General information about course

Entrepreneurial Finance is the process of making financial decisions for new ventures. New ventures are inherently different from established businesses, as are entrepreneurs different from conventional business managers. It addresses key questions which challenge all entrepreneurs:

  • How much money can and should be raised, when and from whom?
  • What is a reasonable valuation of the start-up?
  • How should funding contracts and exit decisions be structured?

Entrepreneurial Finance and Private Equity (Venture Capital) investing are intrinsically linked, that’s why we will analyze principles of corporate finance, business valuation, opportunity assessment and due diligence, deal structuring, and leveraged buyout (LBO) / management buyout (MBO). We will use technical notes and case studies on firms at different stages of their life cycle to illustrate how these tools and concepts may be applied in practice.

Course programme

1. Assessment of Opportunities in Venture Capital and Private Equity
a. Opportunity Assessment in Venture Capital
b. Opportunity Assessment in Private Equity
2. Financial Cycle. Sources of Start-up Financing. VC/PE Fundraising Process
a. Business Angels and Venture Capital
b. VC/PE Fundraising Process
3. Valuation of venture-backed companies
a. In search of key value drivers for venture-backed companies
b. Start-up Valuation
4. Due Diligence and Deal Structuring
a. Due diligence
b. Deal Structuring
5. Leverage Buyouts and Value Creation by PE funds
a. Leverage Buyouts
b. Value Creation

Course benefits

At the end of our course students will be able to:

  1. Understand VC/PE funds’ investment requirements what may help them raise this source of capital
  2. Conduct a due diligence and assess investment opportunity of target company
  3. Define a range of entrepreneurial (equity, debt, and hybrid) financing alternatives at different stages of a company’s financial life cycle
  4. Determine the difference between business angels and venture capitalists
  5. Assess the value of the company using discounted cash flow (DCF) or multiple approaches
  6. Apply equity valuation techniques to a start-up company
  7. Understand a term sheet

Students Testimonials

Marek is a responsible, trustworthy and dedicated researcher, teacher and practitioner in the field of corporate finance. He dedicates himself to all areas of endeavor and brings every project to successful completion, creating lasting added value for his clients. He is an innovative collaborator with a unique ability to build relationships and motivate and focus stakeholders on the challenge at hand.

I attended Marek’s two-day workshop Business and Intangible Assets Valuation with Excel at Ernst and Young Academy of Business in Warsaw, Poland in December 2017. Marek is passionate about teaching corporate finance, and he explains complex technical topics with clarity and ease. He has extensive international academic and professional experience that is greatly appreciated by his students.

An experienced financial expert with a charismatic personality, Marek is passionate about business valuation and strategic management. He has high professional standards and is committed to excellence in communication and results-oriented performance. He is an excellent teacher as well. I strongly recommend him to anyone seeking an ethical and diligent advisor. First class!

Andrzej Staniszewski

Project Manager, Post-Implementation Capex Project Evaluation and Analysis Department

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