Negocios

Tu Primera Term Sheet

The learner is the founder and chief executive of a fictional Zaragoza software company (route planning for food and drink distributors, EUR 780,000 of recurring revenue, EUR 420,000 in the bank and EUR 95,000 of monthly burn) who has just received a first term sheet: EUR 2,000,000 at EUR 6,000,000 pre-money from a

4 rondas MBA / Máster English, Español

Vista previa

Sobre la simulación

The learner is the founder and chief executive of a fictional Zaragoza software company (route planning for food and drink distributors, EUR 780,000 of recurring revenue, EUR 420,000 in the bank and EUR 95,000 of monthly burn) who has just received a first term sheet: EUR 2,000,000 at EUR 6,000,000 pre-money from a fictional seed fund, with a pool created before the money, a participating preference, an investor-controlled board, founder re-vesting from zero, a broad bad-leaver clause and a long veto list.

Decision 1, March 2027: who reads it (alone, a generalist lawyer or a venture specialist), the alternative (sign this week, sound out two other funds openly, or invent a competing offer) and the negotiation plan (lead with price, mark up everything, or a ranked map of must-haves). Decision 2: price or pool, the liquidation preference and the board.

Decision 3: the founder vesting schedule, the bad-leaver definition and the investor vetoes in the shareholders agreement. Decision 4, November 2028, twenty months after closing: the company has missed plan, the board wants a new chief executive and a bridge is needed - resign, fight the vote or negotiate the transition; which bridge; what the team hears.

The model is deterministic: every ask spends a limited stock of goodwill with the lead investor that sets the chance of closing, each clause lands in proportion to who read the document and how the negotiation was planned, and the expected value of the founder stake is computed through the cap table and a two-class exit waterfall over four sale scenarios, after the November branch in which the vesting, leaver and board terms decide the shares kept.

The score combines the quality of each decision with the expected value of the founder stake, the chance of closing, founder control and cash at closing, and is capped when the founder invents a competing offer, a deceit that can void a contract under Spanish law. Spanish (primary, Spain) and English.

Para quién es

Una simulación de nivel intermedio para participantes que ya conocen los conceptos básicos de la materia, pensada para programas de máster y MBA.

Cómo funciona una sesión

  1. El docente crea una sesión desde el panel de Eureka e invita a los participantes.
  2. Los participantes juegan 4 rondas. En cada una envían sus decisiones y la simulación calcula los resultados.
  3. La simulación se puede jugar en: English, Español.
  4. El docente sigue el progreso y los resultados de cada participante desde el panel, y usa los resultados de la clase para el debriefing.

Decisiones que toman los participantes

Las decisiones que toman los participantes durante la simulación:

  • Quién la lee contigo
  • Tu alternativa
  • Tu plan de negociación
  • Precio o pool
  • La preferencia de liquidación
  • El consejo
  • Tu calendario de consolidación
  • La cláusula de mal socio saliente
  • Los vetos de Moncayo
  • Tu papel

Qué siguen los participantes

Lo que los participantes siguen en pantalla a medida que avanzan las rondas:

  • Decisión 1 · La term sheet
  • Decisión 2 · La llamada
  • Decisión 3 · El pacto de socios
  • Decisión 4 · Veinte meses después

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