Belarusian Economic Research and Outreach Center

Open Seminar with Elena Loutskina

Open seminar "Venture Capital Attraction in Start-ups" with Elena Loutskina was held in Minsk on August 25th.

Elena Loutskina, associate professor of business administration, teaches in the Finance area. Her research focuses on the impact of the securitization markets on the financial management of financial and non-financial corporations. She also does research in the area of venture capital and innovation.

Questions of first part of the seminar were: Why should start-ups raise funds through equity not debt? How one should determine how much equity to give up for equity infusion? How do later rounds affect investor returns?
In the second part of the seminar the participants described VC term sheets. In this class participants have discussed different clauses in VC terms sheets and their financial implications for both investors and entrepreneurs.
In the third part of the seminar the talk was about convertible notes which represent a unique structuring of terms in VC financing that allows investors to avoid valuing the firm. Participants have talked about what type of firms should seek converts based funding.

The event was organized in cooperation with Imaguru.