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1、VC2 in Building a Successful BusinessSeptember 10, 2002Chauncey Shey President & CEO Softbank China Venture Capital天马行空官方博客：http:/ ；QQ:1318241189；QQ群：175569632 Provide startups with CapitalExecutive search Business advisory Technology advisory Legal support Accounting support Strategic partnershipsK
2、ey elements to successActively Help Company to Growth: VC2 approach Value Creation through active portfolio management and participationVC2 = VCs Value CreationBasic VCBasic VC2 Establish/enhance corporate governance and management structure/ process Determine/confirm strategic direction Institution
3、ize/enhance board of directors Enhance management structure/process, and executive team Determine strategic direction Establish/enhance financial control and legal framework Monitor business and financial performance Ensure/accelerate growth Monitor business and financial reports monthly Attend quar
4、terly board meeting Assist fund raising Assist business development Establish business and technologypartnership Ensure successful exit via IPO or M & A Assist company to meet IPO listing requirements Determine IPO location, timing, and service companies Seek and negotiate M & A partnersObjectivePro
5、cess/ActivitiesVC2 in Portfolio Management ProcessAssist/Enhance Business SetupAssist Business ExpansionExit IPO/ M&A3Successful Investment Case4UTStarcom Growth UnitechUTStarcomUTStarcomUTStarcom Telecom Access SolutionStarcom Telecom software System Integration Consolidate resources Core business
6、Telecom access China market Product diversification Market expansion globally Successful pilot in China Product diversification Market expansion in China93 95 97 99 2000 2002SeedGrowthExpansionListed CompanyTimeFunding$3M from Tech funding Malaysia tech fundingSB: $30 at 95$160 until 98Intel: $60MMe
7、rger5Investors Play Key Role in The Growth of Core TeamSeed GrowthExpansion/pre-IPO400 personsCompan y issues Full team yet established Product not mature Market potential unproven Little revenue Team is not mature Middle managers yet established Not fully execute the strategy Financial control syst
8、em weak How to manage a big organization Allocate resourcesInvestor s role Setup corporate governance Set strategic direction Establish strategic partnerships Enhance corporate governance system Board pushes the establishment of financial system Establish strategic goals Corporate management system
9、Macro control Investors interestManagem ent teamThe common goal, trust/credibility, drive, and team work spirit make the team grow and maturePotential pitfallsPotential pitfalls619971998199920002001Financial since 1995$75.6$187.5$368.6$610.0*$105.2* First Call Consensus EstimateRevenueReturn to inve
10、storsEarly stage* 60XGrowth 10XPre-IPO 1.5X7Key Elements in VC2XXXXThe best company is the one that requires investors to spend least timeOnly meet when trouble come outRegular board meetingBecome a super CEOGive the team freedom to operateProvide strategic value in Market development Partnership FinancingRely on individual or couple of heroesHelp to establish corporate governance and management systemSit and wait for “harvest”Actively help company growDo not DoXDo not “Blindly” help8
