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Product cover image for Top Corner Capital: Rethinking Venture Debt for the Seed Stage

Top Corner Capital: Rethinking Venture Debt for the Seed Stage

Latypov K/Munce C F

Product #:E-919
Supplier:Stanford University
Discipline:Entrepreneurship
Setting:USA
Details:Case (PDF) • 16 pages • 2026-02-23

Subjects:

Entrepreneurship

Industries:

Financial service sector
Your Price:$9.71

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Students will learn to evaluate venture debt from both borrower and lender perspectives, determining when debt is appropriate relative to equity based on runway extension, dilution, milestone readiness, and next-round signaling. They will analyze instrument design and deal economics, including pricing, interest-only periods, warrant coverage, optional equity participation, covenants, and collateral. Students will compare bank and non-bank lenders and assess the attractiveness of their deal terms.

Learning Objectives

Students will learn to evaluate venture debt from both borrower and lender perspectives, determining when debt is appropriate relative to equity based on runway extension, dilution, milestone readiness, and next-round signaling. They will analyze instrument design and deal economics, including pricing, interest-only periods, warrant coverage, optional equity participation, covenants, and collateral. Students will compare bank and non-bank lenders and assess the attractiveness of their deal terms.
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Case Study: Top Corner Capital: Rethinking Venture Debt for the Seed Stage (English version) | Ivey Publishing