创业创新[文献翻译]

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1、外文文献翻译译文一、外文原文原文：VentureinnovationVenturecapital(VC)isaverypowerfuldriverofquantumanddisruptiveinnovationglobally.Notonlydoesventurecapitalsimplyprovidefundingbutitalsosupportsmanyoftheotherelementsoftheinnovationprocessthatarecrucialtosuccess.Thesemayincludet

2、echnologyduediligence,IPmanagement,competitiveanalysis,businessnetworking,operationalmanagementsupport,governance,financialdisciplineandmarketingwhichisoften,notalways,fullyrecognized.Venturecapitalalsoprovidesapowerfulmarketmechanismfor“fastfailure”innovation

3、sinceaprojectthatdoesnotgetVCfundingwilllikelystruggleforfinancingandthereforelikelyhasahighriskprofile.Overall,modernVCorganizationshavebecomeverysophisticatedatmanagingtechnical,managerialandfinancialrisk,allofwhichisvitallyimportantforasuccessfulinnovationp

4、rocess.Inthisregard,VCcompaniesplayacrucialroleinprovidingrelativelyhigh-riskcapitalwhereotherfinancialinstitutionsdarenotventure.4.1SandHillRoadTheUSleadstheworldinVCfundingandSandHillRoad,MenloPark,intheheartofSiliconValley,isthehometomanybigVCcompanynames.K

5、leinerPerkinsCaufield&Byers(KPCB),forexample,hashadphenomenalpastsuccesshavingbackedcompaniessuchasAmazon,Genentech,GoogleandSunMicrosystemsintheirearlydays.Forseveralyearsduringthedotcomboomofthelate1990s,commercialrealestateonSandHillRoadwasmoreexpensivethan

6、almostanywhereelseintheworld.OthernotableVCcompaniesinthisareaincludeMatrixPartners,SequoiaCapital,TPGCapital,Venrock,KohlbergKravisRobertsandUSVenturePartners.Somesmaller,early-stagebiotechVC’ssuchas5AMVenturesarealsolocatedalongthisfamousSiliconValleyroad.4.

7、2GlobalVentureCapitalistsVentureCapitalisnowbecomingaglobalbusinessandanumberofmajorUScompanieshaveexpandedtheirmarketpresenceandopenedofficesabroad.Forexample,SequoiaCapital,whichhasfundedcompaniessuchas,CiscoSystems,OracleandApple,hasofficesinChina,IndiaandI

8、srael.IDGVentures,anotherglobalVCplayerwithapproximately$3.7billionundermanagement,hasofficesinBoston,SanFrancisco,India,Korea,ChinaandVietnam.KPCBalsohasofficesinBeijingandShangha