Venture Capital and the Finance of Innovation 2nd Edition PDF Download Ebook. Andrew Metrick and Ayako Yasuda describe the principles of finance and the financial models that underlie venture capital decisions. It presents a new unified treatment of investment decision making and mark-to-market valuation.
The discussions of risk-return and cost-of-capital calculations have been updated with the latest information. The most current industry data is included to demonstrate large changes in venture capital investments since 1999. The coverage of the real-options methodology has also been streamlined and includes new connections to venture capital valuation. In addition, venture capitalists will find revised information on the reality-check valuation model to allow for greater flexibility in growth assumptions.
In this book, future and current venture capitalists will find a useful guide to the principles of finance and the financial models that underlie venture capital decisions. Assuming no knowledge beyond concepts discovered in first-year MBA courses, the book will familiarize you with the relationships between risk and return in venture capital, total Valuation-the data and methods used to value a high-growth company.
Author also introduce partial Valuation-how to visualize and evaluate the special features of VC transactions such as convertible preferred stock, participating preferred stock, payment-in-kind dividends, and liquidation preferences with new rankings of the best venture capitalists. New web-based model (VCVtools.com) is aimed for allowing easy visualization and valuation so multiple term sheets in a start-up. There is also discussion of challenges facing venture capital in the second decade of the 21st century.
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