Venture Capitalists Who We Are and How We Think（三）.pptVIP

下载本文档

1
0
约3.71千字
约 18页
2018-05-31 发布于河北
举报
版权申诉

Venture Capitalists Who We Are and How We Think（三）.ppt

1、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。。
2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
3、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
4、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
5、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
6、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
7、VIP文档为合作方或网友上传，每下载1次，网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档

Venture Capitalists Who We Are and How We Think（三）

January 24, 2001 About TVC Types of Financing Contracts Grants Debt Equity Contracts Pros No dilution of equity Cons Generally hard to get (highly competitive) Subject to performance milestones Grants Pros No repayment requirements No dilution of equity Many options Cons Grant may not be for what you ultimately want to do Subject to performance milestones Often subject to strict reporting requirements Debt Pros Easy to find and understand Well-established industry Cons Generally hard to get for pre-revenue companies May require personal guarantees Private Equity Pros No repayment until exit Alignment of interests Possible to get for early stage firms Cons Dilution of equity Exit required at some point Shared ownership structure Valuation negotiation Public Equity Pros Liquidity for investors and (to a lesser degree) other shareholders Long-term business viability Cons Not available to early stage firms Expensive to access Very stringent reporting requirements Sources of Financing Unsophisticated Investors (a.k.a. The 3F’s) Angels Venture Capitalists State or Federal Government Strategic Partners Public Equity Markets (the magic IPO) Commercial Banks Unsophisticated Investors Pros Easy to access Often attractive valuation or terms Extremely flexible terms (debt, equity or both) Cons Usually only available for seed or pre-seed round Value-add to the business uncertain (Role in Co.) Can be hard on personal relationships Angels Pros Able to decide quickly Higher level of sophistication than 3F’s Possibility of value-add beyond just money Cons Hard to find (usually) Typically only interested in investing locally Usually have investment criteria Venture Capitalists Pros Value-add beyond money (management, contacts) Added creditability with business community Potential for syndicates and follow-on funding Cons Stringent investment criteria/hard on valuation Slower to act than Angels or FFF Exit expected (and required) within 3-5 years State or Federal Government Pros N