
VP-SLS
VP-FIN
VP-EUR
Other
Other common
Options-outstanding
Options-Available
Options-Total
Total - company
Investors (others)
Total- Investors
Total - PreIPO
IPO
Total outstanding
VCs
$16.0
SUNW
Company
IPO date
Market cap.
URL

EPFL
Sun Microsystems
4-mars-86
$473'018'288
www.sun.com
Incorporation
State
Date
years to IPO
fvr-82
4.0
Founder's
Employee
PreIPO
Post IPO
Founder's
Employee
PreIPO
Post IPO
Value
Ownership
Ownership
Ownership
Ownership
Shares
Shares
Shares
Shares
24.1%
9.2%
4.4%
3.9%
1'147'263
1'147'263
1'147'263
1'147'263
$18'356'208
33.1%
12.6%
6.1%
5.3%
1'571'093
1'571'093
1'571'093
1'571'093
$25'137'488
24.2%
9.2%
4.4%
3.9%
1'149'011
1'149'011
1'149'011
1'149'011
$18'384'176
18.6%
7.1%
3.4%
3.0%
884'077
884'077
884'077
884'077
$14'145'232
2.7%
1.3%
1.1%
336'875
336'875
336'875
$5'390'000
9.4%
4.5%
4.0%
1'170'248
1'170'248
1'170'248
$18'723'968
100.0%
50.2%
24.2%
21.2%
45.2%
34.1%
84.4%
15.6%
16.4%
40.6%
7.5%
15.6%
100.0%
7.5%
48.1%
14.4%
35.6%
6.6%
2.2%
8.8%
44.4%
41.1%
10.8%
51.9%
100.0%
36.0%
9.4%
45.5%
89.9%
38.1%
18.3%
16.1%
Others
Net
sold by company
Total shares sold
4'751'444
6'258'567
6'258'567
6'258'567
$100'137'072
4'254'338
10'512'905
1'948'956
4'254'338
10'512'905
1'948'956
1'948'956
12'461'861
4'254'338
10'512'905
1'948'956
660'383
2'609'339
13'122'244
$68'069'408
$168'206'480
$31'183'296
$10'566'128
$41'749'424
$209'955'904
10'654'885
2'786'514
13'441'399
25'903'260
10'654'885
2'786'514
13'441'399
26'563'643
$170'478'160
$44'584'224
$215'062'384
$425'018'288
10.1%
3'000'000
$48'000'000
100.0%
29'563'643
$473'018'288
Revenues
LTM
Amount
$115'200'000
Growth
196%
Number of employees
LQ
$42'200'000
73%
1'223
$81'155
1'948'956
12'461'861
$64'000'000
$3'920'000
$600'000
$59'480'000
3'000'000
1'000'000
4'000'000
-
Vertex Pharmaceuticals
Activity
Town, St
f= founder
D= director
Title
f
Drug Designer
Cambridge, MA
Price per share
Symbol
Name
Pres, CEO
VP Bus Dev
SR Scientist
Other
Other common
Options-outstanding
Options-Available
Options-Total
Total - company
Investors (others)
Total- Investors
Total - PreIPO
IPO
Total outstanding
VCs
Company
IPO date
Market cap.
URL
$9.0
VRTX
Vertex Pharma
24-juil-91
$95'742'756
www.vpharm.com

EPFL
Incorporation
State
Date
janv-89
years to IPO 2.6
Founder's
Employee
PreIPO
Post IPO
Founder's
Employee
PreIPO
Post IPO
Value
Ownership
Ownership
Ownership
Ownership
Shares
Shares
Shares
Shares
100.0%
33.3%
7.8%
4.9%
520'000
520'000
520'000
520'000
$4'680'000
8.1%
1.9%
1.2%
126'999
126'999
126'999
$1'142'991
100.0%
41.4%
9.7%
6.1%
646'999
646'999
646'999
$5'822'991
33.3%
58.6%
100.0%
13.8%
23.5%
8.6%
14.7%
915'343
1'562'342
915'343
1'562'342
915'343
1'562'342
$8'238'087
$14'061'078
23.5%
9.4%
9.4%
24.1%
1'562'342
1'562'342
1'000'000
1'000'000
2'562'342
$9'000'000
$9'000'000
$23'061'078
73.5%
3.0%
76.5%
100.0%
45.8%
1.9%
47.7%
71.8%
4'875'742
200'000
5'075'742
6'638'084
4'875'742
200'000
5'075'742
7'638'084
$43'881'678
$1'800'000
$45'681'678
$68'742'756
3'000'000
$27'000'000
$0
$95'742'756
33.3%
7.8%
100.0%
520'000
28.2%
0.0%
100.0%
4.9%
Others
Net
sold by company
Total shares sold
10'638'084
$27'000'000
$1'732'500
$600'000
$24'667'500
3'000'000
3'000'000
-
Revenues
LTM
LQ
Amount
$800'000
$0
Growth
Not meaningful
Number of employees
53
$155'436
Virata
Activity
Town, St
f= founder
D= director
Title
D
CEO
CFO
D CTO
VP Corp Dev
fD Chairman
fD Professor

EPFL
Broadband communications
Cambridge UK and CA
Price per share *
$2.1
Symbol
VRTA
Name
Charles Cotton
Andrew Vought
Martin Jackson
Thomas Cooper
Hermann Hauser
Andrew Hopper

Other common
Options-outstanding
Options-Available
Options-Total
Total - company
Investors (strategic and manag.)
Total- Investors
Total - PreIPO
IPO
Total outstanding
VCs
Oak
NEA
3i
Index Securities
Oracle
Olivetti
Company
IPO date
Market cap.
URL
Incorporation
State
UK, Del
Date
juin-93
years to IPO 6.5
Founder's
Ownership
Employee
PreIPO
Post IPO
Founder's
Employee
PreIPO
Post IPO
Value
Ownership
Ownership
Ownership
Shares
Shares
Shares
Shares
2.3%
1.0%
0.7%
1'082'813
1'082'813
1'082'813
$2'262'594
1.6%
0.7%
0.5%
743'437
743'437
743'437
$1'553'450
1.1%
0.5%
0.4%
537'083
537'083
537'083
$1'122'263
1.2%
0.5%
0.4%
550'833
550'833
550'833
$1'150'994
50.0%
3.5%
1.5%
1.1%
1'500'000
1'632'096
1'632'096
1'632'096
$3'410'350
50.0%
3.3%
1.4%
1.1%
1'500'000
1'562'857
1'562'857
1'562'857
$3'265'671
100.0%
13.0%
5.6%
4.1%
6'109'119
6'109'119
6'109'119
$12'765'323
10.8%
46.4%
59.4%
19.8%
25.4%
14.7%
18.8%
21'754'003
27'863'122
21'754'003
27'863'122
21'754'003
27'863'122
$45'456'126
$58'221'449
40.6%
17.3%
12.8%
19'019'214
19'019'214
19'019'214
$39'741'641
40.6%
100.0%
17.3%
42.8%
12.8%
31.6%
19'019'214
46'882'336
19'019'214
46'882'336
19'019'214
46'882'336
$39'741'641
$97'963'090
38.0%
19.2%
57.2%
100.0%
28.2%
14.2%
42.4%
74.0%
41'720'764
21'058'749
62'779'513
109'661'849
41'720'764
21'058'749
62'779'513
109'661'849
$87'177'716
$44'003'356
$131'181'072
$229'144'162
26.0%
38'525'000
$80'500'000
100.0%
148'186'849
$309'644'162
6.4%
2.7%
2.0%
Others
Net
sold by company
Total shares sold
Round
* a stock split was done at IPO

in fact the price per share was $14
Virata
17-nov-99
$309'644'162
-
B
C
D
E
Total
Date
May 96
June 96
June 98
sept.99
3'000'000
$80'500'000
Revenues
FY 99
Amount
$9'256'000
Growth
4%
Number of employees
$73'500'000
38'525'000
38'525'000
Amount
3'589'240
$10'000'001
$27'259'027
$8'000'000
$52'950'255
# Shares
5'127'485
6'666'667
24'780'934
6'153'846
36'575'086
Price per
share
0.70
$1.50
$1.10
$1.30
FY98 (mar)
$8'931'000
113
$753'963
Yahoo
Activity
Town, St
f= founder
D= director
Title
Internet Software
Sunnyvale, CA
Price per share
Symbol
Name
D Pres, CEO
Koogle
fD Chief Yahoo
Yang
fD Chief Yahoo
Filo
SVP Bus Ops
Mallett
CFO
Valenzeula
SVP Prod Dev
Nazem
Other common
Options-outstanding
Options-Available
Options-Total
Total - company
Investors (others)
Total- Investors
Total - PreIPO
IPO
Total outstanding
VCs
Sequoia
Corp.
Individuals

EPFL
$13
YHOO
Yahoo
12-avr-96
$481'458'874
www.yahoo.com
Incorporation
State
Date
years to IPO
CA
mars-95
1.1
Founder's Employee
Employee
PreIPO
Post IPO
Value
Shares
Shares
Shares
5.5%
3.0%
2.8%
1'025'510
1'025'510
1'025'510
$13'331'630
50.0%
21.3%
11.8%
10.8%
4'003'750
4'003'750
4'003'750
4'003'750
$52'048'750
50.0%
21.3%
11.8%
10.8%
4'003'750
4'003'750
4'003'750
4'003'750
$52'048'750
100.0%
78.0%
42.7%
48.1%
6.6%
54.7%
25.8%
19.5%
45.3%
100.0%
23.5%
26.5%
3.6%
30.2%
14.2%
10.8%
25.0%
55.1%
15.9%
29.0%
44.9%
100.0%
21.6%
IPO
Moritz
Company
IPO date
Market cap.
URL
24.4%
3.3%
27.7%
13.1%
9.9%
23.0%
50.7%
14.6%
26.6%
41.3%
91.9%
7.0%
1.1%
100.0%

Others
Net
Total shares sold
VCs
Round
A
B
C
Total
Date
avr.95
nov.95
mars.96
8'007'500
$33'800'000
$2'366'000
$700'000
30'734'000
2'600'000
9'033'010
1'231'716
10'264'726
4'834'868
3'665'132
8'500'000
18'764'726
9'033'010
1'231'716
10'264'726
4'834'868
3'665'132
8'500'000
18'764'726
5'415'344
9'865'228
15'280'572
34'045'298
9'033'010
1'231'716
10'264'726
4'834'868
3'665'132
8'500'000
18'764'726
5'415'344
9'865'228
15'280'572
34'045'298
2'600'000
390'000
37'035'298
Revenues
6m-95
Amount $1'400'000
Number of employees
2'600'000
390'000
Amount
# Shares
Price per share
Valuation
$1'040'000
5'200'000
$0.20
$2'641'500
$5'000'002
2'538'072
$1.97
$31'018'777
$63'750'000
5'100'000
$12.50 $260'569'650
$69'790'002
12'838'072
$117'429'130
$16'012'308
$133'441'438
$62'853'284
$47'646'716
$110'500'000
$243'941'438
$70'399'472
$128'247'964
$198'647'436
$442'588'874
$33'800'000
$5'070'000
$481'458'874
Q4 95
$1'100'000
49
$1'609'502

Equity Split in Start-Ups - Lebret

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Service des relations industrielles(SRI)

As a fast track: Google

Service des relations industrielles(SRI)

Service des relations industrielles(SRI)

The Case Study

Service des relations industrielles(SRI)

A professor advises his PhD Student to

Founders equity split

Service des relations industrielles(SRI)

There is no single answer.

Founders pie calculator

Service des relations industrielles(SRI)

This was an exercise only, and after a negotiation

Founders equity split

Service des relations industrielles(SRI)

Service des relations industrielles(SRI)

The founders need resources and go to a VC they

Round A equity split

Officers & executives

Service des relations industrielles(SRI)

The B & C round

Service des relations industrielles(SRI)

It is very usual to see additional rounds of

Price per Ownership

Service des relations industrielles(SRI)

The CEO will usually be around 5-10% just before

The stock option plan is kept to a level which enables

Round B-C equity split

Officers & executives

Service des relations industrielles(SRI)

Service des relations industrielles(SRI)

The company goes public when revenues and

The investment bank takes a 6-8% fee on the

IPO capitalization table

Service des relations industrielles(SRI)

Officers & executives

Total cash before fees

* The difference b etween common shares

and options is very small. In this c as e,

Service des relations industrielles(SRI)

A quote on valuation & founders

Service des relations industrielles(SRI)

Don Valentine founder of Sequoia

Service des relations industrielles(SRI)

Service des relations industrielles(SRI)

Once You're Lucky,

Officers & executives

Service des relations industrielles(SRI)

Total cash before fees

Officers & executives

Service des relations industrielles(SRI)

Total cash before fees

* ESOP was a Series B preferred

Appendix: More cap. tables

Service des relations industrielles(SRI)

Sources: High-Tech Start-up, J. Nesheim (Free Press, 2000), personal data,

Post IPO Founder's

Investors (VCs, not management)

Officers & executives

Service des relations industrielles(SRI)

Total cash before fees

Jean Paul Clozel

Officers & executives

Service des relations industrielles(SRI)