风险投资ppt课件.pptVIP

Deal Flows — Where The Buys Are For every 100 business plans that come to a venture capital firm for funding, usually only 10 or so get a serious look, and only one ends up being funded. The venture capital firm looks at the management team, the concept, the marketplace, fit to the fund’s objectives, the value-added potential for the firm, and the capital needed to build a successful business. A busy venture capital professional’s most precious asset is time. These days, a business concept needs to address world markets, have superb scalability（很好的可测量性）, be made successful in a reasonable timeframe, and be truly innovative. A concept that promises a 10 or 20 percent improvement on something that already exists is not likely to get a close look. Many technologies currently under development by venture capital firms are truly disruptive technologies that do not lend themselves to being embraced by larger companies whose current products could be cannibalized by this. Also, with the increased emphasis on public company quarterly results, many larger organizations tend to reduce spending on research and development and product development when things get tight. Many talented teams have come to the venture capital process when their projects were turned down by their companies. 风险投资的退出 公开上市 收购 兼并 其他风险投资介入，也称第二期收购 回购 破产清算 风险投资的运作过程 （一）种子期（Seed Stage） 技术的酝酿与发展阶段，这一阶段仅有产品的构想，没有产品的原型。 开发出有应用价值的产品并力图得到专利。 开发出的产品不仅高于竞争对手，而且难以让对手模仿。 开发出的技术和产品有广泛的用途，并能在此基础上进一步发展。 （二）导入期（Start-up Stage） 在这一阶段，企业已经掌握了新产品的样品、样机或较为完善的生产工艺和生产方案，但还需要通过与市场的结合对产品和生产技术进行改进和完善。 这一阶段的经费投入显著增加，约是种子期的10倍。这个阶段的资金要想让银行提供借贷是十分困难的，其资金主要来源于原有风险投资机构增加的资本投入。 （三）成长期（Development Stage） 成长期是指技术发展和生产扩大阶段。风险企业在生产、销售、服务等方面基本上有了成功的把握。 新产品的设计和制造方法与工艺已经定型，并具备了批量生产的能力。 这一阶段的主要工作是市场开拓，随技术不确定因素风险的减少和新产品被市场的逐渐接受，技术风险和市场风险将相对降低。 管理成为这一时期最突出的风险。 （四）扩张期（Expansion Stage） 风险企业由研发、试验和把产品推入市场阶段走进营销阶段。 创新企业已经开始出售产品和服务，但支出仍大于收入。 在最初的试销阶段获得成功后，企业需要投资以提高生产和销售能力。 （五）成熟期（Mature Stage） 成熟期是指技术成熟和产品进入大工业生产阶段。 该阶段资金需要量很大，但风