Produktbild: Venture Deals

Venture Deals Be Smarter Than Your Lawyer and Venture Capitalist

46,99 €

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Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

01.10.2019

Verlag

John Wiley & Sons

Seitenzahl

368

Maße (L/B/H)

23,2/15,7/3,3 cm

Gewicht

567 g

Auflage

4. Auflage

Sprache

Englisch

ISBN

978-1-119-59482-6

Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

01.10.2019

Verlag

John Wiley & Sons

Seitenzahl

368

Maße (L/B/H)

23,2/15,7/3,3 cm

Gewicht

567 g

Auflage

4. Auflage

Sprache

Englisch

ISBN

978-1-119-59482-6

Herstelleradresse

Libri GmbH
Europaallee 1
36244 Bad Hersfeld
DE

Email: gpsr@libri.de

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  • Produktbild: Venture Deals
  • Foreword by Fred Wilson (3rd Edition) xi

    Foreword by James Park (3rd Edition) xiii

    Foreword by Dick Costolo (1st and 2nd Editions) xv

    Preface xvii

    Acknowledgments xxiii

    Introduction: The Art of the Term Sheet 1

    Chapter 1 The Players 3

    The Entrepreneur 3

    The Venture Capitalist 4

    Financing Round Nomenclature 7

    Types of Venture Capital Firms 9

    The Angel Investor 10

    The Syndicate 12

    The Lawyer 13

    The Accountant 14

    The Banker 15

    The Mentor 15

    Chapter 2 Preparing for Fundraising 17

    Choosing the Right Lawyer 17

    Proactive versus Reactive 18

    Intellectual Property 20

    Chapter 3 How to Raise Money 23

    "Do. Or Do Not. There is No Try." 23

    Determine How Much You are Raising 24

    Fundraising Materials 26

    Due Diligence Materials 32

    Finding the Right VC 33

    Finding a Lead VC 34

    How VCs Decide to Invest 35

    Using Multiple VCs to Create Competition 38

    Closing the Deal 39

    Chapter 4 Overview of the Term Sheet 41

    The Key Concepts: Economics and Control 42

    Chapter 5 Economic Terms of the Term Sheet 45

    Valuation and Price 45

    Employee Option Pool 47

    Warrants 50

    How Valuation is Determined 52

    Liquidation Preference 54

    Pay-to-Play 63

    Vesting 66

    Exercise Period 70

    Antidilution 71

    Chapter 6 Control Terms of the Term Sheet 77

    Board of Directors 77

    Protective Provisions 81

    Drag-Along Agreement 85

    Conversion 88

    Chapter 7 Other Terms of the Term Sheet 91

    Dividends 91

    Redemption Rights 93

    Conditions Precedent to Financing 95

    Information Rights 97

    Registration Rights 98

    Right of First Refusal 100

    Voting Rights 102

    Restriction on Sales 102

    Proprietary Information and Inventions Agreement 103

    Co-Sale Agreement 104

    Founders' Activities 105

    Initial Public Offering Shares Purchase 106

    No-Shop Agreement 107

    Indemnification 110

    Assignment 110

    Chapter 8 Convertible Debt 113

    Arguments for and Against Convertible Debt 114

    The Discount 116

    Valuation Caps 117

    Interest Rate 119

    Conversion Mechanics 119

    Conversion in a Sale of the Company 121

    Warrants 122

    Other Terms 125

    Early Stage versus Late Stage Dynamics 125

    Can Convertible Debt Be Dangerous? 126

    An Alternative to Convertible Debt 127

    Chapter 9 The Capitalization Table 129

    Price per Share with Convertible Notes 131

    Pre-Money Method 132

    Percentage-Ownership Method 133

    Dollars-Invested Method 133

    Chapter 10 Crowdfunding 137

    Product Crowdfunding 137

    Equity Crowdfunding 139

    How Equity Crowdfunding Differs 141

    Token Crowdfunding 143

    Chapter 11 Venture Debt 145

    The Role of Debt versus Equity 145

    The Players 147

    How Lenders Think about Loan Types 148

    Economic Terms 151

    Amortization Terms 154

    Control Terms 157

    Negotiation Tactics 161

    Restructuring the Deal 163

    Chapter 12 How Venture Capital Funds Work 167

    Overview of a Typical Structure 168

    How Firms Raise Money 169

    How Venture Capitalists Make Money 171

    How Time Impacts Fund Activity 175

    Reserves 177

    Cash Flow 179

    Cross-Fund Investing 179

    Departing Partners 181

    Corporate Venture Capital 181

    Strategic Investors 183

    Fiduciary Duties 184

    Implications for the Entrepreneur 185

    Chapter 13 Negotiation Tactics 187

    What Really Matters? 187

    Preparing for the Negotiation 188

    A Brief Introduction to Game Theory 191

    Negotiating in the Game of Financings 193

    Negotiating Other Games 194

    Negotiating Styles and Approaches 195

    Collaborative Negotiation versus Walk-Away Threats 199

    Building Leverage and Getting to Yes 200

    Things Not to Do 203

    Great Lawyers versus Bad Lawyers versus No Lawyers 205

    Can You Make a Bad Deal Better? 206

    Chapter 14 Raising Money the Right Way 209

    Don't Be a Machine 209

    Don't Ask for a Nondisclosure Agreement 210

    Don't Email Carpet-Bomb VCs 210

    No Often Means No 211

    Don't Ask for a Referral If You Get a No 211

    Don't Be a Solo Founder 212

    Don't Overemphasize Patents 213

    Don't Be Silent If You Witness Bad Behavior 213

    Chapter 15 Issues at Different Financing Stages 215

    Seed Deals 215

    Early Stage 216

    Mid and Late Stages 217

    Chapter 16 Letters of Intent: The Other Term Sheet 221

    Structure of a Deal 222

    Asset Deal versus Stock Deal 225

    Form of Consideration 227

    Assumption of Stock Options 228

    Representations, Warranties, and Indemnification 232

    Escrow 233

    Confidentiality/Nondisclosure Agreement 235

    Employee Matters 236

    Conditions to Close 237

    The No-Shop Clause 238

    Fees, Fees, and More Fees 239

    Registration Rights 240

    Shareholder Representatives 241

    Chapter 17 How to Engage an Investment Banker 243

    Why Hire an Investment Banker? 243

    How to Choose an M&A Adviser 245

    Negotiating the Engagement Letter 247

    Helping Your Banker Maximize the Outcome 251

    Chapter 18 Why Do Term Sheets Even Exist? 253

    Constraining Behavior and the Alignment of Incentives 254

    Transaction Costs 255

    Agency Costs and Information Asymmetry 256

    Reputation Constraints 257

    Chapter 19 Legal Things Every Entrepreneur Should Know 259

    Intellectual Property 259

    Patents 261

    Trademarks 262

    Employment Issues 263

    Type of Corporate Structure 264

    Accredited Investors 265

    Section 409A Valuations 266

    (83)b Elections 267

    Founders' Stock 268

    Consultants versus Employees 269

    Compensating Service Providers 270

    Authors' Note 273

    Appendix A: Sample Term Sheet 275

    Appendix B: Foundry Group Term Sheet 285

    Appendix C: Sample Letter of Intent 295

    Appendix D: Additional Resources 303

    Glossary 307

    About the Authors 321

    Index 323

    Excerpt from Startup Communities 333