Jason Stoffer - UWashington Presentation

Jason Stoffer - UWashington Presentation - University of...

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\ 11 Maveron Equity Partners III, L.P. October 16, 2008 Dec. 2009 University of Washington Lecture Jason Stoffer, Maveron LLC
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\ Click to edit Master subtitle style Agenda About Maveron My background: how I ended up where I am Macro overview Venture Capital Overview Maveron strategy to win amidst economic turmoil
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\ Click to edit Master subtitle style About Maveron Founded ten years ago by Howard Schultz, CEO of Starbucks, with core differentiator a deep understanding of consumer behavior and preferences Focused solely on consumer business, offline and online Focus: where large shifts in customer preferences enable enduring consumer brands to be formed with relatively low levels of capital investment Sample portfolio companies: eBay, Capella, Potbelly, Pinkberry, Shutterfly, Drugstore.com
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\ Click to edit Master subtitle style My Background and lessons along the way University of Michigan: Go Blue Pre-MBA: Deloitte Consulting and Spinnaker Ventures: Operating experience lends credibility and insight MBA and career strategy: go where others aren’t Career Education Corp: “Get your degree fast” and the importance of enduring brand (IADT Online) Maveron: Importance of mentorship
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\ Click to edit Master subtitle style Macro Economy – Consumer Viewpoint
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\ Setting the Backdrop: Economy as of Oct. 2008 Source: “ 100 Years of Consumer Spending” , US Department of Labor and Bureau of Labor Statistics Oct. 2008 Political Turmoil No clear leadership Inflation Energy & food prices up substantially Housing Values Down 19.6% as of 10/08 Equity Markets “Falling knife,” with S&P at 877, 43% off 5/07 peak Unemployment Predicted to hit 8% Less Credit Broad Credit Freeze
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\ We avoided a worst case scenario Source: “ 100 Years of Consumer Spending” , US Department of Labor and Bureau of Labor Statistics Oct. 2008 Oct. 2009 Political Turmoil No clear leadership New leader in White House Inflation Energy & food prices up substantially Inflation not a concern Housing Values Down 19.6% from peak Down 33% from peak Equity Markets “Falling knife,” with S&P at 877, 43% off 5/07 peak S&P back at 1,053 Unemployment Predicted to hit 8% At 9.7%, 27-year high Less Credit Broad Credit Freeze Credit markets still tight but panic is over
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\ Click to edit Master subtitle style Consumer spending still drives economy Consumer spending is expected to resume growth of 1.5% in 2H 2009, after falling 0.2% in 1H 2009 88 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Consumer Spending as a Share of GDP
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\ History of U.S. Discretionary Consumer Spending Category Spending—% of Total Expenditures Source: “ 100 Years of Consumer Spending” , US Department of Labor and Bureau of Labor Statistics 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Food Clothing Housing Non-Necessities
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\ Why an Opportunity: Great Companies Founded in Tough Times Great Panic of 1837: Great Depression: 1982 Recession: Companies Surviving The 2001 Downturn:
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\ 1111 Maveron Equity Partners III, L.P.
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Jason Stoffer - UWashington Presentation - University of...

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