国际创投产业发展趋势及战略

主講人：曾憲章博士曉龍基金會創辦人及執行長Aug.8,2003〔全國風險投資．年會〕國際創投產業．發展趨勢及戰略內容A.中國的科技与經濟現狀P2~P4B.高科技產業及風險投資的特性P5~P7C.美國硅谷及創投產業P8~P24D.台灣新竹科學園區及創投產業P25~P28E.中國高新區及創投產業P29~P32F.中國創投產業發展戰略P33~P39G.成功之道P40~P42Background1ChinaLab：2001~Now~加速孵化器~(a)上海：AcornAsia、北京、天津、深圳(b)提供Incubator、資金及Mentors曉龍基金會：1992~Now~Education,Environment&V.C.~(a)清大總裁班;上海大學EMBA;香港大學;南開大學(b)培訓上市企業:深圳TCL;北京東方電子;天津中環等(c)InterNetPhone;LAN;LCD;ERP;Bio;(d)環保:美國ECO(益客)基金會;北京地球村;在北京、四川、雲南各地大量種樹東怡科技(E-TECH)：1989~1997~CommunicationCompany~(a)CPE：Fax/Modem;ISDN/TA;CableModem(b)Transmission：U-Gain;HDSL;H-Pipe;ADSL全友電腦(MICROTEK)：1980~1988~ComputerCompany~(a)MICE(微電腦開發系統)(b)Scanner(影像掃瞄器)OCEAN：1988~NowOrganizationofChinese-AmericanEntrepreneurs’AdvisoryNetwork(四海創業顧問公司)玉山科技協會：1990~Now~全美華人最大科技協會,共15個分會RealityofChina1.Explosivegrowthinthepast20years:AnnualGrowth:7%~9%a.Conversionof“Plannedeconomy“to“market-orientedeconomy”b.stimulatingconsumerconsumptionc.InfrastructureBuildingd.FDIforLaborintensiveMFGforexport2.Population:25%ofworldArableLand:6%ofworld3.“FactoryoftheWorld”:Valueofworld’smanufacturedgoods:U.S.A.:25%Japan:16%China:5%4.TogrowServicesector;Toenhancetransparencyofgovernance2Economy1.Rank6thintheworld(GDP≒1.17trillionUSD)2.Foreigntrade:3rd(NexttoUSA&EU;ExceedsJapan)3.FDI:$3B1990$43B2001$50B2002(HugeCapitalInflow)4.DevelopmentofwesternRegion(ChallengesandOpportunities)3Market1.Largestmobilephonemarket:200Mpcs(Only15%penetration)2.LargestcableTVSubscribers:340M(Only27%penetration)3.3rdLargestInternetusers:50M(Only4%penetration)4.2ndLargestP.C.Buyers:13Mpcs(SurpassJapan)5.3rdLargest:Touriststravelingaboard5thLargest:Touriststravelingdestination4高科技發展三大支柱1.人才：a.有經驗的人才b.吸引有經驗留學生回國服務2.資金：a.有附加價值的資金b.創業投資(V.C,)基金3.機制：a.技術股及經營股b.上市機制c.退出機制5風險投資基本特性1.投入週期長：3~7年2.不僅提供“資金”,且參與企業的“戰略決策”和“經營管理”(SmartMoney)3.不以實業投資為目的;不追求長期的資本收益;追求“退出機制”!6~~風險投資功能1.協助經營團隊創業及成長2.協助企業募集資金3.協助企業建立略策聯盟及多角化經營4.協助企業進行長期策略規劃與發展7硅谷四十年1.ShockleySemiconductorLab:1956@SiliconValley:“八叛客”(TheTraitorousEight)2.Fairchild:1957.9月成立3.Spin-off@1968(a)INTEL(b)AMD(C)NationalGenesis(創世紀)of硅谷4.V.C.:KPCB:Mr.Kleiner300家V.C.@硅谷5.University:(a)Stanford(b)UCBerkeley8硅谷成功因素1.學術：尖端研究多、創新能力強高密度高水平的工程師(史丹佛大學及柏克萊大學)2.人文：自由思想、創新的思維3.金融：活潑的創業投資基金4.證券：資金大眾化及資金退出機制5.產業：支柱企業及產業鍵6.法律：智慧財產權、遊戲規則9風險投資與經濟發展(A)IPOinSiliconValley1999----85Companies2000----78Companies2001----15Companies2002----8Companies2003----1Companies(InterVideoWentIPOon7/18)(B)EconomyVS.VC1.BadEconomy→StockMarket：6months+2.BadStockMarket→IPOMarket：6months+3.BadIPOMarket→V.C.Business：6months+(C)結論：1.dot.comBubble(BadEconomy)FinallyhitV.C.businessafteralmost2years!!!2.如果經濟今年下半年復甦,則2005年V.C.好轉10美國風險投資11200019971.美國總數$65B$12.8B2.科技總數$62B(美国的95%)$8.5B(美国的67%)3.硅谷總數$31B(科技的50%)$3.7B(科技的43%)美國風險基金：硅谷地區12風險基金激增：•97一季度$0.9B•98一季度$1.1B•99一季度$1.72B•00一季度$6.81B•00二季度$6.99B•00三季度$6.95B美國風險基金：按領域分(2000三季度,硅谷地區)13•Internet服务50%•电信18%•生物8%•Internet电子商务7%•软件6%•半导体5%•网络信息内容2%•其他3%•电脑/附件1%美國風險基金：按領域分(2000三季度,全國)14•通讯34%•软件24%•商业服务15%•生物技术10%•新媒体7%•半导体4%•消费者4%•电脑/附件1%TheVC“LANDSCAPE”in200015198019902000#ofVCFirmsinExistence87375693#ofProfessionals103537948368#ofFirstTimeVCFundsRaised2414164#ofVCFundsRaisedThisYear5782497VCCapitalRaisedThisYear($B)2.083.20105.05AvgVCFundSizeRaisedThisYear($M)36.539.0211.4Source:NVCAYearbook2001;VentureEconomicsLiquidationStatistics1614,4639781,5291,18010,776CompaniesfundedWentpublicWereacquiredWentoutofbusinessRemainingFrom1995-2000:Source:VentureEconomics;VentureSourceAGenericLate90’sModel17RoundTypeDateAmountRaised(MM)Pre-MoneyValuation(MM)IRRMultipleSeedJan-97$5$3579%18.371stJan-98$10$10065%7.352ndJan-99$25$20059%4.043rdJan-00$60$60052%1.52IPOJan-01$1000TotalPrivateCapital$100Million2001IPOCompaniesAreMoreMature18Source:VentureOne4.53.12.92.83.13.14.1401234519941995199619971998199920002001TimeFromInitialEquityFundingtoIPOFundamentalContributors:InvestmentAreas19SemiconductorsSoftwareinhotboxesPhysics/Optical/NanotechnologyASPNexgentelecomservicesNetworks:theprogrammablenetworkRealTimeEnterpriseInfrastructure–revampingdatacenterarchitecturesOperationsSystemsV.C.FundRaisingCommitmentstoVentureCapitalFunds20$10.4$48.2$90.1$50.5$29.8$17.0$12.2$7.6$6.8$6.2$2.9$0$10$20$30$40$50$60$70$80$9019921993199419951996199719981999200020012002FundsRaised($B)Source:VentureOneInvestment(2002vs2000)EquityintoVenture-BackedCompanies21$6.8$9.8$12.8$17.6$47.2$91.6$32.1$17.419042780577944002459214918881313$0$25$50$75$1001995199619971998199920002001200201,0002,0003,0004,0005,0006,000AmountInvested($B)NumberofDealsSource:VentureOneInvestmentSegments(HealthCarevs.IT)EquityInvestmentbyIndustrySector220%20%40%60%80%100%4Q982Q994Q992Q004Q002Q014Q012Q024Q02HealthcareProducts&ServicesInformationTechnologySource:VentureOneLiquidity(IPO→M&A)M&Asvs.IPOs(No.ofdeals)230%20%40%60%80%100%19951996199719981999200020012002IPOsM&AsSource:VentureOneIPODealsandAmountRaisedThroughIPOs24$2.9$4.9$8.7$4.6$3.7$19.4$19.0$2$1.6192120024868121216143121$0$5$10$15$20$25199419951996199719981999200020012002050100150200250AmountRaised($B)Venture-BackedIPOsSource:VentureOne新竹科學園區1.1980年12月成立