An invaluable resource for current and aspiring technology investors, Venture Capital and the Finance of Innovation provides an in-depth understanding of the tools and models needed to succeed in this competitive and highly fluid business environment. Building on a comprehensive introduction to fundamental financial and investment principles, the text guides the reader toward a robust skill set using enterprise valuation and preferred stock valuation models, risk and reward, strategic finance, and other concepts central to any venture capital and growth equity investment. Two features of the book stand out from other sources on the subject. First, it pays special attention to the enterprise valuation methodology for high-growth companies. What drives the value of a company that has little physical assets, losing money now but has a small chance of achieving great success in several years? How do you create estimates for sales, profit and return on capital when little data is available? The book answers these questions using a discounted cash flow model that is tailor-made for technology companies (DCF.xlsx downloadable from the instructor website), and the comparables model. Second, it highlights the most valuation-relevant feature of VC term sheets, namely the use of convertible preferred stock. The book shows the reader how to use a user-friendly and automated valuation model of VC preferred stock (available at www.vcvtools.com) to value various types of preferred stock and to visualize how term sheets split the values of the firm between entrepreneurs and VCs. Accessible, comprehensive, and assuming only basic knowledge of venture capital, this text offers essential guidance for successful VC and growth equity investing in any market.
Recent years have seen a surge of interest in Japanese feminism and gender history. This new volume brings to light Japan's feminist public sphere, a discursive space in which academic, journalistic, and political voices have long met and sparred over issues that remain controversial to the present day: prostitution, pornography, reproductive rights, the balance between motherhood and paid work, relationships between individual, family, and state. Japanese Feminist Debates: A Century of Contention on Sex, Love, and Labor contributes to this discussion in a number of unique ways. The book is organized around intellectually and politically charged debates, including important recent developments in state feminism and the conservative backlash against it, spearheaded by the current prime minister, Abe Shinzō. Focusing on essential questions that have yet to be resolved, Ayako Kano traces the emergence and development of these controversies in relation to social, cultural, intellectual, and political history. Her focus on the " rondan"—the Japanese intellectual public sphere—allows her to show how disputes taking place therein interacted with both popular culture and policy making. Kano argues that these feminist debates explain an important paradox: why Japan is such a highly developed modern nation yet ranks dismally low in gender equality. Part of the answer lies in the contested definitions of gender equality and women's liberation, and this book traces these contentions over the course of modern Japanese history. It also situates these debates in relation to modern Japanese social policy and comparative discussions about welfare regimes. By covering an entire century, Japanese Feminist Debates is able to trace the origins and development of feminist consciousness from the late nineteenth century to the present day. Based on over a decade of research, this wide-ranging, lively, up-to-date book will both spark discussion among specialists grappling with long-enduring subjects of intellectual debate and animate undergraduate and graduate classrooms on modern Japanese women's history and gender studies.
Scatterbrained Takara Takarada is an undiscovered genius actor who fully embodies every character he's cast as, delivering unforgettable performance after performance onstage. But this genius can only be brought forth by his best friend and fellow actor, Yuuji Kamojima, who cares for Takara even as he envies him for his innate talent. When it takes the two of them together to bring a character to life, what will happen when Takara is scouted away from their small-time theater troupe and thrust into the new world of television instead? Can Takara survive without Yuuji's guidance... and how does Yuuji respond to being left behind?
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