CONFIDENTIAL /

/

NO

VEM

BER

30,

201

6PA

GE

1

//

Intro�to�500�and

Lessons�Learned�from�a�Silicon�Valley�CFO

500스타트업 소개와

실리콘밸리 CFO로서 배운 교훈

March�2017

CONFIDENTIAL /

/

NO

VEM

BER

30,

201

6PA

GE

2

CONFIDENTIAL /

Introduction�- Paul�Yoo,�CFO 저는요../

2�years�as�CFO�at�500�Startups

(2년 간 500스타트업의 CFO)

20�years�in�Silicon�Valley�at�various�tech�companies(20년 간 실리콘밸리내다양한테크기업에서의경험)

• 2�IPOs• 2�M&A• 2 shut�down

CONFIDENTIAL /

/

NO

VEM

BER

30,

201

6PA

GE

3

CONFIDENTIAL /

What�do�I�do?제가하는일은../• Enforcing�compliance�with�rules�and�regulations(규칙 및 규정을준수하게합니다.)

• Restoration�and�rebuilding�financial�operations�­ Clean�up�mess!(재정 운용을재정비하는역할을합니다. ­ 어지른 걸 치우는역할이죠!)

• Preparing�for�efficient�growth�&�international�expansion(효율적인 성장과글로벌확장을준비합니다.)

• I�DO�NOT invest�or�manage�portfolio�company�financial�operations(직접 투자를하거나포트폴리오사의재정운용을관리하지않습니다.)

CONFIDENTIAL /

/

NO

VEM

BER

30,

201

6PA

GE

4

What�is�500�Startups?

CONFIDENTIAL /

/

NO

VEM

BER

30,

201

6PA

GE

5

/

150�Employees1,800 Portfolio�Companies

500�Startups�Is�the�Most�Active�Seed�Investor�in�the�World1

$300M+�in�Capital�Committed2

The�various�geographies�highlighted�in�the�map�result�from�investments�we�have�made�across�all�500�Startups�funds.1. CB�Insight�https://www.cbinsights.com/blog/2015-early-stage-investors/2. Approximated�as�of�11/15/2016�and�includes�the�following�500�Startups�funds:�(a)�500�Startups,�L.P.�and�500�Startups-A,�L.P.�(together,�“Fund�I”),�(b)�500�Startups�II,�L.P.�and�500�Startups�II-A,�L.P.�(together,�“Fund�II”),�(c)�500�Startups�III,�L.P.�and�500�Startups�III-A,�L.P.�(together,�“Fund�III”),�(d)�500�Startups�IV,�L.P. and�500�Startups�IV-A,�L.P.�(together,�“Fund�IV”),�(e)�500�Startups�Annex�Fund,�L.P.�(“Annex”),�(f)�500�Luchadores,�L.P.�(“Luchadores”),�(g)�500�Durians,�L.P.�(“Durians”),�(h)�500�Mobile�Collective,�L.P.�(“Mobile�Collective”),�(i)�500�Kimchi,�L.P.�(“Kimchi”),�(j)�500�TukTuks,�L.P.�

(“TukTuks”),�(k)�500�Startups�JP,�L.P.�("Japan”),��(l)�500�Startups�Istanbul,�L.P.�("Istanbul”),�(m)�500�Luchadores�II,�L.P.�(“Luchadores II”).�

전 세계에서 가장활발한 seed 투자사, 500스타트업

CONFIDENTIAL /

/

NO

VEM

BER

30,

201

6PA

GE

6

CONFIDENTIAL /

500�Startups�Korea/• 150억 fund�dedicated�to�Korea�launched�in�May�2015(2015년 5월 한국에서 150억원의 펀드조성, 김치펀드)

• Invest�at�Korea’s�“Seed�to�Pre-Series�A”�stage�(1억 - 5억 per�check)(1억에서 5억 사이의초기에서시리즈 A 이전 단계에투자)

• Investing�in�~15�Korean�companies�annually(매년 최대 15개의 한국스타트업에투자)

• 29�current�Korea�portfolio�(including�6�prior�to�current�fund)(현재 29개의 한국포트폴리오사보유 ­ 이전 펀드에서투자했던 6개사 포함)

• Including�Althea,�PeopleFund,�Finda• 50%�of�our�companies�operate�ONLY�in�local�Korean�market�vs�Globally(포트폴리오사의 50%가 한국시장만을타겟으로운영)

CONFIDENTIAL /

/

NO

VEM

BER

30,

201

6PA

GE

7

CONFIDENTIAL /

Why�Korea?/

• Great�talent�and�education (우수한 재능과교육)

• Infrastructure�and�lots�of�investor�money (인프라 및 많은투자자금)

• Supportive�and�innovative�government (적극적이고혁신적인정부)

• Entrepreneurial�spirit (기업가 정신)

CONFIDENTIAL /

/

NO

VEM

BER

30,

201

6PA

GE

8

Reality�of�Success�in�Silicon�Valley

실리콘밸리에서의성공의현실

CONFIDENTIAL /

/

NO

VEM

BER

30,

201

6PA

GE

9

CONFIDENTIAL /

The�Ugly�Truth (불편한진실)/

• Most�startups�FAIL ­ we�assume�~80%�failure�rate(대부분의 스타트업은실패한다. 실패율은무려 80%)

• There�is�a�lot�of�investor�money;�but�extremely�difficult to�raise�money(투자 자금은풍부하지만, 투자를 받는것은매우어렵다.)

• No�Shame!(부끄러울 것이없다!)

CONFIDENTIAL /

/

NO

VEM

BER

30,

201

6PA

GE

10

CONFIDENTIAL /

How�to�Avoid�Failure�­ Common�Financial�Pitfalls(실패를피하는방법­일반적으로겪는재정적함정)/

• Spend�for�revenue�growth above�all,�even�at�the�cost�of�profitability(이익을 포기하고라도매출증대를위해쓰세요.)

• No�ego;�seek�help�on�marketing,�fundraising,�sales,�hiring�etc(자존심 세우지마세요. 마케팅, 투자, 영업, 채용 등 도움을요청하세요.)

• Penny-wise;�Pound-foolish�­ don’t�be�too�cheap(한 푼 아끼려다큰돈을잃게됩니다. 인색하게굴지마세요.)

• Fundraise�when�you�don’t�need�the�money(돈이 필요 없을때투자받으세요.)

• Be�honest�and�timely�with�your�investors(투자자에겐솔직하고적절한타이밍을놓치지마세요.)

CONFIDENTIAL /

/

NO

VEM

BER

30,

201

6PA

GE

11

CONFIDENTIAL /

So�what�if�you�failed? (그럼,실패하면어쩌죠?)/

• Create�jobs(일을 만드세요)

• Create�your�own�company�culture(당신만의 기업문화를만드세요)

• Experience�as�an�entrepreneur�(we�like�experienced�founders)(기업가로서경험하세요. 우리는 경험이많은창업자를좋아합니다.)

• Meaningful�relationships�with�investors�and�entrepreneur�community(투자자, 창업자 커뮤니티등의미있는관계를유지하세요.)

• Have�fun�being�your�own�boss(스스로 창업가임을즐기세요.)

CONFIDENTIAL /

/

NO

VEM

BER

30,

201

6PA

GE

12

The�fool�didn’t�know�it�was�impossible,�so�he�did�it.

-Anonymous