Venture Capital The Business of Innovation
|
|
- Milton Wood
- 5 years ago
- Views:
Transcription
1 Venture Capital The Business of Innovation Kellogg-Recanati International Executive MBA Tel Aviv, March 2017 Session 5 Izhar Shay
2 VC 101 Investment Venture Capital Returns Year 1 Year 7
3 Investments Carry Venture Capital Org Structure: Capital Flows Great VC Management (M.C.) Inc. (Delaware Company) Management Agreement Great VC (GVC) GP L.P. (Cayman Partnership) GP GP LP Manager1 40% Manager2 LP 20% Manager3 LP 20% Manager4 20% Management Agreement Great VC (GVC) (Cayman), L.P. (Cayman Partnership) LP Limited Partners Distributions Capital Calls Portfolio Investments
4 Shareholders Value Creation
5 Venture Capital Funding - CAP Table
6 Distribution of Proceeds - CAP Table Waterfall Company sold for $$$ - who gets what? Typical Waterfall: 1. Loans and credit lines paid off 2. Investors Preferred Shares, LIFO (Sometimes with interest) 1. (Example: B Shares A Shares Common) 3. Common Shares and Preferred As Converted Typical Preferred Terms: Participating, Participating with a CAP, Non Participating
7 CAP Table Comments Different classes of shares: Investors Preferred Shares Common Shares Employee Stock Options Plan (ESOP) Investors: Earlier investors pay less for higher ownership Later investors pay more but their risk is reduced Financial Preference can overpower CAP table holdings Investors and Founders dilemmas: Valuation - Shareholders Value Dilution - What s in it for me by the end of the day? Control - Who is going to call the shots here? Financial outcome of CAP table
8 Building Syndicate Investments Considerations: Share the risk More deep pockets around the table Enhanced network of contacts Value add investors Strategic investors Different types of investors Choose carefully the right combination of investors Alignment of interests is crucial Too many investors can become too much Co-opetition
9 Venture Capital Funding - Deal Mechanics Day 0 Timeline: Initial contact with investors First Pitch to investors Additional meetings and discussions Business Due Diligence Negotiations of Terms Term Sheet Exclusivity and No Shop Period Final Contracts Negotiations Legal / Financial Due Diligence Legal Docs: SPA, IRA, AOA, DS, Legal Opinion Signing and Closing Day 30 / 90 / 180
10 Main Term Sheet Provisions Deal Terms: Class of Shares Amount of money invested Valuation (Price Per Share), other considerations Financial Preferences of Shares: Preference definitions and distribution waterfall Anti Dilution, Preemptive rights Conversion of shares Rights for holders of Preferred Shares: Voting Rights, Veto Rights First Refusal, Co-Sales, Bring Along General: Conditions for Closing Confidentiality No Shop, Exclusivity
11 Term Sheet Provisions
12 Term Sheet Provisions
13 Term Sheet Provisions
14 Due Diligence
15 Main Due Diligence Topics (I) Personal References: Founders Management team, key employees Key operational areas: Target market analysis Competitive landscape, SWOT analysis where applicable Business: Model, Sales, Partnerships, Pipeline, Churn Technology Intellectual Property Legal: Corporate documents, Shareholders, Board Litigation Financial: Audited financial statements Reports, plans, budget, financial model and actual results Commitments, liabilities
16 Main Due Diligence Topics (II) General: Regulatory issues, compliance Property Human Resources Tax matters Environmental insurance Detailed Due Diligence findings to be listed in the Disclosure Schedule
17 Board of Directors
18 Board of Directors Source:
19 Board of Directors Main responsibilities: Setting corporate governance policies Setting strategic goals and tracking management s execution Hiring / firing, supporting and reviewing performance of CEO Approving and monitoring company s annual budget Financial planning for adequate funding resources Setting compensation packages for company s managements Setting compensation policies for company s employees Overseeing Employee Stock Options Plan (ESOP) Representing the interest of all stakeholders in the company Board members: Shareholders representatives Common shares representatives (founders, CEO) Independent Directors
20 Board of Directors
21 VC 101 Investment Venture Capital Returns Year 1 Year 7
22 Thank You! January 2016
The Foundation: Structuring Your New Venture
TAKE YOUR TECHNOLOGY TO THE LIMIT! Center for Innovation and Technology Entrepreneurship Technology Entrepreneurship from Innovation to Business Venture The Foundation: Structuring Your New Venture Patrick
More informationEarly Stage Capital: Term Sheets Fall 2010 Shari Loessberg
Early Stage Capital: Term Sheets 101 15.391 Fall 2010 Shari Loessberg 1 Team formation list of members team name Team contact Team Sign Up Send schedule availability by email to James: lawyer rounds VC
More informationSeries A Preferred Light The Best Outcome for Angels & Startups
Series A Preferred Light The Best Outcome for Angels & Startups Dan Rosen, CEO dan@drosenassoc.com September 21, 2009 1 Today s Agenda Angels did not used to be disciplined (lazy) Assumed they would be
More informationCase Study: Life Cycle of a Successful VC- Funded Global High-Tech Venture
Case Study: Life Cycle of a Successful VC- Funded Global High-Tech Venture 2015 Bierce & Kenerson, P.C. CASE STUDY Life Cycle of a Successful VC-Funded Global High-Tech Venture or How a small, privately
More informationFinancial Modeling For A Startup. Bruce Maxwell
Financial Modeling For A Startup Bruce Maxwell The Funding Process Build a simulation of your business Prepare your investor documents Network to investors Make the pitch Negotiate a deal (Term Sheet)
More informationGLOBAL TRANSACTIONS. Joint ventures & partnerships
GLOBAL TRANSACTIONS Joint ventures & partnerships *This presentation is offered for informational purposes only, and the content should not be construed as legal advice on any matter. www.dlapiper.com
More informationABC: Up to $5,000,000 XYZ: Up to $8,000,000 Others: between $2 and $4 million
NON-BINDING SUMMARY OF TERMS SERIES A PREFERRED STOCK FINANCING NewCo Biosciences, Inc. March 9, 2013 This Term Sheet summarizes the principal terms of the Series A Preferred Stock Financing of the Company.
More informationSession 12. Stock Options
Session 12 Stock Options Slide 1 Agenda Barbara Arneson Case Stock Options Slide 2 Barbara Arneson Case What is the number of shares outstanding at BioGene as of May 31, 2006? What is its current PE ratio?
More informationLegal Organization of Technology Start Ups
Legal Organization of Technology Start Ups By Michael Prozan 650 348-1500 mike@mgcgroup.com This presentation provides a general overview and should not be taken as legal advice for any individual situation.
More informationEXECUTIVE EDUCATION TRAINING VENTURE CAPITAL WORKSHOPS
EXECUTIVE EDUCATION TRAINING VENTURE CAPITAL WORKSHOPS Programme Overview The Private Equity and Venture Capital Executive Education training programmes are two workshops, each held over two-days. Both
More informationVenture Capital & the Finance of Innovation FNCE 250/750 Fall 2010 (SH DH 1206)
Venture Capital & the Finance of Innovation FNCE 250/750 Fall 2010 (SH DH 1206) Professor David Wessels Department of Finance, the Wharton School 2010 This course will focus on the primary activities performed
More informationACCELERANT VENTURES, L.P. AUGUST, (the Company ) a. The closing is expected to occur on or before, 2014 (the Closing ).
ACCELERANT VENTURES, L.P. DBA TRIANGLE STARTUP FACTORY SUMMARY OF TERMS COMMON STOCK PURCHASE AUGUST, 2014 Issuer: Founders: Purchaser: (the Company ) a.,, and (the Founders ). Accelerant Ventures, L.P.
More informationAccelerator Curriculum 2012 Module: Capitalization
Accelerator Curriculum 2012 Module: Capitalization Andrew Ritten Faegre Baker Daniels LLP 8993441 Bio Andrew Ritten Joined Faegre Baker Daniels corporate group in 1993 Education: Yale University B.A. History,
More informationVenture Capital Term Sheet (Long Form) The form is very pro-investor oriented.
Form: Venture Capital Term Sheet (Long Form) Description: This is a long form annotated Venture Capital Term Sheet, proposing deal terms for investment by a venture capitalist in an early stage company.
More informationNegotiating Term Sheets Michael Weiner April 20, 2017
Negotiating Term Sheets Michael Weiner April 20, 2017 1 Form Convertible Debt (Friends / Angels) SAFE (Friends / Angels) Seed Series Preferred Stock (Angel / Smaller Funds) Preferred Stock (VC) 2 Convertible
More informationHARBOURVEST ESG POLICY (ENVIRONMENTAL, SOCIAL, AND GOVERNANCE)
HARBOURVEST ESG POLICY (ENVIRONMENTAL, SOCIAL, AND GOVERNANCE) LONG-TERM COMMITMENT HarbourVest views ESG as an integral part of its business, and the Firm s ESG Policy formalizes its longstanding view
More informationM&A Trends. The ABA Deal Points Study and Tales from the Front Lines. Paul Johnson, July 10, Partner
M&A Trends The ABA Deal Points Study and Tales from the Front Lines July 10, 2008 Paul Johnson, Partner Overview My text today: recent M&A experience and market data 5 recent deals ranging from $15-$50
More informationThe Fairshare Model A Performance-Based Capital Structure for Companies Seeking Venture Capital via a CrowdFunded Initial Public Offering (IPO)
The Fairshare Model A Performance-Based Capital Structure for Companies Seeking Venture Capital via a CrowdFunded Initial Public Offering (IPO) The Nuts & Bolts slide deck for experts in capital structures
More informationModule 3: The Venture Capital Negotiation and Investment Process Deal Structure and Contracting Issues TABLE OF CONTENTS
Module 3: The Venture Capital Negotiation and Investment Process Deal Structure and Contracting Issues 1.0 DEAL STRUCTURE AND CONTRACTING ISSUES TABLE OF CONTENTS 1.01 The Convergent/Divergent Interests
More informationTop Legal Issues for Healthcare Investors and Business Development Teams
Top Legal Issues for Healthcare Investors and Business Development Teams Ryan Johnson Marguerite Ahmann April 11, 2018 Overview Introductions Health Care Investment Trends Digital Health Significant Growth
More informationPRIVATE EQUITY STRATEGIES WORKSHOP Hyatt Regency Hotel May 7, 2018
1 PRIVATE EQUITY STRATEGIES WORKSHOP Hyatt Regency Hotel May 7, 2018 Guy Maisnik, Vice Chair JMBM - Global Hospitality Group Jonathan Falik, CEO JF Capital Advisors WHAT SHOULD A SPONSOR HAVE BEFORE APPROACHING
More informationI. VENTURE CAPITAL DEAL TALK
I. VENTURE CAPITAL DEAL TALK People often accuse lawyers of using too many words. I recently accepted a challenge to summarize the primary terms of a venture capital investment deal in 100 words or less.
More informationWells Fargo Middle Market Opportunities Forum Presentation
Wells Fargo Middle Market Opportunities Forum Presentation December 7, 2016 www.tpvg.com FORWARD LOOKING STATEMENT Some of the statements in this presentation constitute forward-looking statements, which
More information4. List of states or countries in which the Company has offices, employees, a significant customer or otherwise transacts business.
DUE DILIGENCE LIST 111999 NOTE: (1) WHERE A FORM DOCUMENT IS USED BY THE COMPANY WITHOUT CHANGES, A COPY OF THE FORM AND A LIST OF PARTIES TO THE DOCUMENT MAY BE SUFFICIENT FOR INITIAL COMPLIANCE WITH
More informationSTRUCTURING INVESTMENTS. Amit Singh Shareholder Stradling Yocca Carlson & Rauth, P.C IN STARTUPS November 7, 2018
STRUCTURING INVESTMENTS Amit Singh Shareholder Stradling Yocca Carlson & Rauth, P.C. 858.926.3012 asingh@sycr.com IN STARTUPS November 7, 2018 Amit Singh, Esq. Corporate Shareholder Amit is a shareholder
More informationVenture Capital and the Finance of Innovation. Professor David Wessels, the Wharton School of the University of Pennsylvania
Venture Capital and the Finance of Innovation Professor David Wessels, the Wharton School of the University of Pennsylvania FNCE 250/750 Fall 2009 (JMHH G55) This course will focus on the funding, valuation,
More informationTerm Sheets for Advanced and Financing Rounds
Term Sheets for Advanced and Financing Rounds Dr. Christian Wenger Dr. Beat Speck Zurich, Oktober 25, 2011 1 Introduction The Speakers Handouts Raise your voice! Zurich, Oktober 25, 2011 2 1 Agenda 1.
More informationExecutive Compensation in Privately Owned Businesses: How It s the Same and How It s Very Different
Executive Compensation in Privately Owned Businesses: How It s the Same and How It s Very Different Don Delves, Director, Willis Towers Watson June 6, 2017 2017 Willis Towers Watson. All rights reserved.
More informationNegotiating Term Sheets Michael Weiner April 12, 2018
Negotiating Term Sheets Michael Weiner April 12, 2018 1 Form Convertible Debt (Friends / Angels) SAFE (Friends / Angels) Seed Series Preferred Stock (Angel / Smaller Funds) Preferred Stock (VC) 2 Convertible
More informationThe Basics of Cap Tables
The Basics of Cap Tables September 14, 2016 Trevor Chaplick, Partner, Greenberg Traurig Support by: Founding Members: Education Partners: Use chat to submit questions Yes, you ll get the slides We re recorded,
More informationTEEKAY LNG PARTNERS L.P. Corporate Governance Guidelines
TEEKAY LNG PARTNERS L.P. Corporate Governance Guidelines The following guidelines have been approved by the Board of Directors (the "Board") of Teekay GP L.L.C., a Marshall Islands limited liability company
More informationEffectively Negotiating With a Venture Capitalist
Effectively Negotiating With a Venture Capitalist Alan Kraus Alan Zeiger Wayne Kimmel Ben Franklin Technology Partners Blank Rome LLP ETF Venture Fund Thomas Petro Steve Hobman Moderated by: Fox Chase
More informationAdvanced Structuring of LBOs & Private Equity Transactions
Advanced Structuring of LBOs & Private Equity Transactions A comprehensive examination of PE reviewing the 3 stages from PE, lender, advisors, management and investor s perspective This Course Can Be Presented
More informationTERM SHEET FOR SERIES A ROUND OF FINANCING OF [your team name here] INC. your VC here ( Investor )
TERM SHEET FOR SERIES A ROUND OF FINANCING OF [your team name here] INC. Amount of Investment: $4,000,000 Investor: your VC here ( Investor ) Type of Security: Series A Convertible Preferred Stock Pre-Money
More informationEye on China: Private Equity Investments in China
Eye on China: Private Equity Investments in China Private Equity Investments in China was the topic of discussion during the May 7, 2008 presentation of the Foley Executive Briefing Series. Foley & Lardner
More informationAN INTERNATIONAL JOINT VENTURE AGREEMENT CHECKLIST: DEAL POINTS (Revised and Expanded)
AN INTERNATIONAL JOINT VENTURE AGREEMENT CHECKLIST: DEAL POINTS (Revised and Expanded) July 12, 2017 I. Executive Summary. This checklist was developed by our firm as a tool and guide to necessary and
More informationSEMINAR ON PRIVATE EQUITY
SEMINAR ON PRIVATE EQUITY KEY TERMS IN SHARE SUBSCRIPTION AGREEMENT The Western India Regional Council of the Institute of Chartered Accountants July 7, 2012 Ms. Anjuli Sivaramakrishnan Partner Kochhar
More informationCapital Markets Practice Group
Capital Markets Practice Group Preparing for a Smooth IPO Process a Guide for In-House Counsel Preparing a company for an IPO can be a very time consuming task for the in house legal team, but the process
More informationDear XXX. So, here we go:
Dear XXX Following our discussions, Accelerated Digital Ventures Limited ( we or ADV ) is pleased to detail below the terms under which we d like to invest in XXX ( you or the Company ). Should we reach
More informationAS/A-Level Business Studies Pack 2. 2 Classifying costs
2 Classifying costs Cost centres How the costs relate to each other: Cost centres are where a business divides up costs into certain centres such as production, marketing, distribution, personnel, administration
More informationCBINSIGHTS, The Top 20 Reasons Startups Fail, 2
Debt June 10, 2018 Early-Stage Debt Financing: Stakeholder Perspectives Contacts Stefan Spazek Senior Vice President Main: 617.630.8100 sspazek@capitaladvisors.com Jimmy Nguyen Assistant Vice President,
More informationTerm Sheet for Series A Round of Financing of XCorp
Term Sheet for Series A Round of Financing of XCorp mbbp.com Morse, Barnes-Brown & Pendleton, PC Waltham, MA Cambridge, MA mbbp.com CityPoint 230 Third Avenue, 4th Floor Waltham, MA 02451 781-622-5930
More informationStarting a New Venture-Decision Time
Starting a New Venture-Decision Time The question: Form a business now OR continue to grow the science and development within the university. This is a cost-benefit analysis and you re definitely not ready
More informationSEPARATE ACCOUNTS IN PRIVATE EQUITY Custom Solutions, Targeted Investing
SEPARATE ACCOUNTS IN PRIVATE EQUITY Custom Solutions, Targeted Investing MAY 2017 CONTENTS INTRODUCTION 2 FOUNDATIONAL COMPONENTS OF AN SMA 3 HOW PRIVATE EQUITY INVESTORS USE SMAs 4 CASE STUDY: TRANSITIONING
More informationINVESTOR PRESENTATION
INVESTOR PRESENTATION Quarter Ended March 31, 2017 www.tpvg.com FORWARD LOOKING STATEMENT Some of the statements in this presentation constitute forward-looking statements, which relate to future events
More informationNegotiating Series A Term Sheets
Negotiating Series A Term Sheets Benjamin M. Hron Bhron@mccarter.com 617.449.6584 @HronEsq Part I: 10.06.16 Part II: 10.20.16 What is a Term Sheet Control Terms v. Economic Terms Standard Agreements Stock
More informationTEEKAY OFFSHORE PARTNERS L.P. Corporate Governance Guidelines
TEEKAY OFFSHORE PARTNERS L.P. Corporate Governance Guidelines The following guidelines have been approved by the Board of Directors (the "Board") of Teekay Offshore GP L.L.C., a Marshall Islands limited
More informationCayman fund structures: limited partnership vs. limited company
Cayman fund structures: limited partnership vs. limited company The Cayman Islands has become the most common domicile for most hedge funds these days. The increase in legal entity options has made deciding
More informationTERM SHEET FOR MACH37 PARTICIPATION AND FINANCING OF [COMPANY NAME] [DATE], 2016
TERM SHEET FOR MACH37 PARTICIPATION AND FINANCING OF [COMPANY NAME] [DATE], 2016 This Term Sheet summarizes the principal terms of the proposed participation of [COMPANY NAME] (the Company ) in the Cyber
More informationBuilding a Private Equity Insurance Program
Building a Private Equity Insurance Program Houston, TX Thursday, November 5, 2009 John Ambrose Department of Financial Institutions Chubb Specialty Insurance Agenda I. Introduction / U.S. Statistics II.
More informationSeed Financing Overview
A Lexis Practice Advisor Practice Note by Kristine M. Di Bacco and Doug Sharp, Fenwick & West LLP Kristine M. Di Bacco Doug Sharp INTRODUCTION This practice note discusses seed financings. Start-up companies
More informationNovember 3, VIA Office of the Secretary PCAOB 1666 K Street, N.W. Washington DC
November 3, 2014 VIA Email Office of the Secretary PCAOB 1666 K Street, N.W. Washington DC 20006-2803. comments@pcaobus.org RE: PCAOB Staff Consultation Paper, Auditing Accounting Estimates and Fair Value
More informationINVESTOR PRESENTATION
INVESTOR PRESENTATION Quarter Ended March 31, 2015 www.tpvg.com FORWARD LOOKING STATEMENT Some of the statements in this presentation constitute forward looking statements, which relate to future events
More informationYOU ARE AN ERISA FIDUCIARY, NOW WHAT?
YOU ARE AN ERISA FIDUCIARY, NOW WHAT? November 18, 2015 Rebecca E. Greene 414-298-8244 rgreene@reinhartlaw.com 1000 North Water Street, Suite 1700, Milwaukee, WI 53202 www.reinhartlaw.com Webinar Housekeeping
More informationFINANCING A STARTUP PART 2:
FINANCING A STARTUP PART 2: LEGAL ISSUES PEPPERDINE LAW SCHOOL ENTREPRENEURSHIP PRACTICUM 1Q17 JAMES C. ROBERTS III GLOBAL CAPITAL GLOBAL CAPITAL STRATEGIC GROUP GLOBAL CAPITAL LAW GROUP PC Please note
More informationBUSINESS SUCCESSION PLANNING Don t throw your business under the bus, if you get hit by one
BUSINESS SUCCESSION PLANNING Don t throw your business under the bus, if you get hit by one Presented by: Mike Gracik, CPA Managing Partner, Keiter Business Succession & Exit Planning Overview What is
More informationADVISING STARTUPS AND ENTREPRENEURS
ADVISING STARTUPS AND ENTREPRENEURS T. Joshua Wu www.jwlawdc.com Sponsored by ADVISING STARTUPS AND ENTREPRENEURS 2 T. Joshua Wu www.jwlawdc.com OVERVIEW Starting a new business venture Choosing the business
More informationOutside General Counsel Services
Outside General Counsel Services 1 2013, Novus Law Group, P.C. Not to be redistributed or used without prior written Almost all small and medium sized businesses will need legal advice this year, whether
More informationBrazil Minority Shareholder Rights IBA Corporate and M&A Law Committee 2016
Brazil Minority Shareholder Rights IBA Corporate and M&A Law Committee 2016 Contact Rodrigo Ferreira Figueiredo Lucas Braun Mattos Filho rff@mattosfilho.com.br lbraun@mattosfilho.com.br Contents Page SOURCES
More informationMore about Convertible Preferred Stock
More about Convertible Preferred Stock A startup company ("venture" in Korea) requires what seems like endless pools of capital to fund its operations as well as its research and development. Usually,
More informationProxy voting and engagement
SPRING 2017 Proxy voting and engagement AN INTEGRAL PART OF THE EQUITY INVESTING PROCESS 2 Mellon Capital INTRODUCTION This paper provides an overview of BNY Mellon s proxy voting and engagement philosophy
More informationBoard Oversight of Multi-Manager Funds and Subadvisers. Presented by: Diana McCarthy and Joshua Deringer November 29, 2011
Board Oversight of Multi-Manager Funds and Subadvisers Presented by: Diana McCarthy and Joshua Deringer November 29, 2011 Changes in How Funds Use Subadvisers > Open architecture has increased use of subadvisers
More informationTraining bvca.co.uk/training +44 (0)
Training 2018 19 Training 2018 19 Contents Why take a BVCA training course? 3 Starting out: 0 18 months Courses aimed at those new to the industry 4 6 Foundation 4 LP Foundation 5 Venture Capital Foundation
More informationCompany Valuation. Gideon Shalom Bendor Managing Partner
2 Company Valuation Gideon Shalom Bendor Managing Partner Why try to value a company? Investment purpose M&A and Pre-IPO Tax (409A) Financial Reporting (PPA, ASC 820) ESOP (Employee Stock Option Plan,
More informationTEEKAY OFFSHORE PARTNERS L.P. Corporate Governance Guidelines
TEEKAY OFFSHORE PARTNERS L.P. Corporate Governance Guidelines The following guidelines have been approved by the Board of Directors (the "Board") of Teekay Offshore GP L.L.C., a Marshall Islands limited
More informationIntroduction. The Assessment consists of: A checklist of best, good and leading practices A rating system to rank your company s current practices.
ESG / CSR / Sustainability Governance and Management Assessment By Coro Strandberg President, Strandberg Consulting www.corostrandberg.com September 2017 Introduction This ESG / CSR / Sustainability Governance
More informationGuide to Working with an Investment Bank
Guide to Working with an Investment Bank Innovation & Growth Table of Contents Role of an Investment Bank 2 Benefits of an Investment Banking Relationship 4 Evaluating an Investment Bank 5 Cultivating
More informationInvestments Overview: Regulation; Structures; Alternative Funds and Recent Developments
Investments Overview: Regulation; Structures; Alternative Funds and Recent Developments Andrew Raby, Partner Fundriver EA Conference November 8 2017 2017 Drinker Biddle & Reath LLP All rights reserved.
More informationLegal Considerations for Social Enterprises
Legal Considerations for Social Enterprises Stephanie Ann Dangel Oded Green Eryn Correa Copyright 2016 by K&L Gates LLP. All rights reserved. OUTLINE What is a Social Enterprise? Choice of Entity For Profit
More informationIdea to Liquidity & Beyond: Financing
Seminar Series: Startup Law 101 for Entrepreneurs Idea to Liquidity & Beyond: Financing Patrick Pohlen and Ben Potter, Latham & Watkins LLP October 10, 2017 Latham & Watkins operates worldwide as a limited
More informationMergers and Acquisitions in the Brewing Industry
715 Rollerton Road, Ste. 107 Charlotte, NC 28205 (704) 560-7119 Michael J. Denny Managing Partner Tel: (704) 560-7119 Email: michaeldenny@greenskylaw.com Bio: /attorneys Blog: www.beerlawmashing.com Twitter:
More informationFinancing Innovation: Accessing Private Capital. Innovation Conference June 27-28, 2017.
Financing Innovation: Accessing Private Capital Innovation Conference June 27-28, 2017. Traditional Sources of Equity Capital Risk/Reward Friends & Family Private Equity Public Equity Mezzanine Debt Public
More informationQbic Fund Venture Capital. Guy Huylebroeck Advanced Starters Seminar 16 October 2014
Qbic Fund Venture Capital Guy Huylebroeck Advanced Starters Seminar 16 October 2014 Contents I. VCs and how they work Qbic Fund Highlights Business Accelerator Sources of Capital Fund structure What does
More informationADVANSIX ANNOUNCES THIRD QUARTER 2017 FINANCIAL RESULTS. Sales of $367 million, up 13% versus prior year
AdvanSix.com News Release ADVANSIX ANNOUNCES THIRD QUARTER 2017 FINANCIAL RESULTS Sales of $367 million, up 13% versus prior year Cash Flow from Operations of $38 million, up $13 million versus prior year
More informationPreparing for a Divestiture: An In-house Counsel s Guide September 20, 2017
ACC NEW TO IN-HOUSE COMMITTEE LEGAL QUICK HIT Preparing for a Divestiture: An In-house Counsel s Guide September 20, 2017 James F. Modzelewski of Saul Ewing Arnstein & Lehr Principal Considerations Due
More informationGo West. Venture Financings and Expansion Projects in the United States
Go West. Venture Financings and Expansion Projects in the United States Practical Guidelines for German Technology Companies 1 Copyright: Orrick, Herrington & Sutcliffe LLP, 2017. All rights reserved.
More informationWe are in the business of saving lives and returning reason to the pharmaceutical and diagnostic industries.
We are in the business of saving lives and returning reason to the pharmaceutical and diagnostic industries. Contents are provided for general information purposes only and do not constitute an offer to
More informationReal Estate Joint Ventures: Crafting an Enduring Partnership. Nicole Mesard, Esq. Debevoise & Plimpton LLP New York, New York. And
Real Estate Joint Ventures: Crafting an Enduring Partnership by Nicole Mesard, Esq. Debevoise & Plimpton LLP New York, New York And Jay Neveloff, Esq. Kramer Levin Naftalis & Frankel LLP New York, New
More informationCOMPANY A SUMMARY OF PROPOSED TERMS AND CONDITIONS ISSUANCE OF COMMON SHARES
COMPANY A SUMMARY OF PROPOSED TERMS AND CONDITIONS ISSUANCE OF COMMON SHARES This term sheet ( the Term Sheet ) summarizes the principal terms and conditions with respect to the proposed investment. Offering
More informationEITF ABSTRACTS. Title: Application of the Two-Class Method under FASB Statement No. 128 to Master Limited Partnerships
EITF ABSTRACTS Issue No. 07-4 Title: Application of the Two-Class Method under FASB Statement No. 128 to Master Limited Partnerships Dates Discussed: June 14, 2007; September 11, 2007; November 29, 2007;
More informationZebra Technologies Corporation Audit Committee Charter (November 3, 2017)
Zebra Technologies Corporation Audit Committee Charter (November 3, 2017) A. Authority The Audit Committee (the Committee ) of the Board of Directors (the Board ) of Zebra Technologies Corporation ( Zebra
More information[NAME OF COMPANY] SUMMARY OF TERMS SERIES A PREFERRED STOCK FINANCING ([DATE])
[NAME OF COMPANY] SUMMARY OF TERMS SERIES A PREFERRED STOCK FINANCING ([DATE]) This summary of terms (this Summary of Terms ) summarizes the principal terms of a private equity financing of [Name of Company],
More informationImpact of Revised Consolidation Guidance on LP Investments in LIHTC
Impact of Revised Consolidation Guidance on LP Investments in LIHTC In February 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-02, Consolidation (Topic
More informationCapital Contributions, Capital Calls & Finance Provisions in Companies Teleseminar January 24, :00PM 2:00PM 1.0 MCLE GENERAL CREDITS
VT Bar Association Continuing Legal Education Registration Form Please complete all of the requested information, print this application, and fax with credit info or mail it with payment to: Vermont Bar
More informationThe Price of Growth: The Lifecycle of a Company from a Founder s Dilution Perspective. By Mary Beth Kerrigan
The Price of Growth: The Lifecycle of a Company from a Founder s Dilution Perspective By Mary Beth Kerrigan mbbp.com CityPoint 230 Third Avenue, 4th Floor Waltham, MA 02451 781-622-5930 mbbp.com The Price
More informationJoint Ventures: 25 FAQs - a guide for CEOs and CFOs
Joint Ventures: 25 FAQs - a guide for CEOs and CFOs Joint Ventures 25 FAQs a guide for CEOs and CFOs 1 What is a Joint Venture? A Joint Venture is a structure where two (or more) businesses create a separate
More informationThe Crowdcube legal Process
The Crowdcube legal Process The funding process and professionalism of the Crowdcube team matches their position as number one in the market. Andrew Wordsworth, E-Car Club Legal Process I Version: September
More informationREQUEST FOR PROPOSAL FOR ALLOCATION FROM THE VENTURE CAPITAL FUND. 3 May 2018
REQUEST FOR PROPOSAL FOR ALLOCATION FROM THE VENTURE CAPITAL FUND 3 May 2018 This document is the intellectual property of Securities Commission Malaysia. No part of the document is to be reproduced or
More informationIntroduction to Venture Capital Week 2 Understanding the pre-investment phase
Introduction to Venture Capital Week 2 Understanding the pre-investment School of Business and Economics TIME Research Area Innovation & Entrepreneurship Group (WIN) First, of course you will have to contact
More informationBuilding and Managing Your Private Equity Por1olio. Hany Assaad Chief Por1olio & Risk Officer Avanz Capital
Building and Managing Your Private Equity Por1olio Hany Assaad Chief Por1olio & Risk Officer Avanz Capital 15th February 2013 The Landscape of PE in Emerging Markets Prospect for superior returns for investors
More informationA Piece of the Pie: Equity Compensation for Emerging Technology Companies
A Piece of the Pie: Equity Compensation for Emerging Technology Companies Rick Lucash Special Counsel McCarter & English, LLP 617.449.6568 rlucash@mccarter.com @ricklucash Travis Drouin CPA, Partner MFA
More informationAllocating and Granting Equity in Start-Up Companies
Allocating and Granting Equity in Start-Up Companies Curt Creely, Esq. Foley & Lardner LLP TOPICS TO BE COVERED: Overview of key terms and concepts How should equity be allocated and/or granted in a start-up?
More informationVENTURE CAPITAL INVESTMENTS
VENTURE CAPITAL INVESTMENTS November 1, 2008 Jeffrey C. Hart Robinson, Bradshaw & Hinson, P.A. 5915 Farrington Road, Suite 201 Chapel Hill, North Carolina 27517 Phone: 919.328.8801 Email: jhart@rbh.com
More information2016 COMPENSATION & BENEFITS SURVEY Privately-held Technology & Life Science Companies in the Southeast, Mid-Atlantic and South Atlantic
216 COMPENSATION & BENEFITS SURVEY Privately-held Technology & Life Science Companies in the Southeast, Mid-Atlantic and South Atlantic Executive Summary Prepared by: Disclaimer This survey has been compiled
More informationWith the heightened attention of senior
Venture Capital 101: Financing Mentality, Jargon, Term Sheets, And Documents A Primer for Academic Technology Transfer Managers and Industry Licensing Executives By Louis P. Berneman and Christopher F.
More information8/20/2002. Changes from the Initial NYSE Proposal Morrison & Foerster LLP. All Rights Reserved.
NYSE Adopts Changes to its Corporate Governance and Listing Standards; Differences between Current NYSE and Nasdaq Proposals and Sarbanes-Oxley Act Requirements 8/20/2002 Corporate, Financial Institutions
More informationChallenges in adopting and applying IFRS 11
Applying IFRS IFRS 11 Joint Arrangements Challenges in adopting and applying IFRS 11 June 2014 Contents In this issue: Introduction... 2 1. Overview... 3 2. Scope... 5 2.1 Application by venture capital
More informationannotated term sheet
annotated term sheet www.highway12ventures.com The following Annotated Term Sheet is for illustrative purposes only and does not indicate our position on any substantive issue or with respect to any specific
More informationDue Diligence Due Diligence 24. October 2017 Slide 1
Due Diligence www.zuehlke.com/ventures Due Diligence patrick.griss@zuehlke.com 24. October 2017 Slide 1 Content Due Diligence Process - Overview Team Business Strategy Market Product Market Forces Corporate
More informationAN INTRODUCTION TO THE CDVC APPROACH
AN INTRODUCTION TO THE CDVC APPROACH A WORKSHOP PRESENTED BY THE COMMUNITY DEVELOPMENT VENTURE CAPITAL ALLIANCE 12 March 2014 Washington, D.C. 1 Christopher Reim Managing Director, CDVCA Managing General
More information