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Want to Know How VC’s Calculate Valuation Differently from Founders?

Want to Know How VC’s Calculate Valuation Differently from Founders?
Back in 1999 when I first raised venture capital I had zero knowledge of what a fair term sheet looked like or how to value my company. Due to competitive markets we ended up with a pretty good term sheet until we needed to raise money in April 2001 and then we got completely screwed. It was accept the terms or go into bankruptcy so we took the money. But the truth is that I didn’t really understand just how screwed I was until years later when I finally understood every term in a term sheet and more importantly I understood how each term could actually be used to screw me. Back then VentureHacks didn’t exist. I don’t feel that as a VC sneaking in nefarious terms into a term sheet that the entrepreneur doesn’t understand is a good way to build a long-term relationship nor to build a long-term reputation but this does happen and more frequently than we all would like. This starts with understanding how VCs and entrepreneurs often see valuation differently. I turned them down. Related:  Funding

Régime juridique et fiscal dela holding | Impôts A la demande générale ! Un (ou une) holding (mot d'origine anglaise signifiant « tenir, détenir ») est une société qui détient des titres de participation dans une ou plusieurs sociétés en vue de les contrôler. Cette société est qualifiée de pure (ou passive) lorsqu'elle a pour objet unique la détention de titres, et d'impure (ou active) lorsqu'elle a pour objet à la fois la détention de titres et l'exercice d'autres activités de nature industrielle ou commerciale. Très fréquemment, les sociétés Holdings exercent et facturent, pour le compte de leurs filiales, des activités de conseil, de centralisation de la trésorerie, de tenue de la comptabilité et de diffusion d'informations. L'utilisation de la société holding présente des intérêts variés : elle facilite la transmission des PME, PMI, elle est un instrument de gestion dans les groupes consolidés, elle permet le rachat d'une société et notamment la déduction des charges financières liées à l'acquisition (LBO ou Leveraged Buy-Out). Exemple :

Thoughts: Term Sheet While some people hate the phrase “failing fast”, I find it instructive when it’s used to signify that one isn’t going to pursue a particular path in the context of a larger set of activities. A few weeks ago, I wrote a post about The Proliferation of Standardized Seed Financing Documents. It generated several hundred email responses and a handful of phone calls. A week or so later, my partner Jason Mendelson wrote a post titled Why There Will Never be a Standard Set of Seed Documents. I’ve concluded that Jason is right so rather than torture myself, I’m failing fast with regard to trying to help create a set of standardized seed documents. Since I received so many private responses to the original post, I thought I’d summarize them here by type of respondent. Lawyers: By far the largest numbers of responses were from lawyers offering to help (thanks!) Entrepreneurs: The next largest number of respondents were entrepreneurs. VCs: The VC comments came in a few different flavors.

Les critères d’investissement d’un Business Angel engagé Cette semaine, j’ai décidé de vous parler de mon process de sélection de projets, en fait surtout d’équipes, dans lesquelles j’investis. Au début de mon expérience de business angel, comme dans le recrutement de collaborateurs (trices) chez Juste à temps d’ailleurs, je fonctionnais surtout à l’affectif. Et, à force de désillusions, je me suis remis en cause, moi aussi. Schématiquement, j’ai évolué vers : - La priorité accordée à l’équipe (versus les marchés) dans mes choix. - La mise en place d’une grille de sélection avec des critères objectifs : je vous laisse la consulter ci-dessous : Laissez-moi revenir sur quelques critères : – Je peux apporter des compétences : comme j’aime bien mouiller la chemise aux côtés des équipes, il convient que je leur sois complémentaire. - J’ai un patron(ne) en face de moi : une boite sans patron, ça le fait pas. - L’entrepreneur(se) sait se remettre en cause : c’est surement mon critère essentiel. Deux précisions importantes : Cordialement. Patrick

Overnight carrier service, APC overnight delivery UK People rely on APC Overnight’s service because we have built our reputation on quality. Our network continues to grow year-on-year thanks to exceptional service levels underpinned by state-of-the-art technology. We now collect, route and deliver more than 1 million parcels every month. The APC Overnight network was founded by a group of experienced delivery companies committed to providing excellent service in the then-fledgling UK overnight market. Excellent service demands the right people along with the right systems – so cutting edge technology is the other vital ingredient in our success. Meanwhile, out on the roads, we regularly upgrade our fleet of local delivery vehicles and trunkers to and from our Midlands hub.

» Guide pour présenter votre Business Plan de Startup  (Ce post sera mis à jour en fonction des retours de mes lecteurs, n’hésitez pas à en laisser en commentaire) Depuis le lancement de Kima Ventures avec Xavier Niel en février 2010, nous avons reçu via notre site plusieurs milliers de business plans en provenance du monde entier. La grande majorité des business plans sont reçus via notre site internet, lui-même relié à notre base de données de startups. Nous avons investi dans plus de 130 startups (une partie apparait sur notre site) dans 18 pays, de la Chine au Nicaragua en passant par le Pakistan, Israël, la Norvége ou la Suisse. Lire des business plans peut être une activité agréable mais, pour que cela soit vrai, il faut que celui-ci réponde clairement aux questions que se pose un investisseur sans développer de détails inutiles. Pas la peine donc de présenter l’évolution de la taille du marché du e-commerce au cours des 10 dernières années quand vous présentez un dossier de vente de pin’s sur Internet Parlons donc contenu désormais.

Taxe sur les salaires (chiffres de janv. 2012 Révisé le 08/03/2016 par les Carole Girard-Oppici et classé dans Taxes. Assiette, barème 2016, abattement et modalités de règlement par l'employeur de la taxe sur les salaires. Introduction La taxe sur les salaires est due par les employeurs en 2016 qui ne sont pas soumis à la TVA sur la totalité de leur chiffre d'affaires. Elle est calculée sur les rémunérations versées au cours de l'année par application d'un barème progressif. Selon son montant, elle peut être versée mensuellement, trimestriellement ou annuellement. Les employeurs assujettis doivent remplir le formulaire Cerfa n°2501 "relevé de versement provisionnel de la taxe sur les salaires". Conformément aux dispositions du 2 bis de l'article 231 du Code général des impôts, les limites d'application des taux majorés de la taxe sur les salaires sont relevées chaque année dans la même proportion que la limite supérieure de la première tranche du barème de l'impôt sur le revenu de l'année précédente. Barème de la taxe sur les salaires

Opportunity Costs We are going to turn our attention on MBA Mondays to some costs that are important to recognize in business. First up is Opportunity Cost. Opportunity Cost is the cost of not being able to do something because you are doing something else. These costs don’t end up on your income statement but they are expensive, particularly in a small business where you have very few resources. Let’s use an example. So the cost of the first project is not only the time and salaries of the three software engineers who are working on it. The problem with opportunity costs is that you can’t predict or measure them very well. So what do you do about opportunity costs that are out there but you can't see or measure? I also try to ignore opportunity costs. So my advice is to understand the concept of opportunity costs, build them into you mental map, but don't focus too much on them.

Working Backwards In the fine grained services approach that we use at Amazon, services do not only represent a software structure but also the organizational structure. The services have a strong ownership model, which combined with the small team size is intended to make it very easy to innovate. In some sense you can see these services as small startups within the walls of a bigger company. The product definition process works backwards in the following way: we start by writing the documents we'll need at launch (the press release and the faq) and then work towards documents that are closer to the implementation. The Working Backwards product definition process is all about is fleshing out the concept and achieving clarity of thought about what we will ultimately go off and build. Start by writing the Press Release. Once we have gone through the process of creating the press release, faq, mockups, and user manuals, it is amazing how much clearer it is what you are planning to build.

Chemical Ltd | Buy Aerial7 - Aerial7 - Matador Headphoens :: Joker - Headphones at Chemical Ltd 14-day return period. If you're not happy with your purchase in any way, simply return it to us within 14 days of delivery for a refund or exchange. All we ask is that you return the item in its original packaging with all the original tags attached. Please use the returns form and address label provided on the back of your receipt and include the form in your package. What if it's faulty? If an item is faulty, please contact our customer services department who will advise you on how to proceed with a return or replacement. Trying items on When trying items on, please make sure that you are not wearing any perfume or deodorant and be careful not to mark the items in any way. For full T&Cs on returns please refer to:

Behind the Scenes: How Fab Raised $40 million with a lot of data and not much pain Let’s face it, fundraising can be a real pain in the ass for the entrepreneur. It takes up a ton of time that can be otherwise spent managing the business. Sure, it’s a necessary evil, but it’s also typically a big distraction. It’s also a lot like dating. You have to go on a lot of first dates before you can move on the to the second, third, fourth, and then hopefully marriage. When we decided to raise a large round of financing for Fab in October, my biggest concern was that it would divert our management team’s time and attention away from running the business at a critical time, as we were simultaneously scrambling to prepare for our first holiday season at Fab. As our “one thing” at Fab.com is design, I put a lot of thought and consideration into how we might design our fundraising process differently from the norm, so as to optimize around time spent fundraising vs. running the business, and to quickly hone in on who we wanted to marry. Venture Growth Capital. One final note. p.s.

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