The Business of Venture Capital. Mahendra Ramsinghani
Читать онлайн книгу.rel="nofollow" href="#uc3481cd2-bedd-59c3-a055-3824c59c1e9d">13 Fund Size and Portfolio Construction NOTES 14 Performance Analysis INDIVIDUAL PERFORMANCE AND ATTRIBUTION PUBLIC MARKET EQUIVALENTS FUND-LEVEL PERFORMANCE MEASURING REALIZED RETURNS SELF-SELECTION BIAS: GIANTS AMONG MIDGETS NOTES 15 Terms of Fund Investment KEY TERMS FUND FINANCIAL TERMS FUND GOVERNANCE TERMS WHAT INSTITUTIONAL LPs SEEK OFFERING SWEETENERS TO ATTRACT LPs: A DOUBLE-EDGED SWORD MOST NEGOTIATED LP–GP TERMS WHY LPs TERMINATE EXISTING RELATIONSHIPS NOTES 16 The Venture Firm's Ethos, Culture, and Values ETHOS CULTURE AND VALUES GOVERNANCE OF THE FIRM NOTES 17 Raising Your First Fund FIRST STEPS TARGETING LPs MARKET TIMING FIT WITHIN THE LP's CURRENT PORTFOLIO NOTES 18 The Fundraising Roadshow OVERVIEW: THE FUNDRAISING PROCESS GETTING IN THE LP DOOR LOCKING YOUR ANCHOR INVESTOR SELL, SELL, SELL SHOULD YOU WAREHOUSE PORTFOLIO COMPANIES? YOUR BIGGEST FUNDRAISING RISKS, AND HOW TO MANAGE THEM NOTES 19 Why LPs Seek First-Time Funds CREATIVITY, HUNGER, AND PERFORMANCE RANKING EMERGING MANAGERS A FUTURES OPTION NOTES 20 Sourcing Investment Opportunities OVERVIEW: THE SOURCING PROCESS PROACTIVE SOURCING NETWORK-BASED SOURCING ACCELERATORS ANGEL NETWORKS COMMERCIALIZING UNIVERSITY RESEARCH CORPORATE RESEARCH TRADE CONFERENCES INVESTOR PITCH SESSIONS THE AGONY OF MISSED OPPORTUNITIES NOTES
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Part Three: Building Your Portfolio
21 Due Diligence Cheat Sheet
NOTE
22 Diligence
THE CHECKLIST MANIFESTO
TAILORING DILIGENCE BY STAGE
CHECKLISTS — USEFUL BUT SELDOM USED
NOTES
23 Management Team Diligence: Assessing the Intangible
OVERVIEW
VALUES AND INTEGRITY
CAN THE COMPANY ATTRACT GIANTS?
CAN THE CEO EXECUTE? LAMBS VERSUS CHEETAHS
SERIAL ENTREPRENEURS VERSUS FIRST-TIME ENTREPRENEURS
BIAS AT WORK: SEEKING ATTRACTIVE MEN
BACKGROUND CHECKS: FALSE MBAS AND CRIMINAL HISTORIES
VARIOUS APPROACHES TO MANAGEMENT DILIGENCE
NOTES
24 Market, Product, and Business Model Analysis
EVALUATING THE PRODUCT
ASSESSING THE BUSINESS MODEL
NOTES
25 Terms and Conditions Apply
THE SPIRIT OF THE TERM SHEET
NEGOTIATION STRESS POINTS
26 Structure of the Term Sheet
OVERVIEW
CONVERTIBLE LOANS AND SAFE
KEEPING