Valuing Start-ups
Learn to correctly value start-ups: hands-on, interactive and experiential
How to value a real start-up of your choice
This course is not about passive learning. Participants will be hands-on and will be equipped with a toolkit that they can immediately apply beyond the course. Participants will receive a customized valuation of a start-up of their choice.
3 hours of live interactive sessions with Expara CEO Douglas Abrams
A custom valuation of one start-up of your choice
47 videos - 10 hours of viewing and 32 original articles for reading
Pro-forma Valuation Excel Model for start-ups
Start-up evaluation checklist and term sheet template
Access to Expara's network of more than 2,000 venture investors
Interactive valuation case-study exercise
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
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
Overcoming the fear of failure
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
why should startups raise investment
Why do startups raise money?
Reading - Why do start-ups raise money?
How to fund growth
How to fund growth?
Fund growth with convertible debt and equity
Reading - What is the best form of funding for a start up
Reading - Only a moron starts a business with a loan
Reading - What is the difference between debt and equity?
How do VCs generate returns?
What kind of company does VC invest in
What kind of companies generate high returns?
Which one is more scalable- product or service?
Reading - What do VCs invest in?
Reading - Which scales better?
Reading - Good business vs good investment
Reading - What is the optimal time to enter a market?
The investor’s decision tree
The investor’s decision tree
Key elements for success
Key elements for success
Reading - Three most important factors
Reading - Product market fit or team
Reading - Key elements of success
Sizing the market
Top-down and bottom-up market sizing
CLV vs CAC
Top-down market sizing example - Sesame milk
Top-down market sizing example - Plant-based meat
Bottom up market sizing
Reading - Sizing the market for a start-up
Reading - What are unit economics?
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)
Pro-forma Financial Model
Create financial projections
Why forecast 5 years?
Starting with revenue forecast
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
Exit strategy and ROI
ROI and dilution
Calculate investor's ROI including dilution
Reading - How do VCs make money
Case Study – Financial modeling and valuation
Custom valuation submission
Venture funding downloads