Магистратура
2025/2026
Венчурное финансирование
Статус:
Курс по выбору (Международный бизнес)
Кто читает:
Школа инноватики и предпринимательства
Где читается:
Школа инноватики и предпринимательства
Когда читается:
2-й курс, 1 модуль
Охват аудитории:
для своего кампуса
Язык:
английский
Кредиты:
6
Контактные часы:
40
Course Syllabus
Abstract
This course considers financing decisions of entrepreneurial firms, especially of ventures in high-tech industries at early stages of life cycle. Opacity and specificity of such firms create additional barriers for funding and require better understanding of the financing landscape for such companies. This course discusses available sources of capital through life cycle stages of the firms and introduces specific tools for management of uncertainty and asymmetry of information in their funding decisions. Special attention is paid to venture capital firms and their value addition to portfolio companies.This course will provide students with theoretical concepts of entrepreneurial finance and demonstrate real-life problems facing new ventures. The course will cover questions of venture financing from the perspectives of both entrepreneurs and investors.
Learning Objectives
- Explain special aspects of funding new ventures as opposed to financing of mature companies considered in standard corporate finance theory
- Explain the difference between types of new venture investors
- Provide students with a framework for making decisions about financing of a new venture from entrepreneur’s and investor’s points
- Prepare students to make effective presentations of investment opportunities from entrepreneur’s and investor’s side
Expected Learning Outcomes
- To analyze and compare financing choices for new ventures, including types and sources of financing
- To explain the difference between types of new venture investors
- To develop communication and presentation skills for capital raising, formulating business plan, strategies
- To identify exit strategies and explain venture harvesting process
- To explain special aspects of funding new ventures as opposed to financing of mature companies considered in standard corporate finance theory
- To provide students with a framework for making decisions about financing of a new venture from entrepreneur’s and investor’s points
- To build financial forecasts for new ventures under uncertainty
- To prepare students to make effective presentations of investment opportunities from entrepreneur’s and investor’s side
- To make effective and well-timed decisions about new venture financing and harvesting
Course Contents
- Introduction. New venture finance vs. Corporate Finance. Life-cycle of the company.
- Identification of entrepreneurial opportunities. Innovative industries. Types of entrepreneurship.
- Corporate governance and entrepreneurial firms. Moral hazard and adverse selection in new ventures.
- Financing sources at different stages of life cycle. Capital structure of new ventures.
- Unit economics. Startup metrics.
- Financial forecasting. New venture revenue forecast. Assessing financial needs.
- New venture valuation. Entrepreneur’s and venture capital fund’s perspective on valuation
- Business plan, investment memorandum and pitch deck.
- Venture capital and private equity finance: organization, investment selection. Government venture funds.
- Deal terms. Incentive problems, information problems. Contract design. Exit options. Turnaround strategies.
Assessment Elements
- Business plan / Investment memorandum preparation
- Valuation exercise
- In-class presentation
- Active participation in course
- Pitching an idea of a new venture for angel/venture capital funding – group project
- Commenting a pitch presented by peers
Interim Assessment
- 2025/2026 1st module0.2 * Active participation in course + 0.1 * Business plan / Investment memorandum preparation + 0.1 * Commenting a pitch presented by peers + 0.1 * In-class presentation + 0.3 * Pitching an idea of a new venture for angel/venture capital funding – group project + 0.2 * Valuation exercise
