MAHENDRA RAMSINGHANI is the founder and managing partner of Secure Octane, a San Francisco-based seed stage fund. With investments in more than fifty companies, and multiple exits, he has operated as an LP, GP, and founder across the U.S., Asia Pacific, and the Middle East. He co-directs the venture capital executive education program at the University of California, Berkeley. He is the co-author of Startup Boards and The Resilient Founder.

TIM HSIA is the founder and managing partner of Context Ventures, a San Francisco-based early-stage fund focused on preseed founders. A graduate of the United States Military Academy, he served as a U.S. Army Officer with two deployments to Iraq and received the Bronze Star. Hsia has authored venture capital case studies at Stanford University.

Foreword xvii
Preface to the Fourth Edition xxiii
Acknowledgments xxvii Part I Background and Context: The Business of Venture Capital 1
Chapter 1 The Basics 3
Chapter 2 The Great Game of Investing 23
Chapter 3 A Brief History of Venture Capital 35
Chapter 4 The Industrialization of Venture Capital: From Cottage Industry to Capital Complex 47
Chapter 5 The Role of Government Policy in the Rise of Venture Capital 63 Part II A Career in Venture Capital 85
Chapter 6 Why Be a VC Investor? 87
Chapter 7 The Role of a VC Investor 99
Chapter 8 Getting In: (When There Is No Job Posting) 109
Chapter 9 Making an Early Impact 153
Chapter 10 The Challenges of a Venture Capital Career 165 Part III The Art and Science of Venture Investments 175
Chapter 11 Sourcing Opportunities: Introduction to the Art of the Hunt 177
Chapter 12 Conducting Diligence 209
Chapter 13 The Architecture of Agreement 245
Chapter 14 The Post-Investment Journey 271
Chapter 15 VC Investors in the Boardroom 291
Chapter 16 Managing Crisis in the Boardroom 301
Chapter 17 Exits and Liquidity 311 Part IV The Emerging Manager's Guide to Fundraising 353
Chapter 18 Foundations of Your First Fund 355
Chapter 19 The Art of Portfolio Construction 389
Chapter 20 Fund Terms Explained 411
Chapter 21 The Fundraising Process 427
Chapter 22 Scaling Your Firm 467
Chapter 23 Building a Firm's Cultural OS 487 Part V The Hard Things 497
Chapter 24 Managing Your Career 499
Chapter 25 Case Studies: Founder (Un) Friendly 533
Chapter 26 Managing Your Partnership 545
Chapter 27 Managing Your Psychology 559
Chapter 28 Earned, Not Appointed 587 Part VI Legacy and End Games 591Chapter 29 Solving Infinite Problems 593
Chapter 30 VC's Role in Society 619xvi Contents
Chapter 31 The Endgame: Many VC Investors and a Funeral 651 Part VII Epilogue and Appendixes 657Epilogue: The Greatest VCs of All Time 659
Appendix A: Venture Fund Launch Checklist 673
Appendix B: LP Universe: Snapshot 679
Appendix C: Fund Revenue Model: Fees and Carry 683
Appendix D: Venture Fund: First Close Steps: Checklist 687
Appendix E: Forming the LPAC 695
Appendix F: Company Diligence Check List: Summary 701
Appendix G: Summary of KEY Investment Terms in Early-Stage Investing 705
Appendix H: Boards and Boardrooms 709 Notes 715
Index 739