• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site
Master 2019/2020

Venture Investment

Category 'Best Course for New Knowledge and Skills'
Type: Elective course (Financial Analyst)
Area of studies: Finance and Credit
Delivered by: HSE Banking Institute
When: 1 year, 4 module
Mode of studies: offline
Master’s programme: Financial Analyst
Language: English
ECTS credits: 3
Contact hours: 32

Course Syllabus

Abstract

The course gives general overview of venture investments as one of the types of alternative investments, widely expanding asset class in last decades. During the course covered will be the history of venture industry, its role in economics and innovations, current state of affairs and dynamic. The course discovers how venture capital industry works, its inherent upsides and downsides, basics of investment process and valuation techniques, goals of the VC players and other equally important aspects. In module 4 the course is delivered as online course.
Learning Objectives

Learning Objectives

  • The main goal of the course is to provide listeners with a wide, however, general knowledge of Venture Capital Industry and with tools and resources to track it and self-develop to the level sufficient for participation in venture capital fundraising and analysis of potential investments into venture companies. The objective of this course is to survey the venture capital industry and to provide students with an understanding of the origination, valuation, execution, monitoring, and realization of venture capital transactions and of the process of investing in venture capital funds.
Expected Learning Outcomes

Expected Learning Outcomes

  • The listeners should know the history of VC industry, its current state and dynamics and place in the space of alternative investments; know main aspects of and be able to participate in the due diligence, valuation, structuring steps of the investment process, among others; know differences among VC and other Alternative Investments.
Course Contents

Course Contents

  • • The first section will cover the basics and history of VC Industry.
  • • The second part will examine the industry from the perspective of the venture capital firms who invest in portfolio companies (the general partners or "GP"s). Through theory and the cases, we will analyze several venture capital transactions and situations.
  • • The third section of the course will examine the venture capital industry from the perspective of the institutions that invest in venture capital funds (the limited partners or "LP"s). We will touch the LP universe (family offices, pension funds, endowments, fund-of-funds, sovereign wealth funds, and secondary funds), analyze the investment track records of GPs, identify the factors that lead to strong performance, and review the process for VC fund raising, due diligence and selection.
Assessment Elements

Assessment Elements

  • non-blocking student’s presence and active participation in classes
  • non-blocking mid-term test
  • non-blocking exam
    The exam is to be held in written format (problems and questions on course materials). Exam is organized on Google Classroom platform with simultaneous presence of all students at Zoom video-conference. Students in order to avoid identification issues and correspondence between names and test results are advised to first log in to heir Zoom accounts, registered for free for their corporate emails or their Gmail addresses used for classes in Google Classroom, and only after that to join Zoom video-conference. The conference details will be sent to the students 24 hours prior to the exam start time. Students have to enter the exam 15 minutes in advance. Computer has to meet the following requirements: well working camera and microphone, Zoom access (prior upload of Zoom to the computer). To participate in the exam the student is obliged to: enter his full name in English and his picture on avatar in Zoom, appear for the exam in time, turn on the camera and turn off the microphone, enter his Gmail account and enter Google Classroom, where all the exam materials are located. Microphone is to be switched on when it is needed to respond to Professor. During the exam the student is prohibited to: intentionally turn off the camera, produce distractive sounds, not connected with passing the exam, use the mobile phone/ smartphone for any kind of purposes, to chat on computer. Professor has the right to ask student to demonstrate his desktop in Zoom and watch the work on exam tasks at his discretion. Should there be signs of student using outside help, the exam can be annulled. During the exam the student is allowed to: use lecture and course materials, use calculator, use MS Office Excel, leave the working place for not longer than 5 minutes due to physiological needs. Short-term disconnection is less than 5 minutes, long-term disconnection is period longer than 5 minutes. In case of long-term disconnection the student is prohibited to pass the exam. The exam retake procedure is the same, but the tasks are more difficult.
Interim Assessment

Interim Assessment

  • Interim assessment (4 module)
    0.5 * exam + 0.5 * mid-term test
Bibliography

Bibliography

Recommended Core Bibliography

  • Breznitz, D., Forman, C., & Wen, W. (2018). The Role of Venture Capital in the Formation of a New Technological Ecosystem: Evidence from the Cloud. MIS Quarterly, 42(4), 1143–1169. https://doi.org/10.25300/MISQ/2018/13577
  • Gutmann, T., Schmeiss, J., & Stubner, S. (2019). Unmasking Smart Capital: How Corporate Venture Capital Units Configure Value-Adding Services. Research Technology Management, 62(4), 27–36. https://doi.org/10.1080/08956308.2019.1613117

Recommended Additional Bibliography

  • Jordan, N. (2006). Venture Capital Due Diligence: Issues & Processes. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.CE780E37
  • The Knowledge-based resources of Venture Capital firms’ and Born Global firms’ internationalization. (2018). ASEAN Journal of Management & Innovation, (1), 30. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsswe&AN=edsswe.oai.research.chalmers.se.502647