Financing a startup ventures business model is another key component of entrepreneurial finance. External financing involves various types of capital providers: angel investors, VC investors, creditors, suppliers (for trade credit), etc. These external financiers, together with founders and employees, design various deal structures and financial instruments (e.g., stock options, preferred stocks with various special rights, convertibles, debts with different seniorities and different collateral requirements, etc.) to carve up the ventures value. What are your thoughts on the value partition issue in a new venture?