Harnessing Unicorns: Structuring and Negotiating Late Stage Venture Capital Investments
This course will examine the issues and concerns that are unique to well-funded ventures with "unicorn" valuations. The course will consider the pros and cons of different late-stage investment structures, the deal dynamics arising from the ever expanding pool of capital investing in this asset class, and the implications of unit economics for the investment thesis--all against the backdrop of the ever-blurring line between private equity and venture capital.
Students will learn the primary legal mechanics involved in venture capital investing, as well as the incentives and pragmatic considerations underlying these types of transactions.
Students will be expected to participate in a simulated term-sheet negotiation exercise, become familiar with spreadsheet capitalization tables, and learn to evaluate key deal terms against the backdrop of the broader deal dynamics.
Required readings for each session will include model deal documents and case studies.
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