Introduction to venture capital
1. What is the VC?
1.1 Not the loans that a bank makes to business
1.2 Not the stock and bond investment companies buys at the Stock Exchange
1.3 Not shopping center real estate company buys
It is
1.1 high risk investment
1.2 management assistance
2. How does VC work?
2.1 leveraged VS unleveraged
2.2 family VS institution
3. Myths about VC
3.1 VC wanna own control of your company & tell u how to run business day-to-day
3.2 VC interested in new technological discoveries only: return is too long to realise VS add-on tech
3.3 VC satisfies with a reasonable ROI : risk & return
3.4 VC is quick to invest 30:3:1
-analyse-negotiate-investigate
3.5 VC concerns more on ideas invention than management
3.6 VC only needs basic summary info be fore invest
4. Business financing in relation to stage of product development :
4.1 seed VS start-up : concept test
4.2 development : prototype
4.3 expansion : pilot scale
4.4 growth : sales / applications
4.5 leverage buy-out
4.6 turnaround
4.7 EXIT
A. public offering
B. new investor purchase
C. Sale of the company to another company
D. Liquidation
5. Industries & products that VC prefers
5.1-innovative: color instant camera
5.2-evolutionary: cheaper color instant camera
5.3-substitutions: digital color instant camera
5.4-innovative : digital color instant camera in a mobile phone
5.5-evolutionary : cheaper digital color instant camera in a mobile phone
5.6-evolutionary : cheaper digital color instant VDO camera in a mobile phone
7. Characteristics of entrepreneur VC looking for
CLICK
C-reative
I-ntelligence
K-nowledge
L-eadership
Co-operation for achievement
6. What happens in a meeting with VC 99
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