【管理资料】港口生产组织与管理课件-6港口企业的生产运作1汇编

港中大MBA创业金融讲义BOverviewofNewVentureFinancing港中大MBA创业金融讲义BOverviewofNewVentInformationproblemsfacingentrepreneurandinvestorsEntrepreneur’sinfoaboutthevalueoftheopportunitymaybeincompleteanduncertainAsymmetricinfoaboutthevalueoftheideaandtheabilityoftheentrepreneurRiskofappropriationofintellectualpropertyInformationproblemsfacingenUniquefeaturesforentrepreneurialfinanceNeedtangibleevidenceofthemarketpotentialandentrepreneur’sabilityInstitutionofmilestonesWhatismilestone:specificandverifiableperformancebenchmarkse.g.completionofclinicaltests,productionofprototype,initiationofsales(asdemonstratedinIr-vcase)UniquefeaturesforentrepreneUniquefeaturesforentrepreneurialfinanceStagingoffinancingFundsnotmadeupfrontandstagedandlinkedtoachievingmilestoneFinancingofonestagedoesnotcommitaninvestortofinanceadditionalstagesUniquefeaturesforentrepreneUniquefeaturesforentrepreneurialfinanceConcernoverappropriationofintellectualproperty–notethatthereputationoftheoutsideinvestorsfortrustworthinessisfarmoreimportanttotheentrepreneurthanisasignatureonanconfidentialityagreementUniquefeaturesforentrepreneMeasuringprogresswithmilestonesUnderstandthedifficultiesofforecastingcashflowsand/orprofitabilityatanearlystageMilestonesenablethepartiestopostponefinancialcommitmentsuntiltheyareneededandtoinjectfundswhenmeetingthelevelsofriskandexpectedreturnMeasuringprogresswithmilestMeasuringprogresswithmilestonesMilestones–workinghypothesisabouttheventure>importanttounderstandthereasonsforfailingtomeetamilestone1stmilestone:concepttesting2ndmilestone:completionofaprototype–gainincreasedunderstandingoftechnologicalbottlenecks,manufacturingcostsandmaterialssupplyMore:firstfinancing,completionofinitialplanttests,markettesting,productionstart-up,firstcompetitiveaction…MeasuringprogresswithmilestStagesofnewventuredevelopmentDevelopmentStartupEarlygrowthRapidgrowthExitExtensionoflifecycleStagesofnewventuredevelopmSequenceofnewventurefinancingEarlystage–personalsavingsandborrowingwhererepaymentdoesnotcountonsuccessofthenewventureBootstraptechniques–cashoutsavings,secondmortgages,creditlinesofcreditcards,borrowingonlifeinsuranceSeedfinancing–forhi-tech,initialfundsforR&DSequenceofnewventurefinancSequenceofnewventurefinancingStartupfinancing–fromlaterR&DtoinitiationofsalesFirststagefinancing–initiateproductionandgeneraterevenueMoreroundsoffinancingpossibleMezzaninefinancing–supportmajorexpansionofprofitablebusinessSequenceofnewventurefinancSourcesofnewventurefinancingFamilyandfriendsAngelfundsStrategicpartnersVenturecapitalAssetbasedlendersEquipmentlessorsTradecreditFactoringMezzaninelenderPublicdebtIPOAcquisition,LBO,MBOSourcesofnewventurefinanciThedealNegotiationbetweenentrepreneurandtheprovideroffundsEverydealisdifferent:AnartandscienceCommontoreflecttheunderstandingoftheagreementinatermsheetTermsheet:agreedonvaluation,amountofinvestment,ownershipThedealNegotiationbetweenenThedealOncetermsheetisagreedupon,thenprepareformalagreement–contractbetweenentrepreneurandinvestorOptions,rights,orcontingenciesretainedbyeitherparty,acomprehensivelistofrepresentationsandwarranties,covenantsandundertakingRepandwarranty–e.g.ownershipoftangibleandintangibleassets,absenceoflitigation,accuracyoffinancialstatementsThedealOncetermsheetisagrThedealCovenantsandundertakings:affirmativeandnegativeundertakingsandcovenantsRightoffirstrefusal,preemptiverights(righttomaintainitsfractionalownershipsharebyparticipati