Fundamentals of Entrepreneurial Finance:
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | Englisch |
| Veröffentlicht: |
Oxford
Oxford University Press, Incorporated
2020
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| Schlagwörter: | |
| Abstract: | Entrepreneurial finance brings together the fast-moving world of entrepreneurship with the disciplined world of finance. Fundamentals of Entrepreneurial Finance provides an accessible, yet rigorous, framework for understanding how ambitious, high-growth start-ups can successfully obtain funding and interact with investors |
| Umfang: | 1 Online-Ressource (657 Seiten) |
| ISBN: | 9780190941550 9780199744756 |
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| 505 | 8 | |a cover -- half title -- Fundamentals of Entrepreneurial Finance -- Copyright -- Dedication -- Dedication -- Contents -- 1 Introduction to Entrepreneurial Finance -- 1.1 What Is Entrepreneurial Finance? -- 1.2 Why Is Entrepreneurial Finance Challenging? -- 1.3 Why Is Entrepreneurial Finance Important? -- 1.4 Key Facts about Entrepreneurial Finance -- 1.5 The Entrepreneurial Financing Process -- 1.5.1 The Need for Frameworks -- 1.5.2 The FIRE Framework -- 1.5.3 FIRE in Practice -- 1.6 Who Are the Investors? -- 1.6.1 Main Types of Investors -- 1.6.2 The FUEL Framework -- Summary -- Review Questions -- 2 Evaluating Venture Opportunities -- 2.1 Assessing Opportunities -- 2.1.1 The Venture Evaluation Matrix -- 2.1.2 The WorkHorse Case Study -- 2.2 Explaining the Venture Evaluation Matrix -- 2.2.1 Need -- 2.2.2 Solution -- 2.2.3 Team -- 2.2.4 Market -- 2.2.5 Competition -- 2.2.6 Network -- 2.2.7 Sales -- 2.2.8 Production -- 2.2.9 Organization -- 2.3 Drawing Conclusions from the Venture Evaluation Matrix -- 2.3.1 Three Perspectives on Attractiveness -- 2.3.2 Three Competitive Advantages -- 2.3.3 Assessing Risk -- 2.3.4 Interactions Across Cells -- 2.4 How Entrepreneurs Use the Venture Evaluation Matrix -- 2.4.1 The Entrepreneur's Decision -- 2.4.2 Writing a Business Plan -- 2.5 How Investors Use the Venture Evaluation Matrix -- 2.5.1 The Venture Evaluation Matrix Spreadsheet Tool -- 2.5.2 Investor Due Diligence -- 2.5.3 The Investor's Decision -- Summary -- Review Questions -- 3 The Financial Plan -- 3.1 The Purpose of the Financial Plan -- 3.2 Financial Projections -- 3.2.1 The Three Reflections -- 3.2.2 The Structure of Financial Projections -- 3.2.3 Sources of Information -- 3.2.4 Developing Financial Projections -- 3.3 Defining A Timeline with Milestones -- 3.4 Estimating Revenues -- 3.4.1 The Top-Down Approach -- 3.4.2 The Bottom-Up Approach | |
| 505 | 8 | |a 3.4.3 Combining Approaches -- 3.5 Estimating Costs -- 3.5.1 Terminology -- 3.5.2 Costs of Goods Sold -- 3.5.3 Operating Expenses -- 3.5.4 Capital Expenditures -- 3.6 Pro Forma Financial Statements -- 3.6.1 The Structure of Financial Statements -- 3.6.2 Interpreting Financial Projections -- 3.6.3 Income Versus Cash Flows -- 3.6.4 Testing financial projections -- 3.6.5 Simplifications -- 3.7 Formulating the financial plan -- 3.7.1 The Attractiveness of he Venture -- 3.7.2 Financing Needs -- 3.7.3 Pitching the Financial Plan -- Summary -- Review questions -- 4 Ownership and Returns -- 4.1 The Mechanics of Ownership and Valuation -- 4.1.1 Pre-Money and Post-Money Valuation -- 4.1.2 Price and Number of Shares -- 4.1.3 Stock Options -- 4.1.4 The Capitalization Table -- 4.1.5 Dilution with Multiple Rounds -- 4.2 Investor Returns -- 4.2.1 Risk and Return -- 4.2.2 Three Measures of Return -- 4.2.3 Comparing Return Measures -- 4.2.4 Returns with Multiple Rounds -- 4.3 The Determinants of Valuation And Returns -- 4.3.1 The Relationship Between Valuation and Returns -- 4.3.2 The Economic Determinants of Valuation -- 4.4 The Determinants of Founder Ownership -- 4.4.1 Founder Agreements -- 4.4.2 Principles for Internal Allocation -- 4.4.3 The FAST Tool -- Summary -- Review Questions -- 5 Valuation Methods -- 5.1 The Valuation of Entrepreneurial Companies -- 5.1.1 The Purpose of Performing a Valuation -- 5.1.2 The Challenges of Performing a Valuation -- 5.2 The Venture Capital Method -- 5.2.1 Valuation with a Single Investment Round -- 5.2.2 Valuation with Multiple Investment Rounds -- 5.2.3 Estimating the Inputs -- 5.2.4 Model Variants -- 5.3 The Discounted Cash Flow Method -- 5.3.1 The Mechanics of the DCF Method -- 5.3.2 Estimating the Inputs -- 5.4 Methods of Comparables -- 5.4.1 The Investment Comparables Method -- 5.4.2 The Exit Comparables Method | |
| 505 | 8 | |a 5.5 Modelling Uncertainty -- 5.5.1 Scenario Analysis and Simulations -- 5.5.2 PROFEX -- 5.6 The Choice of Valuation Model -- Summary -- Review Questions -- 6 Term Sheets -- 6.1 Term Sheet Fundamentals -- 6.1.1 The Role of Term Sheets -- 6.1.2 Contingent Contracting and Milestones -- 6.1.3 Overview of Terms -- 6.2 Cash Flow Rights -- 6.2.1 Convertible Preferred Stock -- 6.2.2 Participating Preferred Stock -- 6.2.3 Reasons for Using Preferred Stock -- 6.3 Compensation -- 6.3.1 Founder Employment Agreements -- 6.3.2 Employee Stock Option Plans -- 6.4 An Overview of Other Terms -- 6.4.1 Control Rights -- 6.4.2 Future Fundraising -- 6.4.3 Investor Liquidity -- 6.4.4 Additional Clauses -- 6.5 Valuation Versus Terms -- 6.6 Convertible Notes -- 6.6.1 How Convertible Notes Work -- 6.6.2 Valuation Caps -- Summary -- Review Questions -- 7 Structuring Deals -- 7.1 The Art of Structuring Deals -- 7.2 The Fundraising Process -- 7.2.1 Preparing the Fundraising Campaign -- 7.2.2 Executing the Fundraising Campaign -- 7.2.3 Valuing an Idea -- 7.3 Finding a Match -- 7.3.1 Investor Deal Sourcing -- 7.3.2 Investor Screening -- 7.3.3 The MATCH Tool -- 7.4 Syndication -- 7.4.1 Reasons to Syndicate -- 7.4.2 The Structure of Syndicates -- 7.5 Deal Negotiations -- 7.5.1 Bargaining Theory -- 7.5.2 Negotiation Analysis -- 7.5.3 Closing the Deal -- 7.5.4 Deal Negotiations with Investor Competition -- 7.6 Living With The Deal -- 7.6.1 The Importance of Trust -- 7.6.2 A Long-Term Perspective -- Summary -- Review Questions -- 8 Corporate Governance -- 8.1 The Need for Corporate Governance -- 8.1.1 Why Companies Need Investor Involvement -- 8.1.2 Why Investors Oversee Their Companies -- 8.2 Corporate Governance Structures -- 8.2.1 Voting Rights -- 8.2.2 Board Of Directors -- 8.2.3 Informal Control -- 8.3 Investor Value-Adding -- 8.3.1 Picking versus Making Winners | |
| 505 | 8 | |a 8.3.2 How Investors Add Value -- 8.3.3 Where Investors Add Value -- 8.3.4 The Question of Replacing Managers -- 8.3.5 Assessing Value-Adding Fit -- Summary -- Review Questions -- 9 Staged Financing -- 9.1 The Rationale for Staged Financing -- 9.2 Structuring Staged Financing Deals -- 9.2.1 Staged Investments and Ownership -- 9.2.2 The Option Value of Staging -- 9.2.3 Tranching -- 9.2.4 Old versus New Investors -- 9.3 Term Sheets for Staging -- 9.3.1 The Liquidation Stack -- 9.3.2 Anti-dilution Rights -- 9.3.3 Additional Rights -- 9.4 Managing Financial Difficulties -- 9.4.1 Down Rounds -- 9.4.2 Turnarounds -- 9.5 Dynamic Strategies -- 9.5.1 Dynamic Investment Strategies -- 9.5.2 Dynamic Valuation Profiles -- Summary -- Review Questions -- 10 Debt Financing -- 10.1 Fundamentals of Debt -- 10.1.1 What Is Debt? -- 10.1.2 The Structure of Debt Contracts -- 10.2 Debt versus Equity -- 10.2.1 The Fallacy That Debt Is Cheaper Than Equity -- 10.2.2 Comparing Debt and Equity -- 10.3 Why Banks Don't Lend to Start-ups -- 10.4 Alternative Types of Debt -- 10.4.1 Personal Loans and Credit Cards -- 10.4.2 Trade Credit -- 10.4.3 Discounting and Factoring -- 10.4.4 Venture Leasing -- 10.4.5 Venture Debt -- 10.5 Valuation with Debt -- 10.5.1 Enterprise versus Equity Value -- 10.5.2 Adjusting Valuation Methods for Debt -- Summary -- Review Questions -- 11 Exit -- 11.1 The Importance of Exiting Investments -- 11.1.1 Reasons for Exit -- 11.1.2 The Four Main Types of Exit -- 11.1.3 The Exit Decision -- 11.1.4 The Timing of Exit -- 11.2 Initial Public Offerings -- 11.2.1 Benefits and Costs -- 11.2.2 Preparing for an IPO -- 11.2.3 Pricing the IPO -- 11.2.4 Structuring the IPO -- 11.2.5 After the IPO -- 11.3 Acquisitions -- 11.3.1 Strategic Motives -- 11.3.2 Preparing for an Acquisition -- 11.3.3 Structuring an Acquisition -- 11.3.4 After the Acquisition | |
| 505 | 8 | |a 11.4 Sale To Financial Buyers -- 11.4.1 Buyouts -- 11.4.2 Secondary Sales -- 11.5 Closing Down the Company -- 11.6 Determinants of the Exit Decision -- 11.6.1 Market Forces -- 11.6.2 Economic Fundamentals -- 11.6.3 Internal Company Dynamics -- Summary -- Review Questions -- 12 Venture Capital -- 12.1 The Venture Capital Model -- 12.2 Institutional Investors (LPs) -- 12.2.1 Portfolio Allocation Choices -- 12.2.2 Building a VC Portfolio -- 12.3 Limited Partnership Agreements -- 12.3.1 Fund Structure -- 12.3.2 Fund Rules -- 12.3.3 GP Compensation -- 12.3.4 GP Incentives -- 12.4 VC Firms (GPs) -- 12.4.1 Internal Structure -- 12.4.2 Fundraising -- 12.4.3 Networks -- 12.4.4 Alternatives to the Partnership Model -- 12.5 Investment Strategies -- 12.5.1 The Investment Strategy -- 12.5.2 Investment Strategy Styles -- 12.5.3 Implementing the Investment Strategy -- 12.5.4 An Example -- 12.6 Risk And Return in VC -- 12.6.1 Gross Returns to the VC Fund -- 12.6.2 Net Returns to Limited Partners -- 12.6.3 Assessing VC Fund Performance -- Summary -- Review Questions -- 13 Early-Stage Investors -- 13.1 Founders, Family, and Friends -- 13.1.1 Reasons for Investing -- 13.1.2 How Family and Friends Invest -- 13.2 Angel Investors -- 13.2.1 Different Types of Angel Investors -- 13.2.2 How Angels Invest -- 13.3 Corporate Investors -- 13.3.1 The Motivation of Corporate Investors -- 13.3.2 The Structure of Corporate Investors -- 13.3.3 How Corporates Invest -- 13.4 Crowdfunding -- 13.4.1 The Structure of Crowdfunding Platforms -- 13.4.2 Motivations in Crowdfunding -- 13.4.3 Crowdfunding Campaigns -- 13.4.4 Returns from Crowdfunding -- 13.5 Initial Coin Offerings -- 13.5.1 The Blockchain and Cryptocurrencies -- 13.5.2 The Structure of Initial Coin Offerings -- 13.5.3 The Current Debate About Initial Coin Offerings -- 13.6 Further Investor Types | |
| 505 | 8 | |a 13.6.1 Accelerators and Incubators | |
| 520 | 3 | |a Entrepreneurial finance brings together the fast-moving world of entrepreneurship with the disciplined world of finance. Fundamentals of Entrepreneurial Finance provides an accessible, yet rigorous, framework for understanding how ambitious, high-growth start-ups can successfully obtain funding and interact with investors | |
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| author | Da Rin, Marco |
| author_facet | Da Rin, Marco |
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| contents | cover -- half title -- Fundamentals of Entrepreneurial Finance -- Copyright -- Dedication -- Dedication -- Contents -- 1 Introduction to Entrepreneurial Finance -- 1.1 What Is Entrepreneurial Finance? -- 1.2 Why Is Entrepreneurial Finance Challenging? -- 1.3 Why Is Entrepreneurial Finance Important? -- 1.4 Key Facts about Entrepreneurial Finance -- 1.5 The Entrepreneurial Financing Process -- 1.5.1 The Need for Frameworks -- 1.5.2 The FIRE Framework -- 1.5.3 FIRE in Practice -- 1.6 Who Are the Investors? -- 1.6.1 Main Types of Investors -- 1.6.2 The FUEL Framework -- Summary -- Review Questions -- 2 Evaluating Venture Opportunities -- 2.1 Assessing Opportunities -- 2.1.1 The Venture Evaluation Matrix -- 2.1.2 The WorkHorse Case Study -- 2.2 Explaining the Venture Evaluation Matrix -- 2.2.1 Need -- 2.2.2 Solution -- 2.2.3 Team -- 2.2.4 Market -- 2.2.5 Competition -- 2.2.6 Network -- 2.2.7 Sales -- 2.2.8 Production -- 2.2.9 Organization -- 2.3 Drawing Conclusions from the Venture Evaluation Matrix -- 2.3.1 Three Perspectives on Attractiveness -- 2.3.2 Three Competitive Advantages -- 2.3.3 Assessing Risk -- 2.3.4 Interactions Across Cells -- 2.4 How Entrepreneurs Use the Venture Evaluation Matrix -- 2.4.1 The Entrepreneur's Decision -- 2.4.2 Writing a Business Plan -- 2.5 How Investors Use the Venture Evaluation Matrix -- 2.5.1 The Venture Evaluation Matrix Spreadsheet Tool -- 2.5.2 Investor Due Diligence -- 2.5.3 The Investor's Decision -- Summary -- Review Questions -- 3 The Financial Plan -- 3.1 The Purpose of the Financial Plan -- 3.2 Financial Projections -- 3.2.1 The Three Reflections -- 3.2.2 The Structure of Financial Projections -- 3.2.3 Sources of Information -- 3.2.4 Developing Financial Projections -- 3.3 Defining A Timeline with Milestones -- 3.4 Estimating Revenues -- 3.4.1 The Top-Down Approach -- 3.4.2 The Bottom-Up Approach 3.4.3 Combining Approaches -- 3.5 Estimating Costs -- 3.5.1 Terminology -- 3.5.2 Costs of Goods Sold -- 3.5.3 Operating Expenses -- 3.5.4 Capital Expenditures -- 3.6 Pro Forma Financial Statements -- 3.6.1 The Structure of Financial Statements -- 3.6.2 Interpreting Financial Projections -- 3.6.3 Income Versus Cash Flows -- 3.6.4 Testing financial projections -- 3.6.5 Simplifications -- 3.7 Formulating the financial plan -- 3.7.1 The Attractiveness of he Venture -- 3.7.2 Financing Needs -- 3.7.3 Pitching the Financial Plan -- Summary -- Review questions -- 4 Ownership and Returns -- 4.1 The Mechanics of Ownership and Valuation -- 4.1.1 Pre-Money and Post-Money Valuation -- 4.1.2 Price and Number of Shares -- 4.1.3 Stock Options -- 4.1.4 The Capitalization Table -- 4.1.5 Dilution with Multiple Rounds -- 4.2 Investor Returns -- 4.2.1 Risk and Return -- 4.2.2 Three Measures of Return -- 4.2.3 Comparing Return Measures -- 4.2.4 Returns with Multiple Rounds -- 4.3 The Determinants of Valuation And Returns -- 4.3.1 The Relationship Between Valuation and Returns -- 4.3.2 The Economic Determinants of Valuation -- 4.4 The Determinants of Founder Ownership -- 4.4.1 Founder Agreements -- 4.4.2 Principles for Internal Allocation -- 4.4.3 The FAST Tool -- Summary -- Review Questions -- 5 Valuation Methods -- 5.1 The Valuation of Entrepreneurial Companies -- 5.1.1 The Purpose of Performing a Valuation -- 5.1.2 The Challenges of Performing a Valuation -- 5.2 The Venture Capital Method -- 5.2.1 Valuation with a Single Investment Round -- 5.2.2 Valuation with Multiple Investment Rounds -- 5.2.3 Estimating the Inputs -- 5.2.4 Model Variants -- 5.3 The Discounted Cash Flow Method -- 5.3.1 The Mechanics of the DCF Method -- 5.3.2 Estimating the Inputs -- 5.4 Methods of Comparables -- 5.4.1 The Investment Comparables Method -- 5.4.2 The Exit Comparables Method 5.5 Modelling Uncertainty -- 5.5.1 Scenario Analysis and Simulations -- 5.5.2 PROFEX -- 5.6 The Choice of Valuation Model -- Summary -- Review Questions -- 6 Term Sheets -- 6.1 Term Sheet Fundamentals -- 6.1.1 The Role of Term Sheets -- 6.1.2 Contingent Contracting and Milestones -- 6.1.3 Overview of Terms -- 6.2 Cash Flow Rights -- 6.2.1 Convertible Preferred Stock -- 6.2.2 Participating Preferred Stock -- 6.2.3 Reasons for Using Preferred Stock -- 6.3 Compensation -- 6.3.1 Founder Employment Agreements -- 6.3.2 Employee Stock Option Plans -- 6.4 An Overview of Other Terms -- 6.4.1 Control Rights -- 6.4.2 Future Fundraising -- 6.4.3 Investor Liquidity -- 6.4.4 Additional Clauses -- 6.5 Valuation Versus Terms -- 6.6 Convertible Notes -- 6.6.1 How Convertible Notes Work -- 6.6.2 Valuation Caps -- Summary -- Review Questions -- 7 Structuring Deals -- 7.1 The Art of Structuring Deals -- 7.2 The Fundraising Process -- 7.2.1 Preparing the Fundraising Campaign -- 7.2.2 Executing the Fundraising Campaign -- 7.2.3 Valuing an Idea -- 7.3 Finding a Match -- 7.3.1 Investor Deal Sourcing -- 7.3.2 Investor Screening -- 7.3.3 The MATCH Tool -- 7.4 Syndication -- 7.4.1 Reasons to Syndicate -- 7.4.2 The Structure of Syndicates -- 7.5 Deal Negotiations -- 7.5.1 Bargaining Theory -- 7.5.2 Negotiation Analysis -- 7.5.3 Closing the Deal -- 7.5.4 Deal Negotiations with Investor Competition -- 7.6 Living With The Deal -- 7.6.1 The Importance of Trust -- 7.6.2 A Long-Term Perspective -- Summary -- Review Questions -- 8 Corporate Governance -- 8.1 The Need for Corporate Governance -- 8.1.1 Why Companies Need Investor Involvement -- 8.1.2 Why Investors Oversee Their Companies -- 8.2 Corporate Governance Structures -- 8.2.1 Voting Rights -- 8.2.2 Board Of Directors -- 8.2.3 Informal Control -- 8.3 Investor Value-Adding -- 8.3.1 Picking versus Making Winners 8.3.2 How Investors Add Value -- 8.3.3 Where Investors Add Value -- 8.3.4 The Question of Replacing Managers -- 8.3.5 Assessing Value-Adding Fit -- Summary -- Review Questions -- 9 Staged Financing -- 9.1 The Rationale for Staged Financing -- 9.2 Structuring Staged Financing Deals -- 9.2.1 Staged Investments and Ownership -- 9.2.2 The Option Value of Staging -- 9.2.3 Tranching -- 9.2.4 Old versus New Investors -- 9.3 Term Sheets for Staging -- 9.3.1 The Liquidation Stack -- 9.3.2 Anti-dilution Rights -- 9.3.3 Additional Rights -- 9.4 Managing Financial Difficulties -- 9.4.1 Down Rounds -- 9.4.2 Turnarounds -- 9.5 Dynamic Strategies -- 9.5.1 Dynamic Investment Strategies -- 9.5.2 Dynamic Valuation Profiles -- Summary -- Review Questions -- 10 Debt Financing -- 10.1 Fundamentals of Debt -- 10.1.1 What Is Debt? -- 10.1.2 The Structure of Debt Contracts -- 10.2 Debt versus Equity -- 10.2.1 The Fallacy That Debt Is Cheaper Than Equity -- 10.2.2 Comparing Debt and Equity -- 10.3 Why Banks Don't Lend to Start-ups -- 10.4 Alternative Types of Debt -- 10.4.1 Personal Loans and Credit Cards -- 10.4.2 Trade Credit -- 10.4.3 Discounting and Factoring -- 10.4.4 Venture Leasing -- 10.4.5 Venture Debt -- 10.5 Valuation with Debt -- 10.5.1 Enterprise versus Equity Value -- 10.5.2 Adjusting Valuation Methods for Debt -- Summary -- Review Questions -- 11 Exit -- 11.1 The Importance of Exiting Investments -- 11.1.1 Reasons for Exit -- 11.1.2 The Four Main Types of Exit -- 11.1.3 The Exit Decision -- 11.1.4 The Timing of Exit -- 11.2 Initial Public Offerings -- 11.2.1 Benefits and Costs -- 11.2.2 Preparing for an IPO -- 11.2.3 Pricing the IPO -- 11.2.4 Structuring the IPO -- 11.2.5 After the IPO -- 11.3 Acquisitions -- 11.3.1 Strategic Motives -- 11.3.2 Preparing for an Acquisition -- 11.3.3 Structuring an Acquisition -- 11.3.4 After the Acquisition 11.4 Sale To Financial Buyers -- 11.4.1 Buyouts -- 11.4.2 Secondary Sales -- 11.5 Closing Down the Company -- 11.6 Determinants of the Exit Decision -- 11.6.1 Market Forces -- 11.6.2 Economic Fundamentals -- 11.6.3 Internal Company Dynamics -- Summary -- Review Questions -- 12 Venture Capital -- 12.1 The Venture Capital Model -- 12.2 Institutional Investors (LPs) -- 12.2.1 Portfolio Allocation Choices -- 12.2.2 Building a VC Portfolio -- 12.3 Limited Partnership Agreements -- 12.3.1 Fund Structure -- 12.3.2 Fund Rules -- 12.3.3 GP Compensation -- 12.3.4 GP Incentives -- 12.4 VC Firms (GPs) -- 12.4.1 Internal Structure -- 12.4.2 Fundraising -- 12.4.3 Networks -- 12.4.4 Alternatives to the Partnership Model -- 12.5 Investment Strategies -- 12.5.1 The Investment Strategy -- 12.5.2 Investment Strategy Styles -- 12.5.3 Implementing the Investment Strategy -- 12.5.4 An Example -- 12.6 Risk And Return in VC -- 12.6.1 Gross Returns to the VC Fund -- 12.6.2 Net Returns to Limited Partners -- 12.6.3 Assessing VC Fund Performance -- Summary -- Review Questions -- 13 Early-Stage Investors -- 13.1 Founders, Family, and Friends -- 13.1.1 Reasons for Investing -- 13.1.2 How Family and Friends Invest -- 13.2 Angel Investors -- 13.2.1 Different Types of Angel Investors -- 13.2.2 How Angels Invest -- 13.3 Corporate Investors -- 13.3.1 The Motivation of Corporate Investors -- 13.3.2 The Structure of Corporate Investors -- 13.3.3 How Corporates Invest -- 13.4 Crowdfunding -- 13.4.1 The Structure of Crowdfunding Platforms -- 13.4.2 Motivations in Crowdfunding -- 13.4.3 Crowdfunding Campaigns -- 13.4.4 Returns from Crowdfunding -- 13.5 Initial Coin Offerings -- 13.5.1 The Blockchain and Cryptocurrencies -- 13.5.2 The Structure of Initial Coin Offerings -- 13.5.3 The Current Debate About Initial Coin Offerings -- 13.6 Further Investor Types 13.6.1 Accelerators and Incubators |
| ctrlnum | (ZDB-30-PQE)EBC6940663 (ZDB-30-PAD)EBC6940663 (ZDB-89-EBL)EBL6940663 (OCoLC)1139297691 (DE-599)BVBBV048632012 |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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"><subfield code="a">(ZDB-89-EBL)EBL6940663</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1139297691</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV048632012</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QP 230</subfield><subfield code="0">(DE-625)141847:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Da Rin, Marco</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Fundamentals of Entrepreneurial Finance</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Oxford</subfield><subfield code="b">Oxford University Press, Incorporated</subfield><subfield code="c">2020</subfield></datafield><datafield tag="264" ind1=" " ind2="4"><subfield code="c">©2020</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (657 Seiten)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">cover -- half title -- Fundamentals of Entrepreneurial Finance -- Copyright -- Dedication -- Dedication -- Contents -- 1 Introduction to Entrepreneurial Finance -- 1.1 What Is Entrepreneurial Finance? -- 1.2 Why Is Entrepreneurial Finance Challenging? -- 1.3 Why Is Entrepreneurial Finance Important? -- 1.4 Key Facts about Entrepreneurial Finance -- 1.5 The Entrepreneurial Financing Process -- 1.5.1 The Need for Frameworks -- 1.5.2 The FIRE Framework -- 1.5.3 FIRE in Practice -- 1.6 Who Are the Investors? -- 1.6.1 Main Types of Investors -- 1.6.2 The FUEL Framework -- Summary -- Review Questions -- 2 Evaluating Venture Opportunities -- 2.1 Assessing Opportunities -- 2.1.1 The Venture Evaluation Matrix -- 2.1.2 The WorkHorse Case Study -- 2.2 Explaining the Venture Evaluation Matrix -- 2.2.1 Need -- 2.2.2 Solution -- 2.2.3 Team -- 2.2.4 Market -- 2.2.5 Competition -- 2.2.6 Network -- 2.2.7 Sales -- 2.2.8 Production -- 2.2.9 Organization -- 2.3 Drawing Conclusions from the Venture Evaluation Matrix -- 2.3.1 Three Perspectives on Attractiveness -- 2.3.2 Three Competitive Advantages -- 2.3.3 Assessing Risk -- 2.3.4 Interactions Across Cells -- 2.4 How Entrepreneurs Use the Venture Evaluation Matrix -- 2.4.1 The Entrepreneur's Decision -- 2.4.2 Writing a Business Plan -- 2.5 How Investors Use the Venture Evaluation Matrix -- 2.5.1 The Venture Evaluation Matrix Spreadsheet Tool -- 2.5.2 Investor Due Diligence -- 2.5.3 The Investor's Decision -- Summary -- Review Questions -- 3 The Financial Plan -- 3.1 The Purpose of the Financial Plan -- 3.2 Financial Projections -- 3.2.1 The Three Reflections -- 3.2.2 The Structure of Financial Projections -- 3.2.3 Sources of Information -- 3.2.4 Developing Financial Projections -- 3.3 Defining A Timeline with Milestones -- 3.4 Estimating Revenues -- 3.4.1 The Top-Down Approach -- 3.4.2 The Bottom-Up Approach</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">3.4.3 Combining Approaches -- 3.5 Estimating Costs -- 3.5.1 Terminology -- 3.5.2 Costs of Goods Sold -- 3.5.3 Operating Expenses -- 3.5.4 Capital Expenditures -- 3.6 Pro Forma Financial Statements -- 3.6.1 The Structure of Financial Statements -- 3.6.2 Interpreting Financial Projections -- 3.6.3 Income Versus Cash Flows -- 3.6.4 Testing financial projections -- 3.6.5 Simplifications -- 3.7 Formulating the financial plan -- 3.7.1 The Attractiveness of he Venture -- 3.7.2 Financing Needs -- 3.7.3 Pitching the Financial Plan -- Summary -- Review questions -- 4 Ownership and Returns -- 4.1 The Mechanics of Ownership and Valuation -- 4.1.1 Pre-Money and Post-Money Valuation -- 4.1.2 Price and Number of Shares -- 4.1.3 Stock Options -- 4.1.4 The Capitalization Table -- 4.1.5 Dilution with Multiple Rounds -- 4.2 Investor Returns -- 4.2.1 Risk and Return -- 4.2.2 Three Measures of Return -- 4.2.3 Comparing Return Measures -- 4.2.4 Returns with Multiple Rounds -- 4.3 The Determinants of Valuation And Returns -- 4.3.1 The Relationship Between Valuation and Returns -- 4.3.2 The Economic Determinants of Valuation -- 4.4 The Determinants of Founder Ownership -- 4.4.1 Founder Agreements -- 4.4.2 Principles for Internal Allocation -- 4.4.3 The FAST Tool -- Summary -- Review Questions -- 5 Valuation Methods -- 5.1 The Valuation of Entrepreneurial Companies -- 5.1.1 The Purpose of Performing a Valuation -- 5.1.2 The Challenges of Performing a Valuation -- 5.2 The Venture Capital Method -- 5.2.1 Valuation with a Single Investment Round -- 5.2.2 Valuation with Multiple Investment Rounds -- 5.2.3 Estimating the Inputs -- 5.2.4 Model Variants -- 5.3 The Discounted Cash Flow Method -- 5.3.1 The Mechanics of the DCF Method -- 5.3.2 Estimating the Inputs -- 5.4 Methods of Comparables -- 5.4.1 The Investment Comparables Method -- 5.4.2 The Exit Comparables Method</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">5.5 Modelling Uncertainty -- 5.5.1 Scenario Analysis and Simulations -- 5.5.2 PROFEX -- 5.6 The Choice of Valuation Model -- Summary -- Review Questions -- 6 Term Sheets -- 6.1 Term Sheet Fundamentals -- 6.1.1 The Role of Term Sheets -- 6.1.2 Contingent Contracting and Milestones -- 6.1.3 Overview of Terms -- 6.2 Cash Flow Rights -- 6.2.1 Convertible Preferred Stock -- 6.2.2 Participating Preferred Stock -- 6.2.3 Reasons for Using Preferred Stock -- 6.3 Compensation -- 6.3.1 Founder Employment Agreements -- 6.3.2 Employee Stock Option Plans -- 6.4 An Overview of Other Terms -- 6.4.1 Control Rights -- 6.4.2 Future Fundraising -- 6.4.3 Investor Liquidity -- 6.4.4 Additional Clauses -- 6.5 Valuation Versus Terms -- 6.6 Convertible Notes -- 6.6.1 How Convertible Notes Work -- 6.6.2 Valuation Caps -- Summary -- Review Questions -- 7 Structuring Deals -- 7.1 The Art of Structuring Deals -- 7.2 The Fundraising Process -- 7.2.1 Preparing the Fundraising Campaign -- 7.2.2 Executing the Fundraising Campaign -- 7.2.3 Valuing an Idea -- 7.3 Finding a Match -- 7.3.1 Investor Deal Sourcing -- 7.3.2 Investor Screening -- 7.3.3 The MATCH Tool -- 7.4 Syndication -- 7.4.1 Reasons to Syndicate -- 7.4.2 The Structure of Syndicates -- 7.5 Deal Negotiations -- 7.5.1 Bargaining Theory -- 7.5.2 Negotiation Analysis -- 7.5.3 Closing the Deal -- 7.5.4 Deal Negotiations with Investor Competition -- 7.6 Living With The Deal -- 7.6.1 The Importance of Trust -- 7.6.2 A Long-Term Perspective -- Summary -- Review Questions -- 8 Corporate Governance -- 8.1 The Need for Corporate Governance -- 8.1.1 Why Companies Need Investor Involvement -- 8.1.2 Why Investors Oversee Their Companies -- 8.2 Corporate Governance Structures -- 8.2.1 Voting Rights -- 8.2.2 Board Of Directors -- 8.2.3 Informal Control -- 8.3 Investor Value-Adding -- 8.3.1 Picking versus Making Winners</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">8.3.2 How Investors Add Value -- 8.3.3 Where Investors Add Value -- 8.3.4 The Question of Replacing Managers -- 8.3.5 Assessing Value-Adding Fit -- Summary -- Review Questions -- 9 Staged Financing -- 9.1 The Rationale for Staged Financing -- 9.2 Structuring Staged Financing Deals -- 9.2.1 Staged Investments and Ownership -- 9.2.2 The Option Value of Staging -- 9.2.3 Tranching -- 9.2.4 Old versus New Investors -- 9.3 Term Sheets for Staging -- 9.3.1 The Liquidation Stack -- 9.3.2 Anti-dilution Rights -- 9.3.3 Additional Rights -- 9.4 Managing Financial Difficulties -- 9.4.1 Down Rounds -- 9.4.2 Turnarounds -- 9.5 Dynamic Strategies -- 9.5.1 Dynamic Investment Strategies -- 9.5.2 Dynamic Valuation Profiles -- Summary -- Review Questions -- 10 Debt Financing -- 10.1 Fundamentals of Debt -- 10.1.1 What Is Debt? -- 10.1.2 The Structure of Debt Contracts -- 10.2 Debt versus Equity -- 10.2.1 The Fallacy That Debt Is Cheaper Than Equity -- 10.2.2 Comparing Debt and Equity -- 10.3 Why Banks Don't Lend to Start-ups -- 10.4 Alternative Types of Debt -- 10.4.1 Personal Loans and Credit Cards -- 10.4.2 Trade Credit -- 10.4.3 Discounting and Factoring -- 10.4.4 Venture Leasing -- 10.4.5 Venture Debt -- 10.5 Valuation with Debt -- 10.5.1 Enterprise versus Equity Value -- 10.5.2 Adjusting Valuation Methods for Debt -- Summary -- Review Questions -- 11 Exit -- 11.1 The Importance of Exiting Investments -- 11.1.1 Reasons for Exit -- 11.1.2 The Four Main Types of Exit -- 11.1.3 The Exit Decision -- 11.1.4 The Timing of Exit -- 11.2 Initial Public Offerings -- 11.2.1 Benefits and Costs -- 11.2.2 Preparing for an IPO -- 11.2.3 Pricing the IPO -- 11.2.4 Structuring the IPO -- 11.2.5 After the IPO -- 11.3 Acquisitions -- 11.3.1 Strategic Motives -- 11.3.2 Preparing for an Acquisition -- 11.3.3 Structuring an Acquisition -- 11.3.4 After the Acquisition</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">11.4 Sale To Financial Buyers -- 11.4.1 Buyouts -- 11.4.2 Secondary Sales -- 11.5 Closing Down the Company -- 11.6 Determinants of the Exit Decision -- 11.6.1 Market Forces -- 11.6.2 Economic Fundamentals -- 11.6.3 Internal Company Dynamics -- Summary -- Review Questions -- 12 Venture Capital -- 12.1 The Venture Capital Model -- 12.2 Institutional Investors (LPs) -- 12.2.1 Portfolio Allocation Choices -- 12.2.2 Building a VC Portfolio -- 12.3 Limited Partnership Agreements -- 12.3.1 Fund Structure -- 12.3.2 Fund Rules -- 12.3.3 GP Compensation -- 12.3.4 GP Incentives -- 12.4 VC Firms (GPs) -- 12.4.1 Internal Structure -- 12.4.2 Fundraising -- 12.4.3 Networks -- 12.4.4 Alternatives to the Partnership Model -- 12.5 Investment Strategies -- 12.5.1 The Investment Strategy -- 12.5.2 Investment Strategy Styles -- 12.5.3 Implementing the Investment Strategy -- 12.5.4 An Example -- 12.6 Risk And Return in VC -- 12.6.1 Gross Returns to the VC Fund -- 12.6.2 Net Returns to Limited Partners -- 12.6.3 Assessing VC Fund Performance -- Summary -- Review Questions -- 13 Early-Stage Investors -- 13.1 Founders, Family, and Friends -- 13.1.1 Reasons for Investing -- 13.1.2 How Family and Friends Invest -- 13.2 Angel Investors -- 13.2.1 Different Types of Angel Investors -- 13.2.2 How Angels Invest -- 13.3 Corporate Investors -- 13.3.1 The Motivation of Corporate Investors -- 13.3.2 The Structure of Corporate Investors -- 13.3.3 How Corporates Invest -- 13.4 Crowdfunding -- 13.4.1 The Structure of Crowdfunding Platforms -- 13.4.2 Motivations in Crowdfunding -- 13.4.3 Crowdfunding Campaigns -- 13.4.4 Returns from Crowdfunding -- 13.5 Initial Coin Offerings -- 13.5.1 The Blockchain and Cryptocurrencies -- 13.5.2 The Structure of Initial Coin Offerings -- 13.5.3 The Current Debate About Initial Coin Offerings -- 13.6 Further Investor Types</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">13.6.1 Accelerators and Incubators</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">Entrepreneurial finance brings together the fast-moving world of entrepreneurship with the disciplined world of finance. Fundamentals of Entrepreneurial Finance provides an accessible, yet rigorous, framework for understanding how ambitious, high-growth start-ups can successfully obtain funding and interact with investors</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">New business enterprises-Finance</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Venture capital</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Entrepreneurship</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Entrepreneurship</subfield><subfield code="0">(DE-588)7588126-3</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Risikokapital</subfield><subfield code="0">(DE-588)4124067-4</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Finanzierung</subfield><subfield code="0">(DE-588)4017182-6</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="653" ind1=" " ind2="6"><subfield code="a">Electronic books</subfield></datafield><datafield tag="655" ind1=" " ind2="7"><subfield code="0">(DE-588)4143413-4</subfield><subfield code="a">Aufsatzsammlung</subfield><subfield code="2">gnd-content</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Entrepreneurship</subfield><subfield code="0">(DE-588)7588126-3</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="1"><subfield code="a">Finanzierung</subfield><subfield code="0">(DE-588)4017182-6</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="2"><subfield code="a">Risikokapital</subfield><subfield code="0">(DE-588)4124067-4</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Hellmann, Thomas</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Druck-Ausgabe</subfield><subfield code="a">Da Rin, Marco</subfield><subfield code="t">Fundamentals of Entrepreneurial Finance</subfield><subfield code="d">Oxford : Oxford University Press, Incorporated,c2020</subfield><subfield code="z">9780199744756</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-30-PQE</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-034007032</subfield></datafield></record></collection> |
| genre | (DE-588)4143413-4 Aufsatzsammlung gnd-content |
| genre_facet | Aufsatzsammlung |
| id | DE-604.BV048632012 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T19:50:44Z |
| institution | BVB |
| isbn | 9780190941550 9780199744756 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034007032 |
| oclc_num | 1139297691 |
| open_access_boolean | |
| physical | 1 Online-Ressource (657 Seiten) |
| psigel | ZDB-30-PQE |
| publishDate | 2020 |
| publishDateSearch | 2020 |
| publishDateSort | 2020 |
| publisher | Oxford University Press, Incorporated |
| record_format | marc |
| spelling | Da Rin, Marco Verfasser aut Fundamentals of Entrepreneurial Finance Oxford Oxford University Press, Incorporated 2020 ©2020 1 Online-Ressource (657 Seiten) txt rdacontent c rdamedia cr rdacarrier cover -- half title -- Fundamentals of Entrepreneurial Finance -- Copyright -- Dedication -- Dedication -- Contents -- 1 Introduction to Entrepreneurial Finance -- 1.1 What Is Entrepreneurial Finance? -- 1.2 Why Is Entrepreneurial Finance Challenging? -- 1.3 Why Is Entrepreneurial Finance Important? -- 1.4 Key Facts about Entrepreneurial Finance -- 1.5 The Entrepreneurial Financing Process -- 1.5.1 The Need for Frameworks -- 1.5.2 The FIRE Framework -- 1.5.3 FIRE in Practice -- 1.6 Who Are the Investors? -- 1.6.1 Main Types of Investors -- 1.6.2 The FUEL Framework -- Summary -- Review Questions -- 2 Evaluating Venture Opportunities -- 2.1 Assessing Opportunities -- 2.1.1 The Venture Evaluation Matrix -- 2.1.2 The WorkHorse Case Study -- 2.2 Explaining the Venture Evaluation Matrix -- 2.2.1 Need -- 2.2.2 Solution -- 2.2.3 Team -- 2.2.4 Market -- 2.2.5 Competition -- 2.2.6 Network -- 2.2.7 Sales -- 2.2.8 Production -- 2.2.9 Organization -- 2.3 Drawing Conclusions from the Venture Evaluation Matrix -- 2.3.1 Three Perspectives on Attractiveness -- 2.3.2 Three Competitive Advantages -- 2.3.3 Assessing Risk -- 2.3.4 Interactions Across Cells -- 2.4 How Entrepreneurs Use the Venture Evaluation Matrix -- 2.4.1 The Entrepreneur's Decision -- 2.4.2 Writing a Business Plan -- 2.5 How Investors Use the Venture Evaluation Matrix -- 2.5.1 The Venture Evaluation Matrix Spreadsheet Tool -- 2.5.2 Investor Due Diligence -- 2.5.3 The Investor's Decision -- Summary -- Review Questions -- 3 The Financial Plan -- 3.1 The Purpose of the Financial Plan -- 3.2 Financial Projections -- 3.2.1 The Three Reflections -- 3.2.2 The Structure of Financial Projections -- 3.2.3 Sources of Information -- 3.2.4 Developing Financial Projections -- 3.3 Defining A Timeline with Milestones -- 3.4 Estimating Revenues -- 3.4.1 The Top-Down Approach -- 3.4.2 The Bottom-Up Approach 3.4.3 Combining Approaches -- 3.5 Estimating Costs -- 3.5.1 Terminology -- 3.5.2 Costs of Goods Sold -- 3.5.3 Operating Expenses -- 3.5.4 Capital Expenditures -- 3.6 Pro Forma Financial Statements -- 3.6.1 The Structure of Financial Statements -- 3.6.2 Interpreting Financial Projections -- 3.6.3 Income Versus Cash Flows -- 3.6.4 Testing financial projections -- 3.6.5 Simplifications -- 3.7 Formulating the financial plan -- 3.7.1 The Attractiveness of he Venture -- 3.7.2 Financing Needs -- 3.7.3 Pitching the Financial Plan -- Summary -- Review questions -- 4 Ownership and Returns -- 4.1 The Mechanics of Ownership and Valuation -- 4.1.1 Pre-Money and Post-Money Valuation -- 4.1.2 Price and Number of Shares -- 4.1.3 Stock Options -- 4.1.4 The Capitalization Table -- 4.1.5 Dilution with Multiple Rounds -- 4.2 Investor Returns -- 4.2.1 Risk and Return -- 4.2.2 Three Measures of Return -- 4.2.3 Comparing Return Measures -- 4.2.4 Returns with Multiple Rounds -- 4.3 The Determinants of Valuation And Returns -- 4.3.1 The Relationship Between Valuation and Returns -- 4.3.2 The Economic Determinants of Valuation -- 4.4 The Determinants of Founder Ownership -- 4.4.1 Founder Agreements -- 4.4.2 Principles for Internal Allocation -- 4.4.3 The FAST Tool -- Summary -- Review Questions -- 5 Valuation Methods -- 5.1 The Valuation of Entrepreneurial Companies -- 5.1.1 The Purpose of Performing a Valuation -- 5.1.2 The Challenges of Performing a Valuation -- 5.2 The Venture Capital Method -- 5.2.1 Valuation with a Single Investment Round -- 5.2.2 Valuation with Multiple Investment Rounds -- 5.2.3 Estimating the Inputs -- 5.2.4 Model Variants -- 5.3 The Discounted Cash Flow Method -- 5.3.1 The Mechanics of the DCF Method -- 5.3.2 Estimating the Inputs -- 5.4 Methods of Comparables -- 5.4.1 The Investment Comparables Method -- 5.4.2 The Exit Comparables Method 5.5 Modelling Uncertainty -- 5.5.1 Scenario Analysis and Simulations -- 5.5.2 PROFEX -- 5.6 The Choice of Valuation Model -- Summary -- Review Questions -- 6 Term Sheets -- 6.1 Term Sheet Fundamentals -- 6.1.1 The Role of Term Sheets -- 6.1.2 Contingent Contracting and Milestones -- 6.1.3 Overview of Terms -- 6.2 Cash Flow Rights -- 6.2.1 Convertible Preferred Stock -- 6.2.2 Participating Preferred Stock -- 6.2.3 Reasons for Using Preferred Stock -- 6.3 Compensation -- 6.3.1 Founder Employment Agreements -- 6.3.2 Employee Stock Option Plans -- 6.4 An Overview of Other Terms -- 6.4.1 Control Rights -- 6.4.2 Future Fundraising -- 6.4.3 Investor Liquidity -- 6.4.4 Additional Clauses -- 6.5 Valuation Versus Terms -- 6.6 Convertible Notes -- 6.6.1 How Convertible Notes Work -- 6.6.2 Valuation Caps -- Summary -- Review Questions -- 7 Structuring Deals -- 7.1 The Art of Structuring Deals -- 7.2 The Fundraising Process -- 7.2.1 Preparing the Fundraising Campaign -- 7.2.2 Executing the Fundraising Campaign -- 7.2.3 Valuing an Idea -- 7.3 Finding a Match -- 7.3.1 Investor Deal Sourcing -- 7.3.2 Investor Screening -- 7.3.3 The MATCH Tool -- 7.4 Syndication -- 7.4.1 Reasons to Syndicate -- 7.4.2 The Structure of Syndicates -- 7.5 Deal Negotiations -- 7.5.1 Bargaining Theory -- 7.5.2 Negotiation Analysis -- 7.5.3 Closing the Deal -- 7.5.4 Deal Negotiations with Investor Competition -- 7.6 Living With The Deal -- 7.6.1 The Importance of Trust -- 7.6.2 A Long-Term Perspective -- Summary -- Review Questions -- 8 Corporate Governance -- 8.1 The Need for Corporate Governance -- 8.1.1 Why Companies Need Investor Involvement -- 8.1.2 Why Investors Oversee Their Companies -- 8.2 Corporate Governance Structures -- 8.2.1 Voting Rights -- 8.2.2 Board Of Directors -- 8.2.3 Informal Control -- 8.3 Investor Value-Adding -- 8.3.1 Picking versus Making Winners 8.3.2 How Investors Add Value -- 8.3.3 Where Investors Add Value -- 8.3.4 The Question of Replacing Managers -- 8.3.5 Assessing Value-Adding Fit -- Summary -- Review Questions -- 9 Staged Financing -- 9.1 The Rationale for Staged Financing -- 9.2 Structuring Staged Financing Deals -- 9.2.1 Staged Investments and Ownership -- 9.2.2 The Option Value of Staging -- 9.2.3 Tranching -- 9.2.4 Old versus New Investors -- 9.3 Term Sheets for Staging -- 9.3.1 The Liquidation Stack -- 9.3.2 Anti-dilution Rights -- 9.3.3 Additional Rights -- 9.4 Managing Financial Difficulties -- 9.4.1 Down Rounds -- 9.4.2 Turnarounds -- 9.5 Dynamic Strategies -- 9.5.1 Dynamic Investment Strategies -- 9.5.2 Dynamic Valuation Profiles -- Summary -- Review Questions -- 10 Debt Financing -- 10.1 Fundamentals of Debt -- 10.1.1 What Is Debt? -- 10.1.2 The Structure of Debt Contracts -- 10.2 Debt versus Equity -- 10.2.1 The Fallacy That Debt Is Cheaper Than Equity -- 10.2.2 Comparing Debt and Equity -- 10.3 Why Banks Don't Lend to Start-ups -- 10.4 Alternative Types of Debt -- 10.4.1 Personal Loans and Credit Cards -- 10.4.2 Trade Credit -- 10.4.3 Discounting and Factoring -- 10.4.4 Venture Leasing -- 10.4.5 Venture Debt -- 10.5 Valuation with Debt -- 10.5.1 Enterprise versus Equity Value -- 10.5.2 Adjusting Valuation Methods for Debt -- Summary -- Review Questions -- 11 Exit -- 11.1 The Importance of Exiting Investments -- 11.1.1 Reasons for Exit -- 11.1.2 The Four Main Types of Exit -- 11.1.3 The Exit Decision -- 11.1.4 The Timing of Exit -- 11.2 Initial Public Offerings -- 11.2.1 Benefits and Costs -- 11.2.2 Preparing for an IPO -- 11.2.3 Pricing the IPO -- 11.2.4 Structuring the IPO -- 11.2.5 After the IPO -- 11.3 Acquisitions -- 11.3.1 Strategic Motives -- 11.3.2 Preparing for an Acquisition -- 11.3.3 Structuring an Acquisition -- 11.3.4 After the Acquisition 11.4 Sale To Financial Buyers -- 11.4.1 Buyouts -- 11.4.2 Secondary Sales -- 11.5 Closing Down the Company -- 11.6 Determinants of the Exit Decision -- 11.6.1 Market Forces -- 11.6.2 Economic Fundamentals -- 11.6.3 Internal Company Dynamics -- Summary -- Review Questions -- 12 Venture Capital -- 12.1 The Venture Capital Model -- 12.2 Institutional Investors (LPs) -- 12.2.1 Portfolio Allocation Choices -- 12.2.2 Building a VC Portfolio -- 12.3 Limited Partnership Agreements -- 12.3.1 Fund Structure -- 12.3.2 Fund Rules -- 12.3.3 GP Compensation -- 12.3.4 GP Incentives -- 12.4 VC Firms (GPs) -- 12.4.1 Internal Structure -- 12.4.2 Fundraising -- 12.4.3 Networks -- 12.4.4 Alternatives to the Partnership Model -- 12.5 Investment Strategies -- 12.5.1 The Investment Strategy -- 12.5.2 Investment Strategy Styles -- 12.5.3 Implementing the Investment Strategy -- 12.5.4 An Example -- 12.6 Risk And Return in VC -- 12.6.1 Gross Returns to the VC Fund -- 12.6.2 Net Returns to Limited Partners -- 12.6.3 Assessing VC Fund Performance -- Summary -- Review Questions -- 13 Early-Stage Investors -- 13.1 Founders, Family, and Friends -- 13.1.1 Reasons for Investing -- 13.1.2 How Family and Friends Invest -- 13.2 Angel Investors -- 13.2.1 Different Types of Angel Investors -- 13.2.2 How Angels Invest -- 13.3 Corporate Investors -- 13.3.1 The Motivation of Corporate Investors -- 13.3.2 The Structure of Corporate Investors -- 13.3.3 How Corporates Invest -- 13.4 Crowdfunding -- 13.4.1 The Structure of Crowdfunding Platforms -- 13.4.2 Motivations in Crowdfunding -- 13.4.3 Crowdfunding Campaigns -- 13.4.4 Returns from Crowdfunding -- 13.5 Initial Coin Offerings -- 13.5.1 The Blockchain and Cryptocurrencies -- 13.5.2 The Structure of Initial Coin Offerings -- 13.5.3 The Current Debate About Initial Coin Offerings -- 13.6 Further Investor Types 13.6.1 Accelerators and Incubators Entrepreneurial finance brings together the fast-moving world of entrepreneurship with the disciplined world of finance. Fundamentals of Entrepreneurial Finance provides an accessible, yet rigorous, framework for understanding how ambitious, high-growth start-ups can successfully obtain funding and interact with investors New business enterprises-Finance Venture capital Entrepreneurship Entrepreneurship (DE-588)7588126-3 gnd rswk-swf Risikokapital (DE-588)4124067-4 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Electronic books (DE-588)4143413-4 Aufsatzsammlung gnd-content Entrepreneurship (DE-588)7588126-3 s Finanzierung (DE-588)4017182-6 s Risikokapital (DE-588)4124067-4 s DE-604 Hellmann, Thomas Sonstige oth Erscheint auch als Druck-Ausgabe Da Rin, Marco Fundamentals of Entrepreneurial Finance Oxford : Oxford University Press, Incorporated,c2020 9780199744756 |
| spellingShingle | Da Rin, Marco Fundamentals of Entrepreneurial Finance cover -- half title -- Fundamentals of Entrepreneurial Finance -- Copyright -- Dedication -- Dedication -- Contents -- 1 Introduction to Entrepreneurial Finance -- 1.1 What Is Entrepreneurial Finance? -- 1.2 Why Is Entrepreneurial Finance Challenging? -- 1.3 Why Is Entrepreneurial Finance Important? -- 1.4 Key Facts about Entrepreneurial Finance -- 1.5 The Entrepreneurial Financing Process -- 1.5.1 The Need for Frameworks -- 1.5.2 The FIRE Framework -- 1.5.3 FIRE in Practice -- 1.6 Who Are the Investors? -- 1.6.1 Main Types of Investors -- 1.6.2 The FUEL Framework -- Summary -- Review Questions -- 2 Evaluating Venture Opportunities -- 2.1 Assessing Opportunities -- 2.1.1 The Venture Evaluation Matrix -- 2.1.2 The WorkHorse Case Study -- 2.2 Explaining the Venture Evaluation Matrix -- 2.2.1 Need -- 2.2.2 Solution -- 2.2.3 Team -- 2.2.4 Market -- 2.2.5 Competition -- 2.2.6 Network -- 2.2.7 Sales -- 2.2.8 Production -- 2.2.9 Organization -- 2.3 Drawing Conclusions from the Venture Evaluation Matrix -- 2.3.1 Three Perspectives on Attractiveness -- 2.3.2 Three Competitive Advantages -- 2.3.3 Assessing Risk -- 2.3.4 Interactions Across Cells -- 2.4 How Entrepreneurs Use the Venture Evaluation Matrix -- 2.4.1 The Entrepreneur's Decision -- 2.4.2 Writing a Business Plan -- 2.5 How Investors Use the Venture Evaluation Matrix -- 2.5.1 The Venture Evaluation Matrix Spreadsheet Tool -- 2.5.2 Investor Due Diligence -- 2.5.3 The Investor's Decision -- Summary -- Review Questions -- 3 The Financial Plan -- 3.1 The Purpose of the Financial Plan -- 3.2 Financial Projections -- 3.2.1 The Three Reflections -- 3.2.2 The Structure of Financial Projections -- 3.2.3 Sources of Information -- 3.2.4 Developing Financial Projections -- 3.3 Defining A Timeline with Milestones -- 3.4 Estimating Revenues -- 3.4.1 The Top-Down Approach -- 3.4.2 The Bottom-Up Approach 3.4.3 Combining Approaches -- 3.5 Estimating Costs -- 3.5.1 Terminology -- 3.5.2 Costs of Goods Sold -- 3.5.3 Operating Expenses -- 3.5.4 Capital Expenditures -- 3.6 Pro Forma Financial Statements -- 3.6.1 The Structure of Financial Statements -- 3.6.2 Interpreting Financial Projections -- 3.6.3 Income Versus Cash Flows -- 3.6.4 Testing financial projections -- 3.6.5 Simplifications -- 3.7 Formulating the financial plan -- 3.7.1 The Attractiveness of he Venture -- 3.7.2 Financing Needs -- 3.7.3 Pitching the Financial Plan -- Summary -- Review questions -- 4 Ownership and Returns -- 4.1 The Mechanics of Ownership and Valuation -- 4.1.1 Pre-Money and Post-Money Valuation -- 4.1.2 Price and Number of Shares -- 4.1.3 Stock Options -- 4.1.4 The Capitalization Table -- 4.1.5 Dilution with Multiple Rounds -- 4.2 Investor Returns -- 4.2.1 Risk and Return -- 4.2.2 Three Measures of Return -- 4.2.3 Comparing Return Measures -- 4.2.4 Returns with Multiple Rounds -- 4.3 The Determinants of Valuation And Returns -- 4.3.1 The Relationship Between Valuation and Returns -- 4.3.2 The Economic Determinants of Valuation -- 4.4 The Determinants of Founder Ownership -- 4.4.1 Founder Agreements -- 4.4.2 Principles for Internal Allocation -- 4.4.3 The FAST Tool -- Summary -- Review Questions -- 5 Valuation Methods -- 5.1 The Valuation of Entrepreneurial Companies -- 5.1.1 The Purpose of Performing a Valuation -- 5.1.2 The Challenges of Performing a Valuation -- 5.2 The Venture Capital Method -- 5.2.1 Valuation with a Single Investment Round -- 5.2.2 Valuation with Multiple Investment Rounds -- 5.2.3 Estimating the Inputs -- 5.2.4 Model Variants -- 5.3 The Discounted Cash Flow Method -- 5.3.1 The Mechanics of the DCF Method -- 5.3.2 Estimating the Inputs -- 5.4 Methods of Comparables -- 5.4.1 The Investment Comparables Method -- 5.4.2 The Exit Comparables Method 5.5 Modelling Uncertainty -- 5.5.1 Scenario Analysis and Simulations -- 5.5.2 PROFEX -- 5.6 The Choice of Valuation Model -- Summary -- Review Questions -- 6 Term Sheets -- 6.1 Term Sheet Fundamentals -- 6.1.1 The Role of Term Sheets -- 6.1.2 Contingent Contracting and Milestones -- 6.1.3 Overview of Terms -- 6.2 Cash Flow Rights -- 6.2.1 Convertible Preferred Stock -- 6.2.2 Participating Preferred Stock -- 6.2.3 Reasons for Using Preferred Stock -- 6.3 Compensation -- 6.3.1 Founder Employment Agreements -- 6.3.2 Employee Stock Option Plans -- 6.4 An Overview of Other Terms -- 6.4.1 Control Rights -- 6.4.2 Future Fundraising -- 6.4.3 Investor Liquidity -- 6.4.4 Additional Clauses -- 6.5 Valuation Versus Terms -- 6.6 Convertible Notes -- 6.6.1 How Convertible Notes Work -- 6.6.2 Valuation Caps -- Summary -- Review Questions -- 7 Structuring Deals -- 7.1 The Art of Structuring Deals -- 7.2 The Fundraising Process -- 7.2.1 Preparing the Fundraising Campaign -- 7.2.2 Executing the Fundraising Campaign -- 7.2.3 Valuing an Idea -- 7.3 Finding a Match -- 7.3.1 Investor Deal Sourcing -- 7.3.2 Investor Screening -- 7.3.3 The MATCH Tool -- 7.4 Syndication -- 7.4.1 Reasons to Syndicate -- 7.4.2 The Structure of Syndicates -- 7.5 Deal Negotiations -- 7.5.1 Bargaining Theory -- 7.5.2 Negotiation Analysis -- 7.5.3 Closing the Deal -- 7.5.4 Deal Negotiations with Investor Competition -- 7.6 Living With The Deal -- 7.6.1 The Importance of Trust -- 7.6.2 A Long-Term Perspective -- Summary -- Review Questions -- 8 Corporate Governance -- 8.1 The Need for Corporate Governance -- 8.1.1 Why Companies Need Investor Involvement -- 8.1.2 Why Investors Oversee Their Companies -- 8.2 Corporate Governance Structures -- 8.2.1 Voting Rights -- 8.2.2 Board Of Directors -- 8.2.3 Informal Control -- 8.3 Investor Value-Adding -- 8.3.1 Picking versus Making Winners 8.3.2 How Investors Add Value -- 8.3.3 Where Investors Add Value -- 8.3.4 The Question of Replacing Managers -- 8.3.5 Assessing Value-Adding Fit -- Summary -- Review Questions -- 9 Staged Financing -- 9.1 The Rationale for Staged Financing -- 9.2 Structuring Staged Financing Deals -- 9.2.1 Staged Investments and Ownership -- 9.2.2 The Option Value of Staging -- 9.2.3 Tranching -- 9.2.4 Old versus New Investors -- 9.3 Term Sheets for Staging -- 9.3.1 The Liquidation Stack -- 9.3.2 Anti-dilution Rights -- 9.3.3 Additional Rights -- 9.4 Managing Financial Difficulties -- 9.4.1 Down Rounds -- 9.4.2 Turnarounds -- 9.5 Dynamic Strategies -- 9.5.1 Dynamic Investment Strategies -- 9.5.2 Dynamic Valuation Profiles -- Summary -- Review Questions -- 10 Debt Financing -- 10.1 Fundamentals of Debt -- 10.1.1 What Is Debt? -- 10.1.2 The Structure of Debt Contracts -- 10.2 Debt versus Equity -- 10.2.1 The Fallacy That Debt Is Cheaper Than Equity -- 10.2.2 Comparing Debt and Equity -- 10.3 Why Banks Don't Lend to Start-ups -- 10.4 Alternative Types of Debt -- 10.4.1 Personal Loans and Credit Cards -- 10.4.2 Trade Credit -- 10.4.3 Discounting and Factoring -- 10.4.4 Venture Leasing -- 10.4.5 Venture Debt -- 10.5 Valuation with Debt -- 10.5.1 Enterprise versus Equity Value -- 10.5.2 Adjusting Valuation Methods for Debt -- Summary -- Review Questions -- 11 Exit -- 11.1 The Importance of Exiting Investments -- 11.1.1 Reasons for Exit -- 11.1.2 The Four Main Types of Exit -- 11.1.3 The Exit Decision -- 11.1.4 The Timing of Exit -- 11.2 Initial Public Offerings -- 11.2.1 Benefits and Costs -- 11.2.2 Preparing for an IPO -- 11.2.3 Pricing the IPO -- 11.2.4 Structuring the IPO -- 11.2.5 After the IPO -- 11.3 Acquisitions -- 11.3.1 Strategic Motives -- 11.3.2 Preparing for an Acquisition -- 11.3.3 Structuring an Acquisition -- 11.3.4 After the Acquisition 11.4 Sale To Financial Buyers -- 11.4.1 Buyouts -- 11.4.2 Secondary Sales -- 11.5 Closing Down the Company -- 11.6 Determinants of the Exit Decision -- 11.6.1 Market Forces -- 11.6.2 Economic Fundamentals -- 11.6.3 Internal Company Dynamics -- Summary -- Review Questions -- 12 Venture Capital -- 12.1 The Venture Capital Model -- 12.2 Institutional Investors (LPs) -- 12.2.1 Portfolio Allocation Choices -- 12.2.2 Building a VC Portfolio -- 12.3 Limited Partnership Agreements -- 12.3.1 Fund Structure -- 12.3.2 Fund Rules -- 12.3.3 GP Compensation -- 12.3.4 GP Incentives -- 12.4 VC Firms (GPs) -- 12.4.1 Internal Structure -- 12.4.2 Fundraising -- 12.4.3 Networks -- 12.4.4 Alternatives to the Partnership Model -- 12.5 Investment Strategies -- 12.5.1 The Investment Strategy -- 12.5.2 Investment Strategy Styles -- 12.5.3 Implementing the Investment Strategy -- 12.5.4 An Example -- 12.6 Risk And Return in VC -- 12.6.1 Gross Returns to the VC Fund -- 12.6.2 Net Returns to Limited Partners -- 12.6.3 Assessing VC Fund Performance -- Summary -- Review Questions -- 13 Early-Stage Investors -- 13.1 Founders, Family, and Friends -- 13.1.1 Reasons for Investing -- 13.1.2 How Family and Friends Invest -- 13.2 Angel Investors -- 13.2.1 Different Types of Angel Investors -- 13.2.2 How Angels Invest -- 13.3 Corporate Investors -- 13.3.1 The Motivation of Corporate Investors -- 13.3.2 The Structure of Corporate Investors -- 13.3.3 How Corporates Invest -- 13.4 Crowdfunding -- 13.4.1 The Structure of Crowdfunding Platforms -- 13.4.2 Motivations in Crowdfunding -- 13.4.3 Crowdfunding Campaigns -- 13.4.4 Returns from Crowdfunding -- 13.5 Initial Coin Offerings -- 13.5.1 The Blockchain and Cryptocurrencies -- 13.5.2 The Structure of Initial Coin Offerings -- 13.5.3 The Current Debate About Initial Coin Offerings -- 13.6 Further Investor Types 13.6.1 Accelerators and Incubators New business enterprises-Finance Venture capital Entrepreneurship Entrepreneurship (DE-588)7588126-3 gnd Risikokapital (DE-588)4124067-4 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)7588126-3 (DE-588)4124067-4 (DE-588)4017182-6 (DE-588)4143413-4 |
| title | Fundamentals of Entrepreneurial Finance |
| title_auth | Fundamentals of Entrepreneurial Finance |
| title_exact_search | Fundamentals of Entrepreneurial Finance |
| title_full | Fundamentals of Entrepreneurial Finance |
| title_fullStr | Fundamentals of Entrepreneurial Finance |
| title_full_unstemmed | Fundamentals of Entrepreneurial Finance |
| title_short | Fundamentals of Entrepreneurial Finance |
| title_sort | fundamentals of entrepreneurial finance |
| topic | New business enterprises-Finance Venture capital Entrepreneurship Entrepreneurship (DE-588)7588126-3 gnd Risikokapital (DE-588)4124067-4 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | New business enterprises-Finance Venture capital Entrepreneurship Risikokapital Finanzierung Aufsatzsammlung |
| work_keys_str_mv | AT darinmarco fundamentalsofentrepreneurialfinance AT hellmannthomas fundamentalsofentrepreneurialfinance |