Ateneo - UPO

The course, of 45 hours, deals with issues of Corporate Finance for start-ups (innovative and non-innovative) and small and medium-sized enterprises (SMEs), examining the different methods of financing.
The course deals with the offer of capital for start-ups and SMEs, examining the investment processes and decisions of the main providers of financial resources for start-ups and SMEs: Venture Capitalists (VC), Business Angels (BA), Crowdfunding (CF), government subsidies.
As regards Venture Capital investors, the selection process, the evaluation of potential target companies and the forms of contracting used, the post-investment phase, the exit will also be studied in depth.
Furthermore, the course analyzes the funding gap and the demand for capital by start-up entrepreneurs and SMEs from both a theoretical and practical point of view.

“Entrepreneurial Finance: A Definitive Guide”, Tenca, F., Butticè, V., Colombo, M. G., Croce, A., Guerini, M., & Giudici, G. Edizione 2020. World Scientific Books. ISBN:978-981-122-197-2 (hardcover), 978-981-122-199-6 (ebook)
“An introduction to entrepreneurial finance”, Hans Landstrom, Elgar Advanced Introductions. Edizione 2017. ISBN: 9781784718541, 9781784718565.
The instructor will also make available scientific articles and working papers, slides and case studies to deepen specific topics of the course.

Knowledge and understanding: the course aims to provide the necessary knowledge to understand the decisions of start-ups and SMEs regarding access to different financing methods, with particular attention to the initial seed and early-stage of financing; the decisions of the various capital providers; and finally, it aims to stimulate students to solve short cases on investment transactions made by VC / BA in Italy and / or abroad.
Ability to apply knowledge and understanding: the course aims to transfer the ability to apply the knowledge acquired in order to evaluate the characteristics, purposes and consequences of different financing methods presented during the course, and learn how to make better financial decisions.
Autonomy of judgment: the course stimulates the critical ability of students to identify the most suitable financial instrument based on the type and phase of the company's life cycle.
Communication skills: the course aims to make students to acquire the technical language used by the financial community and professional investors.
Learning skills: students will learn about the main information and bibliographic sources, the main online resources and databases for carrying out studies and research in this subject area.

Having passed the "Investment Banking" course (1st year master's degree)

Knowledge and understanding: through lectures, analysis and discussion of case studies.
Ability to apply knowledge and understanding: through lectures and analysis and discussion of case studies.
Independent judgment: during the course, students will be encouraged to identify operational solutions to make adequate financial decisions mainly from the entrepreneur perspective and also from the investor side.
Communication skills: usage of technical terms commonly adopted by the financial community during class and explanation of their meaning.
Learning skills: during the course there will be group work in written reports and/or oral form.

There is an educational path for attending students that will allow students, behind the development and presentation in the classroom of a case study (in small groups), to acquire points that will contribute to the determination of the final grade. The teachers will provide every detail in the classroom regarding this educational path for attending students.
Students with physical disabilities, Learning Disabilities or Special Education Needs can request
specific services and tools via the Staff Sviluppo e Coordinamento Carriere e Servizi alle Studentesse
e agli Studenti, consulting the University webpage: https://www.uniupo.it/en/services/services-
students-physical-or-learning-disabilities
Students with disabilities, learning disabilities or special education needs, once they have contacted
the University Staff, can refer to the tutor in charge of the course to define the examination
modalities, concerning academic aspects.

A written test on the course program, to be taken in English. The questions will be partly "open" and partly "closed" (multiple choice). During the teaching period, group work related to testimonies and case studies carried out in class are also provided for attending students.

1. Introduction:
-Definition of entrepreneurial finance and differences between corporate finance for large consolidated companies and finance for young / small and medium-sized enterprises.
-Funding gap and acquisition of financial resources along the stages of the company's life cycle.
2. Capital offer:
-Debt financing.
-Financing through equity capital:
-Venture Capital: fundraising, target company selection process and deal structuring, post investment phase, exit.
-Venture Capital: objectives and performances of different types of VC, ie independent VC, corporate VC, government VC.
-Informal investors: Business Angels and Crowdfunding.
3. Demand of capital:
-Italian entrepreneurial ecosystem, focus on start-ups.
4. Gender dimension: focus on female entrepreneurship and gender gap in the supply and demand of capital.
5. Case studies (two possible case studies are listed below as examples):
-Valuation of Venture Capital target companies: VC-method
-How to structure the Crowdfunding campaign

-Knowing how to make optimal financial decisions for the financing of startups and SMEs.
-Knowing how to evaluate the investment process of different financial intermediaries in the startup ecosystem