風(fēng)險投資創(chuàng)新與金融的結(jié)合(2)(參考版)
2024-10-19 06:04本頁面
【正文】 Origin of Venture Capital 1 ? It did not exist as a profession before WWII ? American Research amp。 Development, the first VC firm, 1946, General Gee Doroit of HBS. ? 1953, SBA, 1958, SBIC ? originally, SBIC could get up to $300,000 government money for each $150,000 PE. Half of the money in subordinated debentures, half in reduced int. loans. ? Other benefits… taxes, losses... History of Venture Capital2 ? Successful story: SBIC invested in CEIR $900,000, 9months later, became 7 million ? by 1961, 250 SBIC gone public ? 1964, pick of 722 SBIC, 1967 only 250 left. ? 1968, first time private VC SIBC ? ARD invested in DEC, $70,000 in 1957, got million in 1967. ? 1974, DOW fell to 600, NASDAQ to ? 1969, capital gain tax up. VC down. ? 19651980, avg vc return 25% History of Venture Capital 3 ? Sources: 1981, 23% pension, 23% families ? 1977, 105 private VC, 66 Corp vc, 66 SBIC ? typically, expected return 50% for startups, 3040% for second stage, 2530% for expansion stage ? IPO 1981, 448 co. billion, 1983, 884 co. billion ? the supply and demand of VC: the delta factor ? seed, early stage, later stage, conventional… ? 1980s, small firms 322 innovations per million employees, big firms only 225. Sources of Funds ? Angels: 250,000 individuals investing $2030 billion, $100,000 each investment ? pension funds and ERISA ?prudent man? ? Taxes: 1969, %, 1978, 28%, 1981, 20% ? 1980, 25% of VC in seed and early stage projects, 1988, reduced to % Elements of VC investment ? Amount and timing of the investment ? forms of investment (convertible, preferred…) ? terms of investment (conversion price, liquidation preference, dividend rate, etc.) ? put and call rights ? registration rights ? options pools ? vesting schedule, employment contracts ? board director representation FVP
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