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Venture Capital: From First Check to Fund Returns

A linear, one-concept-per-lesson path through how venture capital works, from sourcing a deal and structuring a term sheet to fund economics and the power law that drives returns. 35 lessons · 3 tiers.

Prerequisites: No coding or finance background required. Comfortable with basic arithmetic and reading a simple table of numbers is enough.

This course has no code and no API key: every lesson works through mental models, worked numbers, and short scenarios you can follow with a spreadsheet or a pen and paper.

Venture Capital: From First Check to Fund Returns

Beginner

Understanding the bet: what VC does, and how to screen a startup.

  1. 01What Is Venture Capital?
  2. 02The VC Ecosystem
  3. 03The VC Investment Lifecycle
  4. 04Stages of Financing
  5. 05Finding Deal Flow
  6. 06The Investment Thesis in Venture
  7. 07Evaluating the Team
  8. 08Evaluating the Market
  9. 09Evaluating the Product and PMF
  10. 10Traction and Early Metrics
  11. 11Competitive Landscape and Defensibility
  12. 12Checkpoint: Screen a Startup

Intermediate

How a deal is structured: cap tables, term sheets, and the power law behind returns.

  1. 13Cap Tables 101
  2. 14SAFEs and Convertible Notes
  3. 15Priced Rounds and Term Sheets
  4. 16Valuation in Venture
  5. 17Dilution Across Rounds
  6. 18Liquidation Preferences and Pro-Rata Rights
  7. 19Board Seats and Governance
  8. 20Ownership Targets and Check Sizing
  9. 21The Power Law
  10. 22Fund Construction and Reserves
  11. 23Follow-On Strategy
  12. 24Checkpoint: Structure a Term Sheet

Advanced

Running the fund: economics, LPs, portfolio construction, and exit.

  1. 25Fund Economics
  2. 26LP Relations and Fundraising a Fund
  3. 27Portfolio Construction
  4. 28Board Value-Add Beyond Capital
  5. 29Signaling Risk and Down Rounds
  6. 30Bridge Rounds and Runway Extensions
  7. 31Secondary Sales and Liquidity
  8. 32Exit Paths: M&A vs. IPO
  9. 33Portfolio Monitoring and Reserve Reallocation
  10. 34AI for VC
  11. 35Capstone: The VC Investment Committee Memo
Start at Lesson 1

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