The Entrepreneurial Finance: Venture Capital Financing program provides participants with a unique and comprehensive perspective on start-up investing. It is designed to provide a perspective combining facts and best practices. After exploring the sector and the “ecosystem” of entrepreneurial finance, the participants will learn how venture investing works, from sourcing opportunities to selecting investments, creating value and monitoring, setting up a governance framework and exiting. The program thus covers the whole cycle of investing in new ventures. The participants can expect an intense learning experience comprising formal lectures, group discussions, and case studies.
Included in the program is a Deal Term negotiation game, led by guest speaker Daan Wilms van Kersbergen, venture capital investor with Yield Lab Europe. He has co-founded a business simulation game company and has developed the venture capital Deal Term negotiation game that is used to teach the workings of deal term negotiations to both investors and entrepreneurs. This virtual game is included in our program to illustrate the workings of Deal Term sheets. After the program you will be provided with some post-reading materials for those who want to go into more depth on this topic.
“It covers everything one should know, before getting into VC world.”
Vinod Bhovi, Senior Software Engineer, Rabobank The Netherlands
How you will benefit
- Explore and understand the world of start-up investing: trends, issues affecting the market and major players
- Understand the investment structures and return drivers in venture capital
- Investigate deal sourcing, business plan analyses, and transaction structuring
- Learn the specificities of venture valuations (at entry and exit) and investment negotiations, as well as monitoring and governance
Program length
2 days
| Day 1 | 08:45 – 18:15 |
| Day 2 | 08:45 – 17:30 |
Next steps
We offer carefully crafted learning paths designed to help you dive deeper into various facets of finance. Take the next step in your professional learning path by choosing one or more of our specialized programs, for example:
Day 1 | Introduction, venture investing, deal sourcing and due diligence
Introduction
- How would you finance a spin-off from a University Lab? (interactive)
- What is venture capital? Overview of the VC model
- Who invests in start-ups and how?
- Focus on Europe and VC funds
- Activity and performance
The challenge of venture capital investing
- Framework
- Quick introduction to VC funds and their logic
- Business case 1
Deal sourcing
- The main steps towards an investment
- Deal sourcing and filtering
- The business plan
Due diligence
- Business case 2
- Due diligence
Term Sheet Game
Day 2 | Valuation, negotiations, governance framework, monitoring and exits
Valuing in an uncertain context: methods and limits
- Valuation methods and concepts
- Limits
- Business case 3
Negotiations
- Non-disclosure agreements
- Terms to negotiate: liquidation preferences, anti-dilution, ESOP
- Terms, price, value and balance of power
- Deal term sheet analysis
The term sheet game: results and debriefing – Guest speaker Daan Wilms van Kersbergen
Establishing a governance framework
- Investments and shareholders agreement
- Shareholders’ agreement
- Closing
- Governance and control: investors’ rights, board, monitoring
- Exits scenarios and statistics
Monitoring and governance
- Monitoring (reporting, burn rate, runway and other tools)
- Governance set-ups: examples
- Impact of the current economic outlook on the VC sector
- ESG and impact in VC
Program preparation
There is some preparatory work required for this program. Pre-readings consist of case materials, chapters of a book and/or a few articles. These materials will be made available on a password protected web page a few weeks prior to the program.
To ensure maximum benefit from the program for participant and fellow-participants, we strongly advise to prepare prior to attending.
Read more
>> Mastering the art of Entrepreneurial Finance: Insights from Prof. Demaria’s classroom
>> Prof. Cyril Demaria: ‘Ultimately finance is a business of trust’ (Entrepreneurial Finance)
>> Mastering deal term negotiations, market shifts & ESG: Expert insights from VC investor Daan Wilms van Kersbergen
>> Vinodkumar Bhovi: ‘I wanted to put myself in the shoes of an investor’
This Entrepreneurial Finance: Venture Capital Financing program is relevant to:
- Entrepreneurs and business angels keen to understand the venture capital industry better
- Family offices and consultants with an interest to invest in start-ups, commit funds to the sector and/or co-invest with them
- Regional development organizations and advisors looking for a better understanding of how entrepreneurial finance creates value in start-ups
Prerequisite
Proficiency in English is vital for following this training program effectively.
Is this program not the right fit for you?
We offer other programs which you might find more interesting or useful, such as:
