風(fēng)險(xiǎn)投資創(chuàng)新與金融的結(jié)合(2)-資料下載頁
2025-10-07 06:04本頁面
【正文】 vents in 1988: – the difficulty to spinoff the Parcplace – publication of the book “ fumbling the future ? ?we need a system to prevent technology from leaking out of the pany ? two strategies: – to litigate those to leave with new technology ? $300,000 law suit against IBM, a woman dating people from peting firm – to invest those leave ? develop venture funds internally Corporate Ventures ? 2 extremes of corporate venture subsidiaries – Internal ventures: ? only looking at internal technologies ? insufficient pensations: Block and Omati research on 207 ventures in 42 fortune 1000 panies ? high turnover rates ? difficult to terminate – External ventures: ? all the innovation activities ? ex. 3M. Designates at least 25% of its business e from products not in existence 5 years earlier. XTV: startup and implementation ? $30million fund to promote tech developed in Xerox ? “XTV is a hedge against repeating missteps of the past.” by Xerox chairman Kearns ? XTV is a corporate division, but Adams crafted an agreement with Xerox resembled the typical agreement between LP and GP. ? The preparation of the term sheet. XTV: the implementation 1 ? Similar to PIPs: the goal of XTV is to max returns. – Usual conflicts of goals between corp and internal VC ? structure: 20% of ?carried interests? ? the degree of autonomy ? the same time frame: 10 years ? give up controls of the panies they invested – after several rounds, Xerox holds 2050% of equity. XTV: the implementation 2 ? XTV principals: – 1. Relationship with the corp, just like LP and GP – 2. leverage the assets of Xerox whenever possible. ? Do the traditional VC job ? also help the ventures whenever they can : ? 1. Supplier chennels ? 2,firms can use Xerox offices and facilities ? certificates as ?a xerox pany? or ? a xerox alliance pany?
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