Financing the Small Technology Firm (LAW216H1S)

This course will focus on the challenges of start-up and other small technology firms, and will cover the following topics:

• Early stage sources of capital including:
  • Founder/family/friends
  • Angel investors
  • Venture Capitalists
  • Crowdfunding
  • Incubators/accelerators
  • Government funding
  • Strategic investors/partners
• Financing options by stage of development
• Why bank financing is not usually available
• Later stage sources of funding including:
  • Private equity
  • Initial public offerings
  • Initial token offerings
  • Specialized debt financiers (e.g. mezzanine and bridge financing)
• How Canadian venture capital compares to venture capital in other countries
• The venture capital term sheet (i.e. the typical terms in the contract between a venture capitalist and investee firm)
• Venture capital exits, with a focus on initial public offerings and sales of the firm to a strategic buyer

The course will involve a significant number of visits by various market actors, including angel investors, venture capitalists, private equity financiers, tech firm lawyers, investment bankers, senior stock exchange personnel, and others.