TOPIC 0 · INTRODUCTION TO MODELLING IN EXCEL

• Best practices to build robust financial models: structure, format, shortcuts
• Most important formulas applied in financial models
• Tools and tips to create long-term “user-friendly” models

TOPIC 1 · INTRODUCTION TO STARTUPS

• Introduction to the lean startup model and key takeaways for financial analysis
• “Unit economics” in startups
• J-curves focusing on LTV/CAC analysis, business units, and contribution margins
• Basic accounting concepts
• Balance, P&L, and Cash flow in startups
• Case: Unit economics of different users and units in Uber

TOPIC 2 · SAAS

• Concept of SaaS and some examples
• Main metrics in SaaS models and benchmarks
• Churn and net retention
• Cohort construction and interpretation
• Case: SaaS metrics, cohorts, and projections in Graphext

TOPIC 3 · PLATFORMS, MARKETPLACE, ECOMMERCE

• Concepts of Platforms, ecommerce, and marketplace with examples
• Financial modelling of platforms, ecommerce, and marketplaces
• Key concepts: GMV, LTV, Supply and Demand, Liquidity
• Main metrics in Ecommerce
• Case: Modelling a marketplace in Ontruck

TOPIC 4 · OTHER BUSINESS MODELS

• Business models based on interests and commissions
• Business models based on data and customer databases
• Business models with high R&D investment
• Other business models
• Case: Fintech and data sales models in Lenme

TOPIC 6 · FUNDING ALTERNATIVES

• Public funding
• Bank financing
• Venture Debt
• Revenue-based models and similar
• Introduction to private investment
• Case: Type of funding decision in Geoblink

TOPIC 7 · FUNDING ROUNDS I

• Concept of capital increase
• Different types of rounds and their long-term implications
• Key concepts like dilution, increase in share value, share capital, share premium
• Valuations and how to build cap tables
• Case: Building a simplified cap table for multiple investment rounds in Colvin

TOPIC 8 · FUNDING ROUNDS II

• SAFEs/Convertible notes: types, clauses, functioning
• ESOP/Phantom shares: differences, functioning, best practices, benchmarks
• Deeper dive into other key concepts: secondary sales, minority shareholder consolidation, taxation, etc.
• Case: Building a complex cap table for multiple investment rounds in Acme

TOPIC 9 · STARTUP GOVERNANCE

• Types of administrators and civil liability
• Roles and responsibilities of CEO / Board / Board of Directors
• Key clauses: preferential liquidation, Drag/Tag along, anti-dilution, vesting
• Dive deeper into clauses affecting an exit: types of preferred stock, hurdle rate, pro-rata
• Paired case: Negotiation of a term sheet in Build38

TOPIC 10 · INTRODUCTION TO VENTURE CAPITAL

• Introduction to the history of Venture Capital and the main VC funds in Europe
• A deep dive into how Venture Capital works
• Analysis of key concepts in VC: GPs vs LPs, fee structure, typical investment period, typical return numbers
• Case: Modelling a Venture Capital fund in AB Ventures

THEORY

• Pre-read: Introductory materials (news, documents, book chapters…) related to each topic
• Theory videos: Recorded sessions explaining all relevant concepts
• Slides: Theory in “slides” format to follow recorded videos and complete the practical case

PRACTICE

• Case statement: Practical cases based on real companies and situations. A statement and a supporting excel will be provided for case resolution
• Case solution: An excel solution for students to use as reference
• Live video class: After discussing the case in a live class, the video will be uploaded for students to watch as many times as they want