Venture_Capital_风险投资2

VentureCapital1Team:LiuheruGuoyutongZhangziranSunhuiXiaominWhatisVC?•Venturecapital(VC)isatypeofprivateequitythatisinvestedinpromisingnewbusinesswithhighgrowthpotential.2WhataVCdoes•Theventurecapitalfundearnsmoneybyowningequityinthecompaniesitinvestsin,whichusuallyhaveanoveltechnologyorbusinessmodelinhightechnologyindustries,suchasbiotechnology,ITandsoftware.3Maturemarkets•DifferentVCsmaytargetdifferentindustriessuchas:–ITfurthersplitintonicheareas–Agrirelated–Bioinformatics–Manufacturing-newmaterials–Service4AboutDFJGrowth•DFJbacksextraordinaryentrepreneurswhosetouttochangetheworld.•DFJisaventurecapitalfirmthatwasfoundedin1985.DFJhasbackedmorethan400companiesinenterprise,software,mobile,cleantech,energy,healthcare,andothercategories.DFJ‘steamoperatesacrosstheglobeandspecializesinmanyindustriesandgeographies.DFJworkswithcompaniesinseed,early,andgrowthstages.56Somesuccessfulcases•Yahoo•Sybase•Skype(acquiredbyeBay)7VCinChina•IDG（IndigoDocumentGenerator）•InternationalDataGroup(IDG)istheworldleadingITpublishing,marketresearchcompany.•Foundedin1964,headquarterinBostonoftheU.S.•ItisthefirstintroducedintoChina8Geographicaldifferences•Venturecapital,asanindustry,originatedintheUnitedStates,andAmericanfirmshavetraditionallybeenthelargestparticipantsinventuredealswiththebulkofventurecapitalbeingdeployedinAmericancompanies.However,increasingly,non-USventureinvestmentisgrowing,andthenumberandsizeofnon-USventurecapitalistshavebeenexpanding.•Venturecapitalhasbeenusedasatoolforeconomicdevelopmentinavarietyofdevelopingregions.Inmanyoftheseregions,withlessdevelopedfinancialsectors,venturecapitalplaysaroleinfacilitatingaccesstofinanceforsmallandmediumenterprises(SMEs),whichinmostcaseswouldnotqualifyforreceivingbankloans.•Intheyearof2008,whileVCfundingwerestillmajorlydominatedbyU.S.money($28.8billioninvestedinover2550dealsin2008),comparedtointernationalfundinvestments($13.4billioninvestedelsewhere),therehasbeenanaverage5%growthintheventurecapitaldealsoutsidetheUSA,mainlyinChinaandEurope.Geographicaldifferencescanbesignificant.Forinstance,intheUK,4%ofBritishinvestmentgoestoventurecapital,comparedtoabout33%intheU.S.9VCinvestment&exit10InitialMeetingsPrelimnaryProjectReviewbyVentureCapitalistTermSheetSignedbyVentureCapitalist&PromotersDueDiligenceReviewofProjectVentureCapitalistwithFundsPromoterswithProjectLegalDocuments/AgreementSignedInvestmentmadebyVentureCapitalistinProjectMentoring&MonitoringofProjectDivestment&ExitfromProjectPromotersVentureCapitalistVClooksfor•Team–leadership,multidisciplinary,integrity,competence,domainknowledge•Project,product•Market,opportunity,growthexpected,barrierstocompetition•Exitavenue11BusinessPlans•aretobeforwardlooking,basedonpastknowledgeofpromotersandtheirworkexperienceintheexistingornewcompany•Mustdiscountrevenuesexpected,accountforallexpectedcostsandprojectexpectedcashflows12FutureofVCinIndia•Industryhasnotgrowntomeetneedsofavarietyofentrepreneurs•Toomuchmoneychasingtoofewprojects,inselectindustries,notinthemajority•Potentialisthere,needstobetapped•Lackofappropriatelytrainedpersonstomanagefunds13SWOT•Strengths:TheVCfirmcanearnmoneybyowningequityinthecompaniesitinvestsin,andpromoteeconomicgrowthwithgoodmanagement.•Weaknesses:TheVCfirmmaylosemoneyifitinvestacompanywithbadmanagementorinbadcondition.•opportunities:TheVCfirmgivesopportunitiestomanyentrepreneurs.•Treats:IftheVCfirmrunswell,thetreatswillbenice.14Question1•1、WhatothermanagementchallengesdoyouseeforaU.S.-basedventurefirmthatestablishesoperationsinIndia?•1.Thefirmwillfacesomechallengesofalackofmoney,trainedpeople,thegovernmentandsoon.15Question3•3.IdentifyatleastoneIndianfirmthathasraisedventurecapital.Describeitsbusinessandestimateitslikelihoodforlong-termsuccess.AndhowaboutChina?•BlueRunVcfirmisaglobalVcfirm,themaininformationtechnologyinvestment,thefieldofmobilephoneandconsumerelectronics,isintheearlystagesofdevelopmentofenterprises.Indiaistheworld'smostexciting,mostadvancedscienceandtechnologymarket.SoinvestmentinIndiaenterprisesmeans16AboutChina•SequoiaCapitalChinafund,itisingoodcondition.IthasinvestedintheInternet,communication/wireless,media/newmedia,healthcare,newenergyandenvironmentalprotection,software/hardware/semiconductorIthinkitwillbeasuccessinthefuture.17Thatisall,thankyou!18备注•风险资本是投资于那些增长潜力大、颇具获利前景新公司的一种私募基金。19备注四•风险资本基金通过持有的公司股权投资赚钱，通常有一个新的技术或业务模型在高技术产业，如生物技术，IT和软件。也就是它赚得是股息。20备注•不同的风险投资可能目标在不同的行业•比如说IT.这个是比较热门的•与农业相关的•生物信息学•制造新材料21备注五•DFJ是一个成立于1985年的投资公司，它支持了400多个公司。其中涉及的领域有医疗、保健、软件等。它的投资最后逐渐获得了回报。22备注•美国Sybase公司研制的一种关系型数据库系统，是一种典型的UNIX或WindowsNT平台上客户机/服务器环境下的大型数据库系统。•Skype（中文名：讯佳普）是一款网络即时语音沟通工具，其具备IM所需的功能，比如视频聊天、多人语音会议、多人聊天、传送文件、文字聊天等功能。23•美国国际数据集团（InternationalDataGroup）是全世界最大的信息技术出版、研究、会展与风险投资公司。IDG公司2005年全球营业总收入达到26.8亿美元。IDG集团公司创建于1964年，总部设在美国波士顿。24备注三•风险投资起源于美国美国企业是历来风险投资交易的参加者，目前风险投资资本大部分已被部署在美国公司。2008年，美国风险投资额度为28.8亿美元。国际资金投资有百分之五主要在中国、欧洲和以色列。25备注•–领导团队，多学科，诚信，能力，领域知识项目，产品，USP市场，机会，增长预期，竞争壁垒出口大道26备注•基于在现有新公司的工作经验的者过去的知识要向前看。•必须为所有的预期成本和预期现金流量账户降低收入预期27备注•行业还没有发展到能够满足多种需要的企业家•太多的钱追逐太少的项目•潜力有待被发掘•缺少有能力的人来管理资金