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Les entreprises ont rapidement su tirer parti de la révolution occasionnée par l’arrivée du Web 2.0. Elles ont intégré ce nouvel outil en sous-traitant une partie de leur processus de production ou de création aux internautes désormais appelés "foule". Cette démarche n’est pas anodine : on reconnaît aujourd’hui à la foule un vrai pouvoir et un vrai savoir ; c’est le phénomène dit du "crowdsourcing". C’est sur ces bases qu’est apparu le crowdfunding. Un mode de financement participatif qui prend aujourd’hui toute sa place sur Internet, sous des formes et pour des fins diverses (donation, support, prêt, investissement, ...). De plus en plus de plateformes spécialisées voient également le jour, avec une expansion vertigineuse et des montants levés toujours plus nombreux. A l’occasion de cette rencontre-conférence, Thibaut de Briey a évoqué ce mode de financement innovant.
Citation preview
Parole d’expert
Intérêt du crowdfunding dans le financement de son entreprise ?
Thibaut DE BRIEY, MyMicroInvest
Avec le soutien de :
Crowdfunding interest in financing businesses ?
Please turn on your phone …
How many M&Ms are in this jar ?
Send your answer now by S.M.S at
+32 474 65 60 27
Do not think too long
Do not cheat on your neighbour, it’s a personal answer
Agenda
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The origins of Crowdfunding
Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding
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The origins of Crowdfunding
Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding
“Simply defined, crowdsourcing represents
the act of a company or institution taking a
function once performed by employees and
outsourcing it to an undefined (and generally
large) network of people in the form of an
open call. This can take the form of peer-
production (when the job is performed
collaboratively), but is also often undertaken
by sole individuals. The crucial prerequisite is
the use of the open call format and the large
network of potential labourers”.
Definition (by J.Howe 2006)
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The origins of Crowdfunding
Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding
Client Firm
Firm X
Firm X
Firm X
Firm X
Outsourcing
Crowdsourcing
The client firm selects one supplier
The client firm sends an open call
The selected supplier performs and is paid according to the contract
Individuals work for free or paid
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The origins of Crowdfunding
Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding
How much weigh is this ox?
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Lior Zoref at TED2012
• The lowest guess was 308 pounds (+/- 139 kg)
• The highest was more than 8,000 pounds (+/- 3,600 kg)
• The average was 1792 pounds (+/-
806 kg)
And real weight ? The ox weights 1,795 pounds (+/- 808 kg)
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The origins of Crowdfunding
Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding
Did you know that we help the New York Times and Google Books to digitalise archives via ReCaptcha ?
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• ReCaptcha uses the crowd to solve the problem of recognizing words in old books and newspaper
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The origins of Crowdfunding
Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding
Challenger
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Dow Jones 8 minutes after the explosion
- 3%
- 3%
- 3%
- 12%
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The origins of Crowdfunding
Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding
The Wisdom of the crowd
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Collective Intelligence
Research and sharing new
ideas
Strengthen the skills and
share the workload
Increase the reliability of predictions
Conditions to capture collective intelligence :• Diversity (variety of point of view)• Independence • Decentralization of sources• Large crowd• Appropriate mechanism to
aggregate
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The origins of Crowdfunding
Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding
How many M&Ms are in this jar?
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?
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The origins of Crowdfunding
Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding
x =
A little Money A lot of People The power of crowdfunding
By pooling small contributions of money …
… from groups of people who share different interests …
… everyone has the power to achieve financial goals …
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The origins of Crowdfunding
Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding
Crowdfunding is not a new concept !
Crowdfunding since 1884
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The origins of Crowdfunding
Le web 2.0 Crowdsourcing The wisdom of the crowd Crowdfunding
Technological + Mentality revolution
= Crowdfunding boom
Technological revolution :- Web functionalities - Social networks boom
Mentality revolution :- Financial crisis- Consumption choices
2010 2011 2012 2013200920082007
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Facebook members (#)
Google Volume index on the word “Crowdfunding”
Total funds raised on crowdfunding campaigns (USD)
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The Crowdfunding Market
Global Market Categories Risks & Opportunity
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# 1.1 million
crowdfunding campaigns
Source : 2013CF – Massolution (report)
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The Crowdfunding Market
Equity(Financial return)
Lending(Financial return)
Rewards(Non financial return)
Donation(Philanthropy)
5%$115m
(+30% vs. Y-1)
43%$1,170m
(+111% vs. Y-1)
16%$383m
(+527% vs. Y-1)
36%$979m
(+45% vs. Y-1)
The crowdfunding market is divided into 4 categories
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Global Market Categories Risks & Opportunity
Source : 2013CF – Massolution (report)
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The Crowdfunding Market2
• $1,400
Donation
• $2,300
Reward
• $4,700
Lending
• $190,000
Equity
Typical campaign sizes across the different crowdfunding models
Global Market Categories Risks & Opportunity
Source : 2013CF – Massolution (report)
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The Crowdfunding Market2
Global Market Categories Risks & Opportunity
Source : 2013CF – Massolution (report)
Forecast (2013)
5,2 billions of USD
In France one considers that crowdfunding will be a significant market after reaching 500 millions EUR
In the world that would say 50 billions
In Belgium : +/- 92 millions
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The Crowdfunding Market2
Emerging crowdfunding platform
Global Market Categories Risks & Opportunity
Source : 2013CF – Massolution (report)
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The Crowdfunding Market
Crowdfunding failure press articles
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Global Market Categories Risks & Opportunity
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The Crowdfunding Market
Crowdfunding failure specific cases
Product never delivered
Unsatisfied community
Uncontrolled investor community
Fake Project
What about crowdfunding in 5 years ?
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Global Market Categories Risks & Opportunity
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Agenda
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Wiseed – Crowdfunding Platform3
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Agenda
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Equity-Based crowdfunding
Social economic context
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Crowding out Equity Gap Confidence
The Economy Entrepreneurs People
Context Equity Gap Case Legal framework
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Equity-Based crowdfunding
Equity Gap
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0
SME Cash-Flow
SME Development stages
Pre-Seed Seed Start-up
Business Angels
Early Growth Expansion / Development
3Fs
Maturity
Venture Capital
Private Equity
Trade Sale / IPO
Series A Series B Series C
MBO
MBIEquity Gap
Context Equity Gap Case Legal framework
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The Crowdfunding Market
The crowdfunding opportunity for our economy
Source : MyMicroInvest
Context Equity Gap Case Legal framework
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Equity-Based crowdfunding
Legal Framework in Europe
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European Prospectus directive
General Rule
Exceptions
• Obligation to publish a prospectus before any public offering above a certain threshold
• Maximum Threshold: 5,000,000 EUR but member states can set the threshold at a lower amount
• If addressed to qualified investors (institutions, companies or individuals)
• If addressed to less than 150 persons (natural or corporate body)
• If the total amount do not exceed 100,000 EUY (12 months)
Other Directives
• Credit institutions, Financial instruments markets, payment services, electronic money, Alternative Instrument market funds (AIMF), money laundering)
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Context Equity Gap Case Legal framework
Equity-Based crowdfunding
National Legal Framework in European member states
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Diversity in setting the threshold for the requirement to prepare a prospectus
First Legislation in Europe for crowdfunding
• Threshold of 100,000 EUR : Belgium, France, Germany ...• Threshold of 5,000,000 EUR : Italy, UK, …• Other Threshold : 2,500,000 EUR (NL), 1,500,000 EUR
(Finland), 1,000,000 EUR (Cheque Republic), …• Special schemes
• Italy
Other countries with legislative reform or ongoing reflection
• France, UK, Austria, …
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Context Equity Gap Case Legal framework
Equity-Based crowdfunding
Crowdfunding: risks and opportunities
Risks Opportunities Need
Crowd structureSource of funding
MarketingCollective intelligence
Structuring
Mis-selling(Information – Valuation)
FraudGovernance
MaterializationFinancial Alternative
Regulation&
Information
For Crowd
ForEntrepreneur
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Context Equity Gap Case Legal framework
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Agenda
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MyMicroInvest
Our reason for being
Vision Mission Action
Build the economy of tomorrowConnect savings with
companies’ funding needs
Enables anyone to invest any amount starting from 100€
alongside professional investors in high potential SMEs
Venture Capital
Crowd
+
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DNA MyMicroInvest is … Structure Team
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MyMicroInvest
Pros & Cons
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DNA MyMicroInvest is … Structure Team
Crowdfunding Venture Capital
AccessibilityMaterialization
Meaning
Selection & AnalysisFollow-up
Exit
AccessibilityMaterialization
Meaning
Selection & AnalysisFollow-up
Exit
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MyMicroInvest
Collaboration as DNA- Crowdfunding as a complementary funding solution -
Professional structure and investment process … (Venture Capital dimension)
… reinforced by the community intervention (Crowdfunding dimension)
Selection Investment Follow-up Exit
Professional financial validation
Conditions &
Investment
Coaching &
RepresentationExit optimisation
Selection Investment Follow-up Exit
Concept validation by the community
Co-investment- Same conditions -
Promotion&
Support
Remuneration- Same conditions -
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DNA MyMicroInvest is … Structure Team
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MyMicroInvest
MyMicroInvest its …
A platform (MyMicroInvest – Crowdfunding)
An investment vehicle (Inventures – Venture Capital)
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• Launched in September 2012• 400 visits/day• 8,300+ active members• 3 financed projects (7 en 2013), 34 selected• 1,620,000 € raised• Accenture Innovation Awards (Financial Services)• Regulated emissions with a prospectus (FSMA)
• Funding of societal innovation• 5 realized investments• Co-selection et co-investment with the crowd• +4 million euros managed• Investment Committee (B.Colmant, J.Zurstrassen, etc.)
DNA MyMicroInvest is … Structure Team
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MyMicroInvest
The Platform : 2 Pans of activities
Selection
Objectives :
• Visibility and credibilityConstruction of a community
• Advice and enhancementExchange views
• Meeting with professional investors Pros investors (6 deals in progress and 1,3mi EUR raised by the projects listed in selection)
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Co-investment
Objectives :
• Financial leverageDouble professional investment (1.6 mi EUR raised on MyMicroInvest)
• Collective advicesShare of the network and mobilisation
• Marketing toolCommunity of ambassadors
1st entrepreneurship showcase in Belgium
1st equity-based crowdfunding platform in
Belgium
DNA MyMicroInvest is … Structure Team
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MyMicroInvest
Selection : a real ID card
DNA MyMicroInvest is … Structure Team
5
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MyMicroInvest
Investment : transparent, simple and structured
Investment details
Co-investor details
DNA MyMicroInvest is … Structure Team
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MyMicroInvest
Collective intelligence case study
DNA MyMicroInvest is … Structure Team
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The main added value of the crowd is POST-INVESTMENT
Online platform offering practical tools for separated parents
Natural products for allergic people (first application: trap for dust mites)
Observations
Network sharing
Sales force
Strategy challenger
Expertise
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MyMicroInvest
Structuration of the operation
Investors CrowdMyMicroInvest S.A.
Start-ups/SMEs
Equity
Invest in SMEs’ equity
Equity-linked notes(investment specific)
Manager
MyMicroInvest Finance S.A.
Subscribed to securities Issued by MMiF
DNA MyMicroInvest is … Structure Team
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MyMicroInvest
A multidisciplinary team
5
DNA MyMicroInvest is … Structure Team
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Conclusion
Crowdfunding interest in financing businesses
Source of financing Collective intelligencePowerful
marketing tool
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Conclusion
Crowdfunding interest in financing businesses
0
SME Cash-Flow
SME Development stages
Pre-Seed Seed Startup
Business Angels
Early Growth Expansion / Development
3Fs
Maturity
Venture Capital
Private Equity
Trade Sale / IPO
Series A Series B Series C
MBO
MBIEquity Gap
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Reality
Entrepreneur Business plan
Crowdfunding effect