Agenda for 2019 Program

Tuesday, December 3

4:30 pm - 8:00 pm
Institute Registration

5:00 pm - 6:00 pm
Optional Session
A Primer on Valuations and Pricing
The pricing of an investment is perhaps the most subjective and divisive topic during the negotiation process. This session will include a review of basic ownership and dilution formulas, key value measure and their relationship to performance, calculation of IRR, and model construction. A refresher for Tuesday’s extended session.
Monro Lanier, Ironworks Capital Partners

6:00 pm - 9:00 pm
Welcome to the Institute Reception, Dinner
Evening Session: Business, Ethics and VC Success-Time for a New Conversation
A thought-provoking session and subsequent debate about the ethics of investing and the special challenges for venture and private equity investors.
Andrew Wicks, The Darden School, University of Virginia

Wednesday, December 4

8:00 am - 8:30 am
Setting the Institute’s Objectives
Clare Fairfield, Chairman, Venture Capital Institute


8:30 am - 9:30 am
What Makes an Idea Investment Worthy?
This session is an in-depth examination of due diligence issues, business plans, along with the ever-important process of validating that your prospective entrepreneurs have indeed identified a true “Hair on Fire Problem” for a set of customers.
Nelson Chu, Kinetic Ventures


9:30 am - 10:00 am
Break

10:00 am - 12:00 am
The Origins and Growth of Silicon Valley - Foundational Lessons
Deal flow is the lifeblood of a successful investment fund. A fascinating look back and a look forward to how you can improve the quality and quantity of the deals you want to see. This is how it’s done.
Dr. Morton Grosser, MG Consulting

12:00 pm - 1:00 pm
Networking Lunch with Special Exercise

1:00 pm - 2:30 pm
Changing the Management and the Board in Troubled Times
An experienced CEO and turnaround expert leads this session about what the management team should be doing during distressed times. What can you do as the investor to maximize enterprise value when a company is highly leveraged, under-performing, under-valued and under-capitalized?
Lew Jaffe, Jaffe Associates, Fred Kiesner Center for Entrepreneurship Loyola Marymount University

2:30 pm - 3:00 pm
Break

3:00 pm - 4:00 pm
Early Stage Venture Capital Investments
A candid discussion about finding early stage deals, structuring the Series A term sheet with a fledgling management team, and tips for monitoring your investment in a way that is productive and conducive to a second round. Lessons learned from years of adventures in early stage investing.
Clare Fairfield, Chairman, VCI
Faz Bashi MD, Life Science Angels Silicon Valley
Gwen Edwards, Angel Resource Institute

4:00 pm - 5:00 pm
Term Sheets for Structuring and Negotiating Deals
Even the best deal structure won’t convert a lousy investment into a successful one; however, it can make a good investment better and minimize losses. This session includes a review of key definitions, sample term sheets, and a mock negotiation.
Faculty to be announced

5:00 pm - 6:00 pm
Free Time

6:00 pm - 8:00 pm
Networking Reception and Dinner


Thursday, December 5

8:30 am - 9:30 a.m.
Mezzanine and Later Stage Investments-An Overview
A case study of an actual transaction illustrates the world of mezzanine and later stage investing. How are mezz investments structured, priced and negotiated? What are the dynamics of negotiating inter-creditor terms with senior lenders? Understanding later stage investing makes an early stage investor better prepared…and vice versa.
Patrick Hamner, Patriot Capital

9:30 am - 10:00 am
Break

10:00 am - 11:30 am
Legal Implications of Venture and PE Deals
Structuring your venture deal and your fund correctly can provide for significant tax savings for venture professionals and allow them to minimize potential downside liabilities. This session will focus on legal and tax implications of venture and private equity deal structures, and provide important updates for recent tax law changes that affect carried interest, deal structures and create some new incentives. We will review emerging structures and techniques used by venture capital and private equity funds to minimize taxes and maximizing returns and have time for questions and discussion of issues from the participants.
Olga Loy, Winston & Strawn

11:30 am - 12:30 pm
Evolution and Growth—Corporate Venture Capital
A unique overview of today’s landscape for corporate venture investing and firms working to syndicate with strategic corporate investment groups.
Faculty to be announced

12:30 pm - 1:30 pm
Networking Lunch

1:30 pm - 3:00 pm
An Entrepreneur’s View of the Venture Capital and Private Equity Industry
A tech executive, entrepreneur, and venture investor, shares her perspective about the realities of venture capital investing and the value investors should bring a company. A candid session about the investor-entrepreneur relationship.
Gwen Edwards, Angel Resource Institute

3:00 pm - 3:30 pm
Break

3:30 pm - 5:15 pm
Added Tools for Pricing and Valuation
A deeper dive into formulas and new alternatives in pricing and valuation: how today’s investors are building solid pricing models, developing sensitivity analysis and determining enterprise value.
Monro Lanier, Ironworks Capital Partners

5:15 pm - 6:15 pm
Free Time

6:15 pm - 7:15 pm
Dinner – Seating by Pre-assigned Case Teams

7:15 pm - On
Pricing, Structuring and Negotiating: A Case Study
Divided into teams of venture capitalists and entrepreneurs, participants determine the present and future value of a company. The teams will then structure and prepare terms of an investment and then negotiate a deal. This is an intense, fun, hands-on case study that is an interesting exercise from both sides of the negotiating table.
Faz Bashi MD, Life Science Angels Silicon Valley
Steve Vivian, Kestrel Capital Group

Friday, December 6

9:00 am - 10:00 a.m.
The ‘Art’ vs. ‘Science’ of Investing
Learn how to balance your gut intuition with quantitative formulas. Remarkable insight into how successful investors develop their investment philosophies through consistent evaluation of the purpose, structure, risk, returns, environment, and the personal style of their funds.
Clare Fairfield, Chairman, VCI

10:00 am - 11:00 am
Adding Value as an Effective Director
Responsibilities, accountability, and practical advice about serving as a director of your portfolio companies. Topics including the policy decisions you’ll encounter, working with the CEO, keeping your partners advised, and structuring your needs into the deal, provide the foundation for a mutually rewarding directorship.
Dr. Morton Grosser, MG Consulting

11:00 am - 11:30 am
Networking Break and Last Chance Negotiations
Didn’t get a deal last night? Here’s the best next chance at it.

11:30 am - 1:00 pm
Presenting Team Results: Pricing, Structuring, and Negotiating Case
An interactive session reviewing the terms and deals made the night before. A valuable analysis of why the negotiations were successful, profitable, or why they stalled.
Faz Bashi MD, Life Science Angels Silicon Valley
Steve Vivian, Kestrel Capital Group

1:00 pm - 2:00 pm
Lunch and Check Out

2:00 pm - 3:00 pm
Exit Evolution: A Case Study
Profitable Early Stage Exits to a Middle Market Buyout
The due diligence of exiting. Learn how to build exit tactics into the term sheet and how to prepare for the actual exit. An exploration of options including recaps, mergers, and a sale back to management.
Steve Vivian, Kestrel Capital Group

3:00 pm - 3:15 pm
Program Wrap Up

3:30 pm
Complimentary Motor Coach to Airport