FINANCE KEY PLAYERS FOR GLOBAL COMPANIES

The course aims to provide students with an in-depth understanding of the financial ecosystem that supports the development of internationally oriented innovative firms, whether startups or companies pursuing ambitious growth paths. The course examines the strategic role of the main forms of entrepreneurial finance, ranging from venture capital and private equity funds to alternative instruments such as crowdfunding and initial coin offerings, and their interactions with firms during phases of growth and internationalization. Alongside the analysis of financial channels, the course addresses key topics such as the evaluation of entrepreneurial opportunities, the structuring of investment transactions, contractual mechanisms aimed at value creation, and exit strategies. By integrating theoretical and applied perspectives, the course seeks to develop the skills necessary to operate with strategic awareness within the global financial system, as future managers or consultants in the fields of corporate management and innovation.

By the end of the course, students will be able to:
- Understand the role of different financial actors throughout the entrepreneurial firm’s life cycle, from startup to maturity;
- Analyze the financing strategies — traditional and alternative — according to the needs and different stages of development of the business;
- Apply tools for the valuation of entrepreneurial firms, ownership design, and deal structuring;
- Critically assess exit strategies and value creation processes for entrepreneurs and investors;
- Develop an integrated and strategic perspective on the relationship between companies and financial backers in the global context.

There are no specific prerequisites for this course. However, a basic knowledge of corporate finance, financial markets, and corporate governance is recommended.

The course covers the following topics:
- fundamental principles of entrepreneurial finance;
- structure, functioning, and operating models of venture capital funds;
- characteristics and dynamics of the early stage investor ecosystem;
- evaluation of entrepreneurial opportunities and definition of ownership structures;
- structuring of investment deals, term sheet design, and incentive mechanisms for value creation;
- exit and divestment strategies.

Da Rin, M., & Hellmann, T. (2020). Fundamentals of Entrepreneurial Finance. Oxford University Press.
Chapters 1, 4, 5, 6, 7, 8, 9, 11, 12, 13

Learning assessment will be conducted through a written examination, with no possibility of consulting notes or textbooks.
The exam consists of 10 multiple-choice questions, one open-ended question, and one applied exercise.

The exam is designed to assess:
- understanding of the fundamental concepts covered in the course;
- the ability to apply theoretical tools and to develop critical thinking in the analysis of complex financial scenarios and issues related to entrepreneurial finance;
- appropriate use of technical financial terminology.

The structure of the exam is consistent with the course learning objectives and the expected learning outcomes.

written

The exam score is determined by the sum of the points obtained in the different questions:
- The 10 multiple-choice questions contribute up to 15 points in total, with the following scoring scheme: +1.5 for a correct answer, −0.4 for an incorrect answer, and 0 for no answer.
- The open-ended question is worth up to 8 points.
- The applied exercise is worth up to 8 points.

The maximum possible score for the exam is 31 points.
The minimum passing score is 18 points.
Honors are awarded to candidates who achieve the maximum score of 31 points.

The course consists of frontal lectures enriched by interactive sessions focused on the analysis and discussion of case studies, aimed at applying theoretical concepts to real-world situations.
All teaching materials used in class will be made available to students via the Moodle platform (www.unive.it/moodle), along with additional readings and resources.
Lectures may include guest speakers such as entrepreneurs, business angels, and representatives from accelerators or venture capital funds.
Group work may also be included to support the development of collaborative and applied skills.

Accommodation and support services for students with disabilities and students with specific learning impairments

Ca’ Foscari abides by Italian Law (Law 17/1999; Law 170/2010) regarding support services and accommodation available to students with disabilities. This includes students with mobility, visual, hearing and other disabilities (Law 17/1999), and specific learning impairments (Law 170/2010). If you have a disability or impairment that requires accommodations (i.e., alternate testing, readers, note takers or interpreters) please contact the Disability and Accessibility Offices in Student Services: disabilita@unive.it.

This subject deals with topics related to the macro-area "Circular economy, innovation, work" and contributes to the achievement of one or more goals of U. N. Agenda for Sustainable Development