Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist (英語) ハードカバー – 2011/8/2
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An engaging guide to excelling in today's venture capital arena
Beginning in 2005, Brad Feld and Jason Mendelson, managing directors at Foundry Group, wrote a long series of blog posts describing all the parts of a typical venture capital Term Sheet: a document which outlines key financial and other terms of a proposed investment. Since this time, they've seen the series used as the basis for a number of college courses, and have been thanked by thousands of people who have used the information to gain a better understanding of the venture capital field.
Drawn from the past work Feld and Mendelson have written about in their blog and augmented with newer material, Venture Capital Financings puts this discipline in perspective and lays out the strategies that allow entrepreneurs to excel in their start-up companies. Page by page, this book discusses all facets of the venture capital fundraising process. Along the way, Feld and Mendelson touch on everything from how valuations are set to what externalities venture capitalists face that factor into entrepreneurs' businesses.
- Includes a breakdown analysis of the mechanics of a Term Sheet and the tactics needed to negotiate
- Details the different stages of the venture capital process, from starting a venture and seeing it through to the later stages
- Explores the entire venture capital ecosystem including those who invest in venture capitalist
- Contain standard documents that are used in these transactions
- Written by two highly regarded experts in the world of venture capital
The venture capital arena is a complex and competitive place, but with this book as your guide, you'll discover what it takes to make your way through it.
"...offers hard-headed advice on dealing with lawyers and venture capitalists, so you can make the right decisions for you and your business..." (FT.com, 30th January 2012)
"Long term horizons, coupled with clear analysis in the book, provide a clear understanding and historical perspective into financial crises" (Ad-Hoc-News, November 2011)商品の説明をすべて表示する
Of course, that doesn't mean that I at all found little value in the book; quite the opposite. I have been basically using this book as an introductory guideline to learning investment terminology that I had no idea even existed prior to reading this.
I only wish that the book was longer, and richer in even more detail and examples (maybe in a Second Edition, Brad and Jason?). And thus why I say it's a great introduction (and very likely the best introduction on the market right now). You can't really go wrong getting your 'starting out' information from two VCs currently very active in the industry.
Quick Overview: it breaks down the money raising process. It goes over, in detail, the standard documentation (Term Sheet, Letter of Intent, etc.) involved in any Angel/VC investment. And it offers tips on the mindset of VCs, a thorough overview of venture capital funds, and the important things you should be focusing on in term negotiations with investors. There is also the cool last chapter that goes over a handful of legalities most people are not even aware of. The appendix is a real-world example summation of what you already learned (in previous chapters) that a Term Sheet and Letter of Intent will cover/look like.
If you have yet to raise money for your first time and are looking to do so with Angels or VCs then this book is a great introductory overview of the things you really really need to start thinking about.
Brad's voice amid all of this loudness is a welcome comfort. Reading his clear-eyed, honest-to-goodness perspective is as comforting and captivating as was watching Mr. Rogers on TV when I was a toddler.
It's not just soothing words, however. Like Mr. Rogers, Brad aims above all to educate. That's where this book shines. It packs a lot of information into just the right length of text (about 200 pages) so that you absorb it without feeling like your time is being wasted.
Other reviewers have commented that this book is for novices at the fundraising process, and that's certainly true. But I believe even seasoned pros will benefit in two ways: (1) seeing what points the authors have chosen to make reflects what today's entrepreneurs are thinking and how much they really know about fundraising (especially as the book includes many in-line comments from a guest entrepreneur), (2) the opinions of authors are openly stated and offer a unique perspective on VC-entrepreneur relationship.
Overall, I felt reading this book was like being at a fireside chat with a wise uncle. It's warm, but the speaker pulls no punches as he imparts knowledge.
I must have missed that there is a second edition that came out months ago -- would have appreciated Amazon to make that more clear. (Why is the 1st edition still available at all?)
Take it from someone in the middle of a funding round, Brad and Jason are at the TOP of the VC world and are widely respected. Reading this book is how I imagine a mentorship with Brad and Jason would be. What's best about it is the information is conveyed in a conversational way such that it is very easy to remember and act upon, even in the most intense meetings with prospective VCs. It's like they are sitting there with you (on your side of the table) whispering things in your ear like "Don't forget to ask about recent deals" and "You've done a lot of work, push for a 25% vesting," or maybe even "This guy's a zombie, bail out!"
This is a MUST READ for anyone seeking financing for a startup, and a pretty good idea for anyone that wishes to speak intelligently about the world of tech in general. Fundraising is among the most critical responsibilities of a CEO. You basically never stop fundraising, and even if you manage to bootstrap to glory, you will still need to discuss the matters of finance explained in this book with every strategic partner, industry heavyweight, and potential acquirer you meet (not to mention sizing up the strength of the competition and their partners).
Get it. Get it now. You'll be glad you did.