TARGET

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Feargal Byrne

Fro
 Target Series A: From Idea to Investment

Foreword 2

Your Chances of Reaching Series A 3

Traction Is The Key To Unlocking The “Series A” Vault 6

Getting On The Radar Of Potential Investors 9

Pitch Your Business - Don!t Be The Cure to Insomnia 11

Integrate Your Product Development With Your Market Research 13

Venture Capital Explained 17

The P/E Ratio 19

Networking and The Advisory Board 20

More Resources 21

LostJobStartBusiness.com
 Target Series A: From Idea to Investment

Foreword
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2
 Target Series A: From Idea to Investment

Your Chances of Reaching Series A

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Example:

Mary and Jack decide to start up a subscription based membership website where
members have access to video tutorials, step by step guides and workshops on how to
draw, paint and sculpt. Members can also submit works for critique. On top of a
subscription fee, members can purchase materials and receive a membership discount.

They start off with a simple business roadmap and decide to buy a standard web hosting
package for $8 a month, an email auto-responder for $20 per month and an online
shopping cart of $40 per month. Jack develops the site himself with the help of his former
work colleague Edward who owes him a favor. Mary develops the content along with her
best friend Jessica. Once the site is up they use Pay Per Click (PPC) search advertising to
attract the first visitors.

3
 Target Series A: From Idea to Investment

Example Cont.

Initially the site required a bit of tweaking. However, after about three months membership
was growing very well. Revenues surpassed their projections because more people have
been buying materials from them than originally expected.

Jack and Mary sat down and ran over the figures. If their conversion rates held up they
could expand their business exponentially. However, in order to maintain the quality of
service, they would have to employ 4 people in various areas. They must run better quality
servers with higher bandwidth and move out of their living room and into an office.

In order to do this, they needed external investment. They found this relatively easy to get
because a) They were profitable and had traction, b) they had a sustainable business
model, c) they demonstrated competence as entrepreneurs, d) they showed adequate
room for expansion.

Because their business model allowed them to start up for less than $70 per month
excluding marketing costs they could get themselves in a position to tick the boxes many
early stage investors require.

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 Target Series A: From Idea to Investment

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5
 Target Series A: From Idea to Investment

Traction Is The Key To Unlocking The “Series A” Vault

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6
 Target Series A: From Idea to Investment

Example: The VCs perspective

John is a VC. Lately he has been working quite hard trying to pick two Series A investments
for the fund he works for. He has slept an average of 3 hours per night over the last two
weeks because he has been researching various potential deals. Unfortunately, he has a
stack of 500 business plans he received in the post over the last 6 months.

He hasn!t read one of them. He!s just focusing on 5 potential deals. Two of these were
referred to him by his accountant and legal advisers. The other three he found through
interesting press releases and product reviews that he read in trade magazines and
websites.

He is intent on maximizing the return for the VC fund. So, after hearing the pitches over the
last few months he is doing research on his own to make himself doubly sure that his
decisions are the right ones.

Eventually, it comes down to who has the most traction. Three of the businesses have
potential but two of the businesses are making early stage sales. Two brief phone calls to
early adopters confirms that the products actually do what the entrepreneur!s said they did.
In fact, one of the key reference sites said that he recommended the product to another
company that is having the product installed next week.

In summary, the two companies with the best traction got Series A funding from John.

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 Target Series A: From Idea to Investment

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8
 Target Series A: From Idea to Investment

Getting On The Radar Of Potential Investors

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 Target Series A: From Idea to Investment

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10
 Target Series A: From Idea to Investment

Pitch Your Business - Don’t Be The Cure to Insomnia

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_8 D36&+/*/$>"(#$%#+@%*")8
`8 M'<<$+$/%"#>8$
a8 P'&'+#/'$#'&'+#/'$#'&'+#/'888

9%:/$@#*%*@+<<>$*36"#%+)%$%&+%$>"($&+2'$+<<$+)7<'/$@"2'#',8$G"($)'',$%"$?'$6#'6+#',$4"#$+<<$
6"//*?<'$=('/%*")/$%&+%$*)2'/%"#/$3+>$+/C8$P'3'3?'#-$*%:/$I(/%$+/$3(@&$+?"(%$%&'$
=('/%*")/$+/C',$%&+)$%&'$+@%(+<$6#'/')%+%*")8$W"$)"%$(),'#'/%*3+%'$%&'$+3"()%$"4$;"#C$
%&+%$>"($)'',$%"$,"$*)$"#,'#$%"$?'$6#"6'#<>$6#'6+#',8$!+*<$%"$6#'6+#'-$6#'6+#'$%"$4+*<8$

S*';$*%$+/$+$%&'+%#*@+<$6'#4"#3+)@'$+),$6#+@%*@'$*%$')"(7&$%*3'/$/"$%&+%$>"($@+)$7"$")$
+(%"$6*<"%8$M&*/$;*<<$&'<6$>"($+,,$/&'')$%"$>"(#$6#'/')%+%*")$+),$;*<<$*36#'//$>"(#$6"%')%*+<$
*)2'/%"#/8$b#"4'//*")+<*/3$*)$%&*/$#'7+#,-$*/$C'>8$$

11
 Target Series A: From Idea to Investment

c+C'$/(#'$%&+%$>"($+##*2'$'+#<>$+),$%#>$%"$7'%$*)%"$%&'$#""3$U^$3*)(%'/$?'4"#'$%&'$
3''%*)7$/%+#%/8$M&*/$;*<<$')/(#'$%&+%$/%+#%$%*3'$*/$/%+#%$%*3'-$+),$)"%$/'%5(6$4"#$+$?*%-$%&')$
/%+#%$%*3'8$9%:/$+</"$2'#>$*36"#%+)%$%&+%$>"($@+##>$?+@C$(6$6#'/')%+%*")/$")$,*44'#')%$
4"#3+%/8$c+C'$/(#'$%&+%$>"($&+2'$6#'6+#',$4"#$%&'$;"#/%$@+/'$/@')+#*"$"4$+$@"36(%'#$
4+*<(#'$+),$?#*)7$')"(7&$6#*)%$"(%/$"4$>"(#$6#'/')%+%*")$*)@+/'$%&*/$"@@(#/8$

9$;"(<,$+</"$/(77'/%$%&+%$>"($/&"(<,$")<>$6*%@&$%"$*)2'/%"#/$;&"$C)";$>"(#$?(/*)'//$
/'@%"#-$?'$*%$%&#"(7&$'E6'#*')@'-$"#$%&+%$%&'>$&+2'$,")'$/*7)*4*@+)%$#'/'+#@&$*)%"$*%8$
M&'#'4"#'-$')7+7'$%&'3$")$+$C)";<',7'+?<'$<'2'<$+),$,"):%$%#>$%"$'E6<+*)$%&'$?+/*@/$"4$
>"(#$/'@%"#$%"$%&'38$M&+%:/$I(/%$;+/%*)7$%*3'8$

H"3'$6'"6<'$;"(<,$,*/+7#''$;*%&$3'$")$%&*/-$?(%$*4$+)$*)2'/%"#$,"'/$)"%$C)";$%&'$?+/*@/$
"4$>"(#$/'@%"#$?'4"#'$+$3''%*)7$%&')-$/*36<>$6(%-$%&'>$&+2'$)"$'E6'#*')@'$*)$%&'$/'@%"#$
+),$%&'>$,*,):%$,"$%&'*#$&"3';"#C8$G"($+#'$?'%%'#$"44$4*),*)7$*)2'/%"#/$%&+%$&+2'$
'E6'#*')@'$d*,'+<R$"#$+#'$6#'6+#',$%"$#'/'+#@&$+),$*)2'/%*7+%'$4#"3$%&'*#$'),-$%"$3+C'$(6$
4"#$+)>$7+6/$*)$*),(/%#>$'E6'#*')@'8$

M&'#'$+#'$/"3'$7"",$4#''$#'/"(#@'/$%&+%$>"($@+)$(/'8$N6')N44*@'$"#$A""7<'$W"@/$4"#$%&'$
6#'/')%+%*")8$G"($+</"$&+2'$%&'$"?2*"(/$b";'#b"*)%$"#$]'>)"%'$4"#$c+@8$9$?'<*'2'$%&+%$
]'>)"%'$*/$+$@(%$+?"2'$%&'$#'/%-$&";'2'#$+)>$6#'/')%+%*")$/<*,'/&";$6+@C+7'$;*<<$?'$
+,'=(+%'$+/$<")7$+/$>"($6(%$')"(7&$%&"(7&%$*)%"$>"(#$3'//+7'8$

0</"-$>"($@+)$(/'$!<*C#$T#'+%*2'$T"33")/$6*@%(#'/$?(%$3+C'$/(#'$>"($7*2'$@#',*%8$
*H%"@Cb&"%"$*/$;&'#'$>"($@+)$?(>$#">+<%>$4#''$6*@%(#'/$4"#$(/'$*)$>"(#$6#'/')%+%*")/8$M&'>$
+#'$;"#%&$@&'@C*)7$"(%8$

9)$/(33+#>-$?'$@")@*/'$+),$6"<*/&',$+),$3+C'$/(#'$>"(#$6#'/')%+%*")$/C*<</$+,,$%"$>"(#$
?(/*)'//-$)"%$%+C'$+;+>$4#"3$*%8
12
 Target Series A: From Idea to Investment

Integrate Your Product Development With Your Market Research

M&*/$*/$#'+<<>$*36"#%+)%8$H''-$<""C$+%$*%$+/$*4$>"($+#'$%#+66',$*)$+$%+)C$;*%&$+$<*3*%',$+3"()%$
"4$+*#8$G"($&+2'$+$?'%%'#$@&+)@'$"4$/(#2*2*)7$*4$>"($+@%$=(*@C<>$+),$4*),$+)$'/@+6'8$O&+%$
>"($,"):%$;+)%$%"$,"$*/$%+C'$%""$<")78$M&'$6#"?<'3$*/$%&+%$,"*)7$3+#C'%$#'/'+#@&$+),$
6#",(@%$,'2'<"63')%$/'=(')%*+<<>$%+C'/$%""$<")78$M&'$@&+)@'/$+#'$%&+%$>"($;*<<$#()$"(%$"4$
+*#8$

L'<*'2'$3'-$7"",$=(+<*%>$/@*')%*4*@$3+#C'%$#'/'+#@&$4"#$+$/%+#%5(6$*/$'E6')/*2'8$K(/%$7'%$+$
=("%'$4#"3$+$3+#C'%$#'/'+#@&$4*#3$+),$>"($;*<<$4*),$"(%8$F";'2'#-$%&'#'$*/$+$?'%%'#$;+>8$
G"($@+)$,"$>"(#$6#",(@%$,'2'<"63')%$+),$3+#C'%$#'/'+#@&$/*3(<%+)'"(/<>$*)$#'+<$%*3'8$
M&*/$/+2'/$>"($%*3'-$')'#7>$+),$3")'>8$c"/%$*36"#%+)%<>$*%$&'<6/$>"($7'%$%#+@%*")$=(*@C<>8$

e"%$")<>$,"'/$%&*/$#',(@'$>"(#$@+/&$?(#)$?(%$*%$+</"$&'<6/$>"($+),$>"(#$4"(),*)7$%'+3$
6/>@&"<"7*@+<<>8$9%$@#'+%'/$3"3')%(3-$+),$?'<*'2'$3'-$%&*/$*)$*)4'@%*"(/8$J*C'$+$3"%&$%"$
<*7&%-$>"($/&"(<,$*33',*+%'<>$3"2'$%";+#,/$%#+@%*")8

O&')$>"($/*%$?+@C$+),$%&*)C$+?"(%$*%8$M#+,*%*")+<$3+#C'%$#'/'+#@&$*/$+$/*3(<+%*")8$9%:/$)"%$
#'+<-$+),$#'6#'/')%/$)"%&*)7$3"#'$%&+)$+$?'/%$7('//8$O&')$>"($(/'$#'+<*%>$+/$>"(#$%'/%*)7$
<+?$>"(#$#'/(<%/$+#'$#'+<$+),$*),*/6(%+?<'$+),$%&*/$*/$C'>$%"$6#'/')%*)7$>"(#$@+/'$,(#*)7$
>"(#$6*%@&8$9$@+):%$'36&+/*/$%&*/$')"(7&8$L'&*),$+<<$%&'$ST$+),$L(/*)'//$0)7'<$#&'%"#*@$+<<$
%&+%$#'+<<>$3+%%'#/$*/$%#+@%*")8

H"(),/$/*36<'-$?(%$*4$*%$;+/-$'2'#>?",>$;"(<,$?'$<+),*)7$H'#*'/$0$#"(),/8$F";'2'#-$?>$
?'*)7$<+/'#$4"@(/',$")$%#+@%*")$>"($+#'$7*2*)7$>"(#/'<4$+$&'+,$/%+#%$")$%&"/'$
')%#'6#')'(#/$;&"$?'<*'2'$%&+%$%&'*#$*,'+$*/$/"$7"",$%&'>$,"):%$)'',$%#+@%*")8$J""C-$%&'>$
+#'$<*2*)7$*)$4+)%+/>$<+),8$

13
 Target Series A: From Idea to Investment

0<<$+/6'@%/$"4$>"(#$/%+#%5(6$7"$&+),$*)$&+),8$0/$+$#'/(<%-$,"):%$@"36+#%3')%+<*Y'8$G"(:#'$
)"%$+$3(<%*)+%*")+<8$D2'#>")'$*/$*)2"<2',$*)$'2'#>%&*)78$D2'#>")'$*/$3+#C'%*)78$D2'#>")'$*/$
,'2'<"6*)7-$'2'#>")'$*/$3+C*)7$%&'$@"44''8$H''-$>"($+#'$+<<$*)$*%$%"7'%&'#8$c+C'$<*4'$'+/>$
4"#$'+@&$"%&'#$+),$/6#'+,$%&'$<"+,8$

93+7*)'$/%+),*)7$*)$4#")%$"4$+$6+)'<$"4$*)2'/%"#/8$F";$@+)$>"($4(%(#'$6#""4$>"(#$/%+#%5(6$
4"#$%&'*#$=('/%*")/X$G"($7"%%+$?'$?(<<'%$6#""48$M#+@%*")$*/$%&'$(<%*3+%'$?",>$+#3"#8$c(@&$
?'%%'#$%&+)$/'<4$@"),(@%',$3+#C'%$#'/'+#@&8$

9)$%&'$/%+#%5(6$7+3'$#'+<$#'/(<%/$+<;+>/$;*)8$D2'#>%&*)7$'</'$*/$+$;+/%'$"4$%*3'8$O*%&"(%$
#'+<$#'/(<%/$>"($<+@C$%&'$)(3?'#$")'$"?I'@%*2'$%#(%&8$M&+%$%#(%&$*/$;&+%$*)2'/%"#/$+#'$
<""C*)7$4"#8$9%$7*2'/$%&'3$+$7"",$*,'+$*4$%&'>$+#'$7"*)7$%"$3+C'$3")'>8$

Example:

Michael had an idea for a new alarm CCTV system whereby the alarm would contact the
house owner or building manager when it was triggered and send pictures of their house to
their mobile phone and email. The first thing Michael did was attempt to do market research
himself. However, he wasn!t trained to do it correctly. He spend 2 months compiling his
research data.

However, when the research was reviewed by a local business support agency. He was
told that the research wasn!t good enough. As a result, he spent $10,000 for a professional
market research firm to conduct a feasibility study. Three months later the research showed
that there was a possibility that the business may be feasible (note the language).
$

14
 Target Series A: From Idea to Investment

Example Cont.

After 5 months and $10,000 Michael decides to start-up. The research shows that he
requires $1 million to start his business. As a result, he went about writing a business plan
based on the market research already conducted. Two months later his business plan was
completed. He paid his accountant $6,000 to do the financial projections. He spent 6
months shopping his business plan to venture capitalists and business angels. Nobody
invested. As a result, he gave up before he even got started.

Monica had a similar idea. However she went on Google and spent two solid days reading
about her industry niche. She was working in IT and on the weekends she decided to build
a prototype system. She managed to source all the parts cheaply and used open source
software. She made the prototype out of her own savings without any external investment.
It was actually quite cheap. It cost her less than $2,000 which included a small re-write of
the open source software that Jimmy (from software development at her day job) did.

Her neighbors were looking for a new security system and were only too delighted to use
Monica!s. However, Monica had to iron out a few bugs after it was installed. After a couple
of months the neighbors were so delighted with their security system that they showed it to
Ron who was the building manager for a small apartment complex on the other side of
town.

Not only did he buy one for his own house he also bought a professional system for the
building he managed. When the security firm at Ron!s building saw the system they wanted
to use it in a number of properties.

With the advance orders in place, along with glowing references Monica was able to secure
the investment to set up a manufacturing base and put four installation crews on the road
for her product.

15
 Target Series A: From Idea to Investment

L>$,'2'<"6*)7$+),$,"*)7$#'+<$%*3'$3+#C'%$#'/'+#@&$>"($+#'$<+()@&*)7$>"(#$?(/*)'//$
%";+#,/$%#+@%*")$4+/%'#8$P'3'3?'#-$%&'$C'>$+,2+)%+7'$/%+#%5(6/$&+2'$*/$/6'',8$B/'$*%8

16
 Target Series A: From Idea to Investment

Venture Capital Explained

NC-$")'$"4$%&'$3"/%$*36"#%+)%$%&*)7/$%&+%$>"(-$+/$+)$')%#'6#')'(#-$)'',$%"$(),'#/%+),$*/$&";$
2')%(#'$@+6*%+<$;"#C/8$L(/*)'//$+)7'</$"6'#+%'$+$<*%%<'$?*%$,*44'#')%<>$?(%$%&'$/+3'$6#*)@*6+</$+66<>8$
9%:/$+@%(+<<>$=(*%'$/*36<'8$H''-$*%$@"3'/$,";)$%"$+$)(3?'#/$7+3'8$!"#$'E+36<'-$%&'>$*)2'/%$*)$%')$
@"36+)*'/8$c"/%$"4$%&'/'$@"36+)*'/$;*<<$4+*<$%&'#'4"#'$<"/*)7$%&'$ST:/$3")'>8$F";'2'#-$<'%:/$/+>$
%&+%$"(%$"4$%&'$%')$@"36+)*'/$%&#''$+@%(+<<>$3+C'$*%8$

M&'$ST$3(/%$7'%$%&'$3")'>$%&+%$%&'>$*)2'/%',$*)$%&'$/'2')$@"36+)*'/$%&+%$4+*<',$?+@C$4#"3$%&'$
%&#''$/(@@'//4(<$@"36+)*'/8$J'%:/$/+>$%&+%$%;"$"4$%&'$%&#''$@"36+)*'/$+#'$3',*"@#'$/(@@'//$
/%"#*'/8$M&'>$+#'$)"%$7*2*)7$/(6'#$&*7&$#'%(#)/8$L(%-$%&'#'$*/$")'$@"36+)>$%&+%$*/$%&'$/%+#$"4$%&'$
?()@&8$M&'$@"36+)>$*/$)";$3+C*)7$/%#+%"/6&'#*@$6#"4*%/$+),$@+)$?'$/"<,$4"#$&(),#',/$"4$3*<<*")/$
"4$,"<<+#/8$

O&')$%&'$ST$/*%/$,";)$+),$<""C/$+%$*%:/$6"#%4"<*"$"4$@"36+)*'/$*%$+2'#+7'/$"(%$%&'$#'%(#)$"2'#$+<<$
%')$*)$%&'$6"#%4"<*"8$c+C'/$/')/'$,"'/):%$*%X$F";'2'#-$>"($)'',$%"$?'$+;+#'$%&+%$%&*/$+66#"+@&$%"$
*)2'/%*)7$&+/$C)"@C$")$*36<*@+%*")/$")$&";$@"36+)*'/$;&"$&+2'$#'@'*2',$ST$4(),*)7$@+)$"6'#+%'-$
+),$(<%*3+%'<>-$&";$3(@&$%&'>$@+)$?'$/"<,$4"#8$N4%')-$%&*/$#'/(<%/$*)$+$@")4<*@%$"4$*)%'#'/%$?'%;'')$
%&'$D)%#'6#')'(#$+),$%&'$ST8$

!"#$'E+36<'-$*4$>"($+#'$"6'#+%*)7$+$/(@@'//4(<$ST$?+@C',$@"36+)>$+),$>"($#'@'*2'$+)$"44'#$4"#$+$
%#+,'$/+<'$"4$fU^$3*<<*")$%&'$ST$3+>$%(#)$*%$,";)$?'@+(/'$*%$,"'/):%$3+%@&$*%:/$*)2'/%3')%$
/%#+%'7>8$M&'>$+#'$&"<,*)7$"44$4"#$+$fU^^$3*<<*")$"44'#8$G"($+/$%&'$')%#'6#')'(#$;"(<,$&+2'$?'')$
3"#'$%&+)$&+66>$%"$%+C'$%&'$fU^$3*<<*")$'E*%$?(%$>"($@+):%$?'@+(/'$>"($/*7)',$%&'$%'#3$/&''%$
;*%&$%&'$ST8$

17
 Target Series A: From Idea to Investment

J""C-$;&')$>"($7'%$*)2'/%3')%$4#"3$+$ST$I(/%$#'3'3?'#$%&+%$>"($3(/%$@")4"#3$%"$%&'*#$
*)2'/%3')%$/%#+%'7>8$L'$+;+#'$"4$%&*/$4#"3$%&'$/%+#%8$P'3'3?'#-$%&+%$*%:/$+<<$+?"(%$%&'$#'%(#)$")$
*)2'/%3')%8$

18
 Target Series A: From Idea to Investment

The P/E Ratio

9$C)";$%&+%$*%:/$?"#*)78$9$C)";$4*)+)@'$*/$+<<$+?"(%$7(>/$*)$?<+),$/(*%/$;*%&$'2')$?<+),'#$
6'#/")+<*%*'/8$9$,"$+6"<"7*Y'$4"#$?#*)7*)7$(6$%&*/$%'@&)*@+<$4*)+)@*+<$%'#38$F";'2'#-$%&'#'$;+/$)"$
;+>$+#"(),$*%8$9$%#*',$?#+*)$/%"#3*)7$+$?'%%'#$;+>$%"$/(7+#$@"+%$*%$?(%$()4"#%()+%'<>$3>$3*),$&*%$+$
?<+)C8$P*7&%-$/"$<'%/$7'%$,";)$%"$?(/*)'//8$

M&'$bVD$P+%*"$*/$%&'$3"/%$*36"#%+)%$4*)+)@*+<$#+%*"$4"#$')%#'6#')'(#/8$J'%$3'$'E6<+*)-$%&'$bVD$P+%*"$
*/$+$3'%&",$"4$2+<(*)7$@"36+)*'/8$9%$<""C/$+%$+$@"36+)>:/$6#"4*%/$+),$@"36+#'/$*%$%"$%&'$2+<('$"4$
%&'$@"36+)>8$9%$*/$'E6#'//',$+/$+$3(<%*6<'8$

!"#$'E+36<'-$+)$+2'#+7'$bVD$P+%*"$"4$Q^$*)$>"(#$*),(/%#>$3'+)/$%&+%$+)$')%#'6#')'(#$@+)$+#7('$+$
%')$%*3'/$6#"4*%$2+<(+%*")$4"#$%&'*#$?(/*)'//8$H"-$*4$%&'>$&+,$+$6#"4*%$"4$fQ$3*<<*")$%&'>$;"(<,$2+<('$
%&'$@"36+)>$+%$fQ^$3*<<*")8$M&'#'$+#'$+$)(3?'#$"4$/<*7&%<>$3"#'$@"36<*@+%',$@")/*,'#+%*")/$/(@&$
+/$%+C*)7$+)$+2'#+7'$"4$6#"4*%/$"2'#$+$)(3?'#$"4$>'+#/$'%@8$?(%$")$%&'$;&"<'-$>"($/&"(<,$
(),'#/%+),$%&'$6#*)@*6<'8$

H"-$&";$,"$>"($4*),$"(%$%&'$bVD$#+%*"8$O'<<-$%&'$'+/*'/%$;+>$*/$%"$(/'$A""7<'$+),$G+&""$4*)+)@'8$
M&'>$;*<<$7*2'$>"($%&'$bVD$#+%*"$"4$/*3*<+#$<*/%',$@"36+)*'/8$9%:/$+$7"",$/%+#%*)7$6"*)%8$

0/$>"($@+)$/''$%&'$&*7&'#$>"(#$6#"4*%/$%&'$&*7&'#$>"(#$2+<(+%*")8$H"-$<'%:/$3+C'$%&*/$@<'+#$>"($
/&"(<,$/%#*2'$)"%$")<>$%"$3+C'$/+<'/-$?(%$%"$&+2'$+$?(/*)'//$3",'<$%&+%$3*)*3*Y'/$@"/%/$+),$
%&'#'4"#'$3+E*3*Y'/$6#"4*%/8$T"/%$@(%%*)7$*/$'+/>$+),$;*<<$&+2'$+$3+I"#$*36+@%$")$>"(#$?"%%"3$<*)'8$
94$>"(#$"?I'@%*2'$*/$%"$/'<<$>"(#$?(/*)'//$%&')$@(%%*)7$@"/%/$+),$#())*)7$+)$'44'@%*2'$+),$'44*@*')%$
?(/*)'//$*/$;"#%&$3(<%*6<'/$"4$%&'$@"/%$/+2*)78$

19
 Target Series A: From Idea to Investment

Networking and The Advisory Board

c+)>$+,2*/'$)';$')%#'6#')'(#/$%"$/''C$+,2*/"#>$?"+#,$3'3?'#/$;&"$&+2'$@")%+@%/$*)$%&'$/'@%"#$
@")@'#)',$+),$;&"$@+)$+,2*/'$")$@'#%+*)$C'>$*//('/8$c>$6#"?<'3$*/$%&+%$%&'$6'"6<'$;&"$7*2'$%&*/$
+,2*@'$,"):%$#'+<*Y'$&";$&+#,$%&*/$*/$4"#$+$4*#/%$%*3'$')%#'6#')'(#$%"$,"8$

9%:/$+$<"%$<*C'$7'%%*)7$+@%(+<$*)2'/%3')%8$9)$4+@%-$4"#$/"3'")'$;&"$;*<<$+@%(+<<>$+,,$2+<('$%"$>"(#$
+,2*/"#>$?"+#,$%&'*#$%*3'$*/$"4%')$3"#'$2+<(+?<'$%&+)$+$/*7)*4*@+)%$6#"6"#%*")$"4$%&'$*)2'/%3')%$
#'=(*#',8$K(/%$?'@+(/'$/"3'?",>$&+/$'E6'#*')@'$*)$%&'$*),(/%#>$,"'/):%$3'+)$%&+%$%&'>$;*<<$
@")%#*?(%'$%"$>"($*)$+)>$6"/*%*2'$;+>8$0/$+$#'/(<%-$>"($)'',$%"$?'$+;+#'$"4$&";$6+//*")+%'$>"(#$
+,2*/"#>$?"+#,$3'3?'#/$;*<<$?'8$G"($3(/%$I(,7'$%&'*#$6'#/")+<*%>8$

0</"-$>"($/&"(<,$6+>$%&'3$*)$'=(*%>8$M&+%$;+>$%&'>$?')'4*%$4#"3$%&'$(6/*,'$?(%$)"%$%&'$,";)/*,'8$
B<%*3+%'<>$>"($/&"(<,$<""C$4"#$6'"6<'$;&"$>"($@+)$7'%$+<")7$;*%&$%&+%$&+2'$+$%#+@C$#'@"#,$"4$
/(@@'//$*)$>"(#$)*@&'8$9$C)";$*%:/$@"33")$/')/'$?(%$*%:/$+<;+>/$;"#%&$/+>*)78$

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 Target Series A: From Idea to Investment

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More Resources
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About the Author:

Feargal Byrne is the webmaster of LostJobStartBusiness.com a website that helps people who have lost
their job to start a business. He is an entrepreneur with experience in the software and entertainment
sectors. He holds a B.A. in Accounting and Finance and an M.B.S. in Entrepreneurship and Marketing.
Feargal is also a member of the Marketing Institute of Ireland.

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