This NACO workshop module explains the valuation process for both angels and entrepreneurs. Valuation is the key term in a term sheet that determines how much each party owns once an investment is made. It also sets the stage for the value of future financings and an eventual exit, as well as related issues such a pricing stock options, debt conversion etc. The workshop will be highly interactive and a panel will share their - very often educational but also entertaining - war stories. A practical tool set with be provided with the workbook.