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Ajay Chopra Trinity Ventures 3000 Sand Hill Road Menlo Park CA 94025 trinityventures

Ten Lessons from the Pinnacle Experience. Ajay Chopra Trinity Ventures 3000 Sand Hill Road Menlo Park CA 94025 www.trinityventures.com. A brief history of Pinnacle Systems. Founded 1986; Series A Media authoring and delivery tools FCS 1987; Series B 1989 Series C Failed IPO 1992

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Ajay Chopra Trinity Ventures 3000 Sand Hill Road Menlo Park CA 94025 trinityventures

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  1. Ten Lessons from the Pinnacle Experience Ajay ChopraTrinity Ventures3000 Sand Hill RoadMenlo Park CA 94025www.trinityventures.com

  2. A brief history of Pinnacle Systems • Founded 1986; Series A • Media authoring and delivery tools • FCS 1987; Series B • 1989 Series C • Failed IPO 1992 • IPO 1994; Secondary offerings 1995/96 • Acquired 20+ entities 1996-2003 • Sold to Avid Technology in 2005 • $462M cash and stock

  3. Lesson #1:Building a Company is a marathon • Average run to IPO: 7 years • Plan to enjoy the “journey” not the “destination” • Success in determined by execution focus, team and value system

  4. Lesson #2:“What’s the heading, Captain?” • Always know the heading • Execution starts with leadership! • Focus on leading; hire to manage

  5. Lesson #3:Everybody’s money is not equally green • Find the right investor match • Make sure goals are aligned

  6. Lesson #4:Cut your losses! • Do not throw good money after bad • Nothing wrong with being frugal! • Define unbiased metrics for success and failure • Good enough is usually not!

  7. Lesson #5:Do not let the competition control your profitability • Continue to define your “blue ocean” • But do not underestimate your competition

  8. Lesson #6:Technologies can take discontinuous steps but markets evolve slowly • Develop to technology evolution • Plan to market evolution

  9. More start-ups get upstaged by new competition at the market inflection point than anywhere else Keeping tabs on the “convergence” factors Lesson #7:When the market reaches the inflection point, BE READY!

  10. Lesson #8:The soul of the company is its value system • Intellectual honesty • Leading by example • Fairness • Culture of excellence

  11. Lesson #9:You are known by the company you keep • Investors/Bankers • Board members • Auditors/Lawyers • Customers

  12. Lesson #10:Do not take yourself too seriously! • Remember to make the experience fun • Find fulfillment in the journey • Keep things simple • Choose your battles

  13. Bonus slides! Matching with the right Venture Fund

  14. Is your space an area of interest for the VC? • Does the VC have expertise in the space your company is focused • VCs are well connected – will find an expert – including another VC

  15. Fund investment preferences • Geographical • Deal stage • Min-max investment profile • Percentage ownership requirements

  16. Fund investment cycle • When was the last fund raised? • How many investments have been made? • How much “dry powder” is left?

  17. Portfolio conflict? • Is this portfolio company an active investment? • Was it (or is it) a good investment? • Too much concentration – portfolio diversity? • Direct competitor?

  18. Are you in fact ready for VC money? • Only one shot with most VCs • Crisp story in 40 minutes – 15 slides • Team, Technology and TAM • Unfair advantage

  19. And a final quote….. • Entrepreneurship is “converting creativity and mental energy into wealth”- Narayana Murthy

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