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Venture Capital: From First Check to Fund Returns
A linear, one-concept-per-lesson path through how venture capital works, from sourcing a deal and structuring a term sheet to fund economics and the power law that drives returns. 35 lessons · 3 tiers.
Prerequisites: No coding or finance background required. Comfortable with basic arithmetic and reading a simple table of numbers is enough.
This course has no code and no API key: every lesson works through mental models, worked numbers, and short scenarios you can follow with a spreadsheet or a pen and paper.

Beginner
Understanding the bet: what VC does, and how to screen a startup.
- 01What Is Venture Capital?
- 02The VC Ecosystem
- 03The VC Investment Lifecycle
- 04Stages of Financing
- 05Finding Deal Flow
- 06The Investment Thesis in Venture
- 07Evaluating the Team
- 08Evaluating the Market
- 09Evaluating the Product and PMF
- 10Traction and Early Metrics
- 11Competitive Landscape and Defensibility
- 12Checkpoint: Screen a Startup
Intermediate
How a deal is structured: cap tables, term sheets, and the power law behind returns.
- 13Cap Tables 101
- 14SAFEs and Convertible Notes
- 15Priced Rounds and Term Sheets
- 16Valuation in Venture
- 17Dilution Across Rounds
- 18Liquidation Preferences and Pro-Rata Rights
- 19Board Seats and Governance
- 20Ownership Targets and Check Sizing
- 21The Power Law
- 22Fund Construction and Reserves
- 23Follow-On Strategy
- 24Checkpoint: Structure a Term Sheet
Advanced
Running the fund: economics, LPs, portfolio construction, and exit.
- 25Fund Economics
- 26LP Relations and Fundraising a Fund
- 27Portfolio Construction
- 28Board Value-Add Beyond Capital
- 29Signaling Risk and Down Rounds
- 30Bridge Rounds and Runway Extensions
- 31Secondary Sales and Liquidity
- 32Exit Paths: M&A vs. IPO
- 33Portfolio Monitoring and Reserve Reallocation
- 34AI for VC
- 35Capstone: The VC Investment Committee Memo