Venture Capital VC

1
????? ???? ??????? ?????Venture Capital (VC)
P

• ???? ???? ???? ??????
• ???? ?????? ????????
• ???? ???
• ????? - 1379/2/1

2
?????

• ?????? ???????? (VC) ????? ??? ?? ????? ??
  ???????????? ?????? ?? ???????? ?????
  ???????????? ?????? ?? ??? ???? ????? ? ?? ???
  ?????? ????????? ?? ??????? ??????? ??? ?????
  ????. ?????? ???????? ?? VC ???? ?????? ????
  ????????? ??? ?? ???? ??? ??? ?? ???? ???????
  (Start-up Companies).

3

• ?????? ??????? VC ?????? ???????? ?????? ????? ??
  ???????? ????? ??? ????? ?? ????? ??? ?????? ????
  ?? ???????? ???? ??? ?? ?? ????? ????? ?? ?????
  (?????? ???) ??? ????????
• ????????? ?????????
• ????????? ???? Endowment Funds
• ???????
• ???????? ????? ?????
• ????? ???????
• ????????????? ??????? ???????? Venture Capitalist

4
????????? VC

• ????? ???? ???????? ???? ? ?? ???? ?? ??? ???
• ???? ????? ?????? (????)
• ??? ?? ????? ? ?????? ? ????? ????
• ?????? ???? ?? ??????? ?? ????? ???? ?? ??????
  ??? ?? ?????? ??????? ?? ????? ?????? ?????????
  ????? ?? ?????? ?? ????????? ?????
• ????? ??? ???? ?? ???? ????????? ???? ????
• ???? ???? ?????? ?????? ?????? ???? ??? ??? ????
• ???? ???????????? ?? ?? ???

5
????? - ????????? VC

• ????? ????????? ???????????????? ???????? ?????
  ?? ???? ???????? ???? ?????
• ????????????? ??????? ???????? ?????? ?????????
  ????? ?? ????? ???????
• ?????? ?? ??? ????? ????????? ? ???????? ?? ????
  ?? ????? ??????? ??? ??????? ? ?????? ?????
  ???????
• ????? ???????? ?????? ????? VC
• Digital Equipment Corporation, Apple, Federal
  Express, Compaq, Sun Microsystem, Intel,
  Microsoft, Genetech, ...

6
???????????? ?? ?? ???? ????? ?? Private Equity

• ?? ??? 60 ? 70 ??? ??? ????? ????? ???? ???? ??
  ???? ???????????? ?????????.
• ???????????? ?? ??? ??? ???????? ?
  ???????????????? ???? ?????? Buyout ?? Private
  Equity Investig ????????.
• 2 ?? 3 ???? ???? ?? ??? ???????????? ?????? ?????
  ?? ???????????? ?? VC ????? ??????.
• ?? ??? ????? 50 ???????????? ?? ?????? ????????
  (Private Equity) ???? ????????? ????????? ????? ?
  ????? ???? ???????. ???? ???? ?? ????????? ?????
  ???????? ???????? ????? ???????? ????? ? ????
  ???????.

7
??????????? ??? ???????? Venture Capitalist ??
VCt

• ?????? ????? ??????????? ???????? ??? ??
  ???????? ???? ?? ??? ????? Start-up ?? ????? ????
  ??????.
• ???? ?????? ??? ????? ??????? ???? ?? ???????
  ???? ?? ??? ????? ???? ? ??? ???? ????? ??? ????
  ???? ????? ?? ???? ??? ?? ?? ??? ???? ????? ????
  VC ??????.
• ??????? ????? ????????? VC? ????????? ?????? ??
  ??????? ?????? ?? ?? ???????? ????? ???? ???
  ????? ???? ??? 5 ?? 7 ??? ???????????? ???????.
• ??? ?? ?????? ??? ???? ???? ????????????? ????
  ???? ?? ????? ????????.

8
??????????? ??? ???????? Venture Capitalist ??
VCt

• VCt ??????????? ????? ????? ?? ????? ?? ???????
  ????????? ???????? ? ??????????? ?? ????????? ??
  ?? ????? ?????? ????????? ??? ?? ???? ????????.
• ??? ???????? ? ??? ????? ???? ????? Financiers
• Angle Investors ?????? ? ????? ?? ?? ?? ???????.

9
???????? ????????????

• ???. ??? ?? ???
• VCt ??? ???????????? ?? ??? ???????? ?????
  ?????? ????????? ????? ? ????? ????? ??? ??????
• ??? ???????????? ?? ?? ?? ?? ???? ??????
  ????????? ????

10

• ?. ????? ????????????
• ???? Start-up
• ????? ????? ???? ??? ??? ? ???
• ???????????? ??? ?? ????? ????? ????? ?? ????
• ???????????? ?? ????? ???
  Seed Investing
• ???????????? ???? ???? ????? ?? ????? ??? ?? ???
  ????? ??
• Early Stage Investing
• ???????????? ?? ????? ???? ??? ?? ????? ?? ?????
  ????? ???? ? ???? ???
  Expansion Stage Financing
• ???????????? ?? ????? ???? ????? ??? ??? ???
  ?????? ???? ???? ? ????? ??? ???
  Later Stage Financing
• ???????????? ?? ????? ???? ????? ?? ??????
  ?????? ???????????? ???? Acquisition ? Turn
  around ?? Recapitlization

11
????????? ??? ???????? Venture Fund

• ???????????? ?? ????? ????? ?????????????
  ????????????? ?????????????? ???????????? ?
• ???????????? ?? ????? ??? ???????? ????
• ?????????? ????? ??? ?????? ???? ?? ?? ???????
  ????
• ????? ?????? ??? ???????? ????? ???????? ???
  ???????? ???? ????? ???????.
• ????? ???????????? ?? ????? ? ???? ???? ?????.
• ????? ???????? ? Synergy ??? ???????? ?????
• ???? ????? ????? ????????? ?? ???? ????? ?????
  ??? ?????? ?? ????? ?? ???? ????? ????? ??? ????.

12
Www.1stventure.com
Www.21vc.com
13
???? ????????????

• 3 ?? 7 ??? Early Stage
• 7 ?? 10 ??? Seed Investing
• 3 ?? 5 ??? Later Stage
• ??? ?? ??? ??? VC ????? ??? ????? ? ??????? ??
  ?????.

14
????? ???????? VC

• 1. ??? ???? ????????? ?????? ????? ?? ??? ??????
  ?? ??????? ?????
• 2. ???? VC ????? ?? ?????? ????
• Private Independent Firm
• 3. ???? VC ?????? ?? ????? ???? ?????? ????
  ????????????? ???? ? ?? ??????? ?????????????
  ?????
• 4. ???? VC ????? ???????? ????? ????? ? ????????
  ??? ????
• ???????????? ?????? Corporate Venture
  Investor

15
????? - ????? ???????? VC

• 5. ???? VC ?????? ?? ????
• ????? ?????
• ?????? SBIC
• Small Business Investment Company
• Small Business Administration ??????
  ??
• ?? ????? ??? ???? ? ?? ???? ????? ????? VC ?????
  ??????.

16
????? ????? ????? ? ??????? ?????

• ?????? Taxation
• ?????? ???? Liability
• ??????? ???????
• Management Responsibility

17
??? ???? ???????

• ?????? ?? ??????? ????? ?? ??? Pooled Funds
• ?? General Partner ? ?????
• Limited Partnters Investors
• ??? ??? ????? ????? ??? Fixed Life Partnership
• ????? ?? ??????? ????? ???? ?????? ?????? ??
  ????? ?????
• ?????? ????? Fixed Capital
• ?????? ?? Partnership ???? ?????? ? ?????? ????
  ?????????
• ????? Mutual Fund? VC Fund ???????? ?? ????? Fund
  ????? ??? ????
• ?? V Fund ?? ?????? ????? ? Focus ?????
• ?? ???? VC ????? ?? ?? ???? ?? ??????? ?????
• ???? VC ??????? ??? ???? ????? ???? ???????????
  ??????

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Corporate Venturing

• ???????????? ?????? ?? ???????? ??????????? ???
  ??????? VC ?? ???? ????? ?? ?????? ???????? ???
  ???? ???
• ????? ?? ??? ?? ????? ????????? ????? ????
• Corporate Strategic Objectives
• ?? ???? ???? ?? ????? ????? ?? ???? ?????
• Return or Financial Objectives
• ??????? ?????? Parents Capital ????. ?? ?????
  ??? ????? V Finance ??? ?? Outside Investors
  Capital ???? ???????.
• ???? ?? ?????? ??? ??????? ?????? ? ????????
  ???????.

19
??????? ???? Fund Raising

• ??? ????? ?????? ??? Target Fund
• ??? ????? ???????? ??? ????????????? ??????
  Prospectus
• ??? ??? ???? ?? ??? ??? ??? ???? ????????????
• ????? ?????? ?? ????????????? ????? ? ?????? ?
  ??? ?????
• ?? ???? ????? ???? ????????????
• ??? ???????? ???? ???? ????? ?????? ????
• ????? ?????? ???? ????? VC ????????

20
???????? ??? VC

• Capital Calls
• Disbursments
• Exit
• IPO
• ????? ??????
• Buyout Funds
• ???????
• Fund of Funds

21
Capital Calls
22
????????? VC ?? ?????

• ???? ????
• ??? ????? ???? ? ????? ??????? ? ??????
• ???????? ????? ????? ???? ???????? ??? ?????? ?
  ??????????
• ????? ????? ? ?????? ?????????
• ???? ???? ???????? ????? ??? ????? ????
• ????????