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IRP connects the business plan and the financing plan! The business  development process The financing process

IRP ensures that founders and investors have joint expectations

Idea for illustration:  Kjell Håkan Närfelt, Vinnova

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Startups or scaleups with a business plan with focus on growth

The growth plan needs to be financed, and  the founders want support in determining how

The founders are open to bringing  in external venture capital

Ideally, the founders have not yet  met with investors…

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ALL COMPANIES MUST HAVE THE POTENTIAL TO GENERATE +10 TIMES THE INVESTMENT IN ORDER FOR THE ANGEL TO BE ABLE TO DOUBLE THEIR INVESTMENT!

M€ 0,1 TO 10  STARTUP´S IN THE FIRST ROUND = M€ 1

1 GENERATES  10 TIMES THE INVESTMENT  = M€ 2 1 GENERATES  5 TIMES THE INVESTMENT = M€ 1

THE FOUNDER INVESTS EVERYTHING, WITH A 1 IN 10 CHANCE OF SUCCEEDING!

M€ 0,1 TO 5    STARTUP´S 5 IN THE SECOND ROUND = M€ 0,5

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Founders want to and should focus on their idea and their customer

Obtaining capital from investors requires the founders’ time and attention

The angel investor is a customer with individual needs and preferences

All investors want to receive a return on their capital

WHAT INVESTMENT OFFER DOES THE FOUNDER HAVE?

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+20 times 10 times Expected return 5 times

M€ 0,1–1 M€ 0,01–0,1 M€ 2-10 M€ 1–2 M€ +10 Capital requirements

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Our companies often have revenues but seldom positive results, as they invest everything in growth. We primarily invest in companies with major global growth opportunities. The team that runs the company is really the most important factor.  /Ann Grevelius, GP Bullhound

STOAF looks for "Black Swans", investment objects that have a disruptive technological advantage and major market potential. Such unique circumstances can offset an initially weak entrepreneurial team. /Lennart Ohlsson, Ph. D. Ek. STOAF, Innovation market etc.

Together, the three of us work on slightly less than a half-time basis in each project. This equates to a maximum of two projects each. We invest up to around MSEK 10. /Jane Walerud, Walerud Venture

I invest small amounts in impact tech companies that take in MSEK 2-5 and have the potential to reach 1 billion in turnover. They must also be operationally self-sufficient. /Eric Byrenius, investor,  formerly Online Pizza

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I want to invest in founders based geographically close to me so that I can meet face to face with them regularly I prefer to back female founders but it is not a must I like consumer ideas more than enterprise I like to co-invest with other investors that I respect I’m not investing if the founders aren’t still involved I don’t want to invest if the founders aren’t full-time dedicated I will not invest if the cap table is unequal or there are investors who are not adding value but own a significant part of the business or if the founder does not own a meaningful stake of his/hers own business I am not looking to invest in big rounds, but angel or seed stage opportunities.                                                                                                                                /Sophia Bendz, Atomico

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We want to achieve as high a valuation as possible. We don’t want to become too diluted too early and lose control. /Founder

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IRP is a well structure and effective learning and development process supervised and tailored  for the specific company by the IRP Instructor  supported by a cloud based documentation tool .

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Calculate the accumulated cash flow to obtain the total capital requirement

Do a Worst Case e.g. that one or more of your risk scenarios become reality.

Financial forecast and total capital requirement

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60
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36
24
12
-12
2020
Revenue
2021
— EBIT
2022
2023
Acc Result
2024
2025

EXIT to a major telecom company EBITA: M€ 2,4*9 valuation multiple  13 times the money for 1st round investors

2020             2021            2022             2023             2024          2025

2nd round: M€ 0,9 Pre money: M€ 3,1 18 months runway Milestone 2                  Revenue

Milestone 1                  Launch 1st round: T€ 300 Pre money: M€ 1,2 12 months runway

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The members of the founder team are in complete agreement about the company’s goal There is a well-prepared plan with milestones for achieving the goal The plan is realistic and is described in financial terms and figures There is a financing plan to facilitate implementation of the plan and achievement of the goal There is a return defined for investors

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Value-driving factors  KPI progression  Strategic roadmap and milestones  Financial forecast  Exit strategy  Valuation model  Investment design including:  Total capital requirement and number of investment rounds  Pre-money valuations  Potential return for investors  Dilution effect for founders Investment offer

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Time: to achieve optimal effect from the meetings with investors Energy: able to better understand an investor’s decision Confidence: by knowing what you want and how you are going to achieve it, operationally and financially The right valuation: investment offer with accepted dilution effect   The right co-owners: greater likelihood that you and the investor have matching expectations

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Through IRP I gained a much better understanding of what investors expect of me and the company’s development. Before IRP I focused solely on the company’s product/service, without thinking that much about what an investor expects to gain from the process.

“The knowledge in IRP gave us a sense of security”, “we dared to impose higher demands when we performed our new share issue”, “IRP gave us the idea of performing reverse due diligence – we examined our investors, with very successful results”.

IRP is a method that is good in so many more ways than just simply preparing a company for an investment. IRP is also a tool for clarifying the company’s goals and vision and the founders’ drivers and personal goals.

IRP was incredibly valuable for us. We thought we were on top of things, but it turned out we had a lot left to do before we could deem ourselves ready for the next round.

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“IRP has given us the opportunity to take stock and reflect on how we actually want to build our company. It is well worth the hours it took to complete!” Niklas Ericson and Joel Glemne, Skira AB

“Through our work with – Investment Readiness Process – we were well prepared for meeting the investors. We spoke their language, which enabled us to quickly match the right investors with OneRepay’s investment needs in the long term.” Henric Rudin and Heléne Haglund, OneRepay Sweden AB

“Gimic has completed IRP. This gave us a large amount of knowledge about how investors think, and the information and documentation we need.” Marcus Nilsson, CEO Gimic AB

“In the current investment round for our company, the issue of valuation has been raised a number of times. Having completed an IRP, and with the support of the documentation it produced, it is much easier to explain, in a credible manner, how we have arrived at our valuation.” Niclas Kihlbaum, Binary Brains

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Beels Consulting AB was founded in 2010 by Björn Larsson, who has worked with startups and has been active in sectors such as Business Development, EdTech and Personal Mobility, including as CEO of Create Business Incubator Mälardalen,  interim CEO of Västerås Science Park and  co-founder/CEO of Zoomability AB a Medtech company.  Under Björn’s management, Zoomability performed five investment rounds with local angel investors and seed funds, and at later stages with larger angel investors and a national investment fund. In 2016, Zoomability received an acquisition bid with exclusivity from a global company. The negotiations ended with Zoomability not being acquired. When Björn left the company at his own request, the Board had decided to proceed with an IPO and the company is now listed.  Since 2016, Björn has interviewed investors and angel investor networks, studied literature relating to startup/ scaleup investments, and attended investor training courses at Connect Sverige and STOAF. Björn managed the Investerarskolan project on assignment of Create and Almi Företagspartner Mälardalen, and he is a co-founder of Västerås Tech Invest AB.  ”Investment Readiness Process by Beels” has been developed by Björn Larsson based on theories and practice in combination with systematised and in-depth reflection regarding Zoomability’s financing journey. The aim is to provide knowledge and methodology to founders intending to finance their company’s development through share issues to external investors.

IRP for Founders_Introduction meeting_v1.7_ENG

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