"From Concept to Wall Street"  (Prentice Hall-Financial Times, 2002)

 "From Concept to Wall Street" is the first book on venture development and venture capital to reflect the radical transformations in capital markets, and their impact on ventures creation and development. It covers all the key topics required for the successful launch of a venture, whatever your industry, whatever your role. It is applicable to every venture, be it a corporate venture or an independent startup, and from any industry, be it electronics, hardware, software, information technology, telecom, biotech or medical devices. For executives and entrepreneurs, it covers every step from idea to exit: planning, teambuilding, protecting intellectual capital, identifying funding sources, raising money, writing funding agreements, and managing through to IPO or M&A. For venture capitalists, investment bankers, and angels, it offers comprehensive guidance for valuing potential companies and guiding them towards success. The book begins with detailed guidance on the venture process: evaluating ideas, assembling initial teams, establishing companies, defining strategies, recruiting key employees, extracting value from intellectual property, and more. It contains a review of the startup's cash requirements and potential sources of capital, and walk through the process of capital-raising, with a close look at valuation, and the typical contractual arrangements between funders and entrepreneurs. The book also details the different types of venture capital entities and institutions and their method of operation, ranging from VC funds, corporate ventures to angels; then presents in-depth coverage of IPOs, M&As, restructurings, and even dissolution of failed enterprises.

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 "Start-Ups and Venture Capital Investing" , Tel Aviv University Press (2001)

The growth of the High-Tech and of the Venture Capital industries created a need for a comprehensive yet practical book to address the needs of those involved or interested in these interrelated industries. The book takes a methodological approach in covering all aspects associated with the industry, both from the startup side, as well as from the investors' side. We follow the life cycle of the startup, from the idea phase, through capital raising and up to public offering or acquisition. We describe the various investors in the industry and how they interact with the startups. The book examines all the types of investors involved in the industry, their structure and their investment methods. The book focuses on venture capital investment in High-Tech start up firms.

Introduction to the Art of Venture Valuation -  (E-Seminar of Columbia Interactive)

For the valuation of publicly traded companies, the market price of similar companies can provide a reference point. The valuation of private companies, and particularly early-stage technology companies or projects, is more complicated. In this e-seminar, Professor Fuerst of Columbia Business School discusses the main methods of valuation and highlights some of the adjustments that are typically necessary for technology-related companies. Using case studies, the e-seminar features a step-by-step approach to illustrate valuation methods and includes financial problems for students to solve online.

The concepts and techniques explored in this e-seminar include the basic multiples method; the venture-capital method based on multiples; methods for discounting cash flow, including the adjusted-residual-income model; the relevance of different types of investors on valuations; and the impact that the discount rate has on the estimated value of a private company. Financial problems, supported by spreadsheet data, are presented to demonstrate these concepts and methods.