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雷达卡
Catholic University of the Sacred Heart Milan, Italy
This coursebbook offers a primer on the valuation of startups and scaleups. Innovative startups are characterized by high growth potential that usually absorbs liquidity. These features are unattractive for traditional banks, which are replaced by other specialized intermediaries such as venture capital or private equity funds, which diversify their portfolios and base their strategies on a multi-year exit. Startups coexist in an evolving ecosystem with established firms, to which they transfer innovativeness, technology, flexibility, and time-to-market speed, contributing to reinventing the business models and receiving feedback from mature firms on the current market features, the existing clients, and their unsatisfied needs. The valuation paradigms represent a central issue for any startup seeking external finance, either from family and friends or through a wider professional network. This updated book, complemented by practical cases (for instance, FinTechs, digital platforms, and e-Health applications), offers a guide to practitioners, students, and academics about the trendy valuation patterns of startups based on their strategic business planning.
Contents
List of Figures
List of Tables
1 Introduction
1.1 General Remarks
1.2 Main Differences from the First Edition
1.3 Outline of the Book
1.4 Discussion
1.5 Selected References
1.6 Conclusion
Part I Valuation
2 From Business Models to Business Planning
2.1 From Budgeting to Business Planning
2.2 Literature on Business Models
2.3 How to Write a Business Plan ... Step After Step
2.4 Upstarting and Forecasting a New Business
2.5 The Accounting Picture: Interacting Balance Sheets with Income and Cash Flow Statements
2.5.1 Typologies of Cash Flow Statements
2.5.2 Sources of Funds and Uses of Capital
2.5.3 From the Balance Sheet and the Economic Flows to the Financial Flows
2.5.4 Cash Flow Statement Analytics
2.6 Getting Information from Big Data and Networks
2.7 Frameworking the Strategic Environment with PESTLE and SWOT Analysis
2.8 A Matrix for Risk Metrics
2.9 Sensitivity and Scenario Analysis: Deterministic Versus Stochastic Planning
2.10 Fixing the Sustainable Bottom Line: How to Avoid Cash or Equity Burnouts
2.11 Periodically Monitoring and Upgrading the Model and Its Underlying Mis-calibrated Expectations
2.12 A Corporate Governance Perspective
2.13 Augmented Business Planning
2.14 Business Incubators and Accelerators
2.15 Business Planning and the Cultural Concept of Time
2.16 Discussion
2.17 Conclusion
References
3 Profitability, Intangible Value Creation, and Scalability Patterns
3.1 Introduction and Literature Review
3.2 Profitability
3.2.1 Understanding Profitability in Startups and Scaleups
3.3 Return on Equity, Return on Invested Capital, and Other Profitability Ratios
3.3.1 Return on Equity (ROE)
3.3.2 Return on Invested Capital (ROIC) and Return on Assets (ROA)
3.3.3 Ratio Tree and DuPont Formulation
3.4 Invested Capital
3.5 Relationships Between ROIC and ROE
3.6 From Economic Value Added (EVA) to Market Value Added (MVA)
3.7 Operating Leverage
3.8 Break-Even Analysis
3.9 Digital Scalability
3.10 The Impact of Intangible Investments on EBITDA-Driven Market Valuation
3.11 Valuation Drivers, Overcoming the Accounting Puzzle
3.12 From EBITDA to EBIT
3.13 The Scalable Impact of the Intangibles on Revenues and Monetary OPEX
3.14 The Impact of EBITDA on the Profitability Ratios
3.15 The Impact of EBITDA on the Market Multipliers
3.16 SWOT Analysis
3.17 The PESTLE and ESG Framework
3.18 Discussion
3.19 Conclusion
References
4 Boosting Sustainable Growth with Innovative Intangibles
4.1 Intangible Assets: Introduction and Literature Review
4.2 From the Accounting to the Book Value
4.3 (Digital) Trademarks
4.4 The Web Value Chain: Domain Names, M-Apps, and Internet Firms
4.5 Acquisition and Processing of Information: IoT, Big Data, Artificial Intelligence, and Blockchains
4.6 Residual Goodwill and the Intangible Portfolio
4.7 The Value of Growth: Multi-Stage Cash Flows and Dividends
4.7.1 Franchise Factor Model
4.8 Sustainable Growth, ESG Drivers, and Ethical Funding
4.9 Sustainable Patterns
4.10 Circular Economy
4.11 Resilient Supply and Value Chains
4.12 Sharing Economy and Collaborative Commons
4.13 Discussion
4.14 Conclusion
References
5 From Incremental Know-How to Patent-Driven Startups
5.1 Know-How and Startups
5.1.1 Literature Review
5.2 Trade Secrets and Know-How
5.3 Protection, Sharing, and Transfer of Intellectual Property
5.4 Product and Process Innovation
5.5 From Know-How to Patents
5.6 Patents: Definition and Rationale
5.7 Accounting as a Prerequisite for Valuation
5.8 License or Sale?
5.9 Economic and Financial Valuation of Know-How and Patents
5.9.1 The Relief-from-Royalty Approach
5.9.2 The Incremental Income Approach
5.9.3 The Estimate of the Cost Incurred (or of Reproduction)
5.9.4 The Complex Balance Sheet-Based Approach
5.9.5 The Mixed Capital-Income Approach, with an Independent Estimate of Goodwill
5.10 Cost-Based Approaches
5.11 Market Valuations and Net Present Value
5.12 Comparability Factors
5.13 Income Approach
5.14 Real Options
5.15 Quick and Dirty Valuation Techniques
5.16 Forecasting Patent Outcomes with Big Data and Stochastic Estimates
5.17 The Impact of Digitalization on Patents
5.18 The Impact of Standard Essential Patents (SEPs) on the Startup Ecosystem
5.19 Discussion
5.20 Conclusion
References
6 Digital Networking and Artificial Intelligence-Driven Startups
6.1 From Digital Platforms to Network Catalyzers: Unveiling the Key Role of Digital Platforms in Network Formation
6.2 Literature Review and Research Gaps
6.3 Vertical and Horizontal Scalability
6.4 Digital Scalability
6.5 Artificial Intelligence-Driven Scalability as a Real Option
6.6 The Accounting Background: Operating Leverage
6.7 The Impact of Scalability on the Enterprise Valuation
6.8 Metcalfe’s Law
6.9 From Digital Scalability to Blitzscaling
6.10 Scalable and Digital Supply and Value Chains
6.11 Digital Transformation
6.12 Networking Digital Platforms
6.13 Artificial Intelligence and Network Theory
6.14 Discussion
6.15 Conclusion
References
7 Cherry Picking Intermediaries: From Venture Capital to Private Equity Funds
7.1 Venture Capital, Private Equity, and Equity Crowdfunding
7.1.1 Literature Review and Research Gaps
7.2 Risk Capital for Growth: The Role of Venture Capital, Private Equity, and Business Angels
7.3 Types of Investments, Intermediaries, and Bankability
7.3.1 Startup Loans and Venture Capital Activities
7.3.2 Financing for Expansion and Development: The Role of Private Equity and Bridge Financing
7.3.3 Financing of Change and Modification of Ownership Structures: Replacement Capital, Buyout, Venture Purchase, and Turnaround Financing
7.4 The Investment Process
7.5 The Valuation Framework
7.6 The (Uneasy) Estimate of Cash Flows for Financial Companies
7.7 Applying DCF to Asset Management Firms
7.8 Multiples and Rule of Thumbs
7.9 The Dividend Discount Model
7.10 Pros and Cons of the Valuation Methods
7.11 Generative AI in Startup Pitch Deck Analysis: A Case Study
7.12 Discussion
7.13 Conclusion
References
8 Early-Stage and Debt-Free Startups
8.1 Cash Is King
8.2 Literature Review and Research Gaps
8.3 The Integrated Economic, Financial, and Balance Sheet Accounting System
8.4 Cash Flow Metrics
8.5 From Contacts to Contracts: Budgeting, Sale Forecasting, and Market Traction
8.6 Scalability Drivers, Growth Opportunities, and Real Options
8.7 Sales-Driven Net Working Capital
8.8 OPEX and CAPEX
8.9 Monetary Equity
8.10 Runway Cash Planning
8.11 The Winter of Capital: Matching Cash Burnout with Monetary Equity Burnout and Bridge Financing
8.12 Discussion
8.13 Conclusion
References
9 Leveraging Startup’s Development with Debt
9.1 Introduction
9.2 Literature Review and Research Gaps
9.3 Transition from a Debt-Free to a Levered Startup
9.4 Net Present Value, Internal Rate of Return, and Investment Payback
9.5 Modigliani and Miller Proposition II
9.6 Information Asymmetries and Leverage
9.7 The Theory of Capital Structure: A Startup’s Reassessment
9.8 A Practical Case of Corporate Profitability Analysis
9.9 Why Startups Fail?
9.10 Discussion
9.11 Conclusion
References
10 A Comprehensive Valuation Metrics
10.1 Purpose of the Startup Evaluation
10.1.1 Literature Review and Research Gaps
10.2 The balance Sheet-Based Approach
10.3 The Income Approach
10.3.1 Estimated Normalized Income
10.3.1.1 Choice of the Capitalization Rate
10.3.1.2 Choice of the Capitalization Formula
10.4 The Mixed Capital-Income Approach
10.5 The Financial Approach
10.6 Empirical Approaches
10.7 The Control Approach
10.8 Discussion
10.9 Conclusion
References
11 Startup Valuation
11.1 Startups
11.2 AI and Digitalization
11.3 From Startups to Scaleups
11.4 Startup Trends
11.5 Literature Review
11.6 An Introduction to the Valuation Approaches
11.7 Adaptation of the General Valuation Approaches
11.8 How Does Risk Impact Startup Valuations?
11.9 How Do Partnerships with Established Corporations Impact Startup Valuations?
11.10 The IPEV Valuation Guidelines
11.11 The Fair Value of the Investments in the Target Firms
11.12 The Fair Value of the Investments in the Portfolio Companies
11.13 Startup Evaluation with Binomial Trees
11.14 The Venture Capital Method
11.15 The Break-Up Value of Venture-Backed Companies
11.16 Stock Exchange Listing and Other Exit Procedures
11.17 Valuation of the Investment Portfolio with a Net Asset Value
11.18 From Startup to Scaleup Valuation
11.19 Boom and Bust Cycles
11.20 Valuation Sensitivity to Interest Rate Changes
11.21 David versus Goliath: The Fate of Promising Startups Acquired by Big Tech
11.22 A Practical Valuation Case
11.23 Discussion
11.24 Conclusion
References
Part II Industry Applications
12 Fintech Valuation
12.1 Introduction
12.2 Literature Review and Research Gaps
12.3 The Ecosystem: Digital Platforms and Multilayer Networks
12.4 Financial Bottlenecks: Inefficiencies and Friction Points
12.5 The Accounting Background for Valuation
12.6 FinTech Business Models
12.7 Banks Versus Fintechs: Cross-Pollination and Scalability
12.8 Insights from Listed FinTechs
12.9 Valuation Methods
12.9.1 The Financial Approach
12.9.2 Empirical Approaches (Market Multipliers)
12.10 Market Stress Tests and Business Model Sensitivity
12.11 Competitive Advantage, Excess Returns, Economic Value Added, and Goodwill
12.12 Challenges and Failures: Why FinTechs Burn Out
12.13 Discussion
12.14 Conclusion
References
13 The Valuation of Deep-Tech Startups
13.1 Introduction
13.2 Literature Review on the Valuation of Deep-Tech Startups
13.3 Taxonomy and Features
13.4 Business Models
13.5 Market Potential
13.6 Evaluation Criteria
13.7 Discussion
13.8 Conclusion
References
14 Metaverse Startups
14.1 Introduction
14.2 Literature Review and Research Gaps
14.3 Taxonomy
14.4 Business Models
14.5 Valuation Approaches
14.6 Startups and the Metaverse: Driving Innovation and Navigating Complexity
14.7 Discussion
14.8 Conclusion
References
15 Medtech, Biotech, and E-Health Startup Valuation
15.1 Introduction
15.2 Literature Review
15.3 The Healthcare Ecosystem
15.4 Business Models
15.5 Investors and Market Players
15.6 The Accounting Background for Valuation
15.7 Valuation Methods
15.7.1 The Financial Approach
15.7.2 The Financial Approach with Debt-Free Startups and Scaleups
15.7.3 Empirical Approaches (Market Multipliers)
15.8 Discussion
15.9 Conclusion
References
16 Foodtech and Agritech Startup Valuation
16.1 Introduction
16.2 Literature Review and Research Gaps
16.3 The FoodTech Ecosystem (From the Farm to the Fork): Digital Platforms and the Circular Economy
16.4 Foodchains
16.5 Business Models
16.6 The Accounting Background for Valuation
16.7 Valuation Methods
16.7.1 The Financial Approach: A Dynamic Perspective on Startups and Scaleups
16.7.1.1 Empirical Approaches (Market Multipliers)
16.8 Discussion
16.9 Conclusion
References
17 The Valuation of ClimateTech Startups and Scaleups
17.1 Taxonomy and Business Models
17.1.1 Energy Storage
17.2 From Startup to Scaleup
17.3 Literature Review
17.4 Valuation Approaches
17.5 Discussion
17.6 Conclusion
References
18 FashionTech Startup Valuation
18.1 The Fashion Industry
18.2 Literature Review and Research Gaps
18.3 Traditional Fashion Branding
18.4 Business Models as a Prerequisite for Valuation
18.5 Valuation Approaches
18.6 Brand Equity
18.7 Digital Branding
18.8 FashionTech
18.9 NFT-Backed Virtual Fashion and Dematerialized Digital Clothing
18.10 The Shift from Conventional Fashion to FashionTech and Intelligent (Augmented) Fashion
18.11 Valuation Approaches
18.12 Discussion
18.13 Conclusion
References
Index
Roberto Moro-Visconti - Startup Valuation_ From Strategic Business Planning to D.pdf
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