Professional Documents
Culture Documents
Ching-Jiunn Chang
( 張清俊 )
SMEA_Incuabtion
報告主題
本次報告擬涵蓋三個部份:
1. 介紹台灣創投業的發展與例示
創投機制與創業育成的合作模式
2. 從一個創投公司的經驗看「如何
評估與投資創業育成中心的廠
商」
( 現場資料 )
3. 實務課題探討 ( 現場資料 )
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Part I: Outline
• An Overview of Taiwan Venture Capital Industry
• Business Incubation and Venture Capital
• cases
Incubator at ITRI
Vista Incubation Technology Corporation
– activity
Venture Fair 2001
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An Overview
of Taiwan Venture Capital industry
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New Venture Funds Founded per Year
(1984-2000)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
50 250
46
The inception
40 of incubator 38 200
(1996)
31
No. of VC
30 150
Acc. No.
28
20 100
14
10 7 6 50
0 0
1985 1990 1995 96 97 98 99 2000
Year
Start from
No. of VC Acc. No.
1984
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Source: 2000 Taiwan Venture Capital Industry Annual Report
Capital Formation of Taiwan VC industry
(1984-2000)
140
127.09
120
103.44
100
80
72.94
B $NTD
60
42.64
40
30.3 30.5
25.47
23.65
18.71 17.17
20 14.7
13.57
8.92 10.56 11.76
3.34 5.27 4.01
6.76
1.8 3.65
0.20.2 0.20.4 0.81.2 0.6 1.54 1.93 1.64 1.2 1.81 1.13
0
1985 1900 Year 1995 2000
Annual Total Acc. Total
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Source: 2000 Taiwan Venture Capital Industry Annual Report
Earnings of Taiwan Venture Funds
7
6.52
6.33
6
4 3.81
3.28
3
EPS
2.43 2.51
2 2.04
1
0.66 0.67
0.12 0.26 0.28 0.2
0 -0.03
-0.66
-1 -1.23
-1.47
-2 94 95 96 97 98 99 2000
Average (Total)
Year Average (The Earliest
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Where does the Venture Capital come from ?
— Funding Source of Taiwan VCs ( Fy 2000)
Others
Foreign Companies
(1% <)
(7.3%)
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Portfolio Analysis by various stages
By Project No. By Dollars
( total 6343 ) ( total 125.5B $NTD )
1.18% 7.93%
7.98%
21.94% 23.84%
21.16% 23.87%
45.81%
45.32%
Expansion Mezzanine
Startup SMEA_Incuabtion
Seed Turnaround
Geographic Distribution of VC Firms in Taiwan
164
1 Vc in Taoyan
VCs
Taipei
4 VCs in city
Hsinchu city
7 VCs
in
Taipei
County
1
1
2
2
3
2
2
3
1
6
2
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Some hard luck to VCs in Taiwan
• The blow out of internet bubble (2000-2001)
• Cancellation of tax incentives
• Drop-off of economic growth
Opportunities
Venture companies at technology incubators were
put on the spotlight because of lesser deal flow for VC
to invest
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Business Incubation and
Venture Capital
Incubator at ITRI
Vista Incubation Technology Corporation
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Mechanism to encourage innovation and foster new ventures
- by CEPD, Taiwan
Technology
IPR R &D Incubator Company Law
Protection Project Service • Stock option
network
• Warrant
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Source: Council for Economic Planning and Development, Taiwan
Vista’s Model
-- a case of focused incubator
Incubation starts with creating ideas.
• to create technology and market roadmaps in the Internet
and communications areas
• to develop ideas and initiate projects according to these
roadmaps by attracting entrepreneurs to start up new ventures
• to catalyze innovative ideas and provide a driving force to
transform business potential into realized value
• to provide vision and one-stop services to start-up companies
to accelerate progress and increase success rate.
Regardless of location, all incubatees that fit into Vista's roadmap will enjoy
key business and technology synergies, forming a network of strongly
competitive companies.
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ITRI’s Incubation Model
ITRI
Other VC
ITIC TTSC funds
Openlab /
Incubator
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Sinotech Venture Fair 2001 on the scene
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Comments
❧ Compare with America based VC, local VC funds prefer to invest
cases that are at expansion stage, and tend to brush off seed stage
ones. It leaves much room to improve combining VC and
incubation together to nurture hi-tech entrepreneurs.
❧ Most local VC funds and incubators are located in northern Taiwan.
It may result in easier corporation between them within this area
than that in other part.
❧ Taiwan need to explore some effective way combining VC and
technology incubation, and till now ITRI, Vista and NTU could be
benchmark models ongoing
❧ Venture Fair can be a platform to put VCs and venture companies at
incubators together
❧ Government SBIR (Small Business Innovation Research) Program in a way plays the character of seed
money provider to facilitate hi-tech entrepreneurship
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Thank you for Your Attention !
C.J. Chang
SMEA_Incuabtion
Cj@itic.com.tw