the capital food chain for entrepeneurs - university of auckland presentation

37
!"# $%&’(%) *++, $"%’- !"# $%&’(%) *++, $"%’- *+. /-(.#&.#-#0.1 *+. /-(.#&.#-#0.1 2’)) 3%4-# !"# $%&’()*&+, -. /01234%5 !0*&%(** 617--3 8%+)(9)(%(0) &% :(*&5(%1(

Upload: the-icehouse

Post on 16-May-2015

242 views

Category:

Business


1 download

DESCRIPTION

This presentation analyses angels and venture capitalists, business plans, how investors evaluate deals, doing deals, and five lessons to be learned.

TRANSCRIPT

Page 1: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

!"# $%&'(%) *++, $"%'-!"#!$%&'(%)!*++,!$"%'-!

*+. /-(.#&.#-#0.1*+.!/-(.#&.#-#0.1

2'))!3%4-#

!"#!$%&'()*&+,!-.!/01234%5!!0*&%(**!617--3!

8%+)(9)(%(0)!&%!:(*&5(%1(

Page 2: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

5 ,56#-,%

• 7-(.+,08('+-7-(.+,08('+-

• 5-6#)1!%-,!9$1

• 201'-#11!&)%-1

) )• :+;!'-<#1(+.1!#<%)0%(#!,#%)1

• =+'-6 ,#%)1=+'-6!,#%)1

• *'<#!)#11+-1

Page 3: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

;)&(%5*<!.4=&3,!>!.--3*

/%?(3*@(%+0)(!A49&+43&*+

B,9&143!)-0%5C!!D>?@ABBC

8417 &%'(*+-)C >?@D AB BBB

B,9&143!)-0%5C! >?@EBBFBBB

8417 &%'(*+-)C >?@GH BBB

B,9&143!)-0%5C!!>?@IJ

8417 &%'(*+-)C >?@GJ8417!&%'(*+-)C!>?@D"ABFBBB

/%%043!E%'(*+=(%+C!!>?@IH2

8417!&%'(*+-)C!!>?@GHFBBB

/%%043!E%'(*+=(%+C!!>?@DH2

8417!&%'(*+-)C!!>?@GJ

/%%043!E%'(*+=(%+C!!>?@DH2

$%*-97&*+&14+(5

E%'(*+&%?!&%!4!.)&(%5<!.4=&3,

F4**&'(

/11)(5&+(5<!*4'',

E%'(*+&%?!+&=(!4%5!=-%(,

/1+&'(

G&=&+(5!94)+%()*7&9

E%*+&+0+&-%43!=-%(,

H(%()43 F4)+%()* 41+&'(F4**&'(

I"J!3&.(+&=(!&%'(*+=(%+*!

8K0&+,<!5(L+<!?&.+M

/1+&'(

E%'(*+&%?!&%!(%+)(9)(%(0)

F-)+.-3&-!-.!4%?(3!5(43*

H(%()43!F4)+%()*!41+&'(

E%'(*+!&%!1-=94%,

G4)?(!9-)+.-3&-

Page 4: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

7-<#1('6%('+- *#%1'K')'(4 =#<#)+&L#-( 7-(.+,08('+- M.+;(" J%(0.'(4

!"#!$%&'(%)!N'O#848)#7-<#1('6%('+- *#%1'K')'(4 =#<#)+&L#-( 7-(.+,08('+- M.+;(" J%(0.'(4

3.++O!+O!

8+-8#&(@##, @(%.("0& /%.)4 *'.1(F!@#8+-,F!#(8PPP

QR*7!

*.'#-,1F! 5-6#)!7-<#1(+.1 73RF!2%-S19#-(0.#!$%&'(%)

3Q *+0-,#.1F!

*%L')4

6 F&

!7J/

95N?/!R*!=/5!:

!7J/

Page 5: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

!"# *0-,'-6 M%&!"#!*0-,'-6!M%&

3.#"@##,! @##,T@(%.("0& *?U=7UM!/%.)4 @(%6# N%(#. @(%6#1

@(%6# @(%6# M53/%.)4!@(%6# N%(#.!@(%6#1

9#.4 O#; %-6#)

;-0%5()*<!/%?(3

9#.4!O#; %-6#)!

,#%)1!,+-#!

%K+<#!>A!

L'))'+-

;)&(%5* >!

;4=&3,

/%?(3!

E%'(*+-)* 9#.4!O#;!9$!

,#%)1!,+-#!

@(%+0)(!A49&+43&*+*

K#)+;!>E!

L'))'+-

>B!!!!!!!!!!!!!!!!!!>DHBC!!!!!!!!!!!!!!!!!!!!>APH!L'))'+-!!!!!!!!!!>E!L'))'+-!!!!!!!!!!>AB!L'))'+-!0&

Page 6: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

/U!Q/3Q/U/?Q@V!

M W" 7 5M+!W"#.#!7-<#1(+.1!5.#vest

ors

r of

Inv

LS

Num

be

AN

GE

VCsGAP

Investment (one round)

$5 million $10 million

NNNOL&3394,%(O1-=

( )

Page 7: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

U ,' ) 5 ( XU=5 YU+-,'18)+10.#!56.##L#-(1!XU=51Y

• J+1( %-6#)1 %-, 9$1 ;')) -+( 1'6-• J+1(!%-6#)1!%-,!9$1!;'))!-+(!1'6-

– @##!(++!L%-4!,#%)1

7 ( '( ' S ( (' ' K '– 7-(#6.'(4!'1!S#4!(+!8+-('-0'-6!K01'-#11

–U+(!L+('<%(#,!(+!1(#%)!(#8"-+)+64

• J%4!1'6-!U=5Z

– =0.'-6!,0#!,')'6#-8#F!-+(!#%.)'#.

– $+<#.'-6!%!<#.4!-%..+;!1#(!+O!'110#1

• 201'-#11 3)%- " -+ &.+&.'#(%.4 '-O+.L%('+-201'-#11!3)%-! -+!&.+&.'#(%.4!'-O+.L%('+-

NNNOL&3394,%(O1-=

Page 8: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

* ' , , * ') 7*.'#-,1!%-,!*%L')4!7-<#1(+.1

3 , O' '• 3.#"1##,!O'-%-8'-6

– !+!,#<#)+&!&.+,08(

– !+!O'-,!801(+L#.1

• ?-1+&"'1('8%(#,• ?-1+&"'1('8%(#,

– /[0'(4\!!=#K(\!!M'O(\

' ' " K O '– N'L'(!("#!-0LK#.!+O!'-<#1(+.1

NNNOL&3394,%(O1-=

Page 9: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

! " # $%!&'(")!*&#!$%)

NNNOL&3394,%(O1-=

Page 10: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

W" 5 !" 5 ) \W"+!5.#!!"#1#!5-6#)1\! W#%)("4!'-,'<',0%)1!] ^%88.#,'(#,!'-<#1(+.1_4

! ^2##-!("#.#!%-,!,+-#!("%(_!#-(.#&.#-#0.1

! ^J%,!L+-#4_

! M#-#.%))4!>DHC">DHBC!&#.!,#%)!&#.!%-6#)

! @#<#.%)!%-6#)!'-<#1(L#-(1

! J+.#!("%-!!EBBFBBB!%8('<#!%-6#)1

! Q%-6#!+O!'-<+)<#L#-(1! G(45!&%'(*+-)!P A74&)=4%!-.!+7(!!-4)5

! E%'(*+-)Q45'&*-)

! F4**&'( &%'(*+-)! F4**&'(!&%'(*+-)

NNNOL&3394,%(O1-=

Page 11: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

9 ( $ '( )' (9#-(0.#!$%&'(%)'1(1! M#-#.%)!&%.(-#.1

! @%)%.'#,!L%-%6#.1

! J'-'L%)!'-<#1(L#-(F!"06#!0&1',#

! N'L'(#,!&%.(-#.1

! $+.&+.%('+-1F!&#-1'+-!O0-,1F!

;#%)("4!'-,'<',0%)1

! !+(%))4!&%11'<#!'-<+)<#L#-(

! ABBB!<#-(0.#!8%&'(%)!O0-,1!#

! @'`#V >H L'))'+- (+ a>AB K'))'+-@'`#V!!>H!L'))'+-!(+!a>AB!K'))'+-

NNNOL&3394,%(O1-=

Page 12: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

J (' ('J+('<%('+-

9/U!?Q/!$537!5N7@!@V!!L%S#!L+-#4

5UM/N@

! Q#(0.- +- 7-<#1(L#-( '1 ("# L#(.'8! Q#(0.-!+-!7-<#1(L#-(!'1!("#!L#(.'8

! @(%4'-6!'-<+)<#,!X1#-1#!+O!01#O0)-#11Y

! M'<# K%8S (+ 8+LL0-'(4! M'<#!K%8S!(+!8+LL0-'(4!

! 5OO#8('+-!O+.!#-(.#&.#-#0.1

NNNOL&3394,%(O1-=

Page 13: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

7-<#1('-6!$+L&%.'1+-5-6#)1 9$1

R-334)*5&&.+b'L%(#)4!

>DH 2'))'+-

/99)-S&=4+(3,

TJU !&33&-%>DH!2'))'+- TJU!!&33&-%

"0=L()!-.!

E%'(*+=(%+*HBFBBB V<WWW

"0=L()!-.!6+4)+"09!

R(43*DHFBBB DJWW

"0=L()!-.!E%'(*+-)* DHBFBBB I<WWW

F() :-0%5 >EBB BBB TX"Y =&33&-%F()!:-0%5 >EBBFBBB TX"Y!=&33&-%

8417!E%'(*+-) >DHFBBB!!%-,!0& TJ!=&33&-%!4%5!09

B,9&143 E%'(*+=(%+ /%.)4 @(%6# G4+() 6+4?(

NNNOL&3394,%(O1-=

B,9&143!E%'(*+=(%+ /%.)4!@(%6# G4+()!6+4?(

Page 14: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

+ , -"+.),&())!-"*&)

NNNOL&3394,%(O1-=

Page 15: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

B & + L 3

/)#<%(+.!3'(8"

BN-!=&%0+(!'()L43!*0==4),

F)-501+<!-99-)+0%&+,<!5&..()(%+&4+&-%

/++)41+!&%+()(*+!P %-+!13-*&%??

/b#80('<#!@0LL%.4

J"Z!94?(!N)&++(%!*0==4),

!434%1(5!9)(*(%+4+&-%

/++)41+!&%+()(*+!P %-+!13-*&%?

3 3 ' (

JW!=&%0+(!'()L43!9)(*(%+4+&-%

A 7 3 33+;#.3+'-( A-'()!N7-3(!934%

;&%5!*()&-0*!&%'(*+-)*

JW UW 94?(* 930* 499(%5&1(**0))!201'-#11!3)%-

X;.'(#!O0))!&)%-!O'.1(Y

JW"UW!94?(*!930*!499(%5&1(*

@43&54+&-%!*1-)(14)5![50(!5&3&?(%1(\

!4*&*!.-)!433!-+7()!934%!.-)=*

NNNOL&3394,%(O1-=

Page 16: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

W ' ' 2 ' 3)W.'('-6!201'-#11!3)%-1

• /-(.#&.#-#0.!J?@!!;.'(#!&)%-!X-+!8+-10)(%-(1Y

• ?1# #,'(+.1 O+. 8)%.'(4 %-, K.#<'(4?1#!#,'(+.1!O+.!8)%.'(4!%-,!K.#<'(4

• Q#1+0.8#1

B7 ! & ] .– B7(!!0*&%(**!](%+-)!" NNNO.4*++)41O-)?

– 6!/!" 7++9CQQNNNO*L4O?-'Q*+4)+&%?^L0*&%(**Q&%5(SO7+=3

E%1 !0*&%(** F34% !0&35&%? 6(1+&-% L, 6(1+&-%– E%1O!!0*&%(**!F34%!!0&35&%?<!6(1+&-%!L,!6(1+&-%!

7++9CQQNNNO&%1O1-=Q?0&5(*QN)&+(^L&_^934%QJW``WO7+=3

NNNOL&3394,%(O1-=

Page 17: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

/0*".*1,&' 2(*")/0*".*1,&'!2(*")34*1!#5!,&0()156)!"557!85698

NNNOL&3394,%(O1-=

Page 18: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

5 ) Q (' @ (5-6#)!Q%('-6!@41(#L

B"GBcJ%-%6#L#-( (#%L B"GBc

B"DHc

J%-%6#L#-(!(#%L

@'`#!+O!+&&+.(0-'(4

B"AHc

B"ABc

3.+,08(!d!(#8"-+)+64

@%)#1!8"%--#)1

B"ABc

B Hc

$+L&#('('<#!%,<%-(%6#

@' O ("' , B!" Hc

B!" Hc

@'`#!+O!("'1!.+0-,

U##,!O+.!L+.#!O0-,'-6

NNNOL&3394,%(O1-=

Page 19: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

* , K) J !*0-,%K)#!J%-%6#L#-(!!#%L1

• $/R

– A8a!(S9()&(%1(

– @()+&143 (S9()&(%1(@()+&143!(S9()&(%1(

– A-4174L3(!['(),!&=9-)+4%+\

G 5 7&– G(45()*7&9

• !#%L

– !434%1(!4%5!1-=93(+(

– 8S9()&(%1( N-)2&%? +-?(+7()8S9()&(%1(!N-)2&%?!+-?(+7()

NNNOL&3394,%(O1-=

Page 20: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

@' O (" R ( '(@'`#!!+O!("#!R&&+.(0-'(4

) K)• @8%)#%K)#

– TVW!=&33&-%![=&%O\!&%!)('(%0(*!&%!U!,(4)*

T– [@A*!3--2!.-)!bTIWW!=&33&-%\

• :'6"!6.+11!L%.6'-16 6 6

• N%.6#!-'8"#!L%.S#(

? O ' ' ' ,• ?-O%'.!8+L&#('('<#!%,<%-(%6#

• Q#%,4!O+.!801(+L#.1

NNNOL&3394,%(O1-=

Page 21: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

R-8#!4+0!"%<#!%((.%8(#,!'-<#1(+.1Z

! " # ! $!%"&'!(#)!!)*$

NNNOL&3394,%(O1-=

Page 22: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

@ O " 5 ) 7 ' 3@0LL%.4!+O!("#!5-6#)!7-<#1('-6!3.+8#11

• 3.#"18.##-'-6

• @8.##-'-6@8.##-'-6

• =0#!,')'6#-8#

• 7-<#1(L#-(!&.#1#-(%('+-

• *+))+;"0& ,'18011'+-1 %-, L##('-61*+))+; 0&!,'18011'+-1!%-,!L##('-61

• $)+1'-6

NNNOL&3394,%(O1-=

Page 23: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

= ) *) @( (' ('=#%)!*)+;!@(%('1('81

• 3.#18.##-'-6

• @8.##-'-6

! A!'-!E!(+!@8.##-'-6

! A '- G (+ ==@8.##-'-6

• =0#!=')'6#-8#

! A!'-!G!(+!==

! A!'-!G!(+!7-<P!J##('-6

• 7-<#1(L#-( ! A!'-!D!.%'1#!L+-#4

!• R9/Q5NN ! A!'-!ID!;"+!%&&)4!.#8#'<#!

'-<#1(L#-(

NNNOL&3394,%(O1-=

Page 24: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

+",)!-".(*/).!(%!0,%"1

NNNOL&3394,%(O1-=

Page 25: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

77

=+-e( (%S# ,0LK L+-#4f=+- (!(%S#!,0LK!L+-#4f!

NNNOL&3394,%(O1-=

Page 26: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

N S * @ ( JN++S!*+.!@L%.(!J+-#4!]

7-<#1(+.1!#%6#.!(+!'-<#1(!L+-#4 %-,!('L#

'-!4+0.!8+L&%-4F!K.'-6'-6!("#'.!1S'))1!4 & 4F 6 6

%-,!#b&#.'#-8#1!(+!"#)&!4+0!6.+;!

1088#11O0))4P1088#11O0))4P!!

$"#8S!("#!.#O#.#-8#1!+O!&+11'K)#!

' K O ' ' "'-<#1(+.1!K#O+.#!1'6-'-6!%!(#.L!1"##(

NNNOL&3394,%(O1-=

Page 27: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

77

W"#-!&'(8"'-6!'-<#1(+.1F!

,+-e(!#)%K+.%(#!'-!

,#18.'K'-6!4+0.!

&.+,08(T(#8"-+)+64&.+,08(T(#8"-+)+64

NNNOL&3394,%(O1-=

Page 28: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

7-<#1(+.1!;%-(!(+!"#%.!%K+0(!

4+0.!K01'-#11F!-+(!g01(!4+0.!&.+,08(

W" ' " ' ' ) , \W"%(!'1!("#!8+L&#('('<#!)%-,18%&#\!!

W"%(!'1!("#!1'`#!+O!("#!+&&+.(0-'(4\!!

')) K O ) K ' \W'))!73!K#!%!01#O0)!K%..'#.!(+!#-(.4\!!

:+;!L08"!L+-#4!;'))!'(!(%S#!(+!%8"'#<#!&+1'(' # 8%1" O)+ \&+1'('<#!8%1"!O)+;\!

:+;!,+!4+0!S-+;!4+0!8%-!L%S#!("#!&.+,08(\&.+,08(\!!

3.+<',#!'-<#1(+.1!;'("!%!K%)%-8#,!&.#1#-(%('+- +O 4+0. K01'-#11&.#1#-(%('+-!+O!4+0.!K01'-#11

NNNOL&3394,%(O1-=

Page 29: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

777

=+-e(!+<#.#1('L%(#!

("#!1'`#!+O!("#!L%.S#(

NNNOL&3394,%(O1-=

Page 30: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

5880.%(#)4!,#(#.L'-#!("#!

%,,.#11%K)# L%.S#(V%,,.#11%K)#!L%.S#(V("#!1'`#!+O!("#!+&&+.(0-'(4!O+.!4+0.!

&.+,08(!1+),!(+!4+0.!801(+L#.1

7 3 3 7c,9-+7(+&143!(S4=93(C!!/%!(%+)(9)(%(0)!&%!+7(!

*7((9*2&%!*(4+!1-'()!L0*&%(**!(*+&=4+(*!+7(!*&_(!

. 7 L T L 33-.!+7(!-99-)+0%&+,!+-!L(!TJWW!L&33&-%!9()!,(4)!P

+7(!*&_(!-.!+7(!40+-=-L&3(!=4)2(+d!!

=+-e(!O%))!'-(+!("'1!(.%&Z'-<#1(+.1!8%-!1##!.'6"(!

(".+06"!("'1!,#8#&('+-

NNNOL&3394,%(O1-=

Page 31: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

7979

=+-e( ^K%)) &%.S_ .#<#-0#1=+- (! K%))!&%.S !.#<#-0#1!

%1 % &#.8#-(%6# +O ("#%1!%!&#.8#-(%6#!+O!("#!

(+(%)!L%.S#(!

NNNOL&3394,%(O1-=

Page 32: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

J%-4!/-(.#&.#-#0.1!,#<#)+&!

O O&.+O+.L% .#<#-0#1!%1!%!&#.8#-(%6#!+O!

("#!%,,.#11%K)#!L%.S#(!

eB7(!+-+43!=4)2(+!&*!TVUW<WWW<WWW!4%5!N(!N&33!149+0)(!WOUf!&%!,(4)!-%(![TIOX!=&33&-%\!4%5!

IWf!&%!,(4)!.&'(![TVU!=&33&-%\Og!!

!"'1!1'L&)4!;+-e(!O)4!;'("!'-<#1(+.1P!!20'),!4+0.!.#<#-0#!&)%-!O.+L!("#!K+((+L!0&!]

,#O'-#!;"'8"!801(+L#.1!;'))!K04!"+;!L08"!'-!("#!O'.1(!4#%.Z!1#8+-,!4#%.Z#(8P!

NNNOL&3394,%(O1-=

Page 33: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

99

=+-e( &.#11 ("# O'.1(=+- (!&.#11!("#!O'.1(!

L+<#. %,<%-(%6#L+<#.!%,<%-(%6#!

NNNOL&3394,%(O1-=

Page 34: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

h*'.1(!J+<#.!5,<%-(%6#e!

' )) O ,'1!010%))4!%!O.%0,

O ) " , " "7(!'1!O.#[0#-()4!("#!G.,!+.!E("!8+L&%-4!'-!("#!1&%8#!("%(!'1!1088#11O0)P!!

*'.1("(+"L%.S#(!+O(#-!,#L%-,1!L'11'+-%.4!1%)#1!X,#<#)+&'-6!#-('.#)4!-#;!L%.S#(1YF!.#[0'.'-6!"06# %L+0-( +O L+-#4 %-, #b&#.('1# (+"06#!%L+0-(!+O!L+-#4!%-,!#b&#.('1#!(+!

(".'<#P!!

5 ) " A , 'O5880.%(#)4!%88#11!("#!A1(!L+<#.!%,<%-(%6#F!'O!%-4F!%-,!#1&#8'%))4!"+;!L08"!'(!;'))!8+1(!(+!

&#-#(.%(# ("'1 L%.S#(&#-#(.%(#!("'1!L%.S#(P!

NNNOL&3394,%(O1-=

Page 35: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

N O (" =N#11+-1!O+.!("#!=%4• Q%'1'-6!L+-#4!'1!,'OO'80)(!%-,!('L#"8+-10L'-66 4 6

• @&#-,!("#!('L#!-#8#11%.4!(+!0-,#.1(%-,!("#!8%&'(%) O++, 8"%'- O+. #-(.#&.#-#0.18%&'(%)!O++,!8"%'-!O+.!#-(.#&.#-#0.1

• N#%.-!;"%(!L+('<%(#1!'-<#1(+.1!(+!O0-,!8+L&%-'#18+L&%-'#1

• 30.10#!O0-,'-6!%1!1L%.(!#-(.#&.#-#0.

• !'L#!1&#-(!&.#&%.'-6!;'))!1%<#!10K1(%-('%)!('L#!'-!.%'1'-6!L+-#4

NNNOL&3394,%(O1-=

Page 36: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

Q#1+0.8#1Q#1+0.8#1

• N'1('-6!+O!5-6#)!M.+0&1!] ;;;P%-6#)8%&'(%)#,08%('+-P+.6

• 2(8,&,1,0(!:.,#(!15!;*,),&'!<5&(=!865>!!&'(")F!2P!3%4-#!XDBBiY• TVX!.)-=!NNNOL&3394,%(O1-=

• ?1*1(!58!14(!!61@!!!&!/A(B.1,0(!?.>>*6=!+6,(8,&'!5&!%.11,&'/#'( -6*B1,B()!,&!!>(6,B*&!!&'("!C&0()1,&'

j J%4 d / Re:%))+.%- XDBBGY >GH O.+L ;;; %L%`+- 8+LjP!J%4!d!/P!R :%))+.%- XDBBGY!>GH!O.+L!;;;P%L%`+-P8+L

• D(6>!?4((1)!E!$*".*1,5&!F !!G,&(!H=!G,&(!G557!*1!14(!C&16,B*B,()!58!$(&1.6(!%*I,1*"!D(6>!?4((1)!E!$*".*1,5&J!5P!W') ,' XDBBGY >AB OW')L#.,'-6!XDBBGY!>AB!O.+L!;;;P%L%`+-P8+L

• D4(!!61!58!14(!?1*61F!XDBBEY!MP!C%;%1%S'F ;;;P%L%`+-P8+L

NNNOL&3394,%(O1-=

Page 37: The Capital Food Chain for Entrepeneurs - University of Auckland Presentation

k0#1('+-1\\

;-)!(%K0&)&(*!-)!+-!1-%+41+!!&33C

:OF403h+7(&1(7-0*(O1-O%_h

NNNOL&3394,%(O1-=