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= d$ D Accounting and Finance for Start-ups Informatics Entrepreneurship 2 E % ( ( D
15/01/2008
3
Announcements
*Techdirt Greenhouse Fieldtrip
*Student Entrepreneurship Networking Event
*BarCamp Scotland
Ent. Club Event tomorrow and next week
Next Week Lecture
Team Scheduling for VC presentations
(April 24th) R \ _
\ _ v B
7 % Overview
TODAY
Statements:
Income Statement
Cash Flow
Balance Sheet
Cash is King
Dividends
The Role of the Accountant
Financial Basics
T P P P P v #
Accounting Both science and an art
Expertise needed as company grows
Balancing Act
Accounts Payable
Accounts Receivable
R & D treatment (R in the UK is expense)
Comparative L W o l f s o n M i c r o e l e c t r o n i c s
S p i n - o u t o f U o E
F l o a t i n g c o m p a n y
B a s e d i n E d i n b u r g h
M i d - a n n u a l r e p o r t
G o o g l e
U S b a s e d i n t e r n e t c o m p a n y
S E C d o c u m e n t 1 0 Q ( q u a r t e r l y r e p o r t )
X F @ F A $
Statements z C a s h F l o w
I n c o m e
R e v e n u e ( T u r n o v e r i n U K )
E x p e n s e s
O p e r a t i n g I n c o m e
E B I T D A
B a l a n c e S h e e t : A = L + O E
P r o d u c t i v e v s . N o n - p r o d u c t i v e a s s e t s
L i a b i l i t i e s : S h o r t v s . L o n g T e r m
O w n e r s E q u i t y
h Z : Z Z W Z 3 W Sources of Financial Information U K : C o m p a n y h o u s e a l l p r i v a t e a n d p u b l i c c o m p a n i e s
h t t p : / / w w w . c o m p a n i e s h o u s e . g o v . u k /
U S :
S E C f o r p u b l i c l y t r a d e d c o m p a n i e s
w w w . s e c . g o v
D u n a n d B r a d s t r e e t a n d o t h e r d a t a b a s e s f o r p r i v a t e c o m p a n i e s n 6 Z # Z Z " Z
Z = Z Y l U
0 6 W U
0 % Cash is King C a s h f l o w s t a t e m e n t m o s t i m p o r t a n t f o r s t a r t - u p s
O t h e r s t a t e m e n t s r e l a t i v e l y u n i m p o r t a n t
P r o j e c t c a s h u s e s a n d n e e d s o n r o l l i n g b a s i s
K n o w b r e a k e v e n m o n t h
K n o w c a s h b u r n r a t e
K n o w Z e r o C a s h D a t e
( & Dividends W h a t t h e y a r e
T e c h n o l o g y c o m p a n i e s d o n t p a y t h e m
W h y ?
I n w h a t c a s e s m i g h t t h e y ?
S t o c k b u y b a c k s v s . d i v i d e n d s
T a x e s o n d i v i d e n d s 6 2 < 2 < ,
Role of Acct. E a r l y s t a g e s : O n e d a y a m o n t h ; l a t e r , o n e d a y a w e e k u n t i l c o m p a n y i s ~ 3 0 b i g
M o n t h l y P a n d L
C a s h F l o w
B a l a n c e s h e e t
B a n k r e c o n c i l i a t i o n
H e l p w / l e a s i n g , b a n k s , e t c .
S o f t w a r e : Q u i c k e n & d o i t y o u r s e l f ? 6 O Y # O Y # . Ratio Analysis Use to better business
A few common examples
NOI percentage
Gross Operating Profit percentage
Marketing and Sales percentage
R & D percentage
Sales per employee (on of my favorites) & - - 5
Business Plan
Sources
*Equity (angels, vc, friends and family, founders stock)
*Debt (loans, equip financing)
*Grants
*Programmes (ie EPIS)
? Others " H Z U s e s
* S a l a r i e s
* E q u i p m e n t
* C o n s u l t i n g
* A c c o u n t i n g
* L e g a l
* M a r k e t i n g
* S u p p l i e s
* I P
& a n d s o o n " ] X \ 6
Sources and Uses Drive Balance Sheet from this /
Conclusion A c c o u n t i n g i n e a r l y s t a g e s n e c e s s a r y b u t d o n t w a s t e a l o t o f t i m e o n i t
U s e a c c o u n t i n g a n d f i n a n c e t o h e l p f r a m e t h e s t r a t e g i c m i n d s e t ; r e s e a r c h t h e c o m p e t i t i o n ; l e a r n b u s i n e s s m o d e l s
R e m e m b e r c a s h i s k i n g a n d c a s h f l o w s t a t e m e n t i s w h a t m a t t e r s m o s t
T u r n n o n - p r o d u c t i v e a s s e t s i n t o p r o d u c t i v e a s s e t s
H i r e a n e x p e r i e n c e d s t a r t - u p a c c o u n t a n t :
S m a l l f i r m , n i m b l e , r e a s o n a b l y p r i c e d
M a y g r a n t h i m o r h e r o p t i o n s / w a r r a n t s
L a t e r h i r e g o o d D i r e c t o r o f F i n a n c e ; t h e n C F O
I n l a t e r s t a g e s b r i n g a b o a r d B i g 8 a c c o u n t i n g f i r m . W P P W 9 Part II T STRUCTURING THE COMPANY
Equity
Shares
Options and Employee Stock Option Plan U U T ; Equity & Owners Shares
Common shares
Preferred & C & T y p i c a l U S v s . U K t First Round - UK
Founders 40%
Employees 20%
Investors 40%
$ 2 million investment
$10 million post-money
valuation u Z u t F i r s t R o u n d U S
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$ 4 0 0 K i n v e s t m e n t s
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Loans from banks
Venture debt and use of warrants O = Valuation H H o w A r e S t a r t - u p s V a l u e d ?
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W h a t a r e t h e m e t r i c s
W h a t i s N e t P r e s e n t V a l u e ( N P V )
J o h n N e s b i t t s H i g h T e c h S t a r t u p V a l u a t i o n E s t i m a t o r
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On-screen Show -s T A
Arial Default Design E Accounting and Finance for Start-ups Informatics Entrepreneurship 2 Announcements Overview Accounting Comparative Statements ! Sources of Financial Information
Cash is King
Dividends Role of Acct. Ratio Analysis Business Plan Sources and Uses Conclusion Part II Equity Typical US vs. UK Debt
Valuation Business Modeling Fonts Used Design Template
Slide Titles 8 @ _PID_HLINKS A " h t t p : / / w w w . c o m p a n i e s h o u s e . g o v . u k / h t t p : / / w w w . s e c . g o v / f h t t p : / / w w w . g o o g l e . c o m / s e a r c h ? q = h i g h + t e c h + s t a r t u p & s o u r c e i d = i e 7 & r l s = c o m . m i c r o s o f t : e n - U S & i e = u t f 8 & o e = u t f 8