案例-LinkedinB轮融资商业计划书(1)

LinkedinYournetworkisbiggerthanyouthinkSeriesBAugust2004FindandContactthePeopleYouNeedThroughthePeopleYouAlreadyTrustAugust2014CONFIDENTIALLinkedInisProfessionalPeoplesearch2.0Professionalpeoplesearchincludes3keycomponentsLinkedInpremiumservicesServiceprovidersJobsDealsandnetworking1.Targetedads:Contextualtextadstargetedonsearchtermsandprofiles$$Listings:Jobslistingfilteredthrougheachprofessional’snetwork3.Subscriptions:Serviceextendingreachofeachprofessional’snetwork$$$$August2004CONFIDENTIALTheproblem:Thereisnoeffective,trustedwayforprofessionalstofindandtransactwitheachotheronline•Selectingserviceprovidersfromyellowpagesfails•Selectingemployeesfromresumedatabasesfails•ReachingprofessionalsthroughdirectoriesfailsAugust2014CONFIDENTIALProfessionalPeopleSearch1.0UsesFlatDirectoriesAugust2014CONFIDENTIALProfessionalPeopleSearch2.0LeveragesNetworksInternet1.0=SearchandtransactviaflatdirectoriesInternet2.0=SearchandtransactvianetworksAugust2014CONFIDENTIALeBay:OnlineGoodsListing2.0GoodsListings1.0:OnlineClassifiedsAssessseller’sreputationbylookingateachindividualseller’sclaimsGoodsListings2.0:eBayAssessseller’sreputationbylookingatnetworkoftransactionbetweenusersAugust2014CONFIDENTIALPayPal:OnlinePayments2.0OnlinePayment1.0CitibanketalDetectfraudbylookingateachindividual’sbehaviorinisolationOnlinepayments2.0PayPalDetectfraudbylookingatNetworkoftransactionsbetweenusersAugust2014CONFIDENTIALGoogle:SearchforThings2.0SearchforThings1.0AltavistaRanksearchresultsbylookingatEachindividualpageinisolationSearchforThings2.0GoogleRanksearchresultsbylookingatnetworkoflinksbetweenpagesAugust2014CONFIDENTIALLinkedIn:ProfessionalPeopleSearch2.0ProfessionalPeopleSearch2.0:LinkedInAssessprofessionalsbylookingatnetworkofrelationshipsbetweenusersProfessionalPeopleSearch1.0:Monster,LexisNexis,etalAssessprofessionalsbylookingateachindividal’sclaimsAugust2014CONFIDENTIALEstablishingtheNetwork:OurFirstPriorityForeBay,PayPal,Google,andLinkedIn,thekeyisthenetworkWherethenetworkisthekey,thefirstmoveriscriticaltorevenuePayPalwaiteduntil4millionregisteredusersbeforeturningonrevenue-today,revenueis$400MM+August2014CONFIDENTIALNetworkGrowth:CommitmentfromSeriesANetworkgrowth:Success“LinkedInhasquicklybecometheInternet’slargestonlinebusinessnetwork.”“LinkedInismoststrictaboutkeepingitssiteSolelyforprofessional,businesspurposes.”ForbesMarch2004August2014CONFIDENTIALLinkedInleadsthisMarketRegisteredusersofonlineprofessionalnetworktoolsFebruary2004(Total=0.3Million)Non-LinkedInnumbersareestimatesbasedonbestavailableintelligenceAugust2014CONFIDENTIALLinkedInhashighestrateofadoptionLinkedIn’ssharehasincreasedfrom54%6monthsagoto73%todayTippingpointeffectsmeansmeanLinkedIn’ssharewillcontinuetoincreaseRegisteredusersofonlineprofessionalnetworktoolsAugust2004(Total=1.2Million)Non-LinkedInnumbersareestimatesbasedonbestavailableintelligenceLinkedInHasGrownItsLeadLinkedInistheMarkedLeaderNumbersasof8/0.4.Non-LinkedInnumbersareestimatesbasedonbestavailableintelligence.“users”:registereduserscurrentlyactivesinthesystem“Emailaddresses”:registeredusers+otherindividualswhoarenotusers,butwhoseemailaddresseshavebeenenteredintothesystembyusersGrowthIncludesMajorGroupsProvidingStrongBrandEndorsement“RedHerringchoseLinkedInforGroupsastheprofessionalNetworktoolforourconferencetoallowattendeestocreateLastingrelationshipsandtopromoteRedHerringtoLinkedIn’shundredsofthousandsofhigh-qualityprofessionalusers.”AdditionalGroupslivesincelaunchinApril2004AdditionalConferences•Supernova•BlogOnAdditionalAlumniGroups(mostlyclass-level)•HaasSchoolofBusiness•MITTechLink•MayfieldFellows•CarnegieMellon•UniversityofWashingtonAdditionalProfessionalGroups•ChineseSoftwareProfessionalsAssociation•InterFrench•IndustryStandardInternetExecutiveGroup•PressClubofCalifornia•PdmaNorCal•AssociationofInternationalProductMarketingandManagementAdditionalCorporateAlumniGroups•SunMicrosystemsAlumniAssociation•HPAlumniAssociationPlusmorethan50othersimilarGroups15-2-newGroupsaddedpermonthStrongResultsWithLessThan$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:keytohightransactionvolume•Network-basedfrauddetectionsystemmakesthebusinesseconomicallyviable•Network-basedpageranksystemproduces•eBaytakes%transaction•Reputationsystemisnotdirectlymonetized•PayPaltakes%oftransaction•Frauddetectionisnotdirectlymonetized•Ad word word文档格式规范word作业纸小票打印word模板word简历模板免费word简历 sareshowninsearchresults•PageranksystemisnotdirectlymonetizedValueofthenetworkRevenuemodel(high-level)…andofcourse,user-basednetworkeffectsarekeytomakingthebusinessvaluableTheNetworkEnablesRevenue•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•Match.cometal•Searchads:$2.8B•Lexis-Nexis:$2.3B•Offllineyellowpages,directories,andlocalads$10B+•Jonsites:$0.8B(excludingclassifieds)•Personalssites:$0.6BComparablesComparablemarketsizes(2004)1.InLeads(Targetedads)2.Opportunities(Listings)3.NetworkPlus(Subscriptions)1.LinkedInInLeadsDoesforProfessionalsWhatGoogleAdWordsDoesforProducts35K+dailyprofessionalsearches45K+dailymemberpageviews“I’veclosedover$100Kworthofbusinesssofar,andcurrentlyhave$400Kofdealsinthepipeline,thankstoLinkedIn.”--ToddDefren,SHIFTCommunications1.MarketforInLeads:SearchAdvertisingIsLargeandGrowingFastLinkedInInLeadsImprovesonGoogleAdWordsmodel•Infoonsearcher•Focusedwhite-collardemographic($2-$50CPCvs.$0.35CPCforunfocuseddemographic)•AbilitytomonetizeCPM,CPC,andleadsSources:PriceWaterhouseCoopers,GoldmanSachs2.LinkedInOpportunitiesLetsUsersLeverageTheirNetworktoHire2.Reputation-BasedPrioritizationofCandidatesSavesTimeandMoney“IusedLinkedIntosearchforaMarketingVPand$30.,000Iwouldhaveotherwisepaidaheadhunter.”--AnonymousCEO(quotedinForresterreport,July2004)“LinkedInhelpedmetoeasilyfindandcontact10productmanagers,oneofwhomIendeduphiring.LinkedInsavedmeasignificantamountoftimeandeffort.”--JeremyLiew,GM,Netscape(hireplacedinColumbus,OH)“ThroughLinkedInIwasabletofindtheperfectmatchforasalesmangeropening,anditsavedusover$20.000insearchcosts.”--AdamHonig,CEO,Akiba(NewYork,NY)2.MarketforOpportunities:ExistingOnlineJobMarketsAreLargeButInefficient3.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-2005LinkedInUniversalService1.InLeads(Searchads)2.Opportunities(Listings)3.NetworkPlus(Subscription)Pricingplan(preliminary)LaunchtimingInternet2.0BusinessModel:HighRevenueandHighMargins•GreatrevenuepotentialforInLeads,Opportunities,andNetworkPlusLawoflargenumberensureshighrevenue•veryhighoperatingmarginsFreecustomeracquisition,digitalgoodstransactionswithzeroincrementcostOperatingmarginsvirtuallybreakevenevenforuniversalfreeservice•ExecutiondifficultydecreasesasLinkedIngrowsthenetworkHardestpartisbuildinglarge,,high-qualityuserbaseSeriesBBringsLinkedIntoOperatingProfitabilityin2005KeyassumptionsinLinkedInmodelMacroassuptions•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,SocialNet.comJean-LucVaillant,VPofEngineering•FromerDirectorofEngineeringandSoftwareDevelopment,Logitech,SpotlifeKonstantinGuericke,VPofMarketing•FormerVPofMarketing,Presenter,BlaxxunEricLy,CTO•FounderandformerCTO,Netmosphere(soldtoCriticalPath)MattCohler,DirectorofCorporateDevelopment•Formertop-rankedanalystatMcKinsey,marketingatAsialofo,publishedinHBRTechnicalteamwithexperienceatApple,Cisco,Hotwire,Citigroup,Sprint,TIBCO,VERITAS,etalBoardandOtherInvestorsAreSequoiaandTOP-TierAngelsReidHoffman•CEOofLinkedIn•FormerEVPandFoundingBoardMember,PayPal;leadingangelinvestorMarkKvamme•Partner,SequoiaCapital•FormerCEOandChairman,CKSGroupRobDeSantis•FormerCMOandCo-Founder,AribaAdditionalangelinvestors(notonBoardofDirectors)•PeterThiel,Co-FounderandFormerCEO,PayPal•MarcAndreessen,Co-FounderandFormerCTO,Netscape•JoeKraus,Co-FounderandFormerSVPMarketing,Excite•AndrewAnker,FormerCTO,WiredandFormerPartner,AugustCapital•GilPenchina,VPInternational,eBay