Startup Financing(continued) Active Capital The Evolution of Private Equity Investing HOME IESTORG ENTREPRENEURS NEWS E ENTS ABOUT US CONTACT US Investors Welcome to Active Capital Review secure database of investment opportunties Business, the sBA created the Angel Capital gulations : here for details Electronic Net水 (ACE-NeD ACE :: Investor Login ts proactive role in helping small businesses connect Entrepreneurs Empowered by protective rulings from the SEC and rk of not-for-protit support Promote your opportunity t Entrepreneur Login Want to know mor? Click here for details FIGURE 4-3 Active Capital Creating a Winning E-Business Second Edition Chapter 4
Creating a Winning E-Business Second Edition, Chapter 4 11 Startup Financing (continued)
人们往往注意美国的纳斯达克市场、风险投资市场如何 发达,但却忽视了美国大量的商业天使的存在。 著名的商业天使就有作为微软公司创始人之一的保·艾伦 (Pau|Alen)等。 据介绍,其实高风险与高收益总是孪生体,天使投资一般 投资具有高成长性的科技型项目,其收益率普遍在50倍以 上,超过万倍的回报也不少见。 1992年,美国苹果公司刚创办时一笔91万美元的投资,6 年后实现了1.54亿美元的回报。 搜狐网站当初创办时,张朝阳身无分文,其导师尼葛洛庞 帝和一位同学投资了22万美元,后来也实现了上百倍回报。 Creating a Winning E-Business 12 Second Edition Chapter 4
Creating a Winning E-Business Second Edition, Chapter 4 12 ▪ 人 们往往注意美国的纳斯达克市场、风险投资市场如何 发达，但却忽视了美国大量的商业天使的存在。 ▪ 著名的商业天使就有作为微软公司创始人之一的保·艾伦 （PaulAllen）等。 ▪ 据介绍，其实高风险与高收益总是孪生体，天使投资一般 投资具有高成长性的科技型项目，其收益率普遍在50倍以 上，超过万倍的回 报也不少见。 – 1992年，美国苹果公司刚创办时一笔9.1万美元的投资，6 年后实现了1.54亿美元的回报。 – 搜狐网站当初创办时，张朝阳身无分文，其导师 尼葛洛庞 帝和一位同学投资了22万美元，后来也实现了上百倍回报
Startup Financing(continued) Venture capitalist investors (Vcs) Professional investment company Provide funds for startup businesses in exchange for equity position Raise funds from endowments insurance companies, and pension funds Creating a Winning E-Business 13 Second Edition Chapter 4
Creating a Winning E-Business Second Edition, Chapter 4 13 Startup Financing (continued) ▪ Venture capitalist investors (VCs) – Professional investment company – Provide funds for startup businesses in exchange for equity position – Raise funds from endowments, insurance companies, and pension funds
Start up financing Venture capital investors Have to give up a large equity stake(20-40%) One or more seats on board of directors Have experienced management team member Offer knowledge and contact Creating a Winning E-Business 14 Second Edition Chapter 4
Creating a Winning E-Business Second Edition, Chapter 4 14 Start up financing ▪ Venture capital investors: – Have to give up a large equity stake (20-40%) – One or more seats on board of directors – Have experienced management team member – Offer knowledge and contact