1. LESSONS LEARNT IN LAUNCHING A VENTURE Patrick Sostmann Timo Bütefisch Barcelona May 24, 2004

2. 1 LESSONS LEARNT - LAUNCHING A VENTURE Phase 1 Idea generation Phase 2 Business Plan Phase 3 Raising Money Phase 4 Execution September DecemberJune Find an idea with a market potential larger than €1 billion Set up the right team (3-4 persons maximum) Clear perspectives and ownership from the beginning (set up a small contract) The business plan is your communication tool to the outside world Good structure Assign responsibilities Show operational successes (pictures, documents,etc.) Rewrite it many times Develop contacts/network Decide on the money you need Set your goals from the start Use IESE effectively Talk to MANY investors Use all avaliable sources (Business Angels, ICO, Cidem, VC Funds, etc.) Steer the process – time works against you Use your network and talk to experts Set up a masterplan ….we will tell you in few months

3. 2 LESSONS LEARNT - MAIN DOCUMENTS Presentation – PPT- 15 pages Executive Summary – WORD - 2 pages plus 8 pages exhibits Business Plan – WORD - 30-40 pages plus appendix

4. 3 LESSONS LEARNT - MAIN CLASSES NAVES - 1 st semester – How to write the plan? ENTRE – 2 nd semester – How to negotiate and launch? ENFI – 2 nd semester – How to finance the venture?

5. 4 QUESTIONS Patrick.Sostmann@iese.net Timo.Buetefisch@iese.net in F-515