how venture capitalists evaluate potential venture opportunities

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1、HowVentureCapitalistsEvaluatePotentialVentureOpportunitiesWeinterviewedfourventurecapitalistsfromleadingSiliconValleyfirmstolearnabouttheframeworkstheyuseinevaluatingpotentialventureopportunities.(SeeExhibit1forbackgroundinformationontheseventurecapitalfi

2、rms)Allfourwereinterviewedindividuallyandwereaskedsimilarquestions,suchas“Howdoyouevaluatepotentialventureopportunities?”“Howdoyouevaluatetheventure’sprospectivebusinessmodel?”“Whatduediligencedoyouconduct?”“Whatistheprocessthroughwhichfundingdecisionsare

3、made?”“Whatfinancialanalysesdoyouperform?”“Whatroleriskplayinyourevaluation?”and”Howdoyouthinkaboutapotentialexitroute?”Thefollowingareexcerptsfromtheseinterviews.我们采访了四个来自硅谷的领先的风投公司来了解他们评估潜在风投机会的框架。（具体见附录一：有关于这些风投公司的信息）四家公司都被单独采访和被问了相似的问题，比如“你如何评估潜在风险机会？

4、”“如何评估的商业模式的潜在风险?““你做过什么尽职调查?”“分配资金决策时通过什么样的过程做出的?““你做过什么财务分析?”“你在风险偏好评估中扮演什么角色？”和“你如何看待一个潜在的退出路线?“以下是访谈摘录。RussellSiegelman:Partner,KleinerPerkinsCaufield&Byers(KPCB)RussSiegelmanjoinedKPCBin1996aftersevenyearswithMicrosoftCorporation,wherehehelpedfoundan

5、dlaunchMicrosoftNetwork(MSN).BeforeworkingatMicrosoft,hewroteartificialintelligencesoftware.Siegelmaninvestsinsoftware,electroniccommerce,Webservices,telecommunications,andmediaandsitsontheboardsofVerticalNetworks,LilliputianSystems,Mobilygen,QuorumSystem

6、s,DigitalChocolate,andVividence.HeisoneofthemanagingpartnersoftheKPCBXIFund,whichclosedinFebruary2004.SiegelmanearnedhisB.S.fromtheMassachusettsInstituteofTechnologyinphysicsin1984andanMBAfromHarvardBusinessSchoolin1989.HowDoYouEvaluatePotentialVentureOpp

7、ortunities?“Wehaveagenerallyunderstoodsetofthingswelookforwhenweevaluateaninvestmentopportunity.Themostimportantrequirementisalargemarketopportunityinafast-growingsector.Explosivegrowthmakesitdifficultforsomebodytocatchuporincumbentstorespond.Welikeacompa

8、nytohavea$100millionto$300millionrevenuestreamwithinfiveyears.Thismeansthatthemarketpotentialhastobeatleast$500million—ormore,eventually—andthecompanyneedstoachieveatleasta25%marketshare.Howdoyouevaluatetheventure’s