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The Syndication Network And Deal Flow Of Venture Capital Firms
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Download or read book VC written by Tom Nicholas and published by Harvard University Press. This book was released on 2019-07-09 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: “An incisive history of the venture-capital industry.” —New Yorker “An excellent and original economic history of venture capital.” —Tyler Cowen, Marginal Revolution “A detailed, fact-filled account of America’s most celebrated moneymen.” —New Republic “Extremely interesting, readable, and informative...Tom Nicholas tells you most everything you ever wanted to know about the history of venture capital, from the financing of the whaling industry to the present multibillion-dollar venture funds.” —Arthur Rock “In principle, venture capital is where the ordinarily conservative, cynical domain of big money touches dreamy, long-shot enterprise. In practice, it has become the distinguishing big-business engine of our time...[A] first-rate history.” —New Yorker VC tells the riveting story of how the venture capital industry arose from America’s longstanding identification with entrepreneurship and risk-taking. Whether the venture is a whaling voyage setting sail from New Bedford or the latest Silicon Valley startup, VC is a state of mind as much as a way of doing business, exemplified by an appetite for seeking extreme financial rewards, a tolerance for failure and experimentation, and a faith in the promise of innovation to generate new wealth. Tom Nicholas’s authoritative history takes us on a roller coaster of entrepreneurial successes and setbacks. It describes how iconic firms like Kleiner Perkins and Sequoia invested in Genentech and Apple even as it tells the larger story of VC’s birth and evolution, revealing along the way why venture capital is such a quintessentially American institution—one that has proven difficult to recreate elsewhere.
Book Synopsis Venture Capital Strategy: How to Think Like a Venture Capitalist by : Patrick Vernon
Download or read book Venture Capital Strategy: How to Think Like a Venture Capitalist written by Patrick Vernon and published by . This book was released on 2018-08-15 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise from Jason Mendelson (auth. Venture Deals), "Patrick brings an educator's perspective and an entertainer's sensibilities to his overview of venture capital." An approachable but disciplined overview of venture capital written by a professional musician turned business school professor over a 15-year period of teaching venture capital and startup classes at UNC Kenan-Flagler Business School. The book is a one-stop shop for understanding venture capital, distilling lessons from hundreds of interactions with VCs and founders. Readers of the book will learn: The core competencies of successful VCs What VC's are looking for in startups How venture capital differs from other forms of startup financing How the sharks on TV's Shark Tank are ruining venture capital The top two terms on any term sheet (and a few other key terms) Why VCs often behave like music industry professionals How to think like a VC Understanding how venture capital works in our economy can be of benefit to a wide variety of readers, from entrepreneurs to corporate decision-makers and everyone in between. This book treats venture capital as a topic of entrepreneurial strategy, not finance, and includes a background of the industry, an explanation of all aspect of the "VC Job Cycle" and a framework called "VC Razor" for performing due diligence. Learning how to think like a venture capitalist can help anyone become a better decision-maker. "Well organized, clearly articulated, this volume spans the gamut from beginner's overview to expert's guidebook. Venture Capital has never been more important, and this volume could not have been more timely." Jerome Engel, UC Berkeley Haas School of Business "Patrick lays out important concepts and insights in an easy to understand and digest form. As he clearly articulates in the book, the way that venture capitalists think is valuable to anyone in business." John F. Clarke, Dean of Graduate Programs, Tulane University Why Write Another Venture Capital Book? From the author: Over the years as I have taught venture capital classes and run a worldwide venture capital competition, I have struggled to find materials for my students. I have been frustrated by the simultaneous abundance and lack of available content. There is an abundance of terrific blogs written by VCs and founders, often teaching specific lessons derived from specific situations. Many VCs are prolific writers and have covered a wide variety of topics of the VC investment process. However, most blog postings have a very narrow scope, and they are not organized into a coherent body of work. They go deep in the weeds, but the forest gets lost. Similarly, there is also an abundance of textbooks that treat venture capital as a topic of finance. Wrong forest! Venture capital is undeniably a subset of private equity. However, approaching the industry from that perspective ignores the vast majority of what VCs actually do. If you would like to study venture capital as a finance subject, there are many other books that will serve you better than this one. Treating venture capital as a topic of finance overemphasizes the importance of numbers. For VCs, number play a large role, but just as important is the story about the numbers. In this regard, I will argue that VCs are more like journalists and filmmakers than financiers. What I have not been able to find is a holistic overview of venture capital as a topic of strategy, explaining its place in the broader entrepreneurial ecosystem. It is not simply entrepreneurial finance! VCs play a very important strategic role in commercializing technologies. Just as importantly, they employ specific strategies that we can learn and apply to our own entrepreneurial circumstances.
Download or read book Venture Deals written by Brad Feld and published by John Wiley & Sons. This book was released on 2011-07-05 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: An engaging guide to excelling in today's venture capital arena Beginning in 2005, Brad Feld and Jason Mendelson, managing directors at Foundry Group, wrote a long series of blog posts describing all the parts of a typical venture capital Term Sheet: a document which outlines key financial and other terms of a proposed investment. Since this time, they've seen the series used as the basis for a number of college courses, and have been thanked by thousands of people who have used the information to gain a better understanding of the venture capital field. Drawn from the past work Feld and Mendelson have written about in their blog and augmented with newer material, Venture Capital Financings puts this discipline in perspective and lays out the strategies that allow entrepreneurs to excel in their start-up companies. Page by page, this book discusses all facets of the venture capital fundraising process. Along the way, Feld and Mendelson touch on everything from how valuations are set to what externalities venture capitalists face that factor into entrepreneurs' businesses. Includes a breakdown analysis of the mechanics of a Term Sheet and the tactics needed to negotiate Details the different stages of the venture capital process, from starting a venture and seeing it through to the later stages Explores the entire venture capital ecosystem including those who invest in venture capitalist Contain standard documents that are used in these transactions Written by two highly regarded experts in the world of venture capital The venture capital arena is a complex and competitive place, but with this book as your guide, you'll discover what it takes to make your way through it.
Book Synopsis The Venture Capital Cycle by : Paul Alan Gompers
Download or read book The Venture Capital Cycle written by Paul Alan Gompers and published by MIT Press. This book was released on 2004 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the venture capital process, from fund-raising through investing to exiting investments; a new edition with major revisions and six new chapters that reflect the latest research.
Book Synopsis Venture Capital and the Finance of Innovation by : Andrew Metrick
Download or read book Venture Capital and the Finance of Innovation written by Andrew Metrick and published by John Wiley and Sons. This book was released on 2011-06-15 with total page 1153 pages. Available in PDF, EPUB and Kindle. Book excerpt: This useful guide walks venture capitalists through the principles of finance and the financial models that underlie venture capital decisions. It presents a new unified treatment of investment decision making and mark-to-market valuation. The discussions of risk-return and cost-of-capital calculations have been updated with the latest information. The most current industry data is included to demonstrate large changes in venture capital investments since 1999. The coverage of the real-options methodology has also been streamlined and includes new connections to venture capital valuation. In addition, venture capitalists will find revised information on the reality-check valuation model to allow for greater flexibility in growth assumptions.
Book Synopsis The Business of Venture Capital by : Mahendra Ramsinghani
Download or read book The Business of Venture Capital written by Mahendra Ramsinghani and published by John Wiley & Sons. This book was released on 2014-07-14 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definitive guide to demystifying the venture capital business The Business of Venture Capital, Second Edition covers the entire spectrum of this field, from raising funds and structuring investments to assessing exit pathways. Written by a practitioner for practitioners, the book provides the necessary breadth and depth, simplifies the jargon, and balances the analytical logic with experiential wisdom. Starting with a Foreword by Mark Heesen, President, National Venture Capital Association (NVCA), this important guide includes insights and perspectives from leading experts. Covers the process of raising the venture fund, including identifying and assessing the Limited Partner universe; fund due-diligence criteria; and fund investment terms in Part One Discusses the investment process, including sourcing investment opportunities; conducting due diligence and negotiating investment terms; adding value as a board member; and exploring exit pathways in Part Two Offers insights, anecdotes, and wisdom from the experiences of best-in-class practitioners Includes interviews conducted by Leading Limited Partners/Fund-of-Funds with Credit Suisse, Top Tier Capital Partners, Grove Street Advisors, Rho Capital, Pension Fund Managers, and Family Office Managers Features the insights of over twenty-five leading venture capital practitioners, frequently featured on Forbes' Midas List of top venture capitalists Those aspiring to raise a fund, pursue a career in venture capital, or simply understand the art of investing can benefit from The Business of Venture Capital, Second Edition. The companion website offers various tools such as GP Fund Due Diligence Checklist, Investment Due Diligence Checklist, and more, as well as external links to industry white papers and other industry guidelines.
Book Synopsis Venture Capital by : Douglas Cumming
Download or read book Venture Capital written by Douglas Cumming and published by John Wiley & Sons. This book was released on 2010-04-29 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: An essential guide to venture capital Studies have shown that venture capital backed entrepreneurial firms are on average significantly more successful than non-venture capital backed entrepreneurial firms in terms of innovativeness, profitability, and share price performance upon going public. Understanding the various aspects of venture capital is something anyone in any industry should be familiar with. This reliable resource provides a comprehensive view of venture capital by describing the current state of research and best practices in this arena. Issues addressed include sources of capital-such as angel investment, corporate funds, and government funds-financial contracts and monitoring, and the efficiency implications of VC investment, to name a few. Opens with a review of alternative forms of venture capital Highlights the structure of venture capital investments Examines the role venture capitalists play in adding value to their investee firms This informative guide will help you discover the true potential of venture capital.
Book Synopsis Syndication of Venture Capital Investments by : Finn Rieder
Download or read book Syndication of Venture Capital Investments written by Finn Rieder and published by diplom.de. This book was released on 2003-09-03 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Abstract: Cooperation among financial institutions is a persistent feature of the equity issuance process. Also, the syndication of venture capital investments is common practice among venture capitalists. Despite the importance of syndication, surprisingly little is known on the motives and structure of syndication. Further-more, there is hardly any empirical evidence for Europe or particularly Germany on the syndication behaviour of VC organisations and the factors influencing their overall propensity to co-invest. On the one hand, the purpose of this paper is to compile and summarise all aspects of the existing theory on VC syndication. Therefore, the evidence from the few empirical studies that were so far carried out on this topic is discussed. Thus, the general theory on syndication, which is thought to be independent from peculiar VC industries, serves as the framework throughout this paper which is complemented by the results of the empirical analyses done so far by different authors. On the other hand, this text has also an explorative component where it is analysed if and to what degree findings of the existing studies also hold for the German VC market. This analysis is done by the use of a data base listing a total of 3,230 VC investments in German portfolio companies. The nature of the data base at hand is not designed to allow for conclusions on all relevant aspects of syndication. But the claim of this paper is to use and analyse it whenever it is possible and the data base can be linked to aspects on syndication discussed throughout the different chapters. Firstly, this paper gives a theoretical overview on general motives behind VC syndication which leads to a discussion which rational is more important in explaining VC syndicates and if there are differences between the North American and European VC market with regards to this. Then, as the principal part of this paper, various factors influencing the propensity of VC investors to syndicate are analysed and, whenever possible and appropriate, also reviewed based on the data base. The next part examines the process of forming and managing a syndicate, after the decision to co-invest a deal was made built upon the motives and factors of influence, and to what extent networking activities play a role in it. After this, it is discussed if syndicates enhance the firm value If the portfolio company and whether there is a difference between the value added of syndicates [...]
Book Synopsis The Venture Capital Investment Process by : Darek Klonowski
Download or read book The Venture Capital Investment Process written by Darek Klonowski and published by Springer. This book was released on 2015-12-04 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides one of the most comprehensive overviews of the internal and external challenges of processing venture capital deals, providing an eight stage investment model that breaks down each part of the deal into its own specific challenges and rewards.
Book Synopsis The Oxford Handbook of Venture Capital by : Douglas Cumming
Download or read book The Oxford Handbook of Venture Capital written by Douglas Cumming and published by Oxford University Press. This book was released on 2012-04-20 with total page 1126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Venture capital (VC) refers to investments provided to early-stage, innovative, and high growth start-up companies. A common characteristic of all venture capital investments is that investee companies do not have cash flows to pay interest on debt or dividends on equity. Rather, investments are made with a view towards capital gain on exit. The most sought after exit routes are an initial public offering (IPO), where a company lists on a stock exchange for the first time, and an acquisition exit (trade sale), where the company is sold in entirety to another company. However, VCs often exit their investments by secondary sales, wherein the entrepreneur retains his or her share but the VC sells to another company or investor buybacks, where the entrepreneur repurchases the VC`s interest and write-offs (liquidations). The Oxford Handbook of Venture Capital provides a comprehensive picture of all the issues dealing with the structure, governance, and performance of venture capital from a global perspective. The handbook comprises contributions from 55 authors currently based in 12 different countries.
Book Synopsis Venture Capital Investors and Portfolio Firms by : Sophie Manigart
Download or read book Venture Capital Investors and Portfolio Firms written by Sophie Manigart and published by . This book was released on 2013 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Venture Capital Investors and Portfolio Firms venture capital firms are considered as investors in young growth-oriented companies. The authors focus on the later phases of the venture capital (VC) investment process. They therefore emphasize monitoring, value adding, and exiting activities. They also include a review of the literature on the outcome of venture capital investment activities. Research findings are drawn principally from refereed journal papers in entrepreneurship, finance, and management. The monograph is divided into six principal areas: 1.What venture capital firms do. 2.The impact of VCs on portfolio firms and other stakeholders. 3.The role of syndication. 4.The nature and timing of exit from VC investments. 5.The role of VCs in portfolio companies that undergo an initial public offering (IPO). 6.The returns from investing in VC. Venture Capital Investors and Portfolio Firms concludes with a detailed agenda for further research. To aid the reader who wishes to pursue particular papers in more detail, the authors provide a summary of the main papers in this literature in a set of tables where they identify the authors, publication date, the journal, the main research question, the theoretical perspective, data, and the principal findings.
Book Synopsis Venture Capital and Private Equity Contracting by : Douglas J. Cumming
Download or read book Venture Capital and Private Equity Contracting written by Douglas J. Cumming and published by Academic Press. This book was released on 2013-08-21 with total page 781 pages. Available in PDF, EPUB and Kindle. Book excerpt: Other books present corporate finance approaches to the venture capital and private equity industry, but many key decisions require an understanding of the ways that law and economics work together. This revised and updated 2e offers broad perspectives and principles not found in other course books, enabling readers to deduce the economic implications of specific contract terms. This approach avoids the common pitfalls of implying that contractual terms apply equally to firms in any industry anywhere in the world. In the 2e, datasets from over 40 countries are used to analyze and consider limited partnership contracts, compensation agreements, and differences in the structure of limited partnership venture capital funds, corporate venture capital funds, and government venture capital funds. There is also an in-depth study of contracts between different types of venture capital funds and entrepreneurial firms, including security design, and detailed cash flow, control and veto rights. The implications of such contracts for value-added effort and for performance are examined with reference to data from an international perspective. With seven new or completely revised chapters covering a range of topics from Fund Size and Diseconomies of Scale to Fundraising and Regulation, this new edition will be essential for financial and legal students and researchers considering international venture capital and private equity. - An analysis of the structure and governance features of venture capital contracts - In-depth study of contracts between different types of venture capital funds and entrepreneurial firms - Presents international datasets from over 40 countries around the world - Additional references on a companion website - Contains sample contracts, including limited partnership agreements, term sheets, shareholder agreements, and subscription agreements
Book Synopsis The Money of Invention by : Paul Alan Gompers
Download or read book The Money of Invention written by Paul Alan Gompers and published by Harvard Business Press. This book was released on 2001 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: When the economy was booming and dot-coms were flying high, venture capitalists were admired as impresarios of innovation. Then the market tanked, start-ups fizzled, and those same deal-makers were rebuked as predators out for a quick score. So which portrayal is accurate? Where is this much-hyped industry heading? And what will it mean for the future of innovation in the global economy? In this definitive book, industry experts Paul Gompers and Josh Lerner provide the first cool-headed explanation of the venture capital industry and the role it plays in our economy. They underscore that, regardless of the economic conditions, innovation is incredibly difficult to finance, take to market, and translate into value. While venture capital has evolved to address these problems-the industry has fueled innovation, economic growth, and wealth creation for decades-features of the venture industry have left it vulnerable to boom-and-bust cycles. In the near future, say the authors, the industry must transform dramatically, with important implications for industry players and the entrepreneurs and organizations they serve. Drawing from compelling research and industry "war stories," Gompers and Lerner present a series of practical frameworks for understanding the relationships among venture capital, innovation, and entrepreneurial success. They demystify how the venture capital world operates, and outline the opportunities and obstacles faced by all players in this evolving arena. They explore: · The problems entrepreneurs encounter in securing financing, and how the venture capital model can help innovators to resolve them · How venture capitalists can effectively pursue promising opportunities while building a sustainable franchise · How corporations, nonprofits, and government institutions can harness the power-and avoid the pitfalls-of the venture capital model when applying it in their own sectors Whether the industry is enjoying an incredible growth spurt or weathering an economic slowdown, readers will find this book an immensely practical guide to leveraging the venture capital model to turn innovation into value. Paul A. Gompersis a Professor of Business Administration and a Director of Research at Harvard Business School.Josh Lerneris a Professor of Business Administration at Harvard Business School. Both authors live in the Boston area.
Book Synopsis Introduction to Venture Capital Finance by : Chris Bovaird
Download or read book Introduction to Venture Capital Finance written by Chris Bovaird and published by Financial Times/Prentice Hall. This book was released on 1990 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this book is to provide a basic factual text on venture capital finance, and the venture capital industry in the UK. It considers a variety of topics such as the business expansion scheme, changes in the investment market, and what entrepreneurs expect from venture capitalists.
Book Synopsis Financing High-Growth Firms The Role of Angel Investors by : OECD
Download or read book Financing High-Growth Firms The Role of Angel Investors written by OECD and published by OECD Publishing. This book was released on 2011-12-20 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report covers seed stage financing for high growth companies in OECD and non-OECD countries with a primary focus on angel investment.
Book Synopsis The Oxford Handbook of Venture Capital by : Douglas Cumming
Download or read book The Oxford Handbook of Venture Capital written by Douglas Cumming and published by Oxford University Press. This book was released on 2012-04-24 with total page 1052 pages. Available in PDF, EPUB and Kindle. Book excerpt: Venture capital (VC) refers to investments provided to early-stage, innovative, and high growth start-up companies. A common characteristic of all venture capital investments is that investee companies do not have cash flows to pay interest on debt or dividends on equity. Rather, investments are made with a view towards capital gain on exit. The most sought after exit routes are an initial public offering (IPO), where a company lists on a stock exchange for the first time, and an acquisition exit (trade sale), where the company is sold in entirety to another company. However, VCs often exit their investments by secondary sales, wherein the entrepreneur retains his or her share but the VC sells to another company or investor buybacks, where the entrepreneur repurchases the VC`s interest and write-offs (liquidations). The Oxford Handbook of Venture Capital provides a comprehensive picture of all the issues dealing with the structure, governance, and performance of venture capital from a global perspective. The handbook comprises contributions from 55 authors currently based in 12 different countries.
Download or read book Private Equity written by Douglas Cumming and published by John Wiley and Sons. This book was released on 2009-12-31 with total page 628 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive look at the private equity arena With private equity differing from other asset classes, it requires a whole new approach for those trained in more traditional investments such as stocks and bonds. But with the right guidance, you can gain a firm understanding of everything private equity has to offer. This reliable resource provides a comprehensive view of private equity by describing the current state of research and best practices in this arena. Issues addressed include the structure of private equity funds and fundraising, the financial and real returns of private equity, and the structure of private equity investments with investees, to name a few. Discusses the role of private equity in today's financial environment Provides international perspectives on private equity Details the regulation of private equity markets Filled with in-depth insights and expert advice, this book will provide you with a better understanding of private equity structures and put you in a better position to measure and analyze their performance.
