Course 2025-2026 a.y.

Classes: 27 (I sem.) - 28 (I sem.)

Instructors:
Class 27: GIMEDE GIGANTE, Class 28: GIMEDE GIGANTE

The course explores how innovative startups attract external capital and how investors evaluate, structure, and monitor their investments. It provides a comprehensive understanding of the venture capital ecosystem—including VC funds, business angels, incubators, and club deals—and examines key aspects such as valuation, contract design, legal and tax implications. The course combines financial theory and practical insights to equip students with the tools needed to navigate venture financing and support entrepreneurial growth.

The course analyzes the economics of venture investors and the venture fundraising cycle. The course is structured around the following main themes:

 

1. An introduction to equity investment eco-system and the specificity of venture capital

2. The clusters of equity investment and the main markets for venture capital at global level

3. The taxonomy of venture capital investors: definitions, key rules, legal issues and taxation.

4. The economics and strategy of venture investors.

5. The investment process within venture capital (fund raising, investing, managing, exiting)

6. Investor assessment of business opportunities.

7. Valuation of entrepreneurial companies.

8. Debt financing and staged financing.

9. Deal structuring, deal contracting, and deal management.

10. Exiting.

At the end of the course student will be able to...

By the end of the course, students will be able to:

1. Understand the structure and dynamics of the venture capital ecosystem and its key players.

2. Analyze how startups raise external capital and the role of financial contracts in aligning incentives.

3. Apply valuation methods specific to early-stage and high-growth companies.

4. Evaluate the legal, fiscal, and strategic implications of venture financing deals.

5. Develop the ability to assess and design investment terms from both the entrepreneur’s and investor’s perspectives.

At the end of the course student will be able to...

• Face any kind of interview for an internship within the venture capital industry (i.e., funds, advisors and consulting company, start-up)
• Formulate a business plan for eliciting interest from venture investors, and assemble financial projections to illustrate the venture’s business model.
• Elaborate a financial plan and fundraising strategy.
• Pitch a business opportunity to a potential investor.
• Calculate the valuation of an entrepreneurial venture, and assess the value relevance of the covenants in the term sheets.
• Negotiate the right venture capital investment.

 

• Lectures
• Guest speaker's talks (in class or in distance)
• Practical Exercises
• Collaborative Works / Assignments

The learning experience of this course is based on in-person lectures. Lectures are the key part of the course experience and consist of both academic materials and of illustrations taken from actual business situations that are commented and discussed. The academic material is complemented by interactive case study discussions and by team execution and discussion of numerical and situational exercises. Exercises are largely done to enter the real feeling of deal making activity within the venture capital eco-system.

 

	Continuous assessment	Partial exams	General exam
Written individual exam (traditional/online)		x	x
Collaborative Works / Assignment (report, exercise, presentation, project work etc.)	x

There is no distinction between attending and non-attending students. The valuation is based on: 70% final (or two partial exams) and 30% on working group assignment.

 

The exam consists of: (i) multiple choice questions and (ii) numerical exercises.

 

 

1.     Slides, excercizes and other materials made available on Blackboard

2.     Caselli S., Negri G., "Private Equity and Venture Capital in Europe", Third Edition, Elsevier Academic Press, 2022.