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.

"Field Guide to Entrepreneurial Finance" Elgar Field Guides. Edited by Ine Paeleman, Tom Vanacker, Silvio Vismara and Supradeep Dutta. Publication Date: 2026. ISBN: 978 1 03534 249 5 (hardcover), 978 1 03534 250 1 (ebook)“Entrepreneurial Finance: A Definitive Guide”, Tenca, F., Butticè, V., Colombo, M. G., Croce, A., Guerini, M., & Giudici, G. 2020. World Scientific Books. ISBN:978-981-122-197-2 (hardcover), 978-981-122-199-6 (ebook)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 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.

The course is delivered through lectures (DE), accounting for approximately 50% of the teaching hours/ECTS credits, and interactive classroom activities, such as exercises and case discussions (DI), accounting for the remaining 50% of the teaching hours/ECTS credits.

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.

A learning pathway is available for attending students, who can earn points contributing to their final grade by developing and presenting a case study in small groups. Participation requirements, procedures and criteria for awarding points are specified in the “Test and assessment criteria” section.

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 instructor in charge of the course to define the examination modalities, concerning academic aspects.

Assessment consists of a compulsory written examination covering the course programme, to be taken in English. The examination includes both open-ended and multiple-choice questions.

The written examination assesses the outcomes listed in the intended learning outcomes section:
Knowledge and understanding: describe and distinguish financing methods for start-ups and SMEs; explain the funding gap and the stages of the investment process, with particular reference to Venture Capital; identify the aspects of the gender dimension covered in the programme. Answers are assessed for accuracy, relevance and completeness.

Applying knowledge and understanding: apply the concepts and tools covered in the course to short cases concerning start-up and SME financing and the investment process. Assessment considers the correct application of concepts, the consistency of the approach and the interpretation of results.

Making judgments: compare financing alternatives and justify a choice in relation to the company’s characteristics and life-cycle stage, considering both the entrepreneurial and investor perspectives. Assessment considers the strength of the reasoning and the ability to discuss the advantages and limitations of the alternatives.

Communication skills: provide clear, structured answers to open-ended questions in English, using financial terminology correctly. Assessment considers clarity, organisation of the argument and appropriate use of technical language.

Learning skills: interpret information or short materials relating to course topics and identify relevant information sources, bibliographic resources or databases for further study. Assessment considers understanding of the materials and the relevance of the sources identified.

Group activities are planned for attending students and may include case study analysis and discussion, classroom presentations, short reports or exercises. Groups consist of 3 to 5 students. These activities allow students to earn additional points towards their written examination mark. Assessment considers content accuracy, the application of course concepts, the quality of the reasoning and clarity of communication.

The following criteria describe the learning achievement corresponding to each grade band:
Below 18/30 — fail: substantial gaps in fundamental concepts and/or inability to apply them adequately to the cases presented; irrelevant or unclear reasoning.
18–21/30 — satisfactory: essential knowledge of the main financing sources and investment-process stages; ability to apply fundamental concepts to simple situations, justify a basic choice, identify relevant sources and communicate the reasoning clearly enough, although with limited depth.
22–24/30 — fair: accurate knowledge, generally appropriate application, relevant comparison of alternatives and adequate use of sources and terminology.
25–27/30 — good: well-developed knowledge, correct and independent application, sound reasoning, connections across topics and clear communication.
28–30/30 — very good: thorough and integrated knowledge, independent analysis of alternatives and their limitations, critical interpretation of information and precise use of financial terminology.
30/30 with honours — excellent: full achievement of the highest performance level, with particularly rigorous, insightful and original reasoning.

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, i.e. 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.

By the end of the course, within the field of entrepreneurial finance and start-up and SME financing, students will be able to achieve the following learning outcomes.

1. Knowledge and understanding
Describe and distinguish the main financing methods for start-ups and SMEs, with particular attention to seed and early stages; explain the funding gap across the company life cycle and the role of different capital providers. Explain the stages of the Venture Capital investment process, from fundraising to target-company selection and valuation, contracting, post-investment activities and exit. Describe the aspects of the gender dimension in the demand for and supply of capital covered in the course.

2. Applying knowledge and understanding
Apply the concepts and tools covered in the course to cases involving start-up and SME financing, comparing the characteristics, purposes and consequences of different sources of capital. Analyse the decisions and stages of the investment process of different capital providers using the information available in the case.

3. Making judgments
Identify and justify a financing method consistent with the company’s type, life-cycle stage and financing needs. Discuss the advantages and limitations of the alternatives, considering both the entrepreneurial and investor perspectives.

4. Communication skills
Present the analysis of a financing problem and the reasons supporting the conclusions in English, clearly and coherently, using financial terminology correctly.

5. Learning skills
Identify the main information sources, bibliographic resources, online resources and databases relevant to start-up and SME finance; interpret materials relating to course topics and select useful sources for further investigation of a financing problem or investment decision.