Entfin f2010

COURSE PLATFORM HARVARD | BUSINESS | SCHOOL
Syllabus for Entrepreneurial Finance
Introduction and Overview

Introduction and Overview
[01] 8:30AM Thu, Sep 2, Aldrich Hall 208

TOPIC
CCBN.com
The CCBN case describes a new business being proposed by Jeffrey Parker, a successful serial entrepreneur. Parker
has teamed up with an HBS MBA, Rod Adler, to develop an Internet-based service for outsourcing the Investor
Relations function within publicly traded companies.
MATERIALS
CCBN.COM (898146)
EC Weeks 1 & 2 Packet
CCBN Case Exhibits
CCBN Poll
Sample Poll Answer
ASSIGNMENT
Please fill out the poll. Note that polls will close at 3AM on the day of class. Poll participation will be considered part of
class participation. If you encounter any problems with the poll, please email Evan Richardson at erichardson@hbs.edu
Among the issues you might consider for discussion are the following:
1. In terms of the "fit" between People, Opportunity, Context and Deal, how would you assess CCBN at the time of the
case? What must happen for CCBN to succeed?
2. What can go wrong? What can go right? What can Parker and Adler do to manage the Risk/Reward ratio?
3. What should Parker and Adler do?
September 03, 2010 Copyright 2010 President and Fellows of Harvard College Page 1 of 24
[01] 8:30AM Fri, Sep 3, Aldrich Hall 208

TOPIC
Tickle
To sell or not to sell
MATERIALS
Tickle (N9-807-100)
Tickle Case Exhibits
"Here Comes Another Bubble" by The Richter Scales
ASSIGNMENT
The founding team at Tickle.com must decide which of several alternatives to choose. Among the issues you might
consider are the following:
?Should Tickle just stick to its knitting and continue to grow with internal funds?
?Should Tickle raise money from the venture capital firm? What do you think of the terms?
?Should Tickle accept Monster?s offer? What are reasonable terms?
?How do you assess the risks and rewards of each option? What perspective are you taking in evaluating the
decision?
?What should James Currier and Rick Marini do?

TOPIC
Athleta
MATERIALS
Athleta (803045)
Athleta Exhibits
Basic Venture Capital Formula, The (804042)

ASSIGNMENT
Scott Kerslake, CEO of Athleta, a specialty retailer of women's athletic gear, is trying to raise capital for the firm in
March of 2002. Among the issues you might consider are the following:
1. How would you assess Athleta's historical financial performance?

2. How do you evaluate Athleta's financial forecasts?
3. How much money does the company need? From whom should the money be raised? On what terms?
4. If you were writing a term sheet for Athleta, what would you be sure to include?
5. What should Scott Kerslake and his team do?

TOPIC
Mt. Auburn Partners Search Fund
MATERIALS
Mt. Auburn Partners Search Fund (805030)
Mount Auburn poll
Sample Poll Answer
ASSIGNMENT
1. Should Rosewater invest in Mt. Auburn Partners? How should he evaluate this opportunity relative to other
investment opportunities?
2. Conceptually, does the search fund model make sense? What can go wrong? What can go right?
3. What is your assessment of the Mt. Auburn PPM? What are the strengths and weaknesses of the plan?
4. What should Rosewater do?
5. What should Milne and Berholz do?
End of Introduction and Overview
New Ventures, Venture Capital, Deals, and Valuation

New Ventures, Venture Capital, Deals, and Valuation

TOPIC
Beechwood Spouts (A)
Jeremy Ash, CEO of Beechwood Spouts, has developed a revolutionary plastic pouring spout for gable-top and brick
pack juice cartons. With a low cost design, a series of proprietary patents, a large world-wide target market and a
growing order backlog, Spouts appears poised to dominate this emerging packaging industry niche.
Through a mutual friend, Ash has solicited Charles Barker, a respected Boston investment manager, to be an outside
investor in a $6 million private round of growth financing for this early stage high potential venture.
MATERIALS
Beechwood Spouts (A) (396016)
A Method for Valuing High-Risk, Long-Term Investments

Revised on 10/1/2009
Scenario Analysis Model

This is a model used to analyze scenarios such as the one described in Exhibit 2 of the Beechwood Spouts case
ASSIGNMENT
1. Evaluate the deal as described in the case. Is this a good deal for outside investors? Is this round fairly priced? In
addition to the valuation, what other terms and conditions should Barker be concerned with?
2. What additional due diligence should Barker conduct before making his investment decision?
3. How much would you invest in Spouts? If you were Barker, would you recommend this investment to your money
management clients? Why, or why not?

TOPIC
Venture Capital Valuation
Basic mechanics of multi-staged financing
MATERIALS
The Venture Capital Valuation Problem Set
EFRounds.xls
This spreadsheet contains some information related to multiple rounds of financing.
EFNewcoIRR.xls
Analyzing multiple rounds of financing
Two Stage Model

Simple two stage model
Warrant analysis
Valuation of options and warrants
VC Problem Set Solutions (Updated on 9/21/2009)
Togiak Networks Spreadsheet
ASSIGNMENT
We will go through The Venture Capital Valuation Problem Set in some detail in class. It will be very useful if you create
your own Excel models for the purpose of answering the assignment questions. You should also try to create graphs
depicting the variation in a variable like ?percentage ownership required? as the required rate of return is changed. The
graphs give you a better sense of the sensitivity of the answers to changes in the underlying inputs.
In the assignment you don't need to "solve" question 7 on Togiak Networks. We may not have time to address that
problem in detail in class, but a related spreadsheet will be distributed over the course platform after class. You should,
however, try to figure out what is going on and why the venture capitalist has structured his proposal in that way.A good
resource for VC terms is:http://www.fenwick.com/vctrends/VC_Terms.htm?WT.mc_id=VCS_052307_webpage
A good resource for understanding "down rounds" is:http://www.financeoutlook.com/index.php?itemid=25
[01] 8:30AM Wed, Sep 22, Aldrich Hall 208

TOPIC
Lecture on Deals
This class session will be devoted to achieving an understanding of some of the key issues in designing deals.
We will distribute copies of a presentation on deals in class. We will spend most of class analyzing a number of deal
terms using the concepts and tools described in the note and paper.
MATERIALS
Note on Financial Contracting: ""Deals"" (288014)
EC Weeks 3 on Packet
Revised Valuation Spreadsheet

this fixes some errors .....
Management and the Financial Crisis (Optional)

This (optional) paper addresses why the crisis occurred and what can be done to mitigate the risks inherent in the
global financial system. This is a draft. Any feedback would be greatly appreciated.
ASSIGNMENT
Among the questions to be addressed are the following:
1. What is a deal?
2. What information can be inferred from the terms of a deal?
3. What are the distinguishing characteristics of good and bad deals?

TOPIC
Term Sheets
Analyzing deal terms
MATERIALS
Interactive Term Sheet
This also describes the basic terms sheet and variations in an online format
VC Deal Terms Glossary

Fenwick & West Glossary
Deal Term Trends

Fenwick & West Survey of current deal terms in California
Term Sheets Handout

Please note this is the updated 2009 version of the Term sheets.
Hard Copies will handed out in class.
ASSIGNMENT
ASSIGNMENT
We have a lot to accomplish in these next two class sessions (September 24 and 25). We will go through the term
sheets in the handout one by one: a guide to the critical elements of each exhibit is included below. Note that one goal
of these classes is to have you have in your possession a set of representative documents that have been used with
various ventures. We will not make it through all the term sheets so focusing on Exhibits 1, 2, 6, 7, 10, 11, 12, 14, 15,
16, 18, and 23 will have the highest payoff.

TOPIC
Term Sheet Day 2
Continuation of discussion

TOPIC
BzzAgent, Inc. - 2005
MATERIALS
BzzAgent, Inc. - 2005 (807-057)
ASSIGNMENT
The BzzAgent case describes a set of decisions confronting the management team and early investors in an innovative
word-of-mouth marketing company. The company has decided to raise money in the spring of 2005. Rather than have
venture capital firms submit term sheets, management has created its own term sheet, which it has sent to a number of
prominent venture capital firms. Management asks each potential investor to prove why they should be allowed to
invest. Among the issues you might consider are the following:
1.Does BzzAgents financing strategy make sense? What do you think of the terms they have set? Are they
reasonable?
2.If you were a venture capitalist how would you respond to the letter from Shikhar Ghosh, BzzAgents chairman? Who
will pursue the opportunity to invest? Who will pass?
3.What are the potential future implications of the choices management is making at this time?
4.What should management do?

TOPIC
Pinnacle Ventures
MATERIALS
Pinnacle Ventures (808048)
How Venture Capitalists Evaluate Potential Venture Opportunities (805019)
Pinnacle Exhibits
We forgot to upload these ....
ASSIGNMENT
1. Conceptually, where on the risk return frontier should venture debt lie in relationship to other private equity (broadly
defined) asset classes? Based on the data in the case, does venture debt seem like an attractive asset class relative
to these others, or not?
2. In what ways does Pinnacles strategy seem to help or hinder its risk-return profile and performance?
3. Evaluate the proposed venture debt financing of Windvane from both Patrick Lees / Pinnacles and Windvanes
perspectives. Specifically, what are the advantages and disadvantages of a standard venture debt loan from the
perspective of each party?
End of New Ventures, Venture Capital, Deals, and Valuation
FCF Valuation, LBOs, and Industry Consolidations

[01] 8:30AM Wed, Oct 6, Aldrich Hall 208

TOPIC
RighNow
MATERIALS
RightNow Technologies (805032)
RightNow Exhibits
Note on Free Cash Flow Valuation Models (288023)

FCF Valuation Model

It will be helpful if you input assumptions for RightNow and assess the value of the company. This case was used as
an exam in prior years.
ASSIGNMENT
Greg Gianforte, founder and CEO of RightNow Technologies, is confronted with a decision about whether to sell his
company or remain independent. Among the issues you might consider are the following:
1. What value would you assign to RightNow at the time of the case? To answer this question, you should input some
assumptions into the FCF Valuation Model.
2. How should the company respond to the acquisition offer? What would acceptable terms be?
3. If RightNow is not acquired at this time, what financial strategy should it pursue?
[01] 8:30AM Thu, Oct 7, Aldrich Hall 208

TOPIC
Hudson Manufacturing
MATERIALS
Hudson Manufacturing Company (203064)
Spangler distribution
Hudson Exhibits
ASSIGNMENT
This case discusses the investment and financing decisions of Rock Wood Equity Partners in Hudson Manufacturing
Company. Brett Keith and Owen Colligan have negotiated the purchase of Hudson from its existing owners. Among the
issues you should consider in preparing for class are:
1. Is Hudson an appropriate acquisition candidate for Keith and Colligan? What do Keith and Colligan bring to the table?
2. Is Hudson?s business solid? Is the acquisition price attractive?
3. Evaluate Keith and Colligan?s financing proposal? Does it make sense?
4. What role does the bank play in financing the deal? Why would there be so many banks interested in financing the
deal? Is financing the loan attractive for a bank? Why?
5. How should Keith and Colligan deal with environmental contamination? Should they walk away?

TOPIC
MD Beauty, Inc.
Financial strategy
MATERIALS
MD Beauty, Inc. (806045)
Financial Statements
ASSIGNMENT
The chairman and CEO of a successful cosmetics company must decide whether they should try to sell their company
in the late spring of 2003. Among the issues you might consider are the following:
1. Why has the company been successful? What are its prospects?
2. What value would you assign to the company at the time of the case?
3. Why has the company been unable to attract strong interest from a strategic buyer?
4. Should they try to attract a private equity investor? If so, who should they go after? What are reasonable deal terms?
5. What should John Hansen and Leslie Bodgett do?
[01] 8:30AM Fri, Oct 15, Aldrich Hall 208

TOPIC
Hamilton Test Systems
End of FCF Valuation, LBOs, and Industry Consolidations
The Evolving Opportunity Set: Building Green Businesses

TOPIC
Khosla Ventures: Biofuels Strategy
Venture capitalist Vinod Khosla believed it would take significantly more than consumers buying hybrids to alter the
trajectory of global warming. He was set on a much larger goalhe wanted to fundamentally change the way in which fuel
was manufactured and consumed not only in the West, but also in India and China. Cost effectiveness and affordability
were critical criteria in developing a low carbon solution that impacted 50-80% of the next billion cars shipped
worldwide.
MATERIALS
Khosla Ventures: Biofuels Strategy (809004)
Accel Partners: Entrepreneurial Energy (Optional)

This document has interesting commentary on the current (2009) state of green and clean investing.
ASSIGNMENT
1. Should Khosla Ventures start a later-stage investment fund for scaling their biofuels ventures? Why and Why not?
2. Please spend some time on exhibits 10 and 11. You should think about the possible returns available to each
investors in each round. Whats an appropriate required rate of return at each stage? Who invests in that kind of payoff
structure? How much might the hypothetical biofuels company be worth if it hits the numbers on exhibit 11? What
happens if Khosla Ventures cant invest its prorated investment at each stage
3. What has Khosla Ventures done to be successful date?
4. What will make Khosla Ventures successful in the future?

TOPIC
Calera
Brent Constantz, founder, CEO, and president of Calera Corporation, felt a surge of optimism as he gazed at the
recently commissioned prototype flue gas processing line at Caleras R&D facility in Moss Landing, California. It was
late May 2009, and Calera was an early-stage venture-backed company headquartered in Los Gatos, California with a
promising vision to reverse global warming and ocean acidification by adapting one of natures oldest processes:
carbonate mineralization.
MATERIALS
Calera Corporation (810-030)
Webcast of May 6 the U.S. Senate Energy & Water Hearing on Applications for the Reuse
of Carbon Dioxide
Brent Constantz's testimony can be viewed starting around 67 minutes into the hearing.
Synthesis Report from Climate Change, Global Risks, Challenges & Decisions,
COPENHAGEN 2009, 10-12 March (Optional)
Carbon Trading on the Cheap, by Peter Fairley (Technology Review; Jul/Aug2009, Vol.
112 Issue 4, p72-75, 4p) (Optional)
The article discusses the issue concerning the cap-and-trade system introduced in the U.S. Congress. It examines the
impact of the Emission Trading System (ETS) of the European Union (EU) on the country's carbon-trading scheme
which proposes to cut greenhouse gas emissions to 17% below 2005 levels by 2020. It also looks into several factors
that affect the EU's emission trading system which include bad information, the coddling of domestic industries and the
economic downturn. It further explores the impact of politics on efforts to improve the EU trading scheme.
ASSIGNMENT
1. What is the opportunity confronting Calera?
2. What can go wrong? What can go right? What can management do to improve the reward to risk ratio?
3. Review Exhibits 13, 14 and 15. How much money does the company need and when does it need it? From whom
should the money be raised? For what purpose? On what terms?
4. What should Constantz do?
[01] 8:30AM Wed, Nov 3, Aldrich Hall 208

TOPIC
DOE & the Recovery Act
It was October 26, 2009, and Matt Rogers walked back to his office at the U.S. Department of Energy (DOE). Nine
months earlier, Rogers had left a career as head of McKinseys North Americas Petroleum practice, and founder of its
Clean Energy practice, to take a job in the U.S. Government, working for DOE Secretary Steven Chu as the Senior
Advisor for Implementation of the American Recovery and Reinvestment Act (Recovery Act). From a firm that had led
thinking about the worlds energy future and advised leading Fortune 500 companies, his new role was to implement the
largest and most ambitious transformation of Americas energy system since World War II. He was surprised at how
much the DOE and Recovery teams had gotten done and but , more importantly, he wondered how effective it would
all prove to be.
MATERIALS
U.S. Department of Energy & Recovery Act Funding: Bridging the "Valley of Death" (810144)
Matt Rogers at the TED Conference

Rogers discusses implementing the Recovery Act within the DOE.
"Picking Winners, Saving Losers," The Economist, August 7, 2010
Bloomberg New Energy Finance's "Crossing the Valley of Death" (Optional)
ASSIGNMENT
1. What exactly is the valley of death that these government financing programs seemed designed to address? Do
you agree with the arguments in the case about why these market imperfections exist? Do you believe that these
programs are an effective way of addressing these financing issues? Do you see any alternatives for dealing with these
issues? What negative consequences, if any, do these programs have on the private sector?
2. What should happen / what should the DOEs role in financing these industries be once the ARRA funding has
been fully-deployed? Assuming normal financial markets and a reasonably healthy economy, what issues in the energy
space do you think will nonetheless benefit from targeted government funding programs?
3. How (and over what time frame) should Matt Rogers and his team measure their success?
[01] 8:30AM Thu, Nov 4, Aldrich Hall 208

TOPIC
Highland Capital Partners -Cleantech
One day during the summer of 2008, Paul Maeder, co-founder and general partner of Highland Capital Partners (HCP),
was walking with his wife around Reykjavik, Iceland, marveling at how clean the city felt and at the widespread use of
naturally occurring geothermal energy to power everything from trams to buildings. They dont treat their air and water
like an open sewer, Maeder thought. This is the way people need to live and this is the way people are going to have to
start living in 10 or 20 years. To his wife, Maeder said aloud: I think Highland should revisit the idea of investing in
cleantech.
MATERIALS
Paul Maeder's "Green" Measures of Economic Success
Highland Capital Partners: Investing in Cleantech (811009)
ASSIGNMENT
1. Will Highland Capital cleantech investment model let them be a successful participant in cleantech investing in the
next 5 years? Why and Why not?
2. How are Khosla Ventures and Highland Capital approaches the same and different?
2. What has Highland Capital done to be successful date?
3. What will make Highland Capital successful in the future?
End of The Evolving Opportunity Set: Building Green Businesses
Creating & Exercising Options


TOPIC
BlingNation
This case concerns financing the introduction of a disruptive technology.
[01] 8:30AM Fri, Nov 12, Aldrich Hall 208

TOPIC
Gilt Group

TOPIC
Distrobot
MATERIALS
Distrobot Systems, Inc. (805-082)
Distrobot
ASSIGNMENT
Mick Mountz, the founder and CEO of a new company focused on warehouse automation, must raise additional capital
to commercialize his idea. Among the issues you might consider are the following:
1. What is the nature of the opportunity confronting Distrobot? What must the company do to succeed?
2. Do you think Steve Kaufman (former CEO of Arrow Electronics) is correct in his assessment of the marketing
challenges facing the company? How should Mountz and his team interpret the feedback?
3. From whom should Distrobot raise capital? How much? On what terms?
4. How would you respond to the term sheet Distrobot has received from Poronui Capital Partners?
5. Should Mountz try to raise capital from potential customers, as per Exhibit 9?
6. What should Mick Mountz do?

TOPIC
OfficeTiger
Randy Altschuler and Joe Sigelman, the co-CEOs of OfficeTiger, made the final changes on their presentation for their
first-quarter 2004 board meeting the next day and sat back to discuss the meeting. At the top of the presentation would
be a discussion of new investors who had the potential to finance acquisitions for Office Tiger. Altschuler and Sigelman
knew that the whole outsourcing bubble would burst someday..but hopefully not anytime soon.
MATERIALS
OfficeTiger (804109)
BBC World Asia Business Report
"Define the Battle: Positioning." Chapter 6 from Crossing the Chasm , by Geoffrey A. Moore
This is an optional reading. This is from the latest edition of Moore's "classic," Crossing the Chasm. Read pages 152 -
156. Moore's terminology is still (after more than twenty years) the lingua franca of new product marketing.
"Crossing the Chasm--And Beyond", Chapter 2 from Inside the Tornado , by Geoffrey A.
Moore, pgs 13-26.
This is an optional reading. This acts as a summary of the customer adoption model described in Moore's first book,
Crossing the Chasm. Read pages 13 - 26. We recommend reading both of Moore's books, Crossing the Chasm and
Inside the Tornado, in their entireties. Nearly everyone has benefited greatly from doing so.
ASSIGNMENT
1. What has made OfficeTiger successful to date?
2. Be prepared to present an "elevator pitch" for an early customer of OfficeTiger.
3. Who were OfficeTiger's first "big" customers? Why did they buy from OfficeTiger?
4. How and why did useage of OfficeTiger services expand so rapidly?
5. What has OfficeTiger done to make itself highly valued by its customers?
6. How can OfficeTiger best exploit, or under some scenarios, survive, the coming changes in the outsourcing
business?

TOPIC
Dr. Johns Products, Ltd.
The Dr. John?s Products, Ltd. Case describes a set of decision confronting the management team at a rapidly growing
manufacturer of inexpensive electric toothbrushes.
MATERIALS
Dr. John's Products, Ltd. (N9-803-063)
ASSIGNMENT
Among the issues you might consider are the following:
1. What do you think of John Osher?s process for identifying opportunities and building companies?
2. What is the nature of the opportunity confronting Dr. John?s at the time of the case?
3. What can go right? What can go wrong? What can management do to improve the risk/reward ratio?
4. What value would you assign to Dr. John's at the time of the case?
5. What should Osher and his colleagues do?
[01] 8:30AM Thu, Dec 2, Aldrich Hall 208

TOPIC
NovoCure Ltd.
The class concerns raising capital for a new cancer therapy company.
MATERIALS
NovoCure Video
This video contains patient testimonials from Europe.
Film clip of the exploding cancer cells
Novocure, 810-045
ASSIGNMENT
NovoCure has developed a novel treatment for certain cancerous tumors. Preliminary results from clinical trials for
treatment of recurrent and newly-diagnosed brain tumors have been encouraging. The company needs to raise
additional capital to fund pivotal (Phase III) clinical trials. The context for raising capital in late 2008 is challenging.
Among the issues you might consider are the following:
1. What is the nature of the opportunity confronting NovoCure?
2. How much money should the company raise? From whom? For what purpose? On what terms?
3. What should Bill Doyle do?
[01] 8:30AM Fri, Dec 3, Aldrich Hall 208

TOPIC
Endeavor: Creating a Global Movement for High-Impact Entrepreneurs
This class focuses on global entrepreneurship.
MATERIALS
Endeavor: Creating a Global Movement for High-Impact Entrepreneurship (810049)
Updated Exhibit 22
ASSIGNMENT
Endeavor is an organization that attempts to accelerate high potential entrepreneurship in emerging markets. When
Endeavor establishes operations in a country, they orchestrate an annual competition for selection of a small number of
Endeavor Entrepreneurs who will receive a wide range of assistance in their business. This case focuses on an
International Selection Panel that took place in 2008 in Jordan. Among the issues you might consider are the following:
1. How would you assess Endeavor's model for encouraging entrepreneurship in emerging markets?
2. What is Endeavor's business model? Is it sustainable?
3. Which of the Jordanian companies should be selected as Endeavor Entrepreneurs?
4. Where would Endeavor's model have the greatest impact?
5. How rapidly should Endeavor expand?
6. What should Linda Rottenberg do?
[01] 8:30AM Wed, Dec 8, Aldrich Hall 208

TOPIC
Spudnik
End of Creating & Exercising Options
Wrap-up
Wrap-up

TOPIC
Innocent Drinks
This case describes some strategic options confronting the owner-managers of a beverage company based in London.

TOPIC
Final Lecture
Summary
ASSIGNMENT
Today we will have course evaluations at the end of each session. Please be sure to bring your laptops as the
evaluations will take place online
For the last class, it will be helpful if you go back through your materials and notes and focus on the people, opportunity,
context and deal in each venture we have studied. What lessons can you discern from what happened in each
situation? In addressing the latter topic you might ask:
What went wrong? Why?
What went right? Why?
What decisions could have been made before the fact that would have helped? After the fact?
What questions could have been asked that would have been helpful in avoiding mistakes or making better decisions?
How can you make sure that you apply the wisdom acquired through this course and subsequent experience in the
future?
End of Wrap-up

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COURSE PLATFORM HARVARD | BUSINESS | SCHOOL

Syllabus for Entrepreneurial Finance

Introduction and Overview

[01] 8:30AM Thu, Sep 2, Aldrich Hall 208

CCBN Case Exhibits

Sample Poll Answer

[01] 8:30AM Fri, Sep 3, Aldrich Hall 208

To sell or not to sell

Tickle Case Exhibits

"Here Comes Another Bubble" by The Richter Scales

[01] 8:30AM Thu, Sep 9, Aldrich Hall 208

Basic Venture Capital Formula, The (804042)

1. How would you assess Athleta's historical financial performance?

[01] 8:30AM Fri, Sep 10, Aldrich Hall 208

Mount Auburn poll

Sample Poll Answer

End of Introduction and Overview

New Ventures, Venture Capital, Deals, and Valuation

[01] 8:30AM Thu, Sep 16, Aldrich Hall 208

A Method for Valuing High-Risk, Long-Term Investments

Scenario Analysis Model

[01] 8:30AM Fri, Sep 17, Aldrich Hall 208

Basic mechanics of multi-staged financing

Two Stage Model

VC Problem Set Solutions (Updated on 9/21/2009)

Togiak Networks Spreadsheet

A good resource for understanding "down rounds" is:http://www.financeoutlook.com/index.php?itemid=25

[01] 8:30AM Wed, Sep 22, Aldrich Hall 208

Revised Valuation Spreadsheet

Management and the Financial Crisis (Optional)

Among the questions to be addressed are the following:

[01] 8:30AM Thu, Sep 23, Aldrich Hall 208

Analyzing deal terms

VC Deal Terms Glossary

Deal Term Trends

Term Sheets Handout

[01] 8:30AM Fri, Sep 24, Aldrich Hall 208

[01] 8:30AM Wed, Sep 29, Aldrich Hall 208

4.What should management do?

[01] 8:30AM Thu, Sep 30, Aldrich Hall 208

How Venture Capitalists Evaluate Potential Venture Opportunities (805019)

End of New Ventures, Venture Capital, Deals, and Valuation

FCF Valuation, LBOs, and Industry Consolidations

[01] 8:30AM Wed, Oct 6, Aldrich Hall 208

Note on Free Cash Flow Valuation Models (288023)

FCF Valuation Model

[01] 8:30AM Thu, Oct 7, Aldrich Hall 208

[01] 8:30AM Thu, Oct 14, Aldrich Hall 208

[01] 8:30AM Fri, Oct 15, Aldrich Hall 208

End of FCF Valuation, LBOs, and Industry Consolidations

The Evolving Opportunity Set: Building Green Businesses

[01] 8:30AM Wed, Oct 27, Aldrich Hall 208

Accel Partners: Entrepreneurial Energy (Optional)

3. What has Khosla Ventures done to be successful date?

4. What will make Khosla Ventures successful in the future?

[01] 8:30AM Thu, Oct 28, Aldrich Hall 208

4. What should Constantz do?

[01] 8:30AM Wed, Nov 3, Aldrich Hall 208

Matt Rogers at the TED Conference

"Picking Winners, Saving Losers," The Economist, August 7, 2010

Bloomberg New Energy Finance's "Crossing the Valley of Death" (Optional)

[01] 8:30AM Thu, Nov 4, Aldrich Hall 208