Universitat Internacional de Catalunya
Venture Capital - Entrepreneurial Financing
Teaching staff
Professor: Dr Yannis Pierrakis
Office: Inmaculada, 22. 08017 Barcelona. Spain.
Phone: + 34 932 541 800
E-mail: ipierrakis@uic.es
Appointment Hours: By appointment
Introduction
This course trains entrepreneurs to get initial funding for their projects and teaches them how to prepare financial statements for investors; choose the risk business structure; Understand the main sources of capital for companies in the initial phase; Identify the steps of the financing process; Implement the capital capture process; Manage opportunities and understand the sales process of the company.
Pre-course requirements
Basic knowledge of finances and accounting
Objectives
At the end of the course, students must be able to:
1. To know and understand the environment of investment in companies in early stages.
2. Prepare financial statements for investors.
3. Choose the commercial structure suitable for the company.
4. To know the main sources of financing for companies in early stages.
5. Identify the steps of the financing process.
6. Implement the process to raise capital.
7. To make the presentation before the investors and the closing rounds of financing.
8. Understand the nature of venture capital.
9. To manage the refloating of companies.
10. Understand the outcome of the investment's output.
Competences/Learning outcomes of the degree programme
- CB6 - To possess and understand knowledge that provides a basis or opportunity to be original in the development and/or application of ideas, often in a research context.
- CB9 - Communicate conclusions, and the knowledge and ultimate reasons that underpin them, to specialist and non-specialist audiences in a clear and unambiguous manner.
- CE1 - Devise appropriate financial planning from the initial phase of a startup to its later phases of business consolidation, with consideration for business analysis, business models and economic and financial analysis.
- CE3 - Interpret and master different startup financial cycle models and apply them by drawing up the most efficient financing, be it venture capital, private equity or other forms of financing.
- CE6 - Analyse a startup’s accounts and finances, its financial modelling and company valuation, and understand what constitutes a successful corporate transaction.
- CG1 - Work as part of multidisciplinary teams as a proactive member, helping to resolve conflict or problems that may arise.
- CG3 - Generate new ideas and critically evaluate alternatives against numerous criteria whilst bearing in mind the multiple actors involved.
- CT1 - Be able to communicate effectively in a professional context.
Learning outcomes of the subject
Analyse early-stage financing environments and sources of capital.
Assess venture opportunities, valuation, and funding strategies.
Apply financial statement preparation and modelling for investors.
Design and implement capital-raising processes and deal structuring.
Evaluate venture capital dynamics, investor expectations, and exit outcomes.
Communicate and pitch investment opportunities effectively to investors
Syllabus
Introduction to the module
GP fundraising and investment strategy
Deal evaluation and decision-making process
The entrepreneur’s journey
Company valuation techniques
Deal structuring, post-investment, and exit
Financial performance measures (IRR)
Business angels and crowdfunding
Blockchain technology and Initial Coin Offerings (ICOs)
Incubators and accelerators
Venture capital and government policy
Teaching and learning activities
In person
Synchronous lectures and tutorials
In-class and online role play activities: Students take on an assigned role in a group or individual activity
Group-work activities where students work collaborate in a wiki in order to prepare online presentations of a case study analysis to the whole class
Asynchronous discussion forum
Problem-based learning in-class and online activities
Discussion boards, chat, e-mail, blogs, video conferencing, desktop sharing applications and whiteboards
Evaluation systems and criteria
In person
Final Exam: divided in two parts: theoretical (40%) and practical (60%) Minimum of 5 out of 10 of each of these parts to pass the subject. The final exam mark weights 60% on the final grade.
Continuous assessment: Case studies and Role Plays; 40% of final grade.
Final Grade: The resulting mark will be weighted according to the attendance, with an allowance of one missed session. It's not possible to pass de subject with an attendance percentage of 80% or lower.
Bibliography and resources
Venture Capital, Private Equity, and the Financing of Entrepreneurship. Josh Lerner, Ann Leamon, Felda Hardymon (2023).
Entrepreneurial Finance: The Art and Science of Growing Ventures. Alemany, Luisa, and Job J. Andreoli, eds, Cambridge University Press, (2018).
Raising Capital: Get the Money You Need to Grow Your Business. Andrew J. Sherman (2012).
Mastering the VC Game: A Venture Capital Insider Reveals How to Get from Start-up to IPO on Your Terms. Jeffrey Bussgang (2011).