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timer Asked: Apr 9th, 2020

Question Description

please only bid if you are good at the finance and can guarantee b~~~
please only bid if you are good at the finance and can guarantee b~~~

please only bid if you are good at the finance and can guarantee b~~~

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Fin 335: Entrepreneurial Finance — Spring Quarter 2020 Instructor: Raymond Liguori Class Time (Eastern Daylight Time) Zoom Classroom Link Office Hours via Zoom: Tue & Thu; 1:00 – 2:30 pm By appointment only I. Email: REL74@drexel.edu Tuesday and Thursday, 4:00 pm to 5:50 pm, EDT https://drexel.zoom.us/j/429996246 Course Objectives This is a four (4) credit course that examines new venture financing and financial management. We will cover the various development stages of a new company from idea inception all the way to exit (via an IPO or sale transaction). You will learn how to apply entrepreneurial finance methods to maximize the probablility of a successful venture outcome and minimize risks. Cash is the lifeblood of most young companies. We will discuss how to raise it, how to manage it and how to preserve it. You will learn that many of the analystical techniques that work for established companies have to be modified, or abandoned altogether, when analyzing start-ups. For instance, discounted cash flow valuation techniques used for valuing established companies are not necessarily accurate when applied to valuing a company with no established revenue, expense or cash flow streams. The ideal audience for this course is students who are interested in starting their own firm or working at a start-up, and those who are interested in careers in venture capital or private equity. The course will cover the following topics: 1) 2) 3) 4) 5) 6) 7) 8) 9) II. Start-up idea generation Evaluating new business ideas Business organization and cash flow management New venture valuation Sources of new venture financing Venture capital and private equity investing Funding term sheets Negotiation with venture capitalists Strategies for exiting the firm Course Policies: Attendance, Participation, and Etiquette Students are expected to attend all classes, read assigned and suggested material, attempt practice problems, and ask 1 questions. We will frequently work through problems during class together so you wll need access to Excel or a financial calculator. Correspondence: E-mail and Drexel Learn will be the primary source of communication outside of class. E-mail is an official method of correspondence at Drexel University. As such, students are responsible for checking e-mail to receive updates as well as reviewing updates to the schedule of materials (posted on class web site). For confidentiality reasons, I can only correspond with official Drexel e-mail addresses and will not respond to non-Drexel accounts. Please identify yourself (name) in all correspondences. Classroom Conduct: Each lecture begins at 4:00 p.m. and ends around 5:50 p.m. Please get here on time. Students are required to show respect to the professor and other classmates by exhibiting appropriate behavior. III. Class Preparation and Practice Problems Along with the material lectured in class, advanced preparation is probably the most important part of your learning experience. Students should read through assigned reading before class and attempt all posted practice problems before exams. Lecture slides will be available on BBLearn after class. IV. Required Materials Students will be required to purchase the Entrepreneurial Finance course pack from Harvard Business Publishing. The course pack is customized for this class and includes readings and cases. Instructions for purchasing this from HBS will be sent via email. Be sure to read all Finance 335 lecture notes and assigned articles. DREXEL LEARN. Except for the course pack, all course relevant material will be posted to Drexel Learn. The slides provide a basic framework in the event that you miss class. However, remember, these notes are only outlines and frequently do not contain all information presented in the lecture. V. Prerequisites FIN 301 Minimum Grade: C VI. Grades Assignments Class Participation and Homework Exam 1 In-Class Exercises Final Negotiation Final Exam Total Weight 10 percent 25 percent 20 percent 20 percent 25 percent 100 percent Date Thursday, April 30th Week 2, 4, 6, 8 Week 9 Exam Week Please make every effort to attend class live. Class participation and homework is 10% of your grade and could well impact your grade at the margin (e.g. the difference between a B and a B+ or A-). We will use various polls and popup exercises in each class which you can only access in the live class. All classes will be recorded to facilitate those who live in different time zones and to facilitate review. If you can’t join live, please let me know before class. All exams are open book and open note. Please do not make the mistake of assuming that “open book” equals “easy exam.” You need to practice calculations several times before taking the exam. FYI, the final exam is cumulative. 2 There are four in-class exercises. Attendance and participation is mandatory for these assignments. We will use break-out rooms in Zoom where you can work with other students on these assignments. I will pop into your room from time to time to monitor your progress and answer any questions. Each student must submit his or her work product via BBLearn within 24 hours of the in-class exercise. Please note that I may change the format and timing of these exercises to better accommodate the online teaching format. The final project will be a negotiation that will pit you against a classmate. One student will be assigned the role of founder of a start-up company and the other student will represent a venture capital investor. You must negotiate a term sheet for a Series A capital raise. Prior to negotiating and no later than Monday, June 1 at 12:00 noon, you must submit to me a pre-negotiation worksheet. The negotiation will be completed in-class on June 2 and the final deal terms, submitted to me prior to our final class on June 4th. Grade Scale: A+ 97-100; A 93-96; A- 90-92.9; B+ 87-89.9; B 83-86.9; B- 80-82.9; C+ 77-79.9; C 73-76.9; C- 70-72.9; D+ 65-69.9; D 60-64.9; F Below 60. Please note that I do not round up. For instance, an 89.9 average is a B+ and will not be rounded to an A-. VII.Course Schedule Week 1 2 3 4 5 6 7 8 9 10 Date Topic Assignment Tuesday, April 7 Introduction and generating business ideas Thursday, April 9 Evaluating ideas and organizing a business Tuesday, April 14 Cash Flow Analysis and Management Thursday, April 16 In-class exercise: Cash Build, Burn and Runway Tuesday, April 21 Valuation I Thursday, April 23 Valuation II Tuesday, April 28 In-class exercise: New firm valuation Thursday, April 30 Exam I (LN1 – LN6) Tuesday, May 5 Sources of financing I: Early-stage funding Thursday, May 7 Sources of financing II: Venture capital funding Tuesday, May 12 In-class exercise: TBD Thursday, May 14 Term sheets I Tuesday, May 19 Term sheets II Thursday, May 21 In-class exercise: TBD Tuesday, May 26 Negotiations Thursday, May 28 In-class negotiation exercise Tuesday, June 2 In-class exercise debrief Thursday, June 4 Exiting Investments Exam Week Final Exam 3 VIII. Academic Policies Appropriate Use of Course Materials: It is important to recognize that some or all of the course materials provided to you may be the intellectual property of Drexel University, the course instructor, or others. Use of this intellectual property is governed by Drexel University policies, including the IT-1 policy found at: https://drexel.edu/it/about/policies/policies/01-Acceptable-Use/ Briefly, this policy states that all course materials including recordings provided by the course instructor may not be copied, reproduced, distributed or re-posted. Doing so may be considered a breach of this policy and will be investigated and addressed as possible academic dishonesty, among other potential violations. Improper use of such materials may also constitute a violation of the University’s Code of Conduct found at: https://drexel.edu/cpo/policies/cpo-1/ and will be investigated as such. Makeup Policy: Note the date of all assignments. There are no make-up assignments, quizzes, or exams. Excused absences will be granted in the following cases: official university business, illness certified by a physician, and/or family emergencies. All instances require proper notification prior to the due date. If an absence is excused, the student must complete a make-up assignment or exam. An unexcused absence will result in a zero. The final exam (Exam 2) is mandatory for all students. Students who must miss the final exam for a university-excused absence will take a make-up final during the second week of the following quarter only. E-mail: E-mail is an official method of correspondence. You are responsible for checking e-mail to receive updates. For confidentiality reasons, I can only correspond with official Drexel e-mail addresses and will not respond to non-Drexel accounts. Please identify yourself by name in all correspondences. Due to the Family Educational Rights and Privacy Act (FERPA), grades cannot be transmitted or discussed via e-mail in any circumstance. In addition, graded assignments cannot be given to another student without advance written permission. Code of Conduct: All students are expected to understand and abide by Drexel University’s Student Code of Conduct. For details, see: https://drexel.edu/studentlife/community_standards/code-of-conduct/. Academic Integrity: In order to protect and maintain a superior learning environment at LeBow College of Business, this course adheres to the University's Academic Honesty Policy. All students are expected to review and abide by these policies. For details, see: https://drexel.edu/provost/policies/academic-integrity/. Any issues will be addressed in accordance with University procedures. Academic Honesty for Remote Courses: Taking classes remotely does not provide the same level of supervision by faculty for assessments and individual work that is present in the classroom. Students must understand that this does not affect Drexel’s policies for academic honesty. Course work should be completed using only the materials, resources, and collaboration options permitted by the instructor. Collaborating on individual assignments and tests is strictly prohibited. Academic integrity incidents will still follow the normal processes and will be taken just as seriously in this remote course facilitation model as they would in person. Students who know of academic dishonesty incidents should inform faculty or college administration in a timely manner or else they may be subject to similar disciplinary actions. Students with Disabilities Statement: Students with disabilities requesting accommodations and services at Drexel University need to present a current Accommodation Verification Letter (AVL) to faculty before accommodations can be made. AVL's are issued by the Office of Disability Resources (ODR). For additional information, contact ODR at http://drexel.edu/oed/disabilityResources/students/, James E. Marks Intercultural Center, 3225 Arch Street, 4 Suite 011. Phone: 215.895.1401,TTY: 215.895.2299 Email: disability@drexel.edu Course Add/Drop/Withdrawal Policies: Please refer to the following University policies regarding adding, dropping, and withdrawing from courses: http://drexel.edu/provost/policies/course-withdrawal/ http://drexel.edu/provost/policies/course-add-drop/ Course Revisions: Changes to the course may occur at the discretion of the instructor. Barring unforeseen circumstances, any changes will be communicated to students with at least one week’s notice. With a nod to the 9th Amendment of the United States Constitution: “Things not explicitly forbidden in this syllabus are not necessarily approved; Things not explicitly approved in this syllabus are not necessarily forbidden.” Anything not explicitly mentioned herein will be covered on a case-by-case basis, with your humble professor as the semi-benevolent arbiter. IX. Zoom Participation and Support The link for attending class is: https://drexel.zoom.us/j/429996246 . For security purposes, students must log into Zoom using your Drexel account. Please make every effort to attend class live. Class attendance and participation is factored into your grade. We will use various polls and pop-up exercises in each class which you can only access in the live class. If you cannot attend the live session, please let me know before class. Zoom apps exist for Windows and Mac computers, as well as many mobile platforms (visit zoom.us/download). Students can test compatibility prior to any class session by visiting zoom.us/test from their device. Students should minimize distractions and multi-tasking during class time to fully engage with the class. Instructors will ask students to join via audio and/or video to gauge attendance and class participation. Also pay attention to any special instructions or a required password that your instructor may have posted along with the webinar link. For security purposes, students will be asked to log into Zoom using their Drexel account. Students who do not log in may not get connected to the class meeting. Follow these steps to log in the first time: Visit drexel.zoom.us and click the option for Sign In Standard to ensure that your Zoom account is activated. Enter your username and password into Drexel Connect to complete the login, but then you can close that browser window. Download, install, and launch the Zoom client for your device (zoom.us/download) Click the Sign In button in the Zoom app but then click the “Sign in with SSO” option, enter Drexel as the Company Domain and click Continue. Enter your Drexel username and password into Drexel Connect and complete any multifactor authentication steps. After you authenticate, you will be asked to open a link in the Zoom application to complete your login to the Zoom client Note: You should not have to repeat this process on that computer if you stay signed into the app. So for subsequent meetings, you would just need the meeting ID or link and any meeting password. Other Best Practices: When joining a zoom room, mute your microphone so that you don’t cause noise or feedback in the session. If you have a question/comment, you can either type it into the chat or you can use the “Raise hand” feature to signal to your instructor that you wish to speak, wait to be acknowledged, and then unmute your microphone. Be sure to mute again when finished. It is also recommended that you use earphone/earbuds on a webinar call to help reduce feedback and echo. Tip: the person causing echo in a call will usually not hear the echo themselves. Bandwidth Issues: Students who experience connectivity issues related to internet bandwidth can try the following: 5 Check for bandwidth usage – chances are you’re not the only one using the internet at your location. Check to see if anyone else is streaming videos and, if they are, ask if they could stop until your class is over. Dial in from a phone – usually the most important piece of a remote class is what is being spoken. Lecture slides don’t change that often. So if you aren’t getting consistent audio, try dialing in by telephone using the “Switch to Phone Audio” option that is found under audio settings (the arrow to the right of the microphone icon on the desktop client). Then be sure to mute your phone either from the handset or in the Zoom client. Turn off your video – this saves a little bandwidth, but make sure you check with your instructor to see if video is required for attendance. If you need to disable video, at least upload a profile picture so that your face is still visible when your video is off. Ask about the recording – some instructors will post links to class recordings in Blackboard while others may only distribute those links to students with a valid reason for missing class (e.g. substantial shift in time zone). If you were present but experienced internet issues, consider asking your instructor for the recording link so you can review the portion affected. Live Zoom support is available from within the Zoom app. Support is also available via Drexel’s 24/7 Student Support at 215-895-1224 (or for business courses only by contacting LeBow Tech at lcbtech@drexel.edu or 215-895-2113). 6 ...
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