New Venture Finance (2014 - current)
How do entrepreneurs successfully raise finance? In New Venture Finance, we take the perspective of the entrepreneur. Our first step is to figure out the rules of the game: What type of financier might be interested in our new venture and why? How will the venture capitalist or angel value our ideas, and what will the financing package look like? How will funding evolve as the startup grows, and how will investors exit the deal? As we put the pieces of our knowledge into practice in cases, the course evolves to the second step, of positioning our new venture ideas for success, not just in raising finance but in using finance strategically. The course focuses on raising equity finance through VCs, angels, angel groups, incubators, and accelerators. Pools of capital are changing, and thus, we also take a serious look at alternatives: crowdfunding, micro-alternatives, credit, social and impact funds, and corporate VC. NVF is a structured, case-based class with the goal of ensuring that class members leave the course knowing the venture landscape and have the knowledge and skill to be strategic and wise in raising finance.
Global Entrepreneurial Finance (2012-2013)
In the global context, we take the word “entrepreneurial” to mean pursuing opportunities. In this course, we cover the foundations for being successful global entrepreneurs. We study how to understand economic and strategic opportunities, and concurrently how to think about and source the appropriate types of finance to pursue them. The material prepares us to go after both developed and emerging markets strategies created by regulation openings, privatizations, development organizations, sovereign wealth, and climate change. We study how successfully to find, raise, and invest capital, highlighting the role of venture capital as well as other finance. We devote a module to the understanding of country contexts and how to evaluate the types of ventures can be financed in growth environments with frictions. Unique to this course are the modules on Impact Investing/Sustainable Investment and the Public Sector, focusing on Public Private Partnerships and Sovereign Funds. It is a broad course preparing students to evaluate their ideas and raise capital for becoming entrepreneurs, investors, or growth managers across the globe.
Entrepreneurial Finance and Private Equity (2008-2011)
This case-based course is for students wanting to start and manage their own businesses, to work in venture capital or private equity, or to manage portfolios investing in private equity asset classes. The goal of the course is to give students the tools necessary to understand the process of raising entrepreneurial or buyout capital, to evaluate VC and buyout deals, and to judge private equity investments from the asset manager point of view. The class links together the roles of the IPO market, M&As, reorganizations, bank capital and asset management. In the process, students become very familiar with the institutional details of private equity and are able to integrate incentive design and strategic decision making with valuation in deal assessment. The class ends with an international private equity module to expose students to the players and added complexities of private equity in other developed or emerging markets.