The document outlines the NVCA's 4-pillar plan to restore liquidity in the US venture capital industry. Pillar I focuses on strengthening the VC ecosystem by promoting partnerships between VCs, investment banks, accounting firms, and other stakeholders. Pillar II aims to enhance liquidity paths for portfolio companies through new private market platforms and global financing options. Pillar III recommends tax incentives to stimulate IPOs. Pillar IV suggests regulatory changes to reduce barriers for small companies going public.
Productivity & the Performance of the Jamaican EconomyPMI_JDBC
Dr Charles Douglas, Executive Director of the Jamaica Productivity Center, addresses the Jamaica Doctor Bird Chapter of the Project Management Institute, on the causes and possible solutions for chronic low productivity in Jamaica.
Ndedi and start ups performance on job creationlancedafric.org
This document summarizes research from the Kauffman Foundation on the importance of startups in job creation. It finds that startups, defined as new businesses in their first year, create about 3 million net new jobs per year on average. In contrast, existing businesses destroy more jobs than they create each year. As a result, without startups, there would be no net job growth in the US economy in most years. The document also notes that job creation by startups remains stable even during recessions, while existing businesses significantly cut jobs. It introduces the Business Dynamics Statistics dataset used in the research and outlines theories on how job creation and destruction change over the lifespan of businesses.
In today’s dynamic economy, it has never been more important for leaders of Ontario’s high-performing businesses to leverage their capacity to pursue growth opportunities. The May, 2010 program demonstrated how Ontario and its business leaders can prepare to move forward and capture the many opportunities that are developing both in the province and around the world.
The document summarizes the fractured and uneven nature of the US economic recovery based on differing trends across industries and regions. It notes that while overall GDP growth was positive, the recovery has seen both positive and negative trends across different markets and companies. Some areas and industries are seeing their best year ever while others are struggling. This fractured recovery makes it difficult to characterize the economy with broad statements and requires flexibility for companies to shift resources to localized opportunities. The recovery has also led to growth in small and medium companies able to nimbly take advantage of trends, while contract workers are helping larger firms regain flexibility.
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Startup insights from a truly exciting case
BUSINESS MODEL CANVAS
What does the market expect from facebook when valued at USD100B? Based on a benchmark with Apple and Google.
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Each form form provides insights in the 2011 revenues.
Sukhdev presents in his new book "Corporation 2020" a number of strategic challenges for sustainable business and recognizes the need for a fundamental transformation of the economy.
Productivity & the Performance of the Jamaican EconomyPMI_JDBC
Dr Charles Douglas, Executive Director of the Jamaica Productivity Center, addresses the Jamaica Doctor Bird Chapter of the Project Management Institute, on the causes and possible solutions for chronic low productivity in Jamaica.
Ndedi and start ups performance on job creationlancedafric.org
This document summarizes research from the Kauffman Foundation on the importance of startups in job creation. It finds that startups, defined as new businesses in their first year, create about 3 million net new jobs per year on average. In contrast, existing businesses destroy more jobs than they create each year. As a result, without startups, there would be no net job growth in the US economy in most years. The document also notes that job creation by startups remains stable even during recessions, while existing businesses significantly cut jobs. It introduces the Business Dynamics Statistics dataset used in the research and outlines theories on how job creation and destruction change over the lifespan of businesses.
In today’s dynamic economy, it has never been more important for leaders of Ontario’s high-performing businesses to leverage their capacity to pursue growth opportunities. The May, 2010 program demonstrated how Ontario and its business leaders can prepare to move forward and capture the many opportunities that are developing both in the province and around the world.
The document summarizes the fractured and uneven nature of the US economic recovery based on differing trends across industries and regions. It notes that while overall GDP growth was positive, the recovery has seen both positive and negative trends across different markets and companies. Some areas and industries are seeing their best year ever while others are struggling. This fractured recovery makes it difficult to characterize the economy with broad statements and requires flexibility for companies to shift resources to localized opportunities. The recovery has also led to growth in small and medium companies able to nimbly take advantage of trends, while contract workers are helping larger firms regain flexibility.
Vujàdé’s facebook series
Startup insights from a truly exciting case
BUSINESS MODEL CANVAS
What does the market expect from facebook when valued at USD100B? Based on a benchmark with Apple and Google.
For this presentation Vujàdé Ltd. has used the below listed forms filed to the United states Securities and Exchange Commission.
Each form form provides insights in the 2011 revenues.
Sukhdev presents in his new book "Corporation 2020" a number of strategic challenges for sustainable business and recognizes the need for a fundamental transformation of the economy.
The document outlines a 4-pillar plan by the National Venture Capital Association (NVCA) to restore liquidity in the US venture capital industry in the wake of the financial crisis and IPO drought. Pillar I calls for strengthening ecosystem partnerships between venture capital firms, entrepreneurs, investment banks, accounting firms, law firms and others. Pillar II proposes enhancing liquidity paths for venture-backed companies through mechanisms like boutique investment banks and the reemergence of smaller IPOs. Pillar III involves tax incentives to encourage investment. Pillar IV relates to tailored regulation. The plan aims to revive the venture capital industry and fuel job creation and innovation.
NVCA: Restoring Liquidity to US Venture Capital - Apr09kellywalters
The document outlines a 4-pillar plan by the National Venture Capital Association (NVCA) to restore liquidity in the US venture capital industry in the wake of the financial crisis and IPO drought. Pillar I calls for strengthening ecosystem partnerships between venture capital firms, entrepreneurs, investment banks, accounting firms, law firms and others. Pillar II proposes enhancing liquidity paths for venture-backed companies through mechanisms like boutique investment banks and the reemergence of smaller IPOs. Pillar III involves tax incentives to encourage investment. Pillar IV relates to tailored regulation. The plan aims to revive the venture capital industry and fuel job creation and innovation.
This document discusses recommendations from an IPO Task Force to address the decline in initial public offerings (IPOs) of emerging growth companies in the United States. It summarizes that IPOs have declined significantly in the last 15 years, reducing an important pathway for innovation and job creation. The task force identifies challenges such as increased regulation that raises costs, a channel focus on high-volume trading over investing, and weak links to investor demand. It proposes four recommendations - create a new category of emerging growth company with scaled regulation to increase supply; improve availability of information to investors; educate issuers on working with banks; and provide a tax incentive for individuals to buy and hold IPO shares to incentivize demand.
The document discusses trends in the global venture capital market from 2009. It provides background on what venture capital is and the types of private equity investments. It then reviews the history of venture capital, tracing its growth from the 1940s to present day. Key periods discussed include the internet boom and bust and the most recent credit crisis. The document also outlines typical venture capital fund structures, sources of funds, investment and exit trends, and how the venture capital market has changed in recent years with decreased fundraising and investment levels.
This document contains a summary of lessons learned from starting and growing 10 different ventures over 25 years. Some key points include:
1) Entrepreneurs love ideas but hate risk, yet find ways to move projects forward.
2) Creating new markets is incredibly difficult.
3) Focus on solving real problems that people are willing to pay to fix.
4) Take funding opportunities when available since ventures take longer and cost more than expected.
5) Have a plan B since success is not guaranteed.
The document also includes a quiz question about revenue growth projections starting at $150k in the first year at either 20% or 30% annual growth rates over 30 years.
The document discusses right-sizing the U.S. venture capital industry. It argues that the industry is currently too large given poor returns in recent years. The size of the industry grew rapidly in the late 1990s, but performance has stagnated since. Returns have failed to exceed public market indices over 5 and 10 year periods. Additionally, the core information technology sector that drove past success is now mature with lower capital needs. For the industry to improve returns, its size likely needs to shrink through reduced commitments from limited partners.
The document discusses private equity, including venture capital and leveraged buyouts. It defines private equity and provides examples of different types of investments. The document makes the case that private equity can outperform public markets over the long term while providing diversification. However, private equity also involves higher risk and lower liquidity than public investments. The document suggests that pension funds should consider allocating 5-10% of their equities to private equity and discusses various ways to invest, such as directly, through private equity managers, or funds of funds. It questions whether new investors have missed opportunities in private equity given consolidation in Europe and high valuations in some regions.
Marco Kamiya New Orleans SMEs And Financing Organization of American States OEAMarco Kamiya
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The document discusses the current state and future of the U.S. venture capital industry. It argues that while venture capital has played an important role in financing growth companies, its importance is often overstated. Venture capital represents only a small fraction of startup financing. The performance of the venture capital industry has also stagnated in recent years, with 5-year and 10-year returns not significantly outperforming public markets. For the industry to remain viable and continue supporting entrepreneurs, it will need to improve its returns going forward.
The document discusses sustainable competitiveness and how networks enable connectivity and global competitiveness. It talks about how networks are becoming the platform for all forms of communication and IT, and how this network transformation is changing the way people work, live, play and learn. The network is enabling new business models focused on productivity and growth.
Strategic Innovation: Coming to an Industry Near YouBrian Christian
The document discusses strategic innovation for industries. It defines strategic innovation as new offerings that stretch a company's risk levels but do not break the company. The document urges readers to care about strategic innovation because many industries are in flux, making them ripe for disruption, and corporate turnover is accelerating as companies fail to innovate strategically. Finally, it provides guidance on how to achieve strategic innovation through clearly defining starting and end points, developing design principles, and designing a discovery process.
Avnet, Inc. 2010 Analyst Day & 50th Anniversary Celebration: Dec 15, 2010
Presenters included: Roy Vallee, chairman and chief executive officer; Rick Hamada, president and chief operating officer; Ray Sadowski, senior vice president and chief financial officer; Harley Feldberg, president, Electronics Marketing; and Phil Gallagher, president, Technology Solutions.
Following the analyst day event, Avnet commemorated its 50th anniversary on the New York Stock Exchange by ringing the closing bell.
Rebuilding the ipo on ramp-final slide-shareMatthew Stotts
The document discusses recommendations from the IPO Task Force to improve access to capital for emerging growth companies through the IPO market. It finds that regulatory changes aimed at large companies have unintentionally increased costs for emerging companies, reduced information available to investors about them, and shifted capital markets focus away from emerging companies. The Task Force's four recommendations are: 1) Create a regulatory "on-ramp" allowing more time for emerging companies to comply with regulations; 2) Improve information flow to investors before and after IPOs; 3) Create an IPO tax incentive; and 4) Educate industry on emerging companies. The goal is to restore the IPO market's role in facilitating job growth.
Can Big Companies Become Successful Venture CapitalistsPaul Brody
IT’S HARDLY SURPRISING that big companies are attracted to the venture capital (VC) model for new business development. Its track record is enviable: the industry as a whole outperformed the S&P 500 in five of the past six years, and US venture-backed companies have raised more than $40 billion in initial public oƒferings since 1990. Moreover, the model tempts management with the prospect of improved access to business innovation, better retention of entrepreneurial talent, and greater growth in demand for core products.
Yet more oƒten than not, big company attempts at applying the VC model produce disappointing results. Most find it diƒficult to establish the systems, capabilities, and cultures that make good VC firms successful. Even so, big companies can apply the VC model successfully with the right approach and expectations.
Digital Media: A driver for economic growthDelvinia
Adam Froman's lunchtime keynote at the Emerging Leaders Network Summit, discussing the work he has been doing with Ryerson University to help understand the potential for digital media and to examine what the next evolution of university supported, industry led, centre of excellence would look like
An initiative of the Toronto City Summit Alliance, the Emerging Leaders Network (ELN) is a group of 100+ emerging leaders who have been identified as city-building leaders. On Tuesday April 7th, the ELN held it’s inaugural Summit, an all-day working session where we will examine pressing issues facing the region. The theme was Why Not Here? The Emerging Leaders Network Ideas for Toronto.
The venture-capital backed IPO market slowed in the first quarter of 2005 with only 10 companies raising $720.7 million compared to over 20 companies and over $1 billion in the previous three quarters. While the first quarter is typically slower, this decrease may suggest companies are considering alternative exit strategies due to regulatory hurdles and demands of the public market. The technology sector had the two largest IPOs while the life sciences sector also saw five companies go public. Overall 56% of companies that went public in the last 12 months are currently trading above their IPO price.
ATX Forms develops tax and forms software. According to the document:
1) ATX Forms experienced 446% growth between 1997-2001, with revenue increasing from $2.7 million in 1997 to $14.7 million in 2001.
2) The company's employee count grew from 35 in 1997 to 160 in 2001 as the business expanded.
3) Based in Caribou, Maine, ATX Forms was founded in 1992 and ranked #497 on the Inc. 5000 list of fastest growing private companies in 2002.
George W. Buckley is the Chairman, President and CEO of 3M Company. The document provides an overview of 3M's 2008 outlook meeting, including discussions of the company's strategic focus on accelerating growth, premium returns and enhanced shareholder value. It summarizes 3M's financial performance in 2007, operational excellence initiatives, and outlook for double-digit earnings growth in 2008.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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This document contains a summary of lessons learned from starting and growing 10 different ventures over 25 years. Some key points include:
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4) Take funding opportunities when available since ventures take longer and cost more than expected.
5) Have a plan B since success is not guaranteed.
The document also includes a quiz question about revenue growth projections starting at $150k in the first year at either 20% or 30% annual growth rates over 30 years.
The document discusses right-sizing the U.S. venture capital industry. It argues that the industry is currently too large given poor returns in recent years. The size of the industry grew rapidly in the late 1990s, but performance has stagnated since. Returns have failed to exceed public market indices over 5 and 10 year periods. Additionally, the core information technology sector that drove past success is now mature with lower capital needs. For the industry to improve returns, its size likely needs to shrink through reduced commitments from limited partners.
The document discusses private equity, including venture capital and leveraged buyouts. It defines private equity and provides examples of different types of investments. The document makes the case that private equity can outperform public markets over the long term while providing diversification. However, private equity also involves higher risk and lower liquidity than public investments. The document suggests that pension funds should consider allocating 5-10% of their equities to private equity and discusses various ways to invest, such as directly, through private equity managers, or funds of funds. It questions whether new investors have missed opportunities in private equity given consolidation in Europe and high valuations in some regions.
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The document discusses the current state and future of the U.S. venture capital industry. It argues that while venture capital has played an important role in financing growth companies, its importance is often overstated. Venture capital represents only a small fraction of startup financing. The performance of the venture capital industry has also stagnated in recent years, with 5-year and 10-year returns not significantly outperforming public markets. For the industry to remain viable and continue supporting entrepreneurs, it will need to improve its returns going forward.
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IT’S HARDLY SURPRISING that big companies are attracted to the venture capital (VC) model for new business development. Its track record is enviable: the industry as a whole outperformed the S&P 500 in five of the past six years, and US venture-backed companies have raised more than $40 billion in initial public oƒferings since 1990. Moreover, the model tempts management with the prospect of improved access to business innovation, better retention of entrepreneurial talent, and greater growth in demand for core products.
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1. NVCA 4-Pillar Plan to Restore Liquidity
in the U.S. Venture Capital Industry
April 29/30, 2009
Dixon Doll
DCM Co-Founder and General Partner, NVCA Chairman
Mark Heesen
NVCA President
1
2. Reinvigorating Liquidity in the U.S. VC Industry
The Background The Situation The Solution
● Liquidity Challenges
Job Creation
● Lack of IPOs Is
Harmful to Job Innovation
Creation and Overall
Economy I
Ecosystem
II
Enhanced
III
Taxation
IV
Regulation
Partners Liquidity
● Comprehensive Paths
Review of VC
Ecosystem Is Required
to Reinvigorate Our VC Industry U.S. Government
Financial Crisis & IPO Industry (once
Drought Revealed Markets Stabilize)
Systemic Issues
2
3. Venture Capital Fuels Job Creation
VC-Backed Companies 92% of Job Growth
Create Jobs Faster Occurs Post-IPO
Employment CAGR (2006 – 2008) VC-Backed Company Employment Growth
97% 94% 88% 76% 92%
Pre-IPO Post-IPO
12.1M Jobs Created
Sources: Left: Global Insight, 2009
Right: NVCA, Global Insight and Survey of Top 136 VC-Based Companies That Went Public 1970–2005
3
5. Dramatic Decline in IPOs in the 2000’s
Number of Venture-Based IPOs vs. M&A Exits
1990s 2000s
1,776 IPOs M&A 392 IPOs M&A
IPOs 56% 44% IPOs 13% 87%
(’92 – ’00) (’01 – ’08)
Lack of IPOs Is Harmful to Job Creation and Economy
Source: Thomson Reuters/NVCA
5
6. IPOs in Decline This Decade
Number and Value of Venture-Backed IPOs in the U.S.
IPO Value ($B) Number of IPOs
* Base Year 1998 = 100
Sources: Qatalyst Partners, Securities Data Company (All U.S. venture-backed IPOs of > $10MM
from 1978 through 1991)
Dow Jones VentureSource (All U.S. venture-backed IPOs from 1992 through December 31, 2008)
6
7. The Recent Realities of Venture-Backed M&As
and IPOs
Longer Time to IPO and M&A
Median Age at IPO
4.5 9.6
Years Years
1998 2008
Median Age at M&A
3 6.5
Years Years
1998 2008
Source: Thomson Reuters, Dow Jones VentureSource
7
8. The Death of the Under $50M IPO
100
90
80
Transactions Raising $50M+
70
60
Percent of
50
Total IPOs
40
30
20
Transactions Raising Less Than $50M
10
0
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008*
80% of IPOs 20% of IPOs
Smaller than $50M Smaller than $50M
*Data Includes Corporate IPOs as of 10/31/08. (Excludes Funds, REITs, SPACs and LPs).
Source: Dealogic, Capital Markets Advisory Partners
8
9. NVCA 4-Pillar Plan to Restore Liquidity in the
U.S. Venture Capital Industry
Job Creation
Innovation
I II III IV
Ecosystem Enhanced Tax Regulation
Partners Liquidity Incentives
Paths
VC Industry U.S. Government
9
10. NVCA Plan: Pillar I – Ecosystem Partners
Job Creation
I-Banks
Innovation
VC Firms Buy Side
Ecosystem
Entrepreneurs
Partners
Exchanges
I II III IV
Ecosystem Enhanced Tax Regulation
Partners Liquidity Incentives
Paths
Accounting
Law Firms
Firms
VC Industry U.S. Government
10
11. I
A Vacuum Exists for Small, Medium-Size Company IPOs
Implicit Post-IPO Company Valuation
($MM)
Boutique banks needed to
help cover unserved areas
$500
Would You Consider a
Boutique I-Bank To Be the
$400 Lead Book Runner for
Going Public on a U.S.
Stock Exchange?*
$300
NO MAN’S LAND
$200 32%
No
32%
Not Sure
36%
$100 Yes
IPOs not
Appropriate
$0 * Source: DCM Analysis /
$25 $50 $75 $100 Survey of Venture-Backed
Companies, 2009 –
Size of IPO Offering ($MM)1 Participants (N) = 108
21st Century Versions of “4 Horsemen” Required
: Assuming 25% of Company Sold in IPO
1
11
12. Major I-Banks and Big 4 Accounting Firms I
Dominate U.S. IPOs
Nov. 2007 Recent VC-Backed IPOs Feb. 2009
IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21
I-Bank
at IPO
Audit Firm
at IPO
Investment Bank Audit Firm
IPO Managed by Major I-Banks Traditional Big 4
IPO Co-Managed by Boutique and Major I-Banks Traditional Non-Big 4
IPO Managed by Boutique Bank Only
15 Out of 21 Recent IPOs Led by Major I-Banks
and Big 4 Accounting Firms
Source: NVCA, Thomson Reuters
12
13. I
Accounting Firms Examined More Closely
NVCA Recommends Use of New Terminology “The Global Six” in
Describing Major International Accounting Organizations Qualified to
Support Venture-Backed Portfolio Companies
The Global Six
● Deloitte LLP ● KPMG LLP
● Ernst & Young LLP ● PricewaterhouseCoopers LLP
● Grant Thornton LLP ● BDO Seidman LLP
Recent Research Performed by Capital Markets Advisory Partners
(an Independent Advisory Firm) and Validated by the Above Six Firms, Shows
All Six Organizations Have Created Global Accounting Networks Operating in
More than 90 Countries Worldwide.*
* Source: “Which Audit Firms are Accepted by Wall Street?
A Reference Guide by Capital Markets Advisory Partners, 2009, Version 1.0
13
14. I
NVCA Promoting Alternate Ecosystem Partners
Investment Banks Accounting Firms
● NVCA Organizing Workshops ● NVCA Meeting with “Global Six”
With Boutique Banks and Large Accounting Firms to Discuss
Facilitate I-Banks to Identify and Address Needs of VC-backed Companies
Needs of Emerging Growth and Ways To Provide Better
Companies Worldwide Support
● NVCA Encourages Joint Book ● NVCA Encourages Obtaining
Running (Major Bank and Bids From Global Six and Non-
Encourage Boutique Bank Partnership) with Global Six Accounting Firms as
Fee Sharing as a Desirable Desirable Practice in IPO
Practice Planning
NVCA Actions Can Create More Competitive Ecosystem
14
15. I
Other Ecosystem Partner Recommendations
● I-Banks and VCs need to cultivate and
nurture new buyers / funds
specializing in venture IPOs
● Accounting Firms encouraged to
provide lower-cost services to IPO
candidate portfolio companies
15
16. NVCA Plan: Pillar II – Enhanced Liquidity Paths
Job Creation
Innovation
I II III IV
Ecosystem Enhanced Tax Regulation
Partners Liquidity Incentives
Paths
VC Industry U.S. Government
16
17. II
Current Liquidity Mechanisms
Public
Sellers Current I-Banks
(Portfolio Companies) Market Buyers
(Institutional/Strategic)
● Too Many ● Restricted Analyst and ● Public Market Jitters
Companies Below I-Banker Collaboration ● Short Selling Increases
Critical Mass ● Undergoing Massive Market Volatility
● Too Few Organizational Changes ● Minimum Bite Size
Transformative
Companies ● Due Diligence Burden
Distribution System Is Broken
17
18. II
Enhanced Liquidity Mechanisms
● In Addition to Major I-Banks we Need Innovative Boutique Banks
Serving Emerging Growth Companies
● Use of New Private Market Platforms
– InsideVenture
– PORTAL Alliance (NASDAQ) Enhancements
– SecondMarket
– Xchange
– Other
● Additional Use of Global Financing / Fundraising and International
Stock Exchanges
18
19. Enhanced Liquidity Mechanisms – Example
II
Public
Sellers New Liquidity Platforms
(Portfolio Companies) Market Buyers
(Institutional/Strategic)
● VC-Backed Private Market Platform
● Access to Long- ● Enforced Membership Criteria ● Pre-Screened Deal Flow
Term Investors – Last Round of Financing $20-200MM ● Efficient Due Diligence
● Accelerated Fund – Seeking to Go Public in 6-18 Months ● Increased Visibility
Raising ● In-House Vetting Process,
Including Company Information
Portal, Conferences
New Platforms Will Increase VC Ecosystem Liquidity
19
20. NVCA Enhanced Liquidity II
Mechanism Recommendations
I. Liquidity Platforms II. Portfolio Companies III. Pro-Active M&A
• Venture Firms • Raise Rounds From • Venture Firms
Encouraged to Use Global Financing Encouraged to Pro-
Enhanced Liquidity Sources actively Explore M&A
Mechanisms Such as • Explore Global M&A Roll-Up of Smaller
InsideVenture and • Explore IPOs on Intl. Portfolio Companies
Others Stock Exchanges to Achieve IPO
Critical Mass
• Consider Longer Lock-
Ups to Increase
Demand for Venture-
Backed IPOs
20
21. NVCA Plan: Pillar III – Tax Incentives
Job Creation
Innovation
I II III IV
Ecosystem Enhanced Tax Regulation
Partners Liquidity Incentives
Paths
VC Industry U.S. Government
21
22. III
NVCA Pro-Growth Taxation Recommendations
New Preserve
● Adopt New Tax Incentive to ● Keep Long-Term Capital Gains Tax
Stimulate IPOs Rate Globally Competitive
– One Time Only
● Preserve Meaningful Differential
– 10% Capital Gains Tax Rate for IPO Between Ordinary Income and
Purchaser and Investors Long-Term Capital Gains Tax Rates
– Only Applicable for Holding Periods >
2-3 Years
● Promote Tax Incentives for Venture
Capital Investments of Certain
● Consider a Longer Holding Period for Types and Sizes (e.g. Cleantech,
Long-Term Capital Gains Life Sciences)
Special IPO Program Will
Increase Government Revenues
22
23. NVCA Plan: Pillar IV – Regulation
Job Creation
Innovation
I II III IV
Ecosystem Enhanced Tax Regulation
Partners Liquidity Incentives
Paths
VC Industry U.S. Government
23
24. IV
Barriers to Going Public on U.S. Stock Exchanges
Exit Route Preference Top 3 Barriers to Going Public
and Expectation # of Responses Answered as a Top 3 Issue
(n=108) (Participants = 108)
Compliance Requirements
(Sarbanes-Oxley, Audit, Governance)
M&A
Increased Volatility in the Public Markets
M&A Better Alternative
(Faster Process, More Liquidity)
Investment-Banking Related Issues (Analyst
Coverage, Requires High Rev Threshold)
Transaction Costs of Going Public (Legal,
Banker Fees, Non-Compliance Related Costs)
IPO
Higher Perceived Litigation Risk from
U.S. Investor Base
Other
Current Regulation Has a Major Impact on How
Emerging Companies Consider their Exit Route
Source: DCM Analysis/Survey of Venture-Backed Companies, 2009
24
25. IV
Uncoordinated Regulations Severely Harm
Small Companies
Regulations Original Intent Unintended Impact
● Reduce Fraud ● Prohibitively Expensive for Small Companies
Sarbanes ● Restore Confidence ● Extended Time to IPO
Oxley ● M&A More Attractive
● Eliminate I-Bank Conflict ● Sell Side Analyst Exodus
“Spitzer of Interest ● Reduced Analyst Coverage and
Decree” Aftermarket Support
● Equal Information Access ● Communication Gap Grows Between Small
Reg. Fair for All Investors Caps and Potential Buyers
Disclosure
● Faster Development of ● Restrictions Limit Usefulness
Rule 144A Private Placements
Regulations Need Updating to Eliminate
Unintended Consequences
25
26. IV
NVCA Recommendations for Regulatory Changes
Pre-IPO Post-IPO Private Placement
• Permit À La Carte • Suspend Minimum Market Cap • 144A – Expand Definitions of
Disclosure System Requirements Qualified Institutional Buyers
• Permit Confidential • Prohibit Short Sales of Newly • 144A – Relax Requisite Holding
Registration Filings Issued Company Shares for at Periods and Volume
Least 12 Months Restrictions
• Phase in SOX 404
Requirement For Small • Expand Usage of Form S-3 to • NASDAQ/Portal Alliance – Open
Companies Enable Offerings Beginning 90 It Up to Private Companies and
Days Post IPO Accredited Investors
• Permit Research Analysts to
Better Collaborate with Both • Eliminate Restrictions on Use of
the Issuer and Investment S-3 for Certain Primary Offerings
Bankers During the IPO of Non-accelerated Filers
Process • Revise Requirement
• Relax Financial Statement for Obtaining Shareholder
Requirements Approval to Sell Securities Below
Market or Book Value
• Educate CFOs on Reg FD
Restrictions and Allowances
NVCA Requests Full SEC Review of Recent Laws
to Streamline Small Company IPO Process
26
27. NVCA 4-Pillar Plan Summary
Job Creation • Request Full SEC Regulatory
• Stimulate Ecosystem
Review to Streamline Small
Competition : I-banks
Innovation Company IPO Process
(Majors/Boutiques), Law
Firms, Acctg. Firms • Eliminate Harmful Spitzer
(Global Six - Lower Settlement Provisions
Costs) • Relax SOX 404 Compliance
• Encouraging Joint Book
Running with Shared
I II III IV Restrictions and Permit
Optional Extended Lock-ups
Ecosystem Enhanced Tax Regulation
Economics Partners Liquidity Incentives • Expand usability of NASDAQ
• Cultivate New Buyers / Paths PORTAL Alliance to private
Funds for IPOs companies and accredited
investors
VC Industry U.S. Government
• Use New Platforms for Linking Buyers and Sellers • Adopt New Tax Incentive to Stimulate IPOs:
(Like InsideVenture) One Time Only
• Encourage Use of Global Funding Sources for New • Keep Long-Term Capital Gains Rate Competitive
Rounds, M&A and IPOs • Promote Tax Credits for VC Investments of Certain
• Utilize Pro-Active M&A to Achieve Critical Mass Types/Sizes (e.g. Cleantech)
• Consider Longer Holding Period for Long-Term capital Gains
27
28. NVCA Expresses Its Appreciation
● The NVCA Board of Directors ● Harry W. Kellogg, Jr., Silicon Valley Bank
● Hassan Ahmad, Sonus Networks ● Stan Lapidus, Helicos
● Mike Brooks, Venrock ● Bob McCooey NASDAQ
● Stuart Cable, Goodwin Procter ● Michael Millman, JP Morgan
● James L. Callinan, RS Investments ● Chuck Newhall, NEA
● Frank Currie, Partner, Davis Polk & Wardwell ● Duncan Niederauer, NYSE Euronext
● Scott Cutler, NYSE Euronext ● Sandy Robertson, Robertson Stephens
● Ash Dahod, Starent Networks ● James D. Robinson III, RRE Ventures
● Mona DeFrawi, InsideVenture ● Bill Schnoor, Goodwin Procter
● Paul Deninger, Jefferies & Co. ● Antoinette Schoar, MIT
● Susan Page Estes, Global VC Coverage, UBS ● Larry Sonsini, Wilson Sonsini Goodrich & Rosati
AG ● David Topper, JP Morgan
● Irwin Federman, USVP ● Brian Truesdale, Deutsche Bank
● Leslie Wolff Golden, Ridgewood Capital ● David Weild, Markets Advisory Partners
● Bob Grady, The Carlyle Group ● Thom Weisel, Thomas Weisel Partners
● Bill Hambrecht, W.R. Hambrecht + Co. ● Rian Wren, Neutral Tandem
● Felda Hardymon, Harvard Business School
Thanks to DCM, Highland Capital Partners, the NYSE
and Wilson Sonsini for their generosity in hosting the
Blue Ribbon dinners
28