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Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Venture Capital: FINAN 6300
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
It’s not personal.
It’s just business.
I reject the
cynical view that
politics is a dirty
business.
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Business villains are
famous:
Gordon Gecko,
Wolf of Wall Street.
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
“It is truly enough said
that a corporation has
no conscience. But a
corporation of
conscientious men is a
corporation with a
conscience.”
—Henry David Thoreau
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Advanced Venture Capital: FINAN 6310
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
What is Technology
How We Got Equity Financing
Private vs. Public
Opportunity
Agenda
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
What is Technology?
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Technology
An idea
+ execution
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Businesses start
as a spark of inspiration
about an opportunity or
the solution to a problem
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
You outswam 3 million competitors!
“Humans are distinguished
from other species by our
ability to work miracles. We
call these miracles
technology.
“Properly understood, any new
and better way of doing things
is technology.”
—Peter Thiel
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Technology
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Technology
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Technology
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Technology
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Historical Context
Mercantilism vs. Free Market Economics
Jean Baptiste Colbert Adam Smith
Advanced Venture Capital: FINAN 6310
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
What is Technology
How We Got Equity Financing
Private vs. Public
Opportunity
Agenda
✓
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Historical Context
1602
Dutch East India
Company issues
stocks and
bonds to the
public.
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Historical Context
1602
Dutch East India
Company issues
stocks and
bonds to the
public.
1776
The U.S. issues war
bonds to finance
the War of
Independence
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Historical Context
1602
Dutch East India
Company issues
stocks and
bonds to the
public.
1776
The U.S. issues war
bonds to finance
the War of
Independence
1792
24 large merchants
create the New York
Stock Exchange by
agreeing to meet
daily to trade stocks
and bonds on Wall
Street.
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Historical Context
1602
Dutch East India
Company issues
stocks and
bonds to the
public.
1776
The U.S. issues war
bonds to finance
the War of
Independence
1792
24 large merchants
create the New York
Stock Exchange by
agreeing to meet
daily to trade stocks
and bonds on Wall
Street.
Mid 1800s
Companies in the
rapidly growing U.S.
sell stock to raise
expansion capital. The
potential of the new
stock market begins
to become apparent.
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Historical Context
1602
Dutch East India
Company issues
stocks and
bonds to the
public.
1776
The U.S. issues war
bonds to finance
the War of
Independence
1792
24 large merchants
create the New York
Stock Exchange by
agreeing to meet
daily to trade stocks
and bonds on Wall
Street.
Mid 1800s
Companies in the
rapidly growing U.S.
sell stock to raise
expansion capital. The
potential of the new
stock market begins
to become apparent.
by 1900
Millions of dollars
worth of stocks are
traded
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Historical Context
1921
The stock
market moves
indoors.
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Photo Credit: history.com U.S. Presidents
Historical Context
1921
The stock
market moves
indoors.
Oct 24, 1929
Black Thursday
starts the crash
that ushers in the
Great Depression.
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Photo Credit: history.com U.S. Presidents
Historical Context
1921
The stock
market moves
indoors.
Oct 24, 1929
Black Thursday
starts the crash
that ushers in the
Great Depression.
1933
The Securities
Act
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Photo Credit: history.com U.S. Presidents
Historical Context
Most advanced technology for funding companies
1921
The stock
market moves
indoors.
Oct 24, 1929
Black Thursday
starts the crash
that ushers in the
Great Depression.
1933
The Securities
Act
1934
The Securities
Exchange Act
Advanced Venture Capital: FINAN 6310
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
What is Technology
How We Got Equity Financing
Private vs. Public
Opportunity
Agenda
✓
✓
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Why don’t startups just go
public immediately?
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
If we can’t go public, then
what CAN we do?
Venture Capital: Financing New Ventures: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
We can try funding it ourselves
Be born wealthy
Credit Cards
Sweat Equity
Personal Loans
Grants
Gifts (Early Crowdfunding)
Competitions
Company Profits
Venture Capital: Financing New Ventures: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
How do we raise the money?
The future.
Venture Capital: Financing New Ventures: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
“Future” options
Debt.
Equity
Private Equity
Venture Capital
Angel Investors
Crowdfunding
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
How much equity do we sell?
What’s the right price?
Where do we find buyers?
What are they looking for?
What makes the transaction
good for both sides?
More questions…
Venture Capital: Financing New Ventures: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Course Objectives
NewCo
Company
How do I make my
startup attractive
and fund it?
Investor
Understanding the
psychology and
needs of potential
investors.
Context
Understanding the
playing field and
the rules for funding
your venture.
Deal
What goes into a
successful deal:
terms and
valuation.
Venture Capital: Financing New Ventures: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Venture Capital: Financing New Ventures: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Income Assets
Market
Valuation Approaches
What is someone willing to pay?
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Think Like a VC
Private vs. Public
Are private companies or public companies
worth more? Why?
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Private Company
What would you pay for this private company?
Company A
Sales
(Revenue)
$50,000/year
will continue to grow
Net Profit
(Earnings) $10,000/year
Requires You To
Manage NO
Public/Private Private. No liquidity
or markets to sell your stock
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Public Company
What would you pay for this public company?
Company B
Sales
(Revenue)
$50,000/year
will continue to grow
Net Profit
(Earnings) $10,000/year
Requires You To
Manage NO
Public/Private Currently publicly traded
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Private vs. Public
Why is a public company worth more than
a private company?
Liquidity
Advanced Venture Capital: FINAN 6310
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
What is Technology
How We Got Equity Financing
Private vs. Public
Opportunity
Agenda
✓
✓
✓
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
I can get you all to write a
check today.
I have a genetic therapy
for human aging.
It will extend human
life by 40 years.
Why does an investor take the risk?
In other words, how do you attract private investment?
If private companies are riskier, with less liquidity…
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Investors care because of the
Opportunity
They ultimately invest because you give them a
Reason to Believe
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
“So here’s the recipe for
impressing investors…
1. Make something worth
investing in.
2. Understand why it’s worth
investing in.
3. Explain that clearly to
investors.”
–Paul Graham
Cofounder Y-Combinator
http://paulgraham.com/convince.html
Photo Credit: GrowHack
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Opportunity
Y Combinator
Startup Requests
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Investors believe that the value of their investment
Will go up
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Private vs. Public
Think like a Venture Capitalist:
BUY companies at risk-adjusted PRIVATE
valuations; SELL companies after IPO at
PUBLIC valuations.
Advanced Venture Capital: FINAN 6310
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
What is Technology
How We Got Equity Financing
Private vs. Public
Opportunity
Agenda
✓
✓
✓
✓
Venture Capital: FINAN 6300
Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
Venture Capital: FINAN 6300
Nothing in this presentation should be
construed as legal or accounting advice.
© Copyright Chad Jardine.

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Lecture 1: Why Venture Capital? | Intro to Venture Capital-FINAN 6300 | Chad Jardine, University of Utah, 2008–

  • 1. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Venture Capital: FINAN 6300
  • 2. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
  • 3.
  • 5. I reject the cynical view that politics is a dirty business.
  • 6.
  • 7.
  • 8. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
  • 9. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
  • 10. Business villains are famous: Gordon Gecko, Wolf of Wall Street.
  • 11.
  • 12.
  • 13. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. “It is truly enough said that a corporation has no conscience. But a corporation of conscientious men is a corporation with a conscience.” —Henry David Thoreau
  • 14. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
  • 15. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
  • 16. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
  • 17. Advanced Venture Capital: FINAN 6310 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. What is Technology How We Got Equity Financing Private vs. Public Opportunity Agenda
  • 18. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. What is Technology?
  • 19. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Technology An idea + execution
  • 20. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Businesses start as a spark of inspiration about an opportunity or the solution to a problem
  • 21. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. You outswam 3 million competitors!
  • 22. “Humans are distinguished from other species by our ability to work miracles. We call these miracles technology.
  • 23. “Properly understood, any new and better way of doing things is technology.” —Peter Thiel
  • 24. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Technology
  • 25. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Technology
  • 26. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Technology
  • 27. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Technology
  • 28. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Historical Context Mercantilism vs. Free Market Economics Jean Baptiste Colbert Adam Smith
  • 29. Advanced Venture Capital: FINAN 6310 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. What is Technology How We Got Equity Financing Private vs. Public Opportunity Agenda ✓
  • 30. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
  • 31. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Historical Context 1602 Dutch East India Company issues stocks and bonds to the public.
  • 32. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Historical Context 1602 Dutch East India Company issues stocks and bonds to the public. 1776 The U.S. issues war bonds to finance the War of Independence
  • 33. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Historical Context 1602 Dutch East India Company issues stocks and bonds to the public. 1776 The U.S. issues war bonds to finance the War of Independence 1792 24 large merchants create the New York Stock Exchange by agreeing to meet daily to trade stocks and bonds on Wall Street.
  • 34. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Historical Context 1602 Dutch East India Company issues stocks and bonds to the public. 1776 The U.S. issues war bonds to finance the War of Independence 1792 24 large merchants create the New York Stock Exchange by agreeing to meet daily to trade stocks and bonds on Wall Street. Mid 1800s Companies in the rapidly growing U.S. sell stock to raise expansion capital. The potential of the new stock market begins to become apparent.
  • 35. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Historical Context 1602 Dutch East India Company issues stocks and bonds to the public. 1776 The U.S. issues war bonds to finance the War of Independence 1792 24 large merchants create the New York Stock Exchange by agreeing to meet daily to trade stocks and bonds on Wall Street. Mid 1800s Companies in the rapidly growing U.S. sell stock to raise expansion capital. The potential of the new stock market begins to become apparent. by 1900 Millions of dollars worth of stocks are traded
  • 36. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Historical Context 1921 The stock market moves indoors.
  • 37. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Photo Credit: history.com U.S. Presidents Historical Context 1921 The stock market moves indoors. Oct 24, 1929 Black Thursday starts the crash that ushers in the Great Depression.
  • 38. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Photo Credit: history.com U.S. Presidents Historical Context 1921 The stock market moves indoors. Oct 24, 1929 Black Thursday starts the crash that ushers in the Great Depression. 1933 The Securities Act
  • 39. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Photo Credit: history.com U.S. Presidents Historical Context Most advanced technology for funding companies 1921 The stock market moves indoors. Oct 24, 1929 Black Thursday starts the crash that ushers in the Great Depression. 1933 The Securities Act 1934 The Securities Exchange Act
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  • 41.
  • 42. Advanced Venture Capital: FINAN 6310 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. What is Technology How We Got Equity Financing Private vs. Public Opportunity Agenda ✓ ✓
  • 43. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Why don’t startups just go public immediately?
  • 44. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. If we can’t go public, then what CAN we do?
  • 45. Venture Capital: Financing New Ventures: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. We can try funding it ourselves Be born wealthy Credit Cards Sweat Equity Personal Loans Grants Gifts (Early Crowdfunding) Competitions Company Profits
  • 46. Venture Capital: Financing New Ventures: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. How do we raise the money? The future.
  • 47. Venture Capital: Financing New Ventures: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. “Future” options Debt. Equity Private Equity Venture Capital Angel Investors Crowdfunding
  • 48. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. How much equity do we sell? What’s the right price? Where do we find buyers? What are they looking for? What makes the transaction good for both sides? More questions…
  • 49.
  • 50. Venture Capital: Financing New Ventures: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Course Objectives NewCo Company How do I make my startup attractive and fund it? Investor Understanding the psychology and needs of potential investors. Context Understanding the playing field and the rules for funding your venture. Deal What goes into a successful deal: terms and valuation.
  • 51. Venture Capital: Financing New Ventures: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners.
  • 52. Venture Capital: Financing New Ventures: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Income Assets Market Valuation Approaches What is someone willing to pay?
  • 53. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Think Like a VC Private vs. Public Are private companies or public companies worth more? Why?
  • 54. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Private Company What would you pay for this private company? Company A Sales (Revenue) $50,000/year will continue to grow Net Profit (Earnings) $10,000/year Requires You To Manage NO Public/Private Private. No liquidity or markets to sell your stock
  • 55. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Public Company What would you pay for this public company? Company B Sales (Revenue) $50,000/year will continue to grow Net Profit (Earnings) $10,000/year Requires You To Manage NO Public/Private Currently publicly traded
  • 56. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Private vs. Public Why is a public company worth more than a private company? Liquidity
  • 57. Advanced Venture Capital: FINAN 6310 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. What is Technology How We Got Equity Financing Private vs. Public Opportunity Agenda ✓ ✓ ✓
  • 58. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. I can get you all to write a check today. I have a genetic therapy for human aging. It will extend human life by 40 years. Why does an investor take the risk? In other words, how do you attract private investment? If private companies are riskier, with less liquidity…
  • 59. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Investors care because of the Opportunity They ultimately invest because you give them a Reason to Believe
  • 60. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. “So here’s the recipe for impressing investors… 1. Make something worth investing in. 2. Understand why it’s worth investing in. 3. Explain that clearly to investors.” –Paul Graham Cofounder Y-Combinator http://paulgraham.com/convince.html Photo Credit: GrowHack
  • 61. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Opportunity Y Combinator Startup Requests
  • 62. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Investors believe that the value of their investment Will go up
  • 63. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Private vs. Public Think like a Venture Capitalist: BUY companies at risk-adjusted PRIVATE valuations; SELL companies after IPO at PUBLIC valuations.
  • 64. Advanced Venture Capital: FINAN 6310 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. What is Technology How We Got Equity Financing Private vs. Public Opportunity Agenda ✓ ✓ ✓ ✓
  • 65. Venture Capital: FINAN 6300 Course copyright © Chad Jardine. Images, works cited, etc. are copyright © their respective owners. Venture Capital: FINAN 6300
  • 66. Nothing in this presentation should be construed as legal or accounting advice. © Copyright Chad Jardine.