外文翻譯--發(fā)展風險投資業(yè)(文件)
【正文】 taking on the risk of a startup, and could face considerable difficulty in finding new employment in case of failure. In contrast, engineers in Taiwan earn considerable prestige by working for young entrepreneurial panies. In addition to entrepreneurs, the venture capital industry needs skilled venture capitalists. The rewards and prestige of being a venture capitalist will affect the quality of work and the quality of people who decide to bee venture capitalists. Consider the difference between an independent venture capital firm, where a general partner makes decisions, and a “captive” venture capital firm that belong to an established corporationor bank, where a salaried employee makes decisions. The salaried employee of the large corporation is unlikely to perform the same quality work as a general partner of a wellendowed venture capital fund that allows generous profit sharing (20 percent is standard in Silicon Valley). Managers of captive venture capital funds are less likely to develop the appropriate mindset to bee good venture capitalists. In Japan and Germany, for example, large banks use their regular employees to run their venture capital operations. These employees behave much more like traditional conservative bankers than venture capitalists. They perceive avoiding losses, rather than taking significant risks, to be in their career interest. Availability of human capital is also critical for the growth of new firms. In Silicon Valley most of the successful panies are run not by their original founders, but by experienced professional managers. Moreover, the ability of entrepreneurial panies to attract workers at all skill levels―for example, by offering stock options―is crucial. Silicon Valley, where the scarcest resource is talent, not money, has seen a remarkable cultural shift. In business schools thirty years ago the most soughtafter jobs for MBAs were in industry. Fifteen years ago the highest prestige was in consulting and investme nt banking. Today the best students aspire to bee venture capitalists or entrepreneurs. The relevant question for many countries may not be so much whether there are people who want to bee entrepreneurs or venture capitalists, but whether the most talented people do so. Source of Opportunities The availability of opportunities—the basis of creating a good deal flow—is related to a number of factors: * How good is the technology and research environment? * Are there channels of munication between research and industry that allow for mercialization of new technological research? * How accessible are domestic markets to entrepreneurs? * How easy it to set up a firm in the first place? 3 * Is regulation predictable enough that entrepreneurial opportunities are not converted into opportunities for holdup by bureaucrats and other powerful agents? Supporting Institutions Silicon Valley has a rich array of firms and professionals that specialize in tasks that benefit entrepreneurs―lawyers, accountants, consultants, subcontractors, head hunters, public relations firms, and so on. In addition, Silicon Valley’s environment is said to be particularly
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