{"product_id":"venture-capital-and-the-finance-of-innovation-isbn-9781119490111","title":"Venture Capital and the Finance of Innovation","description":"\u003cp\u003eAn invaluable resource for current and aspiring technology investors, \u003ci\u003eVenture Capital and the Finance of Innovation \u003c\/i\u003eprovides an in-depth understanding of the tools and models needed to succeed in this competitive and highly fluid business environment. Building on a comprehensive introduction to fundamental financial and investment principles, the text guides the reader toward a robust skill set using enterprise valuation and preferred stock valuation models, risk and reward, strategic finance, and other concepts central to any venture capital and growth equity investment.\u003c\/p\u003e \u003cp\u003eTwo features of the book stand out from other sources on the subject. First, it pays special attention to the enterprise valuation methodology for high-growth companies. What drives the value of a company that has little physical assets, losing money now but has a small chance of achieving great success in several years? How do you create estimates for sales, profit and return on capital when little data is available? The book answers these questions using a discounted cash flow model that is tailor-made for technology companies (DCF.xlsx downloadable from the instructor website), and the comparables model. Second, it highlights the most valuation-relevant feature of VC term sheets, namely the use of convertible preferred stock. The book shows the reader how to use a user-friendly and automated valuation model of VC preferred stock (available at \u003ca href=\"http:\/\/www.vcvtools.com\/\"\u003ewww.vcvtools.com\u003c\/a\u003e) to value various types of preferred stock and to visualize how term sheets split the values of the firm between entrepreneurs and VCs.\u003c\/p\u003e \u003cp\u003eAccessible, comprehensive, and assuming only basic knowledge of venture capital, this text offers essential guidance for successful VC and growth equity investing in any market.\u003c\/p\u003e \u003cp\u003eAbout The Book ii\u003c\/p\u003e \u003cp\u003eAbout The Authors vii\u003c\/p\u003e \u003cp\u003eAcknowledgments xi\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAbout The Instructor Website xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I VC Basics\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 The VC Industry 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 What is Venture Capital? 1\u003c\/p\u003e \u003cp\u003e1.2 What Do Venture Capitalists Do? 6\u003c\/p\u003e \u003cp\u003e1.3 The History of Venture Capital 6\u003c\/p\u003e \u003cp\u003e1.4 Patterns of VC Investment in The United States 11\u003c\/p\u003e \u003cp\u003e1.4.1 Investments by Stage 11\u003c\/p\u003e \u003cp\u003e1.4.2 Investments by Industry 12\u003c\/p\u003e \u003cp\u003e1.4.3 Investments by U.S. Region 14\u003c\/p\u003e \u003cp\u003eSummary 15\u003c\/p\u003e \u003cp\u003eKey Terms 15\u003c\/p\u003e \u003cp\u003eReferences 15\u003c\/p\u003e \u003cp\u003eAppendix: Note on Authors’ Calculations Made for Exhibits 1-4 and 1-5 16\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 VC Players 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Firms and Funds 17\u003c\/p\u003e \u003cp\u003e2.2 The Limited Partners 23\u003c\/p\u003e \u003cp\u003e2.3 VC Partnership Agreements 25\u003c\/p\u003e \u003cp\u003e2.3.1 Management Fees 25\u003c\/p\u003e \u003cp\u003e2.3.2 Carried Interest 27\u003c\/p\u003e \u003cp\u003e2.3.3 Restrictive Covenants 32\u003c\/p\u003e \u003cp\u003eSummary 35\u003c\/p\u003e \u003cp\u003eKey Terms 35\u003c\/p\u003e \u003cp\u003eReferences 36\u003c\/p\u003e \u003cp\u003eExercises 36\u003c\/p\u003e \u003cp\u003eAppendices: Key Terms and Conditions for Three VC Funds 36\u003c\/p\u003e \u003cp\u003eAppendix 2.A: EarlyBird Ventures I 37\u003c\/p\u003e \u003cp\u003eAppendix 2.B: Talltree Ventures IV 37\u003c\/p\u003e \u003cp\u003eAppendix 2.C: Owl Ventures IX 38\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 VC Returns 40\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Industry Returns 40\u003c\/p\u003e \u003cp\u003e3.1.1 Definitions 40\u003c\/p\u003e \u003cp\u003e3.1.2 A Gross-Return Index 42\u003c\/p\u003e \u003cp\u003e3.1.3 A Net-Return Index 42\u003c\/p\u003e \u003cp\u003e3.2 Fund Returns 45\u003c\/p\u003e \u003cp\u003e3.2.1 Definitions 45\u003c\/p\u003e \u003cp\u003e3.2.2 Evidence 51\u003c\/p\u003e \u003cp\u003eSummary 53\u003c\/p\u003e \u003cp\u003eKey Terms 53\u003c\/p\u003e \u003cp\u003eReferences 54\u003c\/p\u003e \u003cp\u003eExercises 54\u003c\/p\u003e \u003cp\u003eAppendix: Note on the Three VC Return Indices Shown in Exhibits 3-3 and 3-4 55\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 The Cost of Capital For VC 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 The Capital Asset Pricing Model 57\u003c\/p\u003e \u003cp\u003e4.2 Beta and The Banana Birds 61\u003c\/p\u003e \u003cp\u003e4.3 Estimating the Cost of Capital for VC 64\u003c\/p\u003e \u003cp\u003eSummary 69\u003c\/p\u003e \u003cp\u003eKey Terms 69\u003c\/p\u003e \u003cp\u003eReferences 69\u003c\/p\u003e \u003cp\u003eExercises 70\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 The Best VCs 72\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 The Economics of VC 72\u003c\/p\u003e \u003cp\u003e5.2 The Best VCs: A Subjective List 75\u003c\/p\u003e \u003cp\u003e5.3 VC Value Added and the Monitoring of Portfolio Firms 83\u003c\/p\u003e \u003cp\u003eSummary 85\u003c\/p\u003e \u003cp\u003eKey Terms 85\u003c\/p\u003e \u003cp\u003eReferences 86\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 VC Around The World 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 The Global Distribution of VC Investing 87\u003c\/p\u003e \u003cp\u003e6.2 The Cost of Capital for International VC 98\u003c\/p\u003e \u003cp\u003e6.2.1 Baseline Model: The Global CAPM 98\u003c\/p\u003e \u003cp\u003e6.2.2 Discussions of Country Betas and Extensions to the Global CAPM 100\u003c\/p\u003e \u003cp\u003e6.2.3 A Global Multifactor Model for Venture Capital 103\u003c\/p\u003e \u003cp\u003eSummary 105\u003c\/p\u003e \u003cp\u003eKey Terms 105\u003c\/p\u003e \u003cp\u003eReferences 105\u003c\/p\u003e \u003cp\u003eExercises 106\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Total Valuation\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 The Analysis of VC Investments 107\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 VC Investments: The Historical Evidence 107\u003c\/p\u003e \u003cp\u003e7.2 The Investment Process 117\u003c\/p\u003e \u003cp\u003eSummary 124\u003c\/p\u003e \u003cp\u003eKey Terms 124\u003c\/p\u003e \u003cp\u003eReferences 124\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Term Sheets 125\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 The Basics 126\u003c\/p\u003e \u003cp\u003e8.1.1 Investors 126\u003c\/p\u003e \u003cp\u003e8.1.2 Price Per Share 127\u003c\/p\u003e \u003cp\u003e8.1.3 Pre-Money and Post-Money Valuation 127\u003c\/p\u003e \u003cp\u003e8.1.4 Capitalization 128\u003c\/p\u003e \u003cp\u003e8.2 The Charter 129\u003c\/p\u003e \u003cp\u003e8.2.1 Dividends 130\u003c\/p\u003e \u003cp\u003e8.2.2 Liquidation Preference 131\u003c\/p\u003e \u003cp\u003e8.2.3 Voting Rights and Other Protective Provisions 132\u003c\/p\u003e \u003cp\u003e8.2.4 Mandatory Conversion 132\u003c\/p\u003e \u003cp\u003e8.2.5 IPO Ratchet Provision 132\u003c\/p\u003e \u003cp\u003e8.2.6 Redemption Rights 132\u003c\/p\u003e \u003cp\u003e8.3 Investor Rights Agreement 133\u003c\/p\u003e \u003cp\u003e8.3.1 Registration Rights 135\u003c\/p\u003e \u003cp\u003e8.3.2 Matters Requiring Investor-Director Approval 136\u003c\/p\u003e \u003cp\u003e8.3.3 Employee Stock Options 136\u003c\/p\u003e \u003cp\u003e8.4 Other Items 136\u003c\/p\u003e \u003cp\u003e8.4.1 Rights and Restrictions 137\u003c\/p\u003e \u003cp\u003e8.4.2 Founders’ Stock 137\u003c\/p\u003e \u003cp\u003eSummary 138\u003c\/p\u003e \u003cp\u003eKey Terms 138\u003c\/p\u003e \u003cp\u003eReferences 138\u003c\/p\u003e \u003cp\u003eExercises 138\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Preferred Stock 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 Types of Preferred Stock 139\u003c\/p\u003e \u003cp\u003e9.2 Antidilution Provisions 147\u003c\/p\u003e \u003cp\u003e9.3 IPO Ratchet Provisions 150\u003c\/p\u003e \u003cp\u003eSummary 151\u003c\/p\u003e \u003cp\u003eKey Terms 151\u003c\/p\u003e \u003cp\u003eReferences 151\u003c\/p\u003e \u003cp\u003eExercises 152\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 The VC Method 153\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 The VC Method: Introduction 153\u003c\/p\u003e \u003cp\u003e10.1.1 Exit Valuation 154\u003c\/p\u003e \u003cp\u003e10.1.2 Target Returns 155\u003c\/p\u003e \u003cp\u003e10.1.3 Expected Retention 156\u003c\/p\u003e \u003cp\u003e10.1.4 The Investment Recommendation 157\u003c\/p\u003e \u003cp\u003e10.2 The Standard VC Method 157\u003c\/p\u003e \u003cp\u003e10.3 The Modified VC Method 159\u003c\/p\u003e \u003cp\u003eSummary 164\u003c\/p\u003e \u003cp\u003eKey Terms 165\u003c\/p\u003e \u003cp\u003eReference 165\u003c\/p\u003e \u003cp\u003eExercises 165\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 DCF Analysis of Growth Companies 167\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 DCF Analysis: Concepts 167\u003c\/p\u003e \u003cp\u003e11.2 DCF Analysis: Mechanics 169\u003c\/p\u003e \u003cp\u003e11.3 Graduation Value 174\u003c\/p\u003e \u003cp\u003e11.4 DCF Analysis: The Reality-Check Model 177\u003c\/p\u003e \u003cp\u003e11.4.1 Baseline Assumptions for the Reality-Check DCF 177\u003c\/p\u003e \u003cp\u003eSummary 181\u003c\/p\u003e \u003cp\u003eKey Terms 181\u003c\/p\u003e \u003cp\u003eReferences 182\u003c\/p\u003e \u003cp\u003eExercises 182\u003c\/p\u003e \u003cp\u003eAppendix 11.A: Cost of Capital: Technical Details 182\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Comparables Analysis 183\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 Introduction to Comparables Analysis 184\u003c\/p\u003e \u003cp\u003e12.2 Choosing Comparable Companies 187\u003c\/p\u003e \u003cp\u003e12.3 Using Comparable Companies to Estimate the Cost of Capital 192\u003c\/p\u003e \u003cp\u003eSummary 194\u003c\/p\u003e \u003cp\u003eKey Terms 194\u003c\/p\u003e \u003cp\u003eReference 194\u003c\/p\u003e \u003cp\u003eExercises 194\u003c\/p\u003e \u003cp\u003eAppendix 12.A: Potential Comparables for Healthco 195\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART III Partial Valuation\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Option Pricing 196\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1 European Options 196\u003c\/p\u003e \u003cp\u003e13.2 Pricing Options Using a Replicating Portfolio 198\u003c\/p\u003e \u003cp\u003e13.3 The Black–Scholes Solution 202\u003c\/p\u003e \u003cp\u003e13.4 American Options 205\u003c\/p\u003e \u003cp\u003e13.5 Random-Expiration Options 206\u003c\/p\u003e \u003cp\u003e13.6 Reading Exit Diagrams 207\u003c\/p\u003e \u003cp\u003e13.7 Carried Interest as an Option 209\u003c\/p\u003e \u003cp\u003eSummary 211\u003c\/p\u003e \u003cp\u003eKey Terms 211\u003c\/p\u003e \u003cp\u003eReferences 211\u003c\/p\u003e \u003cp\u003eExercises 211\u003c\/p\u003e \u003cp\u003eAppendix 13.A: RE Options: Technical Details 212\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 The Valuation of Preferred Stock 213\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1 Base-Case Option-Pricing Assumptions 213\u003c\/p\u003e \u003cp\u003e14.2 RP Valuation 214\u003c\/p\u003e \u003cp\u003e14.3 Excess Liquidation Preferences 217\u003c\/p\u003e \u003cp\u003e14.4 Dividends 219\u003c\/p\u003e \u003cp\u003e14.5 CP Valuation 221\u003c\/p\u003e \u003cp\u003e14.6 CP with Excess Liquidation Preferences or Dividends 223\u003c\/p\u003e \u003cp\u003e14.7 Combining RP and CP 225\u003c\/p\u003e \u003cp\u003e14.8 Comparing RP and CP 227\u003c\/p\u003e \u003cp\u003eSummary 228\u003c\/p\u003e \u003cp\u003eKey Terms 228\u003c\/p\u003e \u003cp\u003eReference 228\u003c\/p\u003e \u003cp\u003eExercises 229\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 Later-Round Investments 230\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15.1 Series B 230\u003c\/p\u003e \u003cp\u003e15.2 A Conversion Shortcut 234\u003c\/p\u003e \u003cp\u003e15.3 Series C 235\u003c\/p\u003e \u003cp\u003e15.4 Dividends in Later Rounds 239\u003c\/p\u003e \u003cp\u003e15.5 Beyond Series C 241\u003c\/p\u003e \u003cp\u003eSummary 243\u003c\/p\u003e \u003cp\u003eKey Terms 243\u003c\/p\u003e \u003cp\u003eExercises 243\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 Participating Convertible Preferred Stock 245\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e16.1 Binary Options 246\u003c\/p\u003e \u003cp\u003e16.2 The Valuation of PCP 247\u003c\/p\u003e \u003cp\u003e16.3 The Valuation of PCPC 248\u003c\/p\u003e \u003cp\u003e16.4 Series B and Beyond 250\u003c\/p\u003e \u003cp\u003eSummary 257\u003c\/p\u003e \u003cp\u003eKey Terms 257\u003c\/p\u003e \u003cp\u003eReferences 257\u003c\/p\u003e \u003cp\u003eExercises 257\u003c\/p\u003e \u003cp\u003e\u003cb\u003e17 Implied Valuation 258\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e17.1 Post-Money Valuation Revisited 258\u003c\/p\u003e \u003cp\u003e17.2 Measurement of Portfolio Value 262\u003c\/p\u003e \u003cp\u003e17.3 Down Rounds? 266\u003c\/p\u003e \u003cp\u003e17.4 How to Avoid Valuation Confusion 268\u003c\/p\u003e \u003cp\u003eSummary 269\u003c\/p\u003e \u003cp\u003eKey Terms 269\u003c\/p\u003e \u003cp\u003eReferences 270\u003c\/p\u003e \u003cp\u003eExercises 270\u003c\/p\u003e \u003cp\u003e\u003cb\u003e18 Complex Structures 271\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e18.1 Management Carve-Outs 271\u003c\/p\u003e \u003cp\u003e18.2 Dealing with Partners 277\u003c\/p\u003e \u003cp\u003e18.3 A Complex Example 279\u003c\/p\u003e \u003cp\u003eSummary 283\u003c\/p\u003e \u003cp\u003eKey Term 283\u003c\/p\u003e \u003cp\u003eExercises 284\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV The Finance of Innovation\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e19 R\u0026amp;D Finance 285\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e19.1 R\u0026amp;D Around the World 285\u003c\/p\u003e \u003cp\u003e19.2 Two Touchstones 290\u003c\/p\u003e \u003cp\u003e19.2.1 Drug Development 290\u003c\/p\u003e \u003cp\u003e19.2.2 Energy Innovation 293\u003c\/p\u003e \u003cp\u003e19.3 How is R\u0026amp;D Financed? 293\u003c\/p\u003e \u003cp\u003e19.4 Where Do We Go from Here? 298\u003c\/p\u003e \u003cp\u003eSummary 299\u003c\/p\u003e \u003cp\u003eKey Terms 299\u003c\/p\u003e \u003cp\u003eReferences 299\u003c\/p\u003e \u003cp\u003e\u003cb\u003e20 Monte Carlo Simulation 300\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e20.1 Event Trees 300\u003c\/p\u003e \u003cp\u003e20.2 Simulation with Continuous Probability Distributions 304\u003c\/p\u003e \u003cp\u003e20.3 Simulation with Multiple Sources of Uncertainty 313\u003c\/p\u003e \u003cp\u003eSummary 315\u003c\/p\u003e \u003cp\u003eKey Terms 316\u003c\/p\u003e \u003cp\u003eExercises 316\u003c\/p\u003e \u003cp\u003e\u003cb\u003e21 Real Options 317\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e21.1 Decision Trees 317\u003c\/p\u003e \u003cp\u003e21.2 Real Options in R\u0026amp;D 319\u003c\/p\u003e \u003cp\u003e21.3 The Valuation of Real Options 320\u003c\/p\u003e \u003cp\u003e21.4 Risk-Neutral Probabilities 325\u003c\/p\u003e \u003cp\u003e21.5 Drugco Revisited 331\u003c\/p\u003e \u003cp\u003eSummary 333\u003c\/p\u003e \u003cp\u003eKey Terms 333\u003c\/p\u003e \u003cp\u003eExercises 334\u003c\/p\u003e \u003cp\u003e\u003cb\u003e22 Binomial Trees 335\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e22.1 The Black–Scholes Equation, Revisited 335\u003c\/p\u003e \u003cp\u003e22.2 Multiple Strike Prices and Early Exercise 342\u003c\/p\u003e \u003cp\u003e22.3 Dividends 345\u003c\/p\u003e \u003cp\u003eSummary 350\u003c\/p\u003e \u003cp\u003eKey Terms 350\u003c\/p\u003e \u003cp\u003eReferences 350\u003c\/p\u003e \u003cp\u003eExercises 350\u003c\/p\u003e \u003cp\u003e\u003cb\u003e23 Game Theory 351\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e23.1 What is Game Theory? 351\u003c\/p\u003e \u003cp\u003e23.2 Simultaneous Games 354\u003c\/p\u003e \u003cp\u003e23.3 Sequential Games 362\u003c\/p\u003e \u003cp\u003e23.4 Game Theory and Real Options 366\u003c\/p\u003e \u003cp\u003eSummary 370\u003c\/p\u003e \u003cp\u003eKey Terms 370\u003c\/p\u003e \u003cp\u003eExercises 371\u003c\/p\u003e \u003cp\u003e\u003cb\u003e24 R\u0026amp;D Valuation 372\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e24.1 Drug Development 372\u003c\/p\u003e \u003cp\u003e24.2 Energy 381\u003c\/p\u003e \u003cp\u003e24.3 The Forest and the Trees 388\u003c\/p\u003e \u003cp\u003eSummary 389\u003c\/p\u003e \u003cp\u003eReference 389\u003c\/p\u003e \u003cp\u003eExercises 389\u003c\/p\u003e \u003cp\u003eAppendix A Sample Term Sheet A-1\u003c\/p\u003e \u003cp\u003eAppendix B The VCFI Spreadsheets A-14\u003c\/p\u003e \u003cp\u003eAppendix C Guide To Oracle Crystal Ball A-16\u003c\/p\u003e \u003cp\u003eGlossary G-1\u003c\/p\u003e \u003cp\u003eIndex I-1\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eThis third edition of \u003c\/i\u003eVenture Capital and the Finance of Innovation\u003ci\u003e is an excellent successor to Andrew Metrick and Ayako Yasuda's previous edition, which was the gold standard in the area. The book provides many unique features including valuation tools for high-growth firms, and option-pricing based tools for valuing the preferred stock used in venture capital. I highly recommend it to students and scholars alike.\"—\u003c\/i\u003e\u003cb\u003e Franklin Allen, Professor of Finance and Economics, Imperial College London\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003e\"Metrick and Yasuda continue to provide the most comprehensive reference for venture capital. Their treatment of valuation, contracts, and returns is both rigorous and accessible. Every student of the industry should have this book on their shelves.\"—\u003c\/i\u003e\u003cb\u003ePaul Gompers, Eugene Holman Professor of Business Administration, Harvard Business School\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"\u003ci\u003eA new and improved version of my go to book for students, GPs and LPs to learn and understand the fundamentals and nuances of VC investing\u003c\/i\u003e.\"—\u003cb\u003eSteven N. Kaplan, Neubauer Family Professor of Entrepreneurship and Finance, University of Chicago Booth School of Business\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e“\u003ci\u003eIf you want to understand the venture capital industry, this is \u003c\/i\u003ethe\u003ci\u003e book.”\u003c\/i\u003e\u003cb\u003e-Jay R. Ritter, Joseph B. Cordell Eminent Scholar, Warrington College of Business, University of Florida\u003c\/b\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990448816357,"sku":"NP9781119490111","price":107.5,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119490111.jpg?v=1761787873","url":"https:\/\/k12savings.com\/es\/products\/venture-capital-and-the-finance-of-innovation-isbn-9781119490111","provider":"K12savings","version":"1.0","type":"link"}