DOCSLIB.ORG

Dr Sam Goodman [email protected]/650-364-1151) Senior Adjunct Professor, Department of Finance & Economics Edward S

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Dr Sam Goodman Sgoodman@Ggu.Edu/650-364-1151) Senior Adjunct Professor, Department of Finance & Economics Edward S Dr Sam Goodman [email protected]/650-364-1151) Senior Adjunct Professor, Department of Finance & Economics Edward S. Ageno School of Business GOLDEN GATE UNIVERSITY Summer Term, 2009 San Jose Campus Mon 6-8:40pm FI 318 – VENTURE CAPITAL & START-UP FINANCING Course Outline Course Description: This course examines the strategic and financial issues facing high-growth start-ups. Students develop a sophisticated understanding of the tools and techniques employed by successful entrepreneurs in raising start-up, growth, and acquisition capital for their ventures. Students also will explore alternative financing sources, notably venture capital and angel investors. In addition, students will review the exit strategies available to companies, including IPOs and mergers. Topics discussed include: the history and current direction of the venture capital industry, valuation techniques for new ventures and established private firms, raising venture capital and alternative financing, entrepreneurial management issues in capital raising, maintaining control and direction, and harvesting the venture via IPO or merger. Through two short case studies and an individual project, each student will have an opportunity to personalize the learning process by applying the analytical tools of entrepreneurial finance to real cases and by selecting and studying a highly entrepreneurial industry of personal interest. Finally, all of the course material is based on the key underlying premise that it’s important for each student to understand the perspective of both the entrepreneur and the capital provider. To that end, in this class each student will develop a balanced and complete understanding of both perspectives. Course Objectives: Upon successful completion of this course, each student will have good appreciation for the following: • How can you distinguish between a good opportunity and a good idea? • What are the key factors that drive continuous growth? • How do I marshal the resources necessary to start and grow the business? Why are teams important? • What are the critical tasks and hurdles is seizing an opportunity and building the business? • How much money do I need to start the business and when, where, and how can I get it on acceptable terms? • Why is a business plan important? What are the key features of a good business plan and how can I evaluate one? • What financing sources, strategies, and mechanisms can I use? • What is the business worth and how do I negotiate what portion to sell? • What is a term sheet and how do I prepare use one? • How do I develop harvest options? • How do I manage rapid growth or a failed attempt to build a company? Sam Goodman FI 318 Course Outline Course Prerequisites: Students are expected to have completed at least one finance course (equivalent to FI 100, FI 203 or FI 300A) which should provide a basic understanding of the important techniques of financial analysis including risk assessment, rates of return, cash flow analysis, the cost of capital, capital structure, and valuation. Reasonable math skills (algebra is fine) and an understanding of accounting concepts (primarily the structure of an income statement, a cash flow statement and the balance sheet) will also be very helpful. A financial calculator will be needed. Required Texts and Cases: N ew Venture Creation: Entrepreneurship for the 21 st Century. Jeffry A. Timmons and Stephen Spinelli , 7th ed., McGraw-Hill Irwin Term Sheets & Valuations: A Line by Line Look at the Intricacies of Venture Capital Term Sheets & Valuations. Alex Wilmerding, Aspatore Books, Jan. 2005 ed., (ISBN number 1-58762- 068-5). TixToGo: Financing a Silicon Valley Start-up. Harvard Business School (9-800-376), April 10, 2000. JAFCO America Ventures, Inc.: Building a Venture Capital Firm. Harvard Business School (9-899-099), March 30, 2004. The Wall Street Journal and/or other business newspapers/periodicals. You will need access to either the print or online version of popular business newspapers and journals. Internet access will also be helpful. (There is no need to purchase subscriptions … non-subscriber Internet access will generally work fine). Grading Policy: Your grade will be a weighted average of your scores on your participation in the class discussions, the two written cases, the industry case study, and your score on the quiz and final exam. Weights are as follows: Participation in Discussions 10% TixToGo Case Study 20% (due Mar.5) JAFCO America Case Study 20% (due April 19) Industry Case Study 20% (due April 16) Quiz 15% (on Jan 30) Final Exam 15% (on April 16) Grades will be based solely on your performance on these activities and I’ll use a standard system to assign grades: 90-100% A 80-89% B 70-79% C 60-69% D < 60% F I’ll also assign +/-‘s based on the position of your scores within these ranges. Late work is accepted but marked down 2% per day late. I always reserve the right to set a final due date. Unit Summaries: 2 Sam Goodman FI 318 Course Outline Unit 1 May 4 Welcome, Overview, Instructor’s Philosophy, Ground Rules, Overview Unit 2 May 11 Creating, Shaping, Recognizing, Seizing and Screening New Venture Opportunities Unit 3 May 18 Entrepreneurship Unit 4 May 25 New Venture Planning, Entrepreneurial Finance, Quiz Unit 5 June 1 Startup.com Unit 6 June 8 Obtaining Equity Financing Unit 7 June 15 Term Sheets and Valuation Unit 8 June 22 Deal Valuation, Structure, and Negotiation Unit 9 June 29 TixToGo Case Study (TixToGo Case Study Due) Unit 10 July 6 Obtaining Debt Financing Unit 11 July 13 Managing Rapid Growth and a Troubled Company Unit 12 July 20 TBD Unit 13 July 27 Harvesting Unit 14 Aug 3 JAFCO America Case Study (JAFCO America Case Study Due) Unit 15 Aug 10 Individual Research Projects, Exam (Industry Case Study Due) Unit 16 Aug 17 TBD Each Unit includes a reading assignment, an outline of the important learning points, and important instructions with respect to class participation. Please note that I plan to invite some guest speakers on some nights. The guest speakers will be experts in the specific area that we’re discussing. Those arrangements will be confirmed during the term. Quiz and Exam: There will be one quiz and one exam. The quiz will take place during Week 4. The exam takes place at the end of the term. The exam will test your understanding of 1) the key underlying principles of entrepreneurship and 2) the market for, process of acquiring, and uses of capital for start-up ventures. The quiz and exam will be open book, open notes, etc. The only limitation imposed by the university in that you are not allowed to use a notebook computer during the exam. Course Navigation: The course is built around 15 Units, most of which are constructed in the same basic way. In effect, there are two tracks. First, each week you will build background, technical and analytical skills through the reading material and our class discussions. Second, you will make progress each week on the individual research and cases, which is where the technical and analytical methods will be applied. You should also follow the news for developments, since each week we’ll probably start the discussion with a recap of the previous week’s news. Instructor’s Biography: Northern California Chapter Member Profiles Sam R. Goodman, Ph.D BMG Associates, Inc. 60 Shearer Drive Ph.:650-364-1151 Atherton, CA 94027 Fax: 650-364-8285 3 Sam Goodman FI 318 Course Outline E-Mail: [email protected] Interim Manager, Financial Advisor, Operating Advisor Works As: Consultant, Crisis Manager, Workout Officer, Bankruptcy Consultant Practice Description: Helping underperforming companies to excel. Emphasis: Multi-industry track record that includes managing difficult turnaround situations, taking companies public, creating strategic plans and arranging corporate financings. Experience in technology, consumer products, distribution, agriculture. Specialty: Family held businesses as well as public companies. Experience: In last 20 years, addressed particular problems with mergers and acquisitions, corporate turnarounds, initial public offerings and corporate financings, serving in various capacities for such companies (clients) as: o Ampex – Chief Financial Officer o Nestle – Chief Financial Officer o General Foods – Manager, Planning & Analysis o W.R. Grace – Executive Vice President o CMX – Chairman, President & CEO o Nutritional Dist. – President o Mayfair Packing – President & CEO o Ace Novelty – Chief Operating Officer o Aileen, Inc. – Vice President, Chief Financial Officer, o VM Labs, Inc. – Director o Solectek, Inc. – Director o Masstor, Inc. – Director, General Manager o GB Data Systems (Gero-Vita) – President Ph.D 1968; MBA, 1958, New York University; Author of seven well-known books and over 150 articles dealing in above specialties and strategic planning. Financial Executive Institute; Institute of Management Accountants; American Economic Association; American ARbritration Association, Turnaround Management Association – President, NorCal TMA 1999. Numerous Board positions for public and non-public companies; military awards. TMA Turnaround of the Year – 1993 – 2nd place. Unit Details:1 Unit 1: Welcome, Overview, Instructor’s Philosophy, Ground Rules, Overview (May 4) By the end of this unit, the successful student will: • Have a clear understanding of the way in which the course is structured, the learning objectives and how the learning objectives will be achieved; • Understand the instructor’s teaching philosophy; • Understand the ground rules for taking this course;
Load more

Recommended publications
  • Investor Book (PDF)
    INVESTOR BOOK EDITION OCTOBER 2016 Table of Contents Program 3 Venture Capital 10 Growth 94 Buyout 116 Debt 119 10 -11 November 2016 Old Billingsgate PROGRAM Strategic Partners Premium Partners MAIN STAGE - Day 1 10 November 2016 SESSION TITLE COMPANY TIME SPEAKER POSITION COMPANY Breakfast 08:00 - 10:00 CP 9:00 - 9:15 Dr. Klaus Hommels Founder & CEO Lakestar CP 9:15 - 9:30 Fabrice Grinda Co-Founder FJ Labs 9:35 - 9:50 Dr. Klaus Hommels Founder & CEO Lakestar Fabrice Grinda Co-Founder FJ Labs Panel Marco Rodzynek Founder & CEO NOAH Advisors 9:50 - 10:00 Chris Öhlund Group CEO Verivox 10:00 - 10:10 Hervé Hatt CEO Meilleurtaux CP Lead 10:10 - 10:20 Martin Coriat CEO Confused.com Generation 10:20 - 10:30 Andy Hancock Managing Director MoneySavingExpert K 10:30 - 10:45 Carsten Kengeter CEO Deutsche Börse Group 10:45 - 10:55 Carsten Kengeter CEO Deutsche Börse Group FC Marco Rodzynek Founder & CEO NOAH Advisors CP 10:55 - 11:10 Nick Williams Head of EMEA Global Market Solutions Credit Suisse 11:10 - 11:20 Talent 3.0: Science meets Arts CP Karim Jalbout Head of the European Digital Practice Egon Zehnder K 11:20 - 11:50 Surprise Guest of Honour 11:50 - 12:10 Yaron Valler General Partner Target Global Mike Lobanov General Partner Target Global Alexander Frolov General Partner Target Global Panel Shmuel Chafets General Partner Target Global Marco Rodzynek Founder & CEO NOAH Advisors 12:10 - 12:20 Mirko Caspar Managing Director Mister Spex 12:20 - 12:30 Philip Rooke CEO Spreadshirt CP 12:30 - 12:40 Dr.
    [Show full text]
  • A Framework for a Public-Private Partnership to Increase The
    A national laboratory of the U.S. Department of Energy Office of Energy Efficiency & Renewable Energy National Renewable Energy Laboratory Innovation for Our Energy Future Enhancing Commercial Technical Report NREL/TP-110-40463 Outcomes from R&D May 2007 A Framework for a Public–Private Partnership to Increase the Yield of Federally Funded R&D Investments and Promote Economic Development L.M. Murphy Manager, Enterprise Development Programs National Renewable Energy Laboratory P. Jerde Executive Director Robert H. and Beverly A. Deming Center for Entrepreneurship, Leeds School of Business University of Colorado, Boulder L. Rutherford Venture Partner Vista Ventures R. Barone 2008 MS/MBA Candidate Department of Environmental Studies and Leeds School of Business University of Colorado, Boulder NREL is operated by Midwest Research Institute ● Battelle Contract No. DE-AC36-99-GO10337 Enhancing Commercial Technical Report NREL/TP-110-40463 Outcomes from R&D May 2007 A Framework for a Public–Private Partnership to Increase the Yield of Federally Funded R&D Investments and Promote Economic Development L.M. Murphy Manager, Enterprise Development Programs National Renewable Energy Laboratory P. Jerde Executive Director Robert H. and Beverly A. Deming Center for Entrepreneurship, Leeds School of Business University of Colorado, Boulder L. Rutherford Venture Partner Vista Ventures R. Barone 2008 MS/MBA Candidate Department of Environmental Studies and Leeds School of Business University of Colorado, Boulder Prepared under Task No. 1100.1000 National Renewable Energy Laboratory 1617 Cole Boulevard, Golden, Colorado 80401-3393 303-275-3000 • www.nrel.gov Operated for the U.S. Department of Energy Office of Energy Efficiency and Renewable Energy by Midwest Research Institute • Battelle Contract No.
    [Show full text]
  • Role of Angel Investors in Capital Formation Who Are Angel Investors?
    Role of Angel Investors in Capital Formation Who are Angel Investors? • Often successful entrepreneurs or retired business persons – Active investors providing money, expertise, and their network – Contribute to their local ecosystem (mentoring, judging, educating) • Accredited investors – SEC definition • Invest their own money (not money managers) • Generally invest in local companies • Invest in businesses not run by family Financing Life Cycle Proof-of Product Product Manufacturing/ Discovery Concept Design Development Delivery Idea Pre-seed Seed Start-up Expansion/Mezzanine Funding Funding Funding Operating Cap. Founder Venture Funds Friends and Family Angels Institutional Equity Angel Groups Loans / Bonds Seed Funds Investment Landscape— Company Valuation Company Continue, Prep Technology Proof-of Go To - Product Build and Scale IPO or Discovery Concept Market Stage Deliver M&A Investment $100K $500K $1.5M $2-5M $15M $50M Needed Funding Pre-seed Seed Start-up Expansion Operating & Stage Funding Funding Funding Funding Growth Founder Individual Angels Seed Funds Source SBIR Phase 1 & 2 Venture Funds of Funding Friends & Family Angel Groups Institutional Equity Business Gov. Economic Dev. Loans / Bonds Incubators Company $100K $1.5M $4M $10M $75M $250M Valuation Angel Investors • TYPES - all shapes and sizes! – Friends and Family – Unsophisticated or Sophisticated – Guardian Angels > active advisors/mentors – Passive – Super Angels – Angel Networks /Funds – Single Family Offices Growth in Number of American Angel Groups 400 350 300
    [Show full text]
  • FT PARTNERS RESEARCH 2 Fintech Meets Alternative Investments
    FT PARTNERS FINTECH INDUSTRY RESEARCH Alternative Investments FinTech Meets Alternative Investments Innovation in a Burgeoning Asset Class March 2020 DRAFT ©2020 FinTech Meets Alternative Investments Alternative Investments FT Partners | Focused Exclusively on FinTech FT Partners’ Advisory Capabilities FT Partners’ FinTech Industry Research Private Capital Debt & Raising Equity Sell-Side / In-Depth Industry Capital Buy-Side Markets M&A Research Reports Advisory Capital Strategic Structuring / Consortium Efficiency Proprietary FinTech Building Advisory FT Services FINTECH Infographics Partners RESEARCH & Board of INSIGHTS Anti-Raid Advisory Directors / Advisory / Monthly FinTech Special Shareholder Committee Rights Plans Market Analysis Advisory Sell-Side Valuations / LBO Fairness FinTech M&A / Financing Advisory Opinion for M&A Restructuring Transaction Profiles and Divestitures Named Silicon Valley’s #1 FinTech Banker Ranked #1 Most Influential Person in all of Numerous Awards for Transaction (2016) and ranked #2 Overall by The FinTech in Institutional Investors “FinTech Excellence including Information Finance 40” “Deal of the Decade” • Financial Technology Partners ("FT Partners") was founded in 2001 and is the only investment banking firm focused exclusively on FinTech • FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with over 18 years of exclusive focus on Financial Technology FT PARTNERS RESEARCH 2 FinTech Meets Alternative Investments I. Executive Summary 5 II. Industry Overview and The Rise of Alternative Investments 8 i. An Introduction to Alternative Investments 9 ii. Trends Within the Alternative Investment Industry 23 III. Executive Interviews 53 IV.
    [Show full text]
  • WBAF ACADEMY - Workshops 2019
    WBAF ACADEMY - Workshops 2019 World Congress of Angel Investors 2019 Unlocking the Potential for Innovation as Developing Global Partnerships for Economic Development 19 February 2019, Tuesday Swissotel The Bosphorus Istanbul Zurich Hall 09:00 Workshop 1 : Making big returns investing in small businesses: An entrepreneurial approach to investing Investors complain there are not enough good deals. Entrepreneurs complain that there is not enough money. The current investment structures are keeping the two parties apart. 50% of the Worlds GDP comes from small to medium enterprises, yet most of it is off limits to sophisticated investors. Learn how adopting an entrepreneurial approach with a fixation on liquidity can allow all investors to make big returns investing in small business. WBAF Faculty Member to lead the session Callum Laing, Partner in Unity Group Private Equity Callum Laing is an entrepreneur and investor. He is partner in Unity Group Private Equity, Co-Founder and Chairman of MBH Corporation PLC, and is the originator of ‘Accelerated Venture Capital’ (AVC). Author of two best-selling business books, publisher of more than 700 interviews with entrepreneurs and investors, he is also the WBAF High Commissioner for Singapore. 10:00 Workshop 2 : Combining the best of angel investing and venture capital According to the latest EBAN figures, the average investment for an angel investor in a sin- gle business in 2017 was EUR 25,000, and EUR 182,000 for an angel network. At the same time, venture capital investment starts with significantly larger numbers. Businesses looking to raise $500K to $2M often struggle. It’s the valley of death.
    [Show full text]
  • A Randomized Field Experiment on Early Stage Investments
    Is it Just the Idea that Matters? A Randomized Field Experiment on Early Stage Investments Shai Bernstein, Arthur Korteweg, and Kevin Laws* Abstract Which start-up characteristics are most important to investors in early-stage firms? This paper uses a randomized field experiment involving 4,500 active, high profile, early stage investors, implemented through AngelList, an online platform that matches investors with start-ups that are seeking capital. The experiment randomizes investors’ information sets on “featured” start-ups through the use of nearly 17,000 emails. Investors respond strongly to information about the founding team, whereas they do not respond to information about either firm traction or existing lead investors. This result is driven by the most experienced and successful investors. The least experienced investors respond to all categories of information. We present evidence that the information materially impacts investment rates in start-up companies. The results suggest that, conditional on the quality of the idea, information about human assets is highly important for the success of early stage firms. JEL classification: G32, L26, D23 Keywords: Angels, Early stage firms, Entrepreneurship, Crowdfunding, Theory of the firm Current Draft: March, 2014 * Shai Bernstein ([email protected]) and Arthur Korteweg ([email protected]) are from Stanford Graduate School of Business, and Kevin Laws is from AngelList, LLC. We thank Wayne Ferson, Steve Kaplan, seminar participants at Harvard Business School, UCLA, University of Illinois at Urbana-Champaign, University of Maryland, University of Southern California, University of Texas at Austin, and brown bag participants at the UC Berkeley Fung Institute and Stanford for helpful comments.
    [Show full text]
  • The Impact of Angel Investors on Founders of New Ventures in the Medical Technology Industry
    The Impact of Angel Investors on Founders of New Ventures in the Medical Technology Industry By Alan R. Braly BS, Biomedical Engineering, Whiting School of Engineering, Johns Hopkins University, Baltimore, MD 21218 MBA, Harvard Business School, Harvard University, Boston, MA 02163 SUBMITTED TO THE HARVARD - MIT DIVISION OF HEALTH SCIENCES AND TECHNOLOGY IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF SCIENCE IN HEALTH SCIENCES AND TECHNOLOGY ARCHIVES AT THE MASSAH TUTE MASSACHUSETTS INSTITUTE OF TECHNOLOGY SEP 2) 2J September 2011 1 @2011 Alan R. Braly. All rights reserved. The author hereby grants to MIT permission to reproduce and to distribute publicly paper and electronic copies of this thesis document in whole or in part in any medium no known or hereafter created. Signature of Author: Harvard MI Division of Health Sciences and Technology September 1, 2011 Certified by: Carl M. Berke, PhD Partner, Partners Innovation Fund, Partners Healthcare Lecturer, Harvard-MIT Division of Health Sciences and Technology I \P Thesis Supervisor Certified Jonathan J.Fleming, MPA Managing General Partner, Oxford Bioscience Partners Director, Leerink Swann LLC Senior Lecturer, MIT Sloan School of Management Thesis Supervisor Accepted by: Ram Sasisekharan, PhD Director, Harvard-MIT Division of Health Sciences and Technology Edward Hood Taplin Professor of Health Sciences & Technology and Biological Engineering This page intentionally left blank. Dedications To my family, unyielding in their support of my extensive (and long-running) graduate educational endeavors... and equally unyielding in their quickness to knock me down a notch if the MIT-Harvard dual- degree nerd in me threatened to escape.
    [Show full text]
  • Can Leave You Feeling Ignored
    CDBmagazine.qxp 4/10/2007 3:16 PM Page 1 can leave you :too big feeling ignored. FINDING THE RIGHT FIT IS EVERYTHING when it comes to maximizing the return on your investments. Select a firm that’s too big, and you could lose priority while paying too much for professional tax, audit, and transaction services. Too small, and you could be stuck with advisors who lack the expertise to properly protect your interests. At Virchow Krause, you get a regionally based, globally focused leader with the strengths and services of the largest firms and the personalized attention of the much smaller ones. The right fit. It’s what you should demand. And exactly what we deliver. EXPECT US TO BECOME YOUR MOST VALUED ADVISOR. CALL 248.372.7300 Certified Public Accountants & Consultants www.virchowkrause.com © 2007 Virchow, Krause & Company, LLP DETROIT BUSINESS MAIN 04-23-07 B 18 CDB 4/17/2007 2:46 PM Page 1 GROWING A NEW ECONOMY HelpingHelpingpg BusinessesBusinesses GrowGGrow Women ToT Their Full Potential ■ From Page 16 To Their Full Potential search, women represented 13.8 percent of angel investors in 2006. Nearly 13 percent of entrepreneurs who sought angel capital last From idea to implementation. year were women, and 21.5 percent of them received angel investment, the center says. From start-up through financing. The Kauffman study contends that hav- From a dream to a successful exit. ing fewer women venture capitalists means fewer deals with women-led firms because The experienced attorneys at venture deals often depend on personal con- Fraser Trebilcock Davis & Dunlap, P.C.
    [Show full text]
  • EPA VCG Book August 2010 FINAL.Indd
    DISCLAIMER The information in this Guide has been funded wholly by the United States Environmental Protection Agency. It has been subjected to the Agency’s peer review process. It also has undergone EPA administrative and general counsel review. It does not necessarily refl ect the views of the Agency, however, and no citation or illustration of any specifi c product, service, or enterprise in this document should be construed as a Government endorsement. EPA/600/R-10/028 U.S. Environmental Protection Agency Office of Research and Development http://www.epa.gov/ncer August 2010 This report was prepared by The Scientifi c Consulting Group, Inc., Gaithersburg, Maryland, under EPA Contract EP-C-05-015, Work Assignments 3-4 and 4-2. Paul Shapiro was the EPA Work Assignment Manager. Venture Capital 101: A Resource Guide for Commercializing Environmental Technology Table of Contents Acknowledgments ....................................................................................................................................... vii Executive Summary ...................................................................................................................................... ix I. Introduction ...............................................................................................................................................1 II. Overview of Venture Capital Funding .............................................................................................................3 A. History of Venture Capital Funding: 1946–1994
    [Show full text]
  • Capital Opportunities for Small Businesses
    CAPITAL OPPORTUNITIES FOR SMALL BUSINESSES Capital Opportunities for Small Businesses A Guide to Financial Resources for Small Business in North Carolina Prepared by the Small Business & Technology Development Center CAPITAL OPPORTUNITIES FOR SMALL BUSINESSES CAPITAL OPPORTUNITIES FOR SMALL BUSINESSES © 2009 by The University of North Carolina’s Small Business and Technology Development Center 5 West Hargett Street, Suite 600, Raleigh, NC 27601 phone: 919.715.7272 e-mail: [email protected] website: www.sbtdc.org All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means – electronic, mechanical, photocopying, recording, or otherwise – without the prior written permission of the publisher. This material is based upon work supported by the US Small Business Administration (SBA). Any opinions, findings, conclusions, or recommendations expressed in this publication are those of the author[s] and do not necessarily reflect the views of the SBA. Development of this guide was partially underwritten by the North Carolina Rural Economic Development Center, Inc. The SBTDC would like to thank the following for their valuable contributions to this guide: Linda Esterling Angela Farrior FEEDBACK Eileen Joyce George McAllister If you have any suggestions or Carol McLaurin questions about this guide, please Lisa Ruckdeschel call 919. 715-7272 Horace Stimson Jordan Williams or e-mail [email protected]. CAPITAL OPPORTUNITIES FOR SMALL BUSINESSES CAPITAL OPPORTUNITIES FOR SMALL BUSINESSES TABLE OF CONTENTS Page CHAPTER 1: Introduction Purpose of this Report.…………………………………… …………………………1 CHAPTER 2: Overview of Financing Sources Getting Started…………………………………………………………………………3 Start-Up (or “Seed”) Stage……………………………………………………………3 - Personal Assets………………………………………………………………4 - Family and Friends……...……………………………………………………4 - Home Equity Loans……..……………………………………………………4 Growth Phase………………………………………………………..…………………5 Internal Financing………………………………………………………………...…5 - Cash Management Tools……………………………………………………5 a.
    [Show full text]
  • Bridgefunding: Crowdfunding and the Market for Entrepreneurial Finance Seth C
    Cornell Journal of Law and Public Policy Volume 25 Article 3 Issue 2 Issue 2 - Winter 2015 Bridgefunding: Crowdfunding and the Market for Entrepreneurial Finance Seth C. Oranburg Follow this and additional works at: http://scholarship.law.cornell.edu/cjlpp Part of the Law Commons Recommended Citation Oranburg, Seth C. (2015) "Bridgefunding: Crowdfunding and the Market for Entrepreneurial Finance," Cornell Journal of Law and Public Policy: Vol. 25 : Iss. 2 , Article 3. Available at: http://scholarship.law.cornell.edu/cjlpp/vol25/iss2/3 This Article is brought to you for free and open access by the Journals at Scholarship@Cornell Law: A Digital Repository. It has been accepted for inclusion in Cornell Journal of Law and Public Policy by an authorized editor of Scholarship@Cornell Law: A Digital Repository. For more information, please contact [email protected]. \\jciprod01\productn\C\CJP\25-2\CJP203.txt unknown Seq: 1 20-APR-16 11:54 BRIDGEFUNDING: CROWDFUNDING AND THE MARKET FOR ENTREPRENEURIAL FINANCE Seth C. Oranburg* Title III of the Jumpstart Our Business Startups Act of 2012 (Regu- lation Crowdfunding) should encourage entrepreneurship by allowing startups and small businesses to sell stock online. Unfortunately, that law applied Depression-era securities law concepts to peer-to-peer fi- nancing in the Internet era; as a result, it implemented Internet-investor protection ineffectively. Using Regulation Crowdfunding requires star- tups to comply with costly and unnecessary antifraud requirements. Even after making disclosures, registering with a funding portal, and producing audited financial statements, startups still cannot raise enough money via Regulation Crowdfunding to deploy high-growth strategies without needing more funds from professional angel and ven- ture investors.
    [Show full text]
  • Endeavor-Impact-Report-2013-2014
    1 Welcome 3 The Network at Work 22 The Endeavor Model 34 Impact and Results 38 Network 58 Financials, Donors, and Board Members At some point, all entrepreneurs face their Chairman of Endeavor Argentina and a check for “crazy moment”—the juncture at which they $200,000. La Chica Loca indeed! That’s why must choose between the safe and expected, I say that if you’re not called crazy when you’re and the unsafe and unknown. starting something new, you’re probably not In my new book Crazy is a Compliment: thinking big enough! The Power of Zigging When Everyone Else Zags, Today Endeavor supports nearly 1,000 entre- I looked back at my own “crazy moment.” preneurs leading more than 600 companies in It occurred in the spring of 1998. Months 22 countries. Our mission is to ensure that our earlier, I had broken the news to my (loving but entrepreneurs’ crazy moments result in tremen- risk-averse) parents that I wasn’t going to use dous success both for them and for their broader my law degree. Instead, my friend Peter Kellner communities. We take their dreams, push them and I had decided to pursue our dream of launch- to think a little bigger and a little crazier, and help ing an organization that would find high-impact them lay out a roadmap to reach their goals. entrepreneurs and connect them with world- In 2013, Endeavor Entrepreneurs collectively class mentors and support services. High-impact had created 400,000 jobs and were generating means those with the biggest ideas, the likeliest close to $7 billion annually.
    [Show full text]