Corporate Venture Capital Workshop - Individual
Venture capital is hard. Corporate venture capital is harder.
Learn CVC with a VC
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.
6 hours of live interactive sessions with Expara CEO Douglas Abrams
89 videos - 16 hours of viewing and 65 original articles for reading
Video presentations and slide decks of real start-ups
4 interactive case-studies with detailed feedback
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
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
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
Welcome to venture capital world
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
Why VC now
Why venture capital now
Reading - Is moores law over?
Reading - Amaras law
Scalable or lifestyle business?
Why should startups raise investment
Reading - Why do start-ups raise money?
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
This could be you
This could be you
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
What kind of companies do VCs invest in?
How do VCs make money?
Why CVC and why now
Why CVC and why now
Keys to successful CVC strategy
Strategic considerations
Investment strategy
Structural issues - fund
Strategic vs financial returns
CVC strategy
Setting prioritized goals for your CVC
Innovation goals
Competitive goals
Financial goals
Internal goals
CVC goals
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
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
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
Case Study I – Corporate Venture Capital
Case study: Saudi Aramco and Corporate Venture Capital
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
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
Communicating with investors
Investor and start up communication
Reading - How to connect with investors
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
Choose a market favourable to start ups
Market life cycles and structures
Market identification and analysis
Determining who your customers are
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
CLV vs CAC
Market positioning
4 Ps
Reading - What are unit economics?
Product differentiation
Marketing strategy questions to ask
Sustainable competitive advantage
Competing with large companies
How startups beat established companies?
Sustainable Competitive Advantage (Market Leaders, Dinosaurs, and Small Mammals)
Sustainable competitive advantage questions to ask
Creating last mover advantage
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
Strategies to create advantage
First mover advantage & last mover advantage
Reading - SCA case study: who was the first mover in personal computers
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?
Case Study II – Opportunity identification
List of presenting start-ups
Advantir pitch
Anrich3D Pitch
EcoWorth Tech pitch
Globish Pitch
Let's Plant Meat Pitch
Lumani Pitch
Perception pitch
Portier Technology 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 Pitch Deck
Perception Pitch Deck
Portier Pitch Deck
Sharent Pich Deck
System Stone Pitch Deck
Voxy Pitch Deck
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)
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?
Business model innovations
Business model innovation
Reading - What is the Gillette business model
Reading - Disruptive business models
Case Study III – Business model
Case study: Zipcar: refining the business model
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
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?
Exit strategy and ROI
ROI and dilution
Calculate investor's ROI including dilution
Exit strategy and ROI
Reading - How do VCs make money
Case Study IV – Business model
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
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
VC-start-up negotiations
VC startup negotiations
VC - startup negotiation game briefing