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  • VC Industry
    • Introduction
    • What is Venture Capital?
    • Brief History of VC
  • VC Job Cycle
    • Fundraise
    • Invest
    • Grow
    • Exit
  • Product/Market Fit
    • Value Proposition
    • Market Size
    • Traction
  • Founder/Industry Fit
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    • Secret Sauce
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  • Fund Fit
    • Growth Milestones
    • Exit Strategy
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    • Return Analysis Worksheet
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VC Razor Publishing

VC Job Cycle

  • Fundraise - On the one hand, as VCs, we are on the vanguard of innovation. We invest in exciting technologies that can and will change the world.  However, from a different perspective, we are money managers who cling to conventions and are very, very slow to change. Raising money is the old school part of venture capital that hasn’t changed fundamentally since the industry got started over a half century ago. This is no surprise if we look upstream and see where… ...
  • Invest - In the last chapter, we looked at the fundraising process for VC firms, whose GPs (general partners) go on the road much as startups do to pitch to investors, who will become the fund’s LPs (limited partners). Most of the capital raised by VC firms comes from institutions. Hence the definition of venture capital, institutional equity investing in high growth startups. Once we have secured enough commitments from LPs to reach our fundraising goal, we may close the fund, meaning… ...
  • Grow - This aspect of the VC’s job, helping startups grow, is perhaps least appreciated and yet most important. Most VCs I’ve worked with consider themselves company builders, not simply investors. We don’t just create a portfolio and kick up our heels. For many, this is the favorite part of the job, rolling up our sleeves to help startups succeed. A startup is a unique type of investment going through a remarkable metamorphosis. The months following a venture capital investment are tumultuous… ...
  • Exit - Ah, the exit. Such a terrible word for such an important part of the process. Exit refers to the opportunity for investors to exit the investment, but VCs would be well-served to figure out a better way to communicate this to founders. It doesn’t seem like such a fun date if one partner is always looking at the exit, right? But VCs must exit. It is a simple fact of life, built into the structure of the investment vehicle, and… ...

Jason Mendelson, Foundry Group, Co-Author Venture Deals

"Patrick brings an educator's perspective and an entertainer's sensibilities..."
2019-11-16T19:02:11+00:00
"Patrick brings an educator's perspective and an entertainer's sensibilities..."
https://www.vcrazor.com/testimonials/jason-mendelson-foundry-group/

Jerome Engel, Faculty Director, UC Berkeley Venture Capital Executive Program

"Your book is a delight!!! I love the way you organized, conceptualized, visualized and told the story.”"
2019-11-16T19:01:43+00:00
"Your book is a delight!!! I love the way you organized, conceptualized, visualized and told the story.”"
https://www.vcrazor.com/testimonials/jerome-engel-uc-berkeley-haas/

Bill Reichert, Garage Ventures

"...a valuable explanation of how venture capital really works."
2019-11-16T19:02:33+00:00
"...a valuable explanation of how venture capital really works."
https://www.vcrazor.com/testimonials/bill-reichert-garage-ventures/

John F. Clarke, Dean of Graduate Programs, Tulane Univ.

"...the way that venture capitalists think is valuable to anyone in business."
5.0
2019-11-16T22:07:53+00:00
"...the way that venture capitalists think is valuable to anyone in business."
https://www.vcrazor.com/testimonials/john-f-clarke-tulane-univ/

Amazon Customer

"...learned a ton...a great primer to the topic of Venture Capital."
5.0
2019-11-16T22:26:32+00:00
"...learned a ton...a great primer to the topic of Venture Capital."
https://www.vcrazor.com/testimonials/amazon-customer/

John Ruhl, UNC Kenan-Flagler, VCIC Global Finalist

"...fortunate enough to advance to the VCIC global finals...attribute much of my early learning to this book.”
2019-11-18T00:15:59+00:00
"...fortunate enough to advance to the VCIC global finals...attribute much of my early learning to this book.”
https://www.vcrazor.com/testimonials/john-ruhl-unc-kenan-flagler-vcic-global-finalist/

Amazon Customer

"Professor Vernon does an exceptional job presenting the many interlocking concepts that drive how and why VCs evaluate and invest...
5.0
2019-11-16T22:28:12+00:00
"Professor Vernon does an exceptional job presenting the many interlocking concepts that drive how and why VCs evaluate and invest in companies."
https://www.vcrazor.com/testimonials/amazon-customer-2/

Amazon Customer “gls”

"Professor Vernon has done a great job effectively summarizing very complex concepts. A must read for people interested in VC...
5.0
2019-11-16T22:29:57+00:00
"Professor Vernon has done a great job effectively summarizing very complex concepts. A must read for people interested in VC and entrepreneurship."
https://www.vcrazor.com/testimonials/amazon-customer-gls/
5
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The Book

2nd Edition, 331 pages, now available.

Paperback, $24.99 on Amazon.

eBook download, $14.99
$5 off with coupon code “VCIC”

Download the most popular chapter, VC Job Cycle Invest, for $1.49.

The Author

Patrick Vernon

Clinical Associate Professor
UNC Kenan-Flagler Business School
Director, Venture Capital Investment Competition

Videos

What is Venture Capital?

VC Job: Fundraise

VC Job Cycle: Invest

VC Job: Grow & Exit

Order the Book

  • One Chapter, VC Job Cycle: Invest $1.49
  • 2nd Edition Paperback on Amazon $24.99
  • 2nd Edition PDF $14.99

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