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Case Study – jak pozyskaliśmy aniołów biznesu dla naszej spółki

zespół testarmy

Ostatnie 2 miesiące był to okres, w którym pozyskaliśmy do naszej spółki TestArmy Group S.A. kilku inwestorów w postaci aniołów biznesu. W tym wpisie podzielę się z wami całą historią. Czego będzie można się z niej dowiedzieć ?:

– Kiedy najlepiej szukać dodatkowych wspólników do spółki,
– Jakich inwestorów najlepiej wybrać,
– Jak powinien wyglądać cały proces pozyskiwania finansowania,
– Jak nie wpaść w pułapki związane z umowami inwestycyjnymi.

Zapraszam do lektury.

Pieniądze na rozwój pozyskaliśmy dopiero 3 lata od momentu zawiązania spółki. Nie oznacza to, że nie potrzebowaliśmy środków na start. Wtedy gotówka potrzebna była najbardziej. Dlaczego zatem tak późno? Nie chcieliśmy oddać swoich udziałów zbyt tanio. Dla inwestorów nie sam pomysł jest najważniejszy, a jego realizacja. Mój znajomy inwestor i przedsiębiorca często powtarzał: “Sam pomysł jest wart 1 zł + VAT, postawcie mi dobre whisky i wygeneruję kilkadziesiąt dobrych pomysłów w jeden wieczór”.

Bardzo często zadawane pytanie przez młodych przedsiębiorców to “Jak najlepiej sfinansować rozwój biznesu na starcie?”. Często w pierwszej kolejności skupiają się wyłącznie na inwestorze. Traci na tym ich biznes i oni sami. Przeczytałem ostatnio w jednym z komentarzy na facebooku. “Pracownicy żyją od pensji do pensji, przedsiębiorcy od faktury do faktury, a start-upy od rundy do rundy”. Takie podejście zdecydowanie nie jest dobre dla żadnej z tych grup. Biznes powinien być w pierwszej kolejności finansowany przez klientów, a pozyskiwania finansowania nie można zostawić na moment jak już się pieniądze kończą!!

Trzy lata temu zaczęliśmy więc od przygotowania usługi, którą mogliśmy od razu zacząć komercyjnie sprzedawać. Pierwsze 4 miliony do spółki wpłynęły właśnie od klientów. Natomiast my nie przeznaczyliśmy ich na wypłaty dla siebie, a w 100% na rozwój organizacji i produktów. Nasza polska marka www.testuj.pl rozwijała sie w tym okresie w tempie ponad 50% kwartał do kwartału. Finansowanie zewnętrzne pozyskaliśmy dopiero w fazie szybkiego wzrostu. Skoro klienci zostawiali u nas już tyle pieniędzy i chcieli zostawiać więcej to i inwestorzy byli tym bardzo zainteresowani. Nasza pozycja negocjacyjna była zdecydowanie lepsza niż na początku. Mogliśmy nie tylko opowiadać o naszych planach na przyszłość, ale też pokazać konkretną historię opartą o twarde liczby. W rezultacie kapitał potrzebny na dalszy rozwój kosztował nas poniżej 10% spółki. Dla porównania kilka funduszy Venture Capital, które się do nas zgłosiły ponad 2 lata temu za mniejszą kwotę chciały objąć ponad 40% udziałów.

Szybki rozwój zawsze wymaga kapitału. Warto pamiętać jednak, że poza inwestorami można również korzystać z kredytów obrotowych, pożyczek, czy faktoringu. Oczywiście im szybciej zaczniemy komercyjnie sprzedawać, tym łatwiej dostępne będą źródła finansowania.

Co dodatkowo było dla nas kluczowe do osiągnięcia sukcesu? Trzy rzeczy:

1) Odpowiedni wspólnicy na samym starcie. Naszą spółkę założyły 4 osoby: Damian Szczurek, Sebastian Gilon, Marcin Łuczyn i ja. Damian i Sebastian, to eksperci z branży testowania oprogramowania. Marcin i ja jesteśmy finansistami, z doświadczeniem w sprzedaży i marketingu. Mieliśmy zatem w spółce zasoby pod tytułem “know how” oraz zasoby pod tytułem “jak to know how skutecznie sprzedawać”. Taki mix pozwolił nam od samego początku działać komercyjnie. Uważaliśmy, że sam produkt czy usługa nie sprzeda się, nawet gdy będzie najlepsza. Trzeba więc jak najszybciej nauczyć się sprzedawać.

2) Warto pielęgnować kontakty z potencjalnymi inwestorami od samego początku. Jakie fundusze i jacy aniołowie biznesu pasowaliby do Twojej spółki w przyszłości? Poznaj ich już wcześniej i staraj się informować ich na bieżąco jak Ci idzie. Buduj z nimi bliższe relacje, nie tylko na tle zawodowym. Dzięki temu, że znaliśmy dużą ilość inwestorów już wcześniej, a oni wiedzieli jak idzie spółce, to w momencie rozpoczęcia procesu inwestycyjnego byliśmy w stanie go zakończyć w ciągu nieco ponad miesiąca.

3) Doświadczenie inwestycyjne i profesjonalny proces jest ważny. Byliśmy w tej dobrej sytuacji, że wspólnie z Marcinem oprócz operacyjnego i kapitałowego zaangażowania w TestArmy.com prowadzimy również firmę doradczą Alpha Capital Group. Wiemy, jak powinien wyglądać dobrze przygotowany pitch deck, model finansowy, dokument informacyjny. Wiemy również jak wyglądają różne umowy inwestycyjne, na co warto się zgodzić, a co odrzucić.

Jak wyglądał sam proces pozyskania inwestora?

Przebieg pozyskania aktualnej rundy finansowania mieliśmy mocno ustrukturyzowany. Stworzyliśmy prezentację inwestycyjną, szczegółowy model finansowy oraz teaser inwestycyjny.

Nie tworzyliśmy długiej long listy. W pierwszej kolejności postanowiliśmy wysłać teaser do kilku grup inwestorów, których dobrze znaliśmy. Zrobiliśmy 4 spotkania. Za każdym razem określaliśmy jaka jest nasza oferta związana z wyceną i poszukiwanym kapitałem.

Trzy grupy uznały, że przedstawione przez nas główne warunki są ich zdaniem do zaakceptowania. O naszym ostatecznym wyborze inwestora zadecydowały:

1) Wkład biznesowy poza gotówką. To jest chyba jeden z najtrudniejszych elementów do weryfikacji przed inwestycją. Prawie każdy inwestor będzie obiecywał realną pomoc. Jak zweryfikować to na co można liczyć? Najłatwiej poprzez telefon do właścicieli innych spółek, w które już zainwestował. Dokładnie taką strategią posłużyliśmy się w naszym przypadku.

2) Szybkość działania. Procesy inwestycyjne mogą trwać nawet do 6 miesięcy. Oderwanie na tak długi okres od bieżącego biznesu może być zabójcze. Proces u nas potrwał miesiąc i mogliśmy bardzo szybko wrócić do tego co jest najważniejsze czyli do rozwoju biznesu.

2) Prostota i symetria praw w umowie inwestycyjnej. Jak pozyskujemy finansowanie dla siebie lub jako Alpha Capital pomagamy znaleźć finansowanie dla klientów to nie negocjujemy nigdy samej wyceny. Negocjujemy zawsze całościowe term sheety (czyli umowy które oprócz wyceny traktują o wszystkich prawach korporacyjnych dla stron). Częste punkty, które dla nas nie są akceptowalne:
jakiekolwiek zabezpieczanie się inwestorów na naszym osobistym majątku. Uwierzcie, że spotkałem historycznie nie jednego inwestora, który wymagał od founderów podpisania weksli,
Zbyt rygorystyczne prawa typu liguidation preference. Jest to zapis, który wymagany jest przez wielu inwestorów instytucjonalnych. Jest on dość jednostronny i chroni wyłącznie inwestora. W dużym uproszczeniu – zapewnia ona przede wszystkim, że w przypadku sprzedaży udziałów inwestor otrzyma kwotę nie mniejszą niż gwarantowana mu w umowie inwestycyjnej. Tym samym założyciele w niektórych sytuacjach muszą podzielić się z inwestorem wynagrodzeniem otrzymanym za swoje udziały),
Niezabezpieczone prawo Drag along. Inwestor może wymusić sprzedaż naszych udziałów bez względu na zaoferowaną wycenę. Dlatego to prawo należy ograniczać minimalnym poziomem wyceny, czy też okresem aktywności tej klauzuli.
Punktów w umowie inwestycyjnej, które mogą być niekorzystne jest dużo więcej, dlatego też zawsze staramy się upraszczać te umowy i konsultować je z prawnikami.

Podsumowując: w pierwszej kolejności najlepiej zdobyć zaufanie klientów, a dopiero potem inwestorów. Nam udało się przekonać do współpracy takie marki jak: Samsung, Brand24, CinemaCity, czy EDF. Z inwestorami warto budować relacje od samego początku, ale pieniądze pozyskać najlepiej jak spółka ma wyniki historyczne (“traction”), którymi może się pochwalić. Warto też zadbać o to żeby proces inwestycyjny był zrealizowany profesjonalnie. Jak nie ma się w tym doświadczenia, warto jest się skonsultować z ekspertami.

Z chęcią pomogę wam ze swojej strony, jeżeli uznacie, że moje doświadczenie może pomóc. Macie pytania? Piszcie proszę bezpośrednio do mnie wojtek@przedsiebiorca.com

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