Professional Documents
Culture Documents
Doanh nhn v nh u t
ng sng lp & TG Pasoto.com
Clip Socksonline.com
Ti sn
tng
Ti nng
Vn ch s hu
20%
$ S.Lp 1
20%
$ S.Lp 2
$ S.Lp 3
$ S.Lp 4
$ S.Lp 5
20%
20%
20%
Cn 5 triu la chy d n
nh gi ?
LMC - Launch - 15/8
Ti sn
5
Triu?
5
Triu
tng
Vn ch s hu
$ S.Lp 1 10% = 1 triu
$ S.Lp 2 10% = 1 triu
$ S.Lp 3
10% = 1 triu
$ S.Lp 4
10% = 1 triu
Ti nng
$ S.Lp 5
10% = 1 triu
5 triu
tin mt
Ca NT
$ ca nh
u t
thin thn
50% = 5 triu
Clip Socksonline.com
* nh gi startup trc khi u t : 5 triu!
Tnh nh th no c hai bn ng ?
Trng hp tht hn
Ti sn
Vn ch s hu
S hu ca
cc sng lp
vin
S tin cn thit
chy d n 18
thng?
S hu ca
nh u t
LMC - Launch - 15/8
80% - 90%
10% - 20%
5
khu
2015
Kt qu nh gi ch l tng i, v c 2 bin
s chnh
- D on nhng dng tin tng lai (ca doanh nghip hay
ca ch s hu)
2015
* Gi tr ti sn (x tht)
Nh u t khng mua cn ty m mua cc ti sn
(hu hnh v v hnh ca cng ty)
10
LMC - Launch - 15/8
NH GI STARTUP
PP Chit khu dng tin: SAI S KH CAO V
- S liu qu kh: cha c,
- S liu hin ti cn qu mng
- S liu ca cc cng ty tng t: cha chc c
- S liu cc cng ty tng t nc khc: chnh xc?
11
NH GI STARTUP
PP SO SNH: Post-Money Valuation
Tm kim cc cng ty nhn c ti tr gn y
tng t (BizBuySell, BizQuest, CrunchBase)
- Giai on tng t (u t thin thn, seed, series)
- Tin b tng t (demo, ra mt, 10k ngi dng, s
khch hng tr tin),
- T l s nhn vin/doanh s hay ngi dng tng t
S dng gi tr trung bnh, v thc hin vi iu chnh,
chng ta s c con s Post-Money Valuation (Gi tr
ca Startup sau u t)
LMC - Launch - 15/8
12
NH GI STARTUP
PP SO SNH: Multiples P/S, P/E
P/E: Gi (Price) / Li nhun (Earning)
P/S: Gi (Price) / Doanh s (Sales)
Tng t nh nh gi cng ty trng thnh, chng ta
cng s dng cc ch s ny ca nhm cc startup cng
ngnh, cc Startup tng t xc nh Gi (Price) ca
startup cn tnh.
Tuy vy, nhng start up mi ra l khng s dng
phng php ny c v cha c li nhun, hoc doanh
s cn qu nh, cha n nh.
*** Chng ta cng c th s dng s ti khon, s khch
hng nh l con s so snh.
LMC - Launch - 15/8
13
NH GI STARTUP
u t. V u t vo startup ri ro cao nn nh u t
mo him thng s dng ROI kh cao (25% - 30%)
LMC - Launch - 15/8
14
NH GI STARTUP
Mt s phng php khc:
The Scorecard Method
The Dave Berkus Method
The Cayenne Valuation Calculator
The Risk Factor Summation Method
KHNG THCH HP VI TH TRNG VIT NAM
15
CC LOI NH U T
- Chnh bn thn chng ta.
- Nh u t thin thn
- Qu u t mo him .
- Nh u t khc.
Nhng nh u t mua vi nh khc. H mua s
16
MT S LU
- Nguyn tc vng (Golden Rule): Ai c vng s chim u
th trong cuc m phn.
Tin l vng.
tng xut sc v kh nng thc hin tng cng l Vng
- Tm hiu nh u t v kz vng ca h
- N.hn ra cc nh u t khc
LMC - Launch - 15/8
17
m phn t kt qu tt nht
Ti sn
tng & nhn
lc & kt qu ca
vi thng u
tin
S tin chy
d n 18 thng!
Cng cao cng
tt
Vn ch s hu
S hu ca
cc sng lp
vin
S hu ca
nh u t
LMC - Launch - 15/8
80% - 90%
10 % - 20%
18