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Venture Capital and the Finance of Innovation, 2nd Edition, by Andrew Metrick, Ayako Yasuda
Ebook Venture Capital and the Finance of Innovation, 2nd Edition, by Andrew Metrick, Ayako Yasuda
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This useful guide walks venture capitalists through 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.
- Sales Rank: #29928 in Books
- Published on: 2010-09-14
- Original language: English
- Number of items: 1
- Dimensions: 9.10" h x 1.00" w x 6.10" l, 1.59 pounds
- Binding: Hardcover
- 576 pages
Review
"Despite the increasing importance of the venture capital industry, until now there was no reference that could provide practitioners with a specialized grounding in finance. With clear explanations and practical models, Metrick's book can fill this gap. I enthusiastically recommend this book to all venture capitalists."
—Ted Schlein, Partner, Kleiner Perkins Caufied & Byers
From the Back Cover
THE FINANCIAL PRINCIPLES EVERY VENTURE CAPITALIST NEEDS TO MASTER
In Venture Capital and the Finance of Innovation, Second Edition, 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.
- 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.
New to the Second Edition:
- NEW Rankings of the best venture capitalists.
- NEW web-based model (VCVtools.com) allowing easy visualization and valuation so multiple term sheets in a start-up.
- Discussion of challenges facing venture capital in the second decade of the 21st century.
About the Author
Andrew Metrick is a Professor of Finance and the Theodore Nierenberg Professor of Corporate Governance at the Yale School of Management, where he teaches a course in Venture Capital and the Finance of Innovation. He was previously a faculty member in the finance department at the Wharton School of the University of Pennsylvania, and in the economics department of Harvard University. In 2010 he served as the Chief Economist for President Obama's Council of Economic Advisers. Dr. Metrick received a BA in Economics and Mathematics from Yale and a Ph.D. in Economics from Harvard. He has received numerous teaching awards and distinctions, including recognition by BusinessWeek as one of the best teachers at Wharton.
Ayako Yasuda is an Assistant Professor of Management at the Graduate School of Management, University of California, Davis. She was previously a faculty member in the finance department at the Wharton School of the University of Pennsylvania; prior to her Ph.D. she worked at the Investment Banking Division of Goldman, Sachs & Co. Dr. Yasuda received a BA and Ph.D. in Economics from Stanford University. She has won numerous research grants and has been published in the Journal of Finance, Journal of Financial Economics, and the Review of Financial Studies.
Most helpful customer reviews
0 of 0 people found the following review helpful.
It goes into great detail about the venture-capital industry
By Mike t.
This book is a phenomenal book. It goes into great detail about the venture-capital industry. It explains everything about the venture-capital industry and the other forms of alternate financing .
20 of 22 people found the following review helpful.
A Mostly Academic Text
By P. Scott Pope
Clearly, the Finance of Innovation was a major undertaking for professor Metrick. It is filled with useful facts that have some practicality and a great deal more academic thought. Yet, as he mentions early in the text, VCs use few of the methods outlined. Specifically, the heavy reliance on option theory is overly complicated and not useful for the practitioner. More importantly, however, is that it is somewhat misguided to focus on the randomness of liquidation events. Venture investments are very different from public equity investments as venture investors seek to actively direct their portfolio companies to the most favorable outcomes.
Throughout the book, Metrick reverts to Black-Scholes option valuation to demonstrate how a venture investment could resemble a call option. While this technique could possibly be useful for biotech investments where FDA approvals and clinical trial outcomes are unknown at the time of the investment, it doesn't make logical sense for most VC or private equity investments. In many cases, a company could be made more attractive to acquirers (and hence more valuable) merely by the stamp of approval realized by an initial celebrity VC investment. This would be the first of a number of actions undertaken by the general partners of the fund to impact the investment's valuation.
In reality, what limited partners are paying for when they agree to give general partners 20% of the carry is their expertise in facilitating the strategic direction of portfolio companies, ability to identify and recruit management, and use of their contacts for business development and, ultimately, the best liquidation outcome. These are decidedly not random events.
Given the somewhat academic nature of the book, it is ideally suited for a textbook. It is indeed well written with very few typographical errors. I would suggest the first third of the book for those interested in an introduction to the field of venture capital and the remaining two thirds for those learn more academic theory that may be relevant to certain venture capital investments.
0 of 0 people found the following review helpful.
This was a very interesting read. It opened my ...
By Amazon Customer
This was a very interesting read. It opened my eyes on a much larger scale of venture capital and finance. The writing was concise and clear and made it easier to understand.
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