Anoldsurvey1984(风险投资创新与金融的结合,刘曼红)

Anoldsurvey:1984•Avgpartnersperfirm:5.1•avgcompaniesmanagedperpartner:8.8•avgseatonboardperpartner:5.1•mostvclistsspentmorethanhalfoftheirtimeswiththeirportfoliocompanies,mediannumberis60%•iftheyaretheleadinvestor,theydevotemuchmoretimeonPCsthanotherwiseVenturecapitalistspay•the'80s,venturecapitalists’basesalary”$150,000to$200,000,calculatedona2to2.5percentmanagementfee,lessexpenses.•Asthesizeofthefundshavemushroomedwhilemostexpenseshaveremainedgenerallyflat,manyventurecapitalistsnowpullintwotothreetimesthat.Basesalariesof$1millionarenolongerunusual•ofcourse,thatdoesn'taccountforwinninginvestments'reallybigpayoffs--performance-basedfeesandpersonalequitystakes.LouisJohnDoerr,III•DoerristohisbusinesswhatGatesistosoftware.”•DoerrcanboastofhelpingtomidwifesuchenterprisesasNetscapeCommunicationsCorp.,CompaqComputerCorp.,Intuit,LotusDevelopmentCorp.andSunMicrosystems.•SincejoiningKleinerPerkinsin1980,Doerrhasriddenthreetsunamilikewavesoftechnology:personalcomputing,PCsoftwareand,now,theInternetDoerr’sfirm•VC-backedcompaniesgrewjobs20%onaveragefrom1990to1994.KPCBcalculatesthatthecompaniesithasbackedhavegenerated131,000newjobs,alongwithcombinedannualrevenuesof$44billion.Theirtotalmarketcapitalization:$84billion.•Thefirmhasreportedlyrackedupaverageannualizedreturnsofmorethan30percentsinceitsfoundingin1972,puttingitinthetop1percentofallventurefirms.Theindustryasawholehasaveraged13.1percentannualreturnsoverthepasttwodecadesAnewconcept:Keiretsu•value-addedinvestingisaccesstoanetworkofsharedinformationandknowledgereferredtoastheKeiretsu.•CompaniesthatbecomepartofthisinterlockingKPCBnetworkshareexperiences,insights,knowledge,andinformation.•theflipsideofKeiretsuisthatDoerralsositsontheboardsofdirectorsofcompaniesthatholdcompeting,notcooperative,interests.OnesecretforVclisttosuccess:Recruiting•ThefamousVCfirm:Kleiner,PerkinsCaufield&Byers.•JohnDoerr’spowerandinfluenceontheVBC:recruitingefforts.•Heisagreatrecruiter.Whysocritical?•CEO-in-residenceprogram,williamCampbell,theformerGochief,laterinIntuit.•RoadshowsandconferencesDaretopayhighprice•JohnDoerr,paida5milliontoNetscapeinjune.1994,andinmay,itworthabout600million…thepartnersinKPCBtook30minutestovoteinvestinginNetscape.•Mondaymorning,all10partnersgatheratheadquarter--sittingaroundatable:theworldlargestsurfboard...Formalpresentationat11amand2pm•holdboardseatson80%oftheVBC.•Doerrbelieves1980sisforhardwareandsoftware,but90sisforinternet...KPCB-whyfamous•strategiesareeasy,it'sexecutioniseverything.Thefirmreviewssome2,000businessplansayear,ofwhich200getseriousconsiderationand20to25actuallygetmoney.•1994,SiliconGraphicsfounderJimClarkcalledDoerrtotellhimaboutalittlepieceofsoftwarecalledabrowser,writtenbythis23-yearoldkidfromtheUniversityofIllinoisnamedMarcAndreessen.FouryearslaterthecallstillranksasthemostsignificantthingtohappentoKPCBinadecade.Andperhapstheluckiest.LouisJohnDoerr,III-2•Bornin1951inamiddle-classsectionofSouthSt.Louis,theeldestoffive.Hisrolemodelwashisfather--Lou,quitjobtobuyasmallSt.Louisspecialtypumpmaker,CharlesLewisPumpCo.,whichhebuiltintotheworld'slargestsupplierofsulfuricacidpumps.•DoerrwasstudyingEEatRiceU.inHouston,Tx.With2friendsstartedtheirowncompany,wrotegraphicssoftwareforBurroughscomputers.graduatedfromRicein1973BS,MSinEE•MBAatHBS,whichhasprobablyproducedmoreventurecapitaliststhananyotherinstitutionLouisJohnDoerr,III-3•5yearsatIntel.madetheunusualrequesttobetransferredfromtheSantaClaraheadquarterstotheChicagosalesoffice.Heneededtobeafieldsalesman,tolivethatexperience’•In1980hecontactedByers,whoofferedajobasaKleinerPerkinsassociate,heaccepted,butwiththestipulationthatKleinerPerkinswouldbackhimifhedecidedtopursuehisownstart-up.•1980-82hespenthalftimeforSiliconCompilers,inwhichhehadasmallequitystake,in1982,KPraisedventurecapital'sfirstmegafund,athen-unheard-of$150million,askedhimbackasageneralpartner.LouisJohnDoerr,III-4•Brandsmatterinconsumermarketing.Reputationandvaluesmatterinservicebusinesses,notesDoerr•AtthecoreofKleinerPerkins'srelationshipnetworkarethemorethan250itsPCs.Doerrcallsthemourmostimportantoff-balance-sheetweapon.”•KPhavetakenventurecapitaltothenextlevelbybuildingextensivebridgestoothercompaniesthroughalliancesandjointventures.•theKleinerkeiretsu,aftertheJapanesesystemofextensivecross-ownershipwithinafamilyofcompanies,encouragesitscompaniestoworkwithoneanotherwheneverpossibleLouisJohnDoerr,III-5•cannotbuildagreatcompanynormakeagreatinvestmentbycuttingatoughdealwithanentrepreneur,needtoberuthlesslyhonestabouttherisksandfocusonremovingthoserisks.”•DoerrhardwireshisnetworkbyplacingKleinerCEOsontheboardsofothercomofthekeiretsu.•NetscapeJimClarkpersonallyputtingup$3MM&pricinghisconceptatanother$3MM,withamultipleofthreetimes,valuethestart-upat$18MM.•Mayfieldnotrespond,andNEAonlyofferamultipleoftwo.ButDoerrinJan.1994,wasintriguedbyAndreessen,invested$5mm,laterbecame$600mmLouisJohnDoerr,III-6•TomPerkinswantedano-bullshitatmosphere,wherepeoplerolleduptheirsleeves&gotsomethingdone•Inthe1980sPChardwareandsoftwaregrewintoa$100billionindustry,says