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How Can I Get Venture Capital for My Business? – BillDoll.com
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How Can I Get Venture Capital for My Business?
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Getting Venture Capital
If you wish to grow your business big, fast, there are two ways to do it, unless you count the third - amazing luck, and fourth – an exceptionally brilliant business model! The two traditional ways are to put in significant money and resources from your own pocket (if you happen to be a wealthy chap), or get this money from outside.
The “outside” primarily comprised debt (which you normally take from banks and other financial institutions, or equity selling (by parting with some ownership of your company). Debt doesn’t need much explanation. Neither does equity as a concept in itself. However, a number of flavours of debt and equity have been invented in the last ten years. One such flavour in equity is called “Venture Capital”.
Put simply, Venture Capital is – usually – an equity capital infusion into your company by an individual or company who are willing to take relatively more business risks than would other companies, hence the term venture, perhaps standing for the fact that they are willing to venture where other’s are not brave enough to?
It sounds like a nice plan. Get a business idea, go to a VC, sell him your idea and convince him that the idea can make it big in future and make tons of money for the VC, and voila, you get the much needed cash. To be honest, this was almost the case during the dot com boom of 1995-2000, when you could get venture capital for the silliest of ideas.
But the world has since become saner, and to get venture capital today, you need to get saner and savvier as well. This page will hopefully help you at least a bit in that direction.
This page – like all the other pages at BillDoll.com, The Billion Dollar Questions Site - is a work-in-progress and stuff will get added regularly.
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What Do Venture Capitalists Look for
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Venture Capital Reference – from Wikipedia
Venture capital is capital typically provided by outside investors for financing of new, growing or struggling businesses. Venture capital investments generally are high risk investments but offer the potential for above average returns and/or a percentage of ownership of the company. A venture capitalist (VC) is a person who makes such investments. A venture capital fund is a pooled investment vehicle (often a partnership) that primarily invests the financial capital of third-party investors in enterprises that are too risky for the standard capital markets or bank loans.
Contents
1 History 1.1 The dotcom boom 2 U.S. VC Investments 3 Non-US VCs 4 Alternatives to venture capital 5 See also 6 References 7 External links
History General Georges Doriot is considered to be the father of venture capital industry. In 1946 he founded American Research and Development Corporation (AR&D), whose biggest success was Digital Equipment Corporation. When Digital Equipment went public in 1968 it provided AR&D with 101% annualized Return on Investment (ROI). ARD's $70,000 USD investment in Digital Corporation in 1959 had a market value of $37 million USD in 1968. The first venture-backed startup is generally considered to be Fairchild Semiconductor, funded in 1959 by Venrock Associates. Before World War II, venture capital investments were primarily the domain of wealthy individuals and families. One of the first steps toward a professionally-managed venture capital industry was the passage of the Small Business Investment Act of 1958. The 1958 Act authorized the U.S. Small Business Administration (SBA) to license private "Small Business Investment Companies" (SBICs) to provide financing and management assistance to small entrepreneurial businesses in the United States. Passage of the Act addressed concerns raised in a Federal Reserve Board report to Congress that concluded that a major gap existed in the capital markets for long-term funding for growth-oriented small businesses. The goal of the SBIC program was, and still is, to stimulate the U.S. economy in general, and small businesses in particular, by facilitating the flow of capital to pioneering small concerns.
Venture capital is a phenomenon most closely associated with the United States and technologically innovative ventures. Due to structural restrictions imposed on American banks in the 1930s there was no private merchant banking industry in the United States, a situation that was quite unique in developed nations. As late as the 1980s Lester Thurow, a noted economist, decried the inability of the USA's financial regulation framework to support any merchant bank other than one that is run by the United States Congress in the form of federally funded projects. These, he argued, were massive in scale, but also politically motivated, too focused on defense, housing and such specialized technologies as space exploration, agriculture, and aerospace. US investment banks were confined to handling large M&A transactions, the issue of equity and debt securities, and, often, the breakup of industrial concerns to access their pension fund surplus or sell off infrastructural capital for big gains.
Not only was the lax regulation of this situation very heavily criticized at the time, this industrial policy was not in line with that of other industrialized rivals—notably Germany and Japan which at that time were gaining world markets in automotive and consumer electronics. There was a general feeling that the United States was in an economic decline.
However, those nations were also becoming somewhat more dependent on central bank and elite academic judgment, rather than the more populist and consumerist way that priorities were set by government and private investors in the United States—a model that proved to have some advantages when the public's attention was strongly activated by the successful IPO of Netscape and other Internet-related firms. This highlighted the nearly invisible role that Silicon Valley had played in the sustaining of American economic innovation.
The dotcom boom Due almost entirely to the dotcom boom, the late 1990s were a boom time for the globally-renowned VC firms on Sand Hill Road in the San Francisco Bay Area. IPOs were taking truly irrational leaps, and access to "friends and family" shares was becoming a major determiner of who would benefit from any such IPO; the ordinary investor rarely got a chance to invest at the strike price in this period.
The NASDAQ crash and technology slump that started in March 2000, and the resulting catastrophic losses on overvalued, non-performing startups, shook VC funds deeply. By 2003 many VCs were focused on writing off companies they funded just a few years earlier, and many funds were "under water"; that is, the market value of their portfolio companies were less than the invested value. Venture capital investors sought to reduce the large commitments they have made to venture capital funds. As of mid-2003, the conventional wisdom was that the venture capital industry would shrink to about half its present capacity in the following few years. However, PricewaterhouseCoopers' MoneyTree Survey shows total venture capital investments holding steady at 2003 levels through Q2 2005. The revival of an Internet-driven environment (thanks to deals such as eBay's purchase of Skype, the News Corporation's purchase of MySpace, and the very-successful Google IPO) has helped to revive the VC environment.
U.S. VC Investments Venture capitalists invested some $6.2 billion in 797 deals in U.S. during the third quarter of 2006, according to the MoneyTree Report by PricewaterhouseCoopers and the National Venture Capital Association based on data by Thomson Financial.
A recent National Venture Capital Association survey found that majority (69%) of venture capitalists predict that VC investments in U.S. will level between $20-29 billion in 2007.
Non-US VCs US firms have traditionally been the biggest participants in venture deals, but non-US venture investment is growing. Europe has a large and growing number of active venture firms. Capital raised in the region in 2005, including buy-out funds, exceeded €60bn, of which €12.6bn was specifically for venture investment. The European Venture Capital Association includes a list of active firms and other statistics. Canadian companies are often linked to American firms, but have established many exceptional Venture Capital Funds.
The investment of venture capitalists in Indian industries in the first half of 2006 is $3billion and is expected to reach $6billion at the end of the year. In China, venture funding more than doubled from $420 million in 2002 to almost $1 billion in 2003. For the first half of 2004, venture capital investment rose 32% from 2003. By 2005, lead by a wave of successful IPOs on the NASDAQ and revised government regulations, China-dedicated funds raised US$4 billion in committed capital.
Alternatives to venture capital Because of the strict requirements venture capitalists have for potential investments, many entrepreneurs seek initial funding from angel investors, who may be more willing to invest in highly speculative opportunities, or may have a prior relationship with the entrepreneur. In addition, concern has grown since the dot com boom that a "funding gap" has grown up between the friends and family investments typically in the $0 to $250,000 range and the amounts that most Venture Capital Funds prefer to invest $2 to $5m. This funding gap has been accentuated by the fact that successful Venture Capital funds have been raising ever larger funds, requiring them to search for larger and larger investment opportunities. True early stage Venture investing has increasingly been taken over by Angel Investors and Angel Investor groups. The National Venture Capital association estimates that the latter now invest more than $30 billion a year in the USA in contrast to the $20 billion a year invested by organized Venture Capital funds.
Furthermore, many venture capital firms will only seriously evaluate an investment in a start-up otherwise unknown to them if the company can prove at least some of its claims about the technology and/or market potential for its product or services. To achieve this, or even just to avoid the dilutive effects of receiving funding before such claims are proven, many start-ups seek to self-finance until they reach a point where they can credibly approach outside capital providers such as VCs or angels. This practice is called "bootstrapping".
In industries where assets can be securitized effectively because they reliably generate future revenue streams or have a good potential for resale in case of foreclosure, businesses may more cheaply be able to raise debt to finance their growth. Good examples would include asset-intensive extractive industries such as mining, or manufacturing industries.
Related content at Wikipedia
Private equity Investment bank Business valuation Corporate Finance Open source funding List of venture capital firms List of Chicago Venture Capital Companies List of finance topics, list of finance topics (alphabetical) Angel investor Dragons' Den National Venture Capital Association Term Sheet Venture Social Capital
References Campbell, Katherine. Smarter Ventures: A Survivor's Guide to Venture Capital Through the New Cycle. Financial Times Management Press. ISBN 0-273-65403-9
End of Wikipedia content, http://en.wikipedia.org/wiki/Venture_capital
Content derived from Wikipedia article on Private Equity
Private equity - From Wikipedia, the free encyclopedia
Private equity is a broad term that refers to any type of equity investment in an asset in which the equity is not freely tradable on a public stock market. Passive institutional investors may invest in private equity funds, which are in turn used by private equity firms for investment in target companies. Categories of private equity investment include leveraged buyout, venture capital, growth capital, angel investing, mezzanine capital and others. Private equity funds typically control management of the companies in which they invest, and often bring in new management teams that focus on making the company more valuable.
Contents
1 Private equity securities 2 Private equity funds 3 Size of industry 4 See also 5 External links 6 References
Private equity securities Private equity refers to shares in companies that are not listed on a public stock exchange; while technically the opposite of public equity they are broadly equivalent to stocks, though return on investment often takes much longer. As they are not listed on an exchange, a private equity firm owning such securities must find a buyer in the absence of a traditional marketplace such as a stock exchange. The "exit" or "selling out" is often done by the way of an IPO, capitalizing the value of the security on a stock exchange. In addition, there are many transfer restrictions on private securities. This long term investment area currently has over $710 billion in assets.
Private equity firms generally receive a return on their investment through one of three ways: an initial public offering, a sale or merger of the company they control, or a recapitalization. Unlisted securities may be sold directly to investors by the company (called a private offering) or to a private equity fund, which pools contributions from smaller investors to create a capital pool.
Private equity funds Private equity funds are the pools of capital invested by private equity firms. Although other structures exist, private equity funds are generally organized as limited partnerships which are controlled by the private equity firm that acts as the general partner. The limited partnership is often called "Management Company", and the general partners are designed under the "Fund". The fund obtains capital commitments from certain qualified investors such as pension funds, financial institutions and wealthy individuals to invest a specified amount. These investors become passive limited partners in the fund partnership and at such time as the general partner identifies an appropriate investment opportunity, it is entitled to "call" the required equity capital at which time each limited partner funds a pro rata portion of its commitment. All investment decisions are made by the General Partner which also manages the fund's investments (commonly referred to as the "portfolio"). Over the life of a fund which often extends up to ten years, the fund will typically make between 15 and 25 separate investments with usually no single investment exceeding 10% of the total commitments.
General partners are typically compensated with a management fee, defined as a percentage of the fund's total equity capital. In addition, the general partner usually is entitled to "carried interest", effectively a performance fee, based on the profits generated by the fund. Typically, the general partner will receive an annual management fee of 2% to 4% of committed capital and carried interest of 20% of profits above some target rate of return (called "hurdle rate"). Gross private equity returns may be in excess of 20% per year, which in the case of leveraged buyout firms is primarily due to leverage, and otherwise due to the high level of risk associated with early stage investments. Although there is a limited market for limited partnership interests, such interests are not freely tradeable like mutual fund interests.
Considerations for investing in private equity funds relative to other forms of investment include:
Substantial entry costs, with most private equity funds requiring significant initial investment (usually upwards of $100,000) plus further investment for the first few years of the fund called a 'drawdown'. Investments in limited partnership interests (which is the dominant legal form of private equity investments) are referred to as "illiquid" investments which should earn a premium over traditional securities, such as stocks and bonds. Once invested, it is very difficult to gain access to your money as it is locked-up in long-term investments which can last for as long as twelve years. Distributions are made only as investments are converted to cash; limited partners typically have no right to demand that sales be made. If the private equity firm can't find good investment opportunities, they may end up returning some of your capital back to you. Given the risks associated with private equity investments, you can lose all your money if the private-equity fund invests in failing companies. The risk of loss of capital is typically higher in venture capital funds, which back young companies in the earliest phases of their development, and lower in mezzanine capital funds, which provide interim investments to companies which have already proven their viability but have yet to raise money from public markets. Consistent with the risks outlined above, private equity can provide high returns, with the best private equity managers significantly outperforming the public markets. For the abovementioned reasons, private equity fund investment is for those who can afford to have their capital locked in for long periods of time and who are able to risk losing significant amounts of money. This is balanced by the potential benefits of annual returns which range up to 30% for successful funds.
Most private equity funds are offered only to institutional investors and individiuals of substantial net worth. This is often required by the law as well, since private equity funds are generally less regulated than ordinary mutual funds. For example in the US, most funds require potential investors to qualify as accredited investors, which requires $2.5 million of net worth (exclusive of primary residence), $200,000 of individual income, or $300,000 of joint income (with spouse) for two documented years and an expectation that such income level will continue.
Size of industry Nearly $135bn of private equity was invested globally in 2005, up a fifth on the previous year due to a rise in buyouts as market confidence and trading conditions improved. Buyouts have generated a growing portion of private equity investments by value, and increased their share of investments from a fifth to more than two-thirds between 2000 and 2005. By contrast, the share of early stage or venture capital investment has declined during this period. Private equity fund raising also surpassed prior years in 2005 and totalled $232bn, up three-quarters on 2004.
Prior to this, after reaching a peak in 2000, private equity investments and funds raised fell in the next couple of years due to the slowdown in the global economy and declines in equity markets, particularly in the technology sector. The fall in funds raised between 2001 and 2003 was also due to a large excess created by the end of 2000 of funds raised over funds invested.
The regional breakdown of private equity activity shows that in 2005, North America accounted for 40% of global private equity investments (down from 68% in 2000) and 52% of funds raised (down from 69%). Between 2000 and 2005, Europe increased its share of investments (from 17% to 43%) and funds raised (from 17% to 38%). This was largely a result of strong buyout market activity in Europe. Asia-Pacific region’s share of investments increased from 6% to 11% during this period while its share of funds raised remained unchanged at around 8%. [1]
Prominent private equity firms include: Kohlberg Kravis Roberts & Co., Blackstone Group, Texas Pacific Group, Bain Capital, Carlyle Group, Madison Dearborn, Clayton, Dubilier & Rice, TA Associates, Bear Stearns Merchant Banking, Harvest Partners, Warburg Pincus, and in financial services, Belvedere Capital and Castle Creek Capital.
Europe-based firms include: Apax Partners, BC Partners, Bridgepoint Capital, Candover, Cinven, CVC Capital Partners, Permira, Terra Firma Capital Partners and 3i
Retrieved from http://en.wikipedia.org/wiki/Private_equity
End of Wikipedia content
Top Venture Capitalists & their VC Companies
1 Vinod Khosla - Khosla Ventures & Kleiner Perkins Caufield & Byers 2 Promod Haque - Norwest Venture Partners 3 L John Doerr - Kleiner Perkins Caufield & Byers 4 Lawrence Sonsini L Wilson Sonsini Goodrich & Rosati 5 Tench Coxe - Sutter Hill Ventures 6 Rob Soni - Left the Boston-based Bessemer Venture Partners in January 7 David Strohm - Greylock 8 Avram Miller A Avram Miller Co 9 Geoffrey Yang - Redpoint Ventures 10 Peter Morris - New Enterprise Associates 11 James Barksdale - General Atlantic Partners 12 James Wei - Worldview Technology Partners 13 George Still Jr - Norwest Venture Partners 14 Todd Dagres - Battery Ventures 15 Christopher Schaepe - Lightspeed Venture Partners 16 Robert Kagle - Benchmark Capital 17 David Anderson - Sutter Hill Ventures 18 William Savoy - Vulcan Ventures 19 James W Breyer - Accel Partners 20 Roger Evans - Greylock 21 Thomas H Bredt - Menlo Ventures 22 David Spreng - Crescendo Ventures 23 Gary Rieschel - Mobius Venture Capital 24 Robert Davoli - Sigma Partners 25 Anthony Sun - Venrock Associates 26 Keith Geeslin - Sprout Group 27 Morton Meyerson - 2M Companies 28 Paul J Ferri - Matrix Partners 29 Seth Neiman - Crosspoint Venture Partners 30 Edward Anderson - North Bridge Venture Partners 31 Andrew Rachleff - Benchmark Capital 32 Michael Moritz - Sequoia Capital 33 Dixon Doll - Doll Capital Management 34 Kevin Compton - Kleiner Perkins Caufield & Byers 35 Roger McNamee - Silver Lake Partners 36 Daniel Nova - Highland Capital Partners 37 Robert Gunderson Jr L Gunderson Dettmer 38 Jeffrey Christian R Christian & Timbers 39 Jay Hoag - Technology Crossover Ventures 40 William Younger - Sutter Hill Ventures 41 Pierre Lamond - Sequoia Capital 42 Timothy Barrows - Matrix Partners 43 Andrew Verhalen - Matrix Partners 44 Mark Stevens - Sequoia Capital 45 Kenneth J Virnig R Devine & Virnig, executive search consultants 46 David F Marquardt - August Capital 47 Michael Maples A -- 48 Douglas Leone - Sequoia Capital 49 William Ford - General Atlantic Partners 50 Frank Bonsal - New Enterprise Associates 51 Bradford Koenig B Goldman Sachs 52 John L Walecka - Redpoint Ventures 53 Michael Goguen - Sequoia Capital 54 Peter Wagner - Accel Partners 55 Wu-Fu Chen VC/E Acorn Campus 56 William Kaiser - Greylock 57 Andrew Marcuvitz - Matrix Partners 58 Peter Mills - @Ventures 59 Thomas Alberg - Madrona Venture Group 60 Judith Mayer O'Brien L Wilson Sonsini Goodrich & Rosati 61 Irwin Federman - US Venture Partners 62 James C Gaither VC/L Sutter Hill Ventures 63 Andrew Rappaport - August Capital 64 Michael Brooks - Venrock Associates 65 Scott Cook A Intuit 66 James Clark E/A MyCFO 67 William Stensrud - Enterprise Partners 68 Diosdado P Banatao E/VC Tallwood Venture Capital 69 Michael Orsak - Worldview Technology Partners 70 Kevin McQuillan - Focus Ventures 71 Richard Kimball - Technology Crossover Ventures 72 Clifford Higgerson - ComVentures 73 Kevin Harvey - Benchmark Capital 74 Warren T Lazarow L Brobeck, Phleger & Harrison 75 Matthew L'Heureux B Goldman Sachs 76 Edward E Olkkola - Austin Ventures 77 John R Johnston - August Capital 78 C Richard Kramlich - New Enterprise Associates 79 Audrey MacLean A Challenger Venture Consulting 80 Walter G Kortschak - Summit Partners 81 Atiq Raza - Raza Foundries 82 Bandel Carano - Oak Investment Partners 83 Ed Glassmeyer - Oak Investment Partners 84 Lawrence Orr - Trinity Ventures 85 Ronald Conway A Angel Investors 86 Yogen K Dalal - Mayfield Fund 87 Craig Johnson L Venture Law Group 88 William R Hearst III - Kleiner Perkins Caufield & Byers 89 James T Armstrong - Clearstone Venture Partners 90 Todd Brooks - Mayfield Fund 91 Charles P Waite Jr - OVP Venture Partners 92 Harvey Jones E/A Tensilica, Inc 93 Douglas Carlisle - Menlo Ventures 94 Madhavan R Rangaswami - Sand Hill Group 95 Joseph W Goodman AD Independent 96 David Beirne - Benchmark Capital 97 Frederic Harman - Oak Investment Partners 98 Bruce Dunlevie - Benchmark Capital 99 Philip Gianos - InterWest Partners 100 Eric A Young - Canaan Partners
Venture Capital Glossary
401(K) Plan A - "A" Round, Accredited Investor, Accrued Interest, Acquisition, ACRS, Adjustment Condition, ADR, Advisory Board, Allocation, Alternative Assets, Amortization, AMT, Angel Financing, Angel Groups, Angel Investor, Antidilution provisions, Archangel, Asset-backed loan, Automatic conversion, Average IRR B - "B" Round, Balance Sheet, Bankruptcy, Barbell Strategy, BATNA (best alternative to a negotiated agreement), Bear Hug, Benchmarking, Best Efforts, Blue Sky Laws, Book Value, Bootstrapping, Bridge Financing, Broad-Based Weighted Average, Ratchet, Brokers, Burn Out / Cram Down, Burn Rate, Business Development Company (BDC), Business Plan
C – CAGR, Call Option, Capital (or Assets) Under Management, Capital Call, Capital Gains, Capitalization Table, Capitalize, Captive funds, Carried Interest, Cash Position, Catch-up, Chapter 11, Chapter 7, Chinese wall, Clawback, Closed-end Fund, Closing, Co-investment, Co-Sale Provisions or Rights, Collar Agreement, Committed Capital, Committed Funds or Raised Funds, Common Stock, Company buy-back, Consolidation, Conversion Ratio, Conversion Rights, Convertible Security, Corporate Charter, Corporate Venturing, Corporation, Covenant, Cumulative Dividends, Cumulative Preferred Stock, Cumulative Voting Rights
D - Deal Flow, Deal Structure, Deficiency Letter, Demand Rights, Depreciation, Dilution, Dilution Protection, Director, Disbursement, Disclosure Document, Distressed debt, Distribution, Diversification, Dividend, Down Round, Drag-Along Rights, Due Diligence
E - Early Stage, EBITDA, Economies of Scale, Elevator Pitch, Employee Stock Option Plan (ESOP), Employee Stock, Ownership Plan, Equity, Equity Kicker, ERISA, ERISA Significant Participation Test, Evergreen Promise, Exercise price, Exit Strategy, Exiting climates, Exits (AKA divestments or realizations)
F – Factoring, Final Regulation, Finder, First Close, First Refusal Rights, Flipping, Flotation, Follow-on funding, Forced Buyback, Form 10-K, Form 10-KSB, Form S-1, Form S-2, Form SB-2, Founder Vesting, Founders' Shares, Free cash flow, Full Ratchet Antidilution, Fully Diluted Earnings Per Share, Fully Diluted Outstanding Shares, Fund age, Fund Focus, Fund of funds, Fund Size
G – GAAP, Gatekeeper, GDR's, General Partner (GP), General partner clawback, General Partner Contribution, Golden Handcuffs, Golden Parachute
H – Harvest, Hockey Stick Projections, Holding Company, Holding Period, Hot Issue, Hurdle Rate
I – Incubator, Information Rights, Initial Public Offering (IPO), Institutional Investors, Intellectual property, Investment Bankers, Investment Company Act of 1940, Investment Letter, IRA Rollover, IRR, ISO, Issue Price, Issued Shares, Issuer
J - J-Curve Effect K - Key Employees, Key man clause
L - Later Stage, Lead Investor, Lemon, Leveraged Buyout (LBO), Lifestyle firms, Limited Partner (LP), Limited partner clawback, Limited Partnerships, Liquidation, Liquidation Preference, Liquidity Event, LLC - Limited liability company, Lock-up Period, Lower quartile
M - Management buy-out (MBO), Management Fee, Management Team, Mandatory Redemption, Market Capitalization, Market Standoff Agreement, Merchant banking, Merger, Mezzanine Financing, Middle-Market Firms, Mutual Fund
N - Narrow-based weighted average ratchet, NASD, NASDAQ, NDA (Non-disclosure agreement), Net Asset Value (NAV), Net Financing Cost, Net income, Net IRR, Net Present Value, Net present value (NPV), New Issue, Newco, No Shop, No Solicitation Clauses, No-fault divorce, Non-Compete Clause, Nonaccredited, NYSE
O - Open-end Fund, Option Pool, Original Issue Discount, OTC, Outstanding Stock, Oversubscription, Oversubscription
P – Privilege, Paid-in Capital, Pari Passu, Participating Preferred, Participation, Partnership, Partnership agreement, Pay to Play, Penny Stocks, Piggyback Registration, PIK Debt Securities, PIV, Placement Agent, Plain English Handbook, Plum, Poison Pill, Pooled IRR, Portfolio Companies, Post-Money Valuation, Pre-Money Valuation, Preemptive Right, Preference shares, Preferred Dividend, Preferred return (AKA Hurdle Rate), Preferred Stock, Private Equity, Private investment in public equities (PIPES), Private Placement, Private Placement Memorandum, Private Securities, Prospectus, Put option
R – Ratchet, Recapitalization, Reconfirmation, Red Herring, Redeemable Preferred Stock, Redemption, Registration, Registration Rights, Regulation A, Regulation C, Regulation D, Regulation D Offering, Regulation S, Regulation S-B, Regulation S-K, Regulation S-X, Reorganization or Corporate Reorganization, Restricted Securities, Restricted Shares, Revlon Duties, Right of First Refusal, Rights Offering, Risk, Rule 144, Rule 144A, Rule 147, Rule 501, Rule 504, Rule 505, Rule 506
S - S Corporation, SBIC, SBIR, Secondary funds, Secondary Market, Secondary Sale, Securities Act of 1933, Securities Act of 1934, Securities and Exchange Commission, Seed Money, Seed Stage Financing, Senior Securities, Series A Preferred Stock, Shell Corporation, Small Business Administration (SBA), Small Business Innovation Development Act of 1982, Special purpose vehicle, Spin out, Staggered Board, Statutory Voting, Stock Options, Strategic Investors, Subordinated Debt, Subscription Agreement, Sweat Equity, Syndicate, Syndication
T -Tag-Along Rights / Rights of Co-Sale, Takedown Schedule, Target Multiples, Tax-free reorganizations, Tender offer, Term Sheet, Time Value of Money, Trade sale, Tranche, Treasury Stock
U – UBTI, ULPA, Upper quartile
V - Venture Capital Financing, Venture Capitalist, Vesting schedules, Vintage Year, Voluntary Redemption, Voting Right
W – Warrant, Wash-Out Round, Weighted Average Antidilution, Williams Act of 1968, Workout, Write-off, Write-up/Write-down
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