Who will benefit from this course?

  • Learn

    Companies who do not yet have a CVC program but are interested to learn more about this fast-growing sector and see how to start

  • Launch

    Companies who are getting ready to launch or have just launched their CVC programs and want to maximize their chances of success

  • Leverage

    Companies who already have a CVC program in place and would like to maximize their returns and optimize their operations

What will I learn in this course?

Learn CVC with a VC

Corporate venture capital (CVC) is fast becoming a must-have, not just for technology companies but for any large company. A new wave of disruption is sweeping across industries. Venture funded start-ups like Uber and Airbnb appear to come out of nowhere to threaten traditional players in the transportation and hospitality sectors. The rapidly falling cost of creating and distributing game-changing products and services creates both serious threats and huge opportunities for established players. If large companies are not deeply integrated into the start-up and venture capital enterprise ecosystem, how will they successfully innovate and compete in this fast-changing environment? In the US, 50% of Fortune 50 and 33% of Fortune 500 companies already have a CVC program. Corporates in SEA are starting to realize the benefits of CVC, both as offensive and defensive competitive weapons. But starting and successfully executing a CVC program is not easy; the median lifespan of CVC programs has been around one year, while generating returns from venture capital typically requires 5-10 years. ​ ​ ​ Corporates entering CVC face two main challenges: 1) understanding the fundamental venture capital process and 2) adapting this process to benefit the corporation. Expara’s Corporate Venture Capital workshops will enable corporates to do both: gain a solid understanding of venture capital and learn how to develop and execute a CVC strategy while avoiding the pitfalls that have caused so many CVC programs to fail.

What will I get from this course?

Participants will evaluate investments in new ventures, create a forecasted financial plan and valuation for an early-stage business venture, engage in simulated negotiations between entrepreneurs and investors and will learn how to structure venture deals. Our hands-on approach enables participants to immerse themselves in a simulated venture capital investment context. Participants will gain practical experience in applying the knowledge acquired and further develop key skills and strategies for success. Participants will be able to evaluate the attractiveness of a start-up business/financial plan as an investment proposition as well as understand the impact of the investment deal terms on both the entrepreneur and investor. CVC is covered both on its own, in the CVC modules and throughout the other modules, as whenever there are differences between CVC and financial venture capital in the application of basic venture capital approaches, these are highlighted and discussed.

  • 89 videos - 16 hours of viewing and 65 original articles for reading

  • 6 hours of live interactive sessions with Expara CEO Douglas Abrams

  • Video presentations and slide decks of real start-ups

  • 4 interactive case-studies with detailed feedback

  • Expara's award-winning VC-Start-up negotiation exercise

  • Access to Expara's network of more than 2,000 venture investors

  • Pro-forma Valuation Excel Model for start-ups

  • Business plan checklist for evaluating start-ups

  • Term sheet template for venture deals

  • Expara Academy Certificate of Course Completion

Course curriculum

  • 1

    Welcome to the course!

    • A message from the instructor

    • About the instructor

    • Connecting to my network

    • READ FIRST: How to complete the course

    • Submissions, assignments and downloads

    • About Expara

    • Reading list for investors

  • 2

    Understanding Risk and Return

    • What is the relationship between risk and return?

    • Risk and return

    • Why fear risk?

    • Risk and return - Small versus scalable business

    • Reading: Risk and return

    • Reading - Two types of entrepreneurs

    • Reading - Fear and failure

  • 3

    Welcome to venture capital world

    • Welcome to venture capital world

  • 4

    Why do investors invest in VC?

    • Highest returning asset class

    • VC is the highest returning asset class

    • VC improves portfolio diversification

    • Reading - Why do investors invest in VC funds?

    • Reading - Top VC fund managers can consistently outperform

  • 5

    Why VC now?

    • Why VC now

    • Why venture capital now

    • Reading - Is moores law over?

    • Reading - Amaras law

  • 6

    Why do start-ups raise investment

    • Scalable or lifestyle business?

    • Why should startups raise investment

    • Reading - Why do start-ups raise money?

  • 7

    How do start-ups fund growth

    • How to fund growth?

    • Which form of funding is best?

    • How to fund growth

    • Reading - What is the best form of funding for a start up

    • Reading - What is the difference between debt and equity?

    • Reading - Only a moron starts a business with a loan

  • 8

    High returns to VC investors

    • This could be you

    • This could be you

  • 9

    Success from failure

    • Success from failure

    • Success from failure

    • Reading - Success from failure

    • Reading - What percentage of start-ups really fail?

    • Reading - Why do so many start-ups fail?

    • Reading - Why is it good that so many start-ups fail

    • Reading - Do difficult things

  • 10

    How do VCs make money?

    • What kind of companies do VCs invest in?

    • How do VCs make money?

  • 11

    Why CVC?

    • Why CVC and why now

    • Why CVC and why now

  • 12

    CVC Strategy

    • Keys to successful CVC strategy

    • Strategic considerations

    • Investment strategy

    • Structural issues - fund

    • Strategic vs financial returns

    • CVC strategy

  • 13

    CVC goals

    • Setting prioritized goals for your CVC

    • Innovation goals

    • Competitive goals

    • Financial goals

    • Internal goals

    • CVC goals

  • 14

    Challenges of CVC

    • CVC is harder

    • How are CVC different from financial VCs?

    • Negative perception of CVC

    • Divergence of interests.pdf

    • Adverse selection

    • Big corporate vs small start-up

    • The best VC funds may not want CVC LPs

    • Aligning team interests

    • Challenges in CVC

    • CVCs are the Devil - Fred Wilson

  • 15

    CVC approaches

    • Structures for CVC

    • Join existing ecosystems; don't create your own

    • Begin with FOF vs direct VC investment

    • CVCs bring strengths to the table

    • Approaches to CVC

    • Adding unique value to start-ups

    • CVC approahces - Adding value for startups

  • 16

    CVC best practices

    • Best practices - investment criteria

    • Best practices investment strategy

    • Best practices -portfolio management

    • Best practices -investment process

    • Best practices -deal terms

    • Best practices -staffing and team

    • Best practices -compensation

    • Best practices team

    • Key recommendations

    • CVC best practices - Key recommendations

  • 17

    Case study: Corporate venture capital

    • Case Study I – Corporate Venture Capital

    • Case study: Saudi Aramco and Corporate Venture Capital

  • 18

    Evaluating investments - which companies generate high returns?

    • Which one is more scalable- product or service?

    • What sectors do VCs invest?

    • What kind of companies generate high returns?

    • Reading - What is the optimal time to enter a market?

    • Reading - What do VCs invest in?

    • Reading - Which scales better?

    • Reading - Good business vs good investment

  • 19

    How do VCs evaluate start-ups?

    • The investor’s decision tree

    • The investor’s decision tree

    • Key elements for success

    • Key elements for success

    • Reading - Product market fit or team

    • Reading - Three most important factors

    • Reading - Key elements of success

    • Download: Business plan outline and checklist

  • 20

    Investor and start up communication

    • Communicating with investors

    • Investor and start up communication

    • Reading - How to connect with investors

  • 21

    Assessing product market fit

    • Defining innovation

    • Innovation and value proposition questions to ask

    • Why invest in innovators

    • Reading - Innovation and value proposition

    • Reading - Innovators, imitators and idiots

    • Reading - Is Grab an innovator or an imitator?

    • Reading - Pain and demand (How does pain drive demand)

    • Innovation and value proposition questions to ask

  • 22

    Identifying favorable markets

    • Choose a market favourable to start ups

    • Market life cycles and structures

  • 23

    Market identification and analysis

    • Market identification and analysis

    • Determining who your customers are

  • 24

    Sizing the market

    • Sizing the market

    • Top-down and bottom-up market sizing

    • Reading - Sizing the market for a start-up

    • Market identification and analysis questions to ask

  • 25

    Marketing strategy

    • CLV vs CAC

    • Market positioning

    • 4 Ps

    • Reading - What are unit economics?

    • Product differentiation

    • Marketing strategy questions to ask

  • 26

    Sustainable competitive advantage

    • Sustainable competitive advantage

    • Competing with large companies

    • How startups beat established companies?

    • Sustainable Competitive Advantage (Market Leaders, Dinosaurs, and Small Mammals)

    • Creating last mover advantage

    • Sustainable competitive advantage questions to ask

    • Reading - Why are you using Whatsapp?

    • Reading - Why are there only two ride sharing companies in each market?

    • Reading - First mover disadvantage last mover advantage

    • Reading - Market leaders dinosaurs small mammals and asteroids

  • 27

    Strategies to create advantage

    • Strategies to create advantage

    • First mover advantage & last mover advantage

    • Reading - SCA case study: who was the first mover in personal computers

  • 28

    IP strategy

    • IP strategy

    • IP strategy

    • Reading - Is it possible for someone to steal your start-up idea?

    • Reading - What are the elements of an IP strategy for start-ups?

  • 29

    Case study: Opportunity identification

    • Case Study II – Opportunity identification

    • List of presenting start-ups

    • Advantir Pitch

    • Anrich3D Pitch

    • EcoWorth Tech Pitch

    • Globish Video

    • Let's Plant Meat Pitch

    • Lumani Pitch

    • Perception Pitch

    • Portier Technologies Pitch

    • Sharent Pitch

    • System Stone Pitch

    • Voxy Pitch

    • Advantir Pitch Deck

    • Anrich 3D Pitch Deck

    • EcoWorth Tech Pitch Deck

    • Globish Pitch Deck

    • Let's Plant Meet Pitch Deck

    • Lumani Online Pitch

    • Perception Pitch Deck

    • Portier Pitch Deck

    • Sharent Pitch Deck

    • System Stone Pitch Deck

    • Voxy Pitch Deck

  • 30

    Evaluating the financial plan

    • In the financial section of the business plan

    • Why do we need a financial plan?

    • Financial projections - financial section of the business plan (2)

    • Valuation - financial section of the business plan (3)

  • 31

    Understanding the business model

    • Business Model - The financial section of the business plan (1)

    • Key revenue model issues

    • Business model - how will you make money?

    • Reading - What is a business model?

  • 32

    Disruptive Business models

    • Business model innovation

    • Business model innovations

    • Reading - What is the Gillette business model

    • Reading - Disruptive business models

  • 33

    Case study III - Business model

    • Case Study III – Business model

    • Case study: Zipcar: refining the business model

  • 34

    Financial models and projections

    • Create financial projections

    • Download: Financial projection and valuation model

    • Why forecast 5 years?

    • Starting with revenue forecast

    • Top-down market sizing example - Plant-based meat

    • Top-down market sizing example - Sesame milk

    • Bottom up market sizing

    • Introduction to Revenue forecast in Excel

    • Why is the top-down forecast different from bottom-up forecast?

    • Mistakes startup CEOs make

    • Reading - Why will financial forecasts always be wrong?

    • Financial model explained 1

    • Financial model explained 2

    • Financial model explained 3

    • Balance sheet

    • Income statement 1

    • Income statements 2

    • Cash flow budget

    • DCF valuation model

    • Financials and DCF Valuation

    • Weighted average cost of capital

    • Valuation in financial modelling

    • Dilution schedule and investor ROI

    • Reading - Why are there so many unprofitable startups?

    • Reading - How is a model different from reality

  • 35


    • Why do most valuation methods fail for start-ups?

    • Why do most valuation methods fail for start-ups?

    • Reading - Why do traditional valuation methods fail?

    • Company valuation methods

    • Comparables

    • Methods of valuation - comparables

    • Discounted cash flow valuation

    • Methods of valuation - discounted cash flow

    • VC method

    • Methods of valuation - VC method

    • VC method valuation explained

    • Where do the numbers in VC method valuation come from?

    • Reading - What drives VC fund returns

    • Key valuation issues

    • Reading - Epidemic of overvaluation

    • Reading - Why don't startups pay dividends?

    • Reading - What is cost of capital and why is it important?

  • 36

    Exit strategy and ROI

    • Exit strategy and ROI

    • ROI and dilution

    • Calculate investor's ROI including dilution

    • Exit strategy and ROI

    • Reading - How do VCs make money

  • 37

    Case Study IV: Forecasting and valuation

    • Case Study IV – Business model

  • 38

    Investment process

    • VC investment process

    • Capital and legal structure of the firm

    • Equity issued to whom

    • Key legal agreements

    • Why is the multistep fundraising process so important?

    • The fundraising journey of startups

    • Reading - VC funding process enables innovation

    • Reading - Angel or VC or CVC which is best

    • Reading - Who are venture investors?

    • Reading - What is FF and F?

    • Reading - What is OM and how much of it do you need?

    • Reading - The best and worst times to raise money

    • Capital and legal structure of a firm

    • 5 key agreements in venture capital deals

    • Reading - Key agreements in VC investment

    • Reading - Why not give up the minimum equity

  • 39

    Key deal terms and term sheets

    • Economic terms in term sheets: Part I

    • Economic terms in term sheets: Part II

    • Control terms in term sheets

    • An example of how liquidation preference works

    • What is founder vesting

    • What does a clean cap table look like

    • Convertible debt vs equity

    • Safe notes

    • Key elements of the deal

    • Reading - Key terms in VC term sheets

    • Reading - Liquidation preference as valuation insurance

    • Cap tables

    • Reading: The 7 deadly sins of messy cap tables

    • Reading - What is founder vesting?

    • Download: Term sheet template and term sheet alternatives

    • Reading: How do VCs control startups after investment

    • Reading: Corporate structuring issues for VC investors

    • Reading: What forms of funding are used by VCs

    • Reading: What are convertible and SAFE notes and should we use them

    • Reading: Reserve matters and protective provisions

    • Reading: Retaining BOD control

    • Reading: What are reps and warranties

    • Reading: What is a drag-along clause

    • Reading: MFN and Pay to Play

    • Reading: What is redemption

    • Reading: What is anti-dilution protection

    • Reading: What are ROFRs and ROFOs and when are they bad

  • 40

    VC-Start-up negotiations

    • VC-start-up negotiations

    • VC startup negotiations

    • VC - startup negotiation game briefing

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