{"id":990426,"date":"2024-01-26T18:03:17","date_gmt":"2024-01-26T15:03:17","guid":{"rendered":"https:\/\/lonca.com\/?post_type=amerikada-unicornlar&#038;p=990426"},"modified":"2024-01-27T16:04:16","modified_gmt":"2024-01-27T13:04:16","slug":"unicorn-ve-halka-arz-yol-haritasi","status":"publish","type":"amerikada-unicornlar","link":"https:\/\/lonca.com\/en\/amerikada-unicornlar\/unicorn-ve-halka-arz-yol-haritasi\/","title":{"rendered":"Unicorn and IPO Roadmap"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"990426\" class=\"elementor elementor-990426\" data-elementor-post-type=\"amerikada-unicornlar\">\n\t\t\t\t<div class=\"elementor-element elementor-element-01e10f0 e-flex e-con-boxed e-con e-parent\" data-id=\"01e10f0\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-304e013 elementor-widget elementor-widget-heading\" data-id=\"304e013\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Roadmap to a SaaS IPO<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1d29d2c e-flex e-con-boxed e-con e-parent\" data-id=\"1d29d2c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4184d26 elementor-widget elementor-widget-text-editor\" data-id=\"4184d26\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><img decoding=\"async\" class=\"mb-6\" src=\"https:\/\/d1pnnwteuly8z3.cloudfront.net\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/2de7d33c-35cd-4d8a-81b4-d0c09f5014d6.png\" width=\"\" height=\"\" \/><\/p><div class=\"entry-content prose max-w-full\"><p><span>Over the past few years, the world's best entrepreneurs and investors have released valuable articles about SaaS startups. Christoph Janz wrote about funding, Neeraj Agrawal wrote about growth, Jason Lemkin wrote about\u2026 well, everything.<\/span><\/p><p><span>One thing, in particular, makes those readings great: they contain numbers and metrics that are helpful to understand what a successful startup looks like at each step of the growth journey.<\/span><\/p><p><span>So what happens when you put those numbers together in a spreadsheet? Can you paint the big picture of a SaaS startup in Silicon Valley, from inception to IPO?<\/span><\/p><p><span>Yes, and here is the result:<\/span><\/p><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/aaae94c4-8f8c-401a-a7a5-1e449f356a7e.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/aaae94c4-8f8c-401a-a7a5-1e449f356a7e.png', 'size': 'xl'}\" \/><\/p><p><span>This article will walk you through the different steps that lead us to the chart above. Bear in mind that the numbers presented here are orders of magnitude rather than hard rules. They mostly apply to Silicon Valley-based, VC-backed, SaaS startups. Take them with a grain of salt :)\u00a0<\/span><\/p><div class=\"v-toc bg-light mb-4 mt-3 pb-3 pt-4\">\u00a0<\/div><h2 id=\"-timeframe-6-years-to-a-saas-unicorn-9-years-to-a-saas-ipo\" class=\"mb-4\"><span>\u23f1 Timeframe: 6 years to a SaaS unicorn, 9 years to a SaaS IPO<\/span><\/h2><p><span>Starting a startup is a long-term game.<\/span><\/p><p><span>Steve Blank, Morgan Brown, Brian Balfour, and Reid Hoffman have all described their own vision of the startup lifecycle. When looking at it, we notice that a successful startup\u00a0<\/span><a href=\"https:\/\/openvc.app\/blog\/startup-lifecycle\" target=\"_blank\" rel=\"noopener\"><span>goes through 3 phases during its life:<\/span><\/a><\/p><ul><li><strong><span>Garage<\/span><\/strong><span>\u00a0Going from problem to product-market fit<\/span><\/li><li><strong><span>Growth Machine<\/span><\/strong><span>\u00a0Expanding channels, product lines, and geographies<\/span><\/li><li><strong><span>Unicorn<\/span><\/strong><span>\u00a0Stabilizing and becoming liquid (IPO or acquisition) above a $1 billion market value<\/span><\/li><\/ul><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/ca8c858d-a6e8-433b-9d1d-2d6736333f22.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/ca8c858d-a6e8-433b-9d1d-2d6736333f22.png', 'size': 'xl'}\" \/><\/p><p><a href=\"https:\/\/web.archive.org\/web\/20200526184922\/https:\/\/fleximize.com\/unicorns\/\" target=\"_blank\" rel=\"noopener\"><span>2016 y\u0131l\u0131nda, Fleximize&#8217;deki iyi insanlar\u0131n sayesinde<\/span><\/a><span> , TTU (unicorn s\u00fcresi) ABD&#8217;de 6 y\u0131lda sabit kald\u0131.\u00a0Unicorn, orijinal olarak Cowboy Ventures&#8217;tan Aileen Lee taraf\u0131ndan tan\u0131mland\u0131\u011f\u0131 \u015fekliyle, de\u011ferlemesi 1 milyar dolara ula\u015fan kamuya a\u00e7\u0131k veya \u00f6zel bir teknoloji \u015firketidir. Daha yeni tan\u0131mlar ise belirsiz sebeplerden dolay\u0131 kamu \u015firketlerini kapsam d\u0131\u015f\u0131nda tutmaktad\u0131r.\u00a0Ne olursa olsun, unicornlar\u0131n kutsamas\u0131na kat\u0131lmak, \u00e7o\u011fu kurucu i\u00e7in ba\u015far\u0131n\u0131n i\u015fareti olmasa da, b\u00fcy\u00fck bir mesele olmaya devam ediyor.<\/span><\/p><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/81849aec-8678-411d-b758-57710255578d.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/81849aec-8678-411d-b758-57710255578d.png', 'size': 'xl'}\" \/><\/p><p><span>Peki SaaS halka arzlar\u0131na ne dersiniz?\u00a0<\/span><a href=\"https:\/\/web.archive.org\/web\/20200526184922\/https:\/\/venturebeat.com\/2017\/05\/19\/vc-investing-still-strong-even-as-median-time-to-exit-reaches-8-2-years\/\" target=\"_blank\" rel=\"noopener\"><span>Pitchbook&#8217;tan<\/span><\/a><span>\u00a0elde edilen veriler,\u00a0ilk risk sermayesi finansman\u0131 ile halka arz aras\u0131nda ortalama 8,2 y\u0131ll\u0131k bir s\u00fcre oldu\u011funu g\u00f6steriyor.\u00a0\u0130lk finansman turundan \u00f6nce (tamamen spek\u00fclatif) fazladan 12 ayl\u0131k bir varolu\u015fu hesaba katarsak, dokuz y\u0131ll\u0131k bir TTI&#8217;ye (halka arza kadar ge\u00e7en s\u00fcre) bak\u0131yoruz, ver ya da al.\u00a0H\u0131zl\u0131 para i\u00e7in \u00e7ok fazla!<\/span><\/p><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/37502270-c684-4e10-ade9-e1a2723c8b1b.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/37502270-c684-4e10-ade9-e1a2723c8b1b.png', 'size': 'xl'}\" \/><\/p><h2 id=\"-growth-triple-twice-double-thrice-then-82%-growth-persistence\" class=\"mb-4\"><span>\ud83d\udcc8 B\u00fcy\u00fcme: iki kere \u00fc\u00e7e katla, \u00fc\u00e7 kere ikiye katla, ard\u0131ndan %82 \u200b\u200bb\u00fcy\u00fcme kal\u0131c\u0131l\u0131\u011f\u0131<\/span><\/h2><p><a href=\"https:\/\/web.archive.org\/web\/20200526184922\/https:\/\/techcrunch.com\/2015\/02\/01\/the-saas-travel-adventure\/\" target=\"_blank\" rel=\"noopener\"><span>2015 tarihli bir makalede<\/span><\/a><span>\u00a0Neeraj Agrawal, SaaS b\u00fcy\u00fcmesinin net bir model izledi\u011fini \u00f6ne s\u00fcrd\u00fc.<\/span><\/p><p><span>\u00d6ncelikle \u00fcr\u00fcn-pazar uyumunu sa\u011flars\u0131n\u0131z.\u00a0\u0130lk olarak, an\u0131nda veya iki y\u0131la kadar bir s\u00fcre i\u00e7inde \u00fcr\u00fcn-pazar uyumunu (PMF) belirlersiniz.\u00a0\u0130kincisi, y\u0131ll\u0131k yinelenen gelirde (ARR) 2 milyon dolara ula\u015f\u0131rs\u0131n\u0131z, bu da bir ila iki y\u0131l daha anlam\u0131na gelir.\u00a0Bundan sonra i\u015fler olduk\u00e7a tahmin edilebilir hale geliyor ve Neeraj T2D3 kural\u0131n\u0131 \u00f6ne s\u00fcr\u00fcyor (yani gelirler sonraki 5 y\u0131lda iki kat\u0131na, ard\u0131ndan \u00fc\u00e7 kat\u0131na \u00e7\u0131k\u0131yor).<\/span><\/p><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/a2f7683a-8d21-4d11-802a-9016e76a1a7c.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/a2f7683a-8d21-4d11-802a-9016e76a1a7c.png', 'size': 'xl'}\" \/><\/p><p>\u00a0<\/p><p><span>Sonu\u00e7 olarak: Ba\u015flad\u0131ktan alt\u0131 ila dokuz y\u0131l sonra ARR&#8217;de 100 milyon dolar s\u0131n\u0131r\u0131n\u0131 ge\u00e7melisiniz.<\/span><\/p><ul><li><span>Peki ya bundan sonra?\u00a0<\/span><a href=\"https:\/\/web.archive.org\/web\/20200526184922\/https:\/\/techcrunch.com\/2018\/02\/09\/understanding-the-mendoza-line-for-saas-growth\/\" target=\"_blank\" rel=\"noopener\"><span>Scale Venture Partner&#8217;dan Rory Driscoll&#8217;a<\/span><\/a><span>\u00a0g\u00f6re\u00a0, &#8220;s\u0131n\u0131f\u0131n\u0131n en iyisi bir SaaS \u015firketi i\u00e7in, herhangi bir y\u0131ldaki b\u00fcy\u00fcme oran\u0131, ayn\u0131 \u015firketin \u00f6nceki y\u0131ldaki b\u00fcy\u00fcme oran\u0131n\u0131n y\u00fczde [82]&#8217;sidir&#8221;.<\/span><\/li><\/ul><p><span>K\u0131saca:<\/span><\/p><ul><li><strong><span>ARR<\/span><\/strong><span>\u00a0: PMF \u2192 2 Milyon Dolar \u2192 6 Milyon Dolar \u2192 18 Milyon Dolar \u2192 36 Milyon Dolar \u2192 72 Milyon Dolar \u2192;\u00a0144 Milyon Dolar \u2192 262 Milyon Dolar \u2192 438 Milyon Dolar<\/span><\/li><li><strong><span>B\u00fcy\u00fcme oran\u0131<\/span><\/strong><span>\u00a0: %0 \u2192 %200 \u2192 %200 \u2192 %100 \u2192 %100 \u2192 %100 \u2192 %82 \u2192 %67<\/span><\/li><\/ul><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/3b5a0dcb-fbee-4593-8e63-c9da88619c87.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/3b5a0dcb-fbee-4593-8e63-c9da88619c87.png', 'size': 'xl'}\" \/><\/p><h2 id=\"-profit-at-scale-40%-growth-rate\" class=\"mb-4\"><span>\ud83e\udd11 \u00d6l\u00e7ekli k\u00e2r = %40 \u2014 b\u00fcy\u00fcme oran\u0131<\/span><\/h2><p><span>Art\u0131k sonu\u00e7 belli, gelin alt sat\u0131ra bakal\u0131m.<\/span><\/p><p><span>\u0130lk g\u00fcnlerde \u015firketin \u00e7ok az kar elde etti\u011fini veya hi\u00e7 kar elde etmedi\u011fini varsaymak yanl\u0131\u015f olmaz.\u00a0Ancak 50 milyon ABD Dolar\u0131 ARR&#8217;nin \u00fczerine \u00e7\u0131kt\u0131\u011f\u0131n\u0131zda i\u015fler de\u011fi\u015fir.<\/span><\/p><p><a href=\"https:\/\/web.archive.org\/web\/20200526184922\/https:\/\/feld.com\/archives\/2015\/02\/rule-40-healthy-saas-company.html\" target=\"_blank\" rel=\"noopener\"><span>Brad Feld, 2015 tarihli bir makalesinde<\/span><\/a><span>\u00a0y\u00fczde 40 kural\u0131n\u0131 form\u00fcle ediyor: B\u00fcy\u00fcme oran\u0131n\u0131z + k\u00e2r\u0131n\u0131z\u0131n toplam\u0131 %40 olmal\u0131d\u0131r.<\/span><\/p><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/a1eae297-43b3-4d29-91bf-6452b9dc2dd0.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/a1eae297-43b3-4d29-91bf-6452b9dc2dd0.png', 'size': 'xl'}\" \/><\/p><p><span>(Grafik orijinal olarak\u00a0<\/span><a href=\"https:\/\/web.archive.org\/web\/20200526184922\/http:\/\/www.pcg-services.com\/\" target=\"_blank\" rel=\"noopener\"><span>Pacific Crest Group&#8217;a aittir, Dave Kellog&#8217;un\u00a0<\/span><\/a><a href=\"https:\/\/web.archive.org\/web\/20200526184922\/https:\/\/kellblog.com\/2017\/07\/25\/the-saas-rule-of-40\/\" target=\"_blank\" rel=\"noopener\"><span>bu makalesi<\/span><\/a><span>\u00a0arac\u0131l\u0131\u011f\u0131yla bulunmu\u015ftur\u00a0. Her ikisine de te\u015fekk\u00fcr ederiz).<\/span><\/p><p><span>Altyap\u0131n\u0131z\u0131 bulutta \u00e7al\u0131\u015ft\u0131rd\u0131\u011f\u0131n\u0131z\u0131 varsayaca\u011f\u0131z, dolay\u0131s\u0131yla k\u00e2r = FAV\u00d6K.\u00a0Ancak Feld&#8217;in de belirtti\u011fi gibi, kendi altyap\u0131n\u0131z\u0131 y\u00f6netiyorsan\u0131z ger\u00e7eklik daha karma\u015f\u0131k olabilir.<\/span><\/p><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/d5e22ebc-b5a9-486d-beb3-d9c7eaf9dd0c.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/d5e22ebc-b5a9-486d-beb3-d9c7eaf9dd0c.png', 'size': 'xl'}\" \/><\/p><h2 id=\"-funding-seed-series-a-series-b-and-then-some\" class=\"mb-4\"><span>\ud83d\udcb0 Finansman: Tohum, A Serisi, B Serisi ve ard\u0131ndan biraz<\/span><\/h2><p><span>Ba\u011f\u0131\u015f toplama da kal\u0131plar\u0131 takip eder.\u00a0<\/span><a href=\"https:\/\/web.archive.org\/web\/20200526184922\/https:\/\/medium.com\/point-nine-news\/the-saas-funding-napkin-2018-ea1b168a5b78\" target=\"_blank\" rel=\"noopener\"><span>Chris Janz&#8217;\u0131n d\u00fcnyaca \u00fcnl\u00fc pe\u00e7etesine dayanarak<\/span><\/a><span>\u00a0, 2018&#8217;de bir SaaS giri\u015fimi \u015funlar\u0131 art\u0131rmay\u0131 bekleyebilir:<\/span><\/p><ul><li><span>0-1 milyon ABD Dolar\u0131 ARR ve %0 y\u0131ll\u0131k b\u00fcy\u00fcme ile\u00a0<strong>tohum turu<\/strong><\/span><\/li><li><strong><span>A Serisi<\/span><\/strong><span>\u00a01\u20131,5 milyon ABD Dolar\u0131 ARR ve %200 y\u0131ll\u0131k b\u00fcy\u00fcme (x3)<\/span><\/li><li><strong><span>Seri B<\/span><\/strong><span>\u00a0, 5 milyon dolarl\u0131k ARR ve %150 y\u0131ll\u0131k b\u00fcy\u00fcme (x2,5)<\/span><\/li><\/ul><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/1dc4fb6c-0300-42ca-b964-2f78de323c8f.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/1dc4fb6c-0300-42ca-b964-2f78de323c8f.png', 'size': 'xl'}\" \/><\/p><p><span>Diyelim ki tohum, A ve B serileri i\u00e7in 18 ayda bir fon toplad\u0131n\u0131z. Bundan sonra i\u015fler bulan\u0131kla\u015f\u0131yor.<\/span><\/p><p><span>Janz ayr\u0131ca makalesinde tipik de\u011ferlemeler ve tur boyutlar\u0131 da sunuyor, b\u00f6ylece 10 milyon dolarl\u0131k bir tohum turu talebinizin ger\u00e7ek\u00e7i olup olmad\u0131\u011f\u0131n\u0131 kolayca de\u011ferlendirebilirsiniz (ipucu &#8211; muhtemelen de\u011fildir).<\/span><\/p><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/b4f0386d-fd10-4574-bb07-7e9fbc774ae8.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/b4f0386d-fd10-4574-bb07-7e9fbc774ae8.png', 'size': 'xl'}\" \/><\/p><h2 id=\"-exit-sell-at-$1-million-or-$10-million-arr-or-ipo-at-$100-million-arr\" class=\"mb-4\"><span>\ud83d\udeaa \u00c7\u0131k\u0131\u015f: 1 milyon $ veya 10 milyon $ ARR&#8217;den sat\u0131\u015f yap\u0131n veya halka arz 100 milyon $ ARR&#8217;den sat\u0131\u015f yap\u0131n<\/span><\/h2><p><span>Giri\u015fiminiz b\u00fcy\u00fcd\u00fck\u00e7e size sat\u0131\u015f f\u0131rsatlar\u0131 sunulabilir.<\/span><\/p><p><span>Belki de cebi daha geni\u015f olan bir rakip yer a\u00e7mak istiyor; Hired ve Match.com bu konuda ger\u00e7ekten \u00e7ok iyi.\u00a0Veya belki de b\u00fcy\u00fck bir \u015firket ekibinizle, \u00fcr\u00fcn\u00fcn\u00fczle ve\/veya m\u00fc\u015fterilerinizle &#8220;stratejik bir uyum&#8221; g\u00f6recektir.\u00a0GM&#8217;yi Cruise ile veya Microsoft&#8217;u Linkedin ile d\u00fc\u015f\u00fcn\u00fcn.\u00a0\u00c7o\u011fu zaman her ikisi de.<\/span><\/p><p><span>Ancak bu f\u0131rsatlar startup ya\u015fam d\u00f6ng\u00fcs\u00fc boyunca e\u015fit olarak da\u011f\u0131t\u0131lm\u0131yor.\u00a0<\/span><a href=\"https:\/\/web.archive.org\/web\/20200526184922\/http:\/\/www.saastr.com\/saas-acquisitions-if-you-sell-do-it-at-a-local-maximum\" target=\"_blank\" rel=\"noopener\"><span>Jason Lemkin&#8217;e g\u00f6re<\/span><\/a><span>\u00a0bir sat\u0131n alma i\u00e7in iki yerel maksimum vard\u0131r:<\/span><\/p><ul><li><strong><span>1 milyon $ ARR&#8217;de<\/span><\/strong><span>\u00a0, &#8220;ate\u015fli ve ucuz&#8221; oldu\u011funuzda.<\/span><\/li><li><span>Anlaml\u0131 ama yine de uygun fiyatl\u0131 hale geldi\u011finizde,\u00a0<strong>10 milyon ABD Dolar\u0131 ARR&#8217;de (ve 100 milyon ABD Dolar\u0131&#8217;na kadar d\u00fc\u015f\u00fcyor).<\/strong><\/span><\/li><\/ul><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/6545a867-98e3-40eb-94cf-17e25d1bbc0f.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/6545a867-98e3-40eb-94cf-17e25d1bbc0f.png', 'size': 'xl'}\" \/><\/p><p><span>Dolay\u0131s\u0131yla, bir sonraki d\u00f6n\u00fcm noktas\u0131na ula\u015famayaca\u011f\u0131n\u0131z\u0131 d\u00fc\u015f\u00fcn\u00fcyorsan\u0131z yerel maksimum seviyede sat\u0131\u015f yapmak mant\u0131kl\u0131 olabilir.\u00a0Yoksa bir alternatif var m\u0131?<\/span><\/p><p><span>B\u00fcy\u00fck olmak istiyorsan\u0131z halka arz yapmak istersiniz.\u00a0Peki bir SaaS halka arz\u0131n\u0131 olu\u015fturan \u015fey nedir?\u00a0Ba\u015far\u0131l\u0131 bir halka arz,\u00a0<\/span><a href=\"https:\/\/web.archive.org\/web\/20200526184922\/https:\/\/techcrunch.com\/2018\/02\/09\/understanding-the-mendoza-line-for-saas-growth\/\" target=\"_blank\" rel=\"noopener\"><span>O&#8217;Driscoll&#8217;un<\/span><\/a><span>\u00a0&#8220;Mendoza \u00e7izgisi&#8221; ad\u0131n\u0131 verdi\u011fi, x ekseninde ARR ve y ekseninde ileri b\u00fcy\u00fcme oran\u0131 bulunan bir \u00e7izgiyi takip eder.<\/span><\/p><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/f28ac4cc-3d37-4159-bafe-3efcaf7dd758.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/f28ac4cc-3d37-4159-bafe-3efcaf7dd758.png', 'size': 'xl'}\" \/><\/p><p><span>K\u0131sacas\u0131, halka a\u00e7\u0131lmadan \u00f6nce metriklerinizin \u015fu \u015fekilde g\u00f6r\u00fcnmesi gerekir:<\/span><\/p><ul><li><strong><span>100 milyon $ ARR<\/span><\/strong><\/li><li><strong><span>%25 ileri b\u00fcy\u00fcme oran\u0131<\/span><\/strong><\/li><\/ul><p><span>Bu rakamlara ula\u015fmak inan\u0131lmaz derecede zordur ve yazar\u0131n &#8220;halka arz\u0131n ger\u00e7ek\u00e7i d\u00fc\u015f\u00fck \u00e7\u0131tas\u0131&#8221; olarak adland\u0131rd\u0131\u011f\u0131 \u015fey budur.\u00a0\u015ea\u015f\u0131rt\u0131c\u0131 olmayan bir \u015fekilde, son be\u015f y\u0131lda\u00a0<\/span><a href=\"https:\/\/web.archive.org\/web\/20200526184922\/https:\/\/www.cnbc.com\/2018\/06\/25\/ordinary-investors-are-the-real-losers-in-the-drought-of-tech-ipos.html\" target=\"_blank\" rel=\"noopener\"><span>y\u0131lda yaln\u0131zca 21 teknoloji halka arz\u0131<\/span><\/a><span>\u00a0ger\u00e7ekle\u015fti .<\/span><\/p><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/f44ec963-5777-41d7-b26c-67d4f9ffe9d1.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/f44ec963-5777-41d7-b26c-67d4f9ffe9d1.png', 'size': 'xl'}\" \/><\/p><p><span>Bunu perspektife koymak i\u00e7in, sat\u0131\u015f a\u00e7\u0131s\u0131ndan ne anlama geldi\u011fine bakal\u0131m.<\/span><\/p><p>\u00a0<\/p><h2 id=\"-sales-$100m-arr-arpa-x-number-of-customers\" class=\"mb-4\"><span>\ud83d\udc68\u200d\ud83d\udcbc Sat\u0131\u015flar: 100 milyon ABD dolar\u0131 ARR = ARPA x m\u00fc\u015fteri say\u0131s\u0131<\/span><\/h2><p><span>Hedefimiz 100 milyon dolar ARR.\u00a0Art\u0131k ARPA&#8217;n\u0131z (hesap ba\u015f\u0131na ortalama gelir) tan\u0131m gere\u011fi sabittir.\u00a0<\/span><a href=\"https:\/\/web.archive.org\/web\/20200526184922\/http:\/\/christophjanz.blogspot.com\/2019\/04\/five-years-later-five-ways-to-build-100.html\" target=\"_blank\" rel=\"noopener\"><span>B\u00f6ylece Chris Janz&#8217;\u0131n grafi\u011fini takip ederek<\/span><\/a><span>\u00a0ihtiyac\u0131n\u0131z olan m\u00fc\u015fteri say\u0131s\u0131n\u0131 elde edebilirsiniz\u00a0.<\/span><\/p><p><span>10 milyon dolarl\u0131k ARPA&#8217;da halka arz i\u00e7in 10 m\u00fc\u015fteriye ihtiyac\u0131n\u0131z var.\u00a01 milyon dolarl\u0131k ARPA&#8217;da halka arz i\u00e7in 100 m\u00fc\u015fteriye ihtiyac\u0131n\u0131z var.\u00a0\u2026 100$&#8217;l\u0131k ARPA&#8217;da halka arz i\u00e7in 1 milyon m\u00fc\u015fteriye ihtiyac\u0131n\u0131z var.<\/span><\/p><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/c278e2c4-cdfc-4abd-9664-020ddc748918.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/c278e2c4-cdfc-4abd-9664-020ddc748918.png', 'size': 'xl'}\" \/><\/p><p>\u00a0<\/p><p><span>Wix, Typeform, Evernote veya Mailchimp&#8217;in yapt\u0131\u011f\u0131 gibi &#8220;\u00fcreten t\u00fcketiciler&#8221;den olu\u015fan bir pazara hitap etti\u011finizi varsayal\u0131m.\u00a0M\u00fc\u015fteri ba\u015f\u0131na y\u0131ll\u0131k ortalama 100$ \u00fccret al\u0131rs\u0131n\u0131z.\u00a0Halka arz i\u00e7in yaln\u0131zca 1 milyon \u00f6deme yapan m\u00fc\u015fteriye ihtiyac\u0131n\u0131z yok, ayn\u0131 zamanda gelecek y\u0131l 250.000 m\u00fc\u015fteri daha eklemeniz (ve\/veya bu kadar fazla sat\u0131\u015f yapman\u0131z) gerekiyor.<\/span><\/p><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/a93738f6-c728-4e21-9d27-72b75e5bf8b7.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/a93738f6-c728-4e21-9d27-72b75e5bf8b7.png', 'size': 'xl'}\" \/><\/p><p><span>Hala m\u00fcmk\u00fcn bir \u015fey gibi mi g\u00f6r\u00fcn\u00fcyor?\u00a0O halde bu t\u00fcr bir \u015firketi kurmak i\u00e7in ka\u00e7 ki\u015finin gerekli oldu\u011funa bakal\u0131m.<\/span><\/p><h2 id=\"-headcount-$200-000-arr-per-employee\" class=\"mb-4\"><span>\ud83d\udc69\u200d\ud83d\udcbb \u00c7al\u0131\u015fan say\u0131s\u0131: \u00c7al\u0131\u015fan ba\u015f\u0131na 200.000 ABD Dolar\u0131 ARR<\/span><\/h2><p><span>Ba\u015flang\u0131\u00e7 \u200b\u200bya\u015fam d\u00f6ng\u00fcs\u00fcnde ilerledik\u00e7e \u00e7al\u0131\u015fan say\u0131s\u0131 artar.<\/span><\/p><p><span>Yeterince elveri\u015fli bir \u015fekilde, Redpoint&#8217;ten Tom Tunguz zaten bizim i\u00e7in matemati\u011fi yapt\u0131.\u00a0B\u00fcy\u00fck \u00f6l\u00e7ekteki SaaS \u015firketlerinde \u00e7al\u0131\u015fan ba\u015f\u0131na ortalama gelir\u00a0<\/span><a href=\"https:\/\/web.archive.org\/web\/20200526184922\/http:\/\/tomtunguz.com\/revenue-per-employee\/\" target=\"_blank\" rel=\"noopener\"><span>200.000 ABD dolar\u0131d\u0131r<\/span><\/a><span>\u00a0.<\/span><\/p><p class=\"text-center\"><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/3aed9c3b-0f8e-48b0-a6c7-16d1829fd9b5.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/3aed9c3b-0f8e-48b0-a6c7-16d1829fd9b5.png', 'size': 'xl'}\" \/><\/p><p><span>Do\u011fru, bu 2012 y\u0131l\u0131 i\u00e7in ve bu da b\u00fcy\u00fck \u00f6l\u00e7ekli \u015firketler i\u00e7in.\u00a0Daha iyi numaralar\u0131n\u0131z varsa, bana ula\u015f\u0131n, onlar\u0131 g\u00fcncelleyece\u011fim!<\/span><\/p><hr class=\"py-2\" \/><p><span>G\u00fcn\u00fcn sonunda SaaS halka arz\u0131na y\u00f6nelik yol haritam\u0131z b\u00f6yle g\u00f6r\u00fcn\u00fcyor.<\/span><\/p><p><img decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/dc576cfe-7682-4c84-979d-f016fb4dca10.png\" data-options=\"{'imgSrc': 'https:\/\/web.archive.org\/web\/20200526184922im_\/https:\/\/s3.amazonaws.com\/versoly\/images\/177302d9-3657-45b7-ac9d-acf801d83a74\/dc576cfe-7682-4c84-979d-f016fb4dca10.png', 'size': 'xl'}\" \/><\/p><p><span>Bunun \u201c100 milyon dolarl\u0131k ARR&#8217;ye giden yolu unicorn oldu\u011funu, yani (s\u00f6zde) m\u00fckemmel bir y\u00f6r\u00fcnge oldu\u011funu unutmay\u0131n. A\u00e7\u0131k\u00e7as\u0131, bu \u00e7ok geni\u015f bir genelleme.\u00a0Hi\u00e7bir giri\u015fim bu yol haritas\u0131n\u0131 kat\u0131 bir \u015fekilde takip etmeyecektir ve kar\u015f\u0131 \u00f6rnekler \u00e7oktur.\u00a0Ancak \u00e7er\u00e7eveler faydal\u0131d\u0131r ve umar\u0131z bu da faydal\u0131 olacakt\u0131r.<\/span><\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-de32fc9 e-flex e-con-boxed e-con e-parent\" data-id=\"de32fc9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-80a06d5 elementor-widget elementor-widget-text-editor\" data-id=\"80a06d5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tSource: <a href=\"https:\/\/openvc.app\/blog\/how-to-unicorn-startup\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/openvc.app\/blog\/how-to-unicorn-startup<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>SaaS Unicorn&#8217;a ve ard\u0131ndan halka arza giden yol haritas\u0131<\/p>","protected":false},"featured_media":990427,"parent":0,"template":"","amerikada-unicornlar-kategoriler":[220],"class_list":["post-990426","amerikada-unicornlar","type-amerikada-unicornlar","status-publish","has-post-thumbnail","hentry","amerikada-unicornlar-kategoriler-amerikada-bilisim-sektoru-unicornlar"],"acf":[],"_links":{"self":[{"href":"https:\/\/lonca.com\/en\/wp-json\/wp\/v2\/amerikada-unicornlar\/990426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonca.com\/en\/wp-json\/wp\/v2\/amerikada-unicornlar"}],"about":[{"href":"https:\/\/lonca.com\/en\/wp-json\/wp\/v2\/types\/amerikada-unicornlar"}],"version-history":[{"count":7,"href":"https:\/\/lonca.com\/en\/wp-json\/wp\/v2\/amerikada-unicornlar\/990426\/revisions"}],"predecessor-version":[{"id":990551,"href":"https:\/\/lonca.com\/en\/wp-json\/wp\/v2\/amerikada-unicornlar\/990426\/revisions\/990551"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lonca.com\/en\/wp-json\/wp\/v2\/media\/990427"}],"wp:attachment":[{"href":"https:\/\/lonca.com\/en\/wp-json\/wp\/v2\/media?parent=990426"}],"wp:term":[{"taxonomy":"amerikada-unicornlar-kategoriler","embeddable":true,"href":"https:\/\/lonca.com\/en\/wp-json\/wp\/v2\/amerikada-unicornlar-kategoriler?post=990426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}