Raising venture capital:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Chichester [u.a.]
Wiley & Sons
2006
|
| Ausgabe: | repr. |
| Schriftenreihe: | Wiley finance series
|
| Schlagworte: | |
| Online-Zugang: | Table of contents only Contributor biographical information Publisher description Inhaltsverzeichnis |
| Beschreibung: | Includes index. |
| Beschreibung: | xv, 242 p. graph. Darst. 25 cm |
| ISBN: | 0470027576 9780470027578 |
Internformat
MARC
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| 100 | 1 | |a Barnes, Simon |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Raising venture capital |c Rupert Pearce and Simon Barnes |
| 250 | |a repr. | ||
| 264 | 1 | |a Chichester [u.a.] |b Wiley & Sons |c 2006 | |
| 300 | |a xv, 242 p. |b graph. Darst. |c 25 cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Wiley finance series | |
| 500 | |a Includes index. | ||
| 650 | 4 | |a Venture capital | |
| 700 | 1 | |a Pearce, Rupert |e Verfasser |4 aut | |
| 856 | 4 | |u http://www.loc.gov/catdir/toc/ecip064/2005034994.html |3 Table of contents only | |
| 856 | 4 | |u http://www.loc.gov/catdir/enhancements/fy0741/2005034994-b.html |3 Contributor biographical information | |
| 856 | 4 | |u http://www.loc.gov/catdir/enhancements/fy0741/2005034994-d.html |3 Publisher description | |
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016169735&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-016169735 | ||
Datensatz im Suchindex
| _version_ | 1804137214534221824 |
|---|---|
| adam_text | Contents
Preface xiii
Part I The Business of Venture Capital 1
1 Entrepreneurs and Venture Capitalists 3
1.1 Introduction 3
1.2 Entrepreneurs and business creation 3
1.3 Why entrepreneurs need external capital 4
1.4 Venture capitalists 6
1.5 How to read this book 7
2 Other People s Money 9
2.1 Introduction 9
2.2 The fund raising cycle 10
2.3 Relationship with LPs 11
2.4 Identity of the LPs 11
2.5 Conclusions 13
3 The Limited Partnership 15
3.1 Introduction 15
3.2 The primacy of a limited partnership 15
3.3 Facets of a limited partnership 17
3.4 Partnership terms 19
3.4.1 Life 19
3.4.2 Capital commitments 20
3.4.3 GP management 20
3.4.4 Profit share 21
3.4.5 Investment restrictions 21
3.4.6 Transaction costs and fees 21
3.4.7 Further funds 22
3.4.8 Transfer of LP interests 22
3.5 Conclusion: The venture capital business in a nutshell 22
vi Contents
4 The Competitive Environment 25
4.1 Introduction 25
4.2 Capital competition 25
4.2.1 Vintage years 25
4.2.2 Sector and geography 26
4.2.3 IRRs and cash on cash metrics 27
4.3 Deal competition 28
4.4 Conclusions 28
5 The VC s Investment Model 31
5.1 Introduction 31
5.2 Fundamentals of VC risk 31
5.3 Extreme caution over the act of investment 33
5.3.1 Focus on proprietary deal flow 33
5.3.2 Early exclusivity 34
5.3.3 Due diligence 34
5.3.4 Drip feed approach to investment 35
5.3.5 Syndication 35
5.3.6 Internal investment process 36
5.4 Exit obsession 38
5.5 High reward for high risk 39
5.6 Downside risk management 40
5.6.1 Tranching of investments 41
5.6.2 Price protection 41
5.6.3 Follow on capability 43
5.6.4 Information and veto rights 44
5.6.5 Special exit rights 45
5.7 Dynamic capital allocation 45
5.8 The human element 46
5.9 Conclusions 48
Part II Accessing Venture Capital 49
6 Introduction to Part II 51
7 Is Venture Capital the Right Option? 53
7.1 Introduction 53
7.2 What do I want my business to become? 53
7.3 Can my business match those ambitions? 54
7.4 How much capital does my business require? 54
7.5 Do I want to control my business for a long time? 55
7.6 What kind of life do I want to lead? 56
7.7 Am I comfortable with an exit? 56
8 Choosing a VC Firm 59
8.1 Introduction 59
8.2 Substantial long term resources 59
Contents vii
8.3 Long and relevant experience 61
8.4 A leader, not a follower 62
8.5 Scaling the business 62
8.5.1 Powerful proprietary networks 62
8.5.2 Portfolio community 62
8.5.3 International capability 63
8.5.4 Additional skills leverage 63
8.6 Successful reputation 63
8.7 Personal chemistry 63
9 The Entry Point 65
9.1 Introduction 65
9.2 Which qualified access route? 65
9.2.1 A personal contact 66
9.2.2 A portfolio company contact 66
9.2.3 Industry gurus 66
9.2.4 Professional advisors 66
9.2.5 Professional intermediaries 66
9.2.6 Cold calling 67
9.3 Generating a qualified access point 67
9.3.1 Portfolio company access 67
9.3.2 The great and the good 68
9.3.3 Personal contacts 68
9.4 Communicating the initial message 69
9.5 What is the VC firm looking for? 69
9.6 Conclusion 70
10 The Investment Process 71
10.1 Introduction 71
10.2 Phase one initial engagement with the VC firm 72
10.2.1 The kick off meeting 72
10.2.2 The initial presentation 73
10.3 Phase two preliminary due diligence to term sheet 74
10.3.1 Preliminary due diligence 74
10.3.2 Term sheet negotiations 75
10.4 Phase three from term sheet to completed investment 76
10.4.1 Final due diligence 76
10.4.2 Legal documentation 77
10.4.3 Syndication 79
10.4.4 Special situations 79
10.4.5 Internal approvals 80
10.5 Afterwards 80
11 Preparing for the Investment Process 81
11.1 Introduction 81
11.2 Timing 82
viii Contents
11.2.1 Timing the approach 82
11.2.2 Raising enough funds 82
11.3 Valuation 82
11.3.1 Introduction to valuation 82
11.3.2 Valuation bases the entrepreneur s perspective 84
11.3.3 Valuation bases the VC s perspective 85
11.3.4 Why value is important 86
11.3.5 Conclusions for an entrepreneur 87
11.4 Choosing an investor 88
11.5 Grooming the business 88
11.5.1 Revisiting timing and value assumptions 89
11.5.2 Ensuring management stability 90
11.5.3 Spring cleaning 91
11.6 Transaction structure 92
11.7 Transaction logistics 95
11.7.1 Confidentiality 95
11.7.2 Non solicitation 96
11.7.3 Preparing for site visits 97
11.7.4 Poison pills 97
11.8 Conclusion 98
Part III The VC Term Sheet 99
12 Introduction to Term Sheets 101
12.1 Purpose 101
12.2 What is a term sheet? 101
12.3 Why have term sheets at all? 102
12.3.1 Risk management 102
12.3.2 VC policy 103
12.3.3 Deal syndication 103
12.4 What happens to a term sheet? 104
12.5 Methodology of Part III 104
Pro forma term sheet 106
13 Business Valuation 121
14 Investment Structure 123
15 Syndication 125
15.1 Introduction to syndication 125
15.2 Reward for syndicate leadership 126
15.3 The entrepreneur s response 127
16 Investment Milestones 129
16.1 Introduction to investment milestones 129
16.1.1 Milestone definitions 129
16.1.2 Milestone waivers 130
Contents ix
16.2 Attractions for the VC firm 131
16.3 Attractions for the entrepreneur 132
16.3.1 Protected committed funding 132
16.3.2 Guaranteed subscription price 133
16.3.3 Fund raising without milestones 133
16.4 Areas to watch out for 134
16.4.1 Sizing each tranche 134
16.4.2 Careful drafting of milestones 135
16.4.3 Syndicate decision making 135
16.4.4 Enforcement teeth 136
16.4.5 Negotiation approaches 137
16.4.6 Earn ins and ratchets as an alternative 137
17 Corporate Governance 139
17.1 Introduction to corporate governance 139
17.2 VC board representation 139
17.2.1 Composition of the board 139
17.2.2 Nominations to the board 140
17.3 Board process 142
17.3.1 Regularity and quorum 142
17.3.2 Committees 142
17.3.3 Board veto rights 143
17.4 Shareholder information 144
17.5 Shareholder veto powers 145
18 Equity Participation 147
18.1 Introduction to equity participation 147
18.2 Voting rights 147
18.2.1 Introduction to voting rights 147
18.2.2 Attractions of voting rights to the VC firm 147
18.2.3 Attractions for the entrepreneur 149
18.2.4 Voting rights areas to watch out for 149
18.3 Dividend rights 150
18.3.1 Introduction to dividend rights 150
18.3.2 Attraction of dividend rights to the VC firm 150
18.3.3 The entrepreneur s response 151
18.4 The preference cascade 152
18.4.1 Preference shares 152
18.4.2 Double dipping preferred shares 154
18.4.3 High watermark preferred shares 157
18.4.4 The best type of preference? 159
18.4.5 Application of the preference 159
18.4.6 Legal considerations 161
18.5 Redemption features 162
18.5.1 Attractions of a redemption feature to the VC firm 162
18.5.2 Events of default 163
x Contents
18.5.3 Default 163
18.5.4 The decision making process 163
18.5.5 Legal issues 164
18.5.6 Alternatives to redemption 164
18.6 Conversion rights 165
18.6.1 Voluntary conversion rights 165
18.6.2 Compulsory conversion rights 166
18.6.3 Adjustment to conversion rights 167
19 Share Incentives 169
19.1 Introduction to share incentives 169
19.2 Sizing of incentive programmes 170
19.3 Who bears the dilution? 171
19.4 Ratchets 172
20 Share Vesting 175
20.1 Introduction to share vesting 175
20.2 Attractions of vesting to the VC firm 175
20.3 The entrepreneur s response 176
20.4 Vesting areas to watch out for 178
20.4.1 Pace and level of vesting 178
20.4.2 Good/bad leaver provisions 180
20.4.3 Acceleration on exit events 181
20.4.4 Treatment of vested shares 183
20.4.5 Repurchase mechanics 184
21 Pre emption Rights on Securities Issues 185
21.1 Introduction to share issue pre emption rights 185
21.2 Attractions of share issue pre emption rights to a VC firm 185
21.3 The entrepreneur s response 186
21.4 Areas to watch out for 186
21.4.1 What triggers pre emption rights? 187
21.4.2 Reference terms of pre emption 188
21.4.3 Partial pre emption? 188
21.4.4 Who gets pre emption rights? 189
21.4.5 Pre emption top ups 189
21.4.6 Administration of pre emption rights 190
22 Anti dilution Rights 191
22.1 Introduction to anti dilution rights 191
22.1.1 Full ratchet anti dilution 191
22.1.2 Weighted average anti dilution 192
22.1.3 Mechanism of action 192
22.2 Attraction of anti dilution to a VC firm 193
22.3 The entrepreneur s response 194
Contents xi
22.3.1 Fundamental unfairness 194
22.3.2 Limitation of anti dilution in practice 194
22.3.3 Shareholder double advantage 195
22.4 Pay to play 196
22.4.1 What is pay to play ? 196
22.4.2 Determining the amount to pay 196
22.4.3 Consequences of not paying... 197
22 A A New developments 198
22.5 Areas to watch out for 198
22.5.1 Carve outs 198
22.5.2 Pricing considerations 199
22.5.3 Proxies for value 199
22.5.4 Price benchmarks 200
22.5.5 Who squeezes who? 200
22.5.6 Differential pricing 200
22.5.7 Syndicate dangers 201
23 Provisions Relating to Share Transfers 203
23.1 Introduction to share transfers 203
23.2 Transfer restrictions 203
23.2.1 General restrictions 203
23.2.2 IPO restrictions 204
23.2.3 Mandatory sales 205
23.3 Transfer pre emption rights 205
23.3.1 Nature of pre emption 206
23.3.2 Partial pre emption? 206
23.3.3 Who gets pre emption rights? 207
23.3.4 Pre emption top ups 207
23.3.5 Buyer of last resort 208
23.3.6 Administration of pre emption rights 208
23.3.7 Exclusion of certain transactions 208
23.4 Drag along rights 209
23.4.1 What are drag along rights? 209
23.4.2 Why is drag along needed? 209
23.4.3 Drag along implementation 211
23.4.4 Further issues to consider 212
23.4.5 Enforcement of drag along rights 213
23.5 Tag along rights 214
23.5.1 Introduction to tag along rights 214
23.5.2 Nature of tag along rights 214
23.5.3 Partial tag along? 216
23.5.4 Timing of subsequent sale 216
23.5.5 Different classes of shares 216
23.5.6 Who gets tag along rights? 217
23.5.7 Pre emption top ups 218
23.5.8 Administration of pre emption rights 218
23.5.9 Exclusion of certain transactions 218
xii Contents
24 Deal Management Terms 219
24.1 Introduction 219
24.2 Conditions precedent 219
24.2.1 VC firm s strategy 220
24.2.2 Entrepreneur s strategy 220
24.3 Exclusivity 222
24.3.1 VC firm s strategy 222
24.3.2 Entrepreneur s strategy 223
24.4 Cost reimbursement 225
24.4.1 VC firm s strategy 225
24.4.2 Entrepreneur s strategy 226
24.4.3 Financial assistance 228
Index 229
|
| adam_txt |
Contents
Preface xiii
Part I The Business of Venture Capital 1
1 Entrepreneurs and Venture Capitalists 3
1.1 Introduction 3
1.2 Entrepreneurs and business creation 3
1.3 Why entrepreneurs need external capital 4
1.4 Venture capitalists 6
1.5 How to read this book 7
2 Other People's Money 9
2.1 Introduction 9
2.2 The fund raising cycle 10
2.3 Relationship with LPs 11
2.4 Identity of the LPs 11
2.5 Conclusions 13
3 The Limited Partnership 15
3.1 Introduction 15
3.2 The primacy of a limited partnership 15
3.3 Facets of a limited partnership 17
3.4 Partnership terms 19
3.4.1 Life 19
3.4.2 Capital commitments 20
3.4.3 GP management 20
3.4.4 Profit share 21
3.4.5 Investment restrictions 21
3.4.6 Transaction costs and fees 21
3.4.7 Further funds 22
3.4.8 Transfer of LP interests 22
3.5 Conclusion: The venture capital business in a nutshell 22
vi Contents
4 The Competitive Environment 25
4.1 Introduction 25
4.2 Capital competition 25
4.2.1 Vintage years 25
4.2.2 Sector and geography 26
4.2.3 IRRs and cash on cash metrics 27
4.3 Deal competition 28
4.4 Conclusions 28
5 The VC's Investment Model 31
5.1 Introduction 31
5.2 Fundamentals of VC risk 31
5.3 Extreme caution over the act of investment 33
5.3.1 Focus on proprietary deal flow 33
5.3.2 Early exclusivity 34
5.3.3 Due diligence 34
5.3.4 Drip feed approach to investment 35
5.3.5 Syndication 35
5.3.6 Internal investment process 36
5.4 Exit obsession 38
5.5 High reward for high risk 39
5.6 Downside risk management 40
5.6.1 Tranching of investments 41
5.6.2 Price protection 41
5.6.3 Follow on capability 43
5.6.4 Information and veto rights 44
5.6.5 Special exit rights 45
5.7 Dynamic capital allocation 45
5.8 The human element 46
5.9 Conclusions 48
Part II Accessing Venture Capital 49
6 Introduction to Part II 51
7 Is Venture Capital the Right Option? 53
7.1 Introduction 53
7.2 What do I want my business to become? 53
7.3 Can my business match those ambitions? 54
7.4 How much capital does my business require? 54
7.5 Do I want to control my business for a long time? 55
7.6 What kind of life do I want to lead? 56
7.7 Am I comfortable with an exit? 56
8 Choosing a VC Firm 59
8.1 Introduction 59
8.2 Substantial long term resources 59
Contents vii
8.3 Long and relevant experience 61
8.4 A leader, not a follower 62
8.5 Scaling the business 62
8.5.1 Powerful proprietary networks 62
8.5.2 Portfolio community 62
8.5.3 International capability 63
8.5.4 Additional skills leverage 63
8.6 Successful reputation 63
8.7 Personal chemistry 63
9 The Entry Point 65
9.1 Introduction 65
9.2 Which qualified access route? 65
9.2.1 A personal contact 66
9.2.2 A portfolio company contact 66
9.2.3 Industry gurus 66
9.2.4 Professional advisors 66
9.2.5 Professional intermediaries 66
9.2.6 Cold calling 67
9.3 Generating a qualified access point 67
9.3.1 Portfolio company access 67
9.3.2 The great and the good 68
9.3.3 Personal contacts 68
9.4 Communicating the initial message 69
9.5 What is the VC firm looking for? 69
9.6 Conclusion 70
10 The Investment Process 71
10.1 Introduction 71
10.2 Phase one initial engagement with the VC firm 72
10.2.1 The kick off meeting 72
10.2.2 The initial presentation 73
10.3 Phase two preliminary due diligence to term sheet 74
10.3.1 Preliminary due diligence 74
10.3.2 Term sheet negotiations 75
10.4 Phase three from term sheet to completed investment 76
10.4.1 Final due diligence 76
10.4.2 Legal documentation 77
10.4.3 Syndication 79
10.4.4 Special situations 79
10.4.5 Internal approvals 80
10.5 Afterwards 80
11 Preparing for the Investment Process 81
11.1 Introduction 81
11.2 Timing 82
viii Contents
11.2.1 Timing the approach 82
11.2.2 Raising enough funds 82
11.3 Valuation 82
11.3.1 Introduction to valuation 82
11.3.2 Valuation bases the entrepreneur's perspective 84
11.3.3 Valuation bases the VC's perspective 85
11.3.4 Why value is important 86
11.3.5 Conclusions for an entrepreneur 87
11.4 Choosing an investor 88
11.5 Grooming the business 88
11.5.1 Revisiting timing and value assumptions 89
11.5.2 Ensuring management stability 90
11.5.3 Spring cleaning 91
11.6 Transaction structure 92
11.7 Transaction logistics 95
11.7.1 Confidentiality 95
11.7.2 Non solicitation 96
11.7.3 Preparing for site visits 97
11.7.4 Poison pills 97
11.8 Conclusion 98
Part III The VC Term Sheet 99
12 Introduction to Term Sheets 101
12.1 Purpose 101
12.2 What is a term sheet? 101
12.3 Why have term sheets at all? 102
12.3.1 Risk management 102
12.3.2 VC policy 103
12.3.3 Deal syndication 103
12.4 What happens to a term sheet? 104
12.5 Methodology of Part III 104
Pro forma term sheet 106
13 Business Valuation 121
14 Investment Structure 123
15 Syndication 125
15.1 Introduction to syndication 125
15.2 Reward for syndicate leadership 126
15.3 The entrepreneur's response 127
16 Investment Milestones 129
16.1 Introduction to investment milestones 129
16.1.1 Milestone definitions 129
16.1.2 Milestone waivers 130
Contents ix
16.2 Attractions for the VC firm 131
16.3 Attractions for the entrepreneur 132
16.3.1 Protected committed funding 132
16.3.2 Guaranteed subscription price 133
16.3.3 Fund raising without milestones 133
16.4 Areas to watch out for 134
16.4.1 Sizing each tranche 134
16.4.2 Careful drafting of milestones 135
16.4.3 Syndicate decision making 135
16.4.4 Enforcement teeth 136
16.4.5 Negotiation approaches 137
16.4.6 Earn ins and ratchets as an alternative 137
17 Corporate Governance 139
17.1 Introduction to corporate governance 139
17.2 VC board representation 139
17.2.1 Composition of the board 139
17.2.2 Nominations to the board 140
17.3 Board process 142
17.3.1 Regularity and quorum 142
17.3.2 Committees 142
17.3.3 Board veto rights 143
17.4 Shareholder information 144
17.5 Shareholder veto powers 145
18 Equity Participation 147
18.1 Introduction to equity participation 147
18.2 Voting rights 147
18.2.1 Introduction to voting rights 147
18.2.2 Attractions of voting rights to the VC firm 147
18.2.3 Attractions for the entrepreneur 149
18.2.4 Voting rights areas to watch out for 149
18.3 Dividend rights 150
18.3.1 Introduction to dividend rights 150
18.3.2 Attraction of dividend rights to the VC firm 150
18.3.3 The entrepreneur's response 151
18.4 The preference cascade 152
18.4.1 Preference shares 152
18.4.2 "Double dipping" preferred shares 154
18.4.3 "High watermark" preferred shares 157
18.4.4 The best type of preference? 159
18.4.5 Application of the preference 159
18.4.6 Legal considerations 161
18.5 Redemption features 162
18.5.1 Attractions of a redemption feature to the VC firm 162
18.5.2 Events of default 163
x Contents
18.5.3 Default 163
18.5.4 The decision making process 163
18.5.5 Legal issues 164
18.5.6 Alternatives to redemption 164
18.6 Conversion rights 165
18.6.1 Voluntary conversion rights 165
18.6.2 Compulsory conversion rights 166
18.6.3 Adjustment to conversion rights 167
19 Share Incentives 169
19.1 Introduction to share incentives 169
19.2 Sizing of incentive programmes 170
19.3 Who bears the dilution? 171
19.4 Ratchets 172
20 Share Vesting 175
20.1 Introduction to share vesting 175
20.2 Attractions of vesting to the VC firm 175
20.3 The entrepreneur's response 176
20.4 Vesting areas to watch out for 178
20.4.1 Pace and level of vesting 178
20.4.2 Good/bad leaver provisions 180
20.4.3 Acceleration on exit events 181
20.4.4 Treatment of vested shares 183
20.4.5 Repurchase mechanics 184
21 Pre emption Rights on Securities Issues 185
21.1 Introduction to share issue pre emption rights 185
21.2 Attractions of share issue pre emption rights to a VC firm 185
21.3 The entrepreneur's response 186
21.4 Areas to watch out for 186
21.4.1 What triggers pre emption rights? 187
21.4.2 Reference terms of pre emption 188
21.4.3 Partial pre emption? 188
21.4.4 Who gets pre emption rights? 189
21.4.5 Pre emption top ups 189
21.4.6 Administration of pre emption rights 190
22 Anti dilution Rights 191
22.1 Introduction to anti dilution rights 191
22.1.1 Full ratchet anti dilution 191
22.1.2 Weighted average anti dilution 192
22.1.3 Mechanism of action 192
22.2 Attraction of anti dilution to a VC firm 193
22.3 The entrepreneur's response 194
Contents xi
22.3.1 Fundamental unfairness 194
22.3.2 Limitation of anti dilution in practice 194
22.3.3 Shareholder double advantage 195
22.4 Pay to play 196
22.4.1 What is "pay to play"? 196
22.4.2 Determining the amount to pay 196
22.4.3 Consequences of not paying. 197
22 A A New developments 198
22.5 Areas to watch out for 198
22.5.1 Carve outs 198
22.5.2 Pricing considerations 199
22.5.3 Proxies for value 199
22.5.4 Price benchmarks 200
22.5.5 Who squeezes who? 200
22.5.6 Differential pricing 200
22.5.7 Syndicate dangers 201
23 Provisions Relating to Share Transfers 203
23.1 Introduction to share transfers 203
23.2 Transfer restrictions 203
23.2.1 General restrictions 203
23.2.2 IPO restrictions 204
23.2.3 Mandatory sales 205
23.3 Transfer pre emption rights 205
23.3.1 Nature of pre emption 206
23.3.2 Partial pre emption? 206
23.3.3 Who gets pre emption rights? 207
23.3.4 Pre emption top ups 207
23.3.5 Buyer of last resort 208
23.3.6 Administration of pre emption rights 208
23.3.7 Exclusion of certain transactions 208
23.4 Drag along rights 209
23.4.1 What are drag along rights? 209
23.4.2 Why is drag along needed? 209
23.4.3 Drag along implementation 211
23.4.4 Further issues to consider 212
23.4.5 Enforcement of drag along rights 213
23.5 Tag along rights 214
23.5.1 Introduction to tag along rights 214
23.5.2 Nature of tag along rights 214
23.5.3 Partial tag along? 216
23.5.4 Timing of subsequent sale 216
23.5.5 Different classes of shares 216
23.5.6 Who gets tag along rights? 217
23.5.7 Pre emption top ups 218
23.5.8 Administration of pre emption rights 218
23.5.9 Exclusion of certain transactions 218
xii Contents
24 Deal Management Terms 219
24.1 Introduction 219
24.2 Conditions precedent 219
24.2.1 VC firm's strategy 220
24.2.2 Entrepreneur's strategy 220
24.3 Exclusivity 222
24.3.1 VC firm's strategy 222
24.3.2 Entrepreneur's strategy 223
24.4 Cost reimbursement 225
24.4.1 VC firm's strategy 225
24.4.2 Entrepreneur's strategy 226
24.4.3 Financial assistance 228
Index 229 |
| any_adam_object | 1 |
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| author | Barnes, Simon Pearce, Rupert |
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| author_role | aut aut |
| author_sort | Barnes, Simon |
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| bvnumber | BV022965410 |
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| callnumber-sort | HG 44751 |
| callnumber-subject | HG - Finance |
| ctrlnum | (OCoLC)62430826 (DE-599)BVBBV022965410 |
| dewey-full | 658.15/224 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15/224 |
| dewey-search | 658.15/224 |
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| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | repr. |
| format | Book |
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| id | DE-604.BV022965410 |
| illustrated | Illustrated |
| index_date | 2024-07-02T19:06:28Z |
| indexdate | 2024-07-09T21:08:44Z |
| institution | BVB |
| isbn | 0470027576 9780470027578 |
| language | English |
| lccn | 2005034994 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016169735 |
| oclc_num | 62430826 |
| open_access_boolean | |
| owner | DE-92 |
| owner_facet | DE-92 |
| physical | xv, 242 p. graph. Darst. 25 cm |
| publishDate | 2006 |
| publishDateSearch | 2006 |
| publishDateSort | 2006 |
| publisher | Wiley & Sons |
| record_format | marc |
| series2 | Wiley finance series |
| spelling | Barnes, Simon Verfasser aut Raising venture capital Rupert Pearce and Simon Barnes repr. Chichester [u.a.] Wiley & Sons 2006 xv, 242 p. graph. Darst. 25 cm txt rdacontent n rdamedia nc rdacarrier Wiley finance series Includes index. Venture capital Pearce, Rupert Verfasser aut http://www.loc.gov/catdir/toc/ecip064/2005034994.html Table of contents only http://www.loc.gov/catdir/enhancements/fy0741/2005034994-b.html Contributor biographical information http://www.loc.gov/catdir/enhancements/fy0741/2005034994-d.html Publisher description HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016169735&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Barnes, Simon Pearce, Rupert Raising venture capital Venture capital |
| title | Raising venture capital |
| title_auth | Raising venture capital |
| title_exact_search | Raising venture capital |
| title_exact_search_txtP | Raising venture capital |
| title_full | Raising venture capital Rupert Pearce and Simon Barnes |
| title_fullStr | Raising venture capital Rupert Pearce and Simon Barnes |
| title_full_unstemmed | Raising venture capital Rupert Pearce and Simon Barnes |
| title_short | Raising venture capital |
| title_sort | raising venture capital |
| topic | Venture capital |
| topic_facet | Venture capital |
| url | http://www.loc.gov/catdir/toc/ecip064/2005034994.html http://www.loc.gov/catdir/enhancements/fy0741/2005034994-b.html http://www.loc.gov/catdir/enhancements/fy0741/2005034994-d.html http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016169735&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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