comprehensive, or are there other discontinuity templates that a venture investor would find useful? DISCUSSION: Analyze Structured Navigation. Is this a valid measurement of progress in early stage investing? Could such a program ever be a hindrance to company development? DISCUSSION: If you were an LP in ACM I, II and/or III, would you commit to invest in Adams Capital Fund IV? How should ACM partners position and sell Fund IV? ASSIGNMENT - Prior to Class Turn in Trendsetter anti-dilution protection analysis homework Read is Your Company “What Worth?” Read Capital Management: Fund “Adams IV” Explore the Adams Capital Management website (www.acm.com) Read Note on the Private Equity “A Partnership Agreements” Read Note on the Private Equity Fundraising “A Process” Read Capital “Venture Negotiations: VC versus Entrepreneur” Read Method for Valuing High-Risk, Long Term Investments - The Venture “A Capital 17-54. (See HBS - Class 2 materials) Method,” pp. Class 6: Anatomy of a Deal & The Private Investor Alternative Wednesday April 20, 2011 – Anatomy of a Deal OBJECTIVE: This class will examine the results of the term sheet negotiations conducted by the pairs of class teams. We will compare and contrast the key elements of the term sheets, including the capital structure, the type of security, valuation, protective provisions, etc. DISCUSSION: To what extent are the desires of the entrepreneurs and investors similar? DISCUSSION: To what extent are the desires of the entrepreneurs and investors different? How are these differences accommodated in your deal? DISCUSSION: What are the implications of the company performing much better or much worse than plan? What are the practical responses to such situations? To what degree does your deal anticipate such outcomes?
comprehensive, or are there other discontinuity templates that a venture investor would find useful? DISCUSSION: Analyze Structured Navigation. Is this a valid measurement of progress in early stage investing? Could such a program ever be a hindrance to company development? DISCUSSION: If you were an LP in ACM I, II and/or III, would you commit to invest in Adams Capital Fund IV? How should ACM partners position and sell Fund IV? ASSIGNMENT - Prior to Class Turn in Trendsetter anti-dilution protection analysis homework Read “What is Your Company Worth?” Read “Adams Capital Management: Fund IV” Explore the Adams Capital Management website (www.acm.com) Read “A Note on the Private Equity Partnership Agreements” Read “A Note on the Private Equity Fundraising Process” Read “Venture Capital Negotiations: VC versus Entrepreneur” Read “A Method for Valuing High-Risk, Long Term Investments - The Venture Capital Method,” pp. 17-54. (See HBS - Class 2 materials) Class 6: Anatomy of a Deal & The Private Investor Alternative Wednesday – April 20, 2011 Anatomy of a Deal OBJECTIVE: This class will examine the results of the term sheet negotiations conducted by the pairs of class teams. We will compare and contrast the key elements of the term sheets, including the capital structure, the type of security, valuation, protective provisions, etc. DISCUSSION: To what extent are the desires of the entrepreneurs and investors similar? DISCUSSION: To what extent are the desires of the entrepreneurs and investors different? How are these differences accommodated in your deal? DISCUSSION: What are the implications of the company performing much better or much worse than plan? What are the practical responses to such situations? To what degree does your deal anticipate such outcomes?
45-884Spring2011Syllabusv1.docx