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"Other books present corporate finance approaches to the venture capital and private equity industry, but many key decisions require an understanding of the ways that law and economics work together. This revised and updated 2e offers broad perspectives and principles not found in other course books, enabling readers to deduce the economic implications of specific contract terms. This approach avoids the common pitfalls of implying that contractual terms apply equally to firms in any industry anywhere in the world.In the 2e, datasets from over 40 countries are used to analyze and consider limited partnership contracts, compensation agreements, and differences in the structure of limited partnership venture capital funds, corporate venture capital funds, and government venture capital funds. There is also an in-depth study of contracts between different types of venture capital funds and entrepreneurial firms, including security design, and detailed cash flow, control and veto rights. The implications of such contracts for value-added effort and for performance are examined with reference to data from an international perspective. "

"Penelitian ini membahas mengenai perusahaan modal ventura sebagai salah satu lembaga pembiayaan di Indonesia yang menjadi alternatif sumber pembiayaan bagi usaha yang sulit memperoleh pembiayaan konvensional salah satunya berasal dari bank. Salah satu kegiatan usaha perusahaan modal ventura adalah penyertaan saham yang menurut hukum Indonesia diwajibkan untuk dilakukannya divestasi pada jangka waktu tertentu. Dalam hal terdapat perusahaan modal ventura asing yang melakukan pembiayaan secara langsung kepada pihak pasangan usaha di Indonesia, tidak terdapat ketentuan divestasi. Mengacu kepada ketentuan tersebut, maka perusahaan modal ventura dalam negeri dirugikan dengan adanya kewajiban divestasi, sementara perusahaan modal ventura asing dapat dengan bebas menanamkan modalnya tanpa adanya kewajiban divestasi. Didalam prakteknya, khususnya kegiatan usaha dalam bidang platform e-marketplace, pembiayaan lebih banyak ditemukan oleh perusahaan modal ventura asing dibandingkan perusahaan modal ventura dalam negeri. Penelitian ini mengambil contoh salah satu perusahaan rintisan di Indonesia berbasis Platform E-Marketplace yaitu PT. Tokopedia sebagai salah satu perusahaan yang mendapatkan pembiayaan dari perusahaan modal ventura asing. Metode penelitian ini menggunakan metode penelitian yuridis-normatif.

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This study discusses the venture capital firms as one of the financing institutions in Indonesia which became an alternative source of financing for businesses that are difficult to obtain conventional financing as example one of them came from banks. One of the activities of a venture capital firms is equity participation which, according to Indonesian law, is required for divestment for a certain period of time. In case of a foreign venture capital firm financing directly to business partners in Indonesia, there is no divestment provision. Referring to these provisions, domestic venture capital firms are impaired by divestment obligations, while foreign venture capital firms can freely investing without divestment obligations. In practice, particularly business activities in the e marketplace platform, more financing is found by foreign venture capital firms than in domestic venture capital firms. This research takes the example of one of the e marketplace platform start up companies in Indonesia, PT. Tokopedia as one of the companies that get financing from foreign venture capital firm. This research method using juridical normative research method."

"Studi ini didasarkan pada analisis terhadap kriteria evaluasi yang digunakan oleh Perusahaa Modal Ventura (PMV) untuk melakukan seleksi terhadap perusahaan rintisan berbasis teknologi asal Indonesia dan mencoba membedakan kriteria seperti apa yang dianggap lebih penting oleh PMV sehingga perusahaan rintisan dapat diproyeksikan dapat memberikan pengembalian terhadap investasi awal sebesar lebih dari lima kali lipat (high-flyer investment).Dengan menggunakan data primer yang dihimpun lewat kuesioner untuk penelitian kuantitatif serta wawancara mendalam untuk penelitian kualitatif lanjutan, dilakukan penelitian terhadap variabel-variabel yang termasuk dalam tiga aspek utama yang dievaluasi oleh PMV yaitu kondisi perusahaan, produk, serta pasar. Regresi logistik mengungkapkan bahwa perusahaan dengan performa produk yang sudah melewati fase Minimum Viable Product (MVP) memiliki peluang sangat besar untuk divaluasi lebih dari lima kali valuasi pada saat investasi oleh PMV dibandingkan perusahaan rintisan yang mengusung produk atau jasa yang belum divalidasi, dan pengolahan wawancara kualitatif lanjutan menunjukkan preferensi PMV terhadap perusahan yang merupakan fast followers dibandingkan para pionir, serta faktor pendiri yang dianggap sangat penting oleh PMV dalam pengambilan keputusan investasi.

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This study is based on the analysis of the criteria used by Venture Capital (VC) firms to conduct assessment of Indonesian tech startups and try to understand what criteria are considered more important than the others by VCs so that the startups evaluated can be projected to return initial investment by more than five times (high-flyer investment). By using primary data collected through questionnaires for quantitative research as well as interviews for advanced qualitative reasearch, research was carried out on variables that are considered representative of three main aspects evaluated by VC firms, which are company, product, and market factors.

Logistic regression results revealed that companies with product performance that have passed the Minimum Viable Product (MVP) phase have a significantly huge opportunity to be evaluated having the capability to be valued over five times its valuation at the time of VC investment compared to those who offer products or services that have not been validated. Sequential qualitative interview findings indicate VC preferences for companies that are fast followers over the pioneers, as well as founder factor being very important that it holds premium factor in investment decisions made by VCs."

"Konsep modal ventura di Indonesia dibangun berbeda dengan lembaga keuangan lainnya, seperti Bank dan perusahaan pembiayaan. Perbedaan tersebut adalah bahwa instrumen pembiayaan modal Ventura dalam bentuk equity atau penyertaan modal. Walaupun beberapa Perusahaan Modal Ventura ("PMV") telah cukup lama hadir di Indonesia, usaha pembiayaan yang dilakukannya tidak sepenuhnya dijalankan seperti yang terdefinisikan, dimana terdapat beberapa produk pembiayaan, yang transaksinya seperti kredit pada bank atau pada perusahaan pembiayaan.Sehingga timbul pertanyaan : (1) bagaimanakah usaha pembiayaan yang dilakukan oleh PT. Permodalan Nasional Madani Venture Capital, (2) apa yang menjadi dasar atau penyebab PT. Permodalan Nasional Madani Venture Capital melakukan usaha pembiayaan selain yang telah ditentukan dalam peraturan usaha pembiayaan modal ventura, serta (3) upaya apakah yang dilakukan oleh Pemerintah agar PMV tidak menyimpangi ketentuan usaha pembiayaanya. Untuk menjawab pertanyaan ini, telah dilakukan penelitian, melalui studi kepustakaan dan wawancara, dengan nara sumber dari PT. Permodalan Nasional Madani Venture Capital, Asosiasi Modal Ventura Indonesia (AMVI) dan Departemen Keuangan RI.Dari hasil penelitian tersebut dapat disimpulkan sebagai berikut: bahwa selain melakukan penyertaan modal, ternyata PT. Permodalan Nasional Madani Venture Capital, juga melakukan pembiayaan dalam bentuk lainnya. Hal tersebut antara lain disebabkan karena sebagian besar sumber dana yang diperoleh berasal dari pinjaman, yang kurang pas apabila digunakan untuk membiayai dalam bentuk penyertaan modal dan sulitnya mencari PPU yang memahami konsep pembiayaan modal ventura. Sedangkan upaya yang dilakukan oleh Pemerintah, agar PMV tidak menyimpangi ketentuan usaha pembiayaanya, antara lain disusunnya rancangan perubahan peraturan mengenai modal ventura. Saran-saran yang dapat dikemukakan adalah perlunya memasyarakatkan, pelurusan dan peningkatan kualitas pengetahuan konsep pembiayaan modal ventura, revitalisasi peran AMVI dan pemberian sanksi yang tegas kepada PMV yang melakukan penyimpangan usaha pembiayaanya, sebagai upaya terakhir untuk menciptakan efek jera.

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Venture Capital concept in Indonesia is developed differently from other financial institutions such as Bank and Financial Company, difference is that financing instrument of venture capital is in the form of equity participation. Even though several Venture Capital Company ("VCC") have quite long been exist in Indonesia its finance business is not fully carried out as defined, in which there are several financing product, whose transactions are as credit at Bank or in Financing Company.

So that, there has been rising question: (1) How is financing business conducted by PT. Permodalan Nasional Madani. Venture Capital, (2) What become a basis or reason of PT. Permodalan Nasional Madani Venture Capital for conducting financing business other than as provided for in regulations of Venture Capital Financing business, and (3) What effort is conducted by the goverment to make VCC not violating provisions of financing business. To answers these questions, a research was carried out, through library study and interview with the resource person from PT. Permodalan Nasional Madani Venture Capital, Indonesian Association of Ventures Capital (AMVI), and Ministry of Finance of the Republik Indonesia.

From such research outcomes, it can be concluded as follows : in addition to make equity participation, it is evident PT. Permodalan Nasional Madani Venture Capital, also conduct financing in other forms. It is due to most of resource of fund obtained are originating from loans, which is less appropriate if it used for financing in the form of equito participation and difficulty in seeking for PPU that understands concept of venture capital financing. Meanwhile the efforts carried out by the goverment in preventing VCC violating provisions of financing business, among others are drawing up a draft amendment to regulation concerning venture capital. The sugestion which can be proposed are the requirements to socialize, correct and improve knowledge quality of venture capital financing concept, revitalize the role of AMVI, and impose strict sanctions to VCC that violates its financing business, as a last effort to create a warty effect."