【導(dǎo)讀】的公司建立聯(lián)盟，同時幫助亞洲的公司在美國尋求合作伙伴。的客戶進(jìn)行交流和談判。顧先生于1985年創(chuàng)建中美合資東風(fēng)湯姆森。現(xiàn)在，顧先生是新。在成立國際戰(zhàn)略聯(lián)盟和美亞中國貿(mào)易顧問（Bear. ManhattanBank）的副總裁和副總經(jīng)理。大學(xué)工商管理碩士學(xué)位。其技術(shù)專長是聚合材料科學(xué)。顧博士多次在各個公眾論壇上發(fā)表關(guān)于美國企業(yè)怎樣。在亞洲成功的演講。他在PacificNewsService上發(fā)表過有關(guān)亞洲。顧先生是“百人會”——杰出美籍華人組成的美國機(jī)。在不到二十年的時間里，“硅谷”就已成為一個實際的地名，而這個地方已被全世界公認(rèn)為不斷出現(xiàn)商業(yè)性高科技突破的中心。都是各自領(lǐng)域的佼佼者。為大公司和設(shè)備與材料供應(yīng)商通過支持這一產(chǎn)業(yè)而在此不斷發(fā)展，人們才創(chuàng)造出了“硅谷”這一詞語。如果沒有風(fēng)險資本，硅谷就不可能作為全球高科技資本出現(xiàn)。投資，也已成為得到廣泛認(rèn)可的專業(yè)手段。占美國人口2%左右的硅谷，已吸引了美國所有風(fēng)險投資的40%。結(jié)果，首先就要了解硅谷的情況。

　　

【正文】 e with no certainty of oute and no practical applications in sight. 20 Best examples that e to mind would be research grants from National Institute of Health to various university research labs that led to breakthroughs in geic engineering. Then a host of panies were funded by venture capital and other private capital sources to convert the laboratory discoveries with additional downstream development into mercial successes. The discoveries from the labs at the medical schools of Stanford and University of California at San Francisco led directly to the formation of Genentech and Chiron and the San Francisco bay area now hosts the largest cluster of biotech firms in the . Advances in modern medicine and therapy would not have been possible without government support. Government funding in military defense and space exploration also led to mercial successes in the private sector. The Inter and many advances in electronics and materials can be directly attributed to original funding by the federal government. Thus the role of the government can be simply summarized. The primary responsibility of creating a fair, open and regulated environment for the equity market is vital to maintaining the confidence of the investor public and ensuring a clear path of liquidity to the venture capitalist. No professional venture capitalist can operate in an environment where he cannot see a path to liquidating the investment. Secondly, government funding is essential to generating basic technological advances. Only the central government can assume such risks and technological advances drive innovations with mercial implications. The venture investing process In Silicon Valley the venture investing process has more or less evolved into a standard procedure. Some firms specialize in investing in 21 the first round of funding where the risk is highest but the potential return is also highest since the amount invested can be relatively small for the equity stake parable to later rounds of investment at higher cost. Other firms prefer later rounds of financing。 some even invest only in the round just prior to the pany going public. By and large, venture capitalists never consider themselves as passive investors but claim to help their investments succeed by being active investors. They add value by serving on the board of the investee panies, by acting as advisors to the management team, by helping to recruit needed executives, by introducing the investee pany to other panies for the purpose of forming alliances and by introducing the pany to the financial munity (Wall Street). Not all venture capital firms are accorded with the same regard. Entrepreneurs pursue blue ribbon firms that consistently enjoy above industry average returns not just for their money and their connections. Having such famous venture capital firms as investors imply endorsement and validation of the pany and its business objectives. It should not be surprising that venture capitalists place highest importance in the character of the people they are investing in. The venture capitalist needs to know if the team of entrepreneurs has integrity, can get along with each other and can work with the investor. Their worst nightmare is to invest in a dishonest team who will stop municating with the investor after funding and run the pany without input from the venture investor. In Silicon Valley the due diligence process is rigorous. Usually the venture capitalist after extensive analysis and deciding that interest exists in investing in the pany will offer a term sheet outlining the boundaries of the deal. Such term sheets are always subject to verification of representations 22 made by the entrepreneurs in the due diligence process. There are even professional service firms to perform the due diligence investigations. A typical claim by many venture capitalists is that out of every 100 business proposals and plans they review, only about 10 are invited to face to face meetings resulting in 23 term sheets and only about half or less of those conclude in actual investments. Despite the emphasis on technology, Silicon Valley venture capitalists are rarely dazzled by just the technology. They do not invest in “solutions looking for problems to solve.” They look for and ascertain that there will be markets for the products being proposed by the entrepreneur. In other words the business potential is more important than the novelty of the invention. They are fond of saying if they must have an “A” and a “B,” then they would rather have an A team for marketing and a B team for Ramp。D than the other way around. While venture capital has played a vital role in transforming Silicon Valley into a high tech capital, only about 25% of the Silicon Valley startups receive professional venture capital funding. Others start by their own bootstrap, or funds from family and friends. I have not seen a parison of the survival rates of the two kinds startups but not all professionally funded panies survive and nonprofessionally funded enterprises can also grow into major panies. The most famous example of the latter was HewlettPackard, which was started by the two founders long before there was a Silicon Valley and venture capital. Cisco was founded by a husband and wife team and grew for a long time without venture capital. 23 Conclusion In the final analysis, high technology development depends on having skilled and motivated people in an open environment where ideas can be freely tested. Entrepreneurs with the best ideas are more likely to attract professional investments. The best managed panies and sometimes the luckiest panies are most likely to reach the critical mass and bee an attractive investment for t