Short Course - International Fundraising: Through Global Finance to Hidden Business Opportunities, 21-30 November 2017, AUA

International Fundraising: Through Global Finance to Hidden business opportunities

About the course

As a manager or a business owner, you always seek for growth opportunities for your business. But can you think about any project that bring potential growth points to life if you know there will be no money for its implementation? In most cases, the proposed venture will not be financed with your money. In emerging markets in general and CIS countries in particular the availability of external financing for business is very low.

But outside capital (equity as well as debt) can be attracted abroad from international investment funds, business angels and international banks. You will gain general understanding of international fundraising and learn how to calculate main project ratios particularly for international investors during the first two seminars.

The experience of many companies shows that considering the possibility of raising funds from sources abroad helps to discover new business opportunities and improve existing business processes. Managers start to look at their companies from the position of value creation – the main factor for international investors – and as a result get more loyal customers, motivated employees, reliable suppliers and satisfied shareholders. You will learn how to rethink project and business processes for making your company more attractive for investors and thus more efficient during the third seminar.

During the fourth and fifth seminars, you will learn how to create investment proposition, which documents are required, where you can search for investors and how to distribute your proposal to the pool of international investors selected on specific criteria.

Together we will construct financial model for real-company case (it will be as interesting as LEGO construction), debate a lot, share experience and come up with ideas on international investment possibilities for each other’s businesses. In teams, you will create investment teasers that define whether your project can be considered further by investment fund or not. The training is designed to take 10 hours; it includes PPT presentation staffed with theory transforming into practise on case example, formulas, necessary links, MS Excel templates, investment proposal documents and a bonus – international investors’ base with contacts.

Course Objectives

1. To understand the concept of international fundraising and how companies come to the decision to attract international financing for implementing different business decisions.  
2. To understand how company can assess the attractiveness of its project for international investment funds for external equity and debt financing.
3. To gain skills for rethinking the initial project for making it more attractive for international investors and thus found new business opportunities and increase company’s market value.
4. To attain knowledge and develop skills necessary to create investment proposition and write essential documents.
5. To learn how to communicate with international investors and distribute to them investment proposition in way that maximize the possibility of further considering your project.
6. To learn about risks and problems related to international fundraising before and after concluding the deal and alternatives for it.

Who this course is for (Target Audience)

The course is targeted at decision makers that initiate projects in their companies (owners, managers, others). More specifically 

• The course benefits those working in the private sector by providing them with knowledge and skills that they can directly apply for attracting international investments and boosting company’s growth.
• The course benefits those working in the public and non-profit sectors by teaching them more about possibilities of finding international investors in their projects. As there are a lot of projects like that in Armenia it is crucial to improve the attractiveness of these projects to international investors and develop partnerships with them.
• The course benefits those who are aimed on increasing their company’s market value. As any business decision requires capital for its implementation, deep analysis should be conducted for assessing attractiveness of investment proposal that also can lead to finding out hidden business opportunities that will create more value for the company.

What You Will Gain (Learning Objectives)

Besides the benefits outlined above that are specific to your background, you will gain the following:

• A clear understanding of the possibilities of international fundraising for companies in CIS markets and in Armenia.
• Knowledge of project criteria required for investment analysis by international funds.
• An understanding of how projects selected and financed, what is entrance and exit for international investor.
• Knowledge of the skills and MS Excel tools that help to translate company’s and projects’ strategies into financial results.
• An understanding of difference and importance of revenue, profit and cash flow for different types of international investors.
• An understanding of the competitive advantages and strong points of Armenian companies in the eyes of international investors and how to communicate them.
• Acquaintance with international funds and assessment of abilities for fundraising.
• An overview of several real-life examples of successful international fundraising.

Programme Content

• What is international fundraising?
• What are the types of international investors? What projects do they invest in?
• How did companies in CIS countries attract international financing? What are the prospects of international fundraising for companies in Armenia today?
• How to analyse project for international fundraising considering currency and country risks? How do international investors analyse and select projects?
• How to rethink project to make it more attractive for international investors and how it can open new business opportunities and increase company’s market value?
• International equity and debt financing: how to assess possibilities for both?
• The main three documents of investment proposal: what are they? What should they look like?
• What are the criteria for gathering the international investors’ pool for different companies in Armenia?
• How to distribute your investment proposition to international investors? What you should never say to them?
• What are the next steps in case your investment proposition has teased an investor?
• Is international fundraising always a good decision? How your company would be affected by it? Are there any alternatives?

Course Schedule

Day	Topics	Activities	Learning Outcomes
NOV 19, 2017 TUE 2 hours 6:30 PM – 8:30 PM	International fundraising: basic concepts Types of international investors International investing in CIS markets What projects do international investors are seeking for? Recap	Welcome Introductions Introduction to the course, participant expectations Overview of theory and statistics Open discussion Case study (introduction)	A clear understanding of the concept of international fundraising for the company and for the investor. Identifying what types of outside capital can be provided by different international investors. Knowledge of the specifics of investing in companies operating in CIS markets and Armenia. Identifying projects that require investments and projects required by investors. First glance on real-life project that successfully attracted international financing
NOV 21, 2017 THU 2 hours 6:30 PM – 8:30 PM	Review of Day One Putting the project concept into financial model that is suitable for international finance analysis Purchasing power parity and International Fisher Effect: crucial things for international investment analysis Criteria for international investment analysis Recap	Case study (recall of case conditions) Financial model constructor (MS Excel) Viewing PPT materials Searching for required info on specific online resources Open discussion	Practical skills of designing project financial model based on inputs. Knowledge of financial ratios and model outputs important for international investors. Understanding ways an international investor looks on the project.
NOV 23, 2017 SAT 2 hours 11:00 PM – 13:00 PM	Review of Day Two The effect of project concept on international fundraising abilities What projects can attract international investors? Outside debt and equity capital: which is suitable for whom Why projects attractive for international investors create value for the company? Non-financing reasons of international fundraising for companies Recap	Financial model constructor (MS Excel) Viewing PPT materials Searching for required info on specific online resources Open discussion	Abilities to rearrange the project so that is would be attractive for international investors. Understanding the cause-of-effect relationship between international fundraising abilities and company’s market value. Assessment skills for choosing debt or equity financing for the project. Understanding of other reasons why companies are eager to attract international investors in capital structure.
NOV 26, 2017 TUE 2 hours 6:30 PM – 8:30 PM	Review of Day Three Creating investment proposition: basic rules What does investment proposition consist of?  Armenian companies: strong points reflected in investment proposition Recap	Viewing video materials Demo of original investment proposal documents Group work: creating investment teaser Debate between teams of participants (what project is more likely to attract international financing)	Knowledge of key elements of high-quality investment proposition. Understanding the optimum scope of information in each document of investment proposal. Engagement with investors’ psychology and way of thinking while getting proposal. Knowledge of competitive advantages of Armenian companies that can attract international investors.
NOV 28, 2017 THU 2 hours 6:30 PM – 8:30 PM	Review of Day Four Creating the pool of investors Where and what investors should Armenian companies seek for? Rules and principles of Investment proposal’s distribution to investors Investor is interested in your project: what next? Influence of international fundraising on company’s strategy and operations Recap	Open discussion Viewing PPT materials Viewing video materials Overview of real-life correspondence with international investors Debate between teams of participants (international fundraising: to be or not to be)	Particular skills required for searching and selecting international investors. Knowledge of basic principles and practical tools for communication with investors. Understanding the possibilities of fundraising from particular investor based on initial correspondence (the language of investor). General idea of further steps in deal with international investor: analyzing of basic documents, due diligence, deal structuring and contract conclusion. Skills for and understanding of evaluation the consequences of international fundraising for the company. How to boost good and eliminate bad?

 Course Materials:

Main textbooks (required, will be provided via Moodle):

1. EXPLORING CORPORATE STRATEGY, Gerry Johnson and Kevan Scholes, 8th edition

Main reading materials (not required):

1. “On Competition” Michael E. Porter, Harvard Business Press, 2008
2. “Competitive Advantage” Michael E. Porter, Free Press, 1995
3. ”Competitive Strategy” Michael E. Porter, Free Press, 1980

Participant evaluation:

The participants will be evaluated based on three criteria below:

1. Meaningful class participation in all sessions…………………………………………………………………..40%
2. Case Write-Up…………………………………………………………………………………………………………………20%
3. Final Exam……………………………………………………………………………………………………………………….40%

(1) For evaluation criteria of component, please refer to the Class Participation Rubrics below.

	LOW	MEDIUM	HIGH	EXCELLENT
Attendance / Promptness	Participant is late to class more than once a week and/or has poor attendance of classes.	Participant is late to class more than once every two weeks and regularly attends classes.	Participant is rarely late to class and regularly attends classes.	Participant is always prompt and regularly attends classes.
Level Of Engagement In Class	Participant never contributes to class by offering ideas and asking questions.	Participant rarely contributes to class by offering ideas and asking questions.	Participant oftentimes contributes to class by offering ideas and asking questions once per class.	Participant proactively contributes to class by offering ideas and asking questions more than once per class.
Listening Skills	Participant does not listen when others talk, both in groups and in class. Participant often interrupts when others speak.	Participant does not listen when others talk, both in groups and in class.	Participant listens when others talk, both in groups and in class.	Participant listens when others talk, both in groups and in class. Participant incorporates or builds off of the ideas of others.
Behavior	Participant almost always displays disruptive behavior during class.	Participant occasionally displays disruptive behavior during class.	Participant usually displays constructive behavior during class	Participant always displays constructive behavior during class
Preparation	Participant is almost never prepared for class with assignments and required class materials.	Participant is rarely prepared for class with assignments and required class materials.	Participant is usually prepared for class with assignments and required class materials.	Participant is always prepared for class with assignments and required class materials.

(2)  half-way through the class, the participants will work individually on writing-up a business case. The to-be-written-up case is not included in the course materials which participants purchase/ receive, and will be provided additionally, free of charge. Please note this is an individual assignment, and working in groups is NOT allowed for completing the case write-up assignment.  Individual Case Write-Up is an individual work to be completed by every participant individually on their own outside the class (no in-class meeting that week), and submitted via Moodle. The write-up is take-home and open-book. With the case, questions will be provided to participants pertaining to resolving the challenges presented in the case. The participants have to answers those questions by providing their clear, concise and structured analysis/ recommendation as to what the CEO of the company should do, considering the context of the situation. Those questions should be answered based on the analysis of only the information provided in the case.  The Case Write-Ups should not exceed 3 single spaced pages using 11 Times New Roman font, should include full names and participant personal identification numbers on each page of the write up, and should NOT include a title page. Papers not complying with the above format, as well as ones submitted after the agreed deadline (Please refer to the LATE POLICY below) might not be considered; such decision is dependent on the discretion of the professor.

(3) The final exam will cover topics covered in throughout the whole course, will be in-class, closed book, and proctored.

The final exam will consist of the following:

1)    Multiple choice and short answers on basic terminology and concepts

2)    Application of appropriate models and tools to answer open-ended questions.

The purpose of the final exam is to assess participants’ progress in learning how to apply appropriate strategy frameworks, concepts and tools to perform strategic analysis resulting into relevant decisions.

Participants are encouraged to attend office hours for more individualized guidance.

Course participants are expected to attend all classes. Provided the total of absences does not exceed 35% of class time, a participant is allowed a maximum of one excused absence from class, which participants are encouraged to use only in emergencies (sickness, family issues, etc.), and one unexcused absence, reason for which the participant can decide not to explain at all. Any absence exceeding the total number of these absences will negatively affect the participant’s final grade and may result into non-completion, and no receipt of the attendance/ completion certificate.

If a participants arrives to course meetings more than 10 minutes late or leaves the class early, it will be considered an unexcused absence.  If a participants missed a class, be that an excused or an unexcused absence, they are still responsible for completing the assignments and for studying the material covered in the class they missed.  

About the Instructor

Lyudmila Adamyan has wide experience in the sphere of finance and investments. As an investment analyst in “Finmodel” corporate finance advisory, Moscow investment boutique, she took part in 10 fundraising and M&A projects in the following industries: marketplace in express delivery, fitness clubs, digital and media, self-service systems, retail (fashion and grocery), wastewater treatment facilities, industrial nanomaterials. Three of them led by her have successfully attracted more than 2 billion rubles of capital. She also worked with government finance while being a senior state inspector in Russian Federal Service for Fiscal and Budgetary Supervision. She took part in RUSNANO investment projects and worked on establishment of high-tech innovative capacities in Russia. As a student of The Russian Presidential Academy of National Economy and Public Administration, she devoted her scientific works to the competitiveness of Russian business and benefits for it from working with government. Now in Armenia, historic motherland, Lyudmila is eager to share her knowledge and experience with representatives of Armenian business and non-profit organizations.

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