Venture Capital Investment Competition – Chicago Booth Professor and VCIC Faculty Advisor Greg Johnston EVC Co-Chair and VCIC Organizer Cerise Miller Senior Program Manager, Polsky Center, and VCIC Organizer Joshua Elder MBA ’18, VCIC Team Member
Student groups act as venture capital companies Entrepreneurs present their companies to student groups at the time of financing. Companies appear to be early opportunities representing different industries.
Venture Capital Investment Competition
4 Competitive Advantage “VCIC was a gem for Booth’s business classes. We relied on courses like CI, EFPE, and NVS. Because we were looking at real companies and negotiating with real entrepreneurs, it added a lot of hands-on, human experience to my education.” “One of Booth’s best learning experiences about how to actually be a capitalist.” “It’s hard to judge who will be good at investing in academia, but VCIC is the closest thing to real VC action, so it’s the best indicator on VC talent for MBAs.”
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Teams receive entrepreneur materials, begin Due Diligence with the judge and the business areas Team Orientation – 10 minutes Q&A – 15 minutes with each entrepreneur team with a group of students 10 minutes Award presentation and reception
VCIC is an international competition that champions the development of the Chicago Booth VCIC Regional Regionals take place in Houston, TX February 9, 2018 1st Place $1500; 2nd Place $1,000; Traders Choice $500 Global VCIC takes place at University of North Carolina, Chapel Hill April 6-7, 2018 1st Place $5,000; 2nd Place $2,500 NOTE: The winning team at the Chicago Booth VCIC must be ready to go to state and national competitions.
A unique competition that provides real business venture capital experience Student teams interact with real CEOs of real companies with real business plans Students work with venture capitalists and practice pitching investment decisions Supports Booth’s leadership position in business and venture capital Determines which team will represent Booth at regional and national competitions
Monday 20 November 2017: VCIC application deadline (application is online) Early December 2017: Teams selected and notified Early January 2018: Mandatory orientation session for selected teams Wednesday 17 January 2018: Teams receive business resources, start Friday efforts. January 19, 2018: Chicago Booth VCIC
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11 Eligibility Open to all MBA students currently enrolled at Chicago Booth Includes full-time, part-time and EMBA Booth students Students from other universities are not eligible to participate in Chicago Booth’s VCIC, teams must have five members. Key Team may also have up to two alternates, who will only compete in the VCIC booth if another team member is unable to attend. The substitutes can help prepare and develop the term sheet. They can interact with judges and businessmen of the regions and citizens, the team must have five valid members. Teams can bring a sixth grader to a state or international final to be an observer.
During the competition, teams are allowed to use any Internet resource or database, whether free or subscription, as well as any books and other printed materials. After 9 on the day of the competition, the teams are not allowed to contact anyone to help (ie high school research is ok, basic is not) When students are given business plans, students must inform the organizers of any knowledge they have of participating companies. Students may compete at VCIC-ga state only when teams substitute team members at any time prior to the start of competition. . However, no changes can be made during campus, state or international events.
Due Diligence Assessment Requirements (20 points) Term Sheet (20 points) Partner Meeting (20 points) Did they learn what they needed to know? Have you covered the important questions? Did you unearth important questions? Demonstrated a deep understanding of the business opportunity? Lead/lead the meeting? Have you made the appropriate connections and demonstrated value as a VC firm? Reasons to fund Reasons not to fund Evaluation of the general decision, Funding. Size, Syndicate, Fund Fit, Option Pool, etc. Questions/Training Confidence and Conviction All members contributed to negotiations with the top two teams focusing only on key issues that demonstrated the company’s value. Dealing with difficult questions Note! “A good relationship is created
Diversity!! Team building (first and second year) Basics and areas of competence
Why You Should Join The Venture Capital Investment Competition (vcic)
Word application and instructions available on the VCIC website: bit.ly/BoothVCIC Monday, November 20, 2017 by Harper Center Suite 207)
All eligible Booth students (preference given to sophomores, or E/W students with more than 10 classes completed) must have 5 team members committed to Orientation: Beginning of January 2018 Booth Competition: January 19, 2018 All Day Regional Competition in Houston , TX : February 9, 2018 International Finals in Chapel Hill, NC : April 6-7, 2018 Your Team Entry: 5 images or less (excluding covers)
Name Focus, theme, these Size Vintage Location Various bits if you want to get specific (GP contributions, etc.)
18 Application – The team’s competitive advantage – what do you bring to the table that uniquely helps you win? Curriculum vitae related to entrepreneurship, key competences not covered by CV (you submit your CV separately) Why are you doing this?
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How will you succeed? What’s your plan? What materials will you draw with? How will you use each member’s strengths? How can you minimize the weaknesses or gaps in your team?
1-2 offers Pitch a real company to look for Represents what appeals to you You can find it on Techcrunch, Angelist, personal website. What are you looking for/betting on? What are you most worried about? There is no in-depth modeling, assessment or glossary
21 questions? Additional information and application form for the Chicago Booth VCIC: bit.ly/BoothVCIC Regional and National VCIC Information: VCIC Coordinators: Greg Johnston, EVC Co-Chair, Cerise Miller, Polsky Center, VCIC Faculty Sponsor: Professor Scott Meadow
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On March 15 at the IESE Business School in Barcelona, Spain, the 2019 VCIC Europe South Regional Finals welcomed six teams from competing schools including ESADE (Spain), SDA Bocconi (Italy), London Business School, and for the second time participating in the competition. In an impressive move from third place last year, the five-member Ash Ventures team finally reached second place, closely followed by 2019 winner London Business School.
The competition structure puts the student’s business knowledge to the test, not only applying important leadership and collaboration skills, but also giving them the opportunity to experience decisions as a VC for a day using an interactive simulation of the high-level VC approach. As part of the decision cycle, the on-field process starts from the beginning of real life and each team’s financial profile. The teams are then given time to investigate the start and on the actual race day they are given starting places, one for each start and two hours to make an investment decision.
The final part of the competition is the “couple meeting” for the judges, which requires the contestants to establish their agreement. Regardless of each group’s position in the results, all participants have the opportunity to communicate with VCs in real life and ask questions about how they would invest if they were part of the groups. By doing so, students can expand their base of professional contacts and thus emphasize the importance of a broad business network.
“VCIC was a challenging and fulfilling experience,” said Ash Ventures team member and full-time MBA student, Hozefa Kutiyanawala. “We relied on the concepts and methods we learned in our various finance and accounting classes and applied our learning to detailed case studies that we solved in our strategy and negotiation classes, which helped us dig deeper into the startup pitch decks. Thanks to the MBA Program’s various skills-based soft skills workshops and team-related activities, we were able to demonstrate trust, build fast partnerships and get buy-in from startups as well as other VC partners (judges). We look forward to mentoring next year’s team to come back with nothing less than gold.”
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“It was a great experience for all of us,” added MBA student Sergej Gutmann. “We were a diverse team with different educational and cultural backgrounds: everyone was motivated and brought different skills and ideas to the table. With a great team dynamic, we were able to benefit from skills.