Venture Capital, a new programme from Wharton Executive Education, will lift the veil on one of the most exciting and perhaps least transparent areas in finance. Designed for investors and entrepreneurs alike, participants will come away with a greater understanding of how venture capital works; how the best venture capitalists source, screen, and value deals; and how to design contracts that protect both investors and founders.
Venture Capital Highlights & Benefits
- Learn how VC funds are structured, how they operate, and why organizational structure matters to limited partners, general partners, and even founders
- Understand how to raise capital from limited partners, including the design of partnership agreements that enable effective relationships
- Develop a systematic way to screen, analyse, and value high-growth investment opportunities in nascent industries
- Discover effective ways to manage innovative processes
- Acquire a framework to negotiate, price, and structure the best investor terms and navigating the shareholder’s agreement to avoid costly mistakes
- Identify how and when to exit the investment
Experience & Impact
Venture capitalists generally take a leap of faith on a business idea or founder when choosing to invest in a start-up. They have to value a company whose future financial success hinges on an unproven technology or product that hasn’t been fully commercialized or has yet to generate any revenue. And because of the longer time horizon to profitability and a greater degree of uncertainty of achieving success, venture capital has a risk-return profile that is significantly different from that of a conventional, established business with predictable revenues. As a result, the tools and valuation methods venture capitalists use to assess a business without any tangible assets is different too.
Venture Capital starts with a discussion on how VC funds are organized, how investments are selected, and how due diligence is conducted. Participants will examine case studies that detail a transaction from beginning to end. In this manner, participants will see how a deal is structured, learn more about the differing incentives of a VC fund and entrepreneurs, and gain a deeper understanding of venture investing. This programme will provide participants a rigorous framework both to evaluate investment opportunities and to manage a multi-stage investment process in an innovative firm.
Session Topics May Include:
- Organizational Structure and Trends
- Limited Partner/General Partner Negotiation and Contracting
- Sourcing, Screening, and Assessing Start-ups
- Venture Capital Valuation Method
- Term Sheets: The Venture Capitalist's and Entrepreneur's perspectives
- Deal Sourcing
- Managing Innovative Processes
- Later-Round Financing
- Exit Strategies
Who Should Attend
Venture Capital is designed for those who invest capital, such as angel investors as well as institutional investors and their advisors; entrepreneurs seeking funds for their companies in their early stages of growth; and government leaders looking to encourage entrepreneurship in local markets.
Participants May Include:
- Venture capitalists
- Entrepreneurs who may seek VC funding
- Investment managers and finance industry professionals who are responsible for finding and selecting VC funds in which to invest
- Professional services providers, such as CPAs and attorneys, who work frequently with VC firms
- Angel investors
- Executives leading corporate M&A and business development
- Economic development and other government officials responsible for attracting VC activity to a municipality or state
Some Of The Job Functions And Roles Include:
- Asset managers for large public and private institutions such as pension funds, university endowments, foundations, and corporations
- International economic development officials
- Sovereign wealth fund professionals
- Family office representatives and other private wealth advisors to ultra-high-net-worth individuals and families
Additionally, the programme provides an excellent opportunity for ultra-high-net-worth investors who are looking to make investments in venture capital funds.
May 7 - 11, 2018
Venue: Wharton, UPENN, Philadelphia, PA
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