Venture Capital A 27 Year Perspective UC Berkeley 风险投资已经27年的前景加州大学伯克利分校.pptVIP

Venture Capital A 27 Year Perspective Gary Kalbach September 2005 Gary Kalbach 27 years as a venture capitalist $45 million invested – over $600 million value Founded two venture capital firms with $550 million Seed investor in Sun Microsystems, Novellus Systems, Integrated Device Technology… 83 companies funded, 40 board seats, 50% worked Created the angel/institutional fund model BS, The Business School, University of California, Berkeley; MBA, San Jose State University Backyard Granddaughter In Garden West Coast Venture CapitalEl Dorado Ventures Investing since 1978 Seed/early stage – West Coast Information technology industry focus Enterprise software and services Communications 40+ Entrepreneurs – Technology Partners Seed Investor In… Sun Microsystems Integrated Device Technology Novellus Systems Access Health (acquired by McKesson/HBOC) Earthlink Networks Amati (acquired by Texas Instruments) Datasage (acquired by Vignette) NuSpeed Internet Systems (acquired by CISCO) Cyras Systems (acquired by CIENA) Efficient Networks (acquired by Siemens) The Process? Write business plan Raise venture capital Sell product Go public or sell company Retire Keys To SuccessMy Perspective Management team Products and markets Markets that are not there – yet! Financing Ownership Opportunistic exits Vision Thinking out of the box Example: Sky Dayton, EarthLink Networks At age 22, Imaging design firm, coffee house operator Vision of the need for connection to exploding Internet $1 billion company Drive Often multiple motivating forces Example: Bob Graham, Novellus Intel founder, built Applied Materials not recognized Driven to prove he could build a company Built a $1 billion company Leadership The team is usually right about the CEO – Listen! Example: Sun Microsystems Brought in professional manager Team revolted Scott McNealy promoted to President $18 billion company Problems Along The Way Suddenly out of money Key non-performing member of team Management team member lea