DEVELOPMENT PHASES OF A STARTUP From Birth to

DEVELOPMENT PHASES OF A START-UP From Birth to Maturity Valérie Gombart SPEF - GROUPE BANQUES POPULAIRES

SPEF • Investment Bank of the « Groupe Banques Populaires » • Mergers and Acquisitions • Venture Capital, LBO, MBI … • 430 USD millions under management, half of which is dedicated to start-up SPEF - GROUPE BANQUES POPULAIRES

Development Stages Growth NATEXIS Capital SPEF Pre-IPO European Fund 25 M USD SPEF e-Fund 100 M USD Banque Populaire Innovation 70 M USD Banque Populaire Création 10 M USD Time SPEF - GROUPE BANQUES POPULAIRES

Early Stage : It’s time to. . . • Get your seed money from friends & family versus VC • Think patents (offensive and defensive moves) • Do not neglect your Marketing Strategy (competitive advantage, market segmentation, choice of focus …), while developing your product • Example from SPEF Portfolio : www. nexgensoftware. fr SPEF - GROUPE BANQUES POPULAIRES

Take-off : It’s time to. . . • Stop improving your product : sell it! • Build your dream team & be prepared to share power (focus on sales force) • Raise money from VC : choose them! • Example from SPEF Portfolio : www. takasic. com SPEF - GROUPE BANQUES POPULAIRES

Pre-IPO : It’s time to. . . • Think world-wide expansion • Structure your management team (financial department…) • Work on Public Relations (towards clients but also financial institutions and analysts) • Example from SPEF Portfolio : www. memscap. com SPEF - GROUPE BANQUES POPULAIRES