图书简介

Chapter 1; 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; Chapter 2; 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; Chapter 3; 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 the venture; 3.7.2 Financing needs; 3.7.3 Pitching the financial plan; Summary; Review questions; Chapter 4; 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; Chapter 5; 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; Chapter 6; 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; Chapter 7; 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; Chapter 8; 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; Chapter 9; 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; Chapter 10; 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 startups; 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; Chapter 11; 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; Chapter 12; 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; Chapter 13; 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; 13.6.2 Technology transfer funds; 13.6.3 Social impact venture investors; 13.7 Comparing early stage investors; Summary; Review questions; Chapter 14; 14.1 Entrepreneurial ecosystems; 14.1.1 Ecosystem structure; 14.1.2 Overview of leading ecosystems; 14.2 How do entrepreneurial ecosystem work?; 14.2.1 Interactions within the talent pool; 14.2.2 Interactions with investors; 14.2.3 Interactions with supporting parties; 14.3 The role of government; 14.3.1 Should the government support entrepreneurial ecosystems?; 14.3.2 Government funding; 14.3.3 Tax credits; 14.3.4 Capital markets; 14.3.5 Framework conditions; 14.3.6 Demand side policies; 14.4 Global ecosystems; 14.4.1 The global movement of capital; 14.4.2 The global movement of talent; Summary; Review questions

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