Toptal Management Consulting Expert
Perfecting Private Accommodations: Airbnb vs. Expedia
As Airbnb may soon IPO, how does it compare against more traditional businesses in the travel space? We compare it to another top company in the travel sector, Expedia, and analyze how their originally divergent strategies are slowly converging.

Tyler Cain
Tyler is an investor with years of experience as an advisor. He has led private and public investment activity across industries.
Climbing the IoT Value Chain
Impactful applications of IoT are certain to emerge in the near future. We explore how finance professionals should think of the value it can generate for their business by creating a thought framework.

Peter Wells
Peter is management consultant and expert in corporate development and finance. A former investment banker, COO, and CFO, he has extensive experience working with clients to assess new opportunities and position themselves for sustainable growth. He has held previous positions at UBS, Moelis & Co., and various hedge funds.
Selecting the Right Valuation Method for Pre-IPO Startups
Valuation for mature late-stage startups can be tricky: Too developed for guestimate methods, yet still without the depth of data offered by public market companies.

Bertrand Deleuse
Bertrand is a finance veteran and startup advisor, with a 20-year track record advising 50+ clients on $16 billion of deals.
Fintech Valuation Methods for Money Transfer Disruptors
Valuation of private fintech startups is a step-by-step process that requires a holistic assessment of macro industrial factors and micro assumptions about the startup’s future prospects. Learn how to value fintech companies in a practical step-by-step manner with this working example for payments unicorn Transferwise.

Nirvikar Jain
Nirvikar has helped raise $20+ billion of capital and built lines of business as an experienced CEO, banker, and strategist.
How to Value a Fintech Startup
Compared to traditional financial services businesses, fintech startups require different valuation approaches. This article explores these differences and the best practices to apply when appraising a fintech investment.

Nirvikar Jain
Nirvikar is an experienced CEO and investment banker who has helped organizations raise more than $20 billion in capital. His background includes leadership roles in financial services and fintech, where he has advised companies on fundraising and strategic growth initiatives. Over the course of his career, he has worked with organizations ranging from startups seeking investment to established businesses pursuing expansion. Nirvikar brings extensive experience evaluating opportunities, guiding executive decision-making, and helping companies prepare for their next stage of growth
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What Is a Down Round and How to Avoid One
Anyone vaguely familiar with the venture capital industry knows that down rounds are bad news. But what exactly are they, and why do they occur? What alternatives do founders have to avoid a down round?

Natasha Ketabchi
Natasha transitioned to venture capital after a career in banking, built in prestigious firms such as JPMorgan and A&M.
What’s Next for Equity Crowdfunding?
Toptal Management Consultant Bechara Kara runs through the crowdfunding market’s recent milestones, highlighting some of the shortcomings that can potentially threaten crowdfunding as a tool for democratizing finance, concluding with suggestions for a balanced approach in promoting its evolution.

Bechara Kara, ACMA, CGMA
Bechara is a private equity professional and former investment banker, with extensive experience in corporate finance, M&A, and fundraising.
Lyft vs. Uber: Hailing a Ride to Public Markets
With both expected to go public in 2019, we look at Lyft vs Uber and how they would be valued on the public markets. This analysis also comprises an overview of their respective business models, finances, and expansion strategies.

Zachary Elfman
Zach is a modelling, fundamental analysis and valuation expert that has managed money for PE and hedge funds. He now runs his own business.
Revenue-based Financing in VC: A Study on Playing Averages Over Home Runs
Revenue-based financing allows an entrepreneur to repay an investment over time, to retake ownership of their business, and give a capped return to investors. With founders increasingly rejecting the scale-at-all-costs mentality, this article investigates the math of revenue-based investing and whether in VC it is possible to play averages over home runs.
Toptal Talent Network Experts
Valuation Drivers to Consider During the M&A Sale Process
While selling one’s company can seem like a daunting and difficult task, there exists a proven model and framework that drives valuation to maximum levels and leads to deals successfully getting done. This post is a guide for those contemplating a sale, as to what are the primary and secondary valuation drivers in a sale and how the process is conducted.

Jonathan Wesner, CFA
Jonathan has more than eight years of experience in M&A, successfully completing 35 investment banking transactions totaling $940 million.
Goodbye, Overdue Receivables
Overdue receivables are one of the most common and serious frustrations entrepreneurs face. The hidden costs can be staggering, from lost time dealing with the problem to the cost of hiring dedicated experts, to the serious and long term damage to a business’ reputation with its clients. In this guide, we provide six steps all businesses should take to avoid the headache of overdue receivables.

Scott Hoover
Scott is a CPA with three focus areas: high-level monthly financial oversight, accounting software projects, and corporate tax planning.
Python and Finance: Power Up Your Spreadsheets
The Python language has the functionality to consign many a VBA-filled spreadsheet, held together with sticky tape, to the recycle bin. Its ease of use and suitability for iterative development lends well to finance-based workflows. We delve into this and provides a brief tutorial.

Stefan Thelin
Stefan is the Director of Data-Driven Insights and Analytics for Cargotec, a leading provider of cargo and loading solutions. He has also served as an M&A director and a startup CFO, and led financial modeling and analysis as a leveraged finance manager at the Royal Bank of Scotland.
How to Craft a Successful Go-to-Market Strategy
As a venture investor, Natasha Ketabchi spends most of her day evaluating tech startups as potential investments. In early-stage investments, Natasha finds that the three things that matter most are team, product, and sales and marketing approach—including their go to market strategy. In this article, Natasha lifts the veil on what venture investors look for in a solid GTM plan.

Natasha Ketabchi
Natasha is a management consultant with experience in capital markets, government, financial restructuring, and venture investments. She has an MBA from the Wharton School of the University of Pennsylvania and transitioned to venture capital after a career in banking at JPMorgan, HSBC, and Alvarez & Marsal.
Evaluating the Nature of Business Ethics in Practice
Using the 2016 Wells Fargo Banking Scandal as an example, this article dissects the situation according to the principles of the three classic ethical theorists: Plato, Kant, and Mill. It then offers some suggestions on how to improve ethics in business.

Martin Kemeny
Martin is an seasoned real estate and PE executive that has completed over $200m of projects and advised a range of Fortune 500 companies.
Pricing Strategies for Success: A Practical Guide
Pricing strategy is one of the most important functions that any business engages in. Prices are a foundational element of a company’s revenues—If managed carefully, they can generate high profits and consequently cash. But setting prices appropriately is tricky, and when mistakes are made, companies suffer.
In this article, Toptal Management Consultant Dalibor Pajic draws on his 15+ year career in corporate finance to outline seven practical examples of when pricing strategy plays a crucial role, with the aim of illustrating how pricing decisions can be approached in different situations. Pending

Dalibor Pajic
Dalibor is a CFO with over 15 years of experience in corporate finance, investment management, pricing management, and business development.
How to Get Consulting Clients – An Interview with Steve Blank
Consultants often struggle to find new, solid clients. We asked Steve Blank, the founder of the Lean Startup movement (and someone who has helped hundreds of companies get a better product to market faster and worked with dozens of consultants along the way) how consultants can attract clients.
Steve’s advice is a bit counter-intuitive. But it’s something that Toptal’s best consultants have already been doing for years.

Elizabeth J. Howell Hanano, CFA
Elizabeth began her career as an equity analyst and brings a deep understanding of how to unlock value within companies, big and small.
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