TheInvestmentDeal：投资交易

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1、TheInvestmentDealDr.StanAbrahamMHR423Spring2010StagesofFinancingEarly-stagefinancing(highestrisk)Seedcapital–toprovetheconceptisviableStartupcapital–tomakethebusinessoperationalExpansionfinancing(lowerrisk)Second-stagefinancing–firstcommercialsalesThird-stagefinancing–rapidexpansionFourth-stagefin

2、ancing–togopublicSeedCapitalHighestrisk(noassuranceofsuccess,longtimebeforerevenuesareachieved)Sourcestypicallyincluderelativesandentrepreneur’sowncapitalNeededtypicallyforR&DToprovetheconceptTodevelopaworkingprototypeVCswon’tinvestatthisstageBiotechcompanieswereanexceptionStartupCapitalTypicallyf

3、undedbyventurecapitalistsorangelinvestorsTheyrequireROIsof40-200%HighROIrequiredinparttooffsetanaverage80%failurerateProceedstypicallyusedforMarketing(expansion)Operationsorproduction(expansion)ContinuedR&DStaffingSubsequent-StageFinancingTypicallyprovidedbyventurecapitalists,investors,investmentb

4、anks,corporationsMultipleinvestorscommon(toshareriskwheninvestmentrequiredistoolarge)RequiredROIsinthe25-100%rangeProceedstypicallyusedformarketing,systems,newproductdevelopment,expansion,andbranddevelopmentEquityFinancingCompanymustbevaluedfirst(valueisoftenestimated)soavaluecanbeplacedontheshare

5、sownedbytheinvestorTheinvestorgetsAnequitystakeinthecompany(percentageisnegotiated)AseatontheboardofdirectorsInvestmentdoesnothavetobepaidbackRiskisbornebytheinvestor(s)Investmentisforalimitedtime(aboutfouryears)Investment-DealTermsCapitalrequestedPercentageofthecompanygiveninexchangeUsesoftheproc

6、eedsExitstrategy(howwouldtheinvestmentberecoupedandwhen?)OtherconditionsForexample,stockbuybacksbasedonachievingagreeduponperformancemilestonesWillanInvestorInvest?DependsonhowattractivethedealisDependsonhowstrongthebusinessmodelisAndhowwellmarginscanbesustainedDependsontheleveloftrusttheentrepren

7、eurcancommand(usuallymorewithmoreexperience)(chemistry)DependsonhowseductivelythebusinessplaniswrittenLoanTermsfromBanksLoanamountForhowlong?Whenwillitberepaid?Atwhatmonthlypayment?Whatinterestrate?Whatisoffereda