Toptal Finance Blog

The Toptal Finance Blog is a hub for in-depth studies and analysis on all facets of finance, ranging from innovative strategies on raising capital to detailed coverage of new finance trends and technologies.

Toptalauthors are vetted experts in their fields and write on topics in which they have demonstrated experience. All of our content is peer reviewed and validated by Toptal experts in the same field.
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Toptalauthors are vetted experts in their fields and write on topics in which they have demonstrated experience. All of our content is peer reviewed and validated by Toptal experts in the same field.

Investment due diligence is a necessary process for both buyers and sellers to undertake to ensure the swift execution of their envisaged transaction. Although, with the stakes high, there are certain challenges that can arise throughout the process which, with careful planning and execution, can be mitigated.

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Stela Ivancheva

Stela Ivancheva

Stela has 15 years of M&A track record in Europe. At EY and Raiffeisenbank she has worked on acquisitions and disposals of up to $1bn.

The Impending Commercial Robot Revolution

The field of robotics has seen incredible strides forward in recent years. As a result of improvements in computer vision, dexterity and also overall economics, use of robots has increased in a variety of different fields. However, most of the growth in robotics so far has happened in industrial applications, and thus hidden from the view of the general public. But is this about to change?

In this article, Toptal Finance Expert Francesco Castellano focuses on the commercial robotics market. Thanks to recent breakthroughs in the fields of AI, mechatronics, sensors, and batteries, service and commercial robots are likely to see tremendous growth and adoption, likely heralding a new robotics revolution that could transform our daily lives in countless ways.

13 minute readContinue Reading
Francesco Castellano

Francesco Castellano

Francesco has over a decade of experience in finance, consulting, and management, at prestigious companies such as Bain and Uber.

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Should You Go It Alone With a Single-person Startup?

Conventional wisdom says you need a team to found a startup. But what if you prefer to do it alone or can’t find the right co-founders? Contrary to popular belief, there are many successful solo ventures. This guide shows you how to get started.

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Toptal Talent Network Experts

Toptal Talent Network Experts

In-depth analysis and industry-leading thought leadership from a panel of Toptal researchers and subject matter experts.

Making Your Software Work for You: An ERP Implementation Tutorial

In the life of almost any growing enterprise, there comes a point in time when the existing systems and processes become insufficient. For most enterprises at this key inflection point, implementing enterprise resource planning (ERP) software, which integrates all areas of the business, can help to overcome this issue. This article provides enterprise leaders with the benefits and risks of ERP, as well as a detailed step-by-step implementation guide.

19 minute readContinue Reading
Ted Bartlett

Ted Bartlett

Ted has led finance and operating functions at $2bn to $20bn companies, and is an expert at M&A, negotiations and deal architecture.

LTV and CAC: What Are They and Why Do They Matter?

LTV:CAC analysis is one of the most important exercises startup founders must go through to evaluate their business’ prospects and raise external funding. It is, however, frequently misunderstood and misinterpreted.

In this article, Toptal Finance Expert Ryan Downie runs through a practical tutorial of how to perform LTV:CAC analysis correctly, and how it should be adapted and interpreted depending on the business model or sector in question.

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Ryan Downie

Ryan Downie

Ryan left the hedge fund world to become a startup consultant. He has helped clients raise more than $1.2 million in early-stage capital.

What’s My Return on Investment and How Do I Calculate It?

Finding out your return on investment from a project can become a subjective process with the myriad of returns measures and formulas that exist. This overview provides a breakdown and explanation of how to calculate return on investment, looking at what type of return you need to measure and how to arrive at an answer. With further guidance on how to use returns data to guide objective decision making.

16 minute readContinue Reading
David Bradshaw

David Bradshaw

David is an expert in planning asset acquisitions, managing projects of up to $100m across the financial, real estate and consumer space.

Biotech Valuation Idiosyncrasies and Best Practices

Biotech companies with little to no revenue can still be worth billions. Consider the most prominent 2017 biotech M&A deal when Gilead bought Kite Pharma for almost $12 billion. At the time of the deal, Kite had over $600 million in accumulated deficit, but it also had a pipeline of CAR-T cell therapies, which treat cancer. This article examines how to value such pipelines. It also focuses on the risk-adjusted NPV valuation methodology, portfolios of multiple drug candidates, and how value is impacted by the characteristics of the investor or acquirer.

22 minute readContinue Reading
Raphael Rottgen, CFA FRM

Raphael Rottgen, CFA FRM

Raphael is a partner at a crypto hedge fund. Prior, he founded and exited a fintech company, and worked as a banker and equities investor.

Toptal Finance Expert

Neil Portus | CFA, CMA

Neil is a CFO for growth companies and a former equity analyst at Goldman Sachs in NY where he helped lead numerous transactions including Zipcar's $1.1 billion IPO. He was also an equity analyst at Barclays Capital & Lehman Brothers and began his career at a boutique investment bank (M&A, restructuring, debt financings). He's built his operational skills both as a startup founder and as the CFO of an East Africa-focused impact investment firm.
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