Termsheet - Structuring investments in  early-stage technology companies

What is it?

This workshop will look into the legal and financial  issues that business angels face when they invest in technology start-ups. It will highlight the main considerations when negotiating with the founders  and co- investors. It will include key legal documents for an investment,  objectives for structuring a deal, most important terms in a shareholder agreement.  We will also discuss how to use standardized term sheets such as SECA in order to facilitate syndication among different  Business Angel networks and institutional investors (VCs).

It will focus on practical implications; several cases and practical exercise are included in the program.  In order to enhance interactions we will only accept a limited number of participants. The training will be completed by a networking event with start-ups and their boards.

Why should you attend?

This intensive master class focuses on best practices and operational aspects, it aims to provide the answers to very practical questions and issues as well as improve your day-to-day operations. The limited group size allow participants to raise questions and discuss issues with peers and specialists It also provide a unique networking opportunity with peers from all over Switzerland. 

Who should attend?

Business Angels  who are about to participate to investments.  Lead investors who have been negotiating investments  will also benefit from experience sharing with peers during the course.

Speakers in Zurich 26.3.2013    09:00-1230             

Dr. Christian Wenger, Wenger&Vieli, Chairman CTI Invest
Dr. Beat Speck, Wenger&Vieli
JP Vuilleumier, CTI-Invest

Speakers in Lausanne 22.5.2013    14:00-17:30             

Michel Jaccard, id est
Colin Turner, Greeentek Ventures
Balz Roth, Go Beyond
Claude Florin, A3 Angels

Workshop Content

Participants will receive the following material

• Hand-outs covering some  reference material
• Pre-reading governance guidelines documents  and case studies
• Recommended bibliography

Key issues 

• Timeline and steps of negotiation
  • Key objectives of investors and entrepreneurs
  • Fall-out reasons of negotiations
  • Term sheet : key issues and objectives
  • Financing milestones
• Key Legal documents
  • Shareholder Agreements
  • Bylaws, articles of association
• Types of equity finance
  • Convertible loans
  • Equity
  • Warrants, options
• Term sheets clauses
  • Ratchets,
  • Anti-dilution
  • Tag exit clauses
  • Use SECA standardized term sheets
• Co-investment structure :
  • Individual accredited investor investments,
  • Personal implications of an investment.
  • Fiduciary syndication of investors
  • Crowd funding  investments
  • Syndication  among VCs
  • VC structures ( limited partnerships and corporate structures ( evergreen funds).