| Learning objectives |
To achieve the grade 12, students should meet the
following learning objectives with no or only minor mistakes or
errors:
- Assess financially an entrepreneurial opportunity
- Estimate the value of a nascent firm/newly established
firm
- Understand the difference between the funder’s perspectives and
those of the company being financed
- Account for how various sources of financial resources differ
(venture capital, business angle capital, private equity, early
stage and traditional financing sources)
- Estimate the optimal timing in terms of obtaining funding and
when to go public
|
| Course prerequisites |
Course Prerequisite:
The course is offered to bachelor students in the 5th semester as
an elective
regardless of study line. It can be chosen as a stand-alone
elective or as part of
the three courses Minor in Entrepreneurship consisting of
Entrepreneurial
Finance, Entrepreneurial Strategy and Business Planning and
Business Models.
The course builds on the principles of finance. And it is
complementary to the
other courses in the minor. |
| Examination |
|
Entrepreneurial Finance:
|
| Exam
ECTS |
7,5 |
| Examination form |
Oral exam based on written product
In order to participate in the oral exam, the written product
must be handed in before the oral exam; by the set deadline. The
grade is based on an overall assessment of the written product and
the individual oral performance. |
| Individual or group exam |
Individual oral exam based on written group
product |
| Number of people in the group |
2-5 |
| Size of written product |
Max. 20 pages |
|
Individual: max 10 pages
Group with 2-3 members: 15 pages
Group with 4-5 members: 20 pages |
| Assignment type |
Case based assignment |
| Duration |
Written product to be submitted on specified date and
time.
20 min. per student, including examiners' discussion of grade,
and informing plus explaining the grade |
| Grading scale |
7-step scale |
| Examiner(s) |
Internal examiner and second internal
examiner |
| Exam period |
Autumn |
| Make-up exam/re-exam |
Same examination form as the ordinary exam
If a student participated in writing
the written product, but was sick at the time of the oral
examination, the re-examination will be based on a resubmission of
the original written product.
If a student participated in writing the written product, but did
not pass the oral examination, the student can choose either to
resubmit the original written product or to write a new, individual
written product within a specified time period.
Questions from the syllabus should be expected.
|
Description of the exam
procedure
Oral exam based on written product and a randomly drawn
theoretical
question from the taught
syllabus.
|
|
| Course content and structure |
|
Course Description:
The act of entrepreneurship often involves a number of challenges
characterized
by risk and uncertainty and which needs considerations pertaining
to finance.
These financial challenges especially represent a hurdle for the
entrepreneur in
high-tech settings. Securing funding and establishing the financial
resources to
undertake an entrepreneurial venture is more often than not one of
the main
activities to undertake when establishing a new firm. Startup
investors are also
in need of assessing and understand the financial aspects of
potential investment
opportunities vis-à-vis nascent entrepreneurs or newly established
firms.
Furthermore, there are substantial managerial challenges pertaining
to finance
that need to be considered in entrepreneurial settings. This course
provides
insight in these aspects of the entrepreneurial process.
Course Contents:
This course offers tools and insights that help entrepreneurs or
their investors
navigate through these challenges. Specially, the course will aim
to provide
answers to questions like; how much money is needed for
establishing the
business; what type of investor is the optimal for the business;
when should this
money be raised; what is the value of the newly founded firm; and
how should
entrepreneurs think about exiting.
|
| Teaching methods |
Teaching methods:
The pedagogical method is a combination of lectures, cases,
exercises and an
individual home work assignment. A satisfactory high outcome of the
exercises
requires an active participation with basis in the literature and
the lectures. The
homework assignment is an integrated part of the learning process
and not only
a part of the exam. |
| Feedback during the teaching period |
Class feedback sessions after exams
|
| Student workload |
| Lectures and exercises: |
166 hours |
| Exam: |
40 hours |
|
| Expected literature |
|
Expected Literature:
• W.A. Sahlman, “The Structure and Governance of Venture Capital
Organizations,” Journal of Financial Economics 27 (1990): 473-524.
• Leach, J Chris and Melicher, Ronald W. (2014) “Entrepreneurial
Finance”,
South-Western (Cengage Learning), 5th edition
|
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