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Games and Angels Nicolaj Højer Nielsen [email protected] www.linkedin.com/in/nicolajnielsen @nhoejer
| Date post: | 12-Apr-2017 |
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Investor Relations |
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Games and Angels
Nicolaj Højer Nielsen [email protected]
www.linkedin.com/in/nicolajnielsen @nhoejer
Nicolaj Højer Nielsen: My background
Risk in startups – as perceived by investors
Organizational
Market
Tech
Perceived TECHNOLOGY risk in games
Tech
Perceived MARKET risk in games
Market
Most angels dont believe they could foresee this– BEFORE LAUNCH
Perceived ORG risk – in games
Organizational
COMMERCIAL COMPETENCES – even more than the tech team
WHY do Business Angels invest?
Example: Recon Instruments
The human factor: Either you know the investor, or the investor
knows the industry
You will have to JUMP before getting the investor on board
How angels perceive early stage game investments in games/apps
1. Low technology risk - great
2. A lottery ticket on the market side
3. Impossible to evaluate market/demand before launch
4. Hard to evaluate org competences, because many angels have limited industry experience within apps/games
5. Invest for many other reasons than financial return
6. FUN factor could be high
7. Conclusion: You will fund the first steps – this also sends a strong signal to potential investor
8. (unless you know them personally – and they trust you)
EXTRA SLIDES
kr. 0
kr. 20.000.000
kr. 40.000.000
kr. 60.000.000
kr. 80.000.000
kr. 100.000.000
kr. 120.000.000
kr. 140.000.000
kr. 160.000.000
Q12008
Q22008
Q32008
Q42008
Q12009
Q22009
Q32009
Q42009
Q12010
Q22010
Q32010
Q42010
Q12011
Pre-money valuation: A startup
PROTOTYPE
Business Angels
VC
Family/friends
PARTNERS REVENUE TEAM & IDÉ
Are you sure you need money now?
Different types
Inexperienced investor
- Often a perform from your extended network
- Or executive/high net worth that wants to be involved in startups
- Few investments
Member of BA Network - Active in one of the official NA networks
- Entrepreneurs, executives and “old money”
- Often more experienced in service/production industries
Super angels - Experienced successful entrepreneurs
- Especially investing own money from IT exits
Different behaviour
How to find them?
Member of BA Network - Formal channels: DVCA.dk and the
websites of the 5 formal networks (ex. www.Ba-copenhagen.dk)
- But try personal contact before! Look at members that have invested in similar
cases/industries!
Super angels - Very visible in the media (Jesper buch,
Tommy Ahlers, Martin Thorborg, Morten Wagner, Morten Strunge etc.)
- Most of them NOT member of formal BA networks. Use direct calls/e-mails.
- Get many requests - use personal connections to get introduced)
Inexperienced investor - They basically invest in YOU
- Find them via friends-of-friends - Often does not see themselves as a
business angel but would like to invest into a “lottery ticket”
