多维教程通达unit04课文原文.docVIP

Unit 4? Venture Capitalists —A Really Big Adventure 1. The stories of Americas technology start-up successes are legendary: Compaq, Cisco Systems, Apple Computer, Oracle, Sun Microsystems - all were created in the past 20 years from nothing. Ciscos market capitalization equals GMs; Intel and Microsoft, two other venture-backed start-ups are among the top five American firms by stock market valuation. 2. These firms survived because they were run by entrepreneurs with sound ideas and limitless energy. But they thrived - growing by 40% a year or more - in part because they were financed and helped along by venture capitalists, who took a chance on their potential long before any financial market or bank would touch them. Todays Ii best known venture capitalist, John Doerr, calculates that between 1981 and 1990 the value of the new personal-computer industry grew 11 from virtually nothing to $100 billion, the largest legal accumulation of wealth in history. More than 70°/0 of these firms were venturebacked; nearly a third were backed by Mr. Doerrs own firm. 3. As a result, the growth of the venture capitalists has been every bit as remarkable as that of the high-tech firms they have backed. Last year a network-equipment company called Xylan went public, valuing the share owned by its venture backer, Brentwood Associates, at 11 nearly $ 400m. The firm had put in just $ 4m two years earlier. Mr. Doerrs company, Kleiner, Perkins, Caufield and Byers, saw a similar investment in Netscape, an Internet software firm, grow to $ 250m in even less time. 4. If you had invested $1 in an average American venture-capital fund last year, it would now be worth $1.51; if you had invested in one of the best performing funds, your stake would be worth at least $2. Not surprisingly, money has been flooding into the industry from pension funds and others eager to share some of this Midas touch. 5. Tim Draper is a third-generation venture capitalist - his grandfather was one of the firs