Group Bravo

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Group Bravo

  1. 1. Venture Business 20030920 이기범 20000135 노영우
  2. 2. Definition & General Idea <ul><li>What is a venture start-up company (VSC)? </li></ul><ul><li>How do VSCs work? </li></ul>
  3. 3. Entrepreneurs who started in their 20s <ul><li>Microsoft (Bill Gates & Paul Allen) </li></ul><ul><li>Netscape (Mark Andressen) </li></ul><ul><li>Dell Computer (Michael Dell) </li></ul><ul><li>Apple Computer (Steve Jobs and Steve Wozniak) </li></ul><ul><li>Digital Equipment Corporation (Ken and Stan Olsen) </li></ul><ul><li>Federal Express (Fred Smith) </li></ul><ul><li>Genentech (Robert Swanson) </li></ul><ul><li>Polaroid (Edwin Land) </li></ul><ul><li>Nike (Phil Knight) </li></ul><ul><li>Starbucks (Howard Schultz) </li></ul><ul><li>Web-I( 윤석민 ), NC 소프트 ( 김택진 ), NHN ( 이해진 ), 한글과 컴퓨터 ( 이찬진 ), 세롬기술 ( 오상수 ), … </li></ul>
  4. 4. Path for Company <ul><li>사업 아이디어 </li></ul><ul><li>공동창사자 수배 </li></ul><ul><li>사업 계획서 (Business Plan) 만들기 </li></ul><ul><li>경영진 확보 – stock option </li></ul><ul><li>종자돈 조달 (venture capitalist) </li></ul><ul><ul><li>은행 예치 </li></ul></ul><ul><li>사업장 마련하기 </li></ul><ul><li>창사 </li></ul><ul><ul><li>신규 직원 채용 </li></ul></ul><ul><li>추가 자금 조달 </li></ul><ul><li>첫 제품 출시 </li></ul><ul><li>운전 자금 조달 </li></ul><ul><li>신규 기업 공개 </li></ul><ul><ul><li>보통 4- 8 년 소요 </li></ul></ul>
  5. 5. Why Start a (high-tech) Business? <ul><li>To fulfill personal ambitions and interests </li></ul><ul><ul><li>Money and power </li></ul></ul><ul><ul><li>Improve life style </li></ul></ul><ul><ul><li>World Peace? </li></ul></ul><ul><ul><li>How about you </li></ul></ul>
  6. 6. Why Start a (high-tech) Business? <ul><li>Growing the economy </li></ul><ul><ul><li>Net new jobs </li></ul></ul><ul><ul><ul><li>Approximately 600,000 to 1,000,000 new businesses in U.S. yearly. </li></ul></ul></ul><ul><ul><ul><li>Silicon Valley, Boston, and Washington D.C. </li></ul></ul></ul><ul><ul><ul><ul><li>Newly formed high-tech firms consistently created between 22 to 28 percent of all high-tech jobs </li></ul></ul></ul></ul><ul><ul><ul><li>It is new high-tech firms that create economic growth </li></ul></ul></ul>
  7. 7. 사업 Item 선정의 고려사항 <ul><li>기술개발 환경 </li></ul><ul><li>우수성 </li></ul><ul><li>활용도 </li></ul><ul><li>파급효과 </li></ul>
  8. 8. Technology or Product? <ul><li>Buyers have no interest in your technology </li></ul><ul><li>Buyers want to see a product that solves a problem or creates a competitive advantage for them </li></ul>
  9. 9. Forming a Team <ul><li>Forming a team?! </li></ul><ul><li>Why? </li></ul>
  10. 10. Statistics On Teams <ul><li>Members with previous entrepreneurial experience form teams that have a better survival rate. </li></ul><ul><li>Companies that are started by teams show a higher success rate (2 to 1) </li></ul><ul><li>High tech cost to develop is very high </li></ul>
  11. 11. Reasons For a Team <ul><li>Every business startup needs additional people </li></ul><ul><li>Founding team is one of the most important factors that determine the value of an enterprise </li></ul><ul><li>“ A” strategies come from “A” teams </li></ul>
  12. 12. More Reasons for a Team <ul><li>Commercialization of new technologies is a group effort </li></ul><ul><li>Skills required for commercialization are not often found in one person </li></ul><ul><li>Technology is not the only hard part of a high tech startup </li></ul>
  13. 13. Team’s Importance <ul><li>Great teams are in short supply. </li></ul><ul><ul><li>Plenty of technology, plenty of entrepreneurs, plenty of money, plenty of venture capital. </li></ul></ul><ul><li>There's enormous change underway in every facet of the world. </li></ul><ul><ul><li>To take full advantage of those opportunities, focus on the team. Teams win. </li></ul></ul>
  14. 14. Members of a Team <ul><li>An expert in the technology. </li></ul><ul><li>An expert in sales and marketing. </li></ul><ul><li>An expert in finance, budgeting, and financial control. </li></ul><ul><li>An expert in manufacturing of products of similar type. </li></ul><ul><li>Other experts. </li></ul>
  15. 15. Team Formation Know-how <ul><li>Proper selection is vital </li></ul><ul><li>A business needs much more than technology to thrive </li></ul><ul><li>New firm management teams rarely change during the first 6 years </li></ul><ul><li>Common mistake: </li></ul><ul><ul><li>Limiting the choice of founding team members to your own personal network! </li></ul></ul>
  16. 16. Team Formation Method 1 <ul><li>Select individuals who are much like you </li></ul><ul><ul><li>Extension of you </li></ul></ul><ul><ul><li>Example </li></ul></ul><ul><ul><ul><li>If you are an extrovert, you cannot hire someone who is introverted, negative and hates people. </li></ul></ul></ul>
  17. 17. Team Formation Method 2 <ul><li>Select individuals who possess the skills that you do not have </li></ul><ul><ul><li>Keep outlook in mind </li></ul></ul>
  18. 18. What is a Business Plan? <ul><li>A multipurpose document </li></ul><ul><ul><li>articulates the critical aspects, basic assumptions and financial projections </li></ul></ul><ul><ul><ul><li>Blueprint for the company </li></ul></ul></ul><ul><ul><li>Force the entrepreneur to think through business concept in systematic way </li></ul></ul><ul><ul><li>Interest and attract potential investors for new business support </li></ul></ul><ul><ul><li>May serve as legal document with which fund raised </li></ul></ul><ul><ul><ul><li>Optimistic in nature and one-side presentation, but should contain a full disclosure of risks </li></ul></ul></ul><ul><ul><ul><li>Example </li></ul></ul></ul><ul><ul><ul><ul><li>“ This investment is highly speculative and is suitable only for individuals who can afford a total loss of their investment” </li></ul></ul></ul></ul><ul><li>Should not contain “deals” </li></ul><ul><ul><li>Usually more formal offering memorandum is followed </li></ul></ul>
  19. 19. Business Plan Structure <ul><li>Table of Contents, Table of Figures, etc </li></ul><ul><li>Executive summary </li></ul><ul><li>Introduction </li></ul><ul><li>Business operations </li></ul><ul><ul><li>Corporate history </li></ul></ul><ul><ul><li>Corporate structure </li></ul></ul><ul><ul><li>Founders background </li></ul></ul><ul><ul><li>Employees Background </li></ul></ul>
  20. 20. Business Plan Structure <ul><li>Products and services </li></ul><ul><li>Production Process </li></ul><ul><li>Engineering </li></ul><ul><li>Technology </li></ul><ul><li>Technology future </li></ul><ul><li>Problems Identified </li></ul>
  21. 21. Business Plan Structure <ul><li>Industry Analysis </li></ul><ul><ul><li>Broad overview </li></ul></ul><ul><ul><li>Industry segment analysis </li></ul></ul><ul><ul><li>Regulations </li></ul></ul><ul><ul><li>Profitability Potential </li></ul></ul><ul><li>Competitive analysis </li></ul><ul><ul><li>Market spending </li></ul></ul><ul><ul><li>Tech substitutes </li></ul></ul><ul><ul><li>Competitor matrix </li></ul></ul>
  22. 22. Business Plan Structure <ul><li>Markets </li></ul><ul><ul><li>Geographic </li></ul></ul><ul><ul><li>Target market </li></ul></ul><ul><ul><li>Market niche </li></ul></ul><ul><ul><li>Feature and benefits </li></ul></ul><ul><ul><li>Product positioning </li></ul></ul><ul><ul><li>Product differentiation </li></ul></ul>
  23. 23. Business Plan Structure <ul><li>Channels of Distribution </li></ul><ul><ul><li>Current </li></ul></ul><ul><ul><li>Proposed </li></ul></ul><ul><li>Promotion </li></ul><ul><li>Advertising </li></ul><ul><li>Public relations </li></ul><ul><li>Printed and Non-printed material </li></ul><ul><li>Trade shows etc. </li></ul>
  24. 24. Business Plan Structure <ul><li>Cash flow </li></ul><ul><li>Income statement </li></ul><ul><li>Balance sheet </li></ul><ul><li>The 20X rule </li></ul><ul><li>Banks want ratios </li></ul>
  25. 25. BP Lengths According to Receiver <ul><li>Banks </li></ul><ul><ul><li>10 ~ 20 pages </li></ul></ul><ul><li>Investors </li></ul><ul><ul><li>Interested in factors that predict growth </li></ul></ul><ul><ul><li>< 40 pages </li></ul></ul>
  26. 26. BP Lengths According to Receiver <ul><li>Strategic partner </li></ul><ul><ul><li>Looking for a strategic fit for tech or products </li></ul></ul><ul><ul><li>< 40 pages </li></ul></ul><ul><li>Management team operations </li></ul><ul><ul><li>> 60 pages </li></ul></ul><ul><li>Operational </li></ul><ul><ul><li>> 100 pages </li></ul></ul><ul><li>M&A – P/E comparisons etc. </li></ul>
  27. 27. BP Lengths: Don’t Worry! <ul><li>Let the most articulate team member lead or edit the writing </li></ul><ul><li>Don't obsess over the plan. </li></ul><ul><ul><li>Better plans are often 30 pages, but sometimes just 3 </li></ul></ul><ul><ul><li>Intel: 1 page </li></ul></ul><ul><ul><li>Sun: 3 pages </li></ul></ul>
  28. 28. Business Plan Properties <ul><li>Should be short ( < 40 pages) and clearly written </li></ul><ul><li>Do not assume the reader is expert in the technology and the market </li></ul><ul><li>Show Attractiveness of the market, Price you can charge, Competitive advantage </li></ul><ul><li>Have the plan read by a financial advisor and account </li></ul><ul><li>Better have the plan read a legal advisor to avoid later trouble </li></ul><ul><ul><li>“ Investors are guaranteed an attractive financial returns” </li></ul></ul><ul><ul><li>Put standard boilerplate </li></ul></ul><ul><li>The Executive Summary, The Company, The Product or service, The market, Competition, Sales and marketing, Operations, Financials, Appendix 로 구성 </li></ul>
  29. 29. Business Plan Contents – 1/4 <ul><li>Executive Summary </li></ul><ul><ul><li>Most critical, first impression of the venture </li></ul></ul><ul><ul><li>Should be written last </li></ul></ul><ul><ul><li>Briefly explain </li></ul></ul><ul><ul><ul><li>The company’s status and its management </li></ul></ul></ul><ul><ul><ul><li>Product or services and benefits to users </li></ul></ul></ul><ul><ul><ul><li>Market and competition </li></ul></ul></ul><ul><ul><ul><li>A summary of the company’s financial prospects </li></ul></ul></ul><ul><ul><ul><li>Amount of money needed and how it will be used </li></ul></ul></ul><ul><li>The Company </li></ul><ul><ul><li>Company’s origin, objectives and management </li></ul></ul><ul><ul><li>How the company will be organized, who will fill these roles, and their responsibility </li></ul></ul><ul><ul><li>Background on the founders </li></ul></ul>
  30. 30. Business Plan Contents – 2/4 <ul><li>The Product or Service </li></ul><ul><ul><li>Details on product: </li></ul></ul><ul><ul><ul><li>What needs does the product meet - compared with competitor’s </li></ul></ul></ul><ul><ul><li>If already in use, the usage, results, customer testimonials </li></ul></ul><ul><ul><li>If not manufactured, key milestones in the process </li></ul></ul><ul><ul><li>Patent and proprietary technology </li></ul></ul><ul><li>The Market </li></ul><ul><ul><li>Size, rate of growth, purchasing characteristics. </li></ul></ul><ul><ul><li>The company’s perspective on the market </li></ul></ul><ul><ul><li>Reaction from the market </li></ul></ul>
  31. 31. Business Plan Contents – 3/4 <ul><li>Competition </li></ul><ul><ul><li>Competitive firm and products. Competitor’s product, price, marketing approach </li></ul></ul><ul><li>Sales and Marketing </li></ul><ul><ul><li>Explain how the product will be sold </li></ul></ul><ul><ul><li>How target customers identified </li></ul></ul><ul><ul><li>How awareness will be built through advertising, promotion, direct mail, etc. </li></ul></ul><ul><ul><li>Detail distribution channel, direct sales force, reps, direct mail, etc </li></ul></ul><ul><ul><li>Address product introduction strategy to the marketplace </li></ul></ul>
  32. 32. Business Plan Contents – 4/4 <ul><li>Operations </li></ul><ul><ul><li>How the product manufactured </li></ul></ul><ul><ul><ul><li>Facilities, subcontractors, equipments </li></ul></ul></ul><ul><li>Financials </li></ul><ul><ul><li>5-year financial projection </li></ul></ul><ul><ul><li>Income statement, balance sheet, cash flow forecast, break-even analysis, </li></ul></ul><ul><ul><li>Highlight sales, earnings, cash surplus in summary form </li></ul></ul><ul><ul><li>Driven by documented assumption in units and price </li></ul></ul><ul><ul><li>Amount of money sought </li></ul></ul><ul><ul><li>Anticipated exit route for the investors. </li></ul></ul><ul><li>Appendix </li></ul><ul><ul><li>Resume of all key personnel, their responsibilities </li></ul></ul><ul><ul><li>Portray them as a well-balanced team </li></ul></ul><ul><ul><li>Other supporting documents </li></ul></ul>
  33. 33. What is a Board of Directors <ul><li>The law requires a corporation to have a board of directors to protect the interests of the corporation and shareholders </li></ul><ul><li>An effective board can also provide independent advice and act as a check to the CEO </li></ul><ul><li>But for small companies, usually founders </li></ul>
  34. 34. Goal of Ownership <ul><li>To treat each founder as fairly as possible </li></ul><ul><ul><li>Success of company depends on each founder working hard </li></ul></ul><ul><li>Each founder must be satisfied that the ownership arrangement is fair </li></ul>
  35. 35. Questions for Determining Ownership <ul><li>Who will own what percentage of the business? </li></ul><ul><li>Who will actually be in control? </li></ul><ul><li>What property and how much money will be contributed to the business by each founder? </li></ul><ul><li>How much time will the participants be expected to devote to the business? </li></ul><ul><li>What incentives will be provided to remain with the business? </li></ul><ul><li>What happens when a founder leaves? </li></ul><ul><li>What protections does a founder have against being kicked out of the business? </li></ul><ul><li>Are there other persons who were involved with the business who are not currently actively involved? </li></ul>
  36. 36. Ownership <ul><li>Splitting the pie can be the most difficult decision </li></ul><ul><ul><li>Determines who benefits from the company's success and to what degree </li></ul></ul><ul><li>Often an avoided issue </li></ul><ul><ul><li>Delaying resolution of this issue can be disastrous </li></ul></ul><ul><li>Consider almost any contribution to the business that you think should be recognized </li></ul><ul><ul><li>Cash and property contributed to the company </li></ul></ul><ul><ul><li>The nature of contributed property </li></ul></ul><ul><ul><li>Future contributions expected from each founder </li></ul></ul><ul><ul><ul><li>Cash, property, time and effort (sweat equity), or technical or business expertise </li></ul></ul></ul><ul><ul><li>The opportunity costs each founder will incur by joining the business </li></ul></ul>
  37. 37. Ownership: Be Fair, Not Equal <ul><li>Establish a fair formula for the distribution of shares of stock among the team members </li></ul><ul><li>Fair does not mean equal! </li></ul><ul><li>Valuation is negotiable among the team members </li></ul><ul><ul><li>Any value that is agreeable to all is appropriate and fair </li></ul></ul>
  38. 38. Ownership <ul><li>High tech startups frequently distribute stock options instead of stock </li></ul><ul><ul><li>Allows the team to avoid paying tax on stock </li></ul></ul><ul><li>Team members want to have the right to vote in shareholder meetings </li></ul><ul><ul><li>Options have no voting rights on holder </li></ul></ul><ul><li>Make your team member remain employed in firm </li></ul><ul><ul><li>Issue the shares over a period of three to five years with so many for each year </li></ul></ul>
  39. 39. Maintaining Control <ul><li>51% </li></ul><ul><li>Closely held ( founding team) </li></ul><ul><li>A few shareholders have over 50% </li></ul>
  40. 40. Funding <ul><li>Pre-seed </li></ul><ul><li>Seed </li></ul><ul><li>Startup </li></ul><ul><li>Early (First Stage) Venture </li></ul><ul><li>Late stage venture </li></ul>
  41. 41. Funding
  42. 42. Funding: Pre-Seed <ul><li>Small amount of funds required by the nascent entrepreneurs in order to define their value proposition, convince themselves of the viability of the concept and initiate activity </li></ul><ul><li>P rimarily self-funded or provided by the 3F </li></ul><ul><ul><li>3F: Friends, Family and Founders. </li></ul></ul><ul><li>$150,000 </li></ul>
  43. 43. Funding: Seed <ul><li>Small amount of capital provided to an inventor or entrepreneur to prove a concept and to qualify for start-up capital </li></ul><ul><li>Involves </li></ul><ul><ul><li>Product development </li></ul></ul><ul><ul><li>Market research </li></ul></ul><ul><ul><li>Building a management team </li></ul></ul><ul><ul><li>Developing a business plan </li></ul></ul>
  44. 44. Funding: Startup <ul><li>Provided to companies completing product development and initial marketing </li></ul><ul><li>Companies may be in the process of organizing, or they may already be in business for one year or less, but have not sold their product commercially </li></ul>
  45. 45. Seed and Startup Sources <ul><li>Self </li></ul><ul><li>Individual Angel investors </li></ul><ul><li>Customer financed </li></ul><ul><li>Non-diluteable equity sources </li></ul><ul><li>Firms in these stage are high tech startups with no sales </li></ul><ul><li>Funding required is often less than $500,000 </li></ul>
  46. 46. What is an Angel Investor? <ul><li>An affluent individual who provides capital for a business start-up, usually in exchange for ownership equity </li></ul><ul><li>Unlike venture capitalists, angels typically do not manage the pooled money of others in a professionally-managed fund </li></ul><ul><li>Angel investors often organize themselves into angel groups to share research and pool their own investment capital </li></ul>
  47. 47. Roles of Angel Investors <ul><li>Angel capital fills the gap in start-up financing between the 3F and venture capital </li></ul><ul><li>Angel investment is a second round of financing for start-ups </li></ul><ul><ul><li>Difficult to raise more than $100,000~$200,000 from friends and family </li></ul></ul><ul><ul><li>Venture capital funds will not consider investments under $1 ~ 2 million </li></ul></ul><ul><li>Accounts in total for more money invested annually than all venture capital funds combined </li></ul><ul><ul><li>US$24 billion vs. $22 billion in the US in 2004 According to the University of New Hampshire's Center for Venture Research </li></ul></ul>
  48. 48. Funding: First Stage
  49. 49. Funding: First Stage <ul><li>Provided to companies that have expended their initial capital and require funds to initiate full-scale manufacturing and sales </li></ul><ul><li>Traditionally been funded by Venture capitalists </li></ul><ul><ul><li>Increasingly being addressed by angel networks and large firms interested in strategic partnerships </li></ul></ul><ul><li>The typical placements are under $2,500,000 </li></ul>
  50. 50. How Venture Capitalists Work 1/3 <ul><li>The classic approach is for a venture capital firm to open a fund </li></ul><ul><ul><li>A fund is a pool of money that the VC firm will invest </li></ul></ul><ul><li>The firm gathers money from wealthy individuals and from companies that have money they wish to invest </li></ul><ul><li>The firm will raise a fixed amount of money in the fund </li></ul><ul><ul><li>For example, $100 million </li></ul></ul>
  51. 51. How Venture Capitalists Work 2/3 <ul><li>The VC firm will then invest the $100 million fund in some number of companies </li></ul><ul><ul><li>For example, 10 ~ 20 companies </li></ul></ul><ul><li>Each firm and fund has an investment profile </li></ul><ul><ul><li>For example </li></ul></ul><ul><ul><ul><li>Biotech startups </li></ul></ul></ul><ul><ul><ul><li>Dot Com businesses </li></ul></ul></ul><ul><ul><ul><li>A mix of companies that are all preparing to do an IPO (Initial Public Offering) in the next 6 months </li></ul></ul></ul><ul><li>The profile that the fund chooses has certain risks and rewards that the investors know about </li></ul>
  52. 52. How Venture Capitalists Work 3/3 <ul><li>The Venture Capital firm will invest the entire fund and then anticipate that all of the investments it made will liquidate in 3 to 7 years. </li></ul><ul><ul><li>“ Go public&quot; (meaning that the company sells shares on a stock exchange) </li></ul></ul><ul><ul><li>Be bought (acquired) by another company </li></ul></ul><ul><li>The cash that flows in lets the VC firm cash out and place the proceeds back into the fund </li></ul><ul><li>The goal is to have made more money than the $100 million originally invested </li></ul><ul><li>The fund is then distributed back to the investors based on the amount each one originally contributed </li></ul>
  53. 53. Funding: Last Stage
  54. 54. Funding: Last Stage <ul><li>Investment financing: </li></ul><ul><ul><li>Company product </li></ul></ul><ul><ul><li>Market expansion </li></ul></ul><ul><ul><li>Keeping the company financially healthy shortly before a liquidity event </li></ul></ul><ul><li>Typical placements in this stage are under $5,000,000 </li></ul>
  55. 55. Funding: Last Stage 상품 학술정보 기술 이익 창출
  56. 56. Run Business Forever? <ul><li>Not everyone who starts a business wants to run it forever </li></ul><ul><li>Some may want to get the business going, make it profitable, and then sell their share in the company and move on </li></ul><ul><li>Some do it because they enjoy the challenge of starting new companies </li></ul><ul><li>Some want to get rich and then retire or repeat the process and get richer </li></ul>
  57. 57. Exit Strategy <ul><li>Exit 은 투자된 자본이 빠져 나가는 통로 </li></ul><ul><li>IPO, M&A 를 통하여 수십 ~ 수백배 이익 실현 </li></ul><ul><li>Exit 이 원할해야 투자자금과 우수인력이 벤쳐업계에 집중 </li></ul><ul><li>IPO 는 벤쳐기업 성공을 측정하는 잣대 중 하나 </li></ul><ul><ul><li>자본시장의 가치평가가 가능한 단계 </li></ul></ul><ul><ul><li>사업으로서 일정 수준에 오른 것으로 인정 </li></ul></ul><ul><li>미국에서 창업이후 NASDAQ 등록까지 4~5 년 소요 </li></ul><ul><li>IPO 로 진입기회가 많은 반면 퇴출가능성도 높음 </li></ul><ul><li>IPO 이후는 더욱 전문 경영 체계로 운영해야 </li></ul><ul><ul><li>High risk high return 보다는 안정된 방향으로 사업 전개해야 </li></ul></ul>
  58. 58. Liquidity <ul><li>Initial Public Offering (IPO) </li></ul><ul><li>Acquisition </li></ul>
  59. 59. What is an IPO? <ul><li>Initial Public Offering </li></ul><ul><li>When a privately owned company issues shares of stock to be sold to the general public </li></ul><ul><li>The company is no longer privately owned, but is owned by a variety of investors </li></ul>
  60. 60. Why IPO? <ul><li>When a company is privately owned, people who helped fund the company all hold shares in the company </li></ul><ul><ul><li>Those shares have little value since they are not publicly traded </li></ul></ul><ul><li>After the company's IPO, those shares can increase in value by a huge margin. </li></ul><ul><ul><li>Anyone who has a lot of those shares could become very rich by selling them </li></ul></ul>
  61. 61. Acquisition <ul><li>A tool used by companies for the purpose of expanding their operations and increasing their profit </li></ul>
  62. 62. Acquisition Examples <ul><li>Adobe Systems Inc. acquires Macromedia Inc. </li></ul><ul><ul><li>$3.4 billion </li></ul></ul><ul><li>Paramount/Viacom acquire DreamWorks </li></ul><ul><ul><li>$3.1 billion </li></ul></ul><ul><li>The Walt Disney Company acquires Pixar </li></ul><ul><ul><li>$7 billion. </li></ul></ul><ul><li>Google acquires YouTube </li></ul><ul><ul><li>$1.65 billion </li></ul></ul>
  63. 63. Ideal Habitat: Features <ul><li>Favorable “Rules of the Game” </li></ul><ul><li>Strong value-added business services </li></ul><ul><li>Free flow of capital to most effective uses </li></ul><ul><li>Free flow of people to best application talent </li></ul><ul><li>Free flow of ideas to enhance collective learning </li></ul><ul><li>Global linkages to other industrial clusters </li></ul>
  64. 64. Ideal Habitat <ul><li>Presence of a high-quality work force </li></ul><ul><li>Flexible and mobile work force </li></ul><ul><ul><li>Low mobility favors old companies </li></ul></ul><ul><ul><li>High mobility favors new companies </li></ul></ul><ul><li>Business climate the rewards risk taking and does not punish failure </li></ul><ul><li>Open business environment – “It’s a positive sum game” </li></ul><ul><li>Presence of venture capital industry that understands high-tech </li></ul><ul><li>Ready acceptance of diversity and youth </li></ul>
  65. 65. Ideal Habitat <ul><li>Presence of research institutions and universities that effectively interact with industries </li></ul><ul><ul><li>Co-evolution of ideas </li></ul></ul><ul><li>Community dynamics of collaboration between business, local governments, and the independent sector </li></ul><ul><li>Presence of a modern communication infrastructure </li></ul><ul><li>High quality of life in the community </li></ul>
  66. 66. Silicon Valley Way
  67. 67. 싸이월드 와 메디슨 vs 과연 그들은 무엇이 달랐을까 ?
  68. 68. 설립배경 및 회사소개 (Cyworld) <ul><li>1999 년 설립 </li></ul><ul><li>KAIST 벤처 동아리인 EC-Club (Electronic Commerce Club) 에서 출발 </li></ul><ul><li>인터넷상에서 ERP 시스템 및 커뮤니티 프로그램 연구 개발 중 착안하여 기술 개발 ( 기술 및 BM 특허 4 건 ) </li></ul><ul><li>KAIST 박사과정 5 명이 사업 핵심 추진 주체로 출발 </li></ul><ul><li>이동형 , 형용준 등 (6 인 ) </li></ul><ul><li>꾸준한 인터넷 커뮤니티 서비스 운영을 통해 축적된 우수한 능력의 커뮤니티 기획 , 디자인 , 개발 인력이 포진되어 있다 . </li></ul><ul><li>실명제 인맥 기반의 가상사회 , 신뢰기반의 정보공유를 컨셉 </li></ul><ul><li>사람과 사람 사이의 친분관계를 형성 및 범용 커뮤니티 서비스 </li></ul>
  69. 69. 설립배경 및 회사소개 ( M edison) <ul><li>1985 년 KAIST 출신 박사들을 중심으로 벤처형태로 설립한 종합 의료기기 업체 </li></ul><ul><li>초음파 진단기 분야는 기술 , 자본집약분야임을 깨닫고 매출 15% 연구개발에 집중투자 </li></ul><ul><li>1995 년 국내최초로 컬러영상 초음파진단기 개발 </li></ul><ul><li>오스트리아의 kretztecknik 와 일본의 acoma x-ray industry 를 인수하여 3 차원 영상기술 확보 및 4 차원 초음파 진단기개발 . </li></ul><ul><li>신규사업으로 의료영상정보사업 진출 . </li></ul><ul><li>자율적인 생산방식의 운용으로 초음파진단기의 가격경쟁률을 국내와 국외에서 각각 40%, 30% 확보했다 . </li></ul><ul><li>사무소와 연구소 , 홍천 공장을 잇는 정보통신망을 구축하는 등 조직 내 정보운영 . </li></ul><ul><li>Spin – off 방식으로 신규사업 진출 </li></ul><ul><li>메디슨을 주축으로 20 여개의 의료정보전문업체들이 모여 메디슨 연방 출범 </li></ul><ul><li>무분별한 벤쳐투자와 코스닥의 위축으로 투자자금 회수 불능 , 유동성 위기 . </li></ul><ul><li>초음파 진단기 시장의 급격한 위축과 대기업의 시장점유율 잠식 시작 . </li></ul><ul><li>단기적인 유동성위기를 막기위해 중요 자회사인 오스트리아의 kretztecknik 경쟁사에게 매각 . </li></ul>
  70. 70. 회사연혁 ( 싸이월드 ) <ul><ul><li>1999. 08 : ㈜싸이월드 법인 등록 </li></ul></ul><ul><ul><li>1999. 09 : 싸이월드 오픈 </li></ul></ul><ul><ul><li>2001. 09 : 미니홈피 서비스 시작 </li></ul></ul><ul><ul><li>2001. 10 : 유료서비스 선물가게 정식 서비스 시작 </li></ul></ul><ul><ul><li>2002. 04 : 미니룸 서비스 시작 </li></ul></ul><ul><ul><li>2002. 07 : ㈜뮤직시티와 제휴하여 ‘뮤직샵’ 오픈 </li></ul></ul><ul><ul><li>2003. 08 : SK Communications 합병 </li></ul></ul><ul><ul><li>2004. 04 : 제 1 회 싸이데이 개최 (4 월 2 일 ) </li></ul></ul><ul><ul><li>2004. 04 : Mobile 싸이월드 서비스 open </li></ul></ul><ul><ul><li>2004. 07 : Mobile 싸이월드 WAP 서비스 open </li></ul></ul>
  71. 71. 회사연혁 ( 메디슨 ) 1996 주식시장 상장 1996 오스트리아 KRETZTECHNIK 사 합작 1998 세계 최초 4D Ultrasound 개발 제품 발표회 1998 ATL 과 초음파 진단기 사업 전략적 제휴 계약 체결 1996~1998 기술에 의한 세계도전 1999 3 개 회사 spinout ( 써텍 , M2 Comm., Future) 2000 해외자회사 ‘크레츠테크닉‘ 유럽 증시 상장 1999~2000 초 생명 기업을 통한 성장 1990 SA 88 FDA 승인 1991 제 1 회 VENTURE 기업 대상 수상 1991 러시아 공화국 경협 3000 만 $ 수출승인 1992 홍천 제 2 공장 준공 1994 국제 품질보증 규격 ISO 9001 획득 1990~1995 해외시장 공략 1986 첫 제품 SA 3000 출시 1988 강원도 홍천군 농공 단지 내 제 1 공장 준공 1986~1989 국내시장 진입 1985 KAIST 연구원 중심으로 ( 주 ) 메디슨 설립 1985 메디슨 창업
  72. 72. 싸이월드가 성공 할 수 있었던 이유 <ul><li>이용의 편의성 </li></ul><ul><li>마치 자신의 집을 꾸미는 듯한 느낌의 UI 를 통해 좀 더 이용을 용이하게 하였다 . </li></ul><ul><li>적절한 target marketing </li></ul><ul><li>감성마케팅 ( 고객의 기분이나 감정에 영향을 미치는 음악 , 향기 , 이미지 등을 통해 상품 판매를 촉진 ) 을 이용해 인터넷 사용이 적었던 여성회원들을 회원으로 확보 </li></ul><ul><li>폰카 , 디지털 카메라의 보급 확대 </li></ul><ul><li>다른 사람들과의 관계를 통해 커뮤니케이션 하려는 한국네티즌들의 욕구에 부합 </li></ul><ul><li>적절한 타이밍의 인수합병 (M&A) </li></ul>
  73. 73. Medison 이 실패 한 이유 (1) <ul><li>무분별한 차입경영 </li></ul><ul><li>주식시장의 활황->보유주식의 값급등 ( 믿고빚얻음 )-> </li></ul><ul><li>벤처기업사냥->코스닥시장에 거품이 빠지고 주가가 급락 </li></ul><ul><li>-> 투자자산 부담->신용등급이 투기등급으로 낮춰짐-> </li></ul><ul><li>현금흐름이상에 단기부채 끌어씀->빚 연간 매출액의 1.5 배 </li></ul><ul><li>적절한 대응 미흡 </li></ul><ul><li>3000 억원의 부채는 언제든지 갚을 수 있다고 생각->이후 재무구조조정시기를 놓치면서 메디슨의 경영은 급속도로 몰락 -> 2000 년 10 월 무한기술투자지분 매각 ,11 월 한글과컴퓨터 주식 250 만주 매각 , 지난해 4 월 메디슨 엑스레이 사업 매각 ,7 월 크레츠테크닉 매각-> 때늦은 대응이어서 상황을 호전시키기에는 역부족 </li></ul>
  74. 74. Medison 이 실패 한 이유 (2) <ul><li>명분에 너무 충실 , 경영을 소홀히 함 </li></ul><ul><li>2000 년 6 월 한신평에서 신용등급을 내리기 전부터 한글과 컴퓨터 등 보유주식을 팔아 부채를 갚는다는 방침을 정했다 . 하지만 이 회장은 한글과컴퓨터에 대한 두 가지 원칙을 세웠다 . </li></ul><ul><li>하나는 ‘국내기업에 판다’이고 , 다른 하나는 조금씩 내다 팔지 않고 ‘한꺼번에 기관에 판다’는 것이었다 . 남의 손에 넘어가더라도 경영권은 안정돼야 한다는 판단에서였다 . 그러나 이 두 가지 원칙을 고집하다 보니 제때 주식을 처분할 수 없었다 . </li></ul><ul><li>- 이후 이회장은 “기업인이 기업을 먼저 생각하지 않고 국가정책과 시장부터 생각한 것은 잘못된 판단이었다 .” 고 털어놨다 . </li></ul><ul><li>방만한 투자 </li></ul><ul><li>전공분야인 의료기기 개발과는 연관성이 없는 사이버키스트 ( 온라인 교육 ), 벤처캐피털 등 여러 분야에 걸쳐 800 억원 이상을 투자 . </li></ul><ul><li>다양한 분야의 벤처기업들을 사 모아 ‘벤처연방체’를 구성한다는 것이 이 회장의 꿈이었다 . 벤처연방체의 시너지 효과를 예상하였으나 , 과다한 투자로 비효율이 더 컸다 . </li></ul>
  75. 75. Competitive Advantage: Start-ups and Established Firms <ul><li>Characteristics </li></ul><ul><ul><li>SU’s Stockholders and managers are more risk taking </li></ul></ul><ul><ul><li>SU’s Managers and key employees have a significant ownership position </li></ul></ul><ul><ul><li>In SU, Individual incentives support adding value to the entire enterprise </li></ul></ul><ul><ul><li>SU has less internal competition </li></ul></ul><ul><ul><li>SU is more responsive </li></ul></ul><ul><ul><li>SU may attracts different people – flexible reward system </li></ul></ul><ul><ul><li>SU has lower overhead </li></ul></ul><ul><ul><li>EF focus on larger potential markets and profits </li></ul></ul><ul><ul><li>EF has sales and marketing infrastructure, established channels. </li></ul></ul><ul><ul><li>EF has system that design and deliver products </li></ul></ul><ul><ul><li>EF has more financial power </li></ul></ul><ul><li>SU > EF in business where </li></ul><ul><ul><li>Higher than normal risk </li></ul></ul><ul><ul><li>Niche market </li></ul></ul><ul><ul><li>Product/service utilize new technologies and architectural innovation </li></ul></ul><ul><ul><li>Speed and flexibility of response are key to competitive position </li></ul></ul><ul><ul><li>Product/service that can be developed less expensively w/o high overhead </li></ul></ul>
  76. 76. Lasting Advantages ? <ul><li>Can your product be copied by an EF w/ strong marketing channel ? </li></ul><ul><li>If your niche market turns into large market, can it be entered by an EF ? </li></ul><ul><li>If Yes, then </li></ul><ul><ul><li>Sell to an EF </li></ul></ul><ul><ul><ul><li>Technology, employees, customers </li></ul></ul></ul><ul><ul><li>Grow quickly to have the advantages of a large company </li></ul></ul>
  77. 77. References <ul><li>http://ai.kaist.ac.kr/~jkim/cs489-2005/readings/Entrepreneurship.ppt </li></ul><ul><li>mgtclass.mgt.unm.edu/Walsh/ </li></ul><ul><li>http://www.fastcompany.com/online/07/082doerr.html </li></ul><ul><li>http://money.howstuffworks.com/question398.htm </li></ul><ul><li>http://money.howstuffworks.com/ipo1.htm </li></ul><ul><li>http://sv.quicken.findlaw.com/management/index.html </li></ul>
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