【5A文】Global Technology Entrepreneurship Program.ppt

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1、Tsinghua-BerkeleyGlobalTechnologyEntrepreneurshipProgramThoughtsonVentureCapitalInvestmentWeiPing,WIHarperGroupTsinghuaUniversityOct.8,2010WIHarperGroupBriefIntroductionWIHarperOverviewVentureCapitalPioneerinChinasince1993US$500Mundermanagementin7funds.OfficeinBei

2、jing,TaipeiandSanFrancisco20InvestmentprofessionalsMaininvestmentarea:TMT,CleantechandHealthcareEarlyandearlyexpansionstageMediaEndorsement“Oneofthetop100VCfirms”(2005)“ASiliconValleyfundwithastronglocalpresenceandaninterestinearlystageinvestment.”(2005)About100In

3、vestmentsinhigh-techcompanies,andexitsinover20ones.“OneofthetopfourkeyplayersinChina”(2004)INVESTMENTBYREGION(AmountInvestedSinceInception)“WIHarpereyeingonChina’sgrowthandwell-3.3%0.6%preparedtoleadtheinvestmentwaveintoChina”(2004)“LeadingVCinChina”(2004)58.7%37.

4、3%2CONFIDENTIAL/TRADESECRET“Prominentventurecapitalfirm”(2003)GreaterChinaU.S.EuropeOtherTrackRecord–OptimizingExitOpportunitiesUSIPOsMETRICOMNetworkperipheralsGreaterChinaIPOsArcoa19902000200520083CONFIDENTIAL/TRADESECRETM&AInvestmentsgeneratingovera10xmultipleIn

5、vestmentProcessBusinessplansubmissionClosingDropthedealnotinterested1–2weeks1–2weeksScreeninginterestedFirstmeetingLegaldocumentationInvestmentMemoReviewnotinterestedandpre-closingrestructuring2–4weeksInitialduediligencenotsatisfactorynotsatisfactory2–4weeksIntern

6、al2pagersatisfactoryTermsheetMoreduediligencesatisfactory*theinvestmentprocesswillusuallylastfor2–4months4CONFIDENTIAL/TRADESECRETInvestmentStrategyIndustriesencouragedbygovernmentlongtermpotentialTopthreecompaniesinlarge,rapidlygrowingsegments>$200Mrevenuepotenti

7、alProvenleadershipwithstrongexecutionandtrackrecordPreferrepeatentrepreneurs3-4yearstoexitversustraditionalVC’s5-10yearhorizonLittleornorevenueriskatentrypointLowercapitalintensitytobreak-even<$25Mdilutivecapitalwithreasonableshotat5-10xreturnHands-onportfoliomana

8、gementM&A,accessingglobalmarkets,buildingmanagementteams5EmergingIndustryMarketLeaderSolidTeamTimetoExitCapitalEfficiencyValueAddOpportunitiesCONFIDENTI