Linkedin B轮融资商业计划书

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 2021CONFIDENTIAL3 Professional people search includes 3 key components LinkedIn premium services Service providers Jobs Deals andnetworking 1. Targeted

2、 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, trusted way for professionals

3、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 2021CONFIDENTIALProfessional People Search 1.0 Uses Flat Directories5August 2021CONFIDENTIALProfessio

4、nal People Search 2.0 Leverages Networks Internet 1.0=Search and transact via flat directories Internet 2.0=Search and transact via networks6August 2021CONFIDENTIAL Goods Listings 1.0: Online ClassifiedsAssess sellers reputation by looking at each individual sellers claimsGoods Listings 2.0:eBayAsse

5、ss sellers reputation by looking at network of transaction between users7August 2021CONFIDENTIALCitibank et alDetect fraud by looking at each individuals behavior in isolation PayPalDetect fraud by looking atNetwork of transactions between users8August 2021CONFIDENTIALGoogle : AltavistaRank search r

6、esults by looking at Each individual page in isolationGoogleRank search results by looking at network of links between pages9August 2021CONFIDENTIALLinkedIn : Professional People Search :LinkedInAssess professionals by looking at network of relationships between usersProfessional People Search :Mons

7、ter , Lexis Nexis, et alAssess professionals by looking at each individals claims10August 2021CONFIDENTIALEstablishing 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

8、 4 million registered users before turning on revenue-today ,revenue is $400MM+11August 2021CONFIDENTIALNetwork 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

9、for professional, business purposes. Forbes March 200413August 2021CONFIDENTIALLinkedIn leads this MarketRegistered users of online professional network toolsFebruary 2004(Total=0.3 Million)Non-LinkedIn numbers are estimates based on best available intelligence14August 2021CONFIDENTIALLinkedIn has h

10、ighest rate of adoptionLinkedIns share has increased from 54% 6 months ago to 73% todayTipping point effects 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 availab

11、le intelligenceLinkedIn Has Grown Its Lead15LinkedIn is the Marked Leader Numbers as of 8/0.4. Non-LinkedIn 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, bu

12、t whose email addresses have been entered into the system by users 16Growth Includes Major GroupsProviding 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

13、 LinkedIns hundreds of thousands of high-quality professional users.Additional Groups live since launch in April 2004Additional Conferences Supernova BlogOnAdditional Alumni Groups(mostly class-level) Haas School of Business MIT TechLink Mayfield Fellows Carnegie Mellon University of WashingtonAddit

14、ional Professional Groups Chinese Software Professionals Association InterFrench Industry Standard Internet Executive Group Press Club of California Pdma NorCal Association of International Product Marketing and ManagementAdditional Corporate Alumni Groups Sun Microsystems Alumni Association HP Alum

15、ni AssociationPlus more than 50 other similar Groups15-2- new Groups added per month17Strong Results With Less Than $4 Million SpentLarge user base930K+ white-collar registered users29K+ weekly user growth rate23 M+ unique email addresses uploaded Business developmentDirect Employers AssociationAmer

16、ican Express OPEN (at contract)10+ new inbound opportunities per weekHigh-quality users22% of users are CxOs/senior 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 t

17、oolbar installs18K+Outlook toolbar installs2.5M email addresses uploaded via toolbar Groups50+Groups live20+new Groups launch per month300+ Groups in pipeline18Great Inbound Business Development Dominant non-profit consortium of Fortune 500 Hr departments and University career centers Fourth-largest

18、 job database online Two-year exclusive agreement launched Exposure of LinkedIn to 2 million American Express small business cardholders Strong brand endorsement of LinkedIn Currently at contract19LinkedIns Market-Leading Position CreatesStrong Barriers to Entry Inherently viral product design with

19、tipping point effects Promotes ongoing market leadership Reputation system and network of relationships between users Enables 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 Ne

20、twork-based reputation system creates trust : key to high transaction volume Network-based fraud detection system makes the business economically viable Network-based page rank systemproduces eBay takes % transaction Reputation system is not directly monetized PayPal takes % of transaction Fraud det

21、ection is not directly monetized AdWords are shown in search results Page rank system is not directly monetizedValue of the network 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

22、creates trust : key to high transaction volume and utility 1.InLeads: Contextual search text ads 2.Opportunities:network-filtered job listings 3.Network Plus: network-extending subscription Reputation system is not directly monetized (Universal service stays free for all users)Value of the network R

23、evenue model(in detail) Building the network is the challenge , and LinkedIn has the foundation22The Network Enables Revenue InLeads , Opportunities, and Network PlusLinkedIn Universal Free ServiceRevenueNetwork23LinkedIns Market Opportunity Is Large Google AdWords for people Lexis-Nexis for service

24、s Yellow pages/directories Monster et al Classifieds Match et al Offlline yellow pages , directories, and local ads $10B+ Jon sites:$0.8B(excluding classifieds) Comparables Comparable market sizes(2004)(Targeted ads)(Listings) 3.Network Plus(Subscriptions)241.LinkedIn InLeads Does for Professionals

25、What Google AdWords Does for Products 35K+ daily professional searches45K+ 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 La

26、rge and Growing Fast LinkedIn InLeadsImproves on GoogleAdWords modelInfo on searcher 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 T

27、heir Network to Hire272.Reputation-Based Prioritization of CandidatesSaves Time and 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 produc

28、t managers , one of whom Iended up hiring . LinkedIn saved me a significant amount of time 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

29、,CEO,Akiba (New York, NY)282.Market for Opportunities:Existing Online Job Markets Are Large But 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. M

30、arch 2004 Sources:Goldman Sachs, Marketdata Enterprises31Revenue Is Near-Term Remains free(large 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

31、for 30 days) 11/04Price levels increase post-2005 $5.95 per month or $59.95 per year 1/05Price levels increase post-2005 LinkedInUniversalService(Search ads)(Listings) 3.Network Plus(Subscription)Pricing plan(preliminary) Launch timing 32Internet 2.0 Business Model:High Revenue and High Margins Grea

32、t revenue potential for InLeads , Opportunities , and Network Plus Law of large number 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 diffi

33、culty decreases as LinkedIn grows the network Hardest part is building large, ,high-quality 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%(b

34、elow current levels)1.InLEADS(search ads)assumptions CPMs prices at $3-$5,CPCs priced at $1(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 200535Business 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, Chie