Andrew Metrick

An invaluable resource for current and aspiring technology investors, Venture Capital and the Finance of Innovation provides 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. Two 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 www.vcvtools.com) to value various types of preferred stock and to visualize how term sheets split the values of the firm between entrepreneurs and VCs. Accessible, comprehensive, and assuming only basic knowledge of venture capital, this text offers essential guidance for successful VC and growth equity investing in any market.

Operations in littoral waters present numerous challenges for modern navies, challenges that are especially acute in the waters of the Baltic Sea and around Northern Europe. Russia’s increasing menace above, on, and under the waves—combined with its deployment of new and upgraded maritime capabilities and considerable commercial and civilian activity in the region—calls for enhanced vigilance from the United States and its allies and partners. This report explores the changing nature of maritime domain awareness (MDA) in the Baltic Sea and Norwegian Sea and offers recommendations for establishing effective MDA in these basins. Ultimately, the challenges in these regions necessitate multilateral, networked, and cost-effective solutions that leverage advancing technology and enhanced operational concepts.

The U.S.-India relationship has fluctuated from mutual suspicion to the current high-water mark of cooperation embodied in the seemingly close relationship between U.S. president Barack Obama and Indian prime minister Narendra Modi. This study seeks to identify the opportunities to deepen security cooperation between the two counties, while ensuring continued effort to reduce the obstacles and impediments in each system to working with the other.

In this report, the CSIS International Security Program analyzes Russian undersea intentions and capabilities in the near to mid-term and the ability of NATO and partner nations to respond effectively. The assessment identifies gaps in current Western organizations, capabilities, and posture and offers recommendations as to how NATO and partner nations can meet the Russian challenge in the undersea domain.

Investments in amphibious capabilities by U.S. partners and allies in the Asia Pacific is altering the range of capabilities available in that region. It is also changing the types and frequency of exercises partner nations seek to undertake with the U.S. Navy and Marine Corps team. This study examines ally- and partner-nation investments in amphibious capabilities, how those capabilities will impact demand for U.S. forces, and the range of U.S. amphibious fleet composites to meet the changing demand.