風(fēng)險(xiǎn)資本在硅谷高科技術(shù)發(fā)展中的作用

1、 顧屏山總經(jīng)理德勤會(huì)計(jì)師事務(wù)所華商服務(wù)集團(tuán)在過(guò)去的20年中,顧屏山先生協(xié)助許多亞洲的技術(shù)公司與當(dāng)?shù)氐墓窘⒙?lián)盟,同時(shí)幫助亞洲的公司在美國(guó)尋求合作伙伴。他為客戶(hù)在建立地區(qū)機(jī)構(gòu)時(shí)提供戰(zhàn)略性建議并幫助他們與不同文化背景的客戶(hù)進(jìn)行交流和談判。顧先生于1985年創(chuàng)建中美合資東風(fēng)湯姆森(Aeolus Thomson Co. Ltd.并任董事會(huì)成員?，F(xiàn)在,顧先生是新成立的中日美合資公司東風(fēng)富士湯姆森(Dongfeng Fuji Thomson的顧問(wèn)以及一支專(zhuān)注于亞洲的風(fēng)險(xiǎn)基金中經(jīng)合(WI Harper Group的董事會(huì)顧問(wèn)。在成立國(guó)際戰(zhàn)略聯(lián)盟和美亞中國(guó)貿(mào)易顧問(wèn)(Bear Stearns China Tr

2、ade Advisors之前,顧先生擔(dān)任大通銀行大通太平洋貿(mào)易顧問(wèn)(Chase Pacific Trade Advisors of Chase Manhattan Bank的副總裁和副總經(jīng)理。顧屏山先生在麻省理工化學(xué)工程系獲得理學(xué)學(xué)士學(xué)位和碩士學(xué)位,并獲得Stevens理工學(xué)院的博士學(xué)位,同時(shí)獲得Santa Clara 大學(xué)工商管理碩士學(xué)位。其技術(shù)專(zhuān)長(zhǎng)是聚合材料科學(xué)。他是亞美制造商協(xié)會(huì)(Asian American Manufacturers Association的前任主席并擔(dān)任由該協(xié)會(huì)主辦在硅谷舉行的幾屆關(guān)于亞洲金融和聯(lián)盟研討會(huì)的主席。顧博士多次在各個(gè)公眾論壇上發(fā)表關(guān)于美國(guó)企業(yè)怎樣在亞洲成

3、功的演講。他在Pacific News Service上發(fā)表過(guò)有關(guān)亞洲問(wèn)題的文章。顧先生是“百人會(huì)”杰出美籍華人組成的美國(guó)機(jī)構(gòu)的成員,并在2002年5月圣約瑟舉行的百人會(huì)研討會(huì)上擔(dān)任主席。 George KooDirectorChinese Services Group,Deloitte & ToucheFor the last 20 years, George has been helping technology companies form strategic alliances with local entities in Asia, as well as helping As

4、ian companies find partners in the U.S. He advises clients on strategic issues preparatory to establishing a local presence and assists in cross-cultural communications and negotiations. He had been a board member of Aeolus Thomson Co. Ltd., a Sino-American joint venture he helped formed in 1985 and

5、 now an advisor to newly formed Dongfeng Fuji Thomson, a rare Sino-Japanese-American JV. He also serves as advisory board member of WI Harper Group, a venture fund that focuses on Asia. Prior to founding International Strategic Alliances and Bear Stearns China Trade Advisors, he was Vice President a

6、nd co-director of Chase Pacific Trade Advisors of Chase Manhattan Bank. 風(fēng)險(xiǎn)資本在硅谷高科技術(shù)發(fā)展中的作用顧屏山(George Koo德勤(Deloitte & Touche中國(guó)業(yè)務(wù)部主管百人委員會(huì)(著名美籍華人組成的美國(guó)機(jī)構(gòu)會(huì)員在不到二十年的時(shí)間里,“硅谷”就已成為一個(gè)實(shí)際的地名,而這個(gè)地方已被全世界公認(rèn)為不斷出現(xiàn)商業(yè)性高科技突破的中心。硅谷座落于舊金山的南邊,是英特爾公司(Intel、太陽(yáng)微系統(tǒng)公司(Sun Microsystems、思科系統(tǒng)公司(Cisco Systems、甲骨文公司(Oracle、應(yīng)用材料公

7、司(Applied Materials和基因工程技術(shù)公司(Genentech等一些高科技巨頭的誕生地這些公司都是各自領(lǐng)域的佼佼者。正是因?yàn)榘雽?dǎo)體創(chuàng)業(yè)公司在此迅速發(fā)展成為大公司和設(shè)備與材料供應(yīng)商通過(guò)支持這一產(chǎn)業(yè)而在此不斷發(fā)展,人們才創(chuàng)造出了“硅谷”這一詞語(yǔ)。如果沒(méi)有風(fēng)險(xiǎn)資本,硅谷就不可能作為全球高科技資本出現(xiàn)。風(fēng)險(xiǎn)資本運(yùn)作,也就是為獲得高額回報(bào)而對(duì)新創(chuàng)建的公司進(jìn)行風(fēng)險(xiǎn)投資,也已成為得到廣泛認(rèn)可的專(zhuān)業(yè)手段。在對(duì)蘋(píng)果計(jì)算機(jī)公司(Apple Computer、思科和雅虎(Yahoo 等公司的投資回報(bào)超過(guò)了原投資額的數(shù)千倍之后,風(fēng)險(xiǎn)投資才得到認(rèn)可。在風(fēng)險(xiǎn)資本的運(yùn)作方面,世界上其他任何地方都沒(méi)有比硅谷成功

8、。近些年來(lái),僅占美國(guó)人口2%左右的硅谷,已吸引了美國(guó)所有風(fēng)險(xiǎn)投資的40%。在2002年所達(dá)到的高峰期,美國(guó)有600多億美元的投資是投給私人擁有的新公司。因此,要研究風(fēng)險(xiǎn)資本與高科技發(fā)展的關(guān)系,硅谷是再合適不過(guò)的地方了。要想知道如何在其他地方利用風(fēng)險(xiǎn)資本來(lái)取得同樣的結(jié)果,首先就要了解硅谷的情況。 風(fēng)險(xiǎn)資本是如何運(yùn)作的?對(duì)私營(yíng)公司進(jìn)行前期投資以獲得高額回報(bào)這一想法,并非源自加利福尼亞州,而是源自紐約和波士頓等傳統(tǒng)的東海岸金融中心。對(duì)蘋(píng)果公司、英特爾及其他一些公司前期投資獲得成功后,這些金融機(jī)構(gòu)才決定在舊金山建立分支機(jī)構(gòu),后來(lái)又組建了新的風(fēng)險(xiǎn)資本合作機(jī)構(gòu),同時(shí)一些機(jī)構(gòu)也緊隨其后,原先的一些合作者在分

9、道揚(yáng)鑣后又組建了新公司。在成功的基礎(chǔ)上還能取得成功,當(dāng)風(fēng)險(xiǎn)投資公司號(hào)稱(chēng)每年平均回報(bào)達(dá)到25%至35%的情況下,另一些基金也開(kāi)始進(jìn)行這類(lèi)投資,同時(shí)又組建了另一些集團(tuán)來(lái)管理投入的資本和基金。管理著上億美元的風(fēng)險(xiǎn)投資公司如今已為不足為奇。對(duì)初創(chuàng)的私營(yíng)公司投入風(fēng)險(xiǎn)資本,是指望獲得暴利,而這類(lèi)公司有的是剛剛上市,有的則是與另一家公司合并,收購(gòu)的公司為獲取股權(quán)也出手不凡。要切記的是,風(fēng)險(xiǎn)投資取決于能使投資變現(xiàn)的明確方式。大部分高科技創(chuàng)業(yè)公司都失敗了,五家公司中就有四家是如此,而投資也被一筆勾銷(xiāo)了。然而,成功的風(fēng)險(xiǎn)投資家至少能使一筆投資獲得的回報(bào)超過(guò)其他損失的總和。由于這類(lèi)投資具有風(fēng)險(xiǎn)性,因此風(fēng)險(xiǎn)投資家很少

10、對(duì)雖然盈利但發(fā)展緩慢的企業(yè)投資。這類(lèi)企業(yè)要經(jīng)過(guò)很長(zhǎng)時(shí)間才能上市,而且不能獲得很大的潛在回報(bào)。風(fēng)險(xiǎn)投資家要尋找的公司是那些有很大投資回報(bào)潛力的公司。在硅谷,這種潛力往往是指“直線(xiàn)上升”的預(yù)訂收入流。與快餐連鎖店相比,從事高科技成果開(kāi)發(fā)的公司更有可能會(huì)出現(xiàn)“直線(xiàn)上升”的現(xiàn)象。正因?yàn)槿绱?風(fēng)險(xiǎn)投資的對(duì)象都是正在研究高科技術(shù)成果的公司。雖然風(fēng)險(xiǎn)投資關(guān)注高科技產(chǎn)業(yè)是為了獲得高額的投資回報(bào),但這并不能解釋硅谷為何能吸引比例這么高的風(fēng)險(xiǎn)資本。要搞清這一問(wèn)題,還必須分析硅谷的文化及其他特點(diǎn)。硅谷的文化與基礎(chǔ)結(jié)構(gòu) 即使在美國(guó),硅谷在許多方面也是獨(dú)一無(wú)二的。任何地方也沒(méi)有像硅谷這么多元化。來(lái)自世界各地的人都可以在

11、硅谷都有發(fā)展的空間,是怡人的氣候和人們的多元化背景吸引了他們。在高科技方面,多元化是至關(guān)重要的,因?yàn)槎嘣匀欢痪痛_保了人們可以各種不同的方式去思考,去研究問(wèn)題,從而出現(xiàn)多種解決方案。只有采用這種方式,最佳解決方案才能博采眾長(zhǎng)、在商戰(zhàn)中出奇制勝。在某種程度上,高科技的創(chuàng)新就好比達(dá)爾文所說(shuō)的物種生存。也就是說(shuō),快要滅絕的瀕危物種只有很有限的基因庫(kù),而強(qiáng)健的物種則有很廣闊和多樣的基因庫(kù)。在如今的硅谷,30%以上的公司是由來(lái)自中國(guó)、臺(tái)灣和印度的移民創(chuàng)建或管理的。最出色和最聰明的人才之所以被硅谷,不僅僅是因?yàn)檫@個(gè)地方具有包容性當(dāng)然已基本上不存在因膚色和其他差異的明顯歧視。另一個(gè)原因就,硅谷的創(chuàng)業(yè)者很

12、容易就能找到其他志同道合者進(jìn)行合作,然后再帶著商業(yè)計(jì)劃和建議書(shū)去找風(fēng)險(xiǎn)投資家。在硅谷,風(fēng)險(xiǎn)投資家不會(huì)因某個(gè)創(chuàng)業(yè)者來(lái)自一個(gè)失敗的創(chuàng)業(yè)公司而拒絕給他投資。由于大部分創(chuàng)業(yè)公司都會(huì)失敗,因此即使前一次創(chuàng)業(yè)失敗,投資者也相信創(chuàng)業(yè)者會(huì)吸取寶貴的經(jīng)驗(yàn)。這種對(duì)失敗的容忍,對(duì)鼓勵(lì)創(chuàng)業(yè)者冒險(xiǎn)創(chuàng)辦公司起到了重要作用。其重要意義是怎么強(qiáng)調(diào)也不過(guò)分的。在硅谷,“失敗沒(méi)關(guān)系”。其他任何地方都沒(méi)有這么開(kāi)明的態(tài)度。隨著硅谷高科技企業(yè)的成功和風(fēng)險(xiǎn)資本的發(fā)展,其經(jīng)濟(jì)基本結(jié)構(gòu)也在發(fā)展并成為環(huán)境的組成部分。支持高科技公司所需的基礎(chǔ)結(jié)構(gòu)包括律師事務(wù)所和會(huì)計(jì)師事務(wù)所。這些事務(wù)所可以幫助企業(yè)建立合法的架構(gòu)并按證券交易所的規(guī)定進(jìn)行組建,同時(shí)

13、制定出既適用于創(chuàng)始人也適用于高科技公司雇員的合適的股權(quán)獎(jiǎng)勵(lì)計(jì)劃。律師事務(wù)所和會(huì)計(jì)師事務(wù)所還幫助風(fēng)險(xiǎn)投資公司確定投資方式,及時(shí)掌握投資收益和損失情況?？傮w基礎(chǔ)結(jié)構(gòu)的其他部分包括旨在滿(mǎn)足高科技術(shù)公司市場(chǎng)營(yíng)銷(xiāo)及傳訊需求的公關(guān)公司和廣告公司。投資銀行業(yè)幫助公司在股票市場(chǎng)進(jìn)行新股首發(fā)和增發(fā),并提出兼并方面的建議。 同時(shí)還成立了為高科技公司服務(wù)的專(zhuān)業(yè)化商業(yè)銀行和租賃公司,比較傳統(tǒng)的銀行之所以不敢涉足這一領(lǐng)域,是因?yàn)檫@些銀行不了解高科技公司的性質(zhì),而且這么高的失敗率也讓它們感到害怕。另外還出現(xiàn)了一個(gè)自稱(chēng)為“技術(shù)自由作家”的行當(dāng)。這類(lèi)作家與高科技公司簽訂服務(wù)合同,幫助公司撰寫(xiě)用戶(hù)手冊(cè)、技術(shù)說(shuō)明書(shū)和大量文件,幫

14、助公司向公眾宣傳它們研究出來(lái)的成果。人力資本公司則協(xié)助高科技公司確定員工雇用政策,幫助尋找和招聘掌握所需技能的人才。獲得成功的創(chuàng)業(yè)者往往從現(xiàn)任的管理部門(mén)退下來(lái),出任風(fēng)險(xiǎn)投資公司和其他創(chuàng)業(yè)公司的咨詢(xún)師和顧問(wèn)。外包的趨勢(shì)之所以能在硅谷愈演愈烈,大概是因?yàn)樾聞?chuàng)建的公司資源有限,迫切需要來(lái)自外部的幫助。例如,蘋(píng)果計(jì)算機(jī)公司的大部分模塊都是由獨(dú)立的產(chǎn)品設(shè)計(jì)服務(wù)機(jī)構(gòu)設(shè)計(jì),再由合同廠(chǎng)商生產(chǎn)的。在硅谷,專(zhuān)業(yè)協(xié)會(huì)比比皆是,這是硅谷基礎(chǔ)結(jié)構(gòu)的重要組成部分,但卻往往被人們忽視。這些按行業(yè)或共同利益組建的協(xié)會(huì)定期召開(kāi)會(huì)議。從表面上看,這類(lèi)會(huì)議都是演講者就共同關(guān)注的主題向會(huì)員發(fā)表演講。而重要的是,這類(lèi)聚會(huì)為專(zhuān)業(yè)人士定期

15、見(jiàn)面、結(jié)成友誼提供了機(jī)會(huì),同時(shí)也為結(jié)成網(wǎng)絡(luò)、交流思想及看法、分析能否在未來(lái)共同創(chuàng)建新的創(chuàng)業(yè)公司提供了機(jī)會(huì)。邱吉爾俱樂(lè)部就經(jīng)常舉辦有關(guān)高科技發(fā)展的研討會(huì),而且常常吸引四、五千名聽(tīng)眾。AAMA 是硅谷最早成立的亞裔美國(guó)人組織,它每月一次的宴會(huì)有一、二百人參加。AAMA以前的全稱(chēng)是亞裔美國(guó)廠(chǎng)商協(xié)會(huì),但由于在硅谷的作用不太,最近名稱(chēng)已改為亞裔美國(guó)人多技術(shù)協(xié)會(huì)。華源(Hua Yuan科技協(xié)會(huì)和中國(guó)信息網(wǎng)絡(luò)協(xié)會(huì)等一些新近成立的組織,周末也經(jīng)常組織活動(dòng),而且每次活動(dòng)都能吸引上千名年輕的中國(guó)專(zhuān)業(yè)人士參加。印第安企業(yè)家協(xié)會(huì)(Indus Entrepreneurs是一個(gè)網(wǎng)絡(luò)性組織,其成員是來(lái)自南亞移民來(lái)的專(zhuān)業(yè)人士

16、。它不僅舉辦會(huì)議,而且還被公認(rèn)為許多由印度人和巴基斯坦人創(chuàng)建并獲得成功的高科技企業(yè)的搖籃。在硅谷還有其他許多網(wǎng)絡(luò)性組織和協(xié)議,由于篇幅所 限,在此就不一一列舉了。很重要的一點(diǎn)是,硅谷的成功取決于人們可以融合在一起并能進(jìn)行思想交流的環(huán)境。總之,硅谷的成功首先在于開(kāi)放的環(huán)境,掌握技術(shù)并立志成功的人才在這里都受到歡迎。風(fēng)險(xiǎn)資本在此投資,就是因?yàn)檫@里是充滿(mǎn)創(chuàng)業(yè)激情的地方。這種投資所獲得的可觀(guān)回報(bào)又培育了大量輔助性行業(yè),從而使硅谷成為目前的高科技資本聚集之一。外國(guó)投資者經(jīng)常要問(wèn)的一個(gè)問(wèn)題是:“要鼓勵(lì)建立其他硅谷,政府應(yīng)當(dāng)做些什么呢?”硅谷的絕大部分居民脫口而出的一句話(huà)是:“盡可能少做?！闭诠韫鹊淖饔?/p>

17、大部分硅谷的創(chuàng)業(yè)者認(rèn)為政府的阻礙作用要大于幫助作用。比例,作為一方的風(fēng)險(xiǎn)投資家和創(chuàng)業(yè)者和作為另一方的美國(guó)證券交易委員會(huì)目前正在進(jìn)行一場(chǎng)激烈的爭(zhēng)論。美國(guó)證券交易委員會(huì)想強(qiáng)迫所有的公司把股票期權(quán)都算作實(shí)際支出。硅谷的公司則認(rèn)為,股票期權(quán)對(duì)在新公司工作的員工來(lái)說(shuō)是重要的激勵(lì)手段,在公司能否成功仍有疑問(wèn)的情況下股票期權(quán)是難以準(zhǔn)確定值的。如果各公司被迫把股票期權(quán)算作支出,那么讓人擔(dān)憂(yōu)的問(wèn)題是股票期權(quán)將不再是激勵(lì)員工的首選方法。目前,工程師和其他一些人員之所以加入新公司,積極地進(jìn)行創(chuàng)新,并拿著較低工資,每天工作很長(zhǎng)時(shí)間,就是因?yàn)樗麄冞€有動(dòng)力,認(rèn)為自己所在的公司會(huì)成功,而且能以股票期權(quán)的方式致富。另外,硅谷

18、的公司對(duì)聯(lián)邦政府的出口管制政策也大為不滿(mǎn)。這些公司認(rèn)為,這些政策是不合理和武斷的,并且會(huì)直接影響到它們的競(jìng)爭(zhēng)力,正如半導(dǎo)體生產(chǎn)國(guó)際公司(SMIC的發(fā)言人最近指出的,SMIC如果從歐洲供應(yīng)商那里購(gòu)買(mǎi)設(shè)備,預(yù)計(jì)兩個(gè)星期后就可以交貨,如果從日本購(gòu)買(mǎi),兩個(gè)月后也能交貨,而如果從美國(guó)購(gòu)買(mǎi),交貨時(shí)間就無(wú)法確定,可能要用六個(gè)月或更長(zhǎng)的時(shí)間,其中大部分時(shí)間是用于獲得必不可少的政府審批。 不過(guò),美國(guó)聯(lián)邦政府至少可以在保證高科技企業(yè)持續(xù)發(fā)展的兩個(gè)重要方面發(fā)揮關(guān)鍵性的作用。而最重要的就是公布有關(guān)股票市場(chǎng)的明確和透明的規(guī)定。除了確定規(guī)則和規(guī)定適用于所有的公司之外,政府就不要再干預(yù)。一家公司是否能在股票市場(chǎng)公開(kāi)上市發(fā)行

19、只由市場(chǎng)行情來(lái)決定。當(dāng)市場(chǎng)處于強(qiáng)勢(shì)并有許多投資者參與時(shí),由于公眾對(duì)新股的需求量大,就連一些較差的公司也能上市。當(dāng)市場(chǎng)處于弱勢(shì)時(shí),即使再好的公司上市也會(huì)遇到困難。對(duì)風(fēng)險(xiǎn)投資家來(lái)說(shuō),讓市場(chǎng)決定他們所投資的公司何時(shí)能上市是至關(guān)重要的。在風(fēng)險(xiǎn)投資家投資之后,他們希望在三至五年內(nèi)變現(xiàn),而變現(xiàn)的最佳方式就使所投資的公司在股票市場(chǎng)掛牌上市。風(fēng)險(xiǎn)投資家密切關(guān)注著股票市場(chǎng),不斷把股票市場(chǎng)的行情與所投資的公司的價(jià)值進(jìn)行比較。他們定期與投資銀行高級(jí)職員商談,以確定所投資的公司首次公開(kāi)發(fā)行新股的最佳時(shí)機(jī)。聯(lián)邦政府還可以發(fā)揮的另一個(gè)重要作用是為不在風(fēng)險(xiǎn)投資家考慮范圍之內(nèi)的研究與開(kāi)發(fā)工作提供資金。這些研發(fā)工作往往是基礎(chǔ)性

20、的研究,不一定能出成果,而且短期內(nèi)也不能在實(shí)際上應(yīng)用。人們馬上就能想到的最佳例子就是,國(guó)家衛(wèi)生研究院給予各大學(xué)研究實(shí)驗(yàn)室劃撥的研究經(jīng)費(fèi),結(jié)果這些實(shí)驗(yàn)室在基因工程領(lǐng)域取得突破性進(jìn)展。后來(lái),許多公司利用風(fēng)險(xiǎn)資本和其他資金來(lái)源,通過(guò)下游的開(kāi)發(fā),把實(shí)驗(yàn)室獲得的成果轉(zhuǎn)化為成功的商品。正是因?yàn)榕f金山斯坦福大學(xué)和加州大學(xué)醫(yī)學(xué)院實(shí)驗(yàn)室的發(fā)現(xiàn),基因工程技術(shù)公司和Chiron公司才能成立,而如今舊金山海灣地區(qū)成為了美國(guó)生物技術(shù)公司最集中的地方。沒(méi)有政府的支持,現(xiàn)代醫(yī)藥和療法是不可能取得進(jìn)步的。政府在國(guó)際和空間探測(cè)方面投入資金,也使一些私營(yíng)企業(yè)在商業(yè)上獲得了成功。國(guó)際互聯(lián)網(wǎng)和電子器件及材料方面的進(jìn)步,也可以直接歸因

21、于聯(lián)邦政府最初提供的資金。我們可以簡(jiǎn)單歸納一下政府的作用。政府的主要責(zé)任是為股票市場(chǎng)營(yíng)造一個(gè)公平、公開(kāi)和受監(jiān)管的環(huán)境,而這對(duì)維持投資者的信心和確保讓風(fēng)險(xiǎn)投資家變現(xiàn)的暢通渠道是至關(guān)重要的。專(zhuān)業(yè)性的風(fēng) 險(xiǎn)投資家如果認(rèn)為沒(méi)有可以使投資變現(xiàn)的方式,那么在這種環(huán)境下他就無(wú)法進(jìn)行運(yùn)作。第二,由政府提供經(jīng)費(fèi)對(duì)取得基礎(chǔ)技術(shù)進(jìn)步也是至關(guān)重要的。中央政府一定要認(rèn)識(shí)到,這種風(fēng)險(xiǎn)和技術(shù)進(jìn)步可以促進(jìn)具有商業(yè)意義的創(chuàng)新。風(fēng)險(xiǎn)投資的過(guò)程在硅谷,風(fēng)險(xiǎn)投資的過(guò)程已逐步演變成為一個(gè)標(biāo)準(zhǔn)化的程序。一些公司專(zhuān)門(mén)從事首期資金的投資,而這個(gè)階段的風(fēng)險(xiǎn)是最大的,但潛在回報(bào)也是最高的,因?yàn)榕c后期大筆投資相比,此時(shí)投資的金額就股權(quán)而言是比較少

22、的。另一些公司喜歡參與后期的融資;還有一些公司則只是在公司上市前投資。從總體上講,風(fēng)險(xiǎn)投資家從來(lái)沒(méi)有把自己看作是被動(dòng)的投資者,而都是聲稱(chēng)以主動(dòng)投資者的身份使自己投資獲得成功。他們使公司增值的做法是:擔(dān)任所投資公司董事會(huì)的董事,出任何管理團(tuán)隊(duì)的顧問(wèn),幫助招聘所需的經(jīng)理人,向其他公司介紹所投資的公司以組成聯(lián)盟,并向金融界(華爾街介紹該公司。并不是所有風(fēng)險(xiǎn)投資公司都采取這種做法。創(chuàng)業(yè)者想使公司成為始終高于行業(yè)平均回報(bào)率的藍(lán)籌股公司,而不僅僅是為了掙錢(qián)和與公司建立聯(lián)系。有著名的風(fēng)險(xiǎn)投資公司作為投資者,就意味著公司及其業(yè)務(wù)目標(biāo)得到了認(rèn)可和確認(rèn)。風(fēng)險(xiǎn)投資家極為重視獲得投資的人的個(gè)性并沒(méi)有什么可奇怪的。風(fēng)險(xiǎn)

23、投資家需要知道創(chuàng)業(yè)者團(tuán)隊(duì)是否有誠(chéng)信,是否能和睦相處,是否能與投資者合作。他們最怕的是投資給一個(gè)缺少誠(chéng)信的團(tuán)隊(duì),這些的團(tuán)隊(duì)在獲得資金后會(huì)終止與投資者的聯(lián)系,不讓風(fēng)險(xiǎn)投資者參與公司的管理。在硅谷,盡職調(diào)查過(guò)程是十分嚴(yán)格的。在通常情況下,風(fēng)險(xiǎn)投資家在進(jìn)行了廣泛的調(diào)查并確定有意投資某公司,將提出一份列出交易條件的條款說(shuō)明書(shū)。在盡職調(diào)查過(guò)程中,這種條款說(shuō)明書(shū)一般須經(jīng)創(chuàng)業(yè)者指定的代表認(rèn)可?，F(xiàn)在甚至出現(xiàn)了專(zhuān)門(mén)從事盡職調(diào)查的專(zhuān)業(yè)服務(wù)公司。許多風(fēng)險(xiǎn)投資家采取的典型做法是,在審議的一百份業(yè)務(wù)建議書(shū)和計(jì)劃書(shū)中,只有十家被請(qǐng)來(lái)進(jìn) 行面談,最后提出的條款說(shuō)明書(shū)則只有二、三份,而最后也只有這幾家公司能獲得實(shí)際的投資。硅谷

24、的風(fēng)險(xiǎn)投資家雖然重視技術(shù),但很少被技術(shù)所迷惑。對(duì)于“旨在解決問(wèn)題的解決方案”,他們是不投資的。他們所尋求和要搞清的是創(chuàng)業(yè)者擬生產(chǎn)的產(chǎn)品是否有市場(chǎng)。換言之,商業(yè)的潛力要比發(fā)明的新穎性更重要。他們愛(ài)說(shuō)的一句話(huà)是:如果他們必須選擇“A”和“B”,那么他們會(huì)先選擇做市場(chǎng)銷(xiāo)的A團(tuán)隊(duì),然后再選擇進(jìn)行研發(fā)的B團(tuán)隊(duì),而不會(huì)倒過(guò)來(lái)。雖然風(fēng)險(xiǎn)資本在把硅谷變?yōu)楦呖萍假Y本的過(guò)程中發(fā)揮著重要作用,但只有25%左右的創(chuàng)業(yè)公司得到了專(zhuān)項(xiàng)風(fēng)險(xiǎn)投資基金。其他的創(chuàng)業(yè)公司都是白手起家,或靠家人和朋友的資金進(jìn)行創(chuàng)業(yè)。我沒(méi)有看到這兩類(lèi)創(chuàng)業(yè)公司生存率的比較數(shù)字,但并不是所有獲得專(zhuān)項(xiàng)資金的公司都可以生存下來(lái),沒(méi)有獲得專(zhuān)項(xiàng)資金的企業(yè)也會(huì)發(fā)展

25、成為大公司。后者最著名的例證就是惠普公司(Hewlett-Packard。該公司是很早以前由兩個(gè)創(chuàng)始人創(chuàng)建的,當(dāng)時(shí)還沒(méi)有硅谷,也沒(méi)有風(fēng)險(xiǎn)投資。思科公司則是由夫妻二人創(chuàng)建的,雖然沒(méi)有風(fēng)險(xiǎn)投資,但在很長(zhǎng)一段時(shí)間里也一直在發(fā)展。結(jié)束語(yǔ)通過(guò)最終的分析可以看出,高科技的發(fā)展取決于有技術(shù)和有活力的人才和可以自由交流思想的開(kāi)放環(huán)境。有絕妙想法的創(chuàng)業(yè)者吸引專(zhuān)項(xiàng)投資的可能性比較大。管理極為完善的公司和最幸運(yùn)的公司最有可能通過(guò)嚴(yán)格的篩選,成為對(duì)投資界有吸引力的投資對(duì)象或成為被收購(gòu)的對(duì)象。成功投資紀(jì)錄極佳的風(fēng)險(xiǎn)投資家,在為投資新公司籌集新資金是不會(huì)遇到什么問(wèn)題的。由于他們?nèi)〉昧顺晒?因此他們的名聲較好,比較有經(jīng)驗(yàn)的

26、企業(yè)家也愿意向他們介紹自己好的想法。其交易質(zhì)量提高后,可能會(huì)使他們的投資獲得更大的利潤(rùn)。有經(jīng)驗(yàn)的企業(yè)家和成功的風(fēng)險(xiǎn)投資家都會(huì)有這種快速發(fā)展的周期,而決定其命運(yùn)的則是市場(chǎng)的力量。 有時(shí)人們要問(wèn)的另一個(gè)問(wèn)題是:“如何才能把硅谷著名的風(fēng)險(xiǎn)投資公司吸引到像中國(guó)這樣的地方來(lái)進(jìn)行運(yùn)作?”回答是:“有很大的難度。”風(fēng)險(xiǎn)投資家是要插手的投資者。它們要靠近所投資的公司,要能幫助所投資的公司取得成功。對(duì)大多數(shù)風(fēng)險(xiǎn)投資家來(lái)說(shuō),中國(guó)太遙遠(yuǎn),是一個(gè)它們不了解、也不能發(fā)揮增值作用的地方,但也有個(gè)別風(fēng)險(xiǎn)投資家除外。這些例外的人士熟悉太平洋兩岸情況,了解兩邊的環(huán)境,可以幫助所投資的公司彌補(bǔ)差異,并通過(guò)跨國(guó)聯(lián)盟贏(yíng)得優(yōu)勢(shì)。這些人

27、在兩邊進(jìn)行精明的投資,巧妙地讓一邊的公司與另一邊的公司進(jìn)行合作。中國(guó)發(fā)展高科技企業(yè)的前景是光明的,因?yàn)橹袊?guó)人才濟(jì)濟(jì),充滿(mǎn)創(chuàng)業(yè)的激情。一旦能明確變現(xiàn)的方式,越來(lái)越多的專(zhuān)業(yè)風(fēng)險(xiǎn)投資者就會(huì)帶著資金到中國(guó)投資。就等著這個(gè)雪球從山上滾下來(lái)吧! Role of Venture Capital in the Development of HighTechnology in Silicon ValleyBy George KooDirector of Chinese Services Group of Deloitte & ToucheA member of the Committee of 100,

28、 an U.S. organization of prominentChinese AmericansIn less than 2 decades, “Silicon Valley” became the name of a real place, a place that won worldwide recognition as ground zero where commercial breakthroughs in high technology occurred regularly. Silicon Valley, located south of San Francisco beca

29、me the birthplace of such high tech giants as Intel, Sun Microsystems, Cisco Systems, Oracle, Applied Materials and Genentechall leaders in their field. The proliferation of semiconductor start-ups that grew into major companies and equipment and material suppliers that grew by supporting this indus

30、try led to the coining of the term, “Silicon Valley.”The emergence of Silicon Valley as the worlds hig h tech capital would not have been possible without the use of venture capital. Indeed, venture capitalism, i.e., risky investments in emerging young companies for the purpose of earning high retur

31、ns, also became a widely recognized professional discipline. This recognition came after its spectacular investments in such companies as Apple Computer, Cisco, and Yahoo returned thousands of times original invested amount. No other place in the world has been more successful in the use of venture

32、capital than Silicon Valley. In recent years, Silicon Valley with only about 2% of the U.S. population has attracted as much as 40% of all the venture capital invested in the U.S. During the height reached in 2000, over $60 billion were invested in the U.S. in privately held young companies. Therefo

33、re, no place is better suited to study the relationship of venture capital to development of high technology companies than Silicon Valley. Understanding Silicon Valley is essential to understanding how venture capital can be utilized elsewhere to achieve comparable outcome.How does venture capital

34、work?The idea of making early investments in privately held companies for a chance to earn high rate of return did not originate in California but in the traditional east coast financial centers such as New York and Boston. The success of their early investments in Apple, Intel and some others led t

35、o decisions to establish branch offices in the San Francisco area which in turn led to the formation of new venture capital partnerships as others follow and as some of original partners split off to form new firms. Success breeds success and as venture capital firms boast of average annual returns

36、of 25 to 35%, more funds become available to make these investments and more groups are formed to manage the invested capital and funds. It is not unusual today for established venture capital firms to manage one billion dollars or more.Venture capital is invested in early stage, privately held comp

37、anies in hopes of gaining a windfall profit when such company becomes publicly listed or is merged with another company whereby the acquiring company pays handsomely for their equity stake. It is very important to keep in mind that venture capital investments depend on clear-cut route to being able

38、to liquidate their investments. Most high tech start-ups, as many as 4 out of 5, fail and the investment is written off. However, a successful venture capitalist will manage to make at least one investment that brings a return to more than make up for the losses. Because of the risky nature of these

39、 investments, venture capitalists rarely make investments in profitable but slow growing businesses. Such businesses take a long time to go public and do not offer a big enough potential return. Rather, venture capitalists look for companies with the potential of outstanding return on investment. In

40、 Silicon Valley, this potential is often referred to as having an anticipated revenue stream of a hockey stick. Companies engaged in developing high tech breakthroughs are more likely to experience the hockey stick phenomenon than say a chain of fast food restaurants. This is why venture capital goe

41、s to where high tech breakthroughs are being made.While the need to make huge return on investments explains the attraction of venture capital to the high tech industries, it does not explain why Silicon Valley can attract such a disproportionate share of the venture capital. To understand that, it

42、is necessary to examine the culture and other characteristics of Silicon Valley.The Silicon Valley culture and infrastructureIn many ways, Silicon Valley is unique even within the U.S. No other place is as diverse as Silicon Valley. Silicon Valley has room for people from all over the world and they

43、 all come, attracted by the pleasant weather and the diversity of people. Diversity is crucial in high technology because diversity automatically ensures many different ways of thinking and looking at problems leading to a host of solutions. Only in this manner can the best solution be synthesized o

44、ut of contending ideas and emerge as the commercial winner. In a way, high tech innovation is similar to Darwinian survival of the species. Namely, endangered species bordering on extinction suffer from narrow gene pools while healthy species enjoy wide and diverse gene pools. In Silicon Valley toda

45、y, as one indication of its inclusive diversity, over 30% of the companies are founded or managed by immigrants from China, Taiwan and India.The best and brightest are attracted to Silicon Valley not only because of the inclusive nature of this place-certainly overt discrimination because of someone

46、s skin color and other differentiation has largely disappeared. The other reason is that entrepreneurs in Silicon Valley can readily find others of like mind to band together and approach venture capital investors with business plans and proposals. In Silicon Valley, venture capitalists do not refus

47、e to invest on someone just because the particular entrepreneur comes from a failed venture. Since most ventures do fail, the investor gives the entrepreneur credit for having gained valuable experience even if the previous venture failed. This tolerance for failure is crucial in encouraging entrepr

48、eneurs to take risks and start companies. The importance cannot be over emphasized. In Silicon Valley, “it is OK to fail.” No other place has quite the same open-minded attitude.With the success of high tech industries and the growth of venture capital in Silicon Valley, the economic infrastructure

49、also expanded and became part of the environment. Infrastructure needed to support high tech companies include law firms and accounting firms to help them form proper legal structure and organized to meet Securities Exchange regulations with proper stock ownership incentive programs for not just the

50、 founders but also for employees joining the high tech enterprise. The legal and accounting firms also help the venture capital firms structure their investments and keep track of their gains and losses. Other parts of the total infrastructure include public relations and advertising firms that serv

51、e the marketing and communication needs of high tech companies. Investment banks help the companies with initial public offering and follow-on secondary offerings in the equity market and propose mergers. Specialized commercial banks and leasing firms were established just to serve the high tech com

52、panies that more traditional banks dare not touch because the latter did not understand the nature of high tech companies and were frightened by its high mortality rate.An entire profession emerged that called themselves “free lance technical writers.” These writers contract their services to high t

53、ech companies to help them write users manuals, technical brochures and a host of documents to help the companies convey what they have developed to the public. Human capital firms helped high tech companies set employee hiring policies and help locate and recruit people with the needed skill sets.

54、Successful entrepreneurs often retired from active management and became consultants and advisors to venture capital firms and to other start-ups. Arguably the trend to outsourcing gained impetus from Silicon Valley because young start-ups have limited resources and most in need of outside assistanc

55、e. Most models of Apple Computer, for instance, were designed by independent product design services and made by contract manufacturers.Frequently overlooked but a vital part of the Silicon Valley infrastructure is the widespread presence of professional associations. These associations organized al

56、ong industries or common interests meet regularly. Ostensibly, these meetings feature speakers and topics of general interest to its membership. Equally important, these gatherings offer opportunities for professionals to meet regularly with each other and form friendships, to network and exchange i

57、deas and resumes and to assess the potential of each as a future co-founder of the next new start-up enterprise. The Churchill Club meets frequently hosting panel discussions on high tech development and regularly draws an audience of 4-500. AAMA, the oldest Asian American organization in Silicon Va

58、lley, draws 1-200 in their monthly dinner meeting. AAMA used to be known as Asian American Manufacturers Association but since not much was being made in Silicon Valley nowadays, the name was recently changed to Asian American Multi-Technology Association. Younger organizations such as Hua Yuan Scie

59、nce & Technology Association and China Information Networks Association tend to organize their events on weekends and can draw over 1000 young Chinese professional to their events. The Indus Entrepreneurs was organized as network for immigrant professionals from South Asia and widely recognized for not just their conferences but as a breeding ground for many successful high tech enterprises founded by Indians and Pakistanis. Th