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1、GlobalizingventurecapitalGlobalventurecapitalinsightsandtrendsreport2011ForewordAmidthefragileeconomicrecoveryandhighlyvolatilecapitalContrarytothepopularperceptionthatglobalVCinvestmentmarketsof2011,theventurecapital(VC)sectorisbecominghasbeenconcentrated
2、primarilyinthefrothydigitalmediaincreasinglyglobalized.Ashifttowardtheemergingmarketssector,VCfundinghasbeenquiteevenlyspreadacrosssectorscanbeseeningeographicVCpatternsandthegrowthofnewandlife-cyclestagesandhasprogressedatareasonablepace.globalVChotbeds.A
3、lthoughtheUnitedStateswilllikelyremainWorldwide,theVCuniversecontinuestoshrinkaslimitedattheleadingedgeofVC-backedinnovationformanyyearstopartnersfocusontopperformersorforegoVCaltogether.come,USVCfund-raisingcontinuesitsdecade-longdecline.However,thesector
4、’scontinuedlong-termconsolidationisElsewhere,inChina,Indiaandotheremergingmarkets,vibrantviewedasgoodforthesector,withfewerplayersinvestinginnovationhotbedsandentrepreneurialtalentsarearising,andsmalleramountsincompaniesthatwillreachprofitabilityfasterinves
5、torsarefocusedonlessrisky,later-stagedeals,atleastthantheydotoday.Largecorporationsstrivingtomaintainfornow.marketleadershiparepartneringwithVCfirmstoaccessAlthoughunrealisticvaluationsmaydampenfuturereturns,externalinnovationandapipelineofnewproductsandser
6、vices.China’sVCindustryreachedrecordheightsin2011andwillThisreportexploresthesethemesinourarticlesandsoonsurpassEuropeasthesecond-largestventurehubforinterviews,including:fund-raisingintheworld.BothChina’sandIndia’sstrongVCindustriesareexpectedtocontinueth
7、eirrapidgrowth•InterviewswithtopVCinvestorsandentrepreneursfromanddevelopmentastheycapitalizeonstrongGDPgrowth,aroundtheglobegrowingdomesticconsumptionandadynamicentrepreneurial•“Paradigmshiftsinventurecapital,”ourkeynotearticlewithecosystem.Atthesametime,
8、duetoEurope’ssovereigndebtinsightsonVCinvestment,IPO,M&Aandvaluations,basedoncrisisanditsmutedmedium-termgrowthpotential,Europe’sVCdatafrom2005to2011industryhaslostsomeofitsrobustness.•Keytrendsintheglobaldig