Evaluation of technology-based business proposals by venture capital investors – example of health care sector - Biblioteka UMCS

A N N A L E S

8 1 , 9 ( 5 6 , 7$7 , 6   0 $ 5 , $ (   & 8 5 , (  6 . à 2 ' 2 : 6 . $ /8%/,1±32/21,$

92/;/9,,, 6(&7,2+ 

%LDO\VWRN8QLYHUVLW\RI7HFKQRORJ\)DFXOW\RI)LQDQFHDQG$FFRXQWLQJ

021,.$:$/,&.$

(YDOXDWLRQRIWHFKQRORJ\EDVHGEXVLQHVVSURSRVDOV … E\YHQWXUHFDSLWDOLQYHVWRUV±H[DPSOHRIKHDOWKFDUHVHFWRU

2FHQDSURSR]\FMLEL]QHVRZ\FKILUPWHFKQRORJLF]Q\FKSU]H]LQZHVWRUyZYHQWXUHFDSLWDO

±SU]\NáDGVHNWRUDRFKURQ\]GURZLD

.H\ZRUGVYHQWXUHFDSLWDOWHFKQRORJ\LQQRYDWLRQELRWHFKQRORJ\KHDOWKFDUH

6áRZDNOXF]RZH YHQWXUHFDSLWDOWHFKQRORJLHLQQRZDFMHELRWHFKQRORJLHRFKURQD]GURZLD

,QWURGXFWLRQ

,QWKHODVWGHFDGHWHFKQRORJ\EDVHGILUPVDQGWHFKQRORJ\EDVHGVWDUWXSVKDYH

UHFHLYHGFRQVLGHUDEOHDWWHQWLRQIURPUHVHDUFKHUV7KH\DUHHVSHFLDOO\VHHQDVRIIHULQJ

DVLJQLILFDQWSRWHQWLDOFRQWULEXWLRQLQNH\DUHDVRIHFRQRPLFDFWLYLW\LQQRYDWLRQQHZ

HPSOR\PHQWFUHDWLRQH[SRUWVDOHVJURZWKDQGUHJLRQDOGHYHORSPHQW>.QRFNDHUWHW

DOSS±@5HFHQWVWXGLHVLQGLFDWHWKDWWHFKQRORJ\EDVHGVWDUWXSVWKDW

VXFFHHGLQDWWUDFWLQJYHQWXUHFDSLWDO9&WHQGWRRXWSHUIRUPWKRVHWKDWGRQRWLQ

WHUPVRIWLPHWRPDUNHW>+HLUPDQDQG&ODU\VVHSS±@LQQRYDWLYHDFWLYLW\

>3HWNRYDHWDOSS±@DQGJURZWK>%HUWRQLHWDOSS±@

$FFHVVWR9&LVGLIILFXOWIRUWHFKQRORJ\EDVHGILUPV$OVRRIWHQYHQWXUHFDSLWDOLVWV

9&VDUHZLOOLQJWRIXQGWHFKQRORJ\EDVHGILUPVEXWWKH\KDYHGLIILFXOW\LQLGHQWLI\- LQJDWWUDFWLYHDQGEHQHILFLDOSURSRVDOV>:ULJKWHWDOSS±@

)RUEHWWHUXQGHUVWDQGLQJKRZ9&FDQKHOSWRGLIIXVHWHFKQRORJLFDONQRZOHGJHWR

WKHPDUNHWSODFHLWLVH[SORUHGLQWKLVSDSHUKRZYHQWXUHFDSLWDOFRPSDQLHVHYDOX- DWHWHFKQRORJLFDOEXVLQHVVSURSRVDOV7KHUHODWLRQVRIWKHVHEXVLQHVVSURSRVDOVDUH

 021,.$:$/,&.$

H[DPLQHGLQWKHVHOHFWLRQSURFHVVDGRSWHGE\YHQWXUHFDSLWDOLVWV7KLVVWXG\DLPVWR

DQVZHUWKHIROORZLQJUHVHDUFKTXHVWLRQV>@ ,VLWSRVVLEOHWRLGHQWLI\GLIIHUHQWW\SHVRI

HDUO\VWDJHWHFKQRORJ\EDVHGYHQWXUHFDSLWDOLQYHVWRUV">@:KDWDUHW\SLFDOVHOHFWLRQ

EHKDYLRXUVRIYHQWXUHFDSLWDOLVWVLQYHVWHGLQHDUO\VWDJHFRPSDQLHV"

7KHDUWLFOHSURYLGHVDQRYHUYLHZRIWKHOLWHUDWXUHUHODWLQJWR9&VLQYHVWPHQWVDV

DVXSSRUWIRUWHFKQRORJ\LQILUVWVHFWLRQ,QWKHVHFRQGRQHWKHVDPSOHFKDUDFWHULVWLFV

DQGPHWKRGRORJ\XVHGLVRXWOLQHG,QWKHWKLUGVHFWLRQUHVXOWVRIUHVHDUFKDUHSUHVHQWHG

7KHSDSHUHQGVZLWKDFRQFOXVLRQDQGGLVFXVVLRQ7KHPHWKRGRIFROOHFWLQJLQIRUPD- WLRQEDVHGRQFOLSSLQJKDVEHHQXVHGVXSSRUWHGE\WHOHSKRQHLQWHUYLHZVWHFKQLTXH

9HQWXUH&DSLWDOLQYHVWPHQWVDVDVXSSRUWIRUWHFKQRORJ\±VWDWHRINQRZOHGJH

6WDUWXSV LQ WKH WHFKQRORJ\EDVHG VHFWRU DUH NH\ FUHDWRUV RI LQQRYDWLRQV QH- FHVVDU\WRHQVXUHWKHHFRQRPLFJURZWKDQGGHYHORSPHQW(QWUHSUHQHXUVRIWHQVHHN

H[WHUQDOILQDQFLQJLQWKHIRUPRI9&IXQGVWRILQDQFHUHVHDUFKDQGGHYHORSPHQW

WRSURYLGHDQLQFUHDVHLQSURGXFWLRQSXUFKDVHRISURGXFWLRQOLQHVDQGWRH[SDQG

RIIHUVRIVHUYLFHV,QQHZNQRZOHGJHEDVHG HQWHUSULVHVWKHUHLVDOLPLWHGDFFHVVWR

RSSRUWXQLWLHVIRUH[WHUQDOIXQGLQJ7KHUHDVRQRIVXFKVLWXDWLRQLVWKHODFNRIDVVHW-

EDFNHGVHFXULWLHVZKHUHLQWDQJLEOHDVVHWVDUHGRPLQDWLQJDQGWKHYDOXHRILQQRYD- WLRQLVGLIILFXOWWRHVWLPDWH>%HQ$ULDQG9RQRUWDVSS±@7KHUHVXOWV

RIUHVHDUFKLQGLFDWHWKDW9&LQYHVWPHQWVLQWHFKQRORJ\FRPSDQLHVKDYHDSRVLWLYH

LPSDFWRQLQQRYDWLRQDFWLYLWLHV>$OOHQDQG+DOOSS±@7KHOLWHUDWXUH

DOVRFRQILUPVWKDW9&LQYHVWPHQWVVWLPXODWHWKHJURZWKRIQHZWHFKQRORJ\FRPSD- QLHV>%HUWRQLHWDOSS±@7KHHIIHFWRI9&LQYHVWPHQWLVUHIOHFWHG

LQWKHJURZWKRIHFRQRPLFYDOXHVHVSHFLDOO\LQWKHLQFUHDVHRIHPSOR\PHQW7KH

ODFNRIILQDQFLDOUHVRXUFHVDWWHFKQRORJ\FRPSDQLHVRIWHQUHVXOWVLQWKHLUJURZWK

UHGXFWLRQDQGWKUHDWHQVWKHLUVXUYLYDORQWKHPDUNHW'HVSLWHWKHIDFWWKDW9&IXQGV

KHOSFRPSDQLHVWRRYHUFRPHWKHVHEDUULHUVWKHUHDUHVRPHVXSSO\REVWDFOHV>:DOLFND

S±@7KHFRVWRIDFFHVVLRQRIWKH9&IXQGPD\EHWRRKLJKHVSHFLDOO\

IRU\RXQJWHFKQRORJ\FRPSDQLHV7KHOLWHUDWXUHRIWKHVXEMHFWUDLVHVWKHLVVXHWKDW

LWLVQHFHVVDU\WRFUHDWHLQFHQWLYHV\VWHPVDQGHOLPLQDWHEDUULHUVWRILQDQFLQJWKHVH

FRPSDQLHVWKURXJKDV\VWHPRIGLUHFWJUDQWV&RORPERDQG*ULOOLPHQWLRQKXPDQ

FDSLWDODQG9&DVWKHWZRPDLQIDFWRUVRIVXFFHVVRIWHFKQRORJ\FRPSDQLHV>&RORPER

DQG*ULOOLSS±@+XPDQFDSLWDOLQWKHIRUPRIVNLOOHGPDQDJHUVRI

WHFKQRORJ\FRPSDQLHVLVDIDFWRUHQFRXUDJLQJ9&FRPSDQLHVWRLQYHVW(XURSHDQ

YHQWXUHFDSLWDOPDUNHWKDVGHYHORSHGUDSLGO\RYHUWKHSDVW\HDUVPDLQO\WKDQNVWR

SXEOLFSROLF\IRFXVHGRQWKHVXSSRUWRIHQWUHSUHQHXUVKLSDQGWHFKQRORJ\>&]HPLHO-

*U]\ERZVNDSGHO3DODFLRHWDOSS±@9&LQYHVWPHQWVFDQ

GHYHORSDQGFUHDWHLQQRYDWLYHQHVVDQGHQWUHSUHQHXUVKLSDVSUHUHTXLVLWHVIRUIXQG

DVVHVVPHQW>*HURQLNRODRXDQG3DSDFKULVWRXSS±@0RGHUQHFRQRPLHV

GHSHQGRQLQQRYDWLRQVZKLFKLPSURYHWKHLUFRPSHWLWLYHQHVVDQGSURPRWHJURZWK



(9$/8$7,212)7(&+12/2*<%$6('%86,1(66352326$/6«

7KHUHIRUHLWLVD(XURSHDQFKDOOHQJHWRLPSURYHWKHDYDLODELOLW\RIFDSLWDOIXQGLQJ

DW DQ HDUO\ VWDJH RI WKH EXVLQHVV LQ RUGHU WR LQFUHDVH LQQRYDWLYHQHVV >3HOO\ DQG

.UlPHU(LVSS±@7KHKLJKULVNIXQGVSOD\DUROHRILQWHUPHGLDULHV

EHWZHHQ LQYHVWRUV ZKR PDNH WKHLU FDSLWDO DYDLODEOH DQG SRUWIROLR FRPSDQLHV LQ

ZKLFKKLJKULVNFDSLWDOLQYHVWPHQWVDUHPDGH7KHSUHVHQFHRIIXQGVLQWKHIRUP

RIDQLQWHUPHGLDU\KDVLWVMXVWLILFDWLRQLQWKHVSHFLILFVRIWKH9&W\SHLQYHVWPHQWV

FKDUDFWHUL]HGE\DKLJKHUWKDQDYHUDJHOHYHORIULVNDQGDJUHDWHUGHJUHHRIFRPSOH- [LW\WKDQLQYHVWPHQWVLQVWRFNVRUERQGVPDGHGLUHFWO\E\LQYHVWRUV>.RU]HE

SS±@

7KH ILQDQFLQJ E\ 9& LV RIWHQ HTXDWHG ZLWK 60(V DQG LQQRYDWLYH EXVLQHVVHV

LQFODVVLFDODSSURDFKWRWKHVXEMHFW:KDWLVHPSKDVL]HGLVWKHKLJKULVNDVVRFLDWHG

ZLWKWKHLQYHVWPHQWEXWILUVWRIDOOWKHPDLQDLPRIWKHLQYHVWRUZKLFKLVWRDFKLHYH

DKLJKUDWHRIUHWXUQ

9HQWXUHFDSLWDOLVGHILQHGDVDSURIHVVLRQDOO\PDQDJHGWRRORIFDSLWDOLQYHVWHG

LQ SULYDWH FRPSDQLHV DW YDULRXV VWDJHV RI WKHLU GHYHORSPHQW >'LPRY HW DO 

SS±@9&ILUPVDFWLYHO\SDUWLFLSDWHLQWKHGHFLVLRQPDNLQJSURFHVVHVRIWKH

YHQWXUHVWKH\LQYHVWLQE\EHFRPLQJPHPEHUVRIWKHERDUGRIGLUHFWRUVDQGDVVLVW

PDQDJHPHQW ZLWK DGYLFH DQG VXSSRUW >:DOXV]HZVNL HW DO  SS ±@ 9&

UHSUHVHQWVDVSHFLILFW\SHRIJRYHUQDQFHWKDWWDNHVDQDFWLYHSDUWLQVWDUWXSFRPSD- QLHV¶LQQRYDWLRQSURFHVVHV

,QWKHGLVFXVVLRQVWDNHQE\UHVHDUFKHUVLWLVDUJXHGWKDWZLWKRXW9&PDQ\HQWUH- SUHQHXUVZRXOGKDYHDSUREOHPWRJHWWKHUHVRXUFHVWKH\QHHG9&DOORZVWRWXUQWKH

SURPLVLQJLGHDVLQWRDFRPPHUFLDOVXFFHVVTXLFNO\$9&ILUPSURYLGHVWKUHHFULWLFDO

UHVRXUFHVWRDVWDUWXSHQWHUSULVH)LUVWPRQH\H[SDQGVWKHFDSDFLW\WRWUDQVIRUP

DQLGHDRUDQHZVROXWLRQIURPLQGLYLGXDOVRUDSURMHFWLQWRDFRPSDQ\ZLWKHVWDE- OLVKHGFXVWRPHULQWHUIDFHV>%DH\HQVDWDOSS±@6WDUWXSVXVXDOO\QHHG

H[WHUQDO IXQGDLGV WR JURZ LQLWLDWH SURGXFW GHYHORSPHQW H[WHQG WKHLU VSHFLDOL]HG

DFWLYLWLHVLQYHVWLQHTXLSPHQWKLUHVWDIIDQGXVHRXWVLGHSDUWQHUVIRUFROODERUDWLRQ

$GGLWLRQDOO\WKH9&VQRWRQO\SURYLGHFDSLWDOEXWDOVRH[SHULHQFHLQWKHIRUPRI

NQRZOHGJH DQGIRUHVLJKWDERXWWKHULVNVDQGRSSRUWXQLWLHVWKDWHQWUHSUHQHXUVIDFH

%DXPDQG6LOYHUPDQ>SS±@VWUHVVWKHLPSRUWDQFHRIFRPELQLQJPRQH\

DQG NQRZOHGJH ZKHQ ILQDQFLQJ WHFKQRORJ\EDVHG HQWHUSULVHV 7KH 9&V SURYLGHV

DQHWZRUNRIUHODWLRQVKLSV LQFOXGLQJILQDQFLDOFRPPHUFLDORULQGXVWULDOFRQWDFWVWR

KHOSDQHZYHQWXUHILQGVXSSOLHUVDQGFXVWRPHUVLQYDULRXVZD\V6XFKQHWZRUNFDQ

KHOSLQNQRZOHGJHDQGH[SHULHQFHWUDQVIHUEHWZHHQEXVLQHVVSDUWQHUVDQGHVWDEOLVK

FRRSHUDWLRQZLWKQHZLQYHVWRUVRUEDQNV%HLQJSDUWRIDQHWZRUN9&VRIWHQKHOS

\RXQJILUPVZKRRIWHQIDFHWKHÄOLDELOLW\RIQHZQHVV´>6HUUDQR&LQFD*XWLHUUH]-

1LHWRSS±@

9HQWXUH&DSLWDOILUPVRIWHQXVHPLOHVWRQHVWRVHFXUHUDSLGUHVXOWVDQGWRPRQLWRU

WKHPVHOYHVDQGWKHILUPVWKH\KDYHLQYHVWHGLQ>1DUD\DQVDP\HWDOSS±@

0DNLQJWKHHPHUJLQJFRPSDQ\¶VPDQDJHPHQWDFFRXQWDEOHIRUDWWDLQLQJPLOHVWRQHV

ZLWKLQDVHWWLPHVFDOHWKH\LQWURGXFHVWHSZLVHILQDQFLQJWKURXJKDVWDJHRIWKHSURFHVV

 021,.$:$/,&.$

:KHQD9&ILUPXVHVVWDJHGILQDQFLQJWKHVWDUWXSPXVWPHHWPLOHVWRQHVEHIRUHWKH

9&LQYHVWVPRUHPRQH\>&KHQHWDOSS±@7KHDLPRIWKLVSURFHGXUH

LVWRUHGXFHWKHULVNRILQQRYDWLRQSURFHVVHVDQGKLQGHURSSRUWXQLVWLFEHKDYLRUIURP

PDQDJHPHQWLQWKHSRUWIROLRILUPV>'RPRYHWDOSS±@,QVXPPDU\

WKH PHFKDQLVPV RI D 9& ILUP UHLQIRUFH LWV LQWHUHVW LQ FRPSUHVVLQJ WKH LQQRYDWLRQ

SURFHVVRIWKHVWDUWXSVLWLQYHVWVLQ

0HWKRGRORJ\

$FFHVVLQJ9&IXQGVLVSUREOHPDWLFDOIURPERWKWKHGHPDQGDQGVXSSO\VLGHV

>:ULJKWSS±@7RKHOSWRVROYHWKLVSUREOHPWKHUHLVDQHHGWRH[DPL- QDWHWKH9&VVHOHFWLRQSURFHVVHV$GDWDVHWFRPSULVLQJHDUO\VWDJH9&LQYHVWRUV

ZDV XVHG 7KLV PHWKRG KDV EHHQ VXFFHVVIXOO\ DSSOLHG LQ VWXGLHV RQ WKH YHQWXUH

FDSLWDOLQYHVWPHQWVLQWHFKQRORJ\FRPSDQLHVLQWKHZRUOG>%HUWRQLHWDOSS

±@7KHVXEMHFWRIUHVHDUFKZHUH9&FRPSDQLHVHVWDEOLVKHGLQ(XURSH$OO

FRPSDQLHVUHVHDUFKHGKDYHHVWDELOLVKHG+HDG2IILFHLQ3RODQGDOORIWKHPDUHLQ- YHVWLQJLQ3RODQGDQGIXQFWLRQLQJRQWKLVPDUNHWIRUDWOHDVWWKUHH\HDUV$QDO\]HG

FRPSDQLHV SURYLGHG FRPPHUFLDO VHHG FDSLWDO IXQGV DQG YHQWXUH FDSLWDO IXQGV RU

SXEOLFSULYDWHVHHGFDSLWDOIXQGVDQGYHQWXUHFDSLWDOIXQGV%DVHGRQ(9&$GDWDVHW

DQGE\FOLSSLQJPHWKRGFRPSDQLHVWKDWPHHWWKHVHFRQGLWLRQVKDYHEHHQLGHQWL- ILHG$IWHUWKHLQLWLDOYHULILFDWLRQDFWLYHHDUO\VWDJHWHFKQRORJ\EDVHG9&VKDYH

EHHQ VHOHFWHG  &OLSSLQJ ZDV EDVHG RQ DQDO\VLV RI LQIRUPDWLRQ RQ WKH 9&V

E\ VHDUFKLQJ VHOHFWHG LQIRUPDWLRQ RQ WKH ,QWHUQHW 7KH DGRSWHG PHWKRGRORJ\ RI

WKHVWXG\FRPSULVHGDQDQDO\VLVRIWKHZHESDJHVFRQWHQWRIWKHVXUYH\HGHQWLWLHV

&RQWHQW DQDO\VLV ZDV IRFXVHG RQ WKH LQYHVWPHQW GLUHFWLRQV RI VXUYH\HG IXQGV ,Q

WKHVWXGLHVFRQGXFWHG,QWHUQHWVHDUFKHQJLQHKDVEHHQXVHG*RRJOH3DUDPHWHUV

DVVLJQHGWRWKHDXGLWHGHQWLWLHVDQGWKHWRWDOHYDOXDWLRQKDYHEHHQUHFRUGHGLQWKH

GDWDEDVHVSHFLDOO\FUHDWHGIRUWKLVSXUSRVH0RUHULJRURXVDQDO\VLVZDVFRQGXFWHG

VDPSOLQJRIWRS9&VZKRZHUHVHOHFWHGE\WKHLUUHSXWDWLRQQXPEHURIWHFKQRORJ\

EDVHGSRUWIROLRFRPSDQLHVLQYHVWLQJDFWLYLW\DQGJHRJUDSKLFGLYHUVLW\FRQFHUQHG

RQ3RODQG7RHQVXUHXQLIRUPLW\DQGWRSUHYHQWKLQGVLJKWELDVGHDOVIXQGHGLQWKH

ODVW  \HDUV ZHUH VHOHFWHG &$7, LQWHUYLHZV ZHUH FRQGXFWHG RQ 9&V PDQDJHUV DW

WKH EHJLQQLQJ RI  \HDU $Q DQDO\VLV ZDV FRQGXFWHG WR VHH ZKHWKHU DQ\ QDWX- UDO JURXSV HPHUJHG IURP WKH LQWHUYLHZ GDWD LQ RUGHU WR XQGHUVWDQG WKH LQYHVWLQJ

VWUDWHJLHVIRUYDULRXVWHFKQRORJ\EDVHGILUPV7DEOHJLYHVGHWDLOVRIUHVSRQGLQJ

9&FRPSDQLHV



(9$/8$7,212)7(&+12/2*<%$6('%86,1(66352326$/6«

7DEOH/LVWRIVHOHFWHGYHQWXUHFDSLWDOLQYHVWRUV

9&LQYHVWRUGHVFULSWLRQ>1 @

$OSKDEHWLFDOOLVWRI9&>1 @

&RGH 'HVFULSWLRQ>SRWHQWLDOLQWHUHVW@ )RFXV>JHRJUDSK\@

A ([SDQVLRQFDSLWDODQGEX\RXWV

+HDOWKFDUHVHUYLFHV

&HQWUDODQG(DVWHUQ

Europe

76&DSLWDO3DUWQHUV%LR,QIR

%DQN6HHG&DSLWDO%ULGJHSRLQW

Kerten Capital 3ROLVK&DSLWDO)XQG

0&,0DQDJHPHQW

0LG(XURSD3DUWQHUV

2UHVD9HQWXUHV

2UWLH&DSLWDO,QYHVWPHQW

3HQWD,QYHVWPHQWV

Renaissance Partners Resource 3DUWQHUV5LYHUVLGH&RPSDQ\

SATUS Syntesco Capital B

(DUO\DQGPLGVWDJHUHVHDUFKOLIH

VFLHQFHVELRWHFKQRORJ\SKDUPDFHX- WLFDOFKHPLVWU\LQIRUPDWLFVDWOLIH

VFLHQFHELRORJ\DQGPHGLFLQH

&HQWUDODQG(DVWHUQ

Europe

C 0HGLFDOVHUYLFHVPHGLFDOGHYLFHV

SURGXFWLRQKHDOWKFDUHSKDUPDF\

1RUWKHUQDQG&HQWUDO

Europe

' )RRGDQGIRRGLQJUHGLHQWSURGXF- WLRQKHDOWKJUHHQELRWHFK

&HQWUDODQG(DVWHUQ

Europe E +HDOWKFDUHPHGWHFKOLIHVFLHQFH Central Europe

) 0HGLFDOVHUYLFHVSKDUPDF\ (XURSHDQ8QLRQ1RUWK

$PHULFD

* 0HGLFDOVHUYLFHVPHGLFDOGHYLFHV

SURGXFWLRQKHDOWKFDUHSKDUPDF\ (XURSH0LG(DVW-DSDQ

+ Biotechnology 1RUWKHUQDQG&HQWUDO

Europe I *UHHQWHFKQRORJ\PHGLFLQH,&7 Europe

- +HDOWKFDUHSKDUPDF\ &HQWUDODQG(DVWHUQ

Europe

K Biotechnological engineering &HQWUDODQG(DVWHUQ

Europe

L (DUO\DQGODWHVWDJH

Life science

&]HFK5HSXEOLF3RODQG

6ORYDNLD

M (DUO\DQGODWHVWDJH

%LRLQIRUPDWLFV

1RUWKHUQDQG&HQWUDO

Europe

N )RRGLQJUHGLHQWVJUHHQDQGZKLWH

biotech Europe

2 (DUO\DQGODWHVWDJH Life science start-up

&HQWUDODQG(DVWHUQ

Europe 6RXUFHRZQUHVHDUFK

.HHSLQJLQPLQGWKDWHDFKLQYHVWPHQWRSSRUWXQLW\LVGLVWLQFWHDFK9&VZDVDQD- O\]HGXVLQJVL[NH\LQYHVWPHQWFULWHULD&RQFHSWDQG6FLHQFH0DQDJHPHQW0DUNHW

,QWHOOHFWXDO3URSHUW\9DOXDWLRQDQG*HRJUDSK\7DEOHRXWOLQHVWKHPHWULFVVWXGLHG

 021,.$:$/,&.$

7DEOH0HWULFVRILQYHVWPHQW¶VHYDOXDWLRQIRUFRQMRLQWDQDO\VLV

0HWULF 'HVFULSWLRQ $WWULEXWH Levels

Concept DQG6FLHQFH

+RZUHYROXWLRQDU\WKHFRQFHSW

LV

&KDQJHLQSDUDGLJPRISUDFWLF- LQJPHGLFLQH

&KDQJHLQGLVHDVHWUHDWPHQW

$8QLTXHQHVV

%0DUNHWDFFHS- tance

3URGXFWLVXQLTXH 3URGXFWLVQRWXQLTXH 3URGXFWLVDFFHSWHGE\WKH

PDUNHW

3URGXFWLVQRWDFFHSWHGE\

WKHPDUNHW

0DQDJHPHQW

7HDPH[SHULHQFH

0DQDJLQJTXDOLW\

:KDWPDNHVHQWUHSUHQHXUEHWWHU

WKDQDQRWKHU

&7HDP

'(QWUHSUHQHXU

(&RQWDFW

1RQFRPSOHPHQWDU\DQGQR

business experience &RPSOHPHQWDU\DQGEXVLQHVV

experience

1RQFRPSOHPHQWDU\DQG

business experience /HDGHU\HV /HDGHUQR 3HUVHYHUDQFH\HV 3HUVHYHUDQFHQR &RQWDFWZLWK9&JRRG &RQWDFWZLWK9&EDG

0DUNHW

7DUJHWPDUNHWVL]H )6L]H

**URZWK

,WLVDQLFKHPDUNHW ,WLVDPDLQVWUHDPPDUNHW 7KHPDUNHWLVVHHPLQJO\

KLJKJURZWK

7KHPDUNHWLVORZJURZWK

Intellectual property

&RPSRVLWLRQRIPDWWHUDQG

PHWKRGRIXVH

+3URWHFWLRQ

,*HQHUDOSXU- pose

3URWHFWLRQLVSRVVLEOH 3URWHFWLRQLVQRWSRVVLEOH ,WLVDJHQHUDOSXUSRVH

technology

,WLVQRWDJHQHUDOSXUSRVH

technology

Valuation

)LQDQFLDOIRUHFDVWRIFRPSDQ\

GHYHORSPHQW

-7LPHWREUHDN

HYHQ

.5HWXUQRQ

LQYHVWPHQW

([SHFWHGWLPHWREUHDNHYHQ

LVOHVVWKDQ\HDUV ([SHFWHGWLPHWREUHDNHYHQ

LVPRUHWKDQ\HDUV ([SHFWHGWLPHWREUHDNHYHQ

LVEHWZHHQDQG\HDUV ([SHFWHGUHWXUQLVOHVVWKDQ



([SHFWHGUHWXUQLVPRUH

WKDQ

([SHFWHGUHWXUQLVEHWZHHQ

DQG

*HRJUDSK\

7\SLFDOLQYHVWPHQWGHVWLQDWLRQV

*HRJUDSK\W\SHVDQGEURDG- QHVV

/*HRJUDSK\ 7KHPDUNHWLVUHJLRQDO 7KHPDUNHWLVJOREDO

6RXUFHRZQUHVHDUFKEDVHGRQ%RHKP>@DQG.QRFNDHUWHWDO>@



(9$/8$7,212)7(&+12/2*<%$6('%86,1(66352326$/6«

,WLVFODLPHGWKDWVSHFLILFDOO\IRUWHFKQRORJ\EDVHGILUPVWKHUHDUHQLQHFKDUDFWHUL- VWLFVZLWKYDU\LQJGHJUHHVRILPSRUWDQFHWKDWQHHGWREHDQDO\]HGIRUXQGHUVWDQGLQJWKH

FRPSOLFDWHGLQYHVWPHQWHYDOXDWLRQSURFHVV>%RHKPSS±@:KLOH%RHKPRXW- OLQHGQLQHFULWHULDRQO\HLJKWZHUHVXUYH\HG&RQFHSWDQG6FLHQFH0DQDJHPHQW0DUNHW

&RPSHWLWLRQ,QWHOOHFWXDO3URSHUW\9DOXDWLRQDQG*HRJUDSK\7\SHRI%XVLQHVVZDVQRW

LQFOXGHGDVOLPLWHGWRWHFKQRORJ\EDVHGFRPSDQLHV6LQFHHDFKLQYHVWPHQWRSSRUWXQLW\LV

GLIIHUHQWDQDWWHPSWZDVPDGHWRHYDOXDWHKRZHDFK9&XVXDOO\ORRNVDWWKHVHFDWHJRULHV

ZLWKUHVSHFWWRHDFKRWKHUDQGWKHQVSHFLILFDOO\ZLWKLQYHVWPHQWVPDGHE\HDFKILUP

5HVXOWV

&RQMRLQWDQDO\VLVGHULYHGXWLOLW\VFRUHVIRUHDFKDWWULEXWHRILQYHVWPHQWPDQD- JHUV8WLOLW\VFRUHVPHDVXUHKRZLPSRUWDQWHDFKFKDUDFWHULVWLFLVWRWKHUHVSRQGHQW¶V

RYHUDOO SUHIHUHQFH ,PSRUWDQFH VFRUHV ZHUH FRPSXWHG E\ WDNLQJ WKH XWLOLW\ VFRUH

IRUHDFKDWWULEXWHIURP7DEOH7KHPRGHOSURYHGWKHLQWHUQDOYDOLGLW\RIWKHGDWD

'HVFULSWLYHVWDWLVWLFVIRULPSRUWDQFHVFRUHVRIHDFKFULWHULRQDUHJLYHQLQ7DEOH

7DEOH'HVFULSWLYHVWDWLVWLFVRILPSRUWDQFHDVWKHUHVXOWVRIFRQMRLQWDQDO\VLV>1 @

,PSRUWDQFH 0HDQ SD

7HDP  

Entrepreneur  

Contact  

3URGXFWXQLTXHQHVV  

0DUNHWDFFHSWDQFH  

Protection  

*HQHUDOSXUSRVHWHFKQRORJ\  

0DUNHWJHRJUDSK\  

0DUNHWVL]H  

0DUNHWJURZWK  

7LPHWREUHDNHYHQ  

5HWXUQRQLQYHVWPHQW  

6RXUFHRZQUHVHDUFK

7KHUHVXOWVVKRZWKDWWKHSRWHQWLDOUHWXUQRQLQYHVWPHQWDQGSHUVRQDOLW\FKD- UDFWHULVWLFVVXFKDVWKHDELOLW\RIWKHHQWUHSUHQHXUDQGWKHFKDUDFWHULVWLFVRIDWHDP

ZHUHWKHPRVWLPSRUWDQWVHOHFWLRQFULWHULD7KHVL]HDQGJHRJUDSKLFDOEUHDGWKRIWKH

 021,.$:$/,&.$

PDUNHWDQGWHFKQRORJ\DVDJHQHUDOSXUSRVHKDYHOLWWOHLPSDFWRQWKH9&¶VGHFLVLRQ

7KHKLHUDUFKLFDODQDO\VLVUHVXOWHGLQWKUHHGLIIHUHQWJURXSVWKDWZHUHGLVWLQFWIURP

HDFKRWKHULQDVWDWLVWLFDOO\VLJQLILFDQWZD\7KHQRQKLHUDUFKLFDODOJRULWKPZDVXVHG

WRDOORFDWHFKDUDFWHULVWLFVWRJURXSGHILQHGDV

3HRSOHLQYHVWRUV>3,@ ±LQYHVWRUVHPSKDVL]HGWKHKXPDQUHVRXUFHV

)LQDQFLDOLQYHVWRUV>),@±LQYHVWRUVFRQFHUQHGRQWKHILQDQFLDOGDWD

7HFKQRORJ\LQYHVWRUV>7,@ ±LQYHVWRUVWKDWVWUHVVHGWKHWHFKQRORJ\FKDUDFWHULVWLFV

DVSDWHQWDELOLW\

7KHQH[WVWDJHRIWKHDQDO\VLVZDVFDOFXODWLQJ)VWDWLVWLFRIWKHYDULDQFHDQDO\VLV

DQG WKH GHVFULSWLYH VWDWLVWLFV IRU HDFK JURXS RI LQYHVWRUV 7KH VL[ GHFLVLRQ FULWHULD

ZKLFKZHUHVLJQLILFDQWO\GLIIHUHQWDWWKHOHYHOIRU),7,DQG3,JURXSVDUHVKRZQ

LQ7DEOH

7DEOH5HVXOWVIURPJURXSDQDO\VLVVHOHFWLRQSURILOHVE\PHDQV^

6HOHFWLRQFULWHULRQ )LQDQFLDO,QYHV- WRUV>1 @

7HFKQRORJ\,Q- YHVWRUV>1 @

3HRSOH,QYHVWRUV

>1 @ )>3@

7HDP     

Entrepreneur    

OHVVWKDQ

&RQWDFWZLWK9&     

3URGXFWXQLTXHQHVV    

0DUNHWDFFHSWDQFH    

Protection     

OHVVWKDQ

*HQHUDOSXUSRVHWHFKQRO-

ogy    

0DUNHWJHRJUDSK\     

0DUNHWVL]H    

0DUNHWJURZWK    

7LPHWREUHDNHYHQ    

5HWXUQRQLQYHVWPHQW    

OHVVWKDQ

7KHWDEOHUHSRUWVWKHPHDQVRILPSRUWDQFHVFRUHVIRUHDFKFULWHULRQ,PSRUWDQFHVFRUHVDUHUDQJHGEHWZHHQDQG

ZKHUHLQGLFDWHVQRLPSRUWDQFHRIFULWHULRQPHDQVWKDWRQO\WKDWRQHFULWHULRQLVLPSRUWDQW,PSRUWDQFHVFRUHVIRUDOO

VHOHFWLRQFULWHULDIRURQHUHVSRQGHQWDGGXSWR

/HYHOVRIVLJQLILFDQFH    1 

6RXUFHRZQUHVHDUFK



(9$/8$7,212)7(&+12/2*<%$6('%86,1(66352326$/6«

7KHLPSRUWDQFHFRQQHFWHGWRWKHKXPDQUHVRXUFHYDULDEOHVWKHWHDPHQWUHSUH- QHXUFRQWDFWZLWKWKH9&VZDVVLJQLILFDQWO\GLIIHUHQWDPRQJWKHWKUHHJURXSV$OVR

WKHJHRJUDSKLFDOORFDWLRQZDVVLJQLILFDQWO\GLIIHUHQWDQGWKHLPSRUWDQFHDVVLJQHGWR

WKHWHFKQRORJ\SXUSRVHVFKDUDFWHUL]HGFHUWDLQLQYHVWRUV)LQDOO\WKHLPSRUWDQFHDWWD- FKHGWRWKHILQDQFLDOSDUWRIWKHGHDOVXFKDV52,ZDVVLJQLILFDQWO\GLIIHUHQW*URXS

),9&VHPSKDVL]HVRQWKHSRWHQWLDOUHWXUQVHWRXWLQWKHEXVLQHVVSODQ7KH52,

FULWHULRQUHFHLYHVDQLPSRUWDQFHVFRUHRIRXWRI7KDWEXVLQHVVSODQZLWKRXW

VXIILFLHQWSRWHQWLDOUHWXUQZLOOQRWEHVHOHFWHG7KHUHVHDUFKVKRZVWKDWLQYHVWRUVILQG

WKHWHDPVNLOOVDQGWKHPDUNHWIRUHFDVWLPSRUWDQW),PDLQO\LQYHVWLQWHDPVZLWKVWURQJ

OHDGHUVIRFXVHGRQIDVWJURZLQJPDUNHWV$GGLQJWKHLPSRUWDQFHVFRUHVDWWDFKHGWR

WKHWHDPFRPSHWHQFHRIWKHOHDGHQWUHSUHQHXUPDUNHWJURZWKDQGSRWHQWLDOUHWXUQ

RQLQYHVWPHQWZHREWDLQDQLPSRUWDQFHVFRUHRI7KLVPHDQVWKDW),PDNH

GHFLVLRQXVLQJDUDWLRQDOORJLFEDVHGRQDOLPLWHGVHWRIIDFWRUVVXFKDV52,JURZWK

DQGWHDPFRPSOHWHQHVV7KLVJURXSDGGVWKHOHDVWLPSRUWDQFHWRWKHFRQWDFWZLWKWKH

HQWUHSUHQHXUPDUNHWVL]HDQGPDUNHWJHRJUDSK\),ZDQWWRKDYHFRPSOHPHQWDU\WHDPV

ZLWKJRRGOHDGHUVKLSEXWGRQRWERWKHUDERXWFRRSHUDWLRQZLWKWKHHQWUHSUHQHXU,W

VHHPVWKDW,)DUHFRQILGHQWWKDWDJRRGWHDPZLOOJHQHUDWHWKHILQDQFLDOUHWXUQZLWKRXW

ELJJHULQWHUIHUHQFHRUFRDFKLQJE\9&V$QRWKHUJURXS9&VZDVQDPHGWHFKQRORJ\

LQYHVWRUV7KH\SHUIRUPUDWKHUEDODQFHGDQDO\VLVRIDEXVLQHVVSURSRVDOVWKDQWKH),

DQG DOVR FRQVLGHU PRUH VHOHFWLRQ FULWHULD 7KH FULWHULD UHFHLYHG E\ 7, DUH UDWKHU LQ

HTXDOZHLJKWLQWKHILQDOGHFLVLRQ2QO\WKHGHJUHHWRZKLFKWKHWHFKQRORJ\FDQEH

SURWHFWHGDQGWKHFRQWDFWRIWKHLQYHVWPHQWPDQDJHUZLWKWKHHQWUHSUHQHXUUHFHLYH

DQLPSRUWDQFHVFRUHRIPRUHWKDQRXWRI7KLVJURXSHPSKDVL]HVWKHXQLTX- HQHVVRIWKHSURGXFWSRWHQWLDOPDUNHWJURZWKDQGUHWXUQRQLQYHVWPHQW7KHGHJUHH

WRZKLFKWKHWHFKQRORJ\FDQEHSURWHFWHGDQGSHUVRQDOFRQWDFWZLWKWKHHQWUHSUHQHXU

DUHWKHNH\IDFWRUVGLIIHULQJ7,IURPRWKHUJURXSVRI9&V7KHODVWJURXSRI9&V

ZDVQDPHGSHRSOHLQYHVWRUV3,DVWKHPRVWLPSRUWDQWIDFWRUVRIVHOHFWLRQFRQVLGHU

KXPDQIDFWRUVFDSDFLWLHVRIWKHHQWUHSUHQHXUDQGWKHWHDPTXDOLW\)LQDQFLDOFULWHULD

GRQRWSOD\FUXFLDOUROH7KHFRQWDFWZLWKWKHHQWUHSUHQHXULVOHVVLPSRUWDQWWKDQIRU

WKHWHFKQRORJ\LQYHVWRUV3,SXWWKHOHVVDWWHQWLRQRQSURWHFWLRQRIWHFKQRORJ\7KH\

DOVRSUHIHUWKHVHOHFWLRQEHKDYLRXUFRPLQJIURPWKHSUHYLRXVILQGLQJVWKDWVKRZVWKDW

WKHTXDOLW\RIWKHHQWUHSUHQHXULVWKHPRVWLPSRUWDQWVHOHFWLRQFULWHULRQ>3HWNRYDHW

DOSS±@

&RQFOXVLRQ

7KHVHOHFWLRQRIHDUO\VWDJHWHFKQRORJ\EDVHGILUPVE\9&LQYHVWRUVZHUHDQDO\]HG

DVWKHRXWSXWRIFRQMRLQWDQDO\VLV,WZDVIRXQGWKDWWKHSUDFWLFHDFURVV9&VLQYHVWRUV

LV KHWHURJHQHRXV 7KH  IXQGV DUH GLVWULEXWHG DFURVV WKH WKUHH JURXSV ILQDQFLDO

LQYHVWRUV SHRSOH LQYHVWRUV DQG WHFKQRORJ\ LQYHVWRUV 7KLV H[WHQGV WKH SUHYLRXV

UHVHDUFKE\LGHQWLI\LQJDQHZJURXSRILQYHVWRUVZKRODEHOHGWHFKQRORJ\LQYHVWRUV

 021,.$:$/,&.$

7KHVHLQYHVWRUVDUHIRFXVHGRQWKHH[WHQWWRZKLFKWKHWHFKQRORJ\FDQEHSURWHFWHG

DQGWKHFRQWDFWWKH\KDYHZLWKWKHSULPHIRXQGHURIWKHVWDUWXS7KHSUHYLRXVVWXGLHV

KDYHQRWLGHQWLILHGWKLVJURXSRILQYHVWRUVZKLFKVHHPVWREHFORVHO\UHODWHGWRWKH

HPHUJHQFHRIVSLQRIIDFWLYLW\DWXQLYHUVLWLHVWRVWLPXODWHWHFKQRORJ\HQWUHSUHQHXUVKLS

DQGLQYHVWLQWKHSUHVHHGVWDJHWDNLQJWKHWHFKQRORJ\RXWRIWKHODEDQGEXLOGLQJ

DPDQDJHPHQWWHDP>'UXLOKH*DUQVH\SS±@3HUVRQDOFRQWDFWLVWKHQ

DYHU\LPSRUWDQWHOHPHQWLQRUGHUWREHVXFFHVVIXO,IWKHIRXQGHULVQRWLQWHUHVWHGLQ

LQFOXGLQJHQWUHSUHQHXUVLQWKHQHZPDQDJHPHQWWHDPLWZLOOQRWEHSRVVLEOHIRUWKH

HDUO\VWDJHWHFKQRORJ\EDVHG9&IXQGWRUDLVHQHZFDSLWDOIURPSHRSOHRUILQDQFLDO

LQYHVWRUV7HFKQRORJ\DQGLQQRYDWLYHHQWUHSUHQHXUVFDQEHQHILWIURPDEHWWHUNQR- ZOHGJHRIWKHVHOHFWLRQEHKDYLRXURI9&V,WLVSDUWLFXODUO\LQWHUHVWLQJIRUWKHPWR

NQRZWKDWQRWDOO9&VXVHWKHVDPHLQYHVWPHQWVHOHFWLRQVWUDWHJ\DQGWKDWVRPH9&V

FDUHPRUHDERXWWHDPFKDUDFWHULVWLFVRWKHUVHPSKDVL]HWHFKQRORJ\FKDUDFWHULVWLFV

VWUHVVILQDQFLDOFULWHULD7KHILQGLQJVLQGLFDWHWKDWHDUO\VWDJHWHFKQRORJ\EDVHG9&V

GRQRWRQO\LQYHVWLQSHUIHFWGHDOVPHDQLQJWKDWWKHEXVLQHVVSURSRVDOKDVDZHOO-

HVWDEOLVKHGIRXQGLQJWHDPFOHDUPDUNHWYLVLRQDQGKDVVHFXUHGLWVILUVWFXVWRPHUV

DVWURQJSURSULHWDU\SRVLWLRQDQGJRRGILQDQFLDOSURVSHFWV5DWKHUVRPH9&VZLOO

LQYHVWLQEXVLQHVVSURSRVDOVWKDWHLWKHUKDYHDVWURQJSURSULHWDU\SRVLWLRQDFRPSOHWH

WHDPRUH[FHOOHQWILQDQFLDOSURVSHFWV(QWUHSUHQHXUVZKRKDYHDVWURQJSURWHFWDEOH

WHFKQRORJ\PD\IRULQVWDQFHFDOOXSRQWKHJURXSRIWHFKQRORJ\LQYHVWRUVHYHQEHIRUH

WKHWHFKQRORJ\LVSURWHFWHGRUDFRPSOHWHWHDPLVEXLOW7KLVJURXSRILQYHVWRUVLQYHVWV

LQWKHYHU\HDUO\VHHGVWDJHRIWKHFRPSDQ\DQGKDVDOVRUDLVHGDFRQVLGHUDEOHDPRXQW

RISXEOLFIXQGLQJIRULQYHVWPHQWDQGWKH\DUHXVXDOO\QRWELJIXQGV

7KLV DSSURDFK RYHUFRPHV VRPH GLIILFXOWLHV LQ JDLQLQJ DFFHVV WR WKH GHFLVLRQ-

PDNLQJSURFHVVDGRSWHGE\9&V+RZHYHUIXUWKHUUHVHDUFKFRXOGFRQVLGHUXVLQJ

WKHFRQMRLQWWHFKQLTXHDQGDTXDOLWDWLYHDSSURDFKLQZKLFKDGGLWLRQDOLQVLJKWVLQWR

9&VHOHFWLRQEHKDYLRXUDUHREWDLQHG$OVRWKHUHLVDVPDOOVL]HRIWKHSRSXODWLRQRI

HDUO\VWDJH9&VLQ(XURSHDQGLWLVGLIILFXOWWRH[DPLQHWKHGLIIHUHQFHVEHWZHHQWKH

FRXQWU\HQYLURQPHQWV)XUWKHUTXDOLWDWLYHUHVHDUFKPD\EHDZD\WRH[SORUHLQGLYLGXDO

FRXQWU\GLIIHUHQFHV7KLVVWXG\ZDVXQDEOHWROLQNVHOHFWLRQEHKDYLRXUZLWKLQYHVWPHQW

RXWFRPHVRUSRUWIROLRFRPSDQ\JURZWK>)ULJRHWDOSS±@7KLVUHVHDUFK

GLGQRWFRPSDUHDFWXDOGHFLVLRQVWRWKHRXWFRPHVRIWKLVVWXG\)XUWKHUUHVHDUFKPLJKW

XVHIXOO\H[SORUHWKHVHLVVXHV

%LEOLRJUDSK\

 $OOHQ : ' +DOO 7 : (QWUHSUHQHXUV LQYHVWRUV DQG HTXLW\ ILQDQFLQJ D UHVRXUFHHFRQRPLF

DQDO\VLVÄ5HYLHZRI%XVLQHVV´

 %DH\HQV.9DQDFNHU7DQG0DQLJDUW69HQWXUHFDSLWDOLVWV¶VHOHFWLRQSURFHVVWKHFDVHRIELR- WHFKQRORJ\SURSRVDOVÄ,QWHUQDWLRQDO-RXUQDORI7HFKQRORJ\0DQDJHPHQW´



(9$/8$7,212)7(&+12/2*<%$6('%86,1(66352326$/6«

 %DXP-$&6LOYHUPDQ%63LFNLQJZLQQHUVRUEXLOGLQJWKHP"$OOLDQFHLQWHOOHFWXDODQGKX- PDQFDSLWDODVVHOHFWLRQFULWHULDLQYHQWXUHILQDQFLQJDQGSHUIRUPDQFHRIELRWHFKQRORJ\VWDUWXSV

Ä-RXUQDORI%XVLQHVV9HQWXULQJ´

 %HQ$UL * 9RQRUWDV 1 6 5LVN ILQDQFLQJ IRU NQRZOHGJHEDVHG HQWHUSULVHV PHFKDQLVPV DQG

SROLF\RSWLRQVÄ6FLHQFHL3XEOLF3ROLF\´

 %HUWRQL)&RORPER0**ULOOL/9HQWXUHFDSLWDOILQDQFLQJDQGWKHJURZWKRIKLJKWHFKVWDUW-

XSV'LVHQWDQJOLQJWUHDWPHQWIURPVHOHFWLRQHIIHFWVÄ5HVHDUFK3ROLF\´

 %HUWRQL)&URFH$'¶$GGD'9HQWXUHFDSLWDOLQYHVWPHQWVDQGSDWHQWLQJDFWLYLW\RIKLJKWHFK

VWDUWXSVDPLFURHFRQRPHWULFILUPOHYHODQDO\VLVÄ9HQWXUH&DSLWDO´

 %RHKP77KH,QYHVWPHQW'HFLVLRQ –7KH9HQWXUH&DSLWDOLVWV¶'LOHPPDÄ790&DSLWDO´

 &KHQ;<DR;.RWKD6(QWUHSUHQHXUSDVVLRQDQGSUHSDUHGQHVVLQEXVLQHVVSODQSUHVHQWD- WLRQVDSHUVXDVLRQDQDO\VLVRIYHQWXUHFDSLWDOLVWV¶IXQGLQJGHFLVLRQVÄ$FDGHP\2I0DQDJHPHQW

-RXUQDO´

 &RORPER0**ULOOL/7KHFUHDWLRQRIDPLGGOHPDQDJHPHQWOHYHOE\HQWUHSUHQHXULDOYHQWX- UHV7HVWLQJHFRQRPLFWKHRULHVRIRUJDQL]DWLRQDOGHVLJQÄ-RXUQDORI(FRQRPLFVDQG0DQDJHPHQW

6WUDWHJ\´

 &]HPLHO*U]\ERZVND:%DUULHUVWRILQDQFLQJVPDOODQGPHGLXPEXVLQHVVHQWHUSULVHVLQ3RODQG

Ä%XVLQHVVDQG(FRQRPLF+RUL]RQV´

 GHO3DODFLR,=KDQJ;6ROH)7KHFDSLWDOJDSIRUVPDOOWHFKQRORJ\FRPSDQLHVSXEOLFYHQWXUH

FDSLWDOWRWKHUHVFXH"Ä6PDOO%XVLQHVV(FRQRPLFV´

 'LPRY'*HGDMORYLF($SURSHUW\ULJKWVSHUVSHFWLYHRQYHQWXUHFDSLWDOLQYHVWPHQWGHFLVLRQV

Ä-RXUQDO2I0DQDJHPHQW6WXGLHV´

 'LPRY ' 0XUUD\ * 'HWHUPLQDQWV RI WKH LQFLGHQFH DQG VFDOH RI VHHG FDSLWDO LQYHVWPHQWV E\

YHQWXUHFDSLWDOILUPVÄ6PDOO%XVLQHVV(FRQRPLFV´

 'UXLOKH&*DUQVH\('RDFDGHPLFVSLQRXWVGLIIHUDQGGRHVLWPDWWHU"Ä7KH-RXUQDORI7HFK- QRORJ\7UDQVIHU´

 (9&$&HQWUDODQG(DVWHUQ(XURSH6WDWLVWLFV±

 )ULJR0/6ZHHQH\-3$KROLVWLFDSSURDFKWRYHQWXUHFDSLWDOLQYHVWPHQWGHFLVLRQVÄ6WUDWHJLF

)LQDQFH´

 *HURQLNRODRX*3DSDFKULVWRX*9HQWXUH&DSLWDODQG,QQRYDWLRQLQ(XURSHÄ0RGHUQ(FRQRP\´



 +HLUPDQ $ &ODU\VVH % 7KH LPSULQWLQJ HIIHFW RI LQLWLDO UHVRXUFHV DQG PDUNHW VWUDWHJ\ RQ WKH

HDUO\JURZWKSDWKRIVWDUWXSVÄ$FDGHP\RI0DQDJHPHQW3URFHHGLQJV´

 .QRFNDHUW0&ODU\VVVH%:ULJKW07KHH[WHQWDQGQDWXUHRIKHWHURJHQHLW\RIYHQWXUHFDSLWDO

VHOHFWLRQEHKDYLRXULQQHZWHFKQRORJ\EDVHGILUPVÄ5 '0DQDJHPHQW´

 .RU]HE=,PSOLFDWLRQVRIFURVVERUGHUPHUJHUVDQGDFTXLVLWLRQVLQWKH3ROLVKEDQNLQJVHFWRULQWKH

FRQWH[WRIWKHJOREDOILQDQFLDOFULVLV$QQDOVRIWKH8QLYHUVLW\RI3HWURVDQL(FRQRPLFV

 1DUD\DQVDP\&+DVKHPRJKOL$5DVKLG059HQWXUHFDSLWDOSUHLQYHVWPHQWGHFLVLRQPDNLQJ

SURFHVVDQH[SORUDWRU\VWXG\LQ0DOD\VLDÄ*OREDO-RXUQDO2I%XVLQHVV5HVHDUFK´

 3HOO\5.UlPHU(LV+&UHDWLQJD%HWWHU%XVLQHVV(QYLURQPHQWIRU)LQDQFLQJ%XVLQHVV,QQRYDWLRQ

DQG*UHHQ*URZWKÄ2(&'-RXUQDO)LQDQFLDO0DUNHW7UHQGV´

 3HWNRYD $ 3 :DGKZD $ <DR ; -DLQ 6 5HSXWDWLRQ DQG GHFLVLRQ PDNLQJ XQGHU DPELJXLW\

DVWXG\RI86YHQWXUHFDSLWDOILUPV¶LQYHVWPHQWVLQWKHHPHUJLQJFOHDQHQHUJ\VHFWRUÄ$FDGHP\

2I0DQDJHPHQW-RXUQDO´

 6HUUDQR&LQFD&*XWLpUUH]1LHWR%$GHFLVLRQVXSSRUWV\VWHPIRUILQDQFLDODQGVRFLDOLQYHVWPHQW

Ä$SSOLHG(FRQRPLFV´

 :DOLFND 0 /LIH VFLHQFH EXVLQHVV PDQDJHPHQW ± ILQDQFLDO DVSHFWV LQ .QRZOHGJH(FRQRP\-

6RFLHW\&KDOOHQJHVRIWKHFRQWHPSRUDU\PDQDJHPHQWHGE\$0DOLQD52F]NRZVND75RMHN

&UDFRZ

 021,.$:$/,&.$

 :DOXV]HZVNL$%DUDOGL(6KLK7/LQQH$5HVRXUFHLQWHUIDFHVWHOOLQJRWKHUVWRULHVDERXWWKH

FRPPHUFLDOXVHRIQHZWHFKQRORJ\WKHHPEHGGLQJRIELRWHFKVROXWLRQVLQ86&KLQDDQG7DLZDQ

Ä7KH,QWHUQDWLRQDO0DQDJHPHQW3URFHVV-RXUQDO´

 :ULJKW 0 /RFNHWW $ &ODU\VVH % DQG %LQNV 0 8QLYHUVLW\ VSLQRXW FRPSDQLHV DQG YHQWXUH

FDSLWDOÄ5HVHDUFK3ROLF\´

(YDOXDWLRQRIWHFKQRORJ\EDVHGEXVLQHVVSURSRVDOVE\YHQWXUHFDSLWDOLQYHVWRUV

±H[DPSOHRIKHDOWKFDUHVHFWRU

9HQWXUHFDSLWDOLVWV9&VDUHZLOOLQJWRIXQGWHFKQRORJ\EDVHGILUPVEXWWKH\KDYHGLIILFXOW\LQ

LGHQWLI\LQJDWWUDFWLYHDQGEHQHILFLDOSURSRVDOV7RXQGHUVWDQGZHOOKRZ9&FDQKHOSWRGLIIXVHWHFK- QRORJLFDONQRZOHGJHWRWKHPDUNHWSODFHLWZDVH[SORUHGLQWKLVSDSHUKRZYHQWXUHFDSLWDOFRPSDQLHV

HYDOXDWH WHFKQRORJLFDO EXVLQHVV SURSRVDOV 7KH UHODWLRQV RI WKHVH EXVLQHVV SURSRVDOV ZHUH H[DPLQHG

LQWKHVHOHFWLRQSURFHVVDGRSWHGE\YHQWXUHFDSLWDOLVWV7KHUHVXOWVVKRZWKDWWKHSRWHQWLDOUHWXUQRQ

LQYHVWPHQWSHUVRQDOLW\FKDUDFWHULVWLFVVXFKDVWKHDELOLW\RIWKHHQWUHSUHQHXUDDQGWKHFKDUDFWHULVWLFV

RIDWHDPZHUHWKHPRVWLPSRUWDQWVHOHFWLRQFULWHULD

2FHQDSURSR]\FMLEL]QHVRZ\FKILUPWHFKQRORJLF]Q\FK

SU]H]LQZHVWRUyZventure capital±SU]\NáDGVHNWRUDRFKURQ\]GURZLD

,QZHVWRU]\YHQWXUHFDSLWDO9&VąVNáRQQLGRILQDQVRZDQLDSU]HGVLĊELRUVWZRSDUW\FKQDWHFK- QRORJLDFK DOH F]ĊVWR PDMą WUXGQRĞFL ] LGHQW\ILNDFMą DWUDNF\MQ\FK L NRU]\VWQ\FK SURSR]\FML : FHOX

OHSV]HJR ]UR]XPLHQLD MDN LQZHVW\FMH 9& XáDWZLDMą UR]SRZV]HFKQLDQLH ZLHG]\ WHFKQRORJLF]QHM QD

U\QNXZQLQLHMV]\PDUW\NXOH]EDGDQRNU\WHULDRFHQ\WHFKQRORJLF]Q\FKSURSR]\FMLEL]QHVRZ\FKSU]H]

VSyáNLSRGZ\ĪV]RQHJRU\]\ND

$QDOL]RZDQRUHODFMHSURSR]\FMLEL]QHVRZ\FKZNRQWHNĞFLHVHOHNFMLGRNRQ\ZDQHMSU]H]LQZHVWRUyZ

Z\VRNLHJRU\]\ND:\QLNLSRND]XMąĪHQDMZDĪQLHMV]\PLNU\WHULDPLZ\ERUXE\á\SRWHQFMDOQ\]ZURW

]LQZHVW\FMLFHFK\RVRERZRĞFLSU]HGVLĊELRUF\RUD]FKDUDNWHU\VW\ND]HVSRáX