Jak najciekawsze startupy trafiają do funduszy VC?
W 2020 roku przeanalizowaliśmy około 1,5 tysiąca startupów. Do głębszej analizy wybraliśmy 323 spółki, z czego ostatecznie zdecydowaliśmy się zainwestować w dziesięć.

Każdy fundusz ma swoją „hall of shame”.
Skuteczny fundusz analizuje tysiące spółek, z czego bliżej przygląda się kilkuset, by na koniec zainwestować w kilka. Statystycznie zatem przeciętna konwersja z deal flow to raptem 1–3 procent podmiotów, które wstępnie spełniły kryteria inwestycyjne. Jakimi zatem kanałami startupy trafiają do VC i które są najbardziej efektywne?
Na rynku VC panuje tradycyjna konkurencja i każdemu zależy, by to właśnie do niego trafiały najbardziej perspektywiczne spółki. Czasy funduszy z tzw. oportunistyczną strategią inwestycyjną, czyli takich, które inwestują we wszystko, co ma potencjał zwrotu, dawno się skończyły, ponieważ rynek się nasycił i podzielił na określone specjalizacje. Jest to korzystne dla każdej ze stron transakcji, ponieważ jeśli dany zespół ma wieloletnie doświadczenie, dajmy na to w MedTechu, będzie stanowił znacznie bardziej wartościowe wsparcie dla spółki, a sam będzie efektywniej oceniał szanse na sukces.
Biorąc pod uwagę formy finansowania, które może wybrać startup – począwszy od VC, poprzez bootstrapping, a kończąc na equity crowd fundingu – oraz szeroką gamę inwestorów, do których potencjalnie może się zgłosić, VC muszą dbać o to, by jak najwięcej spółek w pierwszej kolejności zgłaszało się właśnie do nich. Umiejętność zadbania o ten fakt świadczy o pewnej ekspertyzie, bowiem na etapie tzw. budowania potfela inwestycyjnego, czyli w czasie, gdy alokuje się zebrane środki, jest to klucz do sukcesu – im większe pole do wyboru, tym większa szansa na ciekawą spółkę.
Network to wciąż podstawa
Metod, za pośrednictwem których VC pozyskują spółki do deal flow jest cały szereg. Różnią się one efektywnością oraz nakładem pracy. Patrząc holistycznie na rynek, wciąż króluje szeroko rozumiany network, czyli rekomendacje z kręgu znajomych i najwięcej inwestycji trafia właśnie z tego kanału. Polecenia pochodzą od różnych osób z ekosystemu: są to bezpośrednio founderzy, w których fundusz już zainwestował lub był w trakcie procesu inwestycyjnego; aniołowie biznesu, którzy zdecydowali się zaangażować w spółkę na bardzo wczesnym etapie; fundusze mające inną specjalizację, inwestujące na innym etapie (wcześniejszym bądź późniejszym) lub też takie, które etap inwestycyjny mają już za sobą.
W dalszej kolejności są różnego rodzaju doradcy: od prawników, przez spółki zajmujące się profesjonalnie pozyskiwaniem kapitału, po mentorów z różnych programów akceleracyjnych. Grono to może być niezwykle pojemne, dlatego w branży VC tak bardzo ważne są kontakty, a jednocześnie renoma funduszu, bo inaczej nikt nie decydowałby się go polecać. W Polsce można zgłosić się do VC z marszu, czyli po prostu napisać mejla, natomiast w Stanach Zjednoczonych część inwestorów wymaga rekomendacji od kogoś z własnego środowiska – w innym przypadku nie będzie nawet analizował danego przedsięwzięcia. Niezależnie od okoliczności, jeśli mamy możliwość, by ktoś zrobił nam intro do partnera VC – zawsze warto z tego skorzystać, bo to podnosi wiarygodność.
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