Fundamentals of entrepreneurial finance:
Gespeichert in:
| Hauptverfasser: | , |
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| Format: | Buch |
| Sprache: | English |
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New York
Oxford University Press
[2020]
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| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xxvii, 624 Seiten Illustrationen, Diagramme |
| ISBN: | 9780199744756 |
Internformat
MARC
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Datensatz im Suchindex
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| adam_text | Contents 1. Introduction to Entrepreneurial Finance 1.1 1.2 1.3 1.4 1.5 1 What Is Entrepreneurial Finance? Why Is Entrepreneurial Finance Challenging? Why Is Entrepreneurial Finance Important? Key Facts about Entrepreneurial Finance The Entrepreneurial Financing Process 1 5 6 10 16 1.5.1 The Need for Frameworks 1.5.2 The FIRE Framework 1.5.3 FIRE in Practice 16 16 24 1.6 Who Are the Investors? 1.6.1 Main Types of Investors 1.6.2 The FUEL Framework Summary Review Questions 2. Evaluating Venture Opportunities 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 2.2.2 2.2.3 2.2.4 2.2.5 2.2.6 2.2.7 2.2.8 2.2.9 Need Solution Team Market Competition Network Sales Production Organization 2.3 Drawing Conclusions from the Venture Evaluation Matrix 2.3.1 2.3.2 2.3.3 2.3.4 Three Perspectives on Attractiveness Three Competitive Advantages Assessing Risk 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 26 26 28 32 33 35 35 36 38 39 40 41 45 49 53 57 60 62 64 66 67 67 69 69 70 70 72 2.5 How Investors Use the Venture Evaluation Matrix 76 2.5.! The Venture Evaluation Matrix Spreadsheet Tool 2.5.2 Investor Due Diligence 2.5.3 The Investor’s Decision 77 79 83 Summary Review Questions 85 86
xxii CONTENTS 3 The Financial Plan 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 3.5.2 3.5.3 3.5.4 Terminology Costs of Goods Sold Operating Expenses Capital Expenditures 89 89 90 90 92 93 94 94 97 97 99 100 102 102 103 105 107 3.6 Pro Forma Financial Statements 107 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 he Venture 3.7.2 Financing Needs 3.7.3 Pitching the Financial Plan Summary Review questions 107 109 113 117 117 4. Ownership and Returns 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 118 118 120 124 127 128 131 131 131 134 137 139 141 145 145 147 150 154 156 156 158 162 162 163 166 173 173
CONTENTS 5. Valuation Methods 5.1 The Valuation of Entrepreneurial Companies 5.1.1 The Purpose ofPerforming a Valuation 5.1.2 The Challenges of Performing a Valuation 5.2 The Venture Capital Method 5.2.1 5.2.2 5.2.3 5.2.4 Valuation with a Single Investment Round Valuation with Multiple Investment Rounds Estimating the Inputs Model Variants 5.3 The Discounted Cash Flow Method 5.3.1 TheMechanicsofthe 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 6. Term Sheets 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 6.4.2 6.4.3 6.4.4 Control Rights Future Fundraising Investor Liquidity 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 7. Structuring Deals 7.1 The Art of Structuring Deals 7.2 The Fundraising Process 7.2.1 Preparing the Fundraising Campaign ХХІІІ 177 177 177 178 180 180 182 184 189 190 191 192 195 195 197 204 205 208 210 211 212 215 215 215 218 221 222 223 228 231 234 234 237 238 238 239 240 243 246 250 250 252 255 255
259 259 261 261
xxiv CONTENTS 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 7.5.2 7.5.3 7.5.4 Bargaining Theory Negotiation Analysis Closing the Deal Deal Negotiations with Investor Competition 262 265 267 267 268 269 271 271 273 274 274 277 279 286 7.6 Living With The Deal 288 7.6.1 The Importance of Trust 7.6.2 A Long-Term Perspective Summary 288 289 Review Questions 8. Corporate Governance 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 293 294 297 297 298 298 301 8.2.1 Voting Rights 8.2.2 Board Of Directors 8.2.3 Informal Control 301 302 305 8.3 Investor Value-Adding 307 8.3.1 8.3.2 8.3.3 8.3.4 8.3.5 Picking versus Making Winners How Investors Add Value Where Investors Add Value The Question of Replacing Managers Assessing Value-Adding Fit Summary Review Questions 9. Staged Financing 9.1 The Rationale for Staged Financing 9.2 Structuring Staged Financing Deals 9.2.1 9.2.2 9.2.3 9.2.4 Staged Investments and Ownership The Option Value of Staging Tranching 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 307 309 312 315 319 321 321 325 325 330 330 333 338 341 347 347 350 357 361 362 363
CONTENTS XXV 9.5 Dynamic Strategies 366 9.5.1 Dynamic Investment Strategies 9.5.2 Dynamic Valuation Profiles Summary Review Questions 366 368 369 370 10. Debt Financing 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 Start-ups 10.4 Alternative Types of Debt 10.4.1 10.4.2 10.4.3 10.4.4 10.4.5 Personal Loans and Credit Cards Trade Credit Discounting and Factoring Venture Leasing 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 11. Exit 11.1 The Importance of Exiting Investments 11.1.1 11.1.2 11.1.3 11.1.4 Reasons for Exit The FourMain Types of Exit The Exit Decision The Timing of Exit 11.2 Initial Public Offerings 11.2.1 11.2.2 11.2.3 11.2.4 11.2.5 Benefits and Costs Preparing for an IPO Pricing the IPO Structuring the IPO After the IPO 11.3 Acquisitions 11.3.1 11.3.2 11.3.3 11.3.4 Strategic Motives Preparing for an Acquisition Structuring an Acquisition 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 373 373 373 375 378 378 383 385 390 390 392 393 397 398 403 403 404 408 408 411 411 412 413 416 417 419 420 421 424 425 428 432 432 434 435 437 440 440 441 444 446 446 449 451
xxvi CONTENTS Summary Review Questions 12. Venture Capital 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 Review Questions 13. Early-Stage Investors 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 456 456 461 461 463 465 467 469 470 472 473 476 477 477 480 480 481 482 482 486 487 489 493 493 495 498 502 502 507 507 507 509 510 510 512 513 514
519 522 524 524 526 528 530 531 531 534 536
CONTENTS 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 XXVII 539 539 540 541 542 548 548 14. Ecosystems 14.1 Entrepreneurial Ecosystems 14.1.1 Ecosystem Structure 14.1.2 Overview of Leading Ecosystems 14.2 How Do Entrepreneurial Ecosystems 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 553 553 554 557 561 561 563 565 566 567 569 571 573 573 574 576 576 579 581 582 Bibliography Index 585 617
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| adam_txt |
Contents 1. Introduction to Entrepreneurial Finance 1.1 1.2 1.3 1.4 1.5 1 What Is Entrepreneurial Finance? Why Is Entrepreneurial Finance Challenging? Why Is Entrepreneurial Finance Important? Key Facts about Entrepreneurial Finance The Entrepreneurial Financing Process 1 5 6 10 16 1.5.1 The Need for Frameworks 1.5.2 The FIRE Framework 1.5.3 FIRE in Practice 16 16 24 1.6 Who Are the Investors? 1.6.1 Main Types of Investors 1.6.2 The FUEL Framework Summary Review Questions 2. Evaluating Venture Opportunities 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 2.2.2 2.2.3 2.2.4 2.2.5 2.2.6 2.2.7 2.2.8 2.2.9 Need Solution Team Market Competition Network Sales Production Organization 2.3 Drawing Conclusions from the Venture Evaluation Matrix 2.3.1 2.3.2 2.3.3 2.3.4 Three Perspectives on Attractiveness Three Competitive Advantages Assessing Risk 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 26 26 28 32 33 35 35 36 38 39 40 41 45 49 53 57 60 62 64 66 67 67 69 69 70 70 72 2.5 How Investors Use the Venture Evaluation Matrix 76 2.5.! The Venture Evaluation Matrix Spreadsheet Tool 2.5.2 Investor Due Diligence 2.5.3 The Investor’s Decision 77 79 83 Summary Review Questions 85 86
xxii CONTENTS 3 The Financial Plan 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 3.5.2 3.5.3 3.5.4 Terminology Costs of Goods Sold Operating Expenses Capital Expenditures 89 89 90 90 92 93 94 94 97 97 99 100 102 102 103 105 107 3.6 Pro Forma Financial Statements 107 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 he Venture 3.7.2 Financing Needs 3.7.3 Pitching the Financial Plan Summary Review questions 107 109 113 117 117 4. Ownership and Returns 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 118 118 120 124 127 128 131 131 131 134 137 139 141 145 145 147 150 154 156 156 158 162 162 163 166 173 173
CONTENTS 5. Valuation Methods 5.1 The Valuation of Entrepreneurial Companies 5.1.1 The Purpose ofPerforming a Valuation 5.1.2 The Challenges of Performing a Valuation 5.2 The Venture Capital Method 5.2.1 5.2.2 5.2.3 5.2.4 Valuation with a Single Investment Round Valuation with Multiple Investment Rounds Estimating the Inputs Model Variants 5.3 The Discounted Cash Flow Method 5.3.1 TheMechanicsofthe 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 6. Term Sheets 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 6.4.2 6.4.3 6.4.4 Control Rights Future Fundraising Investor Liquidity 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 7. Structuring Deals 7.1 The Art of Structuring Deals 7.2 The Fundraising Process 7.2.1 Preparing the Fundraising Campaign ХХІІІ 177 177 177 178 180 180 182 184 189 190 191 192 195 195 197 204 205 208 210 211 212 215 215 215 218 221 222 223 228 231 234 234 237 238 238 239 240 243 246 250 250 252 255 255
259 259 261 261
xxiv CONTENTS 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 7.5.2 7.5.3 7.5.4 Bargaining Theory Negotiation Analysis Closing the Deal Deal Negotiations with Investor Competition 262 265 267 267 268 269 271 271 273 274 274 277 279 286 7.6 Living With The Deal 288 7.6.1 The Importance of Trust 7.6.2 A Long-Term Perspective Summary 288 289 Review Questions 8. Corporate Governance 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 293 294 297 297 298 298 301 8.2.1 Voting Rights 8.2.2 Board Of Directors 8.2.3 Informal Control 301 302 305 8.3 Investor Value-Adding 307 8.3.1 8.3.2 8.3.3 8.3.4 8.3.5 Picking versus Making Winners How Investors Add Value Where Investors Add Value The Question of Replacing Managers Assessing Value-Adding Fit Summary Review Questions 9. Staged Financing 9.1 The Rationale for Staged Financing 9.2 Structuring Staged Financing Deals 9.2.1 9.2.2 9.2.3 9.2.4 Staged Investments and Ownership The Option Value of Staging Tranching 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 307 309 312 315 319 321 321 325 325 330 330 333 338 341 347 347 350 357 361 362 363
CONTENTS XXV 9.5 Dynamic Strategies 366 9.5.1 Dynamic Investment Strategies 9.5.2 Dynamic Valuation Profiles Summary Review Questions 366 368 369 370 10. Debt Financing 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 Start-ups 10.4 Alternative Types of Debt 10.4.1 10.4.2 10.4.3 10.4.4 10.4.5 Personal Loans and Credit Cards Trade Credit Discounting and Factoring Venture Leasing 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 11. Exit 11.1 The Importance of Exiting Investments 11.1.1 11.1.2 11.1.3 11.1.4 Reasons for Exit The FourMain Types of Exit The Exit Decision The Timing of Exit 11.2 Initial Public Offerings 11.2.1 11.2.2 11.2.3 11.2.4 11.2.5 Benefits and Costs Preparing for an IPO Pricing the IPO Structuring the IPO After the IPO 11.3 Acquisitions 11.3.1 11.3.2 11.3.3 11.3.4 Strategic Motives Preparing for an Acquisition Structuring an Acquisition 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 373 373 373 375 378 378 383 385 390 390 392 393 397 398 403 403 404 408 408 411 411 412 413 416 417 419 420 421 424 425 428 432 432 434 435 437 440 440 441 444 446 446 449 451
xxvi CONTENTS Summary Review Questions 12. Venture Capital 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 Review Questions 13. Early-Stage Investors 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 456 456 461 461 463 465 467 469 470 472 473 476 477 477 480 480 481 482 482 486 487 489 493 493 495 498 502 502 507 507 507 509 510 510 512 513 514
519 522 524 524 526 528 530 531 531 534 536
CONTENTS 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 XXVII 539 539 540 541 542 548 548 14. Ecosystems 14.1 Entrepreneurial Ecosystems 14.1.1 Ecosystem Structure 14.1.2 Overview of Leading Ecosystems 14.2 How Do Entrepreneurial Ecosystems 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 553 553 554 557 561 561 563 565 566 567 569 571 573 573 574 576 576 579 581 582 Bibliography Index 585 617 |
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| genre | 1\p (DE-588)4143413-4 Aufsatzsammlung gnd-content |
| genre_facet | Aufsatzsammlung |
| id | DE-604.BV046653320 |
| illustrated | Illustrated |
| index_date | 2024-07-03T14:17:37Z |
| indexdate | 2024-07-10T08:50:23Z |
| institution | BVB |
| isbn | 9780199744756 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-032064503 |
| oclc_num | 1164607808 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-2070s DE-19 DE-BY-UBM DE-M382 DE-473 DE-BY-UBG DE-92 DE-1050 DE-898 DE-BY-UBR |
| owner_facet | DE-355 DE-BY-UBR DE-2070s DE-19 DE-BY-UBM DE-M382 DE-473 DE-BY-UBG DE-92 DE-1050 DE-898 DE-BY-UBR |
| physical | xxvii, 624 Seiten Illustrationen, Diagramme |
| publishDate | 2020 |
| publishDateSearch | 2020 |
| publishDateSort | 2020 |
| publisher | Oxford University Press |
| record_format | marc |
| spelling | Da Rin, Marco Verfasser (DE-588)124826660 aut Fundamentals of entrepreneurial finance Marco Da Rin and Thomas Hellmann New York Oxford University Press [2020] © 2020 xxvii, 624 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Risikokapital (DE-588)4124067-4 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Entrepreneurship (DE-588)7588126-3 gnd rswk-swf Venture capital 1\p (DE-588)4143413-4 Aufsatzsammlung gnd-content Entrepreneurship (DE-588)7588126-3 s Finanzierung (DE-588)4017182-6 s Risikokapital (DE-588)4124067-4 s DE-604 Hellmann, Thomas Verfasser (DE-588)129335304 aut Erscheint auch als Online-Ausgabe 978-0-19-094155-0 Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032064503&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Da Rin, Marco Hellmann, Thomas Fundamentals of entrepreneurial finance Risikokapital (DE-588)4124067-4 gnd Finanzierung (DE-588)4017182-6 gnd Entrepreneurship (DE-588)7588126-3 gnd |
| subject_GND | (DE-588)4124067-4 (DE-588)4017182-6 (DE-588)7588126-3 (DE-588)4143413-4 |
| title | Fundamentals of entrepreneurial finance |
| title_auth | Fundamentals of entrepreneurial finance |
| title_exact_search | Fundamentals of entrepreneurial finance |
| title_exact_search_txtP | Fundamentals of entrepreneurial finance |
| title_full | Fundamentals of entrepreneurial finance Marco Da Rin and Thomas Hellmann |
| title_fullStr | Fundamentals of entrepreneurial finance Marco Da Rin and Thomas Hellmann |
| title_full_unstemmed | Fundamentals of entrepreneurial finance Marco Da Rin and Thomas Hellmann |
| title_short | Fundamentals of entrepreneurial finance |
| title_sort | fundamentals of entrepreneurial finance |
| topic | Risikokapital (DE-588)4124067-4 gnd Finanzierung (DE-588)4017182-6 gnd Entrepreneurship (DE-588)7588126-3 gnd |
| topic_facet | Risikokapital Finanzierung Entrepreneurship Aufsatzsammlung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032064503&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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