Entrepreneurial Finance

MIT 15.431 · Prof. Antoinette Schoar

Finance for startups and early-stage ventures: valuation methods, venture capital structures, term sheets, equity compensation, and exit strategies.

- Modules

Self-Paced

Certificate

Graduate Level

What You'll Learn

Valuing early-stage companies: comparables, DCF, and venture capital method
Real options approach to startup valuation under uncertainty
Angel investing and seed financing structures
Venture capital fund economics: management fees, carry, and LPA terms
Term sheet negotiation: anti-dilution, liquidation preferences, and board control
Convertible notes and SAFE (Simple Agreement for Future Equity)
Series A, B, C rounds: dilution math and cap table modeling
Employee equity compensation: stock options, RSUs, and 409A valuations
Corporate venture capital and strategic investors
Exit strategies: IPO process, M&A sale, and secondary transactions

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Academic Attribution

Adapted from MIT OCW 15.431 Entrepreneurial Finance (Spring 2011). Instructor: Prof. Antoinette Schoar. MIT Sloan School of Management.

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