案例-LinkedinB輪融資商業(yè)計(jì)劃書課件

Linkedin

YournetworkisbiggerthanyouthinkSeriesBAugust2004FindandContactthePeopleYouNeedThroughthePeopleYouAlreadyTrustAugust2014CONFIDENTIALLinkedInisProfessionalPeoplesearch2.0Professionalpeoplesearchincludes3keycomponentsLinkedInpremiumservices

ServiceprovidersJobsDealsandnetworking1.Targetedads:Contextualtextadstargetedonsearchtermsandprofiles

$$Listings:Jobslistingfilteredthrougheachprofessional’snetwork3.Subscriptions:Serviceextendingreachofeachprofessional’snetwork

$$

$$August2004CONFIDENTIALAugust2014CONFIDENTIALProfessionalPeopleSearch2.0LeveragesNetworksInternet1.0=Searchandtransactviaflatdirectories

Internet2.0=SearchandtransactvianetworksAugust2014CONFIDENTIALeBay:OnlineGoodsListing2.0

GoodsListings1.0:OnlineClassifiedsAssessseller’sreputationbylookingateachindividualseller’sclaimsGoodsListings2.0:eBayAssessseller’sreputationbylookingatnetworkoftransactionbetweenusersAugust2014CONFIDENTIALPayPal:OnlinePayments2.0OnlinePayment1.0CitibanketalDetectfraudbylookingat

eachindividual’sbehaviorinisolationOnlinepayments2.0PayPalDetectfraudbylookingatNetworkoftransactionsbetweenusersAugust2014CONFIDENTIALLinkedIn

:

ProfessionalPeopleSearch

2.0ProfessionalPeopleSearch2.0:LinkedInAssessprofessionalsbylookingatnetworkofrelationships

betweenusersProfessionalPeopleSearch

1.0:Monster

,LexisNexis,etalAssessprofessionalsbylookingateachindividal’sclaimsAugust2014CONFIDENTIALEstablishingtheNetwork:OurFirstPriorityForeBay,PayPal,Google,andLinkedIn,thekeyisthenetworkWherethenetworkisthekey,thefirstmoveriscriticaltorevenuePayPalwaiteduntil4millionregisteredusersbeforeturningonrevenue-today,revenueis$400MM+August2014CONFIDENTIALNetworkGrowth:CommitmentfromSeriesAAugust2014CONFIDENTIALLinkedInleadsthisMarketRegisteredusersofonlineprofessionalnetworktoolsFebruary2004(Total=0.3Million)Non-LinkedInnumbersareestimatesbasedonbestavailableintelligenceAugust2014CONFIDENTIALLinkedInhashighestrateofadoptionLinkedIn’ssharehasincreasedfrom54%6monthsagoto73%todayTippingpointeffectsmeansmeanLinkedIn’ssharewillcontinuetoincreaseRegisteredusersofonlineprofessionalnetworktoolsAugust2004(Total=1.2Million)Non-LinkedInnumbersareestimatesbasedonbestavailableintelligenceLinkedInHasGrownItsLeadLinkedInistheMarkedLeader

Numbersasof8/0.4.Non-LinkedInnumbersareestimatesbasedonbestavailableintelligence.“users”:registereduserscurrentlyactivesinthesystem“Emailaddresses”:registeredusers+otherindividualswhoarenotusers,butwhoseemailaddresseshavebeenenteredintothesystembyusersStrongResultsWithLessThan$4MillionSpentLargeuserbase930K+white-collarregisteredusers29K+weeklyusergrowthrate23M+uniqueemailaddressesuploadedBusinessdevelopmentDirectEmployersAssociationAmericanExpressOPEN(atcontract)10+newinboundopportunitiesperweekHigh-qualityusers22%ofusersareCxOs/seniorexecs100+countries130+industriesIncreasingusagelevels20%ofoldusersloginpermonth1M+usersearchespermonth20M+totalmemberpageviewspermonthDesktop(notpromoted)6K+IEtoolbarinstalls18K+Outlooktoolbarinstalls2.5MemailaddressesuploadedviatoolbarGroups50+Groupslive20+newGroupslaunchpermonth300+GroupsinpipelineGreatInboundBusinessDevelopment?Dominantnon-profitconsortiumofFortune500HrdepartmentsandUniversitycareercenters?Fourth-largestjobdatabaseonline?Two-yearexclusiveagreementlaunched?ExposureofLinkedInto2millionAmericanExpresssmallbusinesscardholders?StrongbrandendorsementofLinkedIn?CurrentlyatcontractLinkedIn’sMarket-LeadingPositionCreatesStrongBarrierstoEntry?InherentlyviralproductdesignwithtippingpointeffectsPromotesongoingmarketleadership?ReputationsystemandnetworkofrelationshipsbetweenusersEnablesverystrongnetworkeffectsandusertrust?2keypatentsinviralmarketingand“socialnetworking”1granted,1pendingwith1999prioritydateTheNetworkEnablesRevenue?Network-basedreputationsystemcreatestrust:keytohightransactionvolumeandutility?1.InLeads:Contextualsearchtextads?2.Opportunities:network-filteredjoblistings?3.NetworkPlus:network-extendingsubscription?Reputationsystemisnotdirectlymonetized(Universalservicestaysfreeforallusers)ValueofthenetworkRevenuemodel(indetail)Buildingthenetworkisthechallenge,andLinkedInhasthefoundationTheNetworkEnablesRevenueInLeads,Opportunities,andNetworkPlusLinkedInUniversalFreeServiceRevenueNetworkLinkedIn’sMarketOpportunityIsLarge?GoogleAdWordsforpeople?Lexis-Nexisforservices?Yellowpages/directories?Monsteretal?Classifieds?Metal?Searchads:$2.8B?Lexis-Nexis:$2.3B?Offllineyellowpages,directories,andlocalads$10B+

?Jonsites:$0.8B(excludingclassifieds)?Personalssites:$0.6B

ComparablesComparablemarketsizes(2004)1.InLeads(Targetedads)2.Opportunities(Listings)3.NetworkPlus(Subscriptions)1.MarketforInLeads:SearchAdvertisingIsLargeandGrowingFast

LinkedInInLeadsImprovesonGoogleAdWordsmodel?Infoonsearcher?Focusedwhite-collardemographic($2-$50CPCvs.$0.35CPCforunfocuseddemographic)?AbilitytomonetizeCPM,CPC,andleadsSources:PriceWaterhouseCoopers,GoldmanSachs2.LinkedInOpportunitiesLetsUsersLeverageTheirNetworktoHire3.LinkdInNetworkPlusGivesPowerUsersExtendReach3.MarketforNetworkPlus:LargeOnlinePersonalsMarketProvidesComp“LinkedInhastakenreferral-basedjobhuntingtothenextlevel.”March2004Sources:GoldmanSachs,MarketdataEnterprisesRevenueIsNear-Term?Remainsfree(largeuserbaseiskeyrevenue-generatingasset)?Alreadylive?CPCpricingsetbyfreemarketauction?1/05?CPMpricing$3-$10dependingoncategory?EOI(leadgeneration)pricing$25+?$79perlisting(remainsopenfor30days)?11/04?Pricelevelsincreasepost-2005

?$5.95permonthor$59.95peryear?1/05?Pricelevelsincreasepost-2005

LinkedInUniversalService1.InLeads(Searchads)2.Opportunities(Listings)3.NetworkPlus(Subscription)Pricingplan(preliminary)LaunchtimingInternet2.0BusinessModel:HighRevenueandHighMargins?GreatrevenuepotentialforInLeads,Opportunities,andNetworkPlusLawoflargenumberensureshighrevenue?veryhighoperatingmarginsFreecustomeracquisition,digitalgoodstransactionswithzeroincrementcostOperatingmarginsvirtuallybreakevenevenforuniversalfreeservice?ExecutiondifficultydecreasesasLinkedIngrowsthenetworkHardestpartisbuildinglarge,,high-qualityuserbase

SeriesBBringsLinkedIntoOperatingProfitabilityin2005KeyassumptionsinLinkedInmodelMacroassuptions?

Monthlyusergrowthof3%-13%(belowcurrentlevel)?

Monthlyusagegrowthrateof5%-10%(belowcurrentlevels)1.InLEADS(searchads)assumptions

?CPMspricesat$3-$5,CPCspricedat$1(bothwellbelowcomps)

?Clickthroughandconversionratesof0.6%-2.75%2.Opportunities(listings)assumptions?Listingpricingat$793.NetworkPlus(subscription)assumptions?Subscriptionratof0.5%-0.3%(highendofrangenotuntil2007)

SeriesBBringsLinkedIntoOperatingProfitabilityin2005BusinessandTechTeamHasStrongTrack-RecordReidHoffman,CEO

?FormerEVPandFoundingBoardMember,PayPal

?

InvestorinFriendster,Ironport,SixApart,VendioetalSarahImbach,ChiefofStaffandVP

?FormerSVPOperations,PayPalAllenBlue,VPofProduct

?

FormerDirectorofProductDesign,SocialNJean-LucVaillant,VPofEngineering

?

FromerDirectorofEngineeringandSoftwareDevelopment,Logitech,SpotlifeKonstantinGuericke,VPofMarketing

?FormerVPofMarketing,Presenter,BlaxxunEricLy,CTO?FounderandformerCTO,Netmosphere(soldtoCriticalPath)MattCohler,Direct