Comprehensive VC Education

Learn everything from sourcing deals and term sheets to fund construction and portfolio strategy.

Real-World Case Studies

Dive into actual startups, deals, and scenarios to understand the decision-making behind successful investments.

Hands-On Experience

Engage in weekly live virtual discussions with small groups to develop your investment thesis and hone your skills.

Breaking into VC:  Alumni Journey

"I just had an interview for a VC position and everything Lucas has been teaching us basically made that interview a breeze, and I got the offer letter today!" - — Sarah Rana, Venture Fellow Session 2

Curriculum

9 Chapters · 157 Lessons

  1. 1

    Welcome to Venture Fellows & Emerging Angels

    1. (Included in full purchase)

      Welcome to the Pegasus Venture Fellow & Emerging Angel Program!

    2. (Included in full purchase)

      Join the Pegasus Slack Group

    3. (Included in full purchase)

      Pegasus Newsletter

  2. 2

    Week 1: Startup vc Lifestyle & Growth Stages

    1. (Included in full purchase)

      What is a Lifestyle vs VC Backable Company

    2. (Included in full purchase)

      When is a Company Ready for VC Funding

    3. (Included in full purchase)

      Ideation & Incubation

    4. (Included in full purchase)

      Angels & Accelerators

    5. (Included in full purchase)

      Pre-seed

    6. (Included in full purchase)

      Seed

    7. (Included in full purchase)

      Leap to Series A

    8. (Included in full purchase)

      Series A & B

    9. (Included in full purchase)

      What is a Lifestyle vs VC Back-able Company?

    10. (Included in full purchase)

      BR Pitch Deck

    11. (Included in full purchase)

      RSF Pitch Deck

    12. (Included in full purchase)

      Week 1 homework

    13. (Included in full purchase)

      Venture Fellow & Emerging Angels - cohort 8

    14. (Included in full purchase)

      Session Recording Jan 27

  3. 3

    Week 2: Entrepreneur Raising Capital, Sources

    1. (Included in full purchase)

      Bootstrapping/ Self Financing

    2. (Included in full purchase)

      Friends & Family Round

    3. (Included in full purchase)

      Venture Studio

    4. (Included in full purchase)

      Launchpad, Incubator, Preccelerator

    5. (Included in full purchase)

      Accelerators

    6. (Included in full purchase)

      Challenges Startups Face in Accelerator Programs

    7. (Included in full purchase)

      Angel Investors

    8. (Included in full purchase)

      Venture Capital

    9. (Included in full purchase)

      Free Money

    10. (Included in full purchase)

      Crowdfunding

    11. (Included in full purchase)

      Debt Financing

    12. (Included in full purchase)

      IP Pitch Deck

    13. (Included in full purchase)

      What Do Entrepreneurs Pay for Venture Capital Affiliation?

    14. (Included in full purchase)

      How Crowd-Funding Is Changing Everything and What That Means for Your Startup

    15. (Included in full purchase)

      Week 2 Homework

    16. (Included in full purchase)

      Venture Fellow & Emerging Angels - cohort 8

    17. (Included in full purchase)

      Session Recording Feb 3

  4. 4

    Week 3: Demystifying VC

    1. (Included in full purchase)

      Power Law

    2. (Included in full purchase)

      Power Laws in Venture

    3. (Included in full purchase)

      Why Markets Matter for VCs

    4. (Included in full purchase)

      The Alpha in Power Law: Key Factors in Venture Capital

    5. (Included in full purchase)

      Internal Process

    6. (Included in full purchase)

      RL Pitch Deck

    7. (Included in full purchase)

      16 Definitions on the Economics of VC

    8. (Included in full purchase)

      A quick look at how Series A and seed rounds have ballooned in recent years, fueled by top investors

    9. (Included in full purchase)

      Demystifying Venture Capital Economics Part 1

    10. (Included in full purchase)

      Demystifying Venture Capital Economics Part 2

    11. (Included in full purchase)

      Demystifying Venture Capital Economics Part 3

    12. (Included in full purchase)

      Demystifying Venture Capital Economics Part 4

    13. (Included in full purchase)

      Structure and Governance of VC Capital Orgs

    14. (Included in full purchase)

      The Rise of "The Platform" for Venture Capital Funds

    15. (Included in full purchase)

      Why VC Firms Are Investing In Platform To Compete

    16. (Included in full purchase)

      Deconstructing the Pipeline Myth and the Case for More Diverse Fund Managers

    17. (Included in full purchase)

      Week 3 Homework

    18. (Included in full purchase)

      Venture Fellow & Emerging Angels - cohort 8

    19. (Included in full purchase)

      Session Recording Feb 10

  5. 5

    Week 4: Sourcing Deals & Valuations

    1. (Included in full purchase)

      Ecosystem Mapping

    2. (Included in full purchase)

      How to Navigate an Undeveloped Startup Ecosystem

    3. (Included in full purchase)

      Growth Hacking for Sourcing Startups

    4. (Included in full purchase)

      Networking 101

    5. (Included in full purchase)

      Why any Founder asking to sign an NDA is a red flag

    6. (Included in full purchase)

      What to Do if a Founder Asks You to Sign an NDA

    7. (Included in full purchase)

      Valuation

    8. (Included in full purchase)

      What Factors Impact Startup Valuations?

    9. (Included in full purchase)

      Determining Early Stage Startup Valuation

    10. (Included in full purchase)

      Why Startups Overvalue Themselves?

    11. (Included in full purchase)

      Do Valuations Matter When Investing in Startups?

    12. (Included in full purchase)

      Hunting vs. Gathering in Venture Capital: The Game of Deal Flow Domination

    13. (Included in full purchase)

      Growing Your Network in the Startup World

    14. (Included in full purchase)

      No one is trying to steal your idea

    15. (Included in full purchase)

      Mastering Networking Events in the Startup World

    16. (Included in full purchase)

      How to determine your seed-stage startup’s valuation

    17. (Included in full purchase)

      How to do a startup valuation using 8 different methods.

    18. (Included in full purchase)

      Accelerating Startups: The Seed Accelerator Phenomenon

    19. (Included in full purchase)

      BZ Pitch Deck

    20. (Included in full purchase)

      Week 4 Homework

    21. (Included in full purchase)

      Venture Fellow & Emerging Angels - cohort 8

    22. (Included in full purchase)

      Session recording Feb 17

  6. 6

    Week 5: Reviewing Deals

    1. (Included in full purchase)

      Problem

    2. (Included in full purchase)

      Solution

    3. (Included in full purchase)

      Highlights & Traction

    4. (Included in full purchase)

      Market size

    5. (Included in full purchase)

      Go-To-Market Strategy

    6. (Included in full purchase)

      Metrics: CAC, LTV, Margins

    7. (Included in full purchase)

      Competition

    8. (Included in full purchase)

      Competitive Advantage

    9. (Included in full purchase)

      Team

    10. (Included in full purchase)

      Business Model

    11. (Included in full purchase)

      Ask

    12. (Included in full purchase)

      Finding Key Metrics Without Data

    13. (Included in full purchase)

      Why Early-Stage Startups Get Passed by Investors?

    14. (Included in full purchase)

      The Art of Storytelling When Pitching a Deck

    15. (Included in full purchase)

      GA Pitch Deck

    16. (Included in full purchase)

      Week 5 Homework

    17. (Included in full purchase)

      Building a Winning Pitch Deck: Thinking Like a VC

    18. (Included in full purchase)

      Venture Fellow & Emerging Angels - cohort 8

    19. (Included in full purchase)

      Session recording Feb 25

  7. 7

    Week 6: Due Diligence: Management Team and Compensation

    1. (Included in full purchase)

      How did you build the management team, and how was everyone recruited?

    2. (Included in full purchase)

      What is the decision-making process within the team?

    3. (Included in full purchase)

      Does the company have Advisors? What is their role in the company? How are they compensated?

    4. (Included in full purchase)

      Has the company pitched to any VC (including angel groups)?

    5. (Included in full purchase)

      Is every executive team member full-time in the company?

    6. (Included in full purchase)

      How much cash did the founders initially invest into the company?

    7. (Included in full purchase)

      How will the option pool change after funding?

    8. (Included in full purchase)

      The Importance of the Option Pool

    9. (Included in full purchase)

      Evaluating Early Stage Ventures/ Team vs Financials

    10. (Included in full purchase)

      The Importance of Due Diligence

    11. (Included in full purchase)

      What Is the Investor’s Role in Founder Conflicts?

    12. (Included in full purchase)

      Assessing Startup Founders Fresh Out of College

    13. (Included in full purchase)

      Challenges of Family-Founded Venture Backable Startups

    14. (Included in full purchase)

      Vetting Potential Co-Founders

    15. (Included in full purchase)

      How to Evaluate a Startup’s Ability to Pivot & Adapt

    16. (Included in full purchase)

      Egalitarian vs Hierarchy Approach

    17. (Included in full purchase)

      The Pros and Cons of Hybrid Entrepreneurship

    18. (Included in full purchase)

      Rewards — splitting equity

    19. (Included in full purchase)

      Roles- The pitfalls of role dynamics in an early stage startup.

    20. (Included in full purchase)

      Relationships — Who to found with?

    21. (Included in full purchase)

      CH Due Diligence

    22. (Included in full purchase)

      Week 6 Homework

    23. (Included in full purchase)

      Venture Fellow & Emerging Angels - cohort 8

  8. 8

    Week 7: Due Diligence: Go-To-Market Strategy, Technology, & Financials

    1. (Included in full purchase)

      What is the market share ($) of the three largest competitors?

    2. (Included in full purchase)

      Describe your pricing strategy. What is the average selling price? Has the company evaluated pricing sensitivity?

    3. (Included in full purchase)

      Do you have/plan to build a direct sales force? Describe your repeatable sales process.

    4. (Included in full purchase)

      Who are currently your most significant customers/end-users?

    5. (Included in full purchase)

      What is the current reaction from customers that do not move forward?

    6. (Included in full purchase)

      Have you lost any significant customers over the past two years? If so, why?

    7. (Included in full purchase)

      What is the length of the average sales cycle?

    8. (Included in full purchase)

      Does the technology/product/service have a seasonal cycle?

    9. (Included in full purchase)

      How a Growing Market Affects a Startup

    10. (Included in full purchase)

      To achieve the projected customer traction, how do your customers/end users alter their current behavior?

    11. (Included in full purchase)

      Walk us through the customer onboarding experience.

    12. (Included in full purchase)

      What is your current Tech Stack?

    13. (Included in full purchase)

      Describe your exit plan and any recent liquidity events for comparable companies in your space (IPOs, recent funding, acquisitions)?

    14. (Included in full purchase)

      Has the company used outside consultants/firms to prepare the financials? Has an independent firm audited these financials?

    15. (Included in full purchase)

      Provide a List of threatened, pending, or ongoing litigation (if applicable)?

    16. (Included in full purchase)

      Are there any deferred expenses and/or commitments? Any deferred salaries?

    17. (Included in full purchase)

      Does the Company's product(s) require any regulatory approval? If so, what approvals are necessary, and at what stage in the approval process is the Company?

    18. (Included in full purchase)

      What is the plan to scale up manufacturing? Are there any challenges associated with manufacturing at scale?

    19. (Included in full purchase)

      What is your manufacturing lead time? Describe all manufacturing or input bottlenecks.

    20. (Included in full purchase)

      Has a patent search been performed? What are the results? Has a Freedom to Operate been assessed?

    21. (Included in full purchase)

      The Trouble with Trolls: Innovation, Rent-Seeking, and Patent Law Reform

    22. (Included in full purchase)

      The Case Against Patents

    23. (Included in full purchase)

      The Economics of Patents: Lessons from Recent U.S. Patent Reform

    24. (Included in full purchase)

      GG Due Diligence

    25. (Included in full purchase)

      Week 7 Homework

    26. (Included in full purchase)

      Venture Fellow & Emerging Angels - cohort 8

  9. 9

    Week 8: Deal Terms & After Investment

    1. (Included in full purchase)

      Option Pool

    2. (Included in full purchase)

      Liquidation preference

    3. (Included in full purchase)

      Information Rights

    4. (Included in full purchase)

      How to Choose the Right Advice From Investors

    5. (Included in full purchase)

      Convertible Note

    6. (Included in full purchase)

      SAFEs

    7. (Included in full purchase)

      Pro-Rata Rights

    8. (Included in full purchase)

      Preferred Stock

    9. (Included in full purchase)

      Anti-Dilution

    10. (Included in full purchase)

      Board Seat/Observers

    11. (Included in full purchase)

      Cap Tables

    12. (Included in full purchase)

      Post Money Convertible Note

    13. (Included in full purchase)

      Week 8 Homework

    14. (Included in full purchase)

      Venture Fellow & Emerging Angels - cohort 8

Lucas Pols, GP

Lucas Pols is an accomplished angel investor, entrepreneur, and the host of the popular podcast VC Unfiltered. As the founder of Pegasus Angel Accelerator and Former President of Tech Coast Angels, Lucas has dedicated his career to mentoring aspiring investors and empowering early-stage startups. Lucas trains emerging venture capitalists through the Venture Fellow Program, equipping them with the tools and knowledge to make strategic, high-impact investments.

Pegasus Venture Fellow & Emerging Angels Program

Join the program to master venture capital, build your network, and gain the confidence to back the next big idea (and dominate the game)!

Please contact us for access.(opens email in new window) (opens email in new window) (opens email in new window) (opens email in new window)