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MAN570F2（経営学 / Management 500）
Startup FinanceStartup Finance

小泉　泰郎Yasuro KOIZUMI

授業コードなどClass code etc

学部・研究科Faculty/Graduate school	GMBAGlobal MBA Program
添付ファイル名Attached documents
年度Year	2021
授業コードClass code	W7108
旧授業コードPrevious Class code
旧科目名Previous Class title
開講時期Term	春学期前半/Spring(1st half)
曜日・時限Day/Period	水6/Wed.6, 水7/Wed.7
科目種別Class Type	専門講義
キャンパスCampus
教室名称Classroom name
配当年次Grade	1・2
単位数Credit(s)	2
備考（履修条件等）Notes	Global MBA
実務経験のある教員による授業科目Class taught by instructors with practical experience
カテゴリーCategory	Applied Courses

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授業の概要と目的（何を学ぶか）Outline and objectives

This course covers the fundamentals of venture finance and fundraising. It will equip students with the knowledge necessary to estimate the enterprise value of startup companies, raise funds for a company or to invest in even earlier stage companies. This includes fundraising strategies for each stage of growth and type of investor, as well as explanations for the different types of stock, their effect on fundraising, and strategies for a successful exit. This course also investigates plenty of well-known startup companies, to practice on real-life examples.

この講座ではベンチャーファイナンスを紹介します。スタートアップの企業価値の予想や資金調達、成長途中の企業へ投資するために必要な知識を身につけることができます。各成長段階や各投資家種類による資金調達戦略、株式の種類や資金調達への影響、成功するための戦略もご紹介します。有名なスタートアップ企業を例として扱い、実践練習も行います。

到達目標Goal

・To be able to use a variety of methods to accurately estimate the enterprise value of startup companies
・To understand the differences between different types of investors and stocks
・To understand the different growth stages of a startup company
・To understand the different exit strategies

この授業を履修することで学部等のディプロマポリシーに示されたどの能力を習得することができるか（該当授業科目と学位授与方針に明示された学習成果との関連）Which item of the diploma policy will be obtained by taking this class?

Program is intended to acquire all of dp1 to dp5. But order is illustrated in terms of Likelihood of acquiring.

授業で使用する言語Default language used in class

英語 / English

授業の進め方と方法Method(s)（学期の途中で変更になる場合には、別途提示します。 /If the Method(s) is changed, we will announce the details of any changes. ）

講義、実習、グループディスカッション/Lectures, Practices, Group discussions

アクティブラーニング（グループディスカッション、ディベート等）の実施Active learning in class (Group discussion, Debate.etc.)

あり / Yes

フィールドワーク（学外での実習等）の実施Fieldwork in class

なし / No

授業計画Schedule

※各回の授業形態は予定です。教員の指示に従ってください。

1：Introduction to Venture Finance

The basics of venture finance, using famous startups as examples.

2：Calculating Enterprise Value (part 1)

The different methods for calculating enterprise value (such as market approach, cost approach, income approach, etc).

3：Calculating Enterprise Value (part 2)

The different methods for calculating enterprise value (such as market approach, cost approach, income approach, etc).

4：Valuing Venture Companies (part 1)

The different methods for valuing venture companies (such as forward PE ratio, PS ratio, the VC method, etc.)

5：Valuing Venture Companies (part 2)

The different methods for valuing venture companies (such as forward PE ratio, PS ratio, the VC method, etc.)

6：Types of Players (part 1)

The different types of players in regard to investment. These include family investment, crowd funding, venture capital, incubators, angel investors, etc.

7：Types of Players (part 2)

The different types of players in regard to investment. These include family investment, crowd funding, venture capital, incubators, angel investors, etc.

8：Fundraising Strategies (part 1)

The fundraising strategies for each stage of development, from seed funding to a final series.

9：Fundraising Strategies (part 2)

The fundraising strategies for each stage of development, from seed funding to a final series.

10：Attracting Interest from Investors

The 9 points that investors are most interested in.

11：Types of Stock & Dilution

The different types of stocks, and the effect they have on fundraising.

12：Exit Strategies

The different strategies for a successful exit, with examples of well-known startups.

13：Case Study

An in-depth case study of the company at which Mr. Koizumi is currently the CFO - FiNC Technologies Inc.

14：Extra Strategies for Success

The main aspects of venture finance, as well as other strategies crucial for achieving success, such as organizational structure.

授業時間外の学習（準備学習・復習・宿題等）Work to be done outside of class (preparation, etc.)

復習、宿題、レポート/Revision, Homework, Report
授業外において必要な時間：毎週２時間
Required time outside of class: 2 hours weekly

テキスト（教科書）Textbooks

無し/None

参考書References