1)     Venture Capital: the basics

  1. Definition of VC and start-up
  2. What do we really invest in?
  3. The fundamental questions when analysing start-ups at a very early-stage
  4. What about the financials?


2)     Enterprise Valuation

  1. Definitions
  2. Roles of Valuation
  3. The Classical Theory: Discounted Cash Flows or Net Present Value
  4. The Modern Methods for developed businesses: the Multiple approach


3)     Start-up Valuation

  1. Living in a world where financial methods don’t work
  2. The key principles to never forget
  3. The seed case: when only ideas are on the table
  4. The central case: when sales rocket but profitability is still unseen
  5. Forward thinking: what could we expect as an exit value? Role in the present valuation assessment
  6. The main risk of using the Price to Sales ratio
  7. How to modify a valuation over time: the idea of sharing value depending on exit price

                                                               i.      Preferred Shares

                                                             ii.      Options for the investors

                                                           iii.      Options for the founders & employees

  1. Follow-on rounds and impacts on valuation, proceeds waterfall etc.
  2. Investment Processes in VC


4)     Risk Management: the portfolio and the partnership approach

  1. Why should an investor always consider a portfolio rather than a single (or very limited number of) investment?
  2. What should an investor look in a partnership?
  3. Investment strategy and portfolio management
  4. Examples of strategies and impact on the performance
  5. Decision making process and managers compensation