The Mystery of Venture Capital - World Bank：风险资本-神秘世界银行.pptVIP

The Mystery of Venture Capital Victor W. Hwang T2 Venture Capital, Kauffman Fellows Class XII World Bank STI Global Forum * December 10, 2009 Money is everywhere. But money is not the same everywhere. Thanks to Endeavor Egypt HIGH-IMPACT ENTREPRENEURIAL CAPITAL Hernando de Soto focuses on legal structures, but this is only part of the picture. The U.S. has strong laws throughout all 50 states, so why does venture capital thrive only in some parts of the U.S.? The mystery must be deeper. Where Does Entrepreneurial Capital Really Come From? ? … $ ≠ entrepreneurial capital ? ... failure of efficient markets theory ? … we can do better than luck and prayer The Secret Art of Venture Capital Venture capital is learned through apprenticeship. Venture capital operates in a highly-networked community. Venture capital is dependent on human qualities more than transactional structures. Venture capital must compete in a global marketplace today. Barriers to Growth Thanks to Endeavor Egypt “It is not the strongest of the species that survives,  nor the most intelligent … … but the one most responsive to change.” – Charles Darwin Plantation Rain Forest A different approach to economic growth… In a rainforest temperature, humidity, precipitation, sunlight, soil/nutrients, other flora/fauna In a startup capital, entrepreneurs, laws/norms, ideas/inventions, talent, markets Our View of the Innovation Landscape Innovation is complex Serendipity happens Regions that can quickly mobilize critical resources – including capital – around opportunities will succeed economically Critical mass of diverse assets You can’t have clusters of technological innovation without social and behavioral change Networks that cross professional and social boundaries play a key role People are the most important IP Failure can be a positive metric Commercialization is a ‘body contact’ sport Differences Between Venture Capital and Ordinary Capital Trust-based, high tr