Raising venture capital for the serious entrepreneur:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York, NY [u.a.]
McGraw-Hill
2008
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XVIII, 288 S. graph. Darst. |
| ISBN: | 0071496025 9780071496025 |
Staff View
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Record in the Search Index
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|---|---|
| adam_text | Titel: Raising venture capital for the serious entrepreneur
Autor: Berkery, Dermot
Jahr: 2008
CONTENTS
Foreword xiii
Preface xv
Acknowledgments xvii
INTRODUCTION 1
CREDITICA SOFTWARE INC. CASE STUDY 7
part I UNDERSTANDING THE BASICS OF
__________THE VENTURE CAPITAL METHOD________________
chapter 1 DEVELOPING A FINANCING MAP 19
Creating a Set of Stepping-Stones for a New Business 20
Matching the Financing Strategy to the Stepping-Stones 21
Developing a Map of Possible Stepping-Stones 23
Capturing as Much of the Prize as You Can 31
chapter 2 GETTING TO THE FIRST STEPPING-
STONE 33
Why New Ventures Are Not Fully Funded from the Start 34
Fleshing Out the First Stepping-Stone 35
Options at the End of Each Stage of Investment 38
The Chief Financial Officer as Strategist 39
Why Corporations Fail in Creating New Businesses 43
viii CONTENTS
chapter 3 THE UNIQUE CASH FLOW AND RISK
DYNAMICS OF EARLY-STAGE VENTURES 47
Costs Known—Revenues Unknown 48
J Curves and Peak Cash Needs 53
Milestone Funding: Option or Investment? 59
A 12- to 24-Month Ticking Clock 63
Timing Is Everything—Buy Low, Sell High 65
A Five- to Seven-Year Marathon in Three to Four Stages 66
Gross Margins of 80 to 100% 68
No Correlation between the Amount of Money Raised and
the Company s Success 70
A Tension between the Lemons Ripening Early and
the Valley of Death 70
A Binary Payoff Profile 72
part II RAISING THE FINANCE
chapter -I DETERMINING THE AMOUNT
OF CAPITAL TO RAISE AND WHAT
TO SPEND IT ON 77
An Established Company—Estimating the Amount of
Capital to Raise 78
A New Company—Estimating the Amount of Capital to Raise 78
Activities in a New Business That Absorb Capital 79
Investors Views of the Five Capital-Absorbing Activities 90
Businesses with Different Capital-Absorbing Profiles 93
chapter GETTING BEHIND HOW VENTURE
CAPITAL FIRMS THINK 97
Structure of Venture Capital Funds 97
Types of Investors in Venture Capital Funds 100
Size and Internal Structure of VC Firms 102
CONTENTS
How VC Firms Are Compensated 103
Valuation of Investments within a VC Portfolio 106
Cash Flows and J Curve at a Fund Level 108
Expected Returns on a VC Fund 111
Expected Returns on Individual Investments in a VC Fund 114
It s All about Big Winners 117
Portfolio Construction 118
Sorting Out Conflicts of Interest 120
CHAPTER
6 CREATING A WINNING BUSINESS PLAN 123
Market Power—the Key Ingredient Missing in Most Business
Plans 124
Evidence to Include in the Business Plan 125
1. Potential for Accelerated Growth in a Big, Accessible Market 125
2. Achievable Position of Market Power 130
3. Capable, Ambitious, Trustworthy Management 135
4. Plausible, Value-Enhancing Stepping-Stones 136
5. Realistic Valuation 137
6. Promising Exit Possibilities 137
III
part III VALUING THE EARLY-STAGE VENTURE________
chapter 7 VALUING EARLY-STAGE COMPANIES 141
Traditional Valuation Methods—Why They Don t Work for
Early-Stage Ventures 142
Are Valuations of Technology Companies Crazy? 145
Corporate Finance Theory—Technology Company Valuation 147
Triangulation Process of Venture Capitalists 150
How the Company Can Maximize Its Valuation 160
Why Big Companies Buy Small Companies 161
Value of Small Companies Compared to Large Companies 162
CONTENTS
part 1 Y NEGOTIATING THE DEAL: TERM SHEETS
chapter 8 AGREEING ON A TERM SHEET WITH A
VENTURE CAPITALIST 169
Percentage Ownership of the Company Granted to the Investor 169
What Each Side Tries to Achieve in a Term Sheet 173
Why It Isn t Like Investing in a Public Company 175
chapter 9 TERMS FOR SPLITTING THE REWARDS 177
1. Exit Preferences, Linked to the Type of Preferred Stock 178
2. Staging of Investment against Milestones 191
3. Options to Invest More Money at a Denned Price per Share 192
4. Preferred Dividends 193
5. Antidilution 194
Problems with Ratchets 204
Pay-to-Play Clauses 207
Washout Financing Rounds—Down (and Out!) Rounds 210
chapter 10 ALLOCATING CONTROL BETWEEN
FOUNDERS/MANAGEMENT AND
INVESTORS 213
Restricted Transactions/Protective Covenants 213
Structure of the Board of Directors 219
Redemption 226
Forced Sale 227
Registration Rights 229
Tagalong Rights, Dragalong Rights 230
Information Rights 233
Right of Access to the Premises and Records and Right to
Appoint a Consultant 233
Preemption Rights 233
Transfer Provisions 234
Exclusivity Clause 235
CONTENTS
chapter 1 I ALIGNING THE INTERESTS OF
FOUNDERS/MANAGEMENT AND
INVESTORS 237
Founders Stock 238
Option Pool 238
Vesting Arrangements 240
Noncompete Agreements 245
Intellectual Property Assignment 246
Warranties and Representations 246
part ? EXERCISES
chapter t J TERM SHEET EXERCISES 251
APPENDIX A: SECURITY PORTAL INC. 267
APPENDIX B: STANDARD TERM SHEET CLAUSES 273
Index 281
|
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| author | Berkery, Dermot |
| author_facet | Berkery, Dermot |
| author_role | aut |
| author_sort | Berkery, Dermot |
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| building | Verbundindex |
| bvnumber | BV026762457 |
| ctrlnum | (OCoLC)846159060 (DE-599)HBZHT015574717 |
| dewey-full | 658.15224 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15224 |
| dewey-search | 658.15224 |
| dewey-sort | 3658.15224 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| format | Book |
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| illustrated | Illustrated |
| indexdate | 2024-07-09T23:18:33Z |
| institution | BVB |
| isbn | 0071496025 9780071496025 |
| language | English |
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| physical | XVIII, 288 S. graph. Darst. |
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| spelling | Berkery, Dermot Verfasser aut Raising venture capital for the serious entrepreneur Dermot Berkery New York, NY [u.a.] McGraw-Hill 2008 XVIII, 288 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Entrepreneurship (DE-588)7588126-3 gnd rswk-swf Risikokapital (DE-588)4124067-4 gnd rswk-swf Entrepreneurship (DE-588)7588126-3 s Risikokapital (DE-588)4124067-4 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022298807&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Berkery, Dermot Raising venture capital for the serious entrepreneur Entrepreneurship (DE-588)7588126-3 gnd Risikokapital (DE-588)4124067-4 gnd |
| subject_GND | (DE-588)7588126-3 (DE-588)4124067-4 |
| title | Raising venture capital for the serious entrepreneur |
| title_auth | Raising venture capital for the serious entrepreneur |
| title_exact_search | Raising venture capital for the serious entrepreneur |
| title_full | Raising venture capital for the serious entrepreneur Dermot Berkery |
| title_fullStr | Raising venture capital for the serious entrepreneur Dermot Berkery |
| title_full_unstemmed | Raising venture capital for the serious entrepreneur Dermot Berkery |
| title_short | Raising venture capital for the serious entrepreneur |
| title_sort | raising venture capital for the serious entrepreneur |
| topic | Entrepreneurship (DE-588)7588126-3 gnd Risikokapital (DE-588)4124067-4 gnd |
| topic_facet | Entrepreneurship Risikokapital |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022298807&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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