An old survey 1984(风险投资创新与金融的结合).pdf

An old survey: 1984 • Avg partners per firm: 5.1 • avg companies managed per partner: 8.8 •• avgavg seatseat onon boardboard perper partner:partner: 55.11 • most vclists spent more than half of their times with their portfolio companies, medianmedian numbernumber isis 60%60% • if they are the lead investor, they devote muchh more titime on PCPCs ththan oththerwiise Venture cappitalists ppayy • the 80s, venture capitalists’ base salary” $$150,000 to $$200,000, callcullatedd on a 2 to 2.5 percent management fee, less expenses. • As the size of the funds have mushroomed whilewhile mostmost expensesexpenses havehave remainedremained generallygenerally flat, many venture capitalists now pull in two to thhree tiimes thhat. BBase sallariies off $1$1 milliillion are no longer unusual • of course, that doesnt account for winning investmentsinvestments reallyreally bigbig payoffspayoffs performanceperformance-- based fees and personal equity stakes. LouisLouis JohnJohn DoerrDoerr, IIIIII •• DoerrDoerr isis toto hishis businessbusiness whatwhat GatesGates isis toto software.” • Doerr can boast of helping to midwife such enterprisesenterprises asas NetscapeNetscape CommunicationsCommunications Corp.,Corp., Compaq Computer Corp., Intuit, Lotus DevelopmentDevelopment CorpCorp. andand SunSun MicrosystemsMicrosystems. • Since j oining Kleiner Perkins in 1980, Doerr has ridden three tsunamilike waves of technology: ppersonal compputing,g, PC software and,, now,, the Internet Doerr’s firm • VC-backed companies grew jobs 20% on average ffromtto KPCBKPCB callcullattes that the companies it has backed have generated 131,000 newj obs, along with combined annual revenues of $44 billion. Their total market capitalization: $84 billion. •• TheThe firmfirm hashas reportedlyreportedly ra