创业创新[文献翻译].doc

外文文献翻译译文 一、外文原文 原文： Venture innovation Venture capital(VC) is a very powerful driver of quantum and disruptive innovation globally. Not only does venture capital simply provide funding but it also supports many of the other elements of the innovation process that are crucial to success. These may include technology due diligence,IP management,competitive analysis,business networking, operational management support,governance, financial discipline and marketing which is often, not always, fully recognized. Venture capital also provides a powerful market mechanism for “fast failure” innovation since a project that does not get VC funding will likely struggle for financing and therefore likely has a high risk profile. Overall, modern VC organizations have become very sophisticated at managing technical, managerial and financial risk, all of which is vitally important for a successful innovation process. In this regard, VC companies play a crucial role in providing relatively high-risk capital where other financial institutions dare not venture. 4.1 Sand Hill Road The US leads the world in VC funding and Sand Hill Road,Menlo Park,in the heart of Silicon Valley, is the home to many big VC company names. Kleiner Perkins Caufield Byers (KPCB), for example, has had phenomenal past success having backed companies such as Amazon, Genentech, Google and Sun Microsystems in their early days. For several years during the dotcom boom of the late 1990s, commercial real estate on Sand Hill Road was more expensive than almost anywhere else in the world. Other notable VC companies in this area include Matrix Partners,Sequoia Capital, TPG Capital, Venrock, Kohlberg Kravis Roberts and US Venture Partners. Some smaller, early-stage biotech VC’s such as 5AM Ventures are also located along this famous Silicon Valley road. 4.2 Global Venture Capitalists Venture Capital is now becoming a global business and a number of major US companies have expanded their market presence and opened office