42nd Annual Venture Capital Institute
The Educational Foundation for Venture and Private Equity Professionals Worldwide
“BTW, the entire program, facility, logistics, etc. are great and made it easy for us to focus on learning and networking instead of worrying about the other little details.”
David M. – 2013 Alum
Tuesday, November 29
4:30 – 8:00 p.m. 5:00 – 6:00 6:00 – 8:00 8:00 – 9:30Institute Registration Optional SessionA Primer on Valuations and PricingThe pricing of an investment is perhaps the most subjective and divisive topic during the negotiation process. This session will include a review of basic ownership and dilution formulas, key value measure and their relationship to performance, calculation of IRR, and model construction. A refresher for Tuesday’s extended session. “Welcome to the Institute” Reception, DinnerSeating by Lottery Speed Networking Event
Wednesday, November 30
9:00 – 9:30 a.m. 9:30 – 10:30 10:30 – 11:00 11:00 – 12:30 p.m. 12:30 – 1:30 1:30 – 2:30 2:30 – 3:00 3:00 – 5:30 5:30 – 6:30 6:30 – 9:00 Setting the Institute's Objectives The "Art" vs. "Science" of Investing: A Luminary’s Keynote AddressLearn how to balance your gut intuition with quantitative formulas. Remarkable insight into how successful investors develop their investment philosophies through consistent evaluation of the purpose, structure, risk, returns, environment, and the personal style of their funds. This insight? From one of the venture industry’s true icons. Break Business Plans, Due Diligence, and Tips on the CEO Interview ProcessBuilding on the five “M’s…the market, management, method, money and metrics—do they all work? This session is a sweeping examination of substantive due diligence issues from an industry professional who shares his years of experience and sound guidance. Networking Lunch and Special Presentation Evolution and Growth—Corporate Venture CapitalA unique overview of today’s landscape for corporate venture investing and firms working to syndicate with strategic corporate investment groups. Marketing Your Fund and Stimulating Effective Deal FlowDeal flow is the lifeblood of a successful investment fund. Traditional and innovative approaches for improving the quality and quantity of the deals you want to see. Break Added Tools for Pricing and ValuationA deeper dive into formulas and new alternatives in pricing and valuation: how today’s investors are building solid pricing models, developing sensitivity analysis and determining enterprise value. Free Time Reception and DinnerSession: An Entrepreneur's View of the Venture Capital and Private Equity IndustryA serial entrepreneur, and now venture investor, shares his perspective about deal structure and the value investors should bring a company. A candid session about the investor-entrepreneur relationship.
Thursday, December 1
8:00 – 9:00 a.m. 9:00 – 10:30 a.m. 10:30 – 11:00 a.m. 11:00 – 12:00 p.m. 12:00 – 1:00 p.m. 1:00 – 2:30 2:30 – 3:00 3:00 – 4:45 4:45 – 6:00 6:00 – 7:45 7:45 – OnMezzanine and Later Stage Investments-An OverviewA case study of an actual transaction illustrates the world of mezzanine and later stage investing. How are mezz investments structured, priced and negotiated? What are the dynamics of negotiating inter-creditor terms with senior lenders? Understanding later stage investing makes an early stage investor better prepared…and vice versa. Changing the Management and the Board in Troubled TimesAn experienced CEO and turnaround expert leads this session about what the management team should be doing during distressed times. What can you do as the investor to to maximize enterprise value when a company is highly leveraged, under-performing, under-valued and under-capitalized? Break Early Stage Venture Capital InvestmentsA candid discussion about finding early stage deals, structuring the Series A term sheet with a fledgling management team, and tips for monitoring your investment in a way that is productive and conducive to a second round. Lessons learned from years of adventures in early stage investing. Lunch – seating by Geographic Preference Case Studies in Ethics: A Candid Discussion for Fund ManagersA thought provoking session and subsequent debate about the ethics of investing and the special challenges for venture and private equity investors. Break Term Sheets for Structuring and Negotiating DealsEven the best deal structure won’t convert a lousy investment into a successful one; however, it can make a good investment better and minimize losses. This session includes a review of key definitions, sample term sheets, and a mock negotiation. Free Time Dinner – Seating by Pre-assigned Case Teams Pricing, Structuring and Negotiating: A Case StudyDivided into teams of venture capitalists and entrepreneurs, participants determine the present and future value of a company. The teams will then structure and prepare terms of an investment and then negotiate a deal. This is an intense, fun, hands-on case study that is an interesting exercise from both sides of the negotiating table.
Friday, December 2
9:00 – 10:00 a.m. 10:00 – 10:30 10:30 – 12:00 p.m. 12:00 – 1:15 p.m. 1:15 – 2:30 2:30 – 3:30 3:30 – 3:45 4:00 p.m.Exit Evolution: A Case Study Profitable Early Stage Exits to a Middle Market BuyoutThe due diligence of exiting. Learn how to build exit tactics into the term sheet and how to prepare for the actual exit. An exploration of options including recaps, mergers, and a sale back to management. Networking Break and “Last Chance Negotiations” Presenting Team Results: Pricing, Structuring, and Negotiating CaseAn interactive session reviewing the terms and deals made the night before. A valuable analysis of why the negotiations were successful, profitable, or why they stalled. Lunch and Check Out Adding Value as an Effective DirectorResponsibilities, accountability, and practical advice about serving as a director of your portfolio companies. Topics including the policy decisions you’ll encounter, working with the CEO, keeping your partners advised, and structuring your needs into the deal, provide the foundation for a mutually rewarding directorship. A Limited Partner’s View: Investing in Effective Fund ManagersWhat are the partnership offerings received vs. the investments completed? What are the evaluation criteria? IRR expectations? Learn the dos and don’ts in working with your Limiteds. Program Wrap Up Complimentary Motor Coach to Airport