WHU - Startseite | Logo

CMiME:Entrepreneurial Finance

Kurs ID
ENTR504
Art des Kurses
MSc Kurs
Wochenstunden
2,5
ECTS
5.0
Semester
HS 2019
Vortragssprache
Englisch
Vortragende/r
Prof. Dr. Serden Ozcan
Bitte beachten Sie, dass AustauschstudentInnen im BSc-Programm der WHU eine höhere Anzahl an Credits erwerben als hier aufgeführt. Für weitere Informationen wenden Sie sich bitte direkt an das [International Relations Office].
In this course, we focus on financial economic foundations of a new venture. We examine a new venture’s financing options, appropriate capital and governance structures, and risk management tools at each stage of its lifetime, from idea to exit. These choices are complex in nature, create path dependency (i.e. have long-term repercussions for future financial decisions), and substantially influence the magnitude of economic value created and captured by the start-up, and how this value is distributed among its shareholders.

The course is divided into four themes:

Theme 1:Entrepreneurial Finance: The First Six Months:

This theme provides an overview of the key financial decisions and considerations entrepreneurs must make in creating and launching a viablenew venture.Some of the themes we cover include founder agreements, distribution of equity, cap table, vesting,andemployee compensation(e.g.,equity grants, options, bonuses).

Theme 2: Sourcing Non-institutional capital:

In thistheme, we focus on raising capital through accelerators and especially business angels. Weexamine and contrast their value proposals, business models and key operational processes and outline strategies for successful fundraising through these channels.

Theme 3: Venture Capital:

Thisthemeis about how VCs work with entrepreneurs to create successful ventures. We first explore the venture capital investment selection. Specific topics will include deal sourcing, due diligence, deal structuring, financing instruments, risk minimization, valuation, term sheets and negotiation. Subsequently, we analyze the post-investment management processes.

Theme 4:Exit strategies:

The purpose ofthis themeis to introduce the exit options for entrepreneurs,and to develop a strategic and operational roadmap for a successful execution of an exit strategy.

Date Time
Wednesday, 11.12.2019 09:00 - 15:15
Thursday, 12.12.2019 09:00 - 15:15
Friday, 13.12.2019 09:00 - 15:15
Saturday, 14.12.2019 09:00 - 15:15
Sunday, 15.12.2019 09:00 - 15:15
Kawasaki, G. 2001. Top Ten Lies of Entrepreneurs,Harvard BusinessReview,79(1): 22-23. Wasserman, N. 2008. The Founder’s Dilemma.Harvard BusinessReview,86(2): 102-109.Torres, N. 2015. What Angel Investors Value Most When Choosing What to Fund,Harvard BusinessReview.First Round Capital (2014): “A counterintuitive system for start-up compensation”              Freely available on the web: http://firstround.com/review/A-Counterintuitive-System-for-Startup-Compensation/WHU Lecture Note: Convertible DebtDiane, M. 2013. 6 Myths About Venture Capitalists,Harvard BusinessReview,91(5): 80-83.Malhotra, D. 2013. How to Negotiate with VCs,Harvard BusinessReview,91(5).Friend, T. 18/5/2015. Tomorrow’s Advance Man. The New Yorker Magazine.Kupor,S. Sep 2016: “16 Definitions on the Economics of VC,” by ScottKupor,Andreessen Horowitz (September 2016)                Freelyavailable on the web:https://a16z.com/2016/09/11/vc-economics/Roizen (2015): How to Build a Unicorn from Scratch andWalkawaywith Nothing”            Freely available on the web:https://www.forbes.com/sites/valleyvoices/2015/05/18/how-to-build-a-unicorn-from-scratch-and-walk-away-with-nothing/#414b611937c4
Lectures, cases, simulations, guest lectures and group work
Written work, Oral Participation
No prerequisite.
125
WHU - Startseite | Logo