44th Annual Venture Capital Institute
The Educational Foundation for Venture and Private Equity Professionals Worldwide
“BTW, the entire program, facility, logistics, etc. are great and made it easy for us to focus on learning and networking instead of worrying about the other little details.”
David M. – 2013 Alum
Tuesday, December 4
4:30 – 8:00 p.m. 5:00 – 6:00 6:00 – 7:30 7:30 – 9:30Institute Registration Optional SessionA Primer on Valuations and PricingThe 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, Coosa Capital Partners “Welcome to the Institute” Reception, DinnerSeating by Lottery Bowlerama Networking Event
Wednesday, December 5
8:00 – 8:30 a.m. 8:30 – 9:30 9:30 – 10:00 10:00 – 12:00 12:00 – 1:00 1:00 – 2:30 2:30 – 3:00 3:00 – 4:00 4:00 – 5:00 5:00 – 6:00 6:00 – 9:00 Setting the Institute's ObjectivesClare Fairfield, Chairman, Venture Capital Institute 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 Break The Origins and Growth of Silicon Valley - Foundational LessonsDeal 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 Networking Lunch with Special Exercise Changing the Management and Board in Troubled TimesAn 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 EntrepreneurshipLoyola Marymount University Break Early Stage Venture Capital Investments-US and International TrendsA 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, Discussion ModeratorFaz Bashi MD, Life Science Angels Silicon ValleyHeath Naquin, VentureWellEli Velasquez, VentureWell Term Sheets for Structuring and Negotiating DealsEven 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.
Monro Lanier, Coosa Capital Partners Free Time Networking Reception, Dinner and Special SessionAn Entrepreneur's View of the Venture Capital and Private Equity IndustryA serial entrepreneur, and now venture investor, shares his perspective about deal structure and the value investors should bring a company. A candid session about the investor-entrepreneur relationship.
Patrick Hamner, Patriot Capital and Former Chairman Heely’s, Inc.
Thursday, December 6
8:30 – 9:30 a.m. 9:30 – 10:00 10:00 – 11:30 11:30 – 12:30 p.m. 12:30 – 1:30 1:30 – 3:00 3:00 – 3:30 3:30 – 5:15 5:15 – 6:15 6:15 – 7:15 7:15 – On Mezzanine and Later Stage Investments-An OverviewA 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 Break Legal Implications of Venture and PE DealsStructuring 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 LLP Evolution and Growth—Corporate Venture CapitalA unique overview of today’s landscape for corporate venture investing and firms working to syndicate with strategic corporate investment groups.
Anita Watkins, Rex Health Ventures / UNC REX Healthcare Networking Lunch Business, Ethics and VC Success: The Need for a New ConversationA 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 Break 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, Coosa Capital Partners Free Time Dinner – Seating by Pre-assigned Case Teams Pricing, Structuring and Negotiating: A Case StudyDivided 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 ValleySteve Vivian, Kestrel Capital Group
Friday, December 7
9:00 – 10:00 a.m. 10:00 – 11:00 11:00 – 11:30 11:30 – 1:00 p.m. 1:00 – 2:00 2:00 – 3:00 3:00 – 3:15 3:30 p.m. The "Art" vs. "Science" of Investing: A Luminary’s Keynote AddressLearn 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. This insight? From one of the venture industry’s true icons.Pitch Johnson, Asset Management Adding Value as an Effective DirectorResponsibilities, 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 Networking Break and Last Chance NegotiationsDidn’t get a deal last night? Here’s the best next chance at it. Presenting Team Results: Pricing, Structuring, and Negotiating CaseAn 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 ValleySteve Vivian, Kestrel Capital Group Lunch and Check Out Exit Evolution: A Case Study Profitable Early Stage Exits to a Middle Market BuyoutThe 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 Program Wrap Up Complimentary Motor Coach to Airport