软库风险投资经验.ppt

1、VC2 in Building a Successful Business,September 10, 2002,Chauncey Shey President & CEO Softbank China Venture Capital,天马行空官方博客： ；QQ:1318241189；QQ群：175569632,1, Provide startups with Capital Executive search Business advisory Technology advisory Legal support Accounting support Strategic partnerships

2、,Key elements to success,Actively Help Company to Growth: VC2 approach,Value Creation through active portfolio management and participation,VC2 = VCs Value Creation,Basic VC,2,Establish/enhance corporate governance and management structure/ process Determine/confirm strategic direction,Institutioniz

3、e/enhance board of directors Enhance management structure/process, and executive team Determine strategic direction Establish/enhance financial control and legal framework,Monitor business and financial performance Ensure/accelerate growth,Monitor business and financial reports monthly Attend quarte

4、rly board meeting Assist fund raising Assist business development Establish business and technology partnership,Ensure successful exit via IPO or M & A,Assist company to meet IPO listing requirements Determine IPO location, timing, and service companies Seek and negotiate M & A partners,Objective,Pr

5、ocess/Activities,VC2 in Portfolio Management Process,Assist/Enhance Business Setup,Assist Business Expansion,Exit IPO/ M&A,3,Successful Investment Case,4,UTStarcom Growth,Unitech,UTStarcom,UTStarcom,UTStarcom,Telecom Access Solution,Starcom,Telecom software System Integration,Consolidate resources C

6、ore business Telecom access China market,Product diversification Market expansion globally,Successful pilot in China Product diversification Market expansion in China,93,95,97,99,2000,2002,Seed,Growth,Expansion,Listed Company,Time,Funding,$3M from Tech funding Malaysia tech funding,SB: $30 at 95 $16

7、0 until 98,Intel: $60M,Merger,5,Investors Play Key Role in The Growth of Core Team,Potential pitfalls,Potential pitfalls,6,1997,1998,1999,2000,2001,Financial since 1995,$75.6,$187.5,$368.6,$610.0*,$105.2,* First Call Consensus Estimate,Revenue,Return to investors Early stage* 60X Growth 10X Pre-IPO

8、1.5X,7,Key Elements in VC2,X,X,X,X,The best company is the one that requires investors to spend least time,Only meet when trouble come out,Regular board meeting,Become a super CEO,Give the team freedom to operate,Provide strategic value in Market development Partnership Financing,Rely on individual or couple of heroes,Help to establish cor