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Manuel Adelino
and
David Robinson
How do different types of investors think about an investment opportunity? What kind of securities and contracts do they offer? How should a company decide what is a "good deal"? This course is designed to introduce you to the challenges and pitfalls of financing new enterprises. You will learn the basic tools for valuating companies, including using discounted cashflow analysis in Excel and understanding how to apply this model to your entrepreneurial venture. You will then learn how valuation works with different types of securities that investors use to finance startups, from bank loans to venture capital to angel investing.
Register for this course and see more details by visiting:
OpenCourser.com/course/tlnzv1/startup
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What's inside
Syllabus
The Basics of Valuation
In this module you will learn the general framework for valuing companies: prices as the discounted value of future cash flows. We will focus on how to determine cash flows and how discounting works. At the end of the lectures you will be able to understand the basics of how investors determine the value of a company.
Read more
Syllabus
The Basics of Valuation
In this module you will learn the general framework for valuing companies: prices as the discounted value of future cash flows. We will focus on how to determine cash flows and how discounting works. At the end of the lectures you will be able to understand the basics of how investors determine the value of a company.
Read more
Building your First Excel Valuation Model
In this module we will apply what you learned in the previous module. At the end of the module you will have built your first financial model of a firm, which you can change to apply to valuing a large firm or a small startup.
Valuation of High-growth Startups
In this module we will consider how very high failure rates for startups affects what you learned in the previous modules. The short answer is: it doesn’t, as long as we understand what business plans and company forecasts really are.
Venture Capital Overview
In this module we will review the main sources of capital that founders of startups turn to when they raise capital to launch their business.
Angel Investor Overview
In this module we will conduct an in-depth analysis of angel investors and the securities they use when they invest in early-stage startups
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Developers foundational knowledge of discounted cash flow
Introduces core principles of business valuation, factoring in both financial metrics and market conditions
Provides practical experience in constructing and manipulating financial models, empowering learners to conduct in-depth financial analysis
Covers various financing options from traditional bank loans to venture capital, broadening learners' understanding of funding strategies
Applies discounted cash flow analysis to real-world business scenarios, making the learning experience relevant and engaging
Facilitated by renowned instructors in the field of finance, David Robinson and Manuel Adelino, enhancing the credibility and value of the course
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Save Startup Valuation Methods to your list so you can find it easily later:
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Reviews summary
Valuation methods for startups
Learners say this course is largely positive with engaging assignments and valuable information, but some material is unclear and requires additional research. Professors Manuel and David present different perspectives on startup valuation. Manuel covers basics, tools, and financial modeling in detail, while David delves into venture capital and angel investors, though some topics, like option pools and anti-dilution, could be explained better. Despite some inconsistencies, quizzes and homework help reinforce concepts, and learners appreciate the practical exercises.
The quizzes and homework assignments help reinforce the concepts and provide opportunities to apply the knowledge gained.
"The quizzes and homework help reinforce concepts"
"Learners appreciate the practical exercises."
Overall, the course provides valuable insights into startup financing and valuation methods, which can be beneficial for entrepreneurs and investors.
"It is one thing to lecture and another thing to teach."
"The course served as a good overall introduction to startup valuation methods."
"VC valuation methods, financing mechanisms, capital providers and security analysis is fairly unique as far as valuation content goes."
Weeks 1 and 2 are well-structured, with clear explanations and supporting examples.
"Week 1 & 2 were great."
"All the concept were very thoroughly and clearly explained"
"Prof. Manuel makes admirable effort in making his diction clear and his slides presentable"
"The lectures manage to be brief yet informative."
The presentation slides sometimes skip important calculation steps, which can be confusing and make it difficult to follow the examples.
"The presentation slides gloss over some of the calculations"
"This compares to the typical three attempts per 24 hours in most other Coursera courses."
Weeks 3 and 4 suffer from unclear explanations and errors in slides, which can be frustrating and require additional research.
"Week 3 and 4 are much less clear."
"Most concepts are not presented before jumping in the equations"
"I had to spend a lot of time looking for complementary resources."
"Prof. David provides a comparably much more mediocre explanation at the start of his material, and it only goes down in quality until the end."
Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in Startup Valuation Methods with these
activities:
The Lean Startup
Show steps
Learn about lean startup principles to validate and develop your business ideas more effectively.
View
The Lean Startup: How Today's Entrepreneurs Use...
on Amazon
Show steps
-
Read the book and take notes.
-
Apply lean startup principles to your own business ideas.
Venture Deals
Show steps
Provides insights into the venture capital industry and the legal and financial aspects of startup funding.
View
Venture Deals: Be Smarter Than Your Lawyer and...
on Amazon
Show steps
-
Read the book and take notes.
-
Discuss the book with a friend or colleague.
Excel financial modeling tutorial
Show steps
Strengthen your financial modeling skills using Excel, a valuable tool for evaluating investment opportunities.
Browse courses on
Excel
Show steps
-
Find a tutorial on Excel financial modeling.
-
Follow the tutorial and practice building financial models.
Six other activities
Expand to see all activities and additional details
Show all nine activities
DCF modeling practice
Show steps
Practice using DCF analysis to value companies, which is a core skill for investment professionals.
Browse courses on
Discounted Cash Flow Analysis
Show steps
-
Build a DCF model in Excel for a hypothetical company.
-
Use different assumptions to see how they affect the valuation.
-
Compare your results to those of other students.
Startup Weekend
Show steps
Participate in a Startup Weekend to develop and validate your business ideas.
Browse courses on
Entrepreneurship
Show steps
-
Form a team and develop a business idea.
-
Build a prototype and pitch your idea to investors.
-
Receive feedback and iterate on your idea.
Startup pitch practice
Show steps
Pitch your business ideas to peers and receive feedback to improve your communication and persuasion skills.
Browse courses on
Startup Pitch
Show steps
-
Develop a business plan for your startup.
-
Practice your pitch with a friend or family member.
-
Present your pitch to a group of peers and receive feedback.
Attend venture capital pitch events
Show steps
Network with potential investors and learn about the venture capital landscape.
Browse courses on
Networking
Show steps
-
Research and identify venture capital pitch events.
-
Prepare a concise and compelling pitch for your business.
-
Attend the event, network, and pitch your business.
Investor presentation
Show steps
Create a persuasive presentation to attract investors for your business, which is a valuable skill for entrepreneurs.
Browse courses on
Pitch Deck
Show steps
-
Develop a compelling narrative for your business.
-
Design and deliver a persuasive presentation.
-
Research potential investors and their investment criteria.
Contribute to an open-source project
Show steps
Contribute to open-source projects to gain practical experience and showcase your skills to potential investors.
Browse courses on
Open Source
Show steps
-
Find a project that you are interested in and that aligns with your skills.
-
熟悉项目的代码库和贡献指南.
-
Submit a Pull Request with your contributions.
The Lean Startup
Show steps
Learn about lean startup principles to validate and develop your business ideas more effectively.
View
The Lean Startup: How Today's Entrepreneurs Use...
on Amazon
Show steps
Show steps
Show steps
- Read the book and take notes.
- Apply lean startup principles to your own business ideas.
Venture Deals
Show steps
Provides insights into the venture capital industry and the legal and financial aspects of startup funding.
View
Venture Deals: Be Smarter Than Your Lawyer and...
on Amazon
Show steps
Show steps
Show steps
- Read the book and take notes.
- Discuss the book with a friend or colleague.
Excel financial modeling tutorial
Show steps
Strengthen your financial modeling skills using Excel, a valuable tool for evaluating investment opportunities.
Browse courses on
Excel
Show steps
Show steps
Show steps
- Find a tutorial on Excel financial modeling.
- Follow the tutorial and practice building financial models.
Six other activities
Expand to see all activities and additional details
Show all nine activities
DCF modeling practice
Show steps
Practice using DCF analysis to value companies, which is a core skill for investment professionals.
Browse courses on
Discounted Cash Flow Analysis
Show steps
Show steps
Show steps
- Build a DCF model in Excel for a hypothetical company.
- Use different assumptions to see how they affect the valuation.
- Compare your results to those of other students.
Startup Weekend
Show steps
Participate in a Startup Weekend to develop and validate your business ideas.
Browse courses on
Entrepreneurship
Show steps
Show steps
Show steps
- Form a team and develop a business idea.
- Build a prototype and pitch your idea to investors.
- Receive feedback and iterate on your idea.
Startup pitch practice
Show steps
Pitch your business ideas to peers and receive feedback to improve your communication and persuasion skills.
Browse courses on
Startup Pitch
Show steps
Show steps
Show steps
- Develop a business plan for your startup.
- Practice your pitch with a friend or family member.
- Present your pitch to a group of peers and receive feedback.
Attend venture capital pitch events
Show steps
Network with potential investors and learn about the venture capital landscape.
Browse courses on
Networking
Show steps
Show steps
Show steps
- Research and identify venture capital pitch events.
- Prepare a concise and compelling pitch for your business.
- Attend the event, network, and pitch your business.
Investor presentation
Show steps
Create a persuasive presentation to attract investors for your business, which is a valuable skill for entrepreneurs.
Browse courses on
Pitch Deck
Show steps
Show steps
Show steps
- Develop a compelling narrative for your business.
- Design and deliver a persuasive presentation.
- Research potential investors and their investment criteria.
Contribute to an open-source project
Show steps
Contribute to open-source projects to gain practical experience and showcase your skills to potential investors.
Browse courses on
Open Source
Show steps
Show steps
Show steps
- Find a project that you are interested in and that aligns with your skills.
- 熟悉项目的代码库和贡献指南.
- Submit a Pull Request with your contributions.
Career center
Learners who complete Startup Valuation Methods will develop knowledge and skills
that may be useful to these careers:
Venture Capitalist
Venture Capitalist
Venture Capitalists invest in early-stage startups, offering a unique path to growth. Their ability to evaluate companies, understand markets, and predict outcomes is crucial to their success. This course can provide those hoping to become Venture Capitalists with a firm understanding of valuation fundamentals.
Investment Analyst
Investment Analyst
Investment Analysts research and evaluate potential investment opportunities to make recommendations to clients. This course in Startup Valuation provides a solid grounding in the fundamentals of company valuation.
Financial Analyst
Financial Analyst
Financial Analysts often review business models and make recommendations on capital opportunities. As a startup seeks to acquire capital to fund its operations, the Financial Analyst's input becomes critical. This course in Startup Valuation will prepare prospective Financial Analysts with the vocabulary and knowledge base to begin working in the field.
Private Equity Investor
Private Equity Investor
Private Equity Investors seek out undervalued companies to invest in, setting them up for improvement and growth. With a focus on valuation, this course can give potential Private Equity Investors the much-needed tools and skills to identify and evaluate potential investment opportunities in the vast landscape of startups.
Auditor
Auditor
Auditors examine and evaluate financial records to ensure accuracy and compliance. This course in Startup Valuation can provide Auditors with a deeper understanding of the financial aspects of various industries, improving their ability to identify potential risks and areas of concern in financial statements.
Investment Banker
Investment Banker
Investment Bankers assist companies in raising capital through equity or debt, providing strategic advice on mergers and acquisitions. A business background with a focus on valuation can increase an Investment Banker's efficiency and understanding of the markets. This course can provide a strong foundation for those pursuing a career as an Investment Banker.
Fund Manager
Fund Manager
Fund Managers oversee investment funds, making crucial decisions on asset allocation and risk management. This course in Startup Valuation can equip those interested in Fund Management with the skills to assess and determine the worthiness of prospective investment opportunities.
Strategy Consultant
Strategy Consultant
Strategy Consultants advise businesses on strategic planning and growth. Understanding valuation enables them to make sound recommendations that maximize shareholder value.
Financial Planner
Financial Planner
Financial Planners help individuals and families manage their finances and plan for the future. Understanding valuation can improve their ability to gauge the worth of various investment instruments and products.
Business Development Manager
Business Development Manager
Business Development Managers are responsible for creating revenue streams and developing partnerships. This course provides them with a clear understanding of valuation, especially when assessing potential areas for investment or collaboration.
Risk Manager
Risk Manager
Risk Managers identify, assess, and mitigate potential risks. Understanding valuation can be crucial in evaluating the financial implications of risk exposure.
Product Manager
Product Manager
Product Managers oversee the development and launch of new products. A grasp of valuation can help them better comprehend the financial viability and profitability of new products.
Marketing Manager
Marketing Manager
Marketing Managers are responsible for developing and executing marketing strategies that increase brand awareness and drive sales. Understanding valuation can provide valuable insights into the financial impact of marketing campaigns and initiatives.
Sales Manager
Sales Manager
Sales Managers lead sales teams and drive revenue generation. Understanding valuation can give them a deeper comprehension of the financial impact of sales strategies.
Operations Manager
Operations Manager
Operations Managers optimize business operations to improve efficiency and productivity. Knowledge of valuation can help them make informed decisions on resource allocation.
For more career information including salaries, visit:
OpenCourser.com/course/tlnzv1/startup
Reading list
We've selected 15 books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Startup Valuation Methods.
Save
Provides valuable insights into the venture capital industry from two experienced investors. It is highly recommended for anyone looking to raise venture capital or understand how the process works.
Classic in the startup world and provides a framework for building and validating new businesses.
Save
Practical guide to getting customers for your startup.
Provides insights into the nature of innovation and how to build a successful startup.
Classic in the business world and provides insights into how companies can avoid being disrupted by new technologies.
Comprehensive guide to valuation techniques for companies of all sizes.
Provides a step-by-step guide to building financial models in Excel.
Save
Provides insights into angel investing from two experienced investors.
Provides a collection of case studies on venture capital and private equity investments.
Provides a practical guide to measuring and managing startup metrics.
Provides a step-by-step guide to fundraising for startups.
Provides insights into planning for the exit of your startup.
Provides a comprehensive guide to building a startup from scratch.
Provides insights into the challenges of building a successful startup.
Provides a collection of tools and techniques for driving innovation.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/tlnzv1/startup
Share
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Level
Intermediate
Via
Coursera
Institution
Duke University
Instructors
Manuel Adelino
David Robinson
Language
English
Transcripts
Español
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آذربایجان دیلی
This course belongs to a
collection
called
Entrepreneurial Finance: Strategy and Innovation. It's comprised of four courses:
- Startup Valuation Methods (viewing)
- Blockchain Business Models
- Financial Risk Management with R
- Financing for Startup Businesses
Good to know
Developers foundational knowledge of discounted cash flow
Introduces core principles of business valuation, factoring in both financial metrics and market conditions
Provides practical experience in constructing and manipulating financial models, empowering learners to conduct in-depth financial analysis
Covers various financing options from traditional bank loans to venture capital, broadening learners' understanding of funding strategies
Applies discounted cash flow analysis to real-world business scenarios, making the learning experience relevant and engaging
Facilitated by renowned instructors in the field of finance, David Robinson and Manuel Adelino, enhancing the credibility and value of the course
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