內(nèi)容講義文稿teamchasm

1、VCICVENTURE CAPITALInvestment CompetitionCEIBS Internal SelectionTeam ChasmMike YingCyrus ChenYifan Huang Andy ChaoStella LiVCICVENTURE CAPITALInvestment CompetitionCEIBS Internal SelectionProduct Positioning: flat organization, sharing goals and responsibilities and transparency among team members.

2、 Simple prototype: namely, task sharing, document and idea sharingExternal:Overall market: SAAS （Software-as-a service) industry in China has a money-valuation about 3.5 billion US Dollar in 2016. High growth rate from 2013 to 2014, slowly growth from 2015 to 2016 Competitor: Worktile, Mingdao, Towe

3、r.im, Tita, DingTalk, Slack(US.) etc. Overview:Teambition is an efficient and stable web-based management tool to facilitate internal coordination base on task oriented. It was developed by a young talent, Qi Junyuan and it first launched in June 2013. Teambition received 4 million US dollar for its

4、 A series investment in the end of 2014. SWOT AnalysisWSStrengthUser Friendly InterfaceWechat Login (Potential M&A or Strategic Partner) Oversea Market (15% from Southeast Asia)High Switching Cost for Business UsersTLow Barrier of EntryHard to Differentiate from Other CompetitorAlternative Free Solu

5、tion from Other Platforms (Google Doc or OneNote)ThreatSecurity Issue or Data BreachSteep Learning CurveRelative Small Portion of Premium or Paid UsersLow Profitability WeaknessOStrong Demand from Small to Mid Size Corporations. Market Size for Small and Mid Size Flat Firms are increasing Opportunit

6、ySlackSlackis acloud-based team collaboration tool2014.42014.102015.4Funding43million120 million160millionValue of companyN/a1.2 billion2.76 billion500,000 active daily users in 2015 feb, including users in 60,000 teams135,000 of those people are paying for Slack, adding up to $12 million in annual

7、revenueExisting teams growth rate is 6% to 8% per monthComparable Analysis #1WorktileTeambitions Chinese competitorTeambitionWorktileRegistered Users785,000 (270,000 in March and 1,300,000 in September)80,000Cost/person 250RMB200RMBA series investing timeJuly 2014November 2014Money invested in A ser

8、ies4,000,000 US Dollar (24,000,000RMB)10,000,000 RMBVC CompanyIDGKuandai CapitalComparable Analysis #2Value method:We assume that Teambition will list on A share, so we forecast the net profit of thatListing year, then we use the estimated PE of this industry, get the exit terminal value.Discounted

9、by the estimated yiled, get the discounted terminal valueRevenueAverageIndustry Margin(15%)Estimated industry PE(42)￥250* pay users*5%Current user*(1+380%)(1+220%)(1+120%)130millionValuation MethodHow much we invest：Discounted terminal value*5%=￥12million for 5% sharesTerms:1. Valuation Adjustment Mechanism:By the end of 2015, if Teamabition can maintain its Actively user growth rate at 100%. We maintain out share holding in the companyIf Team