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VENTURE CAPITAL:
A PRACTICAL GUIDEBOOK FOR
BUSINESS OWNERS, MANAGERS,
AND ADVISORS
TABLE OF CONTENTS
ABOUT THE AUTHOR............................................................................vii
INTRODUCTION....................................................................................ix
SECTION I: SOURCES OF CAPITAL ............................................................1
Owners; Friends and Family ..........................................................1
Earnings (Company-Generated Funds) ...........................................2
Commercial and Bank Loans; Government Loans and Aid ............2
Strategic Alliances; Joint Ventures ..................................................4
Private Placements .........................................................................5
FIG. 1—Securities Law Compliance for Private
Placements: What You Need to Know ...........................7
Venture Capital ............................................................................10
Going Public—The IPO ...............................................................11
Practical Tip..........12
SECTION II: VENTURE CAPITAL FUNDING ...............................................13
Pursuing Venture Capital: Opportunities & Challenges ................14
Choosing and Making the Most of a VC Partner ..........................16
Practical Tip..........18
Venture Capital Fundamentals: Understanding
Venture Capitalists and the Investment Process;
Planning and Preparing for a VC Transaction ...............................18
1) Understand the business and goals of VC investors ............18
2) Understand the investment process—from initial
contact through funding .....................................................20
Practical Tip ..........22
3) Assemble and build a strong management
(and advisory) team ............................................................24
4) Present a clear, compelling opportunity
via the business plan ...........................................................25
Practical Tip ..........27
5) Be prepared—get and keep your house in order .................27
Practical Tip ..........28
Key Objectives of VC Investors—What Makes
Venture Capitalists Tick? ..............................................................29
1) Maximizing the upside .......................................................29
2) Protecting the downside .....................................................32
3) Monitoring and influencing progress and development ......34
a) The governance vehicle: the investor rights agreement ...35
b) Employment agreements for founders ............................39
4) Assisting with exit strategies and liquidity ...........................40
a) Classic friendly exits ......................................................40
Practical Tip ..........41
Practical Tip ..........43
b) Other exits .....................................................................43
SECTION III: WHAT TO EXPECT IN A VC TRANSACTION:
KEY TERMS, FEATURES, AND ATTRIBUTES ................................................45
Forms of Investment and Related Provisions ................................45
1) Equity and related protective provisions .............................45
2) Debt only ...........................................................................49
3) Mix of equity and debt .......................................................49
Other Mechanisms to Achieve or Assure Financial Upside ..........50
1) Equity ownership and liquidity considerations ....................50
a) Valuation issues .............................................................50
b) First refusal and preemptive purchase rights ..................50
c) Staged, milestone-based funding ....................................51
d) Registration rights ..........................................................51
e) Other registration concerns ............................................52
2) Alignment of founder and management incentives .............53
a) Initial position and vesting .............................................53
b) Equity-based compensation plans, grants, agreements ...53
c) Additional management .................................................54
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