Entrepreneurial Finance - Study materials · Use your own scenario of an entrepreneurial ... worked both in large corporate pharmaceutical development companies at the Global Vice

Entrepreneurial Finance Study materials

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Study materials Entrepreneurial Finance

Introduction

This module has the objective of reviewing the financial, control and investment opportunities faced by rapidly growingcompanies in entrepreneurial settings. The main objective of study is to consider and select financing instrumentswhich are appropriate to assist in achieving the vision of the Company and to understand and analyse the issues inthe institutional framework in which those decisions take place.

Learning Objectives and Outcomes

The classroom work will be based upon teaching sessions and guest lectures to explore the pros and cons of variousfinancing structures, along with risk factors that may affect the type of financial instrument and the associatedconditions attached to that investment. These factors include board composition and asset protection. The case study(from John's own experience) will assist students to consider the items that need to be explained when raising capitalfor the project. This is a succinct way of pitching for limited resource and is a risk/expected return equation. For thepurpose of this exercise, all projects considered are within the vision and mission of the business.

The outcomes will be:

a thorough understanding of entrepreneurial financial instruments

a comprehension of entrepreneurial risk factors and expected return

to understand how seasoned practitioners, from the investor, investee and advisor prospective, put the theoryinto practice

the production of an investment proposal with a well reasoned critique of risk and return, along with why yourproject should succeed compared to the many others submitted to the investment committee.

Page 1 of 1 Warwick Business School

Module outline Entrepreneurial Finance

Tuesday

Tuesday 26 May 2015

09.30-10.00 Arrival, coffee and welcome

10.00-11.00 Case study (Pharmaco) - syndicate groups and module assignment brief JL

11.00-12.00 Introduction to entrepreneurial finance JL

12.00 Lunch

13.00-14.30 The voice of the private equity investor - mid market deals RW

14.30-15.30 Banking and entrepreneurial finance OK

15.30-16.00 Break

16.00-17.00 The pros and cons of various financing options JL

17.00-17.30 A summary and Q&A session

Sessions will be led by the following faculty members and guest speakers:

JL = John LyonBB = Barry BurlesMJ = Mal JarmolowiczSL = Stuart LeesSW = Steve WoodOK = Oksana KoryakRW = Richard WhitwellDB = David BaynesCB = Chris Beer


Programme Entrepreneurial Finance

Wednesday

Wednesday 27 May 2015

09.00-09.30 Board structure and directors duties (Quiz) JL

09.30-09.45 Syndicate groups return to the lecture theatre to present their findings followed by group discussion

09.45-10.00 Break

10.00-11.00 Board effectiveness and structure JL

11.00-12.30 The practitioner's view of boards CB

12.30 Lunch

13.30-14.15 The practitioner's view of boards (continued) CB

14.15-14.30 Break

14.30-15.30 The voice of the entrepreneur (session one) MJ

15.30-17.00 The voice of the entrepreneur (session two), followed by Q & A MJ



Thursday

Thursday 28 May 2015

09.00-09.45 Syndicate sessionTime within syndicates groups to work up investment pitches

09.45-10.00 Break

10.00-12.30 The voice of the venture capitalist - University spin-outs DB

12.30 Lunch

13.30-14.30 Venture capital exits JL

14.30-14.45 Break

14.45-16.15 Entrepreneurial venture life cycles SW

16.15-17.30 Syndicate session to continue to work up investment pitches



Friday

Friday 29 May 2015

09.00-11.00 The voice of the entrepreneurCase study - Business Building

BB

11.00-11.15 Break

11.15-11.30 Syndicate group feedbackFeedback from the syndicate groups

BB

11.30-12.30 Do people matter?Consideration of the people issues and Q&A session

BB

12.30 Lunch

13.30-14.30 The voice of the advisor SL

14.30-15.00 Q&A session

15.00-15.30 Break

15.30-17.30 Investment pitch - work in syndicate groups



Saturday

Saturday 30 May 2015

09.00-11.45 Investment pitching - syndicate groups to present (module marks 20%)

11.45-12.00 Break

12.00-12.30 Conclusions and wrap up



Module assessment

The module will be assessed by:

a syndicate-based investment pitch (20%)1.

an individual assignment (80%).2.

1. Syndicate-based investment pitch (20%)

Details will be given out during the week.

2. An individual assignment (80%)

The assignment should be no longer than 3,000 words (excluding references and appendices - anything exceedingthe 3,000 word limit will not be read). Choose only one of the following scenarios.

Use either scenario below to construct an investment pitch. There is likely to be 50 investment proposals submitted inthis investment committee and only 5 can be funded due to capital constraints.

Choice One Scenario

It has been widely reported that replacements for antibiotics are needed. A medical device has been prototyped on thebasis that it can destroy 3 logs of both gram negative and gram positive bacteria (including MRSA) in the infectedwounds of patients. No clinical trials have yet been carried out and it is believed that there are two other devices in thehands of competitors at the same stage of development.

You need to request £3 million of investment to complete a pivotal trial and to produce a dossier for the regulator toconsider before market approval. You have the flexibility to consider outsourcing but the corporate structure youoperate in has the normal support departments (finance, contracting, regulatory support, HR, health and safety etc).

This is a high risk, potentially very high return project. Assume that return from the project is required within 5 yearsand that can either be by yield or capital gain (through sale).

Choice Two Scenario

Use your own scenario of an entrepreneurial project, define the project, the funding need and suggest what financialinstruments are needed to meet the project need. Assume that return from the project is required within 5 years andthat can either be by yield or capital gain (through sale). It must be a project that requires an entrepreneurial mindset,and risk mitigation must be clearly defined.

SUBMISSION DEADLINE: Monday 29 June 2015

The submission deadline is precise and uploading of the document must be completed before 17.30 (UK time) on thesubmission date. Any document submitted even seconds later than 17.30 precisely will be penalised for latesubmission in line with WBS policy. Please consult your student handbook on my.wbs for more detailed information.

The online assignment submission system will only accept documents in portable documents format (PDF) files.Please note that we will not accept PDF files of scanned documents. You should create your assignment in yourchosen package (for example, Word), then convert it straight to PDF before uploading. Please place your student IDnumber, NOT YOUR NAME, on the front of your submission as all submissions are marked anonymously.

All the scripts should also have the following paragraph included on the front page:

This is to certify that the work I am submitting is my own. All external references andsources are clearly acknowledged and identified within the contents. I am aware of theUniversity of Warwick regulation concerning plagiarism and collusion.

No substantial part(s) of the work submitted here has also been submitted by me in otherassessments for accredited courses of study, and I acknowledge that if this has been donean appropriate reduction in the mark I might otherwise have received will be made.


Assessment Entrepreneurial Finance

PLEASE ENSURE YOU KEEP A SECURITY COPY OF YOUR ASSESSMENT

Please ensure that any work submitted by you for assessment has been correctly referenced as WBS expects allstudents to demonstrate the highest standards of academic integrity at all times and treats all cases of poor academicpractice and suspected plagiarism very seriously. You can find information on these matters on my.wbs, in yourstudent handbook and on the University's library web pages here.

The University's Regulation 11 clarifies that '…'cheating' means an attempt to benefit oneself or another by deceit orfraud. This includes reproducing one's own work…' It is important to note that it is not permissible to re-use work whichhas already been submitted by you for credit either at WBS or at another institution (unless you have been explicitlytold that you can do so). This is considered self-plagiarism and could result in significant mark reductions.

Upon submission of assignments, students will be asked to agree to one of the following declarations:

Individual work submissions:

I declare that this work is entirely my own in accordance with the University's Regulation11 and the WBS guidelines on plagiarism and collusion. All external references andsources are clearly acknowledged and identified within the contents. No substantialpart(s) of the work submitted here has also been submitted by me in other assessmentsfor accredited courses of study, and I acknowledge that if this has been done it may resultin me being reported for self-plagiarism and an appropriate reduction in marks may bemade when marking this piece of work.

Group work submissions:

I declare that this work is being submitted on behalf of my group, in accordance with theUniversity's Regulation 11 and the WBS guidelines on plagiarism and collusion. Allexternal references and sources are clearly acknowledged and identified within thecontents. No substantial part(s) of the work submitted here has also been submitted inother assessments for accredited courses of study and if this has been done it may resultin us being reported for self-plagiarism and an appropriate reduction in marks may bemade when marking this piece of work.

By agreeing to these declarations (when the message pops up on submission) you are acknowledging that you haveunderstood the rules about plagiarism and self-plagiarism and have taken all possible steps to ensure that your workcomplies with the requirements of WBS and the University.

You should only indicate your agreement with the relevant statement, once you have satisfied yourself thatyou have fully understood its implications. If you are in any doubt, you must consult with the ModuleOrganiser or Named Internal Examiner of the relevant module, because, once you have indicated youragreement, it will not be possible to later claim that you were unaware of these requirements in the event thatyour work is subsequently found to be problematic in respect to suspected plagiarism or self-plagiarism.


Assessment Entrepreneurial Finance

http://www2.warwick.ac.uk/services/library/using/guidance-training/referencing

Teaching faculty

S John Lyon - Module Coordinator, Professor of Practice (Entrepreneurship),Warwick Business School

John joined WBS in January 2013 as one of the first Professors of Practice. He hasworked both in large corporate pharmaceutical development companies at the Global VicePresident level and as an entrepreneur in the role of CEO, CFO and chairman in thebiotechnology industry. He initially trained as a clinical scientist, then as a CharteredAccountant with PwC. He is a Fellow of the ICAEW, a Chartered Fellow of the Securitiesand Investment Institute, a Fellow of the Institute of Clinical Research, a Fellow of theInstitute of Directors, a Chartered Scientist and Chartered Director. He was awarded thenorthern entrepreneur of the year award for science and technology in 2005 sponsored byErnst and Young.

John has held and continues to hold non executive and chairman appointments spanningover 25 years as both a venture capitalist and a personal investor and has raised in excessof £15 million over the last decade from seed capitalists, venture capitalists, businessangels and institutions such as merchant banks and large hedge funds. He now combineshis entrepreneurial activities with an interest in entrepreneurship research, specialising inentrepreneurial ventures, decision making, sensemaking and board dynamics. He is alsothe Associate Dean at WBS with academic oversight for Corporate Relations and CareersPlus.

Oksana Koryak, Research Fellow, Warwick Business School

Prior to joining WBS, Oksana worked at Cranfield School of Management, conductingresearch into managerial decision making processes underlying the design and executionof strategic change programmes. She holds a PhD in management by IE Business Schoolin Madrid, Spain. Prior to academia, Oksana held various client-facing roles in corporateand investment banking over the course of eight years, originating and executing complextransactions in project finance and leveraged finance fields. During that time, Oksanainteracted closely with senior management of her client firms and with financial investors.She is a Chartered Financial Analyst and holds a Masters in Finance from the University ofAmsterdam. Her research investigated decision making by private equity and venturecapital firms as well as the conceptualisation of resilience in the context ofentrepreneurship. Her earlier work on the relationship between risk perception andgovernance in the context of venture capital was published in the Journal of PrivateEquity. Oksana has presented her research at leading academic conferences includingthe Academy of Management and the Babson College Entrepreneurship ResearchConference.

Chris Beer, Professor of Practice, Warwick Business School

Chris Beer has dedicated his career to building high performing professional servicesfirms. His early career included spells with both KPMG and Ernst & Young where he ledthe Executive Search, Selection and Interim management practice. In 2001, he joinedResources Global Professionals, a Nasdaq listed consulting firm, as a member of theGlobal leadership team. Reporting to the Group CEO, Chris set up their UK andsubsequently, European operations. As CEO of Merryck, Chris is responsible for allaspects of our business in Europe and Asia and co-ordinates and supports Merryck'soperations in North America and Australia. In addition to this role, Chris is a Professor ofPractice at WBS attached to the strategy and International Business Group.


Teaching Faculty Entrepreneurial Finance

Guest speakers

Malgosia Jarmolowicz

In 1998 following 10 years in the Pharmaceutical Industry (Degussa and Glaxo Wellcome) Maljoined Surgical Technology, a start-up Company founded to exploit technology out of the AintreeHospital Trust (maxillofacial reconstruction technology) and played an instrumental role in securingthe sale of the Company in 2000. She became Marketing Director of the new enlarged Group butwas keen to return to the start-up company environment. To this end, she set up a ConsultancyCompany geared to work with healthcare/medical technologies leading to interactions over the last12 years with the University Spin-out arena. In 2002 she became CEO of Celltran (a spin-out fromthe University of Sheffield) raising over £5 million, acquiring a Euronext listed Belgian cell therapycompany and gaining regulatory approval for two advanced therapy medicinal products (ATMPs).Since 2008 Mal has been working in the Regenerative Medicine and Medtech Sector through herconsultancy company Atrakt Ltd taking non-exec roles and equity stakes. Her client base ispredominantly made up of early stage companies and university spin-outs. Mal has a background inpharmaceutical sciences and holds a MBA from the Open University.

Barry Burles

Barry studied veterinary medicine at Cambridge University and completed the commercialbank management programme at Harvard Business School. He is experienced in Mergersand Acquisitions and City Finance and has been involved with both AIM and NASDAQtransactions, as well as working for large corporations. He has also acted as anentrepreneur holding various industrial and consultancy roles including corporate strategyfor Dalgety PLC, and BD roles within the Biotechnology Industry.

Barry Burles has been entrepreneurial throughout his career. He studied VeterinaryMedicine at Cambridge University, and was sponsored through the Harvard MBA by J PMorgan. After a payback time in the City doing M&A and Capital Markets, he worked forDalgety plc as Group Executive for Corporate Strategy. He was involved in researchfunding and helping to drive the transformation of the business from agri-commodities andanimal feeds into a higher margin branded foods business.

After the break up of Dalgety, he started new businesses in emerging market space suchas adult soft drinks, high value horticulture and nutriceuticals. Following a period building astrategic business development agency in Cambridge working with establishedbusinesses such as Digital and Xerox across Europe, emap publishing businesses andchallenged leading brands in LVMH, he established the UK Biotechnology FinanceAdvisory Service for the Dti. He mapped the life science base of the UK, helping toestablish progressively over 60 early stage biotechnology companies, embracing the entirerange of science from environmental and alternative energy generation to advancedmedicine and diagnostics. He achieved listings on AIM and one on NASDAQ, and enjoyedusing UK biotechnology to solve international problems.

He helped to develop one of the first teleradiology businesses using mobile MRI scannersacross the UK and a clinic on Harley Street introducing EBCT - state of the science lowdose radiation Electron Beam CT scanning for the early detection of heart disease andcancer screening. Companies such as BUPA adopted it for Health Screening.

Via the NHS Senior Management Gateway to Leadership initiative, he joined the NHS tohelp drive change. His commissioning responsibilities in North East London includedCondition Management and Strategy and Planning. He changed many care pathways andencouraged GPs to work in connected Polysystems to deliver integrated care. Theinitiative was dependent on the development of Health Analytics, the first InformationManagement System to combine primary, secondary, social and community care data. Byso doing, it created a complete Electronic Patient Record for every patient, enablingpatient level cost accounting and the provision of truly integrated healthcare andperformance insight. He was invited to work with the NHS Innovation Health and Wealthinitiative, encouraging the Clinical Commissioning Groups that are now running local



initiative, encouraging the Clinical Commissioning Groups that are now running localhealthcare to adopt much bolder approaches to change and innovation.

Latterly he has introduced Health Analytics to the CCGs and many providers serving theNHS market, making visible all that is happening across a local health economy. Thisenables the commissioners and providers to think more innovatively and enhance theirclinical and financial performance. He has just completed a project driving theestablishment of a new approach to Community Care with much more happening within thecommunity rather than in hospital.

Steve Wood

Steve is an 'intrapreneur' at IBM. As Growth Initiatives Manager, he leads investmentprojects introducing new business analytics market offerings. He is currently focused onmarket introduction of Counter Fraud solutions for banking, insurance, health care andgovernment industry sectors world wide. Previously Steve was a key member of IBMsGlobal Acquisition Team and following a distinguished early technical career during whichSteve co-invented foundational enabling technology for internet banking, Steve honed hisbusiness skills as world wide product manager for IBM's premier transaction platform CICSTransaction Server. Steve completed a MBA at Warwick Business School in December2013, Steve holds 3 patents and is a published author on software technology. Hegraduated with BEng (Hons) in Electrical and Electronic Engineering, is a CharteredEngineer and a member of the Institution of Engineering and Technology.

David Baynes

David is the Chief Operating Officer at IP Group plc. He was appointed to the Board inMarch 2014 following the acquisition of Fusion IP plc, where he was Chief ExecutiveOfficer and one of the founders, by IP Group. David had been a board director of Fusion IPplc since 2004, having been a director of Fusion IP Trading since 2003. Previously, Davidworked at Celsis International plc from its incorporation to its flotation on the full list of theLondon Stock Exchange in July 1993; Toad plc (now 21st Century Technology PLC),which he co-founded, and was responsible for taking the company from start-up to a fulllisting on the London Stock Exchange; Whereonearth Limited and Codemasters Limited.

Richard Whitwell

An experienced business professional with a 20 year career in private equity. Richard is aneconomics graduate of Cambridge University, subsequently qualifying as a CharteredAccountant in London on graduation. In 1994, he moved to the Midlands joining thecorporate finance team at PricewaterhouseCoopers where he spent two years advising ona diverse range of private equity transactions. Following periods at both Aberdeen MurrayJohnstone Private Equity and Gresham Private Equity in Birmingham, Richard went on toinitiate, lead and invest in the £21 million management buy-out of C6 solutions, backed byDunedin Private Equity. In 2006, Richard led his second deal as principal, becoming theFinance Director at Derbyshire headquartered Forest Holidays, specialists in exclusiverural holiday accommodation. Here he played a key role in developing the Group's financeand accounting function to support the business's rapid growth and after leading a series offundraising exercises. Richard worked closely with LDC's Midlands team in the successfulsale of the business to LDC in September 2012. Following the sale of Forest Holidays,Richard was delighted to have the opportunity to join LDC's Midland's investment team inSpring 2013 and has since worked on a range of investments in the £10-£150 million EVrange including the £22 million investment into Joules, the premium lifestyle brand. Richardlives in Warwick, is married with 4 children and enjoys squash and cycling in his sparetime.



Stuart Lees

Stuart is a seasoned entrepreneur and corporate adviser over many decades. He wasHead of UK Corporate Finance at Arthur Anderson and subsequently has built his ownportfolio of companies. He is well linked into the investment community and entrepreneurnetworks, and acts as ringmaster in deal building and executing.



Readings

The textbook provided for the week is:

Leach, C.J. and Melicher, R.W. (2015)Entrepreneurial Finance (5th edn)Stamford, CT: Cengage Learning

Please note that you are expected to read the chapters on valuation and any discounted cashflow techniques from thetextbook before the module starts. The chapters are:

• Valuing Early Stage Ventures• Venture Capital Valuation Methods• Types and Cost of Financial Capital.

The readings in this module are divided into pre-readings and further readings. Completing as much of thepre-reading as possible before you attend will provide you with a wider understanding of the topics to be discussedduring the module and therefore enhance your contribution to the class. We have classified the readings as follows:

Pre-readings are included in the online materials; you should read these in advance of the session to whichthey relate. Unless specified, you should treat ALL case studies as required pre-reading.

Further readings are intended for those who may wish to widen and deepen their understanding ofparticular issues now or in the future. You will have to use your own library skills to obtain these.

Copyright

Please note that the readings provided are intended for your own individual study for this module and they are not tobe copied, sold, or used for purposes other than personal study. In each instance the copyright resides with thepublisher or author as stated and not with the University of Warwick.


Readings Entrepreneurial Finance

Tuesday readings

Tuesday 26 May 2015

During this first morning session, we will explore the numerous instruments and variety of entrepreneurial finance,observing the pros and cons of each. Also John will introduce the syndicate assignment which calls for the students touse knowledge that they will pick up during the week to construct an investment pitch to gain entrepreneurial financefor the scenario presented.

Case study (Pharmaco) - syndicate groups

The case study will be handed out in the class and the exercise is to identify all aspects from the case study thatshould be placed in an investment pitch. This is a useful exercise and will help with the module assignment. Yoursyndicate group will be asked to present a short pitch on the Saturday morning. There will be time over the next fewdays to listen to the guest lecturers and add to your pitches.

Introduction to entrepreneurial finance

In this teaching session (the slides will be distributed at the end of the session) an introduction will be given to thetopic of entrepreneurial finance, with the module rationale. Before we consider any application, we will look at thelinks to the literature and present the economic arguments. This session presents the background to the rest of theweek.

The pros and cons of various financing options

In this session, we look at a variety of creative financing options and consider the pros and cons of each. This is animportant session as you will be expected to consider the various forms of finance in the module assessment. Thissession is followed by a session on banking and entrepreneurial finance, delivered by an ex banker specialising in thisarea and now on faculty.

Banking

An ex Investment Banker (now on faculty) will lecture on banking instruments and their pros and cons within thecontext of entrepreneurial finance

The voice of the investor

Richard Whitwell will then present the case for the investor. Richard is both a venture capitalist and businessman andwill give his experiences from several industry segments. He will present mid market deals.

Pre-reading: Siding with the Angels (www.nesta.org.uk)

Crowding In (www.nesta.org.uk)

Financing Industrial Biotechnology in the UK (www.nesta.org.uk)

Barriers to Growth (www.nesta.org.uk)

Incubation for Growth (www.nesta.org.uk)

The Startup Factories (www.nesta.org.uk)

Venture Capital (www.nesta.org.uk)

The Venture Crowd (www.nesta.org.uk)



http://www.nesta.org.uk/








Wednesday readings

Wednesday 27 May 2015

In this session, we will look at the qualitative aspects of entrepreneurial finance, in particular the risk elements thatprice the deal or sometimes make or break a deal.

Board structure and directors duties

In this session, a hand out will present several different scenarios around situations that require either board ordirector action. In syndicate groups, the situations should be duly considered along with the associated options, ofwhich not all are correct.

Board effectiveness and structure

This session considers Board effectiveness and structure. There is little point in working hard to close the mostappropriate deal, if the board does not function correctly (slides will be given out after lecture).

Professor Chris Beer will then present the case for a balanced Board. Chris is the CEO of a leading Mentoringcompany that advises many of the top FTSE companies.

Early stage finance - to what extent does it shape your future business

Mal Jarmolowicz has been CEO of start ups and University spin-out businesses. She has seen the full cycle of startups and will put the position of the entrepreneur.

Case study - anonymised real company

Mal will give an introduction to the case study (which will be handed out in class).

Key issues from the case studies

This is a break out session for the syndicate groups and three key issues arising from the first session will beconsidered.



Thursday readings

Thursday 28 May

Venture capital exits

During this session, we will concentrate on exit mechanisms including secondary buyouts. Any one raising investment,should be well aware of the exit expectation especially if the deal possesses prohibitive terms to attempt to force anexit.

Entrepreneurial Life Cycles

During this session, Steve Wood will run through the life cycle of entrepreneurial ventures and link into the need forentrepreneurial finance.

The Case for the Venture Capitalist - Early stage Investing

David Baynes, the COO of IP Group plc, the leading venture capitalist in the UK specialising in University Spin Outs,will present the case for the venture capitalist.



Friday readings

Friday 29 May 2015

The voice of the entrepreneur

Barry Burles is a seasoned entrepreneur and believes the people are the most important component of anyinvestment. He makes the case for the value of human asset (although not stated on the balance sheet).

Case study - business building

Barry will present a case study (to be handed out in the class) and use it to consider business building in early stagebusinesses. Barry will set the scene and then syndicate groups will individually consider the differing scenarios.

The case for the Advisor

In the afternoon, Stuart Lees, a corporate financier and experienced advisor will present the case for the advisor.

Investment pitch - work in syndicate groups

This syndicate exercise was introduced earlier in the week and will be delivered by the syndicate groups during thesession tomorrow morning. Individual groups will be asked to consider an entrepreneurial project for which they needto attract funding and construct an investment proposal to pitch for the investment to an investment panel. This will bein the form of a power point presentation.



Saturday readings

Saturday 30 May 2015

Investment pitches

The syndicate groups will pitch for investment for their project.

The further reading below is relevant to the whole week, and may be useful for your individual assignments.

Further reading: Scholes, L.; Wright, M.; Westhead, P.; Burrows, A. and Bruining, H. (2007)'Information Sharing, Price Negotiation and Management Buy-outs of Private Family-ownedFirms'Small Business Economics, 29, 3, pp. 329-4 9

Brealey, R.A. and Myers, S. (1996)Principles of Corporate Finance (5th edn)Maidenhead: McGraw Hill

Nesheim, J.L. (2000)'High Tech Start Up, Revised and Updated'in The Complete Handbook for Creating Successful New High Tech CompaniesLondon: Simon and Schuster Books

Ross, S.A.; Westerfield, R.W. and Jaffe, J. (1998)Corporate Finance (5th edn)Homewood, IL: Irwin

van Horne, J.C. and Wachowicz, J.M. (1997)Fundamentals of Financial Management (10th edn)London: Prentice

Mason, S.P. and Roth, S.L. (1991)'Note on Bank Loans Boston'Harvard Business School (Ref.: 9-291-026)

Piper, T. (2002)'Assessing a Firm's Future Financial Health Boston'Harvard Business School (Ref.: 9-201-077)

Sahlman, W. (1992)'Note on the Financial Perspective: What Should Entrepreneurs Know?'Harvard Business School (Ref.: 9-293-045)

Stevenson, H.H. and Roberts, M.J. (2006)'New Venture Financing'Harvard Business School (Ref.: 9-802-131)

Bhide, A. (1994)'How Entrepreneurs Craft Strategies that Work'Harvard Business Review, March-April, pp. 150-61

Lerner, J. (1999)'A Note on the Initial Public Offering Process'Harvard Business School (Ref.: 9-200-018)

Luehrman, T.A. (1997)'What's it Worth? A General Manager's Guide to Valuation'Harvard Business Review, May-June, pp. 132-42

President and Fellows of Harvard College (1987)



'Note on Financial Contracting: Deals'Harvard Business School (Ref: 9-288-014)

Sahlman, W. (1986)'Note on The Financial Perspective: What Should Entrepreneurs Know?'Harvard Business School (Ref.: 9-293-045)

Willigan, G.E. (1990)'The Value-Adding CFO: An Interview with Disney's Gary Wilson'Harvard Business Review, January-F ebruary, pp. 85-93



Documents

Entrepreneurial Finance - Study materials · Use your own scenario of an entrepreneurial ... worked both in large corporate pharmaceutical development companies at the Global Vice