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Financing New Ventures: An Entrepreneur's Guide to Business Angel Investment is a seven chapter book published in 2014 by the Business Expert Press and written by Geoffrey Gregson, Director of the Centre for Entrepreneurship Research at the University of Edinburgh Business School. In this book, the author provides practical guidance for growth-oriented business ventures looking to secure funding from external sources. He reviews the features of an investable business opportunity and advises the entrepreneur on how to present the opportunity to potential funders, as well as sharing insight into the investor's decision-making process. In addition to his focus on business angels (BA), Gregson offers insights into the work of venture capitalists (VC) to provide a comprehensive view of financing new ventures. The author includes definitions of key terms, real world examples, notes on current research, and commentary from practitioners. In Chapter 2, Entrepreneurial Venturing and Financing (48 pages), the author outlines key concepts in new ventures and private equity investment. He explains a model of six main entrepreneurial venturing activities: opportunity identification, securing resources, team building, venture formation, refining product/service for market, and financial feasibility. He presents a detailed discussion of the three types of entrepreneurial finance: personal sources, public sources, and private equity. He explores both VC and BA financing in detail with real world examples and insight and provides a comparative assessment. He considers factors that influence financing and explains why the why the popular approach to staging funding, called a 'funding escalator,' doesn't always work in practice. The chapter includes key considerations when considering raising PE investment.

Financing New Ventures: An Entrepreneur's Guide to Business Angel Investment is a seven chapter book published in 2014 by the Business Expert Press and written by Geoffrey Gregson, Director of the Centre for Entrepreneurship Research at the University of Edinburgh Business School. In this book, the author provides practical guidance for growth-oriented business ventures looking to secure funding from external sources. He reviews the features of an investable business opportunity and advises the entrepreneur on how to present the opportunity to potential funders, as well as sharing insight into the investor's decision-making process. In addition to his focus on business angels (BA), Gregson offers insights into the work of venture capitalists (VC) to provide a comprehensive view of financing new ventures. The author includes definitions of key terms, real world examples, notes on current research, and commentary from practitioners. Chapter 3, What Makes a Compelling Business Angel Investment Opportunity? (44 pages), reviews the factors that make market opportunities and business models successful. The author describes three categories of entrepreneurial markets: understood, new, and service-based markets. He explores each market type using real world examples and explains five different types of innovation in new markets, as well as differences in service-based markets. He highlights the importance of an effective, or investable, business model and reviews the nine elements of the business model "canvas," including the value proposition and analysis of competitive advantage. He addresses the need for a business plan and responds to common challenges in the creation of a viable business plan. He identifies four areas of uncertainty for entrepreneurs to consider and suggests detailed guidelines for creating a plan. He ends the chapter with a discussion of common pitfalls, including market issues and financial forecasts.

Financing New Ventures: An Entrepreneur's Guide to Business Angel Investment is a seven chapter book published in 2014 by the Business Expert Press and written by Geoffrey Gregson, Director of the Centre for Entrepreneurship Research at the University of Edinburgh Business School. In this book, the author provides practical guidance for growth-oriented business ventures looking to secure funding from external sources. He reviews the features of an investable business opportunity and advises the entrepreneur on how to present the opportunity to potential funders, as well as sharing insight into the investor's decision-making process. In addition to his focus on business angels (BA), Gregson offers insights into the work of venture capitalists (VC) to provide a comprehensive view of financing new ventures. The author includes definitions of key terms, real world examples, notes on current research, and commentary from practitioners. Chapter 4, Understanding the Business Angel Investment Process (36 pages), outlines five stages of financing a business opportunity: origination, screening, evaluation, structure, and agreement. The author describes the process and presents real world insight into each stage. He offers practical advice for how an entrepreneur should approach potential investors and reviews nine organizational themes for presenting the business case. He examines common considerations for investor decision-making at different stages of a deal and for different kinds of investors. He outlines the elements of a deal structure and gives guidance on creating a term sheet as well as insight into due diligence and valuation methods, such as: discounted cash flow; the comparables method; the VC method; the asset-based method; and, rule of thumb.

Financing New Ventures: An Entrepreneur's Guide to Business Angel Investment is a seven chapter book published in 2014 by the Business Expert Press and written by Geoffrey Gregson, Director of the Centre for Entrepreneurship Research at the University of Edinburgh Business School. In this book, the author provides practical guidance for growth-oriented business ventures looking to secure funding from external sources. He reviews the features of an investable business opportunity and advises the entrepreneur on how to present the opportunity to potential funders, as well as sharing insight into the investor's decision-making process. In addition to his focus on business angels (BA), Gregson offers insights into the work of venture capitalists (VC) to provide a comprehensive view of financing new ventures. The author includes definitions of key terms, real world examples, notes on current research, and commentary from practitioners. Chapter 5, Deal Negotiation and the Deal Agreement (33 pages), focuses on the negotiation process that leads to the final stage of investment, a formal agreement. The author considers the impact of valuation on negotiation and explains options for setting deal pricing and equity percentages. He outlines the typical elements of an investment agreement, including the subscription agreement, board structure, investor preferences, and executive service agreements. He examines funding stages for both BA and VC-funded deals. He also provides practical guidance to the entrepreneur when involving legal counsel.

Financing New Ventures: An Entrepreneur's Guide to Business Angel Investment is a seven chapter book published in 2014 by the Business Expert Press and written by Geoffrey Gregson, Director of the Centre for Entrepreneurship Research at the University of Edinburgh Business School. In this book, the author provides practical guidance for growth-oriented business ventures looking to secure funding from external sources. He reviews the features of an investable business opportunity and advises the entrepreneur on how to present the opportunity to potential funders, as well as sharing insight into the investor's decision-making process. In addition to his focus on business angels (BA), Gregson offers insights into the work of venture capitalists (VC) to provide a comprehensive view of financing new ventures. The author includes definitions of key terms, real world examples, notes on current research, and commentary from practitioners. In Chapter 6, Investment Management, Staged Financing, and Exits (33 pages), the author considers the post investment stage of a deal through the life of the business venture. He explores the relationship between the entrepreneur and the investor, as well as common practice in investment management via both BAs and VCs. He looks at different methods for structuring financing. He considers benefits and drawbacks of investor exit strategies including financial sale, strategic sale, and IPO and offers real-world insight and examples.

Financing New Ventures: An Entrepreneur's Guide to Business Angel Investment is a seven chapter book published in 2014 by the Business Expert Press and written by Geoffrey Gregson, Director of the Centre for Entrepreneurship Research at the University of Edinburgh Business School. In this book, the author provides practical guidance for growth-oriented business ventures looking to secure funding from external sources. He reviews the features of an investable business opportunity and advises the entrepreneur on how to present the opportunity to potential funders, as well as sharing insight into the investor's decision-making process. In addition to his focus on business angels (BA), Gregson offers insights into the work of venture capitalists (VC) to provide a comprehensive view of financing new ventures. The author includes definitions of key terms, real world examples, notes on current research, and commentary from practitioners. Chapter 7, Summary and Future Trends (17 pages) reviews the benefits of and requirements for pursuing BA financing. The author also summarizes the characteristics of an investable business. He considers the lean start-up business model and presents lessons learned from market experience, including the dot.com boom. He offers insight into emerging market and investment trends such as early exits, super angels, and crowdfunding.

Raymond Jetson, an inner-city pastor, former Louisiana state legislator, and 2010 Harvard University Advanced Leadership Fellow, has embarked on a new career as a social entrepreneur. The case charts Jetson's career in public life and the ministry, his experience as an Advanced Leadership Fellow, and his efforts to establish and grow a nonprofit organization, MetroMorphosis, with a mission "to develop and mobilize a critical mass of citizens in inner-city neighborhoods to design and implement sustainable solutions to persistent community challenges." As he approaches 60 and contemplates his future and that of his organization, Jetson must consider how to position MetroMorphosis for maximum impact now and over the long term.

In 2012, Compass Group (Compass) was on the verge of closing a $2 billion deal with Ascension Health (Ascension), one of the largest healthcare systems in the United States. Under the deal, Compass would provide foodservice management and cleaning services for 86 of Ascension's hospitals. Compass employs a "sectorized" approach to deliver service through a portfolio of focused brands, each of which targets focused groups of customers with specific needs. After months of negotiating, the deal had come down to a single request: Could Compass provide these two services through a single operation? Compass must weigh the benefits of operational focus against the prospect of a very lucrative contract. The case details the strengths and limitations of a sectorized strategy. It also provides a window into the complicated and time-intensive supplier selection process inherent in many business-to-business service relationships.

This note examines the evolution of the thermostat industry as it transitioned from analog to digital technologies. It presents an overview of key industry participants and the shift in value creation and value capture models for firms.

The note provides a framework to conceptualize managers' responsibilities to employees in relation to economic, legal and ethical considerations. The note frames the central ethical challenge for managers as exercising power in a fair manner. The fair exercise of power involves three components: respect for legitimate expectations, procedural fairness, and distributional fairness.

Mahindra and Mahindra Financial Services Limited is a non-banking finance company in India whose product portfolio includes vehicle loans, used vehicle financing, housing finance, personal loans, fixed deposits, mutual fund distribution, insurance broking, gold loans and loans for construction equipment. Catering to the rural poor across India, the company has close to 6,600 employees, mostly hired locally to serve local needs. Because it focuses on future cash flow projections and not on past credit history, and takes into consideration the integrity and character of the customer - primarily farmers, small traders and vehicle operators but also some small and medium enterprises - as well as the projected business plan, it is a good fit for poor rural Indian consumers. It bridges the gap between moneylenders, who charge exorbitant interest, and public sector banks that require collateral. In 2013, the manager of the Bijnor branch is approached by the owner of a transport firm who requests a loan to buy two more trucks to expand her business of moving goods for small pharmaceutical companies. Given that the prospective borrower has been rejected by a competing bank, should the loan to her be sanctioned?

Statoil ASA, the Norwegian government-controlled oil and gas company, was widely acknowledged as one of the best performing National Oil Companies (NOCs). Statoil was founded in 1972 after oil was discovered on the Norwegian continental shelf (NCS). The government of Norway owned 67% of Statoil, and the company was listed on the Oslo and New York Stock exchanges. In 2014, Statoil was faced with some serious challenges. The company's oil and gas production was not growing, and international performance lagged behind Norwegian results. The company had recently announced it was going to back off its 2020 production targets and cut back on capital expenditure.

China Metal Recycling Holdings Ltd ("CMR" or "the Company") was said to be the largest scrap metal recycling company in mainland China. It was listed on the Hong Kong Stock Exchange in June 2009. For a few years after its initial listing, the Company reported extremely high revenue and profit growth. Many investment houses assigned its stock "buy" or "strong buy" recommendations. This optimistic situation lasted until January 2013, when California-based Glaucus Research Group issued a report pointing out that, in comparison with other publically available industry data, CMR's reported sales figures were unlikely to be true. This rang the regulatory alarm bell. The Securities and Futures Commission of Hong Kong ("SFC") conducted an investigation and found reporting fraud. On July 29, 2013, the SFC obtained court orders appointing provisional liquidators to take over the Company. CMR was suspended from trading on main board of the Hong Kong Stock Exchange. Several of the Company's key directors and officers were arrested in the next couple of weeks. The information provided in the Company's annual reports complied with Hong Kong listing requirements and financial reporting standards. It apparently had sound corporate governance structures. For three and a half consecutive years, its external auditor, a leading international accounting firm, had given its financial statements "true and fair" marks. With all these seeming positives, investors were easily misled. How can investors uncover such camouflaged financial fraud? What are the key risk areas one should focus on when analyzing a company? How can a company's financials be double-checked using publically available information?

Every business decision depends on making a forecast of the consequences of the decision. Although most organizations do forecasting, most do so badly. They ask either for a point prediction-a single "best guess" forecast, when everyone knows that this is an oversimplification of the truth, or for a simple range forecast, which is likely to result in biased predictions more often than not. In this article, the authors propose a better approach, one that takes seriously the uncertainty in forecasting and the most common errors in the way people think about this uncertainty.

Recent findings indicate that the Japanese IT sector increasingly lags the U.S. IT sector in software innovation and that this underlies Japan's weakening competitive performance vis-à-vis U.S. IT. This article explores alternative explanations for this outcome and analyzes what explains the Japanese software industry's trajectory. The sources are found in the late understanding of the transformational role of software and its value-creating potential as well as in the evolution of the industry's structure. Finally, this article considers what policy makers in other nations might learn from the Japanese experience in building a more vibrant software industry.

Marketing needs a new mindset to fulfill its proper role in creating and sustaining strategic advantage. To extend its influence beyond the boundaries of current offerings, the firm, and conventional practice, marketing and markets must be viewed through a service lens. This lens allows marketing to take a lead role in assisting the enterprise to become an enabler of value co-creation by customers who have jobs to be done. This article offers four new premises to guide marketing thought and practice and draw out implications of these premises for achieving and sustaining strategic advantage.

Innovating in networks with partners that have diverse knowledge is challenging. The challenges stem from the fact that the commonly used knowledge protection mechanisms often are neither available nor suitable in early stage exploratory collaborations. This article focuses on how company participants in heterogeneous industry networks share private knowledge while protecting firm-specific appropriation. It goes beyond the prevailing strategic choice perspectives to discuss interactive revealing practices that sustain joint opportunity creation in the fragile phase of early network formation.

This study builds on insights from 49 sustainability leaders in the U.S. by examining green innovation from the game perspective. It explores how corporate sustainability can advance environmentally friendly innovations, and what managerial roles and activities are required to enable the transformation. It identifies four green innovation games characterized by different underlying value creation logics and organizational and mental barriers. The article suggests ways that can help managers to overcome these barriers and incorporate three decisive managerial roles into their corporate agenda and culture to advance corporate sustainability.

This case study focuses on Fish Friendly Farming, part of a nonprofit organization, the California Land Stewardship Institute. The FFF program is an example of an innovative model for cooperative public-private environmental collaboration and stewardship. The case provides a history of FFF and its ability to create networks and collaborations between parties that typically find it difficult to work together. This case focuses both on sustainability issues related to land and farming, and on challenges related to scaling up a successful nonprofit organization.

On February 23, 2012, a special commission appointed by Peru's Labor Ministry submitted a technical report on how to consolidate the country's national labor regulations into a single law, as had been done in other Latin American countries. The commission was known as the National Council for Labor and Employment Promotion (CNTPE, in Spanish) and was responsible for drafting the new law. The goal of the report was to engage business associations, unions, non-profit organizations focused on labor issues, and Government stakeholders in order to rekindle an initiative that had started a decade earlier but had lost momentum. Instead of bringing the sides together, however, drafting of the new law had ended up widening the gap between stakeholders. How should such a consensus be built? Should labor rights be increased or reduced? What role should each key stakeholder play?