*** All the Excel files used on the videos are available in the resources section of the respective lessons***
Welcome to the Venture Capital course, where you will learn to evaluate the different sections of the term sheets. My name is Carlos Martínez, I have a Ph.D. in Management from the University of St. Gallen. During my doctoral studies, I delved into access to entrepreneurial financing in contexts with institutional voids, research that I presented at some of the most prestigious academic conferences and doctoral colloquiums held at the University of Tel-Aviv (Israel), Politecnico di Milano ( Italy), University of Halmstad (Sweden) and MIT (USA), and which was also partially published as a chapter of the book "New Frontiers in Entrepreneurial Finance Research," co-edited by established Professors in the Entrepreneurial Finance literature.
I designed this course for potential entrepreneurs, and university students interested in pursuing a career in Venture capital funds. At the end of this course, you will understand the Venture Capitalists' investment decision-making process and be able to evaluate the different sections of a term sheet: the valuation, vesting, convertible preferred equity, and anti-dilution provisions.
The course has a practical approach and uses the teaching case method. First, we will review the VC decision making process. Secondly, you will learn the VC valuation model. After that, you will take the role of one of the entrepreneurs and evaluate different scenarios according to the vesting clauses. Then, you will estimate different investment vehicles such as simple and participating convertible preferred stocks under different exit values. Finally, we will illustrate the full ratchet and weighted average anti-dilution provisions. In addition to the video sessions, you will have access to all the Excel files that we will develop in the course.
Content Benefits Details
- Bienvenida al Curso
- Introduction to Entrepreneurial Finance and Venture Capital
- Introduction
- Originitation
- Firm Specific and Generic Screening
- First Stage Evaluation
- Second Stage Evaluation/Due Diligence
- Deal Structuring and Closing
- Teaching Case: GreenTech
- Venture Capital Valuation Model: Lecture 1
- Venture Capital Valuation Model: Lecture 2
- Venture Capital Valuation Model: Lecture 3
- Scenario Analysis
- Implicit Valuation of the Venture Capitalist
- Introduction
- Scenario I: Anna as CEO
- Scenario II: Anna is Replaced as CEO
- Scenario III: Anna is Replaced (without Valuation Restriction)
- Introduction
- Plain Preferred Equity: Session A
- Plain Preferred Equity: Session B
- Plain Preferred Equity: Session C
- Indifference Acquisition Price for Conversion
- Participating Preferred Equity
- Introduction
- Standard Valuation Model
- Full Ratchet Antidilution with James´ Assumptions
- Weighted Average Antidilution with James´Assumptions
- Full Ratchet Antidilution with Ann´s Assumptions
- Weighted Average Antidilution with Ann´s Assumptions
- Conclusion
Carlos is passionate about the teaching case method and has co-authored more than 25 of them in the areas of finance, strategy, operations, and sustainable development. Some of these have been included in the case bases of prestigious Universities such as Harvard and Michigan.
He is an Industrial Engineer and Master in Finance from Central American University. He also has an MBA with honors from INCAE Business School, and a Ph.D. in Management from the University of St. Gallen, Switzerland. Carlos has oriented his research towards the impact of social, environmental, and corporate governance (ESG) information on financial markets. He has also developed studies related to access to entrepreneurial financing in contexts with institutional voids.
His research has been presented at relevant conferences such as the doctoral colloquium of the Alliance for Research on Corporate Sustainability (MIT, USA), the specialized conference “From Start-up to Scale-up” of the Academy of Management (University of Tel-Aviv, Israel ), the third conference on Entrepreneurial Finance (Politecnico de Milano, Italy) and the Annual Congress of the European Accounting Association (Valencia, Spain).
Carlos has co-authored five articles in peer-reviewed journals and two chapters in books from prestigious publishers (Edward Elgar and World Scientific Publishing). His research has been cited by the International Integrated Reporting Council in documents aimed at institutional investors. Additionally, he has been an occasional reviewer of scientific articles for several peer-reviewed journals.
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