Instructor(s): Jeffrey MacIntosh
Prerequisites
Business Organizations
Pre-requisites/Co-requisites
Securities Regulation

For graduate students, the course number is LAW2059H.

This course will focus on the challenges of financing start-up and other small technology-based firms. The course will cover at least the following topics:

  • The sources of capital typically available to start-up (and other small) technology firms;
  • Why bank financing is not usually available;
  • The stages of development of startup firms (e.g. seed, startup, etc.);
  • Angel financing;
  • Venture capital financing;
  • How venture capital in Canada compares to venture capital in other countries;
  • Legal documentation for a typical venture capital deal, including the term sheet, subscription agreement, and shareholders' agreement;
  • The nature of the legal agreements binding venture fund investors and the venture capital fund managers;
  • Venture capital "exits" (the means by which venture capitalists harvest their investments and move on to other investments), with a particular focus on initial public offerings and strategic acquisitions by larger firms; and
  • Government assistance for startups and other small technology firms, both in Canada and elsewhere.

The course will involve visits by a significant number of market actors, including venture capitalists, lawyers, investment bankers, and others. The practical perspective furnished by these visitors will be counterpointed by an academic analysis of various aspects of the venture capital industry, from the viewpoint of the financial economist.

Evaluation
A paper of approximately 6500-7000 words in length.
Academic year
2019 - 2020

At a Glance

Second Term
Credits
3
Hours
2
Perspective course

Enrolment

Maximum
30

23 JD
7 LLM/SJD/MSL/NDEGS/SJD U

Schedule

M: 2:10 - 4:00