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Fund raising for entrepreneurial venturing

Fund raising for entrepreneurial venturing . By Dr. Wilton Chau Managing Partner QLeap Venture Fund Adjunct Professor, CUHK. About Wilton CHAU. Over 24 years experience in venture capital and direct investment industry Managing Partner in QLeap Venture Fund

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Fund raising for entrepreneurial venturing

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  1. Fund raising for entrepreneurial venturing By Dr. Wilton Chau Managing Partner QLeap Venture Fund Adjunct Professor, CUHK Professor Wilton Chau

  2. About Wilton CHAU • Over 24 years experience in venture capital and direct investment industry • Managing Partner in QLeap Venture Fund • Investment committee member of SHC Capital (insurance company listed in Singapore) • Director of Guangzhen Rail Co. Ltd., listed in New York, Shanghai and Hong Kong • Director of several unlisted companies invested by QLeap Venture Fund • Lead Consultant – Incubation Program, HK Sci Park • Adjunct Professor & Pro-doc Fellow of the Centre of Entrepreneurship, CUHK Professor Wilton Chau

  3. About me? • Buy side: 24 years • Sell side: 10 years • Successful fund raising: 5 cases (pre-revenue) • 1 project per 2 years • amount: HK$ 1 – 40 million Professor Wilton Chau

  4. Sources of fund • Seed • Own savings • Family, friends and fools • Government • Application Research • Research institution (universities, ASTRI) • Own savings • Government (SERAP, HKSTP) • Angels Professor Wilton Chau

  5. Sources of fund • Start-up • Own money • Government • Angels • Early stage • Angels • VCs • Industrial partners Professor Wilton Chau

  6. Fund raising -SEVEN Crucial Elements • A valid business model • An executable business plan • Investment proposals • Powerful presentations • Q&A • DD files • ??? Professor Wilton Chau

  7. 1. A Clever Business Model • A feasible one? • A scalable one? • Require change in infrastructure? • A high growth one? • A proven model? • How to prove the model at the beginning? Professor Wilton Chau

  8. 2. An Executable Business Plan • Vision vs Imagination • Big enough? • Clear? • Direction? • Identified risks & hurdles • Come with solutions? • Limited resources, limited time • out-sourcing • Betrayal - financial projections Professor Wilton Chau

  9. 3. Investment Proposals • A marketing document (20 pages) • Tailor-made to each investor (the buyer) • Must have an OFFER • How much are you raising? • What is the stake being offered? • Other terms (a term sheet) • Exit strategy • Functions of time-line • Differences between IM / BP / IP • An outstanding one! Professor Wilton Chau

  10. 4. Powerful Presentation • In line with the investment proposal • 10 – 20 minutes ppt • Flow along the theme(s) • Prototype • Skills • Serial position effect • Storytelling Professor Wilton Chau

  11. 5. Q & A • Very important to inexperience team • Not related to Gaps setting • First page: list of questions in groups • Completed answers to all expected questions • as detail as possible, no restriction on length • don’t refer to other materials unless necessary except to particular documents in DD files for proof • Can be part of the Investment Proposal • Problem: only experienced people can tell • Gap setting Professor Wilton Chau

  12. 6. DD Files • Organized in the following sections: • Legal (including patents & technology) • Financials • Assumptions & their justifications • Past financial statements (audited*) • Contracts • Milestones and achievements • Numbers the key documents Professor Wilton Chau

  13. 7. ??? In terms of a successful fund raising • Items 1 to 6 contribute one third • Item 7 contributes another one third --- Thank you! --- Professor Wilton Chau

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