Building Wealth through Venture CapitalA Practical Guide for Investors and the Entrepreneurs They Fund
Venture capital demystified, for both investors and entrepreneurs Building Wealth Through Venture Capital is a practical how-to guide for both sides of the table—investors and the entrepreneurs they fund. This expert author duo combines renowned venture capital experience along with the perspective of a traditional corporate executive and investor sold on this asset class more recently to flesh out wealth-building opportunities for both investors and entrepreneurs. Very simply, this book will guide investors in learning how to succeed at making money in venture capital investment, and it will help entrepreneurs increase their odds of success at attracting venture capital funds and then employing those funds toward a lucrative conclusion. The authors explain why venture capital will remain the asset class best-positioned to capitalize on technological innovation in the coming years. They go on to demystify the market for those seeking guidance on reaping its rich returns. Learn what it takes to succeed as an investor or entrepreneur, and gain the wisdom of experience as the authors explain key factors that determine outcomes. Through a relaxed, down-to-earth narrative, the authors share their own experiences as well as those of their nationally-recognized colleagues. Illustrative anecdotes and personal interviews expand upon important points, and case studies demonstrate the practical effect of critical concepts and actions. World-class professional expertise and personal experience come together to help you: Understand the nature of both venture capitalists and successful entrepreneurs Develop wealth-building capabilities in investing in or attracting venture capital Learn how entrepreneurs and investors can work together toward a lucrative conclusion Examine the ways in which recent financial regulatory developments and technological advances already in place are democratizing access to venture capital, enabling unprecedented expansion of venture capital opportunities As the field expands through these regulatory and technological developments, savvy participants will have unprecedented opportunity to benefit. Building Wealth Through Venture Capital explains what you need to know, and shows you how to navigate this arcane but lucrative asset class.
Preface vii Introduction xi Part I Understanding the Major Players 1 Chapter 1 The Venture Capitalist: Funder of Dreams 3 Chapter 2 The Entrepreneur: His Mind and His "Cultivation" 7 Part II For the Investor: A Guide to Realizing Big Returns 23 Chapter 3 Why Should You Invest in Venture Capital? 25 Chapter 4 How to Find the Right Venture Capital Firm 35 Chapter 5 Venture Capital Investment versus "Buffett’s Real Rules" of Investment 51 Chapter 6 Avoid the Seduction of Unicorns: Get in Early 63 Chapter 7 Finding the Highest Quality Investments at the Right Price 73 Part III For the Entrepreneur: A Guide to the Money Search and All That Follows 87 Chapter 8 The Mating Dance: Prospecting for a Venture Capital Investor 89 Chapter 9 The Final Exam: Due Diligence 101 Chapter 10 Finding Your Deal-Doing Lawyer 115 Chapter 11 Financing Has Arrived and "You’re Married" . . . Now What? 123 Chapter 12 The Last Dance: A Successful Exit 133 Chapter 13 Interview with a Successful Entrepreneur 149 Part IV Looking Ahead: What’s to Come 169 Chapter 14 The Foreseeable Future 171 Acknowledgments 187 About the Authors 189 Index 191
LEONARD A. BATTERSON is Founder, Chairman, and CEO of VCapital, an online venture capital portal bringing institutional quality investment management to individuals. A pioneer in venture capital investment for individuals, his previous funds have generated gross returns averaging 28%/year. KENNETH M. FREEMAN, an adviser to VCapital, brings the practical perspective of a traditional corporate executive and individual investor.
Venture capital is the lifeblood of innovation and economic growth. The biggest business successes of the century – Amazon, Alphabet (parent of Google), and Facebook, to name just a few – were enabled by early venture capital investment. So it's not surprising that venture capital has been one of the most richly rewarding investment asset classes of recent years. Opportunities continue to abound. Humans' ever increasing aspirations will inevitably drive the quest for innovation. Needs resulting from natural resource constraints, climate change, and other factors will make that quest even stronger. Historically, access to venture capital investment opportunities has been limited largely to institutions and the super-wealthy. But recent government actions along with Internet technology have increased access significantly for individuals. This democratization is great for individual investors and also for entrepreneurs, who will benefit from more sources of funds. Co-authors Len Batterson and Ken Freeman help readers capitalize on these developments with this practical guide for investors and entrepreneurs. Their advice combines Batterson's experience from his extraordinary 35-year career in venture capital with Freeman's perspective as someone much newer to the scene following a traditional corporate career, attracted initially by his interest as an individual investor. The book leverages Batterson's experience in explaining how investors can find the venture capital firms best suited to their needs and how these firms find the best deals. His experience also enables invaluable advice to entrepreneurs — guiding their search for money, coaching on what VCs look for and how to best interact with the VC, discussing how the VC can help maximize venture potential, and reviewing options for ultimately cashing in on winning ventures. Acknowledging the riskiness of each individual venture investment, the book provides practical advice on diversifying within the asset class, educates on how to think about deal valuations, suggests investor wariness regarding some highly publicized ventures, and even encourages how tightly to limit one's total venture capital investment as a percentage of his or her total portfolio.
PRAISE FOR BUILDING WEALTH THROUGH VENTURE CAPITAL "Len Batterson was a founding investor in AOL, and helped make the Internet part of everyday life. Building Wealth Through Venture Capital is essential reading for budding entrepreneurs seeking venture capital, and for investors who want to lead in the Internet's Third Wave." —Steve Case, Co-Founder, AOL, Chairman and CEO, Revolution "Len Batterson is a battle-tested and victorious participant and strategist in venture capital. I have worked with him for many years and in many deals. In Building Wealth Through Venture Capital, Batterson and Freeman cover the field of venture capital for entrepreneurs seeking to raise capital and investors looking to deploy it. If this is you, read this book." —Casey Cowell, Co-Founder and former Chairman and CEO, U. S. Robotics "Len Batterson is one of a very select group who has the experience to really understand venture capital. That makes this book a must-read–and a surprisingly easy-to-understand one too–for anyone thinking about investing in venture capital or looking to VCs for funding support. Because he has been a part of many major shifts in the venture capital industry and the ups and downs of generations of venture-backed companies, Len has the perspective needed to bring distinct insights to his analysis of the capital engine that drives an ever-growing portion of innovation and wealth creation." —Chris Gladwin, Founder and former CEO, Cleversafe "Straightforward, practical, and informative. I wish I had read this book before I made my VC investments!" —James M. Kilts, Former Chairman and CEO, The Gillette Company
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