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 ** Section 4 - Venture Capital part 2: Security/ Legal Structures to Protect you and make you more money
 *** [[./mba/ch23.org][Chapter 23. VC History Review]]
+*** [[./mba/ch24.org][Chapter 24. What Investors You Should Target + How Investors do Due Dilligence on You]]
+*** [[./mba/ch25.org][Chapter 25. Security Structures]]
+
+** Section 5 - Investor Valuation Topics and Dilution
+*** [[./mba/ch30.org][Chapter 30. Case Study on How to Deal with VC Firms Investing in Your Company]]
diff --git a/mba/ch23.org b/mba/ch23.org
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 - [[https://www.udemy.com/course/an-entire-mba-in-1-courseaward-winning-business-school-prof/learn/lecture/4282862#overview][S04:L23 - VC History is Crucial to Review]]
 
 * Notes
+
+Venture Capital History
+
+** Cold War
+- fear of Soviet Union Communism led to creation of Venture Capitalism
+- US invested in weapons technologies
+  - database was created by Oracle on behalf of the CIA
+  - GPS for missile technology
+  - Palantir (largers employer in Palo Alto) financed by CIAs VC division
+
+** Peace Movement
+- San Francisco youth rebelled
+  - Berkely
+  - Stanford
+- Stanford got rid of all weapons research
+- Stanford allowed students and teachers to create business models and make money
diff --git a/mba/ch24.org b/mba/ch24.org
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+#+HTML_HEAD: <link rel="stylesheet" type="text/css" href="../../../../_share/media/css/org-mode.css" />
+#+HTML_HEAD: <link rel="stylesheet" type="text/css" href="../_share/media/css/theme-business.css" />
+
+#+title: Section 4 | Lesson 24 - What Investors You Should Target + How Investord do Due Dilligence on You
+
+* Links
+- [[./../mba-main.org][<Back to Main MBA]]
+- [[https://www.udemy.com/course/an-entire-mba-in-1-courseaward-winning-business-school-prof/learn/lecture/4282924#overview][S04:L24 - What Investors You Should Target / Due Dilligence]]
+
+* Notes
+
+** NASA
+Nasa was created to compete with sputnik.
+
+Fairchild was financed by Nasa to figure out how to put transistors into the Apollo rocket.
+
+Fairchild got too big to innovate, and people quit.
+
+These people went on to create other companies
+ - AMD
+ - NVIDIA
+
+** The Process
+1. Founder wants to change the world
+2. The company gets big
+3. The executives either want to change the world or just get a paycheck
+4. If they want a paycheck they won't take risks3
+5. If they want to change the world they can't stand the culture and start their own company
+
+** VC's
+
+- VC's love backing the same executives
+- top VC firms get all the great deals
+- Sequoia is the best investor in CA
+- Most VC's are in the bay area
+- Industry is cyclical
+  - not as bad lately
+  - businsesses are easier to start and run because of all the innovations in software and hardware
+
+** What VC's should you target
+things to know:
+
+1. stage focus
+   - stages are: a, b, c, d, e
+   - waht stage of a business do they prefer to focus on
+   - some businesses focus on earlier stage, some later
+
+2. sector focus
+   - what industries do they tend to work with
+
+3. reputation
+   - NEVER do business with bad people
+   - once they are on your board you are STUCK with them
+
+4. target return date
+   - make sure the company understands where you are focused on getting results
+
+5. are they founder friendly?
+   - do they tend to fire founders?
+   - do they like working with founders?
+   - are they here to help, or here to be a pain in the ass?
+
+6. growth or value?
+   a. growth
+      - growing fast
+      - they dont' care about valuation
+      - good at investing in tech companies
+   b. value
+      - buy low sell high
+      - bad at investing in tech companies
+
+7. do you enjoy their company
+   - you will be spending a LOT of time with them
+   - life is too short to spend on jerks
+
+8. do you trust them?
+   - first 20 min your gut will tell you
+   - trust your gut
+
+** how do VC firms make money: 2 and 20
+  1. 2% annual management fee
+  2. 20% incentive fee
+     - they take 20%
+  3. similar to a hedge fund
+
+** VC legal paperwork
+a. accredited investors
+  - legally recognized by financial authorities as eligible to invest in private markets
+    - venture capital
+    - hedge funds
+    - private equity
+  - based on income, net worth and professional criteria
+  - requirements for an individual
+    - over 200k per year for prev 2 years
+    - net worth exceeding $1 million, excluding priamry residence
+b. offering memorandum
+   - legally documents that everyone has to read
+
+** How does investing in VC work
+a. capital calls
+   - they call you for the capital when they need it
+   - you agree to make an investment
+   - when they need part of it, they will call for part of it
+b. 20% left over to avoid dilution
+   - they avoid using 20% of what you agreed to invest to avoid getting diluted
+
+** How do VC firms get deals?
+a. network
+b. past investments
+c. other VC introduce firms to VC
+   - firms compete and cooperate
+d. work for it
+   - if it seems "super lucky" be skeptical
+e. universities
+   - you meet the guys who are about to do something amazing
+
+** How do VCs do due diligence
+1. analyze competitive market
+2. a report can take up to 400 pages
+   - linked in
+   - call people who know people
+   - size up market and create in depth financial model
+
+** How the deals are structures
+
+all venture capital deals will have one lead investor and a bunch of smaller investors
+
+** Preferred Shares and Harvesting
+
+*** who do we back
+1. strong management team
+   - they know what they are doing, had a good exit
+   - good board of advisors
+   - ok if they failed before
+2. huge tam
+   - (total adjustable market)
+   - should be at least 20 billion usd
+3. strong syndicate
+   - the other investors before you are high quality
+4. disruptive business model
+   - something that will change the world
diff --git a/mba/ch25.org b/mba/ch25.org
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+#+HTML_HEAD: <link rel="stylesheet" type="text/css" href="../../../../_share/media/css/org-mode.css" />
+#+HTML_HEAD: <link rel="stylesheet" type="text/css" href="../_share/media/css/theme-business.css" />
+
+#+title: Section 4 | Lesson 25 - Not Understanding Security Structures can Hurt You
+
+* Links
+- [[./../mba-main.org][<Back to Main MBA]]
+- [[https://www.udemy.com/course/an-entire-mba-in-1-courseaward-winning-business-school-prof/learn/lecture/4311456#overview][S04:L25 - Not Understanding Security Structures Can Hurt You]]
+
+* Notes
+
+Not understanding security structures is a death sentence
+Many great websites that can also help
+
+** common stock
+- lowest of the low
+- last claim on company
+- can be sold to others
+- if you invest in publicly trading company you'll get common
+- employees usually get this
+
+** preferred shares
+- better
+- liquidation preference
+  - in case of bankruptcy get paid first
+- get dividends
+- conversion
+  - at the IPO preferred shares convert to common shares
+  - usually not allowed to sell them for a period of time (6 months)
+
+** rounds
+*** down round
+if you price yourself to high on a particular round, you will not be able to meet that value on the coming round, which means no one will invest in you again.
+
+ at that point you will get diluted
+
+*** up round
+if you price low, then your b series will be at a higher valuation
+
+the venture capitalist that invested in the A round will be allowed to buy enough to give him the same number of shares.
+
+** Convertible debt
+- if the firm that gets the convertible note and can't pay the debt back, it can be converted back into stock for the investor
+  - company needs money between rounds
+  - they go to investor and say hey, gimme money as a loan
+  - if i can't pay back the loan, you get shares at a discount for the next round
+- debt instrument and has senior debt claims over preferred shareholders3
+- if firm can't pay the debt than the convertible debt holder can take the companies stuff
+
+** Warrants
+- an option to get shares later for free if they invest early
+
+** Options
+- call option: the right to BUY shares at a specified price in the future
+- usually given to employees to incentivize them to stay in the company
diff --git a/mba/ch30.org b/mba/ch30.org
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+#+HTML_HEAD: <link rel="stylesheet" type="text/css" href="../../../../_share/media/css/org-mode.css" />
+#+HTML_HEAD: <link rel="stylesheet" type="text/css" href="../_share/media/css/theme-business.css" />
+
+#+title: Section 5 | Lesson 30 - Venture Capital Part 3
+
+* Links
+- [[./../mba-main.org][<Back to Main MBA]]
+- [[https://www.udemy.com/course/an-entire-mba-in-1-courseaward-winning-business-school-prof/learn/lecture/4311466#overview][S05:L30 Venture Capital Part 3]]
+
+* Notes