1. Thinktomi Korea 문 정 환 대표 jung@thinktomi.com www.thinktomi.com Thinktomi Korea. LLC. 9F IKP B/D, Heolleung-ro 7, Seocho-gu, Seoul, Korea, 137-170 Tel : 02-3497-1920 C.P. 010 2536 4179

3. 실리콘밸리에서 스타트업의 성공적 진출이란 ?

4. Startup Financing Cycle

5. 투자를 받기 위해서는 무엇을 준비해야 하는가 ?

6. Pre- Incorporation Process Pre- Incorporation Process Loans, Capital Calls & Contingency Tax Considerations Tax Considerations Owner Asset Assignment Initial Capitalization Accounting & Finance Key Person Insurance and Provisions Transfer Restrictions Transfer Restrictions Buy Sell Agreements Buy Sell Agreements Authorized and Issued Founder’s Stock Ownership Issue Founder’s Stock Ownership Issue Outside Directors Board of Advisors Outside Directors Board of Advisors Compensation & Incentives Officers & Directors Officers & Directors Corporate Bylaws Organization & Management Organization & Management LLC, LLP Partnership Limited or General Partnership Limited or General Corporation S or C Corporation S or C Company Structure Choices Company Structure Choices Banking & Financial Advisors Legal, Tax & Accounting Advisors Founders Team Professional Team Selection Professional Team Selection State of Origin Selection State of Origin Selection Key Personnel & Recruiting Corporate Insurance Advertising & Marketing Overall Stock Dilution Plan Overall Stock Dilution Plan Key Consultants, Technical etc Business Operation Venture Business Planning & Process

7. 내 스타트업은 VC 투자유치가 가능한가 ?

8. Potential Korean Startup Due Diligence Elevator Speech Power point Business Plans Power point Business Plans Executive Summary Executive Summary Business Plan Pricing Studies Technology Breakthroughs Technology Breakthroughs Competition Market Characteristics Market Characteristics Research Market Studies Revenue Model Reviews Revenue Model Reviews Business Model Reviews Business Model Reviews Entrepreneur Characteristics Entrepreneur Characteristics Initial Venture Planning Initial Venture Planning Competition Review Competition Review Technical Feasibility Studies Technical Feasibility Studies Patent and Trademark Research Patent and Trademark Research Idea or Concept Investment Stage Comparisons Investment Stage Comparisons Market Value Research Market Value Research Discounted Cash Flow Discounted Cash Flow Valuation Business Registration Venture Capital Investment Venture Capital Investment Phase 1 Phase 5 Phase 2Phase 3 Phase 4 Venture Capital Funding Process

9. 투자자에게 어떻게 전달할 것인가 ?

10. Pitch Storytelling “My Story” ELEMENTS Elevator Pitch Problem Solution Market Opportunity Marketing Strategy Competition Why now? Team Personal Story Technology Manufacturing Business Model Traction Financials Needs TYPE Wow Statement (20 s) Elevator Pitch (30 s-2 min) Mini Pitch (3-5 min) Full/VC Pitch (10-20 min) AUDIENCE Angel VC Colleague Potential Client Friend Advisor Board Member Pitch Storytelling

11. Financial Vs. Strategic AttributeFinancialStrategic Impact of Increased Profitability Major impact on value Maybe irrelevant. Profits are only needed to ensure survival prior to a sales SizeAny size Large acquisitions may have difficulty creating sufficient new incremental revenue Existing growthSignificant impact on value Size must be sufficient to allow a critical mass platform for opportunity exploitation. Growth itself may not be important Growth PotentialSignificant impact on value.May have no impact on the buyer’s opportunity Underlying assets and capabilities Must deliver competitive advantage within the seller’s business as a stand alone entity Must deliver a sufficient large and robust base for exploiting a strategic opportunity in the combination of business Inherent RisksMust be eliminated wherever possible Succession planning New buyer must be able to run the business if the senior management leave Key manager and key employees needed to exploit the opportunity must be retained

12. Financial Vs. Strategic AttributeFinancialStrategic Source of value to the buyer Profitability, risk, minimization, growth potential Threat elimination and revenue potential in the combination of the two business Value created by Increasing profits, reducing risk, future growth and proven growth potential, roll-up or consolidation opportunity Underlying assets and capabilities which the buyer will leverage to eliminate a threat or exploit a large revenue opportunity Additional value created by Increasing current profits, increasing growth rate, developing additional substantiated growth potential Reducing integration time, increasing rate of scalability and speed of exploitation, adding additional strategic assets and capabilities for the buyer to exploit Buyer Individual, investment trust, private equity, firm, corporation undertaking a roll-up consolidation strategy Large corporation which can exploit the strategic assets and capabilities in a large customer base Advisors Business broker, professional services firm, business advisor Large professional services firm, investment banker Preparation time18 month~ 2yearsNormally 2 years or more Level of integration Most often continues as a sole business or might be integrated on acquisition Varies. Often fully absorbed. Sometime integrated into only on part of the business. Could be left as a stand alone entity passing product, IP, or processes to group

13. Investors’ Assumption The business is almost certainly going to be sold within 3-7 years The entrepreneurs and most of the equity holding management team are unlikely to stay with the business once it is sold to a corporate buyer The investor will not be involved in the day-to-day operation of the business but will play a mentoring and strategic role The investor can be expected to provide specific help on an aspect of the business where they have deep personal experience A primary activity of the investor will be to ensure the business implements formal operational management systems and good governance processes The investor will most likely hold at least one Board seat The valuation of the business at the time of the initial investment has to take into account the risks associated with the investment and therefore is likely to be much lower than the entrepreneur thinks the business is worth

14. Summary of Expenses Nature of ExpenseProportion (%) Initial patent searched7 Corporate legal services6 Legal services relating to patent12 Legal services-shareholders agreement2 Business Plan21 Industrial designer28 Prototypes-initial version2 Prototypes-Subsequent13 Prototypes-most recent versions6 Administration & Miscellaneous2 Market Research1 Total Expense Incurred100

15. Thinktomi Startup Learning Program 실리콘밸리 생태계 이해도 제고 (The silicon Valley Ecosystem) 실리콘밸리 기업가정신 이해하기 (Silicon Valley Entereprenurship) 내 스타트업 사업모델 수립하기 (Building Your Startup Business Model) 투자유치 전략 수립하기 (Raising Funds – Angels, Venture Capital and other sources) 씽크토미 투자포트 포트폴리오 스타트업 및 엔젤 투자

16. Thank You!