创业创新[文献翻译]

1、外文文献翻译译文一、外文原文原文：venture innovationventure capital(vc) is a very powerful driver of quantum and disruptive innovation globally. not only does venture capital simply provide funding but it also supports many of the other elements of the innovation process that are crucial to success. these may includ

2、e technology due diligence,ip management,competitive analysis,business networking, operational management support,governance, financial discipline and marketing which is often, not always, fully recognized. venture capital also provides a powerful market mechanism for “fast failure” innovation since

3、 a project that does not get vc funding will likely struggle for financing and therefore likely has a high risk profile. overall, modern vc organizations have become very sophisticated at managing technical, managerial and financial risk, all of which is vitally important for a successful innovation

4、 process. in this regard, vc companies play a crucial role in providing relatively high-risk capital where other financial institutions dare not venture.4.1 sand hill roadthe us leads the world in vc funding and sand hill road,menlo park,in the heart of silicon valley, is the home to many big vc com

5、pany names. kleiner perkins caufield & byers (kpcb), for example, has had phenomenal past success having backed companies such as amazon, genentech, google and sun microsystems in their early days. for several years during the dotcom boom of the late 1990s, commercial real estate on sand hill road w

6、as more expensive than almost anywhere else in the world. other notable vc companies in this area include matrix partners,sequoia capital, tpg capital, venrock, kohlberg kravis roberts and us venture partners. some smaller, early-stage biotech vcs such as 5am ventures are also located along this fam

7、ous silicon valley road.4.2 global venture capitalistsventure capital is now becoming a global business and a number of major us companies have expanded their market presence and opened offices abroad. for example, sequoia capital, which has funded companies such as, cisco systems, oracle and apple,

8、 has offices in china, india and israel. idg ventures, another global vc player with approximately $3.7 billion under management, has offices in boston,san francisco, india, korea, china and vietnam. kpcb also has offices in beijing and shanghai reflecting the growing importance of china as a source

9、 of innovation and entrepreneurship. interestingly, the most active venture capital investors in china in 2006 were idg ventures china and sequoia capital.as these large us-based vc companies enter these emerging markets, they will not only provide early stage capital but also valuable management ex

10、pertise to stimulate and support innovation and entrepreneurship in these rapidly growing economies.4.3 university seed fundsthe commercialization of ip has become popular with universities around the world but they often struggle with early-stage funding. this has triggered many universities to dev

11、elop their own venture capital funds or to form partnerships with large financial investment companies willing to allocate a small percentage of their funds to a higher risk asset class.for example,in 2000,a group of australian universities,queensland,melbourne and new south wales, formed a seed-sta

12、ge venture capital fund called uniseed,to commercialize innovative ideas based on their research output. the early success of this fund, particularly in the biotech sector, has led to expansion involving westscheme, a western australian superannuation fund. strong links into the silicon valley netwo

13、rk have enabled many of the uniseed-funded university spin-outs to gain later stage funding from us venture capital companies.in the uk, the cambridge enterprise seed funds were established in 2000, as part of a network of such funds at the leading universities of uk. a partnership comprising the ca

14、mbridge university office of science and technology, the wellcome trust and the gatsby charitable foundation committed50 million to establish the first university challenge funds with the aim of “assisting the successful transformation of good research into good business”.the seed funds offer financ

15、e at the high-risk early stage of a business with a range of funding levels including: pathfinder funding of up to 10k for carrying out marke and intellectual property assessments,planning marketing strategies. concept funding of up to 80k which can be used for applied development to prove a concept

16、 and assess the market. seed funding of up to 250k for setting up a joint venture or partnership.the seed funds invest across all technologies and have invested in a portfolio of over twenty companies, more than 50% of which are based on life science technology or target healthcare applications.nume

17、rous universities in the us have established early stage venture funds. for example, the university venture fund (uvf) is an independent fund that leverages the innovations of students from around the country. the fund is a form of collaboration between students seeking an entrepreneurial education

18、and professional venture capitalists to search out high-tech and consumer trends with potential. the uvf comprises graduate and undergraduate student associates from the university of utah,brigham young university,westminster college in saltlake city,as well as the wharton school of business at the

19、university of pennsylvania, and stanford university. the program attracts students interested in start-ups and immerses them in an environment that allows them to identify and connect with prospects that may otherwise go unnoticed by the venture capital world. students also perform extensive due dil

20、igence research evaluating technologies, finances, management teams and marketing strategies of companies. this process not only provides value to the fund and its partners, but also provides a well-rounded entrepreneurship education to the students.chinese universities are also starting to form vc

21、entities with the goal of commercializing ip and stimulating innovation. for example, in 2001 the top-tier, tsinghua university in beijing has established its own venture capital fund,tsing capital with a focus on clean technology.4.4 strategic venture capitalmany large companies have formed their o

22、wn venture capital groups as a vehicle for gaining access to emerging technologies with the potential to be future core-business opportunities. pharmaceutical giants such as pfizer and gsk have had their own venture funds for some time in order to be able to scan the markets for interesting new biot

23、ech investment opportunities. these majors offer not only capital but insights into drug markets and are, therefore, attractive venture capital investors for small companies. furthermore,strategic investors provide significant credibility for a new company towards financial co-investors and potentia

24、l customers.for example, both pfizer and gsk invested in avantium, a high throughput process technology company, founded by the author, and brought a wealth of knowledge about the future needs of the drug-manufacturing industry into the fledgling company. these companies also funded contract researc

25、h in avantium which provided a valuable source of early-stage revenues.in industries other than pharmaceuticals, large companies are also establishing venture funds to provide early access to new innovations. examples across a wide range of business sectors include proctor and gamble, cisco, microso

26、ft, google,intel,motorola,johnson&johnson,novartis,siemens,shell,bp,nestle and many other large multinationals.4.5 clean energy technology venturinginherent in the nature of venture-capital companies is their concentration on the newest “hot” emerging technologies. in recent years, they have investe

27、d in biotechnology, medical devices, nanotechnology and the internet. however, particularly in the us, clean and renewable energy is rapidly becoming the most attractive prospect. the global energy business is massive in scale with a value of $6 trillion per year and underpins global economic growth

28、. the recent dramatic peak in the price of crude oil together with growing concerns about global warming and rising pollution have created a strong focus on clean energy technologies.these mega trends have triggered a number of high profile vc companies to decide that clean energy is the “next big t

29、hing” and they have created new funds to focus on innovative technologies that are both non-polluting and break the global dependence on fossil fuels. in silicon valley alone, the vc investment in clean energy has risen astronomically from $250 million in 2005 to $1.2 billion in 2007,with energy gen

30、eration and transportation fuels absorbing most of this funding.notably, traditional energy conglomerates that have, in the past, shied away from early-stage venturing are starting to co-invest, together with vc companies,in promising renewable energy start-up companies. bp and shell are prominent i

31、n this regard,investing in solar energy and biofuels companies,recognizing that these emerging technologies will play an increasing role in the energy business of the future. more specifically,shell has in vested in cellena, a hawaiian algae-to-biofuel start-up, and is working with codexis and iogen

32、, two young companies developing technology based on enzymes to convert cellulosic biomass to fuels. bp has decided to back craig venters start-up company, synthetic genomics, that has the highly ambitious target of synthesizing the genome of an enzyme that will convert carbon dioxide into hydrocarb

33、on fuels, and within a remarkably short time scale, developing a commercially viable process based on this technology. somewhat more conservatively, bp has also recently announced a foray into brazils sugarcane-based ethanol industry by taking a 50% stake in tropical bio energia.4.6 us venture capit

34、althe us leads the world by a large margin in numbers of venture capital funds and volume of investment, which is a major catalyst for innovation in this country. according to dow jones, venture capital investments in the us reached an all time peak of $83 billion in the year 2000 before the dotcom

35、bubble burst. after plummeting to about $10 billion in 2003, there has since been a slow recovery to a level of $24 billion in 2006 as shown in fig. 4.1.fig.4.1 us venture capitalinvestments(19962006)(source: venture capital industry report, dow jones,2007; redrawn) however, since the investment pea

36、k in 2000, the average fund size has doubled from around $100 to $200 million, possibly reflecting higher overhead costs. the san francisco bay area continues to dominate geographically,generating some 35% of us venture capital activity in 2006. the major business areas of venture capital investment

37、 over the past five years have been it and healthcare. however, it is conceivable,given the current rapid growth in clean and renewable energy funding,and the high levels of investment required for commercialization of the technology,that this business sector could potentially grow to dominate ventu

38、re capital in the us with in a few years.4.7 european venture capitalcompared with the us, the levels of venture capital in europe are relatively low,reaching only $4.1 billion in 2006. as in the us,the it and healthcare sectors were the dominant areas for venture capital funding. clearly, to drive

39、innovation forward and compete with the us, europe needs to stimulate much higher levels of venture capital investment.4.8 israeli venture capitalisrael has a remarkably high level of venture capital investment,given the relatively small population of the country, reaching $1.4 billion in 2006 and $

40、1.8 billion in 2007. this strong risk capital funding underpins the rapid growth of the knowledge-based sector of the economy in israel. infact,the technology parks in israel are often dubbed “silicon wadis” reflecting their resemblance to silicon valley in the us. perhaps not surprisingly, defence-

41、related technology, in addition to it and healthcare, is a leading component of the israeli high tech sector.4.9 chinese venture capitalventure capital in mainland china has experienced significant growth in 2006,reaching a level of $1.9 billion which represents a 55% increase from the previous year

42、. the strong inflows of capital into china and the government drive to stimulate technology commercialization should ensure that venture capital will continue to grow strongly in the coming years. the rate of this expansion of risk capital will play an important role in determining how rapidly china

43、 can move the economy from a low-cost manufacturing base to becoming a significant player in the highend global knowledge arena.venture capital is a vital element of the innovation infrastructure and governments should strive to create a financial environment in which this risk capital will flourish

44、. this includes a favourable tax structure, flexible employment policies,share option schemes, robust ip legislation, balanced bankruptcy laws and even co-funding of the high-risk, early stage of start-up companies. despite the global growth of venture capital, the us remains dominant and will conti

45、nue to enjoy a significant competitive advantage in this regard inthe foreseeable future.source: ian e. maxwell,2009 “managing sustainable innovation” . pp.35-41.二、翻译文章译文：创业创新风险投资（vc）是一种全球性的巨大能量和企业产生创新的的强大驱动力。风险投资不仅简单地提供资金，而且它也支持企业创业创新过程中成功的至关重要的许多条件之一。这些条件可能包括技术尽职调查，知识产权管理，竞争分析，业务网络，业务管理支持、管理、财务纪律和

46、营销，但并不总是被充分的认识。风险投资也提供了一个“快速的失败”，因为对于一个项目的创新机制而言，当一个强大的市场没有风险投资资金时将可能很难争取融资，因此可能具有较高的风险状况。总体而言，现代风险投资机构在管理技术，管理方面和控制财务风险方面日渐成熟，所有这些是一个成功创新的至为重要的过程。在这方面，风险投资公司提供的相对高风险的资本在其他金融机构不敢冒险时起了至关重要的作用。4.1 桑德希尔路美国引领了全世界的风险投资，在硅谷的中心，门洛帕克市的桑德希尔路，是许多大风险投资公司的所在地。例如凯鹏华盈（kpcb）公司，过去成功投资了诸如在创业初期亚马逊公司，基因技术公司，谷歌和太阳公司。在2

47、0世纪90年代后期涌现出互联网热潮的几年里，桑德希尔路上体现的商业价值几乎比世界上其他任何地方都要高。另外，在这片区域著名的风险投资公司还有经纬创投，红杉资本，美国德太投资有限公司，文洛克公司，kkr基金和美国风险投资合作伙伴。其他一些规模较小的，创立于早期的生物技术风险投资公司，如凌晨公司也坐落于这条位于硅谷德著名道路。4.2全球风险投资风险投资正在成为一个全球性的业务，美国各大投资公司纷纷扩大其市场占有率并且在国外设立办事处。例如，红杉资本，已投资如思科系统，甲骨文和苹果等公司，并且先后在中国，印度和以色列成立办事处。另一个全球风险投资公司，idg技术创业投资基金，旗下约有37亿元资金，在

48、波士顿，旧金山，印度，韩国，中国和越南都设有办事处。凯鹏华盈也已在北京和上海设立办事处，这些表明了中国正在成为越来越重要的创新和创业之源。有趣的是，2006年中国最活跃的风险资本投资者是idg技术创业投资基金和红杉资本。由于这些大型美国本土风险投资公司进入这些新兴市场，不仅提供了创业初期的资金，也提供宝贵的管理经验，所以支持和促进了创业经济和创新精神的快速增长。4.3大学种子基金知识产权商业化已经越来越受世界各地大学生的欢迎，但他们往往要艰难的寻求创业初期的资金。这已使得许多大学发展其自己的风险投资基金或者与那些愿意拨出一小部分的资金到一个具有更高风险的资本类别上的大型资本投资公司形成伙伴关系

49、。例如，在2000年，一个由澳大利亚的大学，昆士兰，墨尔本和新南威尔士州组成的集团创立了一个称为高校种子基金的种子期风险投资基金，使之创新研究成果能够商业化。该基金初步成功，特别是在生物技术方面，已使西澳大利亚养老基金西澳小额退休金发展壮大。由于和硅谷网络的紧密联系，已使许多被高校种子基金投资的大学后来成功获得美国风险投资公司的投资。在英国，作为一流大学资金网络的一部分，在2000年成立了剑桥企业种子基金。由剑桥大学科学技术厅，威康信托基金会和比尔盖茨慈善基金会斥资5000万英镑，共同建立了第一个以“扶持优秀科研成果成功转型”为宗旨的大学挑战基金。种子基金提供的初创期分层高风险资金业务包括：-

50、 为创业者提供高达1万英镑的资金去开拓市场、评估知识产权和开展企业营销策划。- 为创业者提供高达8万英镑的资金去用于证实企业创立发展可行性和评估市场。- 为初创型企业提供高达25万英镑的资金去成立合资或合作企业。种子基金的投资几乎涵盖了所有的科技公司和20间科研机构，其中超过50的科研机构是关于生命科学技术和医疗保健方面。众多美国大学已经建立了初创期的风险基金。例如，大学创业基金（uvf）是一个可以被全国各地的大学生利用来创业的独立的基金。该基金是以学生之间合作的形式去寻求创业教育和专业的创业资本，来发现有潜力的高新科技和消费趋势。该基金包括了来自犹他州大学，杨百翰大学，盐湖市的威斯敏斯特学院

51、，以及宾夕法尼亚大学的沃顿商学院和斯坦福大学的研究生和本科生联盟。该项目吸引了许多有创业兴趣的学生，并且营造了一种若非明确自己未来的职业则有可能使创业资本世界忽视他们的氛围。学生们还对技术、财务、管理团队和公司的营销策略进行了广泛的尽职调查评估。这一过程不仅使能基金及其合作伙伴作出评估，而且还为学生提供了一个全面良好的创业教育。中国的大学也开始设立具有知识产权的商业化和促进创业创新性质的风险投资实体。例如，在2001年，北京的顶级学府清华大学已成立了侧重于清洁技术领域的风险投资基金，青云创投。4.4战略风险投资许多大公司已建立了他们自己为获得有潜力成为未来核心商务的新兴技术机遇的风险投资组织。

52、如辉瑞制药和葛兰素史克制药这样的医药巨头创立他们自己的风险投资基金已经有一段时间了，使得他们能够为有趣的新生物技术搜寻市场。这些专业的资本不仅提供资金，而且也提供他们自己对药物市场的见解，因此风险投资家对小型企业也有关注。此外，战略投资者也为一个新公司寻求金融合作和潜在客户担保重大信誉。举个例子，辉瑞制药和葛兰素史克制药都投资了一个由笔者成立的叫荷兰生物技术有限公司的高产量生物技术公司，并为新公司带来了大量药物制造行业未来所需要的信息。这两家公司还资助荷兰生物技术有限公司进行共同研究，并为公司的初期收入开创了起点。在制药行业，其他许多大型制药公司也设立了风险投资基金为创新创业提供早期资本。跨部门业务的范围涉及广泛，包括宝洁公司、思科系统公司、微软、谷歌、英特尔、摩托罗拉公司、强生公司、诺华公司，西门子股份有限公司、英荷皇家壳牌集团、英国石油集团、雀巢公司等多家大型跨国公司。4.5清洁能源技术创业创新风险资本投资公司的根本就在于他们专