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

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

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TheMystery

ofVentureCapitalVictorW.HwangT2VentureCapital,KauffmanFellowsClassXIIWorldBankSTIGlobalForum*December10,2009

Moneyiseverywhere.Butmoneyisnotthesameeverywhere.

ThankstoEndeavorEgyptHIGH-IMPACTENTREPRENEURIALCAPITAL

HernandodeSotofocusesonlegalstructures,butthisisonlypartofthepicture.TheU.S.hasstronglawsthroughoutall50states,sowhydoesventurecapitalthriveonlyinsomepartsoftheU.S.?Themysterymustbedeeper.

WhereDoesEntrepreneurialCapitalReallyComeFrom?

?…$≠entrepreneurialcapital

?...failureofefficientmarketstheory

?…wecandobetterthanluckandprayer

TheSecretArtofVentureCapitalVenturecapitalislearnedthroughapprenticeship.Venturecapitaloperatesinahighly-networkedcommunity.Venturecapitalisdependentonhumanqualitiesmorethantransactionalstructures.Venturecapitalmustcompeteinaglobalmarketplacetoday.

BarrierstoGrowthThankstoEndeavorEgypt

“Itisnotthestrongestofthespeciesthatsurvives,

northemostintelligent……buttheonemostresponsivetochange.”

–CharlesDarwin

PlantationRainForestAdifferentapproachtoeconomicgrowth…

Inarainforesttemperature,humidity,precipitation,sunlight,soil/nutrients,otherflora/faunaInastartupcapital,entrepreneurs,laws/norms,ideas/inventions,talent,markets

OurViewoftheInnovationLandscapeInnovationiscomplexSerendipityhappensRegionsthatcanquicklymobilizecriticalresources–includingcapital–aroundopportunitieswillsucceedeconomicallyCriticalmassofdiverseassetsYoucan’thaveclustersoftechnologicalinnovationwithoutsocialandbehavioralchangeNetworksthatcrossprofessionalandsocialboundariesplayakeyrolePeoplearethemostimportantIPFailurecanbeapositivemetricCommercializationisa‘bodycontact’sport

DifferencesBetweenVentureCapitalandOrdinaryCapitalTrust-based,hightransparency,andintegrityinmotivationsWi

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