Course Detail (Course Description By Faculty)

Emerging markets (EMs) have recently become major contributors to global economic growth, with the past decade witnessing an unprecedented boom in entrepreneurship and private capital flows around the world. This course offers an overview of the key issues faced by high-growth entrepreneurs and investors operating in EMs, using the case method to drive active discussion and analysis. Through debate and highly interactive class discussions, students will engage directly with real-world decisions faced by founders, venture capitalists, and private equity investors. The course is particularly relevant for students interested in entrepreneurship, venture capital (VC), or private equity (PE)—especially growth equity—in global markets. Weekly sessions feature high-profile guest speakers (both founders and investors), allowing students to connect classroom frameworks to current practice.

The “Emerging Markets Finance and Entrepreneurship” course (EMFE) is organized around the life cycle of firm growth and investment in emerging markets, progressing from the macro and institutional context to financing mechanisms, deal structuring, and value realization. We begin by examining why emerging markets remain “emerging,” then turn to the entrepreneurial finance ecosystem and the different sources of capital available to founders. The middle section focuses on financing growth, studying how investors structure and manage capital across stages, sectors, and risk profiles. The final weeks move to exits and fund dynamics, analyzing how investors create and capture value and how limited partners and general partners structure their relationships. We will conclude with a wrap-up session and discussion of recent trends relevant to entrepreneurs and investors.

The goal of the course is not to become experts on particular countries or regions but rather to train ourselves in the use of principles that can be applied to evaluate entrepreneurship and investment opportunities across many countries, markets, and sectors. Ultimately, the goal is to ensure you leave the course comfortable navigating and analyzing the rapidly expanding entrepreneurial finance ecosystems across emerging markets. Our case lineup spans a wide range of regions: four cases on Latin America, three on Asia, two on Africa, one on emerging Europe, and three at an international scale.

There are no formal prerequisites for the class. However, students with a weaker background in corporate finance—and particularly in venture capital (VC) or private equity (PE)—should expect to spend time before each session reviewing the supplementary background materials that will be posted on Canvas. The class is primarily case- and discussion-based, emphasizing analytical reasoning and decision-making. While much of the learning comes through qualitative debate, several sessions incorporate quantitative analysis (for example, modeling a cap table). Students should be comfortable performing basic calculations on cap tables and following the standard terminology used in VC and PE settings.

This course can be taken before or after Entrepreneurial Finance and Private Equity (BUSN 34101) and other related offerings, and it serves as an excellent complement for students interested in entrepreneurship, venture investing, or growth equity in emerging markets.

Students who are unsure whether the course might be “too introductory” or “too advanced” for their background are encouraged to email me before bidding begins to discuss fit.

Instructor permission required for auditors.

Based on class participation (40%), weekly case write-ups and short assignments (20%), and a final take-home exam (40%). Cannot be taken pass/fail. Instructor permission required for auditors (auditors cannot participate in class discussion and need to submit satisfactory weekly assignments).