技术创业者的关键成功因素

ForEntrepreneurs:ForEntrepreneurs:CriticalSuccessFactorsforCriticalSuccessFactorsforTechnologyStartTechnologyStart--UpsUpsRomanKiktaRomanKiktaDallas,TXDallas,[e-mail]@genesiscampus.comThePast100Years:ThePast100Years:TheGoldenAgeforTheGoldenAgeforEngineeringEngineeringInnovationispartofcultureInnovationispartofcultureƒTheStateofVentureCapitalƒTheDNAofanEntrepreneurƒTheRoadtoFundingƒSuccessFactors:TheSevenPsƒSummaryDiscussionDiscussionLeonardBrodyJerryMeerkatzAcornCampusEdwardFernandezLaszloSzerenylMalGurianMichaelBucklandDr.PavalLazarevZe'evRozovHweeSongChuaDominiquePurcellWu-FuChenRayJampGenesisCampus:AnEarlyStageVentureFundGenesisCampus:AnEarlyStageVentureFundRomanKiktaDavidHoustonJunliWuJaneZhouOsmoHautanenDalBerryAcornCampusShanghaiNamedaFinalistforTechTitansNamedaFinalistforTechTitans’’TechnopolisAward2005TechnopolisAward2005AA““TOP100VentureCapitalFundforTOP100VentureCapitalFundforEntrepreneursEntrepreneurs””20042004bybyEntrepreneurMagazineEntrepreneurMagazineDragonInvestment“Venturepreneurs”“Entrepreneurshipisabout…thosewhodaretodreamthedreamsandarefoolishenoughtotryandmaketheirdreamscometrue”-VinodKhoslaGeneralPartner,KlinerPerkinsCaufield&ByersCo-FounderSunMicroSystrems;““EntrepreneurshipisaboutEntrepreneurshipisabout……thosethosewhodaretodreamthedreamsandwhodaretodreamthedreamsandarefoolishenoughtotryandmakearefoolishenoughtotryandmaketheirdreamscometruetheirdreamscometrue””--VinodKhoslaVinodKhoslaGeneralPartner,KlinerPerkinsCaufield&ByersCo-FounderSunMicroSystrems;VentureCapitalDrivesVentureCapitalDrivesEntrepreneurship&InnovationEntrepreneurship&Innovation••EntrepreneurialactivityhasbeentheEntrepreneurialactivityhasbeenthefundamentaldriveroftherelativestrengthfundamentaldriveroftherelativestrengthoftheUSeconomyoftheUSeconomy••EntrepreneurscreatejobsandstimulateEntrepreneurscreatejobsandstimulategrowthgrowth••StartStart--upsPushLargeCompaniestoupsPushLargeCompaniestoInnovateInnovate••VentureCapitalisthelifebloodofVentureCapitalisthelifebloodofentrepreneurialinnovation!entrepreneurialinnovation!HealthyStartups=HealthyEconomyHealthyStartups=HealthyEconomyVentureCapital:AColossalEffectVentureCapital:AColossalEffect•VentureCapitalshavecreatednearlyone-thirdoftotalmarketvalueofallpubliccompaniesintheUS•VCbackedcompaniesbetween1970and2003employedover10millionAmericanworkers•Generatedover$2TrillioninRevenuein2003•Represents9.4%oftotalUSjobs&revenuesStateofVentureCapitalStateofVentureCapitalVentureCapitalistsVentureCapitalistsinvested$20.9Billioninvested$20.9Billioninto2,876dealsin2004into2,876dealsin2004Source:ThomsonVentureEconomics/NationalVentureCapitalAssociationStateoftheVCMarketStateoftheVCMarketVentureEconomics’USPrivateEquityPerformanceIndexInvestmentHorizonPerformancethrough12/31/200411.710.2-3.81.89.0S&P50012.411.2-11.83.78.6NASDAQ13.812.71.53.716.4AllPrivateEquity9.56.92.93.18.0Mezzanine12.88.42.32.214.3AllBuyouts14.711.22.98.417.1LargeBuyouts17.29.8-1.80.519.3MedBuyouts298.61.02.812.2SmallBuyouts15.726-1.3-2.919.3AllVentureCapital13.715.4-4.7-0.110.4LaterStageVC13.318.20.4014.7BalancedVC19.944.7-1.5-7.338.9Seed/EarlyStageVC20yr10yr5yr3yr1yrFundTypeSource:ThomsonVentureEconomics/NationalVentureCapitalAssociationSeriesBRound–FirstFollow-OnRound–$5,000,000to$30,000,000–ScaleCompanyAroundProfitableBusinessModel•SeriesC,D&Beyond–OneorManyRounds–GrowCompanyinAnticipationofExitThroughIPO,AcquisitionorMergerStagesofInvestmentStagesofInvestment•Seed&Early–Upto$1,000,000–ValidationofMarket–ProofofProfitableBusinessModel•SeriesARound–FirstMajorInvestmentRound–$1,000,000to$10,000,000–CompleteManagementTeam–EstablishInitialCustomerBaseRequires:Knowledge,Market&TechnologyIntelligence,Networking,GlobalPerspectives•AsthesizeofFundsincrease,theproportionofventurecapitalprofessionalsdevotedtoseedandearlystageinvestingdiminishesEarlyStageFundsRequireSpecializedSkills•ItrequiresPartnerswhohavedomainexpertise,start-upandoperatingexperienceSeedandEarlyStageInvestingSeedandEarlyStageInvestingYearstoexitTotalcapitalinExitpriceRevenueatexitMarketsProductfocusTeams2-3$25–100mm$250–1,000mmNoCouldbespeculativeExpansive;ComplexNewisokay,iftechnicallysharp4-6$20–30mm$200–250mmYesMustalreadyexistTight;Simple1stGenerationIndustryandfunctionalexperienceReturntopre-Bubble,mid‘90sstyleofventureinvestingBuildingaVentureBuildingaVenture--backedCompanybackedCompany1999vs.Today1999vs.TodayTheRoadtoFundingTheRoadtoFunding““VisionWithoutVisionWithoutMoneyIsaMoneyIsaHallucinationHallucination””-Dr.AllanMacDiarmid,Ph.D.NobelLaureate&GenesisCampusAdvisorVentureCapitalFundingVentureCapitalFundingƒVCsFundTeams,NotPlans!ƒVCsBackPerformance,NotTeams!ƒThePlanisaMarketingToolƒThePresentationTriggersInitialFundingDecisionsƒBusinessPlanShouldHighlight:AccomplishmentstoDateandSetOutaMeasurablePathtoProfitability&ExitWhatMakesanEntrepreneur?WhatMakesanEntrepreneur?Timmons‘94:-Commitment-Determination-Leadership-OpportunityObsession-ToleranceofRisk&Ambiguity-Creativity-SelfReliance-AbilitytoA