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MAN 484

Entrepreneurship and Venture Capital

This is finance from the deal-table side: how startups actually get funded, valued, and exited, viewed in turn through the eyes of the founder, the angel, the VC partner, and the institutional LP writing checks into the fund itself. You'll spend most of the semester working HBS cases — Peak Games, iyzico, OptiGuard, Spotify's direct listing, Accel — pairing them with lectures on APV and VC valuation methods, term sheets, convertible securities, and cap tables, plus a midterm, a final, and presentations. It assumes you're comfortable with corporate finance valuation; if you're thinking about a career touching startups, VC, or any role where you'll negotiate or read a term sheet, this is where the textbook mechanics meet the messy reality of staged financing and control rights.

Credit3ECTS5FacultyFaculty of Business AdministrationBölümManagementPreMAN 216 or MAN 321

Değerlendirme 100% — 5 adım

25%
20%
20%
10%
25%
Case study Case Memoranda 25%
In-class participation Case Discussion 20%
Midterm Midterm Exam 20%
Presentations Pitch Game 10%
Final Final Exam 25%

Önerilen kaynaklar 2 kitap

📖
Önerilen
Fundamentals of Entrepreneurial Finance
Hellmann and Da Rin
2020 · Oxford University Press
📖
Önerilen
Venture Capital
Private Equity, and the Financing of Entrepreneurship
Lerner · Leamon

Haftalık müfredat 14 hafta

Hafta 1
Introduction to the course. Lecture: Overview of early-stage investing: Angels and VCs.
Hafta 2
Lecture: Valuation recap.
Hafta 3
Lecture: Valuation recap: APV method.
Hafta 4
Lecture: VC valuation method. Case: Yale University case (An institutional investor’s perspective)
Hafta 5
Case: Peak Games (Identifying and exploiting entrepreneurial opportunities. Challenges of setting up a tech startup in an emerging economy that operates in a globally competitive, fast-paced market). Lecture: Evaluating start-up business plans.
Hafta 6
Case: PuncTab (Securing funding from angel investors). Lecture: Obtaining start-up funding. Case: Technical Data Business Plan.
Hafta 7
Case: ZipFit (Start-up financing, business angels). Lecture: Valuation of VC opportunities, options, and cap tables.
Hafta 8
Case: Iron Gate Technologies (What do VCs do? VC valuation, deal terms, and staging). Lecture: Valuation of preferred securities.
Hafta 9
Case: OptiGuard (Understanding the features of the term sheet that have the largest impact on the company's valuation and control).
Hafta 10
Case: Andreessen Horowitz. Lecture: VC Contracting. Case: Metapath Software (Later-stage deals, valuing convertible securities).
Hafta 11
Case: Intel 64 Fund (Corporate venture capital and innovation). Case: Corporate Venture Capital at Eli Lilly.
Hafta 12
Case: iyzico (Understanding Turkey’s VC ecosystem). Case: Square, Inc. IPO. Lecture: VC Exits through IPOs.
Hafta 13
Case: Spotify's Direct-Listing IPO (Computing IPO share price). Lecture: Understanding PE fund structures and partnership agreements.
Hafta 14
Case: Accel Partners (Evaluating PE fund terms). Lecture: The risk and return to private equity investment.

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⚠️ FZ engelleyen şartlar

An FZ grade will be given to those students who have submitted less than 5 case memoranda out of 9 throughout the

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