外文翻譯--風(fēng)險(xiǎn)投資-展示頁(yè)
2024-12-16 04:21本頁(yè)面
【正文】 investor or entrepreneur, usually to prove a concept. It may involve product development, but rarely involves initial marketing. (2)First Stage Financing provided to panies that have expended their initial capital and require funds, often to initiate mercial manufacturing and sales. (3)Second Stage Funds provided for the major growth of a pany whose sales volume is increasing and that is beginning to break even or turn profitable. These funds are typically for plant expansion, marketing and working capital development of an improved product. (4)Third Stage Funds provided for the major growth of a pany whose sales volume is increasing and that is beginning to break even or turn profitable. These funds are typically for plant expansion, marketing and working capital development of an improved product. (5)Followon/Later Stage A subsequent investment made by an investor who has made a previous investment in the pany generally a later stage investment in parison to the initial investment. Structure of the funds Most venture capital funds have a fixed life of 10 years, with the possibility of a few years of extensions to allow for private panies still seeking liquidity. The investing cycle for most funds is generally three to five years, after which the focus is managing and making followon investments in an existing portfolio. This model was pioneered by w successful funds in Silicon Valley through the 1980s to invest in technological trends broadly but only during their period of ascendance, and to cut exposure to management and marketing risks of any individual firm or its product. In such a fund, the investors have a fixed mitment to the fund that is initially unfunded and subsequently called down by the venture capital fund over time as the fund makes its investments. It can take anywhere from a month or so to several years for venture capitalists to raise money from limited partners for their fund. At the time when all of the money has been raised, the fund is said to be closed and the 10 year lifetime begins. Some funds have partial closes when one half (or some other amount) of the fund has been raised. Vintage year generally refers to the year in which the fund was closed and may serve as a means to stratify VC funds for parison. This free database of venture capital funds shows the difference between a venture capital fund management pany and the venture capital funds managed by them. Geographical differences () Venture capital, as an industry, originated in the United States and American firms have traditionally been the largest participants in venture deals and the bulk of venture capital has been deployed in American panies. However, increasingly, nonUS venture investment is growing and the number and size of nonUS venture capitalists have been expanding. Venture capital has been used as a tool for economic development in a variety of developing regions. In many of these regions, with less developed financial sectors, venture capital plays a role in facilitating access to finance for small and medium enterprises (SMES),
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