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  • $5.3 billion invested in 714 companies in the Q3 2005, down from $6.1 billion invested in Q2 2005 But, higher than Q1 2005 of $5.0 billion and Q3 2004 of $4.6 billion. For the first nine months of 2005, investing totaled $16.3 billion compared to $15.9 billion for the first nine months of 2004. On track to break some post-bubble records: Total venture capital investing in calendar 2005 could meet or exceed 2002’s $21.7 billion which is the highest level in the prior three years. Investments in Later stage companies rose to $2.6 billion – a four-year high -- following the upward trend that began in late 2004. Life Sciences continued its dominance with $1.6 billion in Q3, on track to equal or better calendar 2004 which was a three-year high. Within the Telecommunications industry, the Wireless sub-category jumped to $455 million, also a four-year high.
  • Silicon Valley broke the $2 billion mark for the first time in a year and accounted for nearly 40% of all venture capital invested in the U.S. New England was second behind Silicon Valley, capturing $612 million in Q3 The Southeast was third with $461 million going into 59 deals during the quarter Rounding out the top 5 are LA/Orange County with $340 million and NY Metro with $249 million
  • Life Sciences continues it’s dominance The Life Sciences sector (Biotechnology and Medical Devices industries, together) outpaced the prior quarter with $1.6 billion invested in 155 companies in the third quarter. Although the Telecommunications industry category has languished in recent years, the Wireless sub-category has shown steady growth. Year-to-date, 114 wireless-related companies received $984 million compared to full-year 2004 of 135 companies and $1.1 billion. Notably, the two largest deals of the quarter were wireless-related companies. FiberTower Corporation – received $150 million in Q3 Visto Corporation – received $70 million in Q3 The Software industry dipped in the third quarter, but retained its position as the largest single industry category with 185 companies capturing $1.0 billion. Year-to-date, Software amounted to $3.5 billion in 627 companies, lagging full-year 2004 with 881 companies and $5.2 billion.
  • For the first nine months 2005, Life Sciences accounted for $4.2 billion or 26% of all venture investing. At the current rate, Life Sciences will meet or exceed 2004’s total of $5.8 billion.
  • The sustained dominance of Later stage investing over the past 12 months reflects venture capitalists continued support of existing portfolio companies via additional follow-on rounds. In the third quarter, Later stage funding rose slightly to $2.6 billion going into 248 companies. Year-to-date 2005, Later stage amounted to $7.2 billion, approaching full-year 2004 figures of $7.6 billion which was a three-year peak. Funding for Start-Up and Early stage companies fell back in Q3 to $1.0 billion 216 companies, but still above the first quarter. However, the year-to-date 2005 totals of $3.2 billion and 697 deals are on track to match full-year 2004 of $4.3 billion and 1028 deals. Investing in Expansion stage companies fell to its lowest point of the year in the third quarter; $1.6 billion in 250 companies. Year-to-date figures of $6.0 billion and 825 deals point to a full-year 2005 that will be significantly lower than 2004 of $9.7 billion and 1,217 deals.
  • Venture capitalists continued to make new investments at a steady clip in the third quarter. A total of 215 companies got their first-ever round of institutional venture capital which amounted to $1.1 billion. Year-to-date, 653 companies received their first venture capital for a total of $4.0 billion. Full-year 2004 figures of 854 companies and $4.6 billion were both three-year highs, putting 2005 on track to a four-year high.
  • The most first-time deals were in the Software industry and Life Sciences sector with 46 companies in each. For the first nine months 166 Software companies got institutional venture capital for the first time, or 25% of all first-time deals. Life Sciences followed closely with 120, or 18%. First-time Telecommunications investing reached a four-year high with 26 deals, reflecting renewed interest in the wireless arena. Media & Entertainment and Industrial/Energy followed with 13 deals each. First sequence investing in other industries generally mirrored the pattern of overall industry investing.
  • Year-to-date, the most first-time financings, 69%, went to Start-Up and Early stage companies. Expansion stage companies were 26% and Later stage 5%.
  • Average post-money valuations of Early stage companies were essentially flat at $14.4 million for the 12 months ending Q2 2005 compared to $14.2 million for the period ending Q1 2005. (Note that valuation data lags investment data by one quarter.)
  • Average post-money valuations dropped to $46.2 million versus $53.3 million for the prior period.
  • The average post-money valuation rose to $78.9 million for the 12 months ending Q2 2005 compared to $63.2 million for the Q1 2005 period.
  • The most recent performance data available is from the 1 st quarter of 2005. Short-term venture capital performance showed signs of fluctuation at the close of the 1 st quarter of 2005 with a decline in the 1 and 5 year investment horizons and an improvement in the 3 year horizon. Despite the short-term swing, the 10 and 20 year horizon returns remained constant for venture capital for the period ending 3/31/05 at 25.4% and 15.6% respectively. For the same time horizon, buyout funds returned 8.7% and 13%. All private equity continued to outperform both the NASDAQ and the S&P 500 for the long-term with a 12.5% ten year return.
  • 19 VC-backed companies raised $1.5b through IPOs, and 76 vc-backed companies were acquired in the third quarter of 2005. Q3 marks the first time in 2005 that the total venture-backed IPO offering amount has been over $1 billion. The technology sector led the quarter with 9 venture-backed IPOs raising a total of $759.1 million. In addition to the IPOs completed this quarter, there are currently 30 venture-backed companies in-registration with the SEC. This figure is down from the 38 in-registration at the end of the second quarter.
  • The private equity fundraising climate remained robust in Q3 2005 with 45 venture funds raising $5.4 billion and 45 buyout & mezzanine funds fetching $16.8 billion. While the quarterly totals represented a fall off in activity from a strong 2 nd quarter, the average venture fund size continued to remain strong at $119 million. After the 3 quarters of this year, both venture and buyout fundraising levels have already surpassed 2004 levels.

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  •  PricewaterhouseCoopers/ National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Shaking the MoneyTree™ Q3 2006 Update Raleigh, NC November 2006
  • Today’s program
    • The MoneyTree Report – Q3 2006 Analysis
      • presented by Laura Hoke, PricewaterhouseCoopers LLP
    • Venture Capital Panel
      • David Kirkpatrick, SJF Ventures
      • Janet Yang, Novak Biddle Venture Partners
    • Question and Answer Session
  • Speaker Bios
  • Laura Hoke Laura is a senior manager in the Raleigh office of PricewaterhouseCoopers ("PwC"), where she is responsible for providing a range of audit, business advisory and consulting services. She has extensive experience in the software industry, as well as other technology-backed industries including biotech, pharmaceutical and professional services. In addition to her audit and business advisory services, Laura has significant SEC experience, including several initial public offerings. She has been involved in numerous Sarbanes Oxley projects and has led the 404 implementation efforts at several organizations. Laura rejoined PwC’s Raleigh office after serving as the Corporate Controller for a global software company, where she was responsible for the domestic and international accounting functions, as well as the development, implementation and maintenance of the internal control structure. Laura has extensive experience in mergers and acquisitions and was responsible for the integration of acquisitions for a global distribution and manufacturing company. Laura’s primary client is Lenovo Group, Limited although she participates on several other technology-backed engagements throughout the Carolinas. Laura graduated with a B.S. from Virginia Tech, is a member of the AICPA and the North Carolina Association of Certified Public Accountants. She also serves on the Board of Directors of Artspace, a nonprofit visual arts center in downtown Raleigh.
  • David Kirkpatrick David Kirkpatrick is Managing Director and co-founder of SJF Ventures, socially responsible venture capital fund with $40 million under management with offices in Durham, NC and New York, NY. SJF focuses on rapidly expanding cleantech, business services and consumer products firms, has 16 portfolio companies, and is investing from its second fund. SJF assists and invests in enterprises across the Eastern U.S. with unique cleantech or workforce innovations which create strong competitive advantages. The SJF portfolio includes groSolar, Salvage Direct, EdMap, Home Bistro, Ryla Teleservices, Evco Research, Preclick, and B.B. Hobbs. David was named the national 2005 CDVC Practitioner of the Year by the Community Development Venture Capital Alliance. Previous to SJF, he founded and managed two other successful enterprises – KirkWorks, an environmental investment research firm, and SunShares, a solar energy and recycling company. David was named Recycler of the Year in 1996, the National Recycling Coalition’s award for leadership in the recycling industry. David earned a BA in Physics and History from Duke University in 1982 and an MBA from UNC Business School in 1991. He is a graduate of the Venture Capital Institute’s VCI 1999 and VCI-Grad 2000 programs. He serves on the Boards of groSolar, B.B. Hobbs, and the Duke-Durham Neighborhood Partnership.
  • Janet Yang Janet Yang joined Novak Biddle Venture Partners in 2006.  Trained in electrical engineering from Stanford University, Janet started her investment career on Wall Street as a sell-side equity research analyst for Merrill Lynch and later Salomon Smith Barney, where she was a top-ranked analyst in her sector according to fund managers’ surveys, and helped raised over $800 million for various corporations.  Prior to Novak Biddle, Janet worked closely with William H. Draper, III in San Francisco-based venture capital firm, Draper Richards, focusing on early-stage technology investments in the United States and India.    Janet brings substantial international experience, as well as operating experience, to Novak Biddle.  She has over 10 years of work experience in Asia, in particular, the Greater China region.  While in Asia, Janet held various senior executive positions at PCCW, the largest telecommunications company in Hong Kong, reporting to Chairman and CEO Richard Li.  Her experience included being the CFO of an IT outsourcing company in partnership with China Telecom and PCCW.  Janet is multi-lingual, fluent in Chinese and had studied Japanese and French.  She has lived and worked in New York, San Francisco, Washington DC, London, Tokyo, Hong Kong, Shanghai, and Beijing. 
  • About The Report
      • PricewaterhouseCoopers and the National Venture Capital Association produce the MoneyTree Report™ based on data from Thomson Financial
      • Companies have received at least one round of financing involving a professional VC firm or equivalent
      • Captures: tranches, not term sheets, foreign VCs, qualified private placement
      • Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc.
      • MoneyTree™ Report in its 12th year
      • Results online at www.pwcmoneytree.com, www.nvca.org, www.ventureeconomics.com
  • The National Picture Historical Trends
  • MoneyTree Total Investments: Q1 1998 – Q3 2006 829 Q1 797 Q3 2006 716 Q1 771 Q3 811 Q2 794 Q4 907 Q2 2005 # of Deals 813 Q4 678 Q3 838 Q2 695 Q1 2004 2003 2002 2001 2000 1999 1998 767 Q4 703 Q3 730 Q2 687 Q1 720 Q4 686 Q3 844 Q2 823 Q1 979 Q4 997 Q3 1212 Q2 1276 Q1 1735 Q4 1911 Q3 2083 Q2 2083 Q1 1834 Q4 1392 Q3 1275 Q2 895 Q1 958 Q4 889 Q3 880 Q2 828 Q1
  • MoneyTree Total Investments: 1980 – YTD Q3 2006 Annual Venture Capital Investments 1980 to YTD Q3 2006
  • MoneyTree Total Investments: 1995 – YTD Q3 2006
  • Investments by Region: Q3 2006 Texas $533.8 49 Deals Silicon Valley $1,988.6 250 Deals New England $578.1 87 Deals Midwest $ 199.0 36 Deals South Central $9.6 5 Deals Northwest $190.0 33 Deals Sacramento/N. CA $19.9 2 Deals San Diego $ 292.5 27 Deals Southeast $357.8 56 Deals Southwest $215.9 16 Deals LA/Orange County $542.8 56 Deals DC/Metroplex $332.1 54 Deals NY Metro $389.5 56 Deals Philadelphia Metro $213.2 22 Deals North Central $139.1 17 Deals Q3 2006 Total Investments - $6,242.9M in 797 Deals Colorado $209.0 23 Deals AK/HI/PR $1.4 2 Deals Upstate NY $30.6 6 Deals
  • Investments by Region: Q3 2006 Q3 2006 Total:$6,242.9M in 797 Deals NM = Not Meaningful -49.5% 33 Northwest 177.3% 2 Sacramento/N.Cal 135.1% 23 Colorado -22.3% 22 Philadelphia Metro 147.9% 16 South West 53.9% 49 Texas -7.8% 797 Q3 2006 Total AK/HI/PR South Central Upstate NY North Central Midwest San Diego DC/Metroplex Southeast NY Metro LA/Orange County New England Silicon Valley Region -21.1% 2 -75.5% 5 41.4% 6 101.5% 17 -32.3% 36 38.9% 27 21.5% 56 -27.3% 54 -29.5% 56 5.3% 56 -22.1% 87 -16.9% 250 % Change $ from Q2 ‘06 # of Deals
  • Investments by Region – Quarterly Percent of Total U.S. Investments Top U.S. Regions – Q3’06
  • Q3 2006 Top 10 States Garnering Venture Funds State Deals Investment Amount 1. California 335 $ 2,843,840,200 2. Texas 49 $ 553,806,300 3. Massachusetts 73 $ 513,265,500 4. New Jersey 16 $ 226,074,200 5. New York 44 $ 212,953,400 6. Colorado 23 $ 209,038,600 7. Pennsylvania 27 $ 207,300,100 8. Virginia 22 $ 163,265,300 9. Washington 23 $ 146,558,400 10. Arizona 6 $ 142,363,200 12. North Carolina 15 $ 116,040,900
  • Investments by Industry: Q3 2006 Q3 2006 Total: $6,242.9M in 797 Deals Visit www.pwcmoneytree.com for Industry definitions NM = Not Meaningful -2.2% 12 Healthcare Services 163.8% 11 Retailing/Distribution -59.1% 18 Electronics/Instrumentation 60.2% 20 Computers & Peripherals -32.6% 30 Networking & Equipment -21.1% 51 Semiconductors 8.8% 45 Industrial/Energy 32.3% 72 Telecommunications -19.2% 186 Software -5.5% 95 Biotechnology NM 2 Undisclosed/Other -7.8% 797 TOTAL Consumer Products and Services Business Products and Services Financial Services IT Services Media & Entertainment Medical Devices & Equipment Industry -64.7% 15 -59.8% 26 53.1% 22 -34.9% 35 13.9% 75 12.4% 82 % Change $ from Q2 ‘06 # of Deals
  • Investments by Industry – Quarterly Percent of Total U.S. Investments Top 5 Industries – Q3 ‘05 to Q3 ‘06
  • Life Science Investments – Percent of Total U.S. Investments Life Science Sectors – Q3 ’05 to Q3 ‘06
  • Investments by Stage of Development: Q3 2006 Q3 2006 Totals: $6,242.9M in 797 Deals -7.8% 797 Total Startup/Seed Early Stage Later Stage Expansion Stage Stage of Development 11.6% 90 9.1% 188 -12.8% 219 -9.8% 300 % Change in $ Amount from Q2 2006 # of Deals
  • Stage of Development – Quarterly Percent of Total First Sequence Dollars Stage Development – Q3 2005 to Q3 2006
  • Stage of Development – Quarterly Percent of Total First Sequence Deals Stage Development – Q3 2005 to Q3 2006
  • Investments by Sequence of Financing: Q3 2006 Q3 2006 Totals: $6,242.9M in 797 Deals -17.7% 176 Fifth & Beyond -0.9% 266 First 4.7% 87 Fourth - 7.8 % 797 Total Second Third Financing -18.9% 146 3.0% 122 % Change in $ Amount from Q2 2006 # of Deals
  • First Sequence Financing – Investment Amount First Sequence Investments
  • First Sequence Financing – Number of Deals First Sequence Deals
  • First Sequence Financing – Percent of Total U.S. Investments
  • First Sequence Deals in Startup & Early Stage Companies
  • Median Deal Size vs. Mean Deal Size – Quarterly Total U.S. Investments
  • Post-Money Valuations – Early Stage Companies 1995 to Q2 2006 12 Month Average $15.40 Q2 2006 $15.53 2004 $15.51 2005 $14.17 2003 $15.47 2002 $27.89 2001 $36.42 2000 $25.45 1999 $24.14 1998 $17.69 1997 $18.73 1996 Total Q4 Year $19.83 1995
  • Post-Money Valuations – Expansion Stage Companies 1995 to Q2 2006 12 Month Average $66.21 Q2 2006 $61.62 2004 $58.05 2005 $43.66 2003 $45.78 2002 $62.25 2001 $108.80 2000 $78.99 1999 $42.99 1998 $38.78 1997 $41. 04 1996 Total Q4 Year $44.25 1995
  • Post-Money Valuations – Later Stage Companies 1995 to Q2 2006 12 Month Average $92.99 Q2 2006 $71.09 2004 $93.94 2005 $68.96 2003 $65.44 2002 $99.53 2001 $160.08 2000 $125.56 1999 $65.85 1998 $71.72 1997 $43.72 1996 Total Q4 Year $49.37 1995
  • Q3 2006 – Most Active Venture Investors 13 New York, New York Venrock Associates 13 Menlo Park, California U.S. Venture Partners 13 Menlo Park, California Kleiner Perkins Caufield & Byers 14 Menlo Park, California Menlo Ventures 18 Menlo Park, California Draper Fisher Jurvetson 23 Baltimore, Maryland New Enterprise Associates 25 Santa Clara, California Intel Capital Total Deals Location Venture Capital Firm
  • Thomson Venture Economics’ U.S. Private Equity Performance Index (PEPI) (Investment Horizon Performance as of 6/30/2006) Source: Thomson Venture Economics/National Venture Capital Association *Data as of 10/11/2006--The Private Equity Performance Index (PEPI) is based on the latest quarterly statistics from Thomson Venture Economics’ Private Equity Performance Database analyzing the cashflows and returns for over 1862 US venture capital and private equity partnerships with a capitalization of $679 billion. Sources are financial documents and schedules from Limited Partners investors and General Partners. All returns are calculated by Thomson Venture Economics from the underlying financial cashflows. Returns are net to investors after management fees and carried interest. 8.49 6.6 0.7 9.2 6.6 S&P 500 8.95 6.2 0.0 10.2 5.6 NASDAQ 14.20 8.70 13.40 16.50 13.70 14.50 20.50 20 Year 11.40 6.20 8.90 20.80 9.50 17.00 36.90 10 Year 3.60 2.60 6.60 -3.50 -1.10 -0.20 -7.60 5 Year 13.40 5.30 16.30 9.00 9.40 12.50 5.40 3 Year 22.50 All Private Equity 9.70 Mezzanine 27.30 All Buyouts 16.20 All Venture 16.40 Later Stage VC 20.50 Balanced VC 11.20 Early/Seed VC 1 Year Fund Type
  • Analysis of Venture-Backed IPO and M&A Activity **Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile ***Only accounts for deals with disclosed values Source: Thomson Venture Economics/National Venture Capital Association 101.3 91 105.8 2,011.0 19 2006 Q2 81.1 74 116.8 943.2 8 2006 Q3 112.2 104 54.1 540.8 10 2006 Q1 65.7 86 92.2 1,568.1 17 2005 Q4 62.8 293 69.7 2,022.7 29 2003 83 340 118.4 11,014.9 93 2004 94.9 82 72.1 720.7 10 2005 Q1 133.1 80 71.5 714.1 10 2005 Q2 93.1 98 76.7 1,458.1 19 2005 Q3 95.8 346 79.7 4,461.0 56 2005 52.1 318 103.1 2,473.5 24 2002 101.8 Average M&A deal size*** 353 Number of Venture-backed M&A deals 85.1 Average Venture-Backed Offering Size ($M) 3,489.9 Total Venture-Backed Offering Size ($M) 41 2001 Number of IPOs** Date
  • Venture Capital and LBO/Mezzanine Fundraising* Source: Thomson Venture Economics/National Venture Capital Association *These figures take into account the subtractive effect of downsized funds ** This category includes LBO, Mezzanine, Turnaround and Recapitalization-focused funds ***Date current as of 10/16/06 35345.3 41 13420.5 62 Q2 ‘06 25767.1 48 7098.5 65 Q1 ‘06 83977.1 103 25419.0 158 2006 YTD 32954.7 52 8368.9 74 Q4 ‘05 22864.7 32 4900.0 52 Q3 ‘06 22481.7 63 5611.1 62 Q3 ’05 Quarter 96028.0 177 27012.4 207 2005 51151.1 137 18601.6 203 2004 28846.8 24831.1 Buyout & Mezzanine ($M) 91 88 Number of Funds Buyouts & Mezzanine** 10683.5 3,821.2 VC Raised ($M) 145 2003 171 2002 Number of Funds Venture Capital Year
  • North Carolina Picture Historical Trends
  • MoneyTree Total North Carolina Investments 1995 – YTD 2006 37 77 78 154 85 # of Deals 72 54 52 61 100 93 55
  • MoneyTree Total North Carolina Investments 1999 – Q3 2006 1999 2000 2001 2002 2003 # of Deals 2004 2005 2006 42 42 39 28 13 18 15 25 18 38 35 31 24 23 15 20 23 22 20 13 9 15 17 14 18 11 14 11 19 18 ($ in millions) 15
  • # of Deals 100 154 93 85 72 52 55 54 MoneyTree Total North Carolina Investments – 1999 – Q3 2006 ($ in millions)
  • Amount Invested (in millions) $762 $1,832 $591 $556 $349 $385 $323 $442 MoneyTree Total North Carolina Deals– 1999 – Q3 2006 ($ in millions)
  • Total Deals Q3 2006 % Change in $ Amount from Q3 2005 ($ in millions) Industry Definitions @ www.pwcmoneytree.com Q3 2003 Total: $98.5 2 2 1 100% (41.2%) Total North Carolina Investments by Industry – Q3 2006 Q3 2006 Total: $116.0 1 $.4 5 4 1 1 1 100.0% (97.5%) (58.2%) (42.6%) 100.0% 133.3% 100.0%
  • ($ in millions) Amount Invested (in millions) $272 $367 $822 $1,877 $641 $44 $622 $368 Biotechnology Investments in NC vs. U.S. 1999 – Q3 2006 15 21 17 16 12 12 16 17 # of Deals 2.6%
  • ($ in millions) Amount Invested (in millions) $272 $367 $822 $1,877 $641 $44 $622 $368 Software Investments in NC vs. U.S. 1999 – Q3 2006 24 38 27 25 21 9 18 8 # of Deals 0.4% $17
  • Average Deal Size – NC vs. U.S. 1999 – Q3 2006 ($ in millions)
  • Amount Industry Amphora Discovery Corporation Biotechnology $ 123,000 CareAnyware, Inc. Software $ 400,000 Cempra Pharmaceuticals, Inc. Biotechnology $ 14,000,000 eMinor, Inc. Media & Entertainment $ 1,950,000 HexaTech, Inc. Semiconductors $ 1,475,000 HyperBranch Medical Technology, Inc. Medical Devices & Equipment $ 1,000,000 Inlet Technologies, Inc. Media & Entertainment $ 4,400,000 LipoScience, Inc. Medical Devices & Equipment $ 13,000,000 Motricity, Inc. Telecommunications $ 31,999,900 nContact Surgical, Inc. Medical Devices & Equipment $ 7,500,000 ParinGenix, Inc. Biotechnology $ 20,400,000 Phase Bioscience, Inc. Biotechnology $ 293,000 RadarFind Corporation Medical Devices & Equipment $ 500,000 Sicel Technologies, Inc. Biotechnology $ 12,000,000 CONFIDENTIAL Financial Services $ 7,000,000 $ 116,040,900 Company Name North Carolina Companies Funded in Q3 2006
  • VC Funds Active in North Carolina Academy Funds A.M. Pappas & Associates LLP BancAmerica Capital Investors BB&T Capital Partners CapitalSouth Partners LLC Carolina Financial Group Carousel Capital Partners Centura SBIC Inc. Charlotte Angel Partners Core Capital Fairview Capital LLC First Union Ventures Group Franklin Street Partners Frontier Capital LLC Gardiner Capital Glenwood Venture Partners Golden Pine Ventures Grotech Capital Group Halifax Group Hatteras BioCapital H.I.G. Ventures Intersouth Partners Kodiak Venture Partners Lovett Miller & Company, Inc. Massey Burch NC IDEA New Enterprise Associates Noro-Moseley Partners Novak Biddle Venture Partners Remington Capital Partners Research Triangle Ventures River Cities Capital Funds SJF Ventures Southern Capitol Ventures Southeast Interactive Technology Funds The Atlantis Group The North Carolina Enterprise Fund The Aurora Funds The Trelys Funds TriState Investment Group Wachovia Capital Partners Wakefield Group Venture First Associates
  • Entrepreneurs and Venture Capital On-Line Resource List www.pwc.com - The PricewaterhouseCoopers Global website. www.pwcmoneytree.com , www.nvca.org, www.ventureeconomics.com - The PricewaterhouseCoopers/National Venture Capital Association MoneyTree TM Report based on data from Thomson Financial is a quarterly study of equity investments made by the venture capital community in private companies in the U.S. The survey identifies regional and national trends, entrepreneurial developments and promising industry segments. www.pwcnextwave.com - PricewaterhouseCoopers’ thought leadership articles for the world of private equity. www.cfodirect.com - CFOdirect Network – PricewaterhouseCoopers’ online accounting, finance and business resource for senior financial executives. www.pwcV2R.com - The Vision to Reality Entrepreneur Resource Center site offers proven business plan templates, financial models, technology-specific ratios, benchmarks and more. www.pwcvc.com - The VC BestPractices site serves to provide an aggregate, comparative view of key issues and activities impacting the venture capital community, and to identify best practices. www.barometersurveys.com - PricewaterhouseCoopers’ Trendsetter and Technology Barometers site – result & analysis of the quarterly survey of fast-growth and large company CEO’s. www.cednc.org - The Council for Entrepreneurial Development www.nc-tech.org - North Carolina Technologies Association
  • For more information, contact: Jeff Barber or Peter Coode Carolinas Technology Industry Group Phone 919 755-3000 [email_address] [email_address]