Efnisyfirlit

• Cover
• Title Page
• Copyright
• Dedication
• Foreword
• Preface
  • WHY SHOULD YOU READ THIS BOOK?
  • AND WHO AM I TO WRITE THIS BOOK?
  • WHAT SHOULD YOU KNOW ABOUT THIS BUSINESS OF VENTURE CAPITAL?
  • NOTES
• Acknowledgments
• Part One: The Making of a VC
  • 1 The Business of Cash and Carry
    • INTRODUCTION: AN OPERATIONAL PRIMER
    • ROLES, RESPONSIBILITIES, AND COMPENSATION
    • NOTE
  • 2 Why Choose a Career in VC
    • CREATIVE CONSTRUCTION
    • INTELLECTUAL STIMULATION
    • MENTOR CAPITALISTS
    • ASYMMETRICAL REWARDS
    • NOTES
  • 3 Attributes of Successful VCs
    • STRONG AWARENESS OF TECH TRENDS
    • ABILITY TO PICK WINNERS
    • OPTIMISM, PATIENCE, AND STABILITY
    • ABILITY TO LEARN AND GROW
    • AN INHERENT BIAS FOR ACTION
  • 4 Welcome to the Land of Ad-Venture
    • ROLES AND RESPONSIBILITIES OF A VC
    • INTERNSHIPS AND CAMPUS RECRUITMENT
    • THE FELLOWSHIP OF INVESTORS
    • ADJACENT ENTRY POINTS
    • GETTING LUCKY — WHEN OPPORTUNITY MEETS A PREPARED MIND
    • NOTES
  • 5 Developing Your Investment Career
    • BUILDING YOUR STRENGTHS
    • BEWARE: BIAS AND PSYCHOLOGY
    • NOTES
  • 6 A Business Where Enemies Accumulate
    • CHALLENGES OF A VC CAREER
    • VC CAREER AS A CALLING
    • NOTES
  • 7 Generational Transfer and Succession
    • MANAGING SUCCESSION - NOW MY WORK IS DONE
    • THE ART OF LETTING GO
    • NOTE
• Part Two: Raising Your Venture Fund
  • 8 LP Universe
    • PENSION FUNDS
    • ENDOWMENTS AND FOUNDATIONS
    • SOVEREIGN WEALTH FUNDS
    • FINANCE AND INSURANCE COMPANIES
    • FAMILY OFFICES AND HIGH-NET-WORTH INDIVIDUALS
    • CORPORATE OPERATING FUNDS
    • COMPARISON OF LIMITED PARTNERSHIPS
    • NOTES
  • 9 LPs of Choice: Fund of Funds
    • ADVANTAGES OF A FUND OF FUNDS
    • FUND OF FUNDS INVESTMENT STRATEGIES
  • 10 How LPs Conduct Fund Due Diligence
    • PRIMARY AND SECONDARY INVESTMENT CRITERIA
    • FUND SELECTION CRITERIA
    • NOTES
  • 11 Defining Your Fund's Investment Strategy
    • MARKET OPPORTUNITY
    • COMPETITIVE ADVANTAGES
    • CASE STUDY: SOLO GP GOES INSTITUTIONAL
    • CASE STUDY: OVERSUBSCRIBED FIRST FUND — HOW A $30M FUND ENDED UP WITH OVER $100M IN COMMITMENTS
    • CASE STUDY: STARTING ALL OVER…
    • CASE STUDY: WHO HAS TIME FOR THIS? I DON'T NEED NO LPS ANYMORE…
    • NOTES
  • 12 Investment Team Diligence
    • EVALUATING FUND MANAGERS
    • TEAM DYNAMICS: STABILITY, SKILL SET, AND ALIGNMENT
    • NOTES
  • 13 Fund Size and Portfolio Construction
    • NOTES
  • 14 Performance Analysis
    • INDIVIDUAL PERFORMANCE AND ATTRIBUTION
    • PUBLIC MARKET EQUIVALENTS
    • FUND-LEVEL PERFORMANCE
    • MEASURING REALIZED RETURNS
    • SELF-SELECTION BIAS: GIANTS AMONG MIDGETS
    • NOTES
  • 15 Terms of Fund Investment
    • KEY TERMS
    • FUND FINANCIAL TERMS
    • FUND GOVERNANCE TERMS
    • WHAT INSTITUTIONAL LPs SEEK
    • OFFERING SWEETENERS TO ATTRACT LPs: A DOUBLE-EDGED SWORD
    • MOST NEGOTIATED LP–GP TERMS
    • WHY LPs TERMINATE EXISTING RELATIONSHIPS
    • NOTES
  • 16 The Venture Firm's Ethos, Culture, and Values
    • ETHOS
    • CULTURE AND VALUES
    • GOVERNANCE OF THE FIRM
    • NOTES
  • 17 Raising Your First Fund
    • FIRST STEPS
    • TARGETING LPs
    • MARKET TIMING
    • FIT WITHIN THE LP's CURRENT PORTFOLIO
    • NOTES
  • 18 The Fundraising Roadshow
    • OVERVIEW: THE FUNDRAISING PROCESS
    • GETTING IN THE LP DOOR
    • LOCKING YOUR ANCHOR INVESTOR
    • SELL, SELL, SELL
    • SHOULD YOU WAREHOUSE PORTFOLIO COMPANIES?
    • YOUR BIGGEST FUNDRAISING RISKS, AND HOW TO MANAGE THEM
    • NOTES
  • 19 Why LPs Seek First-Time Funds
    • CREATIVITY, HUNGER, AND PERFORMANCE
    • RANKING EMERGING MANAGERS
    • A FUTURES OPTION
    • NOTES
  • 20 Sourcing Investment Opportunities
    • OVERVIEW: THE SOURCING PROCESS
    • PROACTIVE SOURCING
    • NETWORK-BASED SOURCING
    • ACCELERATORS
    • ANGEL NETWORKS
    • COMMERCIALIZING UNIVERSITY RESEARCH
    • CORPORATE RESEARCH
    • TRADE CONFERENCES
    • INVESTOR PITCH SESSIONS
    • THE AGONY OF MISSED OPPORTUNITIES
    • NOTES
• Part Three: Building Your Portfolio
  • 21 Due Diligence Cheat Sheet
    • NOTE
  • 22 Diligence
    • THE CHECKLIST MANIFESTO
    • TAILORING DILIGENCE BY STAGE
    • CHECKLISTS — USEFUL BUT SELDOM USED
    • NOTES
  • 23 Management Team Diligence: Assessing the Intangible
    • OVERVIEW
    • VALUES AND INTEGRITY
    • CAN THE COMPANY ATTRACT GIANTS?
    • CAN THE CEO EXECUTE? LAMBS VERSUS CHEETAHS
    • SERIAL ENTREPRENEURS VERSUS FIRST-TIME ENTREPRENEURS
    • BIAS AT WORK: SEEKING ATTRACTIVE MEN
    • BACKGROUND CHECKS: FALSE MBAS AND CRIMINAL HISTORIES
    • VARIOUS APPROACHES TO MANAGEMENT DILIGENCE
    • NOTES
  • 24 Market, Product, and Business Model Analysis
    • EVALUATING THE PRODUCT
    • ASSESSING THE BUSINESS MODEL
    • NOTES
  • 25 Terms and Conditions Apply
    • THE SPIRIT OF THE TERM SHEET
    • NEGOTIATION STRESS POINTS
  • 26 Structure of the Term Sheet
    • OVERVIEW
    • CONVERTIBLE LOANS AND SAFE
    • KEEPING TERM SHEETS SIMPLE
    • SAMPLE SUMMARY TERM SHEET
    • NOTES
  • 27 Buy Low, Sell High
    • VALUATION METHODS AND OTHER VOODOO ARTS
    • THE DRIVERS OF VALUATION
    • COMPARABLE VALUATIONS OF SIMILAR INVESTMENTS (COMPS)
    • DISCOUNTED CASH FLOW METHOD
    • LIQUIDATION PREFERENCE
    • ANTIDILUTION PROTECTIONS
    • GOVERNANCE AND CONTROL: PROTECTING YOUR SECURITIES
    • EXIT-RELATED PROVISIONS
    • OTHER IMPORTANT TERMS
    • SYNDICATING INVESTMENTS
    • MILESTONE-BASED FINANCING: RISK MITIGATION OR DISTRACTION
    • NOTES
  • 28 The Closing Process
• Part Four: The Art of Value Creation
  • 29 Serving on Boards
    • OVERVIEW
    • LEGAL REQUIREMENTS OF BOARD SERVICE
    • SELF-EDUCATION: PREPARING FOR YOUR BOARD ROLE
    • ROLES AND RESPONSIBILITIES OF A BOARD MEMBER
    • NOTES
  • 30 Board Culture and Orientation
    • TOWARD A BETTER BOARD CULTURE
    • ON-BOARDING CHECKLIST
    • NOTES
  • 31 Let Me Know How I Can Be Helpful: Value Creation
    • GOOD GOVERNANCE AS THE FIRST STEP TOWARD VALUE CREATION
    • THE CEO'S PERSPECTIVE ON VENTURE CAPITALIST VALUE ADD
    • NOTES
  • 32 Challenges in the Boardroom
    • CEO TRANSITIONS
    • BEST PRACTICES IN MANAGING CEO TRANSITIONS
    • PERFORMANCE CHALLENGES
    • ALIGNMENT ON EXIT
    • BOARD EVALUATION
    • NOTES
• Part Five: Exits: Liquidity Events and Champagne
  • 33 Exit Strategies
    • EXIT OPTIONS
    • PRECONDITIONS FOR AN EXIT
    • NOTES
  • 34 Acquisitions
    • THE PRIMARY PATH TO AN EXIT
    • PUTTING THE COMPANY UP FOR SALE
    • DEAL KILLERS
    • NOTES
  • 35 Initial Public Offering
    • THE IPO PROCESS: THE LONG AND WINDING ROAD
    • STEPS TO AN IPO
    • IPO UNDERPRICING AND DUTCH AUCTIONS
    • POST IPO: SHOULD VCs STAY ENGAGED?
    • NOTES
  • 36 Secondary Sales
    • NOTES
• Index
• End User License Agreement

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