Valuation: A peek inside the black box

The Program
As an early stage entrepreneur looking for the first round of funding, one of the most daunting tasks may be determining the valuation of your company. Who sets the valuation - the company or the investor? What is the
difference between pre-money and post-money valuation? What is a reasonable valuation for a company with no revenues? Is a higher valuation always better? How have valuations changed in the economic downturn? We'll explain the terminology, demystify the math and explain some of the ways that valuation is set during the funding process.

The Presenter
Naomi Derner, CFA is the founder and managing director of Derner Valuation Consulting, an independent provider of business, securities and intangible asset valuations. Prior to 2008, she was a Vice President in the San Francisco office of Houlihan Lokey Howard and Zukin, where she performed fairness opinions and valuations of public and private securities as well as intangible assets for a wide variety of purposes. Ms. Derner has valuation experience across many industries, and possesses specific expertise in technology and life sciences companies at all stages of development. Prior to joining Houlihan Lokey, Ms. Derner held positions in the financial valuation services group at Arthur Andersen LLP, the equity research department of NationsBanc Montgomery Securities, and the financial analysis unit at the Federal Reserve Bank of San Francisco. Ms. Derner holds the designation of Chartered Financial Analyst. She holds a bachelor’s degree in managerial economics from Carnegie Mellon University and a master’s degree in economics from the University of California Santa Barbara. She is a member of the Silicon Valley Fair Value Forum.
Program Partners

These lunch programs are brought to you by OTBC in partnership with the OEN and the SAO.

Location: OTBC, 12725 SW Millikan Way, Suite 101
Date: Thursday, November 19 2009
Time: Networking starts 11:30am; program from noon to 1:15pm
Max: Blue line, Beaverton Central stop (one stop west of the Beaverton Transit Center)
Driving: Directions
Parking: Free parking in the parking garage next door to our building
Cost: $15 if paid 24 hours in advance; $20 after that

================================================

OTBC Sponsors and Partners

We appreciate the support of all of our Sponsors and Partners!

Founding Sponsors
The City of Beaverton
State of Oregon

Silver Sponsors:
Ater Wynne
Perkins Coie
Easystreet
Davis Wright Tremaine
Coldwell Banker
Sonitrol Pacific

Partners
AeA
Acumen Financial Group
Armstrong Kendall
DHX Advertising
eROI
OBA
OEN
SAO
White & Lee