TECHCOMM 2003 - New Venture Finance

North Terrace Campus - Semester 1 - 2014

The aim of this course is to enable students from a variety of backgrounds to understand how new ventures obtain and manage finance. The knowledge learnt will enable students to plan, execute, and monitor a financial plan for a new venture, no matter whether this is in the context of a new business or in an existing organisation. This course covers the financial planning process; financial reports; sensitivity analysis; sources of finance; types of finance; innovation in the finance markets; applicability of different finances to entrepreneurship.

  • General Course Information
    Course Details
    Course Code TECHCOMM 2003
    Course New Venture Finance
    Coordinating Unit Entrepreneurship, Commercialisation & Innov Centre
    Term Semester 1
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact Up to 36 hours
    Course Description The aim of this course is to enable students from a variety of backgrounds to understand how new ventures obtain and manage finance. The knowledge learnt will enable students to plan, execute, and monitor a financial plan for a new venture, no matter whether this is in the context of a new business or in an existing organisation. This course covers the financial planning process; financial reports; sensitivity analysis; sources of finance; types of finance; innovation in the finance markets; applicability of different finances to entrepreneurship.
    Course Staff

    Course Coordinator: Dr Gary Hancock

    Name: Remco Marcelis

    Short Bio:
    Remco is a virtual Chief Financial Officer (vCFO) experienced in venture capital.
    Passionate about growing successful sustainable businesses, Remco is interested in startups that disrupt the status quo, digital health and bitcoin’s potential in facilitating international payments.

    Remco is a seasoned CFO/COO who has worked with entrepreneurial technology/cleantech businesses for the last 10 years, preceded by 4 years in venture capital (raising and investing nearly $40 million) and 10 years working with multinational management consulting/IT services companies. He has a strong background in inspiring and managing teams, coupled with innovative use of technology to drive improvements through all areas of business.

    His career combines personal experience in his own start-ups, managing meteoric growth in a successful media company, a mobile App company and an early stage climate change company. His venture capital experience included 20 early stage investments. His career was grounded with management consulting and IT services experience with Accenture, PricewaterhouseCoopers and EDS. This real-life experience has been rounded out with an advanced MBA degree from the University of Adelaide, graduate of the Institute of Company Directors, Foundations in Venture Capital and courses through the Financial Services Institute of Australasia (FINSIA).

    Remco provides his virtual CFO services under the Virtuosity umbrella. www.vcfo.com.au

    Email: remco@marcelis.com.au  

    Phone: 0400 474 228

    LinkedIn: www.linkedin.com/in/remcomarcelis

    Twitter: @MarcelisRemco
    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

    Opening intensive:
    Monday 14th, Tuesday 15th & Wednesday 16th April
    9am-4pm
    5.01, Level 5, Nexus 10

    Closing intensive:
    Monday 19th, Tuesday 20th & Wednesday 21st May
    9am-4pm
    5.01, Level 5, Nexus 10
  • Learning Outcomes
    Course Learning Outcomes
    1 The keys financial considerations to be considered when launching a new venture
    2 The Lean Startup principles as an approach for focusing when exploring if and how to commence a new venture
    3 Introduction to the Business Model Canvas to map out a new venture’s business operating model
    4 Understanding the role and type of metrics to be used when building and running a new venture
    5 How to build a robust, believe financial model that reflects a new venture’s growth plans
    6 Understanding the possible Sources of Finance to support the growing business
    7 An introduction to key concepts in Venture Capital
    8 The practical financial and operational aspects of establishing and running a business
    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. 1,2,5,6,7
    The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 2,3,6
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 3
    Skills of a high order in interpersonal understanding, teamwork and communication. 3,5
    A proficiency in the appropriate use of contemporary technologies. 2-5
    A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. 3,8
    A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 7
    An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 1,3
  • Learning Resources
    Required Resources
    No textbook required

    The following readings will be made available through MyUni:

    BRW Magazine, 11 reasons why now is the right time to become an entrepreneur

    Gross, Bill, The Start-Up Factory

    Bhide, Amad The Questions Every Entrepreneur Must Answer in The Entrepreneurial Venture pg 65

    Blank, Steve Why the Lean Startup Changes Everything Harvard Business Review 
    Recommended Resources
    There is a wide range of material on the lean startup movement and venture capital. The following provides some additional reading guidance if you are interested in reading further on the topic.

    A key resource for more information on the Lean Start-up methodology and business model generation is the website from the “founder” of the Lean Startup movement, Steve Blank.

    http://steveblank.com

    Note in particular, the recommended books listed here:

    http://steveblank.com/books-for-startups/  

    A couple of the key foundational texts are:

    Blank, Steve. The Start-Up Owners Manual. K & S Ranch; (March 1, 2012)

    Osterwalder, Alexander. Business Model Generation Wiley; (July 13, 2010)

    Reis, Eric. The Lean Startup Crown Business (September 13, 2011)

    Mayura, Ash, Running Lean: Iterate from Plan A to a Plan That Works O'Reilly Media; 2 edition (March 6, 2012)

    Feld, Brad and Mendelson, Jason. Venture Deals: Be Smarter than your Lawyer and Venture Capitalist Wiley; 1 edition (August 2, 2011)
    Online Learning
    MyUni is the University of Adelaide's online learning environment. It is used to support traditional face-to-face lectures, tutorials and workshops at the University. MyUni provides access to various features including announcements, course materials, discussion boards and assessments for each online course of study (see: https://myuni.adelaide.edu.au)
  • Learning & Teaching Activities
    Learning & Teaching Modes
    This course is offered in blended learning mode with the face-to-face component offered as intensives.
    Workload

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    As a guide, a 3 unit course comprises a total of 156 hours work (this includes face-to-face contact, any online components, and self directed study).
    Learning Activities Summary
    Intensive Date Readings and Activities                                                      
     Intensive 1
    14Apr14- 16Apr14
     Day 1: 14 Apr 2014



    1. Introduction (LEARNING)
    Readings:
    1.1. BRW Magazine, 11 reasons why now is the right time to become an entrepreneur
    1.2. Bill Gross, The Start-Up Factory
    1.3. Amad Bhide, The Questions Every Entrepreneur Must Answer

    Activities:
    Activity 1.1.1 (T): Course expectations (TEAM)
    Activity 1.1.2: Your motivations, Your Idea (INDIVIDUAL)

    2. Lean Startup (LEARNING)
    Readings:
    2.1. Steve Blank, Why the Lean Startup changes everything

    Activities:
    Activity 1.2.1: Lean Startup Foundations (INDIVIDUAL)

    3. Business Model Canvas (LEARNING)
    Readings:
    None – class slides

    Activities:
    Activity 1.3.1: Business Model Canvas Foundations (INDIVIDUAL)

    4. Business Model Canvas (ACTIVITY)
    Readings:
    None – class slides
    Activities:
    Activity 1.4.1: Business Model Canvas Activity (TEAM)

     Day 2: 15 Apr 2014

    1. Revenue Model (LEARNING)
    Readings:
    None – class slides

    Activities:
    Activity 2.1.1: Revenue Model Foundations (INDIVIDUAL)

    2. Revenue Model (ACTIVITY)
    Readings:
    None – class slides
    Activities:
    Activity 2.2.1: Revenue Model Activity (TEAM)

    3. Resources & Costs (LEARNING)
    Readings:
    None – class slides

    Activities:
    Activity 2.3.1: Resources & Costs Foundations (INDIVIDUAL)

    4. Metrics (LEARNING)
    Readings:
    None – class slides

    Activities:
    Activity 2.4.1: Metric Foundations (INDIVIDUAL)

    Day 3: 16 Apr 2014

    1. Financial Statement foundations (LEARNING)
    Readings:
    None – class slides

    Activities:
    Activity 3.1.1: Financial Statement foundations (INDIVIDUAL)
    Activity 3.1.2: Financial Statement actvity (TEAM)

    2. Revenue Forecasting (LEARNING)
    Readings:
    None – class slides

    Activities:
    Activity 3.2.1: Revenue forecating foundations (INDIVIDUAL)
    Activity 3.2.2: revenue forecasting examples (TEAM)

    3. Expense Forecasting (LEARNING)
    Readings:
    None – class slides

    Activities:
    Activity 3.3.1: Expense Forecasting foundations (INDIVIDUAL)
    Activity 3.3.2: Break even actvity (INDIVIDUAL)

    4. Financial Statement foundations (LEARNING)
    Readings:
    None – class slides

    Activities:
    None – class slides
    Intensive 2 to be advised
     
    Specific Course Requirements
    For each of the activities list below, please refer to the accompanying Activity Worksheets.
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary

    An overview of the course assessment appears in the following Table. Details appear in the following section:

    #AssessmentLengthWeightingDue DateLearning Outcomes
    1

    Business Model development (INDIVIDUAL)
    1500 words 20% See MyUni 2-3
    2 Development of a Financial Model (GROUP) N/A 30% See MyUni 5
    3

    Exam
    take home exam 30% See MyUni 1-8
    4 Individual Participation and Group Contribution course duration 20% See MyUni 1-8
    Total 100%
    Assessment Related Requirements
    Students must complete all course assessment requirements and must attend lectures to be eligible to pass the course.

    Course results are subject to moderation by the ECIC Board of Examiners
    Assessment Detail
    Assessment 1: Business Model development (INDIVIDUAL)
    Weighting: 20%
    Submission Details: Online through MyUni

    Task:
    Pick a business idea of your own. Prepare an Executive Summary of the idea along with a Business Model Canvas.

    Length and Presentation:
    This assignment will assess your understanding of the topics presented, discussed and/or applied over days 1 and 2 of the course.


    Criteria by which your assessment will be marked:
    Will be provided by the lecturer in class.


    Assessment 2: Development of a Financial Model (GROUP
    Weighting: 30%
    Submission Details: Online through MyUni

    Task:
    From the case you have been allocated as a team, build a financial model that best potrays a likely financial projection for the new venture. Particular attention will be paid to the robustness and validity of the assumptions that underpin your projections.

    Each member of the group will receive the mark that is awarded to the assessment. Therefore, it is important that a plan is developed for the tasks of researching and writing of the report.

    Length and Presentation:
    This assignment will assess your understanding of the topics presented, discussed and/or applied over day 3 of the course.

    Criteria by which your assessment will be marked:
    Will be provided by the lecturer in class.


    Assessment 3: Take Home Exam (INDIVIDUAL)
    Weighting: 30%
    Submission Details: Online through MyUni

    Task:
    The take-home exam will be provided in the last lecture, and will contain questions derived from the lectures and readings. Further details will be provided during the last lecture.

    Length and Presentation:
    This assignment will assess your understanding of the topics presented, discussed and/or applied over days 4-6 of the course.

    Criteria by which your assessment will be marked:
    Will be provided by the lecturer in class.

    Assessment 4: Individual Participation and Group Contribution
    Weighting: 20%
    Due Date: Ongoing

    Task:
    To fully particpate in all individual and group tasks and activities throughout the duration of the course. Particiaption will be evaluated based on students’ preparedness, interaction, and in-class work (whole class and group work).

    Scope:
    This assessment will assess understanding of the course content presented and discussed throughout days 1 to 6 of the course.

    Criteria by which your assessment will be marked:
    Will be provided by the lecturer in class.
     
    Submission
    All text based assignments must be submitted via MyUni.
    Please refer to step by step instructions: http://www.adelaide.edu.au/myuni/tutorials/files/AssignmentStudentSubmission.pdf

    There are a few points to note about the submission of assignments:
    • Assignment Submission:  Assignments should not be emailed to the instructor; they must be lodged via the MyUni Course site (unless specified to do both). Note that assignments may be processed via TURNITIN, which is an online plagiarism prevention tool.
    • Cover Sheet:  Please submit, separate to your assignment, the completed University of Adelaide Assessment Cover Sheet providing details of yourself and your team members (if applicable), your assignment, the course, date submitted, etc. as well as the declaration signed by you that this is your (your team’s) work.  Note that the declaration on any electronically submitted assignment will be deemed to have the same authority as a signed declaration.
    • Backup Copy of Assignments:  You are advised to keep a copy of your assignments in case the submitted copy goes missing.  Please ensure that all assignment pages are numbered. If your assignment contains confidential information, you should discuss any concerns with the Course Lecturer prior to submission.
    • Extensions of Time:  Any request for an extension of time for the submission of an assignment should be made well before the due date of the assignment to the Course Lecturer.  Normally, extensions will only be granted for a maximum of two weeks from the original assignment submission date.  Extensions will only be granted in cases of genuine extenuating circumstances and proof, such as a doctor’s certificate, may be required.
    • Failure to submit: Failure to submit an assignment on time or by the agreed extension deadline may result in penalties and may incur a fail grade.  Note that a late penalty of 5% of the total available marks for that assessment item will be incurred each day an assignment is handed in late (Unless otherwise stated in 'Assessment Related Requirements' or 'Assessment Detail' above) Assignments handed in after 14 days from the due submission date will fail even if a 100% mark is granted for the work.
    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

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    SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.

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