MS&E 276: Entrepreneurial Management and Finance
Syllabus for Spring Quarter 2010 @ Stanford University (Revised June 1, 2010)
Introduction
Teaching Team:
 Professor Tom Byers, 417 Terman, tbyers@stanford.edu
 Professor Phil Lin, 453A Terman, pcylin@stanford.edu
 Emily Cox (course assistant), 425 Terman, emilycox@stanford.edu
Key Logistics:
 Time: Wednesdays at 1:15-3:05PM plus 3 required ETL seminars at 4:30-5:30PM; several
brown bag lunches at Noon-1PM are optional.
 Location: Wallenberg Hall Learning Theatre (Room 124)
 Credit: 3 units (letter grade only)
 Enrollment: limited to 40 students; student must signup on Axess and attend first class;
students should have a contingency plan if unfortunately not admitted for this course
 Prerequisites: MS&E 140/240 and ENGR 60 (or equivalents)
 Coursework site: http://mse276.stanford.edu
 HBS Online site (cases): http://cb.hbsp.harvard.edu/cb/access/5688216
 Collection of video clips on ECorner: http://ecorner.stanford.edu/userFavorites.html?uid=63
Axess/Bulletin Description: For graduate students only with a preference for engineering and
science majors. Emphasis on managing high-growth ventures, especially those based on technology
products and services. Students develop a set of skills and approaches to become effective
entrepreneurial managers. Topics include turning opportunities into reality, raising capital and
financial management, venture operations and organizational administration, and handling growth
and adversity.
Rationale and Objectives
Even during vibrant economic times, early-stage companies exist in an environment of extreme risk.
The majority of new enterprises fail within their first 4 years of existence because they run out of
financing, make poor decisions with respect to “people” issues, or fail to adjust their business
models. Certain sectors, like those based on technology products and services, have among the
highest failure rates. In difficult economic times, the risk of failure is arguably even greater. Yet
entrepreneurs, and the investment and other professionals that finance and service these companies,
still have the potential for tremendous reward, both economic and psychological. This outcome
happens only if they are successful at identifying, financing, and building prosperous startups.
Historically, financial returns are not evenly distributed among startups and while the vast majority
of them eventually fail, those that succeed tend to deliver extraordinary profits. As an extreme
manifestation of the 80/20 rule in certain years, nearly 100% of the profits from investing in a startup
can be attributed to less than 10% of the startups. And while some entrepreneurs are discouraged by
the present state of the economy, others note that many of today's iconic technology companies were
formed in difficult economic times.
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This course offers the theoretical tools and practical knowledge necessary for managers and
financiers of startups to make smart operational and financing decisions in the context of such highrisk, high-reward environments. The course starts with sessions regarding managing operations (e.g.,
business model and organizational issues) and then moves into managing investment and cash flow.
It is best suited to those students who wish to understand the unique issues related to managing an
early-stage enterprise with the potential for high growth and scale. It is suitable for anyone interested
in entrepreneurial opportunities, early-stage private equity (particularly venture capital), or firms
servicing entrepreneurs, startups, or venture capital and private equity firms (e.g., consultants,
accountants, bankers, and lawyers). This course will cover topics that span different geographies and
industries, but with an emphasis on technology-intensive ventures (e.g., information technology, life
sciences and medical technology, and clean/green technology).
The course is intense and fast-paced, with basic accounting and finance knowledge necessary as
prerequisites. Students seeking an introductory course on entrepreneurship and business are urged to
seek alternatives from other MS&E, Economics, and GSB offerings. Please refer to the Stanford
Technology Ventures Program website’s listing of courses in entrepreneurship.
Format
This course aims to provide students with the following skills related to entrepreneurial
management, operations, and finance.
I.
A solid theoretical understanding gained from:
1.
2.
3.
II.
Applied skills developed from analysis of:
1.
2.
3.
III.
Standard lecture format
Readings
Classroom discussion
Written case studies
A field trip and role-play experience with a venture capitalist
Problem set exercises
Real-world perspectives gleaned from practitioners in following areas:
1.
2.
3.
The entrepreneur
The venture capitalist
The advisor
Most classes will consist of a mix of lecture format and active discussions centered on case studies
or exercises. It is also expected that students will learn from each other through a highly interactive
environment that emphasizes class participation (both questions and comments). In some sessions,
students may also be asked to a small group presentation (based on an analysis of a case study).
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Course Requirements and Evaluation
Attendance at all 10 regular sessions on Wednesdays is mandatory. In addition, 3 specific
Entrepreneurial Thought Leader (ETL) seminars are required in person (Wednesdays) or via online.
Grading for this course will be based on:





Active participation including discussions in class or online, overall engagement and passion,
and attendance and punctuality (e.g., no more than one regular session can be missed for any
reason whatsoever): 20%
8 weekly team or individual email assignments (either case studies or exercises): 40%
Special VC field-trip and case study report: 20%
Closing presentations with written summary by each team: 20%
Extra credit: attendance and engagement at brown bag lunches with expert practitioners
The nature of this course and the material requires substantial preparation and active involvement by
the entire class in order to maximize the learning experience. Class participation and attendance is
vital. Moreover, students are strongly advised not to take this class if there is a possibility of missing
more than one regular session, which will result in a decrease in the course grade. The method of
teaching is often Socratic and students will be randomly called on in class and should come to each
class prepared to lead the opening discussion of the case or reading and vigorously debate their
points of view. In order to facilitate this, each case or in-class exercise is supplemented by study
questions and an email assignment.
Course Materials and the Case Method
Course materials include via one required book (Getting to Plan B by John Mullins and Randy
Komisar, Harvard Business Press, 2009) and specific case studies that can be purchased from the
course site at HBS Online. Articles and notes in this syllabus with an asterisk (*) are available via
the Stanford library system. Otherwise, please follow the links or find the materials posted on our
CourseWork site.
We have created a special collection of video clips on Stanford’s Entrepreneurship Corner
maintained by the Stanford Technology Ventures Program. Click here and enjoy the insights from
entrepreneurs, CEO, venture capitalists, authors, educators, and others.
Additional books and articles will also be suggested for supplemental reading and background.
These include the following books on reserve at Terman Library and for purchase at the bookstore or
online:
1. The Technology Ventures textbook by Tom Byers, Dick Dorf, and Andrew Nelson (3rd edition,
McGraw-Hill) is recommended as a general reference on technology entrepreneurship, especially
Chapters 3, 7, 12, 13, 18, and 19. Available at Amazon in hardcopy or online at CourseSmart here.
2. The Future of Finance: How Private Equity and Venture Capital Will Shape the Global Economy
by Dan Schwartz is a 2010 publication with material especially relevant to the last half of the course.
3. We also recommend Analysis for Financial Management by Robert Higgins (9th edition, McGrawHill) as a terrific finance textbook, especially Chapters 1 and 9.
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4. The Entrepreneurs Guide to Business Law by Bagley and Dauchy (3rd edition, Thompson) is a
leading reference book for legal issues and entrepreneurship.
Regarding all of the case studies, it is vital to not research or read any additional outside information
as it pertains to the companies covered in the materials. Read and prepare cases based only on the
information we provide. While "hindsight is 20/20", our purpose is not to simply "arrive at the right
answer" but to understand the process of how to get there through evaluating the protagonist’s
perspective at the time the case was written. For students new to the case method, please review
these excellent tips from Fred Gibbons.
Special VC Field Trip and Case Study
During the last half of May (with the written “trip report” assignment due by June 1), teams should
visit their assigned VC partner(s) at a venture capital firm to present their pitch for funding the
startup in the case. Contact the VC in April in order to make the appointment way in advance …
schedules fill quickly.
The teams should incorporate what we have learned throughout the term and, using the materials in
the case study, prepare a slide deck to pitch the company to their assigned VC. In particular, it
would be wise to review Sahlman’s article, and to think through the economics in the business. It is
recommended that you limit the slide deck to less than 15 slides. All members of the team must be
actively engaged in the preparation of the pitch, although it is up to the team’s discretion as to how
many of you actually have a speaking role during the meeting itself. Total time allotted is 45
minutes, although you should leave enough time within the 45 minutes for Q&A. Leave any
remaining time for feedback and debriefing with the VC(s) regarding the assignment.
Case: Stefanos Zenios and Joshua Spitzer, EndoNav, Stanford GSB Case E214.
Reading:
1. *William Sahlman, How to Write a Great Business Plan, Harvard Business Review, July-August,
1997, HBS #97409.
2. Browse the content and watch the videos from the “Venture Capital Teaching Guide” at
Stanford’s ECorner site here: http://ecorner.stanford.edu/teachingGuide/venture_capital/1/.
3. Recommended: Byers, Dorf, and Nelson, “Technology Ventures: From Idea to Enterprise”,
Chapter 7 and 19.
Individual Assignment: Submit a one to two-page “trip” report after completion of this exercise in
hardcopy at the class session on June 2. Among other things, discuss:
1.
2.
3.
4.
5.
What were your expectations prior to meeting?
What went well at the meeting? What did not go so well?
What were the surprises or what was different from your expectations?
What would you do differently the next time you pitch to a VC?
What else did you learn from this exercise?
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Session Descriptions
Session 1 – March 31: Course introduction (Byers)
We introduce the instructors and objectives for this course including how it fits with other
entrepreneurship courses at Stanford University. Then we will give an overview of the sessions and
what is expected of each student. After a break, those remaining students will be asked to complete a
short “information” form to assist us in picking a set of students for the course (if necessary).
Readings:
1. *Malcolm Gladwell, Annals of Business, The Sure Thing, The New Yorker, 1/18/10.
2. *Noam Wasserman, Planning a Start-Up? Seize the Day …, Forethought Entrepreneurship,
Harvard Business Review, January 2008, F0901H.
3. Tom Byers, Top 10 Elements of Technology Entrepreneurship for High-Growth Innovation
4. Byers, Dorf, and Nelson, “Technology Ventures: From Idea to Enterprise”, Preface and Chapter 1.
5. We have created a special collection of video clips on Stanford’s Entrepreneurship Corner
maintained by the Stanford Technology Ventures Program. Click here and enjoy the insights from
entrepreneurs, CEO, venture capitalists, authors, educators, and others.
Individual Assignment: Attendance at first class. Final class list will be posted by Noon on April
1. Students must confirm participation in course by replying to the course assistant, Emily Cox, by
Noon on Friday, April 2. At that time, the waiting list will be cleared for any remaining spots in the
course. All students are urged to have a contingency plan in case they do not gain admittance. Visit
the STVP site for a listing of courses related to entrepreneurship and innovation.
Session 2 – April 7: Developing and managing business models (Byers and Steve Blank)
In this session, we offer a new definition of why startups exist: a startup is an organization formed to
search for a repeatable and scalable business model. We also examine how business models differ
between technology industry sectors.
What is a business model? A business model describes how a firm or enterprise creates, delivers and
captures value. In plain English, a business model describes how the firm makes money. Depending
on the metrics for success and sector, this could also be how firms get users or grow traffic. As a
diagram, the business model shows all the flows between the different parts of the firm. An
effective business model diagram also shows how the product gets distributed to customers and how
money flows back into the firm. In addition, it shows the venture’s cost structures, how each
department interacts with the others, and where the firm fits with other firms or partners. While this
is a mouthful, it is a lot easier to draw.
Many people have been working on how to diagram and draw a business. In this session, we
use Alexander Osterwalder’s approach previewed in his introductory document about generating a
business model. His template illustrates the different parts of a business model. In Session 3 of
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MS&E 276, Randy Komisar diagrams his version of a business model from his "Getting to Plan B”
book.
What does a business model have to do with a startup? As mentioned above, a startup is essentially
an organization built to search for a repeatable and scalable business model. Founders start out with:
(1) a vision of a product with a set of features, and (2) a series of hypotheses about all the pieces of
the business model. These include: Who are the customers and users? Who are our partners? Where
and how do we build the product? How do we finance the company? The task as the founding team
is to quickly validate whether the model is correct by seeing if customers behave as their model
predicts.
Not all startups are created equal … business models differ by technology sector. Some startups
(e.g., biotech and medical devices) are about predominately technical risk. Other startups (e.g., Web
2.0) are all about customer and market risk. In this session, we also examine how business models
differ between tech sectors.
Readings:
1. Alexander Osterwalder, Business Model Generation Preview, concentrate on pages 16-42.
2. Browse the two links in session summary above from Alexander Osterwalder. Review the 2
diagrams and template presentation posted on Coursework for this session.
3. Skim these sites: the process in Steve Blank’s book about Customer Development is one way that
startups can quickly iterate and test each element of their business model. Agile Development is a
way startups quickly iterate their product as they learn. A Lean Startup is Eric Ries’s description of
the intersection of Customer Development, Agile Development and, if available, open platforms and
open source.
Individual Assignment: Use Alex Osterwalder's Business Model Canvas diagram and template
presentation to fill in the boxes on the canvas (diagram) for Twitter and send your analysis by Noon
to the course assistant. Consider Twitter in the present, but extra credit to those who do both past and
present. Make assumptions when necessary and a diagram … have fun!
Team Assignment: Form groups of 4 students each (no more or less please) and submit the names to
the course assistant by Noon. We will use a bit of class today to finish team formation, if necessary.
Session 3 – April 14: Business models and dashboards (Byers and Randy Komisar)
The “Getting to Plan B” book starts with a simple premise … Plan A's most often fail. Why would
we expect otherwise? Plan A's are usually developed before the first sale, the first customer, or even
the first product. They are based on assumption upon assumption. The book asks the question, "If
Plan A's usually fail, is there a better way to manage innovation and startup a business?"
“Getting to Plan B” proposes a new process, one based on focused experimentation, measurement,
rapid iteration, and unapologetic course correction. It starts by identifying a clear Problem or
Customer Delight to target with your distinguished Solution. Then it looks to the experience of
others by comparing to Analogs (things like it that have worked in the past) and Antilogs (things like
it that have failed) in order to tease out the priorities for relentless focus and risk reduction. These
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unresolved "Leaps of Faith" become the focus of the innovation process. They are addressed
methodically by Dashboarding, not classical business planning. In the Dashboard, the Leaps of
Faith are tracked with Hypotheses, Metrics, and Responses. As one Leap is addressed, another one
arises.
This process continues until the five core elements of the better Business Model arise: Revenues,
Gross Margin, Operating Expenses, Working Capital, and Investment. Ultimately, the Business Plan
takes shape, but no longer based upon assumption but rather on real metrics and experience.
Moreover, the innovation process does not lose its way squandering time and resources on issues
that are not paramount to proving out the viability of the venture.
Reading: Getting to Plan B, John Mullins and Randy Komisar (Harvard Business Press, 2009). See
Randy Komisar’s interview at http://ecorner.stanford.edu/authorMaterialInfo.html?mid=2415.
Study Questions:
1. How do you create a five-year business plan before you have a product? How confident are you
that you can hit those numbers?
2. How do you identify a Leap of Faith question? How does it differ from all the other questions
circling a new venture?
3. How does a Dashboard differ from a business plan? How are they similar? What does a
Dashboard force you to do differently?
4. If Revenue, Gross Margin, Operating Expenses, etc. are ultimately important to your business
model, why wait to address them? Do they ever become Leaps of Faith?
5. Why is Working Capital so important?
Team Assignment: Using the momentum of your individual work for Session 2, develop a team
consensus and prepare one Dashboard for Twitter, starting with the Problem or Delight, Solution,
Analogs, Antilogs, and Leaps of Faith. Give at least 2 Analogs, Antilogs, and Leaps of Faith and
explain why those choices are important to your process. Consider Twitter in the present.
Session 4 – April 21: Founder’s dilemma: “rich versus king” (Byers and Ann Miura-Ko)
We now move from business models to organizational issues. The Wily Technology case addresses
a critical stage in a new venture's development, when a professional CEO is replacing the founder
who has been leading the company. It examines the events, conditions, and founder characteristics
that precipitate such a change, and the issue of whether the founder should remain in the company
after the succession event and in what role.
Case: Wily Technology (HBS Online #9-805-150); tips on the case method by Gibbons here.
Readings:
1. *Noam Wasserman, The Founder’s Dilemma, HBS R0802G.
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2. Recommended: Byers, Dorf, and Nelson, “Technology Ventures: From Idea to Enterprise”,
Chapter 12 and 13.
Study Questions:
1. What are the risks of removing Lew Cirne? Of keeping him?
2. What are the pros and cons of Wily's approach to finding a new CEO?
3. As Lew Cirne, why would Dick Williams want to replace you as Chairman?
4. As David Strohm, if Lew rejects Dick Williams' demand and threatens to leave Wily, what would
you do?
Individual Assignment: Bring as a hardcopy to class. Imagine that you are Dick Williams. How will
you encourage Lew Cirne to accept the deal and what actions will you take to ensure a smooth
transition? Please feel free to write this as a one-page (or so) memo to Lew in the first person.
Session 5 – April 28: Building a team and culture (Byers)
Founders face three important challenges in human resources at startups: assembling a team,
designing a compensation policy and strategy, and developing a culture of innovation. This session
will focus on these matters by using a fictitious case about a high-potential university spinout.
Case: NanoGene (HBS Online, #9-803-117)
Readings:
1. Wasserman and Lauren Barley, A Note on the Legal and Tax Implications of Founder’s Equity
Splits, HBS Online, 809110)
2. Recommended: Byers, Dorf, and Nelson, “Technology Ventures: From Idea to Enterprise”,
Chapter 10, 12, and 13.
Study Questions:
1. Evaluate the founding team and the resources they bring to the venture. Independent of the equity
ownership issue, what are two risks associated with this founding team? How would these risks be
reduced if Paige Miller joined the team?
2. Although Susan Stone (the local venture capitalist) likes NanoGene's technology and business
prospects, she seems concerned by the equity split among the founders. It's exactly the same for all.
What consequences for NanoGene might she fear from the present even equity split?
3. You are Will Tompkins from the case. Given your assumptions about hiring plans and the option
packages for new hires over the next 18 months (e.g., Paige, research assistants, scientists, and
senior scientists), is the present employee stock option pool sufficient? If not, what would you do
next?
4. Assess the venture's progress on each of the issues discussed in the last section of the case,
especially company culture.
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Team Assignment: Bring as a hardcopy to class. “We [would/would not -- choose one] hire Paige
Miller because ...”
Session 6 – May 5: What is private equity and VC? (Lin)
We examine the financing life cycle for early-stage companies. We discuss how entrepreneurs (and
VCs) identify great startup opportunities and touch on financing issues for early stage companies and
their various sources of capital, including venture capital. We will also introduce the importance of
financial budgeting and modeling for early stage companies.
Cases: Zipcar: Refining the Business Model (HBS Online #9-803-096)
Readings:
1. Economics of Private Equity Market, Federal Reserve report, (focus on areas dealing with VC and
GP/LP relationships).
2. What do VCs do and where do they learn to do it, Fred Dotzler.
3. VC Firms Caught in Shakeout, WSJ, March 2010 (see CourseWork materials folder).
4. Paul Gompers, A Note on the Venture Capital Industry, HBS Online #9-295-065.
5. The Future of Finance: How Private Equity and Venture Capital Will Shape the Global Economy,
Schwartz, Chapter 1.
Study Questions:
1.
Would you fund Zipcar if you were a VC or if you were an entrepreneur, would you want to
be a co-founder of this company? Why or why not?
2.
What level of certainty do you have about your statement above?
3.
How can you use quantitative analysis to support your views about the company’s long term
probability for success?
Individual Assignment: Bring as a hardcopy to class of your answer to study question #1.
Session 7 – May 12: Financial model building workshop (Lin)
We examine how the entrepreneurs and VCs overcome the asymmetry of information problems;
how an entrepreneur articulates opportunities and value to a financier; how to connect business plans
to business models; and how the financiers value companies at various stages in their lifecycle
(particularly the venture stage). We will also cover valuation methodologies and introduce the term
sheet exercise.
Case: Corbin Motors (HBS Online #9-800-023)
Readings:
1. *William Sahlman, How to Write a Great Business Plan, HBR, July-August, 1997, HBS #97409.
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2. *James McNeill Stancill, How Much Money Does Your New Venture Need?, HBR May-June
1986, # 86314.
3. *Amar Bhide, Bootstrap Finance: The Art of Start-ups, HBR No. 92601.
Study Questions:
1.
What is your view of the long term prospects of Corbin?
2.
Would you work for Corbin Motors if you were offered a job of sufficient responsibility and
pay? Why or why not?
3.
What is attractive/unattractive about Corbin?
4.
What type of quantitative analysis or analytical exercises would you use to support your
statements above?
5.
What are some of the qualitative factors that influence your decision above?
6.
What changes would you make to the company if you were hired to run it?
Team Assignment: Bring as a hardcopy to class of your answer to study question #6 above.
Team Assignment: Breadtalk model exercise is due 24 hours before start of class (@ 1PM on
Tuesday, May 11th) via email to the course assistant, Emily Cox.
Session 8 – May 19: Sources of capital and dealing with venture capitalists (Lin)
We examine the primary ways that early stage companies are financed as well as the unique
concerns, issues and challenges that entrepreneurs and VCs share in the financing/investment
process and what structural considerations they employ in a term sheet to address these concerns.
We also discuss the negotiation of term sheets. Finally, we discuss what an entrepreneur can expect
in a due diligence process.
Readings:
1. Robert Robertson and Noam Wasserman, Venture Capital Negotiations: The VC vs. Entrepreneur,
HBS Online #9-800-170.
2. Michael J. Roberts and Lauren Barley, How Venture Capitalists Evaluate Potential Venture
Opportunities, HBS Online #9-805-019.
3. Why Virtual Nerd Declined a $70,000 Competition Prize, New York Times, 24 March 2010,
http://nyti.ms/cMihNl
4. Recommended: Byers, Dorf, and Nelson, “Technology Ventures: From Idea to Enterprise”,
Chapter 18 and 19.
5. Recommended websites regarding term sheets: www.nvca.org - note that this organization is
funded by VCs and therefore management teams might expect this to be somewhat biased; and
http://www.feld.com/blog/archives/term_sheet - note that almost any question you may have about
term sheets is discussed in this blog.
Team Assignment: For the term sheet negotiation exercise, student teams will be matched up in pairs
with one playing a VC firm and the other playing the management team (entrepreneurs). Each of you
individually will receive your instructions. Each person has different roles, so please do not share the
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details of your assignment with anyone else. If your team is on the VC side of negotiations, please
send the draft term sheet to the management team that you have been assigned by 1PM on Tuesday,
May 18th and copy the course assistant: emilycox@stanford.edu. If you are on the management
team, make sure you have divided up the founder’s equity among yourselves and prepare to develop
a pre and post-financing capitalization table. A final term sheet will be negotiated during the session.
Session 9 – May 26: Venture decision analysis (Byers and Clint Korver)
How do you bring all of the pieces (team, market, finance, technology, and strategy) together to
make the big decisions, such as starting a company, joining a startup, changing to a plan B, or
investing in a venture? Successful entrepreneurs and investors, the ones that are good and not just
lucky, make these decisions based on an unusually relevant set of facts and insights. They somehow
combine customer and market evidence with intuition to create inspired answers to the most difficult
situations. They are ready to act when the opportunity presents itself.
In this session, we will examine the art and the science of making the big venture decisions. We will
explore how to create a mental model of a business and how to use this mental model to understand
the relevance of new data – both quantitative and qualitative—to important decisions. The
framework of a mental model allows us to quickly sort information, identifying what matters and
how it might change our understanding of the key risks and drivers of the business.
Readings:
1. *How Venture Capitalists Evaluate Potential Venture Opportunities (see last session).
2. Atul Gawande, “Airline pilot” protocols in finance, FT.com article, 2010.
3. The Munger Approach to Life, Learning, and Decision Making, Chapter 2 of Poor Charlie’s
Almanac.
Study Questions:
1. How would you approach a venture decision such as whether or not to invest in a startup
company?
2. What process steps would give you confidence in your decision? What are the key questions you
would want answered and what would be your strategy for answering them?
3. Identify a startup decision you are currently facing (or faced in one of your case studies). Create a
checklist, identifying what you would do in order to make a high quality decision. Identify the three
most important questions that you would need to answer in order to make a high quality decision and
be prepared to share in class.
Individual Assignment: Bring as a hardcopy to class of your one-page memo summarizing the term
sheet negotiation from the last session. In the memo, please explain your strategy for achieving your
goals and the results. Also explain any difficulties encountered within your group and how you
solved them. Lastly, summarize what this exercise taught you about term sheets. Although no
written assignment is due today specifically for Session #9’s material, you are also are expected to
have completed its readings and prepared its study questions.
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Session 10 – June 2: Presentations and Course Summary (Byers)
Team Assignment: Prepare and deliver a “lessons learned” presentation using any format or media
you wish and no more than 8 minutes in length. Any or all team members are invited to speak. The
key is to convey the key takeaways from the sessions, readings, discussions and other interactions
from this course. Submit a one to two-page written executive summary including a copy of any
presentation materials via hardcopy at the session.
Individual Assignment: Submit the two-page VC field trip report in hardcopy form in class as
detailed on Page 4 of syllabus.
Teaching Team Bios
Tom Byers (http://www.stanford.edu/~tbyers)
Tom Byers is a professor at Stanford University, where he focuses on technology and high-growth
entrepreneurship education. He is founder and faculty co-director of the Stanford Technology
Ventures Program (STVP), which serves as the entrepreneurship center for the engineering school at
Stanford University. He is the lead author of a popular textbook called Technology Ventures: From
Idea to Enterprise, which is published by McGraw-Hill. He was given the 2009 Gordon Prize by the
National Academy of Engineering in the USA and earlier received Stanford University’s highest
honor for excellence in teaching (Gores Award). He currently serves on the governing boards of
Flywheel Ventures and MyThings. Tom was executive vice president and general manager of
Symantec during its formation. Tom holds a BS in Industrial Engineering and Operations Research
and an MBA from UC Berkeley. He also earned a PhD in Business Administration (Management
Science) at UC Berkeley.
Phil Lin (http://soe.stanford.edu/research/layoutMSnE.php?sunetid=plin)
In addition to teaching at Stanford, Phil regularly teaches finance and entrepreneurship at Columbia
University and Tsinghua University. As an individual, Phil has invested directly in early-stage
companies as well as in private equity funds. In the past, he was with Kluge & Company and was an
EIR in Silicon Valley. More recently, Phil co-founded and financed Prime Networks, an Internet
infrastructure company.
Emily Cox (http://stvp.stanford.edu/research/students.html)
Emily Cox is a Ph.D. candidate in Strategy and Organizations in the Department of Management
Science & Engineering at the Stanford School of Engineering. She will join the faculty at the
University of Washington in the autumn of 2010. Her research interests include entrepreneurship,
new product innovation, and funding networks. Emily's dissertation explores how the types and
timing of funding affect innovation in entrepreneurial firms. Emily is a recipient of the Kauffman
Dissertation Fellowship, a National Science Foundation Dissertation Improvement Grant, and the
Centennial Teaching Assistant Award for the School of Engineering. Emily holds a B.S. in Botany
(pre-medical emphasis) with University Honors and an MBA in Finance from Brigham Young
University. Prior to doctoral studies, she worked as a financial analyst for Agilent Technologies and
in operations for Gap Inc.
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