15.431 创业金融与风险投资 (Entrepreneurial Finance and Venture Capital)

MIT Course 15 · Finance · 金融学 · 课号 15.431

TL;DR

• 初创企业全生命周期的资本运作机制，涵盖天使轮、风投（VC）机构化融资与战略退出。
• 投资意向书（Term Sheet）深度博弈：优先清算权、防稀释条款、董事会席位与创始人既得权。
• 初创企业特殊估值法（分阶段里程碑估值、风险投资法与可转债结构）与上市（IPO）机制。

课程简介 / Description

examines the elements of entrepreneurial finance, focusing on technology-based start-up ventures and the early stages of company development. The course addresses key questions which challenge all entrepreneurs: how much money can and should be raised; when should it be raised and from whom; what is a reasonable valuation of the company; and how should funding, employment contracts and exit decisions be structured. It aims to prepare students for these decisions, both as entrepreneurs and venture capitalists. In addition, the course includes an in-depth analysis of the structure of the private equity industry.

讲义 / Lecture Notes

• 1
  • Introduction and overview of entrepreneurial finance
• 2
  • DermaCare
  • Business Valuation
• 3
  • Discounted cash flow (DCF) and the venture capital method
  • (PDF)
• 4
  • Netflix
• 5
  • Real option valuation
  • (PDF)
• 6
  • Real option valuation (cont.)
  • Deal Structure
• 7
  • Genzyme/Geltex
• 8
  • Deal structure
  • (PDF)
• 9
  • Walnut Venture Associates (A) and (D)
• 10
  • Deal structure (cont.)
  • (PDF)
• 11
  • Guest: John H. Chory (Partner, WilmerHale Venture Group)
• 12
  • Metapath
  • Team Sheet Negotiation
• 13
  • BNI Video
  • Guests: Conrad Clemson (Founder and CEO, BNI Video) and Carl Stjernfeldt (General Partner, Castile Ventures)
• 14
  • BNI Video
  • Guest: Carl Stjernfeldt (General Partner, Castile Ventures)
  • Venture Capital Funds
• 15
  • Guest: Dr. William Janeway (Senior Advisor, Warburg Pincus)
• 16
  • Portfolio and partnership
  • Guest: Carl Stjernfeldt (General Partner, Castile Ventures)
• 17
  • VC Vignettes
  • Guest: Carl Stjernfeldt (General Partner, Castile Ventures)
• 18
  • Grove Street Advisors - September 2009
  • Guest: Christopher E. Yang (General Partner, Grove Street Advisors)
• 19
  • Forte Ventures
  • Exit
• 20
  • Initial public offering (IPO)
  • Guest: Michael Szeto (Managing Director of Private Equity, WR Hambrecht)
  • (
  • PDF - 1.0MB
  • ) (Courtesy of Michael Szeto. Used with permission.)
• 21
  • Grand Junction
  • Guest: Michael Szeto (Managing Director of Private Equity, WR Hambrecht)
  • (
  • PDF
  • ) (Courtesy of Michael Szeto. Used with permission.)
• 22
  • Blackstone
• 23
  • Final review
  • (PDF)

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