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2017
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Entrepreneurial Finance and Going Public

Organizing institution
Utrecht University, Faculty of Law, Economics and Governance (UU)
Course code
B19
Course fee (incl. housing)
€ 695
Level
Advanced bachelor level

The course is meant for students and practitioners with great interest in learning how start-ups and entrepreneurial firms attract funding through crowdfunding and forms of private equity (business angels, venture capital). We analyze how firms can bridge the moment between burning cash and becoming profitable (financial planning). Finally, we analyze how founders and early investors can exit the new venture through an initial public offering (IPO). We discuss why and how entrepreneurial firms go public. We analyze the entire transition process through which a private company becomes public by offering part of its equity to public shareholders.

The aim of this course is to provide students with insights into the complexities of attracting financing for start-ups and entrepreneurial firms. We follow the life-cycle of a new venture and discuss the various sources of financing. We analyze the possibilities of crowdfunding in launching a new idea or venture. What are the various forms of crowdfunding and how can they support a start-up. What are the limit of the crowdfunding channel?

Next we discuss different forms of private equity financing, starting from more informal business angel financing towards more formal funding through venture capitalists or private equity funds.

As young firms often burn a lot of cash before becoming profitable, we zoom in on financial planning and cash management. This is a very important aspect of firm survival and guiding the firm towards a more mature life-cycle phase.

When starting a new venture, the founders should also have an exit moment in mind. We discuss the exit possibilities for the founders, early investors and later-round investors. We discuss potential tensions between social values and financial values, between valuation and price of the venture. We analyze different valuation models to get more grip on the valuation process and gain insight in the negotiation process of selling a company.

Finally, we discuss going public as an important exit channel for entrepreneurial firms. We discuss the transition process through which a private company becomes public by offering part of its equity to public shareholders. We analyze the motives of companies to pursue a public listing at a stock exchange. What are advantages and disadvantages of going from a private to a public company? At what stock exchange to list? What is the value of a listing? Finally, we analyze the first trading days. How does the stock price evolve during the first trading days? Do we see price run-ups? What communication strategy does the company need to develop? What investor base to target?

Tags: entrepreneurship, finance, crowdfunding, business angel, venture capital, private equity, going public, ipo, valuation, start-up

» Download the day-to-day programme (PDF)

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COURSE LEADER

Peter-Jan Engelen

LECTURERS

Peter-Jan Engelen

TARGET GROUP

The course is meant for students and practitioners with great interest in learning how start-ups and entrepreneurial firms attract funding through crowdfunding and forms of private equity. We also discuss why and how entrepreneurial firms go public. Students’ active participation in class discussions and other assignments is necessary for the success of the course. In short, interactive and motivated individuals with great interest in learning about entrepreneurial finance and with mindsets driven by international viewpoints will be able to best utilize the course.

COURSE AIM

By the end of the course, students should:
• Gain insight into the mechanisms of crowdfunding
• Gain insight into various forms of private equity in funding an entrepreneurial firm
• Understand the differences between business angels and venture capital
• Be able to develop and read a financial plan and understand cash management of start-ups
• Be able to conduct a basic valuation of a new venture.
• Have a broad understanding of the IPO process (going public).
• Understand and analyze the different of going public.
• Gain insight into investor communication issues
• Work successfully within groups to complete assignments and projects.

STUDY LOAD

Classes are typically from 10.00 until 12.00 and from 14.00 until 16.00.

FEE

• € 695 - Course + course materials + housing
• € 495 - Course + course materials

DISCOUNTS AND COMBINATIONS
» Overview of all available discounts

SCHOLARSHIPS

Utrecht Summer School doesn't offer scholarships for this course.

MORE INFORMATION

Peter-Jan Engelen (P.J.Engelen@uu.nl), Utrecht University, the Netherlands

» Contact Utrecht Summer School

REGISTRATION

Deadline for registration: 14 August 2017

Application closed