LinkedinB轮融资商业计划书.pptx

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1、1Linked in Your network is bigger than you think Series B August 20042Find and Contact the People You Need Throughthe People You Already TrustAugust 2014CONFIDENTIAL3LinkedIn is Professional People search 2.0 Professional people search includes 3 key components LinkedIn premium services Service prov

2、iders Jobs Deals andnetworking 1.Targeted ads:Contextual text ads targeted on search terms and profiles$2.Listings:Jobs listing filtered through each professionals network3.Subscriptions:Service extending reach of each professionals network$August 2004CONFIDENTIAL4The problem:There is no effective,t

3、rusted way for professionals to find and transact with each other online Selecting service providers from yellow pages fails Selecting employees from resume databases fails Reaching professionals through directories failsAugust 2014CONFIDENTIALProfessional People Search 1.0 Uses Flat Directories5Aug

4、ust 2014CONFIDENTIALProfessional People Search 2.0 Leverages Networks Internet 1.0=Search and transact via flat directories Internet 2.0=Search and transact via networks6August 2014CONFIDENTIALeBay:Online Goods Listing 2.0 Goods Listings 1.0:Online ClassifiedsAssess sellers reputation by looking at

5、each individual sellers claimsGoods Listings 2.0:eBayAssess sellers reputation by looking at network of transaction between users7August 2014CONFIDENTIALPayPal:Online Payments 2.0Online Payment 1.0Citibank et alDetect fraud by looking at each individuals behavior in isolation Online payments 2.0 Pay

6、PalDetect fraud by looking atNetwork of transactions between users8August 2014CONFIDENTIALGoogle:Search for Things 2.0Search for Things 1.0AltavistaRank search results by looking at Each individual page in isolationSearch for Things 2.0GoogleRank search results by looking at network of links between

7、 pages9August 2014CONFIDENTIALLinkedIn:Professional People Search 2.0Professional People Search2.0:LinkedInAssess professionals by looking at network of relationships between usersProfessional People Search 1.0:Monster,Lexis Nexis,et alAssess professionals by looking at each individals claims10Augus

8、t 2014CONFIDENTIALEstablishing the Network:Our First PriorityFor eBay,PayPal,Google,and LinkedIn,the key is the networkWhere the network is the key,the first mover is critical to revenuePayPal waited until 4 million registered users before turning on revenue-today,revenue is$400MM+11August 2014CONFI

9、DENTIALNetwork Growth:Commitment from Series A12Network growth:Success“LinkedIn has quickly become the Internets largest online business network.”“LinkedIn is most strict about keeping its siteSolely for professional,business purposes.”Forbes March 200413August 2014CONFIDENTIALLinkedIn leads this Ma

10、rketRegistered users of online professional network toolsFebruary 2004(Total=0.3 Million)Non-LinkedIn numbers are estimates based on best available intelligence14August 2014CONFIDENTIALLinkedIn has highest rate of adoptionLinkedIns share has increased from 54%6 months ago to 73%todayTipping point ef

11、fects means mean LinkedIns share will continue to increaseRegistered users of online professional network toolsAugust 2004(Total=1.2 Million)Non-LinkedIn numbers are estimates based on best available intelligenceLinkedIn Has Grown Its Lead15LinkedIn is the Marked Leader Numbers as of 8/0.4.Non-Linke

12、dIn numbers are estimates based on best available intelligence.“users”:registered users currently actives in the system“Email addresses”:registered users +other individuals who are not users,but whose email addresses have been entered into the system by users 16Growth Includes Major GroupsProviding

13、Strong Brand Endorsement“Red Herring chose LinkedIn for Groups as the professionalNetwork tool for our conference to allow attendees to createLasting relationships and to promote Red Herring to LinkedIns hundreds of thousands of high-quality professional users.”Additional Groups live since launch in

14、 April 2004Additional Conferences Supernova BlogOnAdditional Alumni Groups(mostly class-level)Haas School of Business MIT TechLink Mayfield Fellows Carnegie Mellon University of WashingtonAdditional Professional Groups Chinese Software Professionals Association InterFrench Industry Standard Internet

15、 Executive Group Press Club of California Pdma NorCal Association of International Product Marketing and ManagementAdditional Corporate Alumni Groups Sun Microsystems Alumni Association HP Alumni AssociationPlus more than 50 other similar Groups15-2-new Groups added per month17Strong Results With Le

16、ss Than$4 Million SpentLarge user base930K+white-collar registered users29K+weekly user growth rate23 M+unique email addresses uploaded Business developmentDirect Employers AssociationAmerican Express OPEN(at contract)10+new inbound opportunities per weekHigh-quality users22%of users are CxOs/senior

17、 execs100+countries130+industries Increasing usage levels20%of old users log in per month1M+user searches per month20M+total member page views per monthDesktop(not promoted)6K+IE toolbar installs18K+Outlook toolbar installs2.5M email addresses uploaded via toolbar Groups50+Groups live20+new Groups l

18、aunch per month300+Groups in pipeline18Great Inbound Business Development Dominant non-profit consortium of Fortune 500 Hr departments and University career centers Fourth-largest job database online Two-year exclusive agreement launched Exposure of LinkedIn to 2 million American Express small busin

19、ess cardholders Strong brand endorsement of LinkedIn Currently at contract19LinkedIns Market-Leading Position CreatesStrong Barriers to Entry Inherently viral product design with tipping point effects Promotes ongoing market leadership Reputation system and network of relationships between users Ena

20、bles very strong network effects and user trust 2 key patents in viral marketing and“social networking”1 granted,1 pending with 1999 priority date20The Network Enables Revenue Network-based reputation system creates trust:key to high transaction volume Network-based fraud detection system makes the

21、business economically viable Network-based page rank systemproduces eBay takes%transaction Reputation system is not directly monetized PayPal takes%of transaction Fraud detection is not directly monetized AdWords are shown in search results Page rank system is not directly monetizedValue of the netw

22、ork Revenue model(high-level)and of course,user-based network effects are key to making the business valuable21The Network Enables Revenue Network-based reputation system creates trust:key to high transaction volume and utility 1.InLeads:Contextual search text ads 2.Opportunities:network-filtered jo

23、b listings 3.Network Plus:network-extending subscription Reputation system is not directly monetized (Universal service stays free for all users)Value of the network Revenue model(in detail)Building the network is the challenge,and LinkedIn has the foundation22The Network Enables Revenue InLeads,Opp

24、ortunities,and Network PlusLinkedIn Universal Free ServiceRevenueNetwork23LinkedIns Market Opportunity Is Large Google AdWords for people Lexis-Nexis for services Yellow pages/directories Monster et al Classifieds M et al Search ads:$2.8B Lexis-Nexis:$2.3B Offlline yellow pages,directories,and local

25、 ads$10B+Jon sites:$0.8B(excluding classifieds)Personals sites:$0.6B Comparables Comparable market sizes(2004)1.InLeads(Targeted ads)2.Opportunities(Listings)3.Network Plus(Subscriptions)241.LinkedIn InLeads Does for Professionals What Google AdWords Does for Products 35K+daily professional searches

26、45K+daily member page views“Ive closed over$100K worth of business so far,and currently have$400K of deals in the pipeline,thanks to LinkedIn.”-Todd Defren,SHIFT Communications251.Market for InLeads:Search Advertising Is Large and Growing Fast LinkedIn InLeadsImproves on GoogleAdWords modelInfo on s

27、earcher Focused white-collar demographic($2-$50 CPC vs.$0.35 CPC for unfocused demographic)Ability to monetize CPM,CPC,and leadsSources:PriceWaterhouseCoopers,Goldman Sachs262.LinkedIn Opportunities Lets UsersLeverage Their Network to Hire272.Reputation-Based Prioritization of CandidatesSaves Time a

28、nd Money“I used LinkedIn to search for a Marketing VP and$30.,000 I would have otherwise paid a headhunter.”-Anonymous CEO (quoted in Forrester report,July 2004)“LinkedIn helped me to easily find and contact 10 product managers,one of whom Iended up hiring.LinkedIn saved me a significant amount of t

29、ime and effort.”-Jeremy Liew,GM,Netscape (hire placed in Columbus,OH)“Through LinkedIn I was able to find the perfect match for a sales manger opening,and it saved us over$20.000 in search costs.”-Adam Honig,CEO,Akiba (New York,NY)282.Market for Opportunities:Existing Online Job Markets Are Large Bu

30、t Inefficient293.LinkdIn Network Plus GivesPower Users Extend Reach303.Market for Network Plus:Large Online Personals Market Provides Comp“LinkedIn has taken referral-based job hunting to the next level.”March 2004 Sources:Goldman Sachs,Marketdata Enterprises31Revenue Is Near-Term Remains free(large

31、 user base is key revenue-generating asset)Already live CPC pricing set by free market auction 1/05 CPM pricing$3-$10 depending on categoryEOI(lead generation)pricing$25+$79 per listing(remains open for 30 days)11/04Price levels increase post-2005$5.95 per month or$59.95 per year 1/05Price levels in

32、crease post-2005 LinkedInUniversalService 1.InLeads(Search ads)2.Opportunities(Listings)3.Network Plus(Subscription)Pricing plan(preliminary)Launch timing 32Internet 2.0 Business Model:High Revenue and High Margins Great revenue potential for InLeads,Opportunities,and Network Plus Law of large numbe

33、r ensures high revenue very high operating margins Free customer acquisition,digital goods transactions with zero increment cost Operating margins virtually breakeven even for universal free service Execution difficulty decreases as LinkedIn grows the network Hardest part is building large,high-qual

34、ity user base 33Series B Brings LinkedIn toOperating Profitability in 2005Key assumptions in LinkedIn modelMacro assuptions Monthly user growth of 3%-13%(below current level)Monthly usage growth rate of 5%-10%(below current levels)1.InLEADS(search ads)assumptions CPMs prices at$3-$5,CPCs priced at$1

35、(both well below comps)Clickthrough and conversion rates of 0.6%-2.75%2.Opportunities(listings)assumptions Listing pricing at$793.Network Plus(subscription)assumptions Subscription rat of 0.5%-0.3%(high end of range not until 2007)34Series B Brings LinkedIn toOperating Profitability in 200535Busines

36、s and Tech Team Has Strong Track-RecordReid Hoffman,CEO Former EVP and Founding Board Member,PayPal Investor in Friendster,Ironport,Six Apart,Vendio et al Sarah Imbach,Chief of Staff and VP Former SVP Operations,PayPalAllen Blue,VP of Product Former Director of Product Design,SocialNJean-Luc Vaillan

37、t,VP of Engineering FromerDirector of Engineering and Software Development,Logitech,SpotlifeKonstantin Guericke,VP of Marketing Former VP of Marketing,Presenter,BlaxxunEric Ly,CTO Founder and former CTO,Netmosphere(sold to Critical Path)Matt Cohler,Director of Corporate Development Former top-ranked

38、 analyst at McKinsey,marketing at Asialofo,published in HBRTechnical team with experience at Apple,Cisco,Hotwire,Citigroup,Sprint,TIBCO,VERITAS,et al36Board and Other Investors AreSequoia and TOP-Tier AngelsReid Hoffman CEO of LinkedIn Former EVP and Founding Board Member,PayPal;leading angel invest

39、or Mark Kvamme Partner,Sequoia Capital Former CEO and Chairman,CKS Group Rob DeSantis Former CMO and Co-Founder,Ariba Additional angel investors(not on Board of Directors)Peter Thiel,Co-Founder and Former CEO,PayPal Marc Andreessen,Co-Founder and Former CTO,Netscape Joe Kraus,Co-Founder and Former SVP Marketing,Excite Andrew Anker,Former CTO,Wired and Former Partner,August Capital Gil Penchina,VP International,eBay