insiders guide on how to raise venture capital

An Insiders View: An Insiders View: How to Raise How to Raise

Money from VCsMoney from VCsBob DahlbergBob Dahlberg

PartnerPartnerHorizon VenturesHorizon Ventures

Los Altos, CALos Altos, CABob at horizonvc comBob at horizonvc com

April, 2009 2Copyright 2007, 2008, 2009 Robert W. Dahlberg

AgendaAgenda

VC financing +’s and –’sVC financing +’s and –’s

How VCs decideHow VCs decide

The VC dating gameThe VC dating game


Venture Capital Isn’t Venture Capital Isn’t RequiredRequired

To Build a Great Business To Build a Great Business ……

BroadcomBroadcom No VC moneyNo VC money

CiscoCisco $5M in revenue, profitable before Sequoia $5M in revenue, profitable before Sequoia

investedinvested DellDell

Raised money at $60M in revenueRaised money at $60M in revenue eBayeBay

$4.5M in revenue and profitable before $4.5M in revenue and profitable before Benchmark investedBenchmark invested

MicrosoftMicrosoft VC funded after being profitableVC funded after being profitable

The MathWorksThe MathWorks >$300M in revenue, no VC money>$300M in revenue, no VC money

OracleOracle Government contract funded first productGovernment contract funded first product

SAS InstituteSAS Institute > $1.9B in revenue, the largest private > $1.9B in revenue, the largest private

software company, no VC moneysoftware company, no VC money SiebelSiebel

Customers funded first productCustomers funded first product


VC Financing Comes with VC Financing Comes with Costs…Costs…††

Fund raising takes time away from Fund raising takes time away from serving customersserving customers

False sense of security: it masks False sense of security: it masks viabilityviability Money enables costly mistakesMoney enables costly mistakes Money removes spending disciplineMoney removes spending discipline

Adds additional master(s)Adds additional master(s) You give up a lot of ownershipYou give up a lot of ownership Sets the exit strategy and timingSets the exit strategy and timing

†† Source: Greg Gianforte, CEO RightNow, http://cet.berkeley.edu/Resources/CETLectures.html


… … But it Sure Can HelpBut it Sure Can Help

1.1. Cash to fuel growthCash to fuel growth2.2. Strategy / business adviceStrategy / business advice

3.3. Introductions: investors, customers Introductions: investors, customers and partnersand partners

4.4. RecruitingRecruiting


AgendaAgenda


How VCs DecideHow VCs Decide



We Live in We Live in Unprecedented TimesUnprecedented Times

Facing the worst economy since the Facing the worst economy since the ’30s’30s

No IPO marketNo IPO market Average time to M&A is 6 years, Average time to M&A is 6 years,

IPO is 8 years, IPO is 8 years, Deal StatusDeal Status

Most deals in the last 6 months were follow Most deals in the last 6 months were follow on with existing investors.on with existing investors.

New investors are asking for 30 – 40% down New investors are asking for 30 – 40% down rounds, or are waiting for prices to fall.rounds, or are waiting for prices to fall.


Against that Against that backdrop .....backdrop .....


How do Most VCs How do Most VCs Decide?Decide?

You’ll first have to You’ll first have to understand VC care understand VC care abouts ....abouts ....


VCs Want to do DealsVCs Want to do Deals Deliver Big Returns to their LPsDeliver Big Returns to their LPs

SOURCE: TheFunded.com, NVCA / Thompson Reuters Exit Poll and VC Fundraising Q3

VC Exit Value vs. Money Raised

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

2003 2004 2005 2006 2007 1H2008

VC Exits

VC Fundraising


Good Deals are Hard to Good Deals are Hard to FindFind

““We kiss a lot of We kiss a lot of frogs to find the frogs to find the

prince”prince”-- Venture capital industry

cliché


Venture Grade Deals are Venture Grade Deals are 1/2001/200

% 2003 Corporate Tax Returns by Revenue

2.2% 1.9%

81.8%

0.5%

13.6%

0%

20%

40%

60%

80%

100%

< $1M < $5M < $10M < $50M >$50M

Revenue

Pe

rce

nt

of

5.4

M R

etu

rns

Source: IRS.gov

VCGrade

Life Style CompaniesAKA “Walking Dead”


It’s Hard to Spot It’s Hard to Spot WinnersWinners

Every deal has “hair on it” Every deal has “hair on it” It’s easy to find many, many problemsIt’s easy to find many, many problems EBAY: “On-line flea market? Come on!”EBAY: “On-line flea market? Come on!” Google: 5 CEO candidates passed before Google: 5 CEO candidates passed before

Eric S. Eric S. “Search is “Search is done”done”

It is not easy to discern a winner:It is not easy to discern a winner: Portfolio returns: 1 @ 10X; 2 @ 1X; Portfolio returns: 1 @ 10X; 2 @ 1X;

7@0X7@0X


VC’s Personal Bias is a VC’s Personal Bias is a FactorFactor

Will be working together for 6+ Will be working together for 6+ yearsyears

The project must be interesting The project must be interesting Team compatibility is criticalTeam compatibility is critical

The unexpected is going to The unexpected is going to happenhappen

Got to get through the hard timesGot to get through the hard times


So How do Most VCs So How do Most VCs Decide?Decide?

VCs “VCs “fall in love with the dealfall in love with the deal””


Your Start-Up Must Be Your Start-Up Must Be AttractiveAttractive


Attractive is....Attractive is.... Big MarketBig Market

Open to disruptionOpen to disruption Customers in pain and who buyCustomers in pain and who buy

Growing order trendGrowing order trend Strong product offering / Strong product offering /

technologytechnology Differentiated, protectedDifferentiated, protected

Successful TeamSuccessful Team ““A Players” A Players” Successful Investors / Advisors / Board Successful Investors / Advisors / Board

MembersMembers


AgendaAgenda


How VCs DecideHow VCs Decide



VC Dating is a Grueling VC Dating is a Grueling ProcessProcess

1.1. Requires mental toughnessRequires mental toughness2.2. You may have to talk to 10 – 40 You may have to talk to 10 – 40

firms to find the matchfirms to find the match3.3. Success demands careful Success demands careful

planning and executionplanning and execution


Time ScalesTime Scales

11IntroductionIntroduction

22First DateFirst Date

33DatingDating

1 to 6 weeks

2 to 12 weeks

Per VC

Per VC

Per Funding2 to 26 weeks


It Will Be the Best It Will Be the Best Business Advice You’ll Business Advice You’ll

ever Get ever Get

1.1. ListenListen

2.2. LearnLearn

3.3. Accept itAccept it

4.4. Bake learnings into your Bake learnings into your business planbusiness plan


Step 1: Introduction Step 1: Introduction

GoalGoal: Get the first date: Get the first date

StrategyStrategy: Approach : Approach the right the right VC, rightVC, right

IntroductionIntroduction ““The Pitch”The Pitch” Due Due DiligenceDiligence


The Right VC, RightThe Right VC, Right

1.1. Right VCs,Right VCs,

2.2. The Right Way The Right Way


The Right VC The Right VC has Greener Moneyhas Greener Money

VC money is not a bank loanVC money is not a bank loan Do your homeworkDo your homework!!

Talk to start-up CEOsTalk to start-up CEOs Actively investing Actively investing Right sector (life sciences vs. Right sector (life sciences vs.

semiconductor)semiconductor) Relevant portfolio, expertise, and Relevant portfolio, expertise, and

synergiessynergies Early vs. late stageEarly vs. late stage


Funding to Customer Funding to Customer ValidationValidation CustomersCustomers

Consulting engagementsConsulting engagements Non-Recurring Engineering (NRE) engagementsNon-Recurring Engineering (NRE) engagements Retainer fees from customersRetainer fees from customers

GovernmentGovernment Small Business Innovation Research Grants Small Business Innovation Research Grants

(SBIR)(SBIR) Big CompaniesBig Companies

Value-Added Reseller (VAR) agreementsValue-Added Reseller (VAR) agreements Divestitures – protected supplier contract with Divestitures – protected supplier contract with

parent for a defined periodparent for a defined period MoonlightingMoonlighting

Founders waive compensationFounders waive compensation Family, Friends and FoolsFamily, Friends and Fools


Approach the Right VC, Approach the Right VC, RightRight

1.1. Right VCs,Right VCs,

2.2.The Right WayThe Right Way


The Right WayThe Right Way

““We only look at deals that are We only look at deals that are introduced to us by people we introduced to us by people we

know”know”

– – Mike Schuh, Foundation CapitalMike Schuh, Foundation Capital


Study Finds Business Plans a WasteStudy Finds Business Plans a Waste

See: http://www.rhsmith.umd.edu/news/releases/2009/040809.aspx

Social connections trump business plans by a long shot, says Goldfarb. Thus it is that people who already know VCs and angels have an easier time raising money. The irony, says Goldfarb, is that people who don’t have connections need to go out and make them, which may require that they have a business plan to discuss. But the plan is sort of like a business card, he says – just something that business protocol dictates you carry around.

Social connections trump business plans by a long shot, says Goldfarb. Thus it is that people who already know VCs and angels have an easier time raising money. The irony, says Goldfarb, is that people who don’t have connections need to go out and make them, which may require that they have a business plan to discuss. But the plan is sort of like a business card, he says – just something that business protocol dictates you carry around.


The Right Way: The Right Way: Introduction by ReferralIntroduction by Referral

1.1. Successful entrepreneursSuccessful entrepreneurs

2.2. Lawyers that work with VCs and start-Lawyers that work with VCs and start-upsups

3.3. Angel investorsAngel investors

4.4. VCsVCs

5.5. Other service providers: Other service providers: bankers, head hunters, …bankers, head hunters, …

Avoid BrokersAvoid Brokers (= Mothers-in-Law)(= Mothers-in-Law)Create a buffer layer in between Create a buffer layer in between

you and VCs.you and VCs.


Sales Tool:Sales Tool:The Executive SummaryThe Executive Summary

Tool ObjectiveTool Objective: To get a meeting: To get a meeting One pager that covers:One pager that covers:

Contact informationContact information Customer problemCustomer problem Your solution (product/technology)Your solution (product/technology) Market sizeMarket size CompetitorsCompetitors TeamTeam Customer proof pointsCustomer proof points Funding statusFunding status


How VCs Vet How VCs Vet Your Exec SummaryYour Exec Summary

Is the referral source credible?Is the referral source credible? Is this company in my geography?Is this company in my geography?

< 1 -2 hours travel time< 1 -2 hours travel time Is this a scalable business?Is this a scalable business? Is the team credible? Is the team credible? Are the existing investors credible?Are the existing investors credible? Can I possibly fall in love with the:Can I possibly fall in love with the:

CEOCEO Target marketTarget market Problem being solvedProblem being solved The technology being developedThe technology being developed


RejectionRejection

“We can’t kiss all the pretty girls”

-Bob Kagle, Benchmark


Step 2: The PitchStep 2: The Pitch

GoalGoal: Get the second date : Get the second date

StrategyStrategy: : SketchSketch out a out a compelling, compelling, exciting vision exciting vision

11IntroductionIntroduction

22““The Pitch”The Pitch”

33Due Due

DiligenceDiligence


““Pitch” Advice is Pitch” Advice is AbundantAbundant

-- and not duplicated here-- and not duplicated here Guy Kawasaki, Garage Technology Guy Kawasaki, Garage Technology

VenturesVentureswww.garage.com/resources/building.shtmlwww.garage.com/resources/building.shtml

Brad Feld, Mobius Venture CapitalBrad Feld, Mobius Venture Capitalwww.feld.com/blog/archives/2004/06/the_torturous_w.htmlwww.feld.com/blog/archives/2004/06/the_torturous_w.html

David Cowan, Bessemer Venture David Cowan, Bessemer Venture PartnersPartnerswhohastimeforthis.blogspot.com/2005/11/how-to-not-write-whohastimeforthis.blogspot.com/2005/11/how-to-not-write-business-plan.htmlbusiness-plan.html

Sequoia CapitalSequoia Capitalsequoiacap.comsequoiacap.com/ideas//ideas/

SVASESVASE www.svase.org/components/uploads/SVASEwww.svase.org/components/uploads/SVASE%2010%20Slide%20Template.ppt%2010%20Slide%20Template.ppt


Tell a Simple, yet Tell a Simple, yet Compelling StoryCompelling Story

Your Start-Up is everything to Your Start-Up is everything to youyou But just another pretty face to the But just another pretty face to the

VCVC VCs easily drown in detailsVCs easily drown in details Boredom sets inBoredom sets in Your goal is simple: Your goal is simple:

Get the next dateGet the next dateVC Start-Up


Story Telling is a SkillStory Telling is a Skill

Jerry Weissman Coach to CEOs on an IPO Road Show


The Story VCs Want to The Story VCs Want to HearHear

Big MarketBig Market Open to disruptionOpen to disruption

Customers in pain and who buyCustomers in pain and who buy Growing order trendGrowing order trend

Strong product offering / Strong product offering / technologytechnology Differentiated, protectedDifferentiated, protected

Successful TeamSuccessful Team ““A Players” A Players” Successful Investors / Advisors / Board Successful Investors / Advisors / Board

MembersMembers


Four Pillars to any VC Four Pillars to any VC PitchPitch

++

TeaTeam m

TechnolTechnologyogy

ProductProduct

FinanciFinancialsals

MarkMarketet


Market Size is Market Size is Every VC’s ConcernEvery VC’s Concern

% 2003 Corporate Tax Returns by Revenue

2.2% 1.9%

81.8%

0.5%

13.6%

0%

20%

40%

60%

80%

100%

< $1M < $5M < $10M < $50M >$50M

Revenue

Pe

rce

nt

of

5.4

M R

etu

rns

Source: IRS.gov

VCGrade1:200

MarkMarketet


1.1. Market VettingMarket Vetting

CompetitionCompetition VC cliché’: “No competition = No VC cliché’: “No competition = No

Market”Market” Is there room for this start-up?Is there room for this start-up? Is there any potential to grow Is there any potential to grow

fast?fast? Is the market big enough to Is the market big enough to

maneuver if the first niche doesn’t maneuver if the first niche doesn’t work out?work out?

MarkMarketet

April, 2009April, 2009 Copyright 2007, 2008, 2009 Robert W. Copyright 2007, 2008, 2009 Robert W. DahlbergDahlberg

4343

Example: Competition / Ecosystem Example: Competition / Ecosystem

RTLS/RFID

YMS

TMS

WMS

Custom Asset Mgmt

ERPOver The Road Trailer/Tractor Tracking

Middleware/Fusion

Ekahau

Aeorscout

Laudis

Fluensee

SystemId

Retalix

Yardview

C3Red

Prairie Manhattan

Others…Oracle

SAP

OAT

QualComm TrimbleSkyBitz

Zebra

NewcoAsset Control

Asset Location Asset Management

OracleWMS

Players

I2

BEA

Microsoft

MotorolaIBM

HPThingMagic

Impinj

Alien

Size of oval does not represent size of company but rather functional coverage in segment


#1 Cause of Failure is#1 Cause of Failure isthe Lack of the Lack of Customers Customers

Demonstrate you know your Demonstrate you know your customer coldcustomer cold

There’s a logical reason behind There’s a logical reason behind the customer listthe customer list Articulated customer segmentationArticulated customer segmentation Strategic approachStrategic approach

List your marquee customersList your marquee customers Show that customers are helpingShow that customers are helping

MarkMarketet


454545

Example: CustomersExample: CustomersManufacturing Retail

Logistics

Transportation


2. Team2. Team

Show off your leadership aptitudeShow off your leadership aptitude Personal results, personal successPersonal results, personal success Start-up mentality vs. Big company mentalityStart-up mentality vs. Big company mentality Company pedigree – worked at market Company pedigree – worked at market

leadersleaders Backed by blue ribbon advisorsBacked by blue ribbon advisors

Key: people investors trustKey: people investors trust Expect your backgrounds to be Expect your backgrounds to be

rigorously checked.rigorously checked.

TeaTeam m


4747

Example: Corporate OrganizationExample: Corporate Organization

Disclose: Disclose: Experience & Experience & HolesHoles

DavidEngineering

DougSales

MarkCFO

Bob CEO

TBHMarketing

11 Engineers

Cory2 Application

Engineers1 Marketing2 Salespeople

JoeCTO

Rob


3.3. Product Test: Product Test: Aspirin or Vitamin??Aspirin or Vitamin??

The product has to be compelling The product has to be compelling Customer inertia is hugeCustomer inertia is huge Customers change only when they have toCustomers change only when they have to ““Don’t fix what isn’t broke.”Don’t fix what isn’t broke.”


ProductProduct


Feature or Feature or a Company?a Company?

A Feature?A Feature? Can the incumbent add this feature Can the incumbent add this feature

to an existing product easily?to an existing product easily? A Product?A Product?

Part of a full-product portfolio?Part of a full-product portfolio? A Company?A Company?

Can the value prop create a Can the value prop create a substantial business?substantial business?


ProductProduct


4. Financials4. FinancialsFinanciFinanci

alsals


Cash is KingCash is King

Revenue forecast will likely not materialize, Revenue forecast will likely not materialize, SoSo Is this plan realistic?Is this plan realistic? Revenue must not be too big, but not too smallRevenue must not be too big, but not too small

Spending plan will be scrutinized.Spending plan will be scrutinized. Cash is KingCash is King Successful CEOs are frugalSuccessful CEOs are frugal

FinanciFinancialsals


Sequoia Capital’s Directive to CEOs 10/2008


5353

Example: HOW WE MAKE MONEYExample: HOW WE MAKE MONEY

PRODUCT

ON-DEMAND

$

Newco 1.0 SAME PRODUCT

3 REVENUE STREAMS

ECU/hours

NewcoDELPLOYED IN A PUBLIC CLOUD

NewcoDELPLOYED IN A PUBLIC CLOUD

APPLICATIONDELPLOYED IN A PUBLIC CLOUD

APPLICATIONDELPLOYED IN A PUBLIC CLOUD

$ Additional ECU’s

Licensed ServerENTERPRISE

DELPLOYED AT

CUSTOMER SITE

DELPLOYED AT

CUSTOMER SITE

APPLICATIONDELPLOYED IN A

PRIVATE or PUBLIC CLOUD

APPLICATIONDELPLOYED IN A

PRIVATE or PUBLIC CLOUD

Newco 2.0 On-Premise Q4 2008$

Newco X

Newco X

Newco X


5454

Example: BUILD + SELLExample: BUILD + SELL

Q1

Q2

Q3

Q4

Q5 Q6

Q7

Q8

On-demandLAMP

VMWareBeta

MySQL

Postgres

EDB

Amazon Platform

EDB PrivateBranding

V2.0 Release

On-premiseGlassfish

Tomcat

OLAP/DWBundle

LicenseServer

3-6 New Component

s

3-6 New Component

s

3-6 New Component

s

3-6 New Component

s2-3 Core

Enhancements

Xen? MSFT?

2-3 Core Enhanceme

nts

2-3 Core Enhanceme

nts

2-3 Core Enhanceme

nts

VMWareProduction

1 2 3 5 5 6 63

$0.3 $0.6 $1.2 $1.2 $1.5 $1.5 $1.8 $1.8

1 2 3

$0.75 $0.75 $1.5 $2.25 $3.0$2.25$0.75

ENGINEERINGTEAMS

SALESTEAMS

PRODUCT

4

JBoss

0925 36 45

68 68 79 79TOTALTEAM

EMPLOYEES

COST($M):

REVENUE ($M):

PRODUCT


The Morning After …The Morning After …


What Can You Do?What Can You Do?

React to the business advice you React to the business advice you receivedreceived Adjust as necessary, your business Adjust as necessary, your business

strategystrategy Polish your pitch for the next VCPolish your pitch for the next VC

Incorporate learning from each interactionIncorporate learning from each interaction Simplify, SimplifySimplify, Simplify

Clarify confusing pointsClarify confusing points Address objection itemsAddress objection items Rearrange the slide orderRearrange the slide order


What Will Most VCs Do?What Will Most VCs Do?

Best case: “Fast no, slow yes”Best case: “Fast no, slow yes” Typical: Innocuous turn down, if at Typical: Innocuous turn down, if at

allall They don’t want to burn any bridgesThey don’t want to burn any bridges

Typical: No urgencyTypical: No urgency Risk reduces as time passesRisk reduces as time passes Wait for a milestoneWait for a milestone

quarter results quarter results prototype worksprototype works


RejectionRejection

Accept rejection gracefullyAccept rejection gracefully There is no rationale argument There is no rationale argument

to bring the VC backto bring the VC back


What Might Happen?What Might Happen?

When a VC senses love, you’ll When a VC senses love, you’ll hear backhear back

Be responsive!Be responsive! VC’s like working with responsive VC’s like working with responsive

peoplepeople You’re building a relationshipYou’re building a relationship Respond to requests Respond to requests < 24 hours< 24 hours


Step 3: Due DiligenceStep 3: Due Diligence

GoalGoal: Receive a term : Receive a term sheetsheet

StrategyStrategy: Two way test : Two way test drivedrive

ApproachApproach ““The Pitch”The Pitch” Due Due DiligenceDiligence


Prepare in AdvancePrepare in Advance

Executive resumes & referencesExecutive resumes & references Line up references in advance, Line up references in advance, Contact people VCs will findContact people VCs will find

Financial QuarterliesFinancial Quarterlies Capitalization tableCapitalization table Customer / technology referencesCustomer / technology references

Keep them updated on your progress, Keep them updated on your progress, Use them judiciouslyUse them judiciously


Typical Due Diligence Typical Due Diligence ProcessProcess

1.1. More information More information (Exec. resumes, (Exec. resumes, financials, cap table, personal references, etc.)financials, cap table, personal references, etc.)

2.2. Meet with VC’s “expert(s)”Meet with VC’s “expert(s)” Portfolio companies, friends, paid expertsPortfolio companies, friends, paid experts

3.3. Follow up meeting(s) at your office Follow up meeting(s) at your office

4.4. Calls to customers and personal Calls to customers and personal referencesreferences

5.5. Calls to back-channel referencesCalls to back-channel references


Remember VCs come with Remember VCs come with Costs…Costs…††

Fund raising takes time away from serving Fund raising takes time away from serving customerscustomers

False sense of security: it masks viabilityFalse sense of security: it masks viability Money enables costly mistakesMoney enables costly mistakes Money removes spending disciplineMoney removes spending discipline

Adds additional master(s)Adds additional master(s) You give up a lot of ownershipYou give up a lot of ownership Sets the exit strategy and Sets the exit strategy and

timingtiming

†† Source: Greg Gianforte, CEO RightNow, http://cet.berkeley.edu/Resources/CETLectures.html


So Use Due Diligence as a So Use Due Diligence as a Two Way Test DriveTwo Way Test Drive

Can I work with this team / VC Can I work with this team / VC for the next 6 years?for the next 6 years?

Is this a quality team / VC?Is this a quality team / VC? Do team / VC listen?Do team / VC listen? Is the team/VC honest, ethical, Is the team/VC honest, ethical,

reliable? dependable?reliable? dependable? How do they react being under How do they react being under

fire?fire?


Syndication:Syndication:Two Parents are Better Two Parents are Better

than Onethan One For the entrepreneurFor the entrepreneur

More strategic minds around More strategic minds around the tablethe table

Hedge against one VC Hedge against one VC walking outwalking out

For the VCFor the VC Validates that the start up Validates that the start up

has legshas legs More powder availableMore powder available


Getting “Married”Getting “Married”

Locate a Locate a Syndicate Syndicate PartnerPartner

Term SheetTerm Sheet Legal due Legal due

diligencediligence Cash in the bankCash in the bank


And Remember…And Remember…Venture Capital Isn’t Venture Capital Isn’t

RequiredRequired BroadcomBroadcom

No VC moneyNo VC money CiscoCisco

$5M in revenue, profitable before $5M in revenue, profitable before Sequoia investedSequoia invested

DellDell Raised money at $60M in revenueRaised money at $60M in revenue

eBayeBay $4.5M in revenue and profitable $4.5M in revenue and profitable

before Benchmark investedbefore Benchmark invested MicrosoftMicrosoft

VC funded after being profitableVC funded after being profitable The MathWorksThe MathWorks

>$300M in revenue, no VC money>$300M in revenue, no VC money OracleOracle

Government contract funded first Government contract funded first productproduct

SAS InstituteSAS Institute > $1.9B in revenue, the largest > $1.9B in revenue, the largest

private software company, no VC private software company, no VC moneymoney

SiebelSiebel Customers funded first productCustomers funded first product


Entrepreneur ResourcesEntrepreneur Resources Law firm outreachLaw firm outreach

DLA Piper Venture PipelineDLA Piper Venture Pipeline www.venturepipeline.comwww.venturepipeline.com Fenwick & West LLPFenwick & West LLP “ “Darrell Kong” <Darrell Kong” <[email protected]>[email protected]> Orrick, Herrington & Sutcliffe LLP’s “Total Access”Orrick, Herrington & Sutcliffe LLP’s “Total Access” "Chad Lynch" <[email protected]>"Chad Lynch" <[email protected]> Pillsbury Winthrop Shaw Pittman LLP’s “Back Stage Pass”Pillsbury Winthrop Shaw Pittman LLP’s “Back Stage Pass” [email protected]@pillsburylaw.com Wilson, Sonsini, Goodrich, and RosatiWilson, Sonsini, Goodrich, and Rosati

wsgr.com/WSGR/Display.aspx?SectionName=practice/venturecapital.htmwsgr.com/WSGR/Display.aspx?SectionName=practice/venturecapital.htm

SDForumSDForum www.sdforum.orgwww.sdforum.org

Silicon Valley Bank’s Venture ExchangeSilicon Valley Bank’s Venture Exchange Shai Goldman, Director, [email protected] Goldman, Director, [email protected]

SVASE, SVASE, Silicon Valley Association of Startup EntrepreneursSilicon Valley Association of Startup Entrepreneurs..

www.svase.orgwww.svase.org The Enterprise Network of Silicon ValleyThe Enterprise Network of Silicon Valley

Tensv.orgTensv.org Women’s Technology ClusterWomen’s Technology Cluster

www.wtc-sf.orgwww.wtc-sf.org


To Your New To Your New Venture Success!Venture Success!