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Course module: USEMEF
USEMEF
Entrepreneurial Finance
Course infoSchedule
Course codeUSEMEF
ECTS Credits5
Category / LevelM (Master)
Course typeCourse
Language of instructionEnglish
Offered byFaculty of Law, Economics and Governance; Graduateschool REBO; International Economics and Business;
Contact personP.J. Engelen
Telephone+31 30 2539943
E-mailP.J.Engelen@uu.nl
Lecturers
Lecturer
P.J. Engelen
Other courses by this lecturer
Contactperson for the course
P.J. Engelen
Other courses by this lecturer
Teaching period
3  (03/02/2020 to 19/04/2020)
Teaching period in which the course begins
3
Time slotC: MON-afternoon, TUE-afternoon,THU-morning
Study mode
Full-time
RemarkRequired elective in master Business Development and Management; Elective in masters IM, FM, BF and EP.
Enrolment periodfrom 28/10/2019 up to and including 24/11/2019
Course application processOsiris
Enrolling through OSIRISYes
Enrolment open to students taking subsidiary coursesNo
Pre-enrolmentNo
Post-registrationYes
Post-registration openfrom 20/01/2020 up to and including 21/01/2020
Waiting listNo
Aims
Learning objectives
At the end of the course the student is able to:

•         Have insight into the mechanisms of crowdfunding
•         Have insight into various forms of private equity in funding an entrepreneurial firm
•         Understand the differences between business angels and venture capital
•         Be able to develop and read a financial plan and understand cash management of start-ups
•         Be able to conduct a basic valuation of a new venture.
•         Have a broad understanding of the IPO process (going public).
Content
Please note the prerequisites for this course at the bottom of the course description.

The aim of this course is to provide students with insights into the complexities of attracting financing for start-ups and entrepreneurial firms. We follow the life-cycle of a new venture and discuss the various sources of financing. We analyse the possibilities of crowdfunding in launching a new idea or venture in part one. We discuss the various forms of crowdfunding and how they can support a start-up. Part two discusses different forms of private equity financing, starting from more informal business angel financing towards more formal funding through venture capitalists or private equity funds. As young firms often burn a lot of cash before becoming profitable, we zoom in on financial planning, accounting measures and cash management. This is a very important aspect of firm survival and guiding the firm towards a more mature life-cycle phase. Part four discusses the exit possibilities for the founders, early investors and later-round investors. We discuss potential tensions between social values and financial values, between valuation and price of the venture. We analyse different valuation models to get more grip on the valuation process and gain insight in the negotiation process of selling a company. Finally, we discuss going public as an important exit channel for entrepreneurial firms. We discuss the transition process through which a private company becomes public by offering part of its equity to public shareholders. The course is case study driven.
 
Format
A combination of lectures and seminars.
 
Assessment method
Final Exam (50%, individual)
Assignments (50%, group)

Prerequisites
Course is eligible to all students. It is assumed that the student has prior knowledge equivalent to basic accounting and corporate finance courses at the bachelor level.

In case online access is required for this course and you are not in the position to buy the access code, you are advised to contact the course coordinator for an alternative solution. Please note that access codes are not re-usable meaning that codes from second hand books do not work, as well as access codes from books with a different ISBN number. Separate or spare codes are usually not available.
Competencies
-
Entry requirements
You must meet the following requirements
  • Enrolled for a degree programme of faculty Faculty of Law, Economics and Governance
Required materials
Book
Harvard Business School course pack
Study guide
Course manual (on Blackboard)
Internet pages
Detailed overviews of study materials and handouts through BlackBoard
Instructional formats
Lecture

Seminar

Tests
Final Exam
Test weight50
Minimum grade1

Group Assignment
Test weight50
Minimum grade1

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