Global venture capital insights and trends report 2010
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by Bryan Pearce and Dr. Martin Haemmig
Global venture capital landscape . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Perspective from the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Interview with Dr. Kai-Fu Lee, Innovation Works, and Peter Liu, WI Harper Group
Perspective from China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Interview with Denis Lucquin, SoÕnnova Partners
What makes a country attractive to VC investors? . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
by Alexander P. Groh, en Lieser and Heinrich Liechtenstein
Innovation and venture investment trends in China . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Mike Chalfen, Advent Venture Partners
• • • • •
Perspective from Europe. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Interview with Joe Tian, DT Capital Partners
The changing valuation landscape for VC investments in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Interview with David Mott, New Enterprise Associates
Perspective from the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Table of contents
• • • • •
Back to basics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
by Dayton Nordin and Amanda Miller
•
Global corporate investor roundtable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Back to basics
Global venture capital insights and trends report 2010
Foreword
The last decade was anything but normal for the global venture industry. In 2000, the industry experienced its greatest boom, the explosion of investment fueled by enthusiasm for the potential of the internet and rising stock markets. In 2009, the venture industry faced the challenge of continuing to build innovative companies as the global economy touched the depths of the greatest economic downturn in a generation. In between these high and low points, the venture industry responded to a number of powerful dynamics, such as the emergence of China and India as important venture capital centers, changes in the public markets and investor appetite for venture-backed IPOs, and the sudden rise of investment opportunities in social media and cleantech. Today, as the economy shows signs of improvement, we see some clear trends in the venture industry as it emerges from the preceding turbulent decade and positions itself for success in the coming one. The number of Õrms in the industry is declining, a trend that has been under way since 2001 but is accelerating as the funds raised in the 1999–2001 time period reach the end of their terms, and limited partners opt to invest only in funds with demonstrable success. The emphasis in early-stage investing will be on smaller, more capital-efÕcient companies that can reach proÕtability faster. And while globalization will continue apace, hands-on engagement with portfolio companies by local teams will be critical to success. The leading investors interviewed for this report viewed these trends not as something new but as a return to the principles that characterized the industry in the early to mid-nineties — a “back to basics” approach that will allow the industry to continue making essential contributions to innovation and job creation worldwide. But back to basics doesn’t mean going back in time; rather, it is an evolution that provides new opportunities for venture capital investors, corporate investors and innovative entrepreneurs. This report explores these themes in number of articles and interviews, including: • “Back to basics,” our keynote article reviewing the current global venture capital landscape and trends • Roundtable discussions with leading venture capital investors and corporate venturing managers around the world • The Õndings of an Ernst & Young-sponsored global country venture capital attractiveness index • A review of the valuation landscape for venture investments in the United States • Interviews with top investors around the globe focused on different industries and market segments • Cleantech perspectives from Adrian Tuck, CEO of Tendril We hope that you will Õnd Back to basics, our eighth annual report on venture capital, to be a source of valuable insight and look forward to working together with you on the global challenges and opportunities that lie ahead.
Interview with Dennis Costello, Braemar Energy Ventures
The future of venture capital: a conversation with leading global investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Uli Fricke, Aaron Mankovski and Terry McGuire
•
Perspective from Europe. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Drew Clark, Wendy Lung, Dr. Reinhard Ambros, Dr. Markus Thill, Dr. Claus Schmidt and Stephen Lee
Global venture capital landscape . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Perspective from the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Interview with Dr. Kai-Fu Lee, Innovation Works, and Peter Liu, WI Harper Group
Perspective from China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Interview with Denis Lucquin, SoÕnnova Partners
What makes a country attractive to VC investors? . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
by Alexander P. Groh, en Lieser and Heinrich Liechtenstein
Innovation and venture investment trends in China . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Mike Chalfen, Advent Venture Partners
• • • • •
Perspective from Europe. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Interview with Joe Tian, DT Capital Partners
The changing valuation landscape for VC investments in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Interview with David Mott, New Enterprise Associates
Perspective from the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Table of contents
• • • • •
Back to basics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
by Dayton Nordin and Amanda Miller
•
Global corporate investor roundtable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Back to basics
Global venture capital insights and trends report 2010
Foreword
The last decade was anything but normal for the global venture industry. In 2000, the industry experienced its greatest boom, the explosion of investment fueled by enthusiasm for the potential of the internet and rising stock markets. In 2009, the venture industry faced the challenge of continuing to build innovative companies as the global economy touched the depths of the greatest economic downturn in a generation. In between these high and low points, the venture industry responded to a number of powerful dynamics, such as the emergence of China and India as important venture capital centers, changes in the public markets and investor appetite for venture-backed IPOs, and the sudden rise of investment opportunities in social media and cleantech. Today, as the economy shows signs of improvement, we see some clear trends in the venture industry as it emerges from the preceding turbulent decade and positions itself for success in the coming one. The number of Õrms in the industry is declining, a trend that has been under way since 2001 but is accelerating as the funds raised in the 1999–2001 time period reach the end of their terms, and limited partners opt to invest only in funds with demonstrable success. The emphasis in early-stage investing will be on smaller, more capital-efÕcient companies that can reach proÕtability faster. And while globalization will continue apace, hands-on engagement with portfolio companies by local teams will be critical to success. The leading investors interviewed for this report viewed these trends not as something new but as a return to the principles that characterized the industry in the early to mid-nineties — a “back to basics” approach that will allow the industry to continue making essential contributions to innovation and job creation worldwide. But back to basics doesn’t mean going back in time; rather, it is an evolution that provides new opportunities for venture capital investors, corporate investors and innovative entrepreneurs. This report explores these themes in number of articles and interviews, including: • “Back to basics,” our keynote article reviewing the current global venture capital landscape and trends • Roundtable discussions with leading venture capital investors and corporate venturing managers around the world • The Õndings of an Ernst & Young-sponsored global country venture capital attractiveness index • A review of the valuation landscape for venture investments in the United States • Interviews with top investors around the globe focused on different industries and market segments • Cleantech perspectives from Adrian Tuck, CEO of Tendril We hope that you will Õnd Back to basics, our eighth annual report on venture capital, to be a source of valuable insight and look forward to working together with you on the global challenges and opportunities that lie ahead.
Interview with Dennis Costello, Braemar Energy Ventures
The future of venture capital: a conversation with leading global investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Uli Fricke, Aaron Mankovski and Terry McGuire
•
Perspective from Europe. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Drew Clark, Wendy Lung, Dr. Reinhard Ambros, Dr. Markus Thill, Dr. Claus Schmidt and Stephen Lee