An old survey 1984(風(fēng)險(xiǎn)投資創(chuàng)新與金融的結(jié)合,劉曼紅)課件

Anoldsurvey:1984Avgpartnersperfirm:5.1avgcompaniesmanagedperpartner:8.8avgseatonboardperpartner:5.1mostvclistsspentmorethanhalfoftheirtimeswiththeirportfoliocompanies,mediannumberis60%iftheyaretheleadinvestor,theydevotemuchmoretimeonPCsthanotherwiseVenturecapitalistspaythe'80s,venturecapitalists’basesalary”$150,000to$200,000,calculatedona2to2.5percentmanagementfee,lessexpenses.Asthesizeofthefundshavemushroomedwhilemostexpenseshaveremainedgenerallyflat,manyventurecapitalistsnowpullintwotothreetimesthat.Basesalariesof$1millionarenolongerunusualofcourse,thatdoesn'taccountforwinninginvestments'reallybigpayoffs--performance-basedfeesandpersonalequitystakes.LouisJohnDoerr,IIIDoerristohisbusinesswhatGatesistosoftware.”DoerrcanboastofhelpingtomidwifesuchenterprisesasNetscapeCommunicationsCorp.,CompaqComputerCorp.,Intuit,LotusDevelopmentCorp.andSunMicrosystems.SincejoiningKleinerPerkinsin1980,Doerrhasriddenthreetsunamilikewavesoftechnology:personalcomputing,PCsoftwareand,now,theInternetDoerr’sfirmVC-backedcompaniesgrewjobs20%onaveragefrom1990to1994.KPCBcalculatesthatthecompaniesithasbackedhavegenerated131,000newjobs,alongwithcombinedannualrevenuesof$44billion.Theirtotalmarketcapitalization:$84billion.Thefirmhasreportedlyrackedupaverageannualizedreturnsofmorethan30percentsinceitsfoundingin1972,puttingitinthetop1percentofallventurefirms.Theindustryasawholehasaveraged13.1percentannualreturnsoverthepasttwodecadesAnewconcept:Keiretsuvalue-addedinvestingisaccesstoanetworkofsharedinformationandknowledgereferredtoastheKeiretsu.CompaniesthatbecomepartofthisinterlockingKPCBnetworkshareexperiences,insights,knowledge,andinformation.theflipsideofKeiretsuisthatDoerralsositsontheboardsofdirectorsofcompaniesthatholdcompeting,notcooperative,interests.DaretopayhighpriceJohnDoerr,paida5milliontoNetscapeinjune.1994,andinmay,itworthabout600million…thepartnersinKPCBtook30minutestovoteinvestinginNetscape.Mondaymorning,all10partnersgatheratheadquarter--sittingaroundatable:theworldlargestsurfboard...Formalpresentationat11amand2pmholdboardseatson80%oftheVBC.Doerrbelieves1980sisforhardwareandsoftware,but90sisforinternet...KPCB-whyfamousstrategiesareeasy,it'sexecutioniseverything.Thefirmreviewssome2,000businessplansayear,ofwhich200getseriousconsiderationand20to25actuallygetmoney.1994,SiliconGraphicsfounderJimClarkcalledDoerrtotellhimaboutalittlepieceofsoftwarecalledabrowser,writtenbythis23-yearoldkidfromtheUniversityofIllinoisnamedMarcAndreessen.FouryearslaterthecallstillranksasthemostsignificantthingtohappentoKPCBinadecade.Andperhapstheluckiest.LouisJohnDoerr,III-35yearsatIntel.madetheunusualrequesttobetransferredfromtheSantaClaraheadquarterstotheChicagosalesoffice."Heneededtobeafieldsalesman,tolivethatexperience’In1980hecontactedByers,whoofferedajobasaKleinerPerkinsassociate,heaccepted,butwiththestipulationthatKleinerPerkinswouldbackhimifhedecidedtopursuehisownstart-up.1980-82hespenthalftimeforSiliconCompilers,inwhichhehadasmallequitystake,in1982,KPraisedventurecapital'sfirstmegafund,athen-unheard-of$150million,askedhimbackasageneralpartner.LouisJohnDoerr,III-4Brandsmatterinconsumermarketing.Reputationandvaluesmatterinservicebusinesses,"notesDoerrAtthecoreofKleinerPerkins'srelationshipnetworkarethemorethan250itsPCs.Doerrcallsthem"ourmostimportantoff-balance-sheetweapon.”KPhavetakenventurecapitaltothenextlevelbybuildingextensivebridgestoothercompaniesthroughalliancesandjointventures."theKleinerkeiretsu,"aftertheJapanesesystemofextensivecross-ownershipwithinafamilyofcompanies,encouragesitscompaniestoworkwithoneanotherwheneverpossibleLouisJohnDoerr,III-5cannotbuildagreatcompanynormakeagreatinvestmentbycuttingatoughdealwithanentrepreneur,needtoberuthlesslyhonestabouttherisksandfocusonremovingthoserisks.”DoerrhardwireshisnetworkbyplacingKleinerCEOsontheboardsofothercomofthekeiretsu.NetscapeJimClarkpersonallyputtingup$3MM&pricinghisconceptatanother$3MM,withamultipleofthreetimes,valuethestart-upat$18MM.Mayfieldnotrespond,andNEAonlyofferamultipleoftwo.ButDoerrinJan.1994,wasintriguedbyAndreessen,invested$5mm,laterbecame$600mmLouisJohnDoerr,III-710/2/1969,UCgavebirthtoabeautiful,bouncingbabynetwork--thefirstelectroniccommunicationpassedfromtheuniversity'sBerkeleycampustoitsLAcampus,markingthebeginningofanE-mailsystem,thefoundationforthemodernInternet.joinedIntelin1975asanengineer-UCLAdecidedtomakehiimamemberofits"birthdaypartyadvisorycommittee.”Fromthenon,Doerr'sinfluencehasspannedalmosttwodecadesoftechnologyinvestments.Whyishesuccessful?“hisenergyjoltspeopleoutofordinarythinking."LouisJohnDoerr,III-8Lotusearlyseedmoney,andIBMCorp.laterboughtLotusin1995for$3.5billion.onPaloAlto-basedSun'sboardthroughoutitsmostbruisingfightswithrivalMicrosoftCorp.Intuit.ThemakerofQuickenandQuickBooksisverystronggrowthinitsmarketcapitalization@Home.ontheboardofthehigh-speedcable-basedInternetservicescompany,capof$14billionplus.“Venture

capitalistsshouldhelpentrepreneursassemblegreatteams,""ButVCsdon'tmanage,inspireorlead.We'reoffstage,behindthecurtains,Venturecapitalisasupportingrole”Aventurecapitalist&artistNicholasB.Binkley,50,mixfinanceandartfor20yrs.workedasanexecutiveatChaseManhattanBank,SecurityPacificBankandBankofAmerica,hewasmoonlightingatnight,playinginlocalbandsanddevelopinghiscraft.BinkleyrecentlyreleasedaCD,"PinStripeBrain,"offering15songshewroteBinkleyinsiststhatthere'saconnectionbetweenventurecapitalandmusic-that"creativityandempathy"areskillsthattransfertobothworlds.NormanBrodsky:investforfunBrodsky,aventure

capitalist,nolongerinvestsjustforthemoneybutforfun,beingpartofanewbusinessandthesatisfactionhegetsfromhelpingentrepreneurssucceed.4rulesof"angel"investing:1.Investinpeoplewhowantyourhelp,notyourmoney.2.Whenpossible,goitalone.3.Takeamajoritystakeuntilyourinvestmenthasbeenrepaid.4.Retaintherighttoforceapayout.it'snotmybusinessbutitis,Iown100%ofthestock.davieistheentrepreneur.ifhepaysbackmyinitialinvestment,he'llbethemajorityshareholderKoreaVclist:ChaiHyun-Suk

atKDIFC40yearold,10yearexperience29hitsin32at-batsinvcinvestment,successfulrateis90.6%investinDooin,1million,4.4million2yearslater.Hastobeadventurous:whenthefirmismorestable,you’velostachancetoinvest.Venture

capitalistChaiHyun-Suk40yrold,ontheboardofKoreaDevelopmentInvestmentFinanceCorp.(KDIFC)in1997.Hehasscored29hitsin32at-batsincapitalinvestmentplays.ArecentexampleofChai'ssuccessininvestmentsistheDooinElectronics,whichisstandingoutinthemultimediacardsector.Fromasingleinvestmentof900millionwon,Chaiearnedabout4billionwonwithinjust2yearsonbehalfoftheKDIFC.

VclistChaiHyun-Suk-2Whenaventurefirmhasgrownandentersamorestablestage,youalreadylosethechancetoinvestChaicouldnotalwayshithomeruns.Inafewcases,helost100%ofthemoneyheinvested.Buthesaidhecouldlearnmorefromafailurethanasuccess.hebelievesthatnothingcanberealizedwithoutgoodteamworkisgoingtoinvestinaspace-shuttlerelatedproject,whichnoKoreanventurecapitalfirmhasevertried.Itishighrisk,butcouldputthenation'sventurecapitalonahigher,moresophisticatedplane.DenzilDoyleestimatesCanadaisrunninga$15billiontradedeficitinhigh-techproductsandservices,primarilywiththeU.S.Thecapitalgainstaxrateis40.Thehighestmarginalincometaxrateis50,andthreequartersofcapitalgainsarelumpedinwithincome.TheCanadiangovernmentwouldliketocreatejobsbutunwillingtoprovidetaxincentivestoattractinvestmentangels.priorto1996,Canadianscouldcontributeupto$5,000toventurecapitalfundsandreceivea40taxcredit.nowonly$3,500andthetaxcreditis30.Prof.FredTermanIn1938,hepersuaded2ofhisstudents,BillHewlettandDavidPackard,tosetupacompanymakingelectronicmeasuringequipmentinagarageInthe1950s,Hewlett-Packard,andothersmovedintoStanfordUniversity'snewindustrialpark.Overthenext2decades,thenumberofyoungfirmsmultipliedsteadilyThename"SiliconValley"-anallusiontoitsmainindustry,siliconchips-wasinventedin1971byalocaltechnologyjournalist.thevalleyisan"existentialcreation:nobodysaid'letsbuildanentrepreneurialtechnologicalcentre'."TheSiliconValleyRealstartfromHPmovedtoStandfordin1950s.1957,vclistarthurRocktriedtobackacompany:FairchildSemiconductor1971,‘siliconvalley’nameappeared1976,applecomputerwasbornthemid-198os,SiliconValley'schipindustryfounditselfoutclassedbyJapanesecompetitors.Thevalleyrespondedbyrevampingmanufacturingoperations,outsourcinganddiversifyingintootherareas,particularlycomputersoftwareAventurecapitalist’sconfessionMakingalittlebitofmoneymeansyou'renotaverygoodventure

capitalist.Pleasegettheexecutivesummaryofyourbusinessplantomeassoonaspossible,sothatIcaneitherthrowmoneyatyouortellyouwhataschmuckyouarefordaringtodarkenourdoorway.LookingforapotentialRBC,reallybigcompanyThekeytostartingaRBCisridingafundamentalchangeintechnology,justasCiscosuccessfullyrodethearrivaloftheInternet,ratherthantakingonanestablishedcompanyonitshometurf.ActiveAngleinvestorsthese"activeangles"investtensofthousands,alongwithtech-industryexperienceandusuallysettlefora5percentstakeinthecompany.Typically,MadhavanRangaswamiseeksoutcompanieswithassetsoflessthan$5million,workstodoublethefirm'svalue,thensendsmanagementoutforventurecapitalfunding.Invested$30,0000inMarketFirst,whichdevelopssoftwaretoautomatebasicmarketingeventsandprocesses.Alsohelpedraiseabout$500,000fromfriendsandbusinesscontactsAventurecapitalist:marklevinMarkLevinofMillenniumPharmaceuticalsisanengineer.Thatmakeshimideallyqualifiedtobeasuccessfulbiotechnologyentrepreneursignedthebiggestbiotechallianceinhistory-a$465magreementwithBayer,aGermandrugfirm.hefoundedMPinCambridgeMA,in1993,from30researchersto600+ofthebest,brightestscientists,managersandtechnicians.alsoavclistfor7years.Oneobserverhascalledhimthe"MaoZedong"ofbiotech,abelieverincontinuousrevolutioninbothtechnologyandorganizationAvclistRegisMcKenna

HelookslikeazenmonkwithstiffnesshehadClintontodinner,alongwitheightofSiliconValley'smajornames.Hewasthefirstonhisblocktotrydigitalthermostats,ahometheaterwithadigitalprojectorheusestoviewtheInternetthefuture,whichbelongs,hebelieves,tointranets"becauseit'safairlyinexpensiveandrapidwaytodeployapplicationsacrossanenterprise"BadnewsforMicrosoft.AventurecapitalistPappajohnJohnPappajohn'sinitial$125,000stakewillbework$15million-a120-foldreturnin18months.hesetupshopasaventure

capitalistin1969,hehad$100,000.Byinvestinginhealthcarestartupshehasnowmorethan$200million.Pappajohn'sventurefundconsistsolelyofhisownmoney.Inthepast27yearshehasfoundedmorethan2dozenpubliccompanies.tobetherefirstorveryearly,"saysPappajohn."WallStreetwillpaymoreforasuccessfulnewidea."Aventurecapitalistpappajohn-2PappajohnwasborninGreeceandgrewupinMasonCity,Iowa,hisfatherranacornergrocerystore,notelephoneandsharedacar.Hisfatherdiedwhenhewas16,leavinghimtosupporthismother,whospokenoEnglish,andhisyoungerbrothers.Hedoesn'tuseacomputer.Hekeepsalistofhiscompaniesonatattypieceofpaperinhiscoatpocket.YethequicklygraspedthemarketpotentialofNetGenics'software,whichmightspeedupthecolossallyexpensivedrugdiscoveryprocess.modestlife,tobethebiggestphilanthropistiniowaAvclist:TomPerkinsAsoneofthefoundersofthepioneeringSiliconValleyventurecapitalfirmofKPCBintheearly1970s,Perkinsinvested$8millionandcofoundedtwolegendarysuccesses,GenentechandTandem.1953,hegraduatedfromMITwithanEEdegree;4yearslater,anM.B.A.fromHarvard,aneducationalpathisnowconsideredawinningcombination.PackardputhimintheHP'smachineshop.Forseveralmonths,hewasprobablythebesteducatedlatheandmilloperatorinAmerica.Avclist:TomPerkins-2hetook$12,000tomanufactureandmarket"lightbulb-simple"lasersbasedonhisownopticalinventions.laserswere