Analisi di Investimento Venture Capital: Come i Venture Capitalists Valutano e Gestiscono gli Investimenti

This thesis provides a comprehensive analysis of the venture capital industry, its history, evolution and its impact on the entrepreneurial and startups ecosystems and its crucial role in economic development. The paper explores the key characteristics of venture capital, including its role as a fundamental source of founding for high-potential startups and its unique investment approach and strategy. By examining the stages of company development and the various founding rounds, the thesis analyzes specifically the different types of venture capital investments and the associated risks and rewards. Furthermore, the organizational structure and operations of venture capital firms are examined, highlighting the roles and responsibilities of general partners, limited partners and the investment team. Venture capitalists recognize the importance of evaluating business model and financial reports of potential investment opportunities. Assessing the business model helps them understand how a venture creates value, its value preposition and mission while analyzing financial reports provides insights into the venture’s financial health, profitability and cash flow management. The thesis examines specifically the four main valuation methodologies employed by venture capitalists when assessing potential investment opportunities, such as discounted cash flow analysis, comparable company analysis and option pricing models, providing also an explanation on how these methodologies are implemented, which steps an investor should follow and how to reach the most accurate prediction outcome. Additionally, the thesis addresses the role of due diligence in valuation and portfolio management, highlighting their importance in mitigating risks and making informed decisions. It explores the process by which venture capitalists conduct comprehensive 3 assessment of potential investment opportunities, including financial analysis, market research and evaluation of the founding team and management. Furthermore, the thesis examines the post-investment activities involved in managing venture capital portfolios. It investigates the role of venture capitalists in providing operational guidance, strategic support and network access to the venture backed startups. The study also explores the exit strategies employed by venture capital firms to realize returns on their investments, such as Initial Public Offering, Acquisitions, secondary market transactions, buybacks and write-offs.