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Einband grossFundamentals of Entrepreneurial Finance
ISBN/GTIN

Fundamentals of Entrepreneurial Finance

E-BookEPUBDRM AdobeE-Book
600 Seiten
Englisch
Oxford University Presserschienen am21.01.2020
Fundamentals of Entrepreneurial Finance provides a comprehensive introduction to entrepreneurial finance, showing how entrepreneurs and investors jointly turn ideas into valuable high-growth start-ups. Marco Da Rin and Thomas Hellmann examine the challenges entrepreneurs face in obtaining funding and the challenges investors face in attracting promising ventures. They follow the joint journey of entrepreneurs and investors from initial match to the eventual success or failure of the venture. Written with the goal of making entrepreneurial finance accessible, this book starts with the basics, develops advanced topics, and derives practical insights. Da Rin and Hellmann build on academic foundations from several disciplines and enrich the text with data, mini-cases, examples, and exercises.mehr
Verfügbare Formate
BuchGebunden
EUR104,50
E-BookEPUBDRM AdobeE-Book
EUR79,99
E-BookPDFDRM AdobeE-Book
EUR89,49

Produkt

KlappentextFundamentals of Entrepreneurial Finance provides a comprehensive introduction to entrepreneurial finance, showing how entrepreneurs and investors jointly turn ideas into valuable high-growth start-ups. Marco Da Rin and Thomas Hellmann examine the challenges entrepreneurs face in obtaining funding and the challenges investors face in attracting promising ventures. They follow the joint journey of entrepreneurs and investors from initial match to the eventual success or failure of the venture. Written with the goal of making entrepreneurial finance accessible, this book starts with the basics, develops advanced topics, and derives practical insights. Da Rin and Hellmann build on academic foundations from several disciplines and enrich the text with data, mini-cases, examples, and exercises.
Details
Weitere ISBN/GTIN9780190941567
ProduktartE-Book
EinbandartE-Book
FormatEPUB
Format HinweisDRM Adobe
FormatE101
Erscheinungsjahr2020
Erscheinungsdatum21.01.2020
Seiten600 Seiten
SpracheEnglisch
Dateigrösse10685 Kbytes
Artikel-Nr.5055316
Rubriken
Genre9200

Inhalt/Kritik

Inhaltsverzeichnis
Chapter 1 : Introduction to Entrepreneurial Finance1.1 What is entrepreneurial finance?1.2 Why is entrepreneurial finance challenging? 1.3 Why is entrepreneurial finance important?1.4 Key facts about entrepreneurial finance1.5 The entrepreneurial financing process1.5.1 The need for frameworks1.5.2 The FIRE framework1.5.3 FIRE in practice1.6 Who are the investors?1.6.1 Main types of investors1.6.2 The FUEL frameworkSummaryReview questionsChapter 2: Evaluating Venture Opportunities2.1 Assessing Opportunities2.1.1 The Venture Evaluation Matrix2.1.2 The WorkHorse case study 2.2 Explaining the Venture Evaluation Matrix2.2.1 Need2.2.2 Solution2.2.3 Team2.2.4 Market2.2.5 Competition2.2.6 Network2.2.7 Sales2.2.8 Production2.2.9 Organization2.3 Drawing conclusions from the Venture Evaluation Matrix2.3.1 Three perspectives on attractiveness2.3.2 Three competitive advantages2.3.3 Assessing risk2.3.4 Interactions across cells2.4 How entrepreneurs use the Venture Evaluation Matrix2.4.1 The entrepreneur's decision2.4.2 Writing a business plan2.5 How investors use the Venture Evaluation Matrix2.5.1 The Venture Evaluation Matrix spreadsheet tool2.5.2 Investor due diligence2.5.3 The investor's decisionSummaryReview questionsChapter 3: The Financial Plan3.1 The purpose of the financial plan3.2 Financial projections3.2.1 The three reflections3.2.2 The structure of financial projections3.2.3 Sources of information3.2.4 Developing financial projections3.3 Defining a timeline with milestones 3.4 Estimating revenues 3.4.1 The top-down approach3.4.2 The bottom-up approach3.4.3 Combining approaches3.5 Estimating costs3.5.1 Terminology3.5.2 Costs of goods sold3.5.3 Operating expenses3.5.4 Capital expenditures3.6 Pro forma financial statements3.6.1 The structure of financial statements3.6.2 Interpreting financial projections3.6.3 Income versus cash flows3.6.4 Testing financial projections3.6.5 Simplifications3.7 Formulating the financial plan3.7.1 The attractiveness of the venture3.7.2 Financing needs3.7.3 Pitching the financial plan SummaryReview questionsChapter 4: Ownership and Returns4.1 The mechanics of ownership and valuation4.1.1 Pre-money and post-money valuation4.1.2 Price and number of shares4.1.3 Stock options4.1.4 The capitalization table4.1.5 Dilution with multiple rounds4.2 Investor returns4.2.1 Risk and return4.2.2 Three measures of return4.2.3 Comparing return measures4.2.4 Returns with multiple rounds4.3 The determinants of valuation and returns4.3.1 The relationship between valuation and returns4.3.2 The economic determinants of valuation4.4 The determinants of founder ownership4.4.1 Founder agreements4.4.2 Principles for internal allocation4.4.3 The FAST ToolSummaryReview questionsChapter 5: Valuation Methods5.1 The valuation of entrepreneurial companies 5.1.1 The purpose of performing a valuation5.1.2 The challenges of performing a valuation 5.2 The Venture Capital method 5.2.1 Valuation with a single investment round5.2.2 Valuation with multiple investment rounds5.2.3 Estimating the inputs5.2.4 Model variants5.3 The Discounted Cash Flow method5.3.1 The mechanics of the DCF method 5.3.2 Estimating the inputs5.4 Methods of Comparables5.4.1 The Investment Comparables method5.4.2 The Exit Comparables method5.5 Modelling uncertainty5.5.1 Scenario analysis and simulations5.5.2 PROFEX5.6 The choice of valuation modelSummaryReview questionsChapter 6: Term Sheets6.1 Term sheet fundamentals6.1.1 The role of term sheets6.1.2 Contingent contracting and milestones6.1.3 Overview of terms 6.2 Cash flow rights6.2.1 Convertible preferred stock6.2.2 Participating preferred stock6.2.3 Reasons for using preferred stock6.3 Compensation6.3.1 Founder employment agreements 6.3.2 Employee stock option plans6.4 An overview of other terms6.4.1 Control rights6.4.2 Future fundraising 6.4.3 Investor liquidity6.4.4 Additional clauses 6.5 Valuation versus terms6.6 Convertible notes6.6.1 How convertible notes work6.6.2 Valuation capsSummaryReview questionsChapter 7: Structuring Deals7.1 The art of structuring deals7.2 The fundraising process7.2.1 Preparing the fundraising campaign7.2.2 Executing the fundraising campaign7.2.3 Valuing an idea7.3 Finding a match7.3.1 Investor deal sourcing7.3.2 Investor screening 7.3.3 The MATCH tool 7.4 Syndication 7.4.1 Reasons to syndicate7.4.2 The structure of syndicates7.5 Deal Negotiations7.5.1 Bargaining theory 7.5.2 Negotiation analysis7.5.3 Closing the deal7.5.4 Deal negotiations with investor competition7.6 Living with the deal7.6.1 The importance of trust7.6.2 A long-term perspectiveSummaryReview questionsChapter 8: Corporate Governance8.1 The need for corporate governance8.1.1 Why companies need investor involvement8.1.2 Why investors oversee their companies8.2 Corporate governance structures8.2.1 Voting rights8.2.2 Board of Directors 8.2.3 Informal control8.3 Investor value-adding8.3.1 Picking versus making winners8.3.2 How investors add value8.3.3 Where investors add value8.3.4 The question of replacing managers8.3.5 Assessing value-adding fitSummaryReview questionsChapter 9: Staged Financing9.1 The rationale for staged financing9.2 Structuring staged financing deals9.2.1 Staged investments and ownership9.2.2 The option value of staging9.2.3 Tranching 9.2.4 Old versus new investors9.3 Term sheets for staging9.3.1 The liquidation stack9.3.2 Anti-dilution rights9.3.3 Additional rights9.4 Managing financial difficulties9.4.1 Down rounds9.4.2 Turnarounds9.5 Dynamic strategies9.5.1 Dynamic investment strategies9.5.2 Dynamic valuation profiles SummaryReview questionsChapter 10: Debt Financing10.1 Fundamentals of debt10.1.1 What is debt?10.1.2 The structure of debt contracts10.2 Debt versus equity 10.2.1 The fallacy that debt is cheaper than equity10.2.2 Comparing debt and equity10.3 Why banks don't lend to startups10.4 Alternative types of debt10.4.1 Personal loans and credit cards10.4.2 Trade credit10.4.3 Discounting and factoring10.4.4 Venture leasing10.4.5 Venture debt10.5 Valuation with debt10.5.1 Enterprise versus equity value10.5.2 Adjusting valuation methods for debtSummaryReview questionsChapter 11: Exit11.1 The importance of exiting investments11.1.1 Reasons for exit11.1.2 The four main types of exit11.1.3 The exit decision 11.1.4 The timing of exit11.2 Initial Public Offerings11.2.1 Benefits and costs11.2.2 Preparing for an IPO11.2.3 Pricing the IPO11.2.4 Structuring the IPO11.2.5 After the IPO11.3 Acquisitions11.3.1 Strategic motives 11.3.2 Preparing for an acquisition11.3.3 Structuring an acquisition11.3.4 After the acquisition11.4 Sale to financial buyers11.4.1 Buyouts11.4.2 Secondary sales11.5 Closing down the company 11.6 Determinants of the exit decision11.6.1 Market forces11.6.2 Economic fundamentals11.6.3 Internal company dynamicsSummaryReview questionsChapter 12: Venture Capital12.1 The venture capital model12.2 Institutional investors (LPs) 12.2.1 Portfolio allocation choices12.2.2 Building a VC portfolio12.3 Limited Partnership Agreements12.3.1 Fund structure 12.3.2 Fund rules12.3.3 GP compensation12.3.4 GP incentives12.4 VC firms (GPs)12.4.1 Internal structure12.4.2 Fundraising12.4.3 Networks12.4.4 Alternatives to the partnership model12.5 Investment strategies12.5.1 The investment strategy12.5.2 Investment strategy styles12.5.3 Implementing the investment strategy12.5.4 An example12.6 Risk and return in VC12.6.1 Gross returns to the VC fund12.6.2 Net returns to limited partners12.6.3 Assessing VC fund performanceSummaryChapter 13: Early-Stage Investors13.1 Founders, family, and friends13.1.1 Reasons for investing13.1.2 How family and friends invest13.2 Angel investors13.2.1 Different types of angel investors 13.2.2 How angels invest13.3 Corporate investors13.3.1 The motivation of corporate investors13.3.2 The structure of corporate investors13.3.3 How corporates invest13.4 Crowdfunding13.4.1 The structure of crowdfunding platforms13.4.2 Motivations in crowdfunding13.4.3 Crowdfunding campaigns 13.4.4 Returns from crowdfunding13.5 Initial Coin Offerings13.5.1 The Blockchain and cryptocurrencies13.5.2 The structure of Initial Coin Offerings13.5.3 The current debate about Initial Coin Offerings13.6 Further investor types13.6.1 Accelerators and incubators13.6.2 Technology transfer funds13.6.3 Social impact venture investors13.7 Comparing early stage investorsSummaryReview questionsChapter 14: Ecosystems14.1 Entrepreneurial ecosystems14.1.1 Ecosystem structure14.1.2 Overview of leading ecosystems14.2 How do entrepreneurial ecosystem work?14.2.1 Interactions within the talent pool14.2.2 Interactions with investors14.2.3 Interactions with supporting parties14.3 The role of government14.3.1 Should the government support entrepreneurial ecosystems?14.3.2 Government funding14.3.3 Tax credits14.3.4 Capital markets14.3.5 Framework conditions14.3.6 Demand side policies14.4 Global ecosystems 14.4.1 The global movement of capital14.4.2 The global movement of talentSummaryReview questionsBibliographyIndexmehr

Autor

Dr. Marco Da Rin, Associate Professor of Finance, Tilburg Universty, Dr. Thomas Hellmann, DP World Professor of Entrepreneurship and Innovation, Saïd School of Business, University of Oxford. Dr. Marco Da Rin is an Associate Professor of Finance at Tilburg University. He holds a PhD in Economics from Stanford University. He has designed and taught courses in entrepreneurship and entrepreneurial finance at the undergraduate, Master, doctoral, MBA, and executive level in several countries. His research and teaching focuses on entrepreneurial finance, entrepreneurship, venture capital and private equity, and public policy for entrepreneurship. He has also been a consultant to several international organizations, including the European Commission, the OECD, and the United Nations, as well as regional governments and private companies. He has advised and contributed to several start-ups.Dr. Thomas Hellmann is the DP World Professor of Entrepreneurship and Innovation at the Saïd School of Business, University of Oxford. He holds a PhD in Economics from Stanford University. His research and teaching interests cover entrepreneurial finance, entrepreneurship, innovation, strategic management, and public policy. He was previously on the faculty of the Stanford GSB and also taught at the Harvard Business School and Wharton. He is the founder of the NBER Entrepreneurship Research Boot Camp, the Academic Advisor of the Oxford Foundry, the Academic Director of SBS Entrepreneurship Centre, and Academic Lead of the Creative Destruction Lab - Oxford.
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