A key question asked by many pre-revenue start-ups is how to value a company with no financial metrics except expenditure.

The ultimate answer to this question is, of course, “Negotiations”. But it could equally be “Aspiration”, “Fear of Missing Out”, “Time to Market” and many others.

This training programme will look at the financial and non-financial methods of valuing a start-up. On the financial side, it will present the key financial indicators angel investors and venture capital firms are looking for as part of the financial valuation.

On the non-financial side, it will look at issues such as product-market fit, traction, user activity and engagement, and the level of detail and credibility on future business plans and operations.

Finally, the training will indicate methods of pre- and post-money company valuation, including common issues in terms of cash and non-cash equity, governance, shareholding structure and other points encountered by start-ups and investors.

Following this programme, the CyEC participants should be in a better position to:

a. Complete their business plans in a convincing manner;

b. Fine-tune their cash and non-cash equity ask and valuation;

c. Prepare for their pitching session and final submissions.

The Trainer

Philip Ammerman is a consultant, entrepreneur and investment advisor who has advised start-ups, investors and enterprises on digital disruption, internationalisation and investment-led growth since 1994. He is founder of Navigator Consulting, Numenor Capital and the Centre for Innovation & Entrepreneurship.

Philip started his consultancy career in 1992. He supported the first wave of disruption in sectors such as banking and travel between 1995 and 2000, when the first dot.com crash took place. In parallel, he supported “real economy” investments, primarily in industry and manufacturing, that took place in Greece, Central & Eastern Europe and the former Soviet Union. He has advised on over 120 investment transactions with a total investment value exceeding € 6 billion. He has multi-sectoral experience in due diligence, business planning and financial modelling, in sectors including digital/tech start-ups and scale-ups, agri-food, manufacturing and hospitality.

The Web 2.0 boom continued Philip’s engagement in the tech sector, and in 2010, he founded the Navigator Entrepreneurship Charter, an initiative to support growth in Europe by investing in 10 new start-ups and spin-offs between 2010 and 2020. In this capacity, Philip acts as early stage angel investor and board member, and has co-founded or invested in 6 start-ups so far, all in the B2B online services space. He has recently been appointed as Team Coordinator for Greece by the European Bank for Reconstruction and Development (EBRD), and is supporting innovative Greek companies in the field of competitiveness and internationalisation. Projects are underway for Mastihashop, an innovative food, cosmetics and parapharmaceuticals firm based on Chios gum mastic products (mastiha), as well as for Milkplan, an innovative dairy equipment manufacturer.

Philip acts as regional portfolio manager for Brookstreet Equity Partners, a London-based private equity firm active in tech and innovation investments. Brookstreet recently announced its first investment in Greece, in the nanotechnology firm Nanophos. He is a non-executive director of Redfin Capital, an asset management firm, and is an evaluator for the European Union’s Horizon 2020 SME Instrument.

Philip studied at Princeton University and Cornell University’s School of Industrial and Labour Relations. He is also a graduate of YCombinator’s Startup School and the Oxford Fintech Programme.

Originally from Athens, Greece, Philip is a resident in Cyprus since 2016, and travels over 250 days per year. He has implemented project work in over 40 countries, and has lived and worked in Greece, Cyprus, Germany, France and the United States.

Expertise: Angel investments, venture capital, private equity, growth capital, due diligence, financial modelling, business planning, start-ups, mergers & acquisitions, digital transformation.