Entrepreneurial Finance

Luisa Alemany is an Associate Professor of Management Practice at London Business School and the Academic Director of its Institute of Innovation and Entrepreneurship. She was formerly at ESADE Business School and a Visiting Professor at Saïd Business School, University of Oxford. She is currently a Fellow at St Hugh's College (University of Oxford). She holds an M.B.A. from Stanford University, California, and a Ph.D. from the Universidad Complutense, Madrid. Her research focuses on entrepreneurial finance in general and more specifically in business angels, venture capital, impact investing, and entrepreneurship education for children. She is a founding member and director of Newton Venture Program. From 2009 to 2017, Dr Alemany was the director of the ESADE Entrepreneurship Institute and the academic sponsor of ESADE Business Angels Network (BAN). She has been a director of the board of the European Business Angels Network (EBAN). She also holds seats in different investment committees and advisory boards, both in venture capital and impact investing. She is part of the first European women-only business angels network, Rising Tide I, II and III. Dr Alemany has held positions at Procter & Gamble, McKinsey & Co., and Goldman Sachs. She also has experience in venture capital and private equity, having worked for the funds Europ@Web and The Carlyle Group. Job Andreoli is a senior lecturer and Ph.D. candidate at the Center for Finance of the Nyenrode Business Universiteit and the Nyenrode New Business School in the Netherlands. In addition, he leads the Nyenrode Incubator in Amsterdam and is on the advisory board of a venture capital firm. Prior to joining Nyenrode, Mr Andreoli has worked as a strategy consultant for Ernst & Young (EY) and Capgemini and was responsible for setting up the Strategy and Innovation practice of Atos Consulting. He has also been involved in startups and working with small and medium-sized enterprises that tend towards financial distress. Mr Andreoli holds an M.Sc. degree in Strategic Management from Rotterdam School of Management, Erasmus Universiteit and an M.Sc. in Education from Vrije Universiteit, Amsterdam.

Part I. Funding Sources: 1. Introduction to entrepreneurial finance Luisa Alemany and Job Andreoli; 2. Early sources of funding (1): incubators, accelerators and crowdfunding Job Andreoli; 3. Early sources of funding (2): business angels Colin Mason and Tiago Botelho; 4. Venture capital, private equity and corporate venture capital Josep Duran and Oscar Farres; 5. Public sources of funding Isidro Laso; Part II. Funding Process: 6. Deal sourcing and screening Dietmar Grichnik, Torben Antretter and Alexander Stoeckel; 7. Preparing the financial plan: forecasting Sophie Manigart and Miguel Meuleman; 8. Valuation of new ventures Luisa Alemany; 9. The term sheet and negotiating with investors Stefano Caselli; Part III. Growing the Venture: 10. Monitoring tactics and key metrics Peter Witt, Jan Brinckmann and Miguel Meuleman; 11. Corporate governance Stefano Caselli; 12. Managing your intellectual property Peter Hiscocks; Part IV. Alternative Routes to Entrepreneurship: 13. Entrepreneurship through acquisition (1): MBOs and MBIs Miguel Meuleman and Hans Vanoorbeek; 14. Entrepreneurship through acquisition (2): 'searchers' Timothy Bovard; 15. Turnarounds, workouts and other restructuring: reinventing value Benoît Leleux; 16. Impact investing: financing social entrepreneurs Johanna Mair, Lisa Hehenberger and Sara Seganti; Part V. Harvesting and the Future of Entrepreneurial Finance: 17. Harvesting: the exit Peter Roosenboom; 18. The future of entrepreneurial finance Luisa Alemany and Job Andreoli; Appendix 1. Examples of public support for entrepreneurship in Europe; Appendix 2. Typical business angel term sheet clauses; Appendix 3. General term sheet; Appendix 4. Angel term sheet; Appendix 5. Measuring and managing impact.