Syfte: Syftet med uppsatsen är att ge en ökad förståelse för Venture capitalbolagen och dess portföljbolag. Tanken är sedan att koppla ihop Venture capitalbranschen med den rådande lågkonjunkturen för att se om branschen påverkats, och i så fall på vilket sätt. Metod: Uppsatsen är byggd på en kvalitativ studie. Den kvalitativa studien har utförts med hjälp av tre intervjuer, två via personliga möten och en via telefon. Litteratur och vetenskapliga artiklar har används för att bygga upp teorin. Resultat & slutsats: Författarna har kommit fram till att möjligheten att få Venture capital har minskat under lågkonjunkturen. En stor faktor är att nedgången på börsen lett till överallokering hos bland annat banker och försäkringsbolag som normalt är stora investerare i fonder med onoterade bolag. En annan faktor är att riskviljan hos investerarna har gått ner, vilket har resulterat i att det har blivit svårare att hitta saminvesterare. Bankernas utlåning har även minskat vilket lett till att många mindre bolag har svårt med att få kapital, vilket i sin tur lett till att efterfrågan på kapital har ökat, men inte utbudet. Förslag till fortsatt forskning: Förslag till vidare studier är att se problemet ur en entreprenörs synvinkel. En sådan studie kan ta mer tid att genomföra, men resultatet skulle vara intressant att jämföra från en entreprenörs perspektiv. Då samtliga respondenter påpekat att de lånefinansierade Private equity-bolagen drabbats hårdats av finanskrisen kan det vara intressant att forska kring buy-out inriktade investerare. De investeringar buy-outbolag gör kräver mer kapital, och med dagens klimat på lånemarknaden är de nästintill omöjligt att lånefinansiera till en investering. Uppsatsens bidrag: Uppsatsen bidrar genom att belysa problemet med finansiering till nya och små företag. Framförallt belyser den vilka problem som kan uppstå under en lågkonjunktur.

Studies show that Sweden is a prominent country when it comes to innovations, R&D and patents. These efforts have however not led to commercialization and generation of new businesses, which has led researchers to suspect that many entrepreneurs have defective knowledge regarding how the venture capital industry works and how to operate in order to be successful. The fact that there appears to be a knowledge gap and that receiving funds from investors are important for the growth of entrepreneurial companies and the economy as a whole has awakened our interest to focus our study on this issue. In order to get an insight into which questions an entrepreneur raise before seeking venture capital our study takes its starting point with an entrepreneur who is in the process of seeking venture capital. The different topics presented by the entrepreneur led us to the purpose of the thesis, which is to provide guidance for an entrepreneur in pursuit of venture capital through describing and interpreting how investors assess criteria in potential investments. To gain a greater understanding of what aspects a venture capitalist takes into consideration when evaluating a potential deal we found it necessary to have a personal dialogue with the selected respondents. This resulted in our decision to use a qualitative methodological approach and through a target-oriented selection the entrepreneur and the seven investors were selected. Our empirical study is based on interviews with the selected respondents. The empirical findings and the analysis are compiled together in one chapter. The respondents’ opinions are analyzed together in order to create an overview and to make it possible for the reader to better grasp our findings. The study has resulted in a number of suggestions that are presented in a “hand book-like” manner aimed to help the entrepreneur in the pursuit of venture capital and hopefully other entrepreneurs in similar situations. The concluding remarks are presented in chapter 5.

Aquesta tesi doctoral és el primer estudio exploratori sobre el procés d'inversió dels inversors de capital risc filantròpic en empreses socials. El model, des del punt de vista del finançador, uneix els principis del model tradicional de capital risc amb objectius socials. A través de la provisió de capital i de serveis no-financers a empreses socials, el capital risc filantròpic dóna suport a les necessitats de sostenibilitat de les empreses en què inverteix amb l'objectiu d'afavorir els seus creixement i en últim maximitzar els seus impacte social. La hipòtesis bàsica del capital risc filantròpic és que els fons filantròpics han de ser dirigits a problemes socials importants per la qual cosa els finançadors han de esforçar-se de maximitzar l'impacta del seu finançament donant compte dels resultats a les parts interessades. Els inversors de capital risc filantròpic creuen que la sostenibilitat econòmic- financera de les empreses socials participades pugui ser l'enllaç entre creixement i maximització de l'impacta social: només si aquestes empreses són capaços de ser independents des del punt de vista econòmic, poden enfocar en el seu missió social i per tant maximitzar el seu impacte. De tota manera, la value proposition del model de capital risc filantròpic és fortament diferent de la del capital risc tradicional ja que el primer té l'objectiu de maximitzar l'impacta social, i el segon el rendiment financer de la inversió aquesta. És així clau entendre com les tècniques i l'estructura del procés d'inversió del capital risc es pugui adaptada en el cas del capital risc filantròpic. Basant-se en la teoria de les asimetries informatives i utilitzant una metodologia de recerca articulada en dos passos, aquesta recerca contribueix a la literatura existent de capital risc i emprenedoria social mostrant com problemes de selecciona adversa són gestionats en la fase de deal flow i selecció. A més, s'analitza també la manera com problemes de moral hazard impacten en la fase d'estructuració de la inversió i en la seva fase de post-investment. Els resultats indiquen que les inversions de capital risc filantròpic estan efectivament caracteritzades per un alt nivell de selecciona adversa que es gestiona amb una recerca proactiva de noves inversions i tenint en compte sobretot el factor humà. Al contrari, el moral hazard d'unes qüestió marginal en les fases de deal structuring i post-investment, amb els inversors que es aporten més com stewards de les empreses finançades que com a principals. / Esta tesis doctoral es el primer estudio exploratorio sobre el proceso de inversión del capital riesgo filantrópico en empresas sociales. El modelo, desde el punto de vista del financiador, une los principios del modelo tradicional de capital riesgo con objetivos sociales. A través de la provisión de capital y de servicios no-financieros a empresas sociales, el capital riego filantrópico apoya las necesidades de sostenibilidad de las empresas en que invierte, con el objetivo de favorecer su crecimiento y como último objetivo maximizar su impacto social. La hipótesis básica del capital riesgo filantrópico es, que los fondos filantrópicos deben ser dirigidos a problemas sociales importantes por lo cual los financiadores tienen que esforzarse en maximizar el impacto de su financiación dando cuenta de los resultados a las partes interesadas. Los inversores de capital riesgo filantrópico creen que la sostenibilidad económico-financiera de las empresas sociales participadas puede ser el enlace entre crecimiento y maximización del impacto social: solo si estas empresas son capaces de ser independientes desde el punto de vista económico, pueden enfocarse en su misión social y por lo tanto maximizar su impacto. De todas formas, la value proposition del modelo de capital riesgo filantrópico es considerablemente distinta de la del capital riesgo tradicional ya que el primero tiene el objetivo de maximizar el impacto social, y el segundo el rendimiento financiero de la inversión misma. Es así clave entender como las técnicas y la estructura del proceso de inversión del capital riesgo se pueda adaptar en el caso del capital riesgo filantrópico. Basándose en la teoría de las asimetrías informativas y usando una metodología de análisis articulada en dos pasos, esta investigación contribuye a la literatura existente de capital riesgo y de iniciativas emprendedoras sociales demostrando, como problemas de selección adversa son gestionados en la fase de deal flow y selección de las inversiones. Además, se analiza también la manera en que problemas de comportamientos oportunistas impactan en la fase de estructuración de la inversión y en su fase de post-investment. Los resultados indican que las inversiones de capital riesgo filantrópico están efectivamente caracterizadas por un alto nivel de selección adversa que se gestiona con una búsqueda proactiva de nuevas inversiones y teniendo en cuenta sobre todo el factor humano. Al contrario, el problema de comportamientos oportunistas resulta ser una cuestión marginal en las fases de estructuración de la inversión y de post-investment, con los inversores que actúan mas como stewards de las empresas financiadas que como principales. / This dissertation is a first exploratory study on philanthropic venture capital, a new and particular financing form available for social entrepreneurs that unites the profit-seeking investment principles characterizing the traditional venture capital investment model with social aims. The provision of capital and non-financial services to social enterprises are considered of key importance towards the maximizations of social impact as both elements are needs to enable social enterprises in becoming self-financially sustainable and thus able to successfully play in the marketplace. The main assumption underlying the philanthropic venture capital's value proposition is that size matters: funding growing social organizations is a sign of social success and relevance. The basic commitments are grounded in the belief that philanthropic funds need to be applied to important social problems and that funders must strive to maximize the social impact of their investment and only through growth the aim can be achieved. Philanthropic venture capitalists believe sustainability can be the link between growth and social impact maximization: if social enterprises are able to become self-financially sufficient, they can focus on their social mission. However, since the value proposition of the venture capital and philanthropic venture capital investment models are different, the key issue is understanding how the practices used in the former are modified by the latter. Grounded in an asymmetric information and stewardship theory framework and using a two step research design, I build on and contribute to previous work on venture capital and social entrepreneurship showing how adverse selection is mitigated in the deal flow and selection stages of the investment model. In addition to this, I also analyze how moral hazard issues shape the deal structuring and post-investment phases. Results indicate that philanthropic venture capital investments are indeed characterized by adverse selection which is managed through a proactive search of new deals which are then selected based on the human capital of the social entrepreneur. On the contrary, moral hazard tends to be a marginal issue in the deal structuring and post-investment phased of the investment, with investors acting as stewards of the organizations they back rather than principals.

Syfte: Studiens syfte är att undersöka ”venture capital”-branschen och hur omfattande problemen med asymmetrisk information och ”moral hazard” är samt hur risk hanteras. Syftet är också att arbeta fram en hypotes för framtida kvantitativ forskning.   Ansats/metod: Med en deduktiv ansats har en kvalitativ studie genomförts. Datainsamling av empirisk primärdata har skett genom semi-strukturerade intervjuer.   Teoretisk referensram: Det teoretiska kapitlet tar upp grundläggande teorier kring asymmetrisk information, ”moral hazard”, ”agency costs” och riskhantering. Avsnittet tar även upp metoder för att motverka och minimera effekterna av agent-problemet.   Empiri: I empirikapitlet redogörs för de fem intervjuer som genomförts med personer som representerar fem olika VC-bolag. Det empiriska kapitlet visar hur bolagen arbetar i investeringsprocessen med att hantera risk.   Slutsats: Uppsatsens slutsats visar på relativt stora skillnader mellan vad som beskrivs i den teoretiska referensramen jämfört med hur svenska VC-bolag arbetar.

Abstract As for the biotechnology industry development had constructed the basis of favorable environment in Taiwan, government gives fresh impetus to biotechnology industry in recent years. The Executive Yuan established ¡§Bio Taiwan Commission (BTC)¡¨ on 2004. For the purpose of strengthen the development blueprint of biotechnology industry; the BTC belong to the rank of national policy. The government shows its determination to develop this new and developing industry by marking biotechnology industry as priority event on biotechnology industry strategy convention in latest 5 years and ¡§The challenge to year 2008 nation development significant plan¡¨. The management problems, which are brought with this new and developing industry, needs to be resolved one by one. This study focus on biotechnology industry, which is high risk long-term development, huge money investment on research and development, people¡¦s conservative investment attitude¡Ketc characters. The purpose of this study is not only to establish an valid assessment dimensions and assessment items on investment evaluation of venture capital; but also that in order to reduce the risk of investment. This study not only examines the investment evaluation standard on starting enterprises in the past but also generalizes overall assessment dimensions based on characters of biotechnology industry. The overall assessment dimensions are: management team; product technology; market size and marketing; financial management and patent. The study also includes individual assessment items and discussion of significance level. These assessment items include team competency; social experience; product features; product technology and manufacture; marketing access; financial forecast rationality; capital requirements; patent layout and contract¡Ketc. The result demonstrate that investment manager insist on attention significance level from these items analysis. This research method is based on questionnaires and in-depth interview, which establish appropriate investment standard on biotechnology industry. The research outcome shows management team is first priority on overall assessment dimensions. This research explain goal-oriented; management ability in a team; product life cycle; critical technology; marketing access; capital expenditure; stock price rationality; patent range and related party transactions that are first tier on significance level. These studies reveal that investors focus on what evaluation factor is import and provide for a reference to fund-raising of biotechnology companies in the future. Key words: venture capital, investment evaluation, assessment dimensions, assessment items, significance level

This study analyzed venture capital investment criteria of Taiwan¡¦s movie industry by the method of literature review and in-depth interviews. There are four directions to estimate whether a movie is investment-worthy or not. There are followed by movie marketing, the team of movie-making, movie financial status and movie contents. 1.Movie Marketing Movie marketing contains the following factors: the movie proposal contents are made by producers or directors when searching for venture capital investments, film making team¡¦s marketing and selling abilities. 2.The Team of Movie-making The team of movie making contains the following factors: the director and the producer¡¦s experience and personalities; the quality of cooperation in the movie-making team, and the last one factor is other movie investors, who are estimated by their experience. 3.Movie Financial Status This part is made of the following factors: the cash flow of the film making team, and the financing and operation ability of the team. 4.Movie Contents This part contains the following factors: first, the skills of movie-making, including cinematography skills, written skills, post-producing skills and etc.. Second, the feature of the movie. It contains stars, story and etc.. The last factor is cost controlling abilities of movie-making.

Extensive relevant literatures, the research of the company , Hi-Tech industry , semiconductor industry is quite abundant to starting an undertaking, mostly leave for the discussion in terms of pioneering venture capital company, Its content has: Achieve the investment of investing the company and financing behavior , influence achieving and throwing the factor that the company invests in , achieving and throwing the company to the administration behaviour carried on of venture capital company. Lack researchs to probe into the behaviors of venture capital company as different industry life cycle stages for company behavior. So, this research attempts to base on business model of semiconductor industry and the products demand characteristic of the semiconductor, in order to find out about venture capital company¡¦s business model. Take the quality research approach mainly in this research, through investing the relevant personage of the industry and carrying on depth interview with start an undertaking to the industry of the semiconductor. The result of study is found: First, in the development in the future of IC industry, large-scale IDM and the competitions of Virtual IDM two kinds of main types of operation will appear; Second, will achieve and throw for the subject with the group type in achieving and throwing the development in the future of the cause in Taiwan; Third, make an investment in industry of the semiconductor more types of operation of going into operation industry of wound are under the jurisdiction of the passive role, receiving the type of operation of semiconductor manufacturer and demand characteristic of the products mainly influences; Fourth, on industry's technology import respect of the semiconductor, research unit and person who creates throwing industry of the industry are cognitive and different. So, it is mainly adjusted with transition of the demand characteristic of the products on the type of operation of the industry of the semiconductor of Taiwan that this research is thought. It is more passive role to create the going into operation industry , is interacted with demand characteristic of the products to leave and react by the semiconductor manufacturer mainly. So, in the development in the future, with the merger trend of the industry of the semiconductor, Taiwan¡¦s venture capital company will also move towards the way to combine.

Entrepreneur is the destructor of present mechanism, but entrepreneur also can be the value creator of company. If company can make good use of the energy of the entrepreneur, entrepreneur will create enormous value for the company. So how to manipulate the power of entrepreneur becomes an important issue. This article discusses this issue from a perspective of Corporate Venture Capital. According to the independent-unit characteristic of CVC, start-up can avoid rigid bureaucracy and culture. The whole value creation process is as follows: Through CVC, parent company supports entrepreneur to build up business, and parent company will receive strategic value when start-up succeeds. There are two kinds of strategic value; one is the purpose of investment plan, another one is the activation of Corporate Entrepreneurship. As we know, when the core element of investment plan is entrepreneur, the plan is basically different from other plans. The essence of the investment plan which is based on the power of entrepreneur is Corporate Entrepreneurship. The definition of CE in this article is the process in which company makes use of individual entrepreneurship under the common vision to do innovative activities to create strategic value for the organization. In other words, from CVC perspective, the managing model of CE is the new venture growth model. CVC can follow the new venture growth model to support entrepreneur to build up business, and the success of start-up can return strategic value to parent company and promote the Corporate Entrepreneurship of parent company. After the discussion of the ecosystem, culture and investment cases of IC design industry in Taiwan, we interview three professional in CVC area to get further details. Then we build the new venture growth model for company to make good use of the power of entrepreneurs.

The concept of ¡§Web 2.0¡¨ is starting. It takes ¡§the interaction, the participation, and the sharing¡¨ as the core value.Web2.0 not only creates a unique business model, but also makes many Internet entrepreneurs miracles. Many domestic and international Web2.0 new ventures set up only a few years but have pretty high value. These successful stories attract countless creative young people, they use the Internet as a tool to make their own dreams come true again. The service industry is the core of the industrial structure in Taiwan. But compared to other developed countries, the service industry of Taiwan creates fewer employment opportunities. Taiwanese who lose their jobs are younger and younger. Besides the most special point is the better education they get, the higher unemployment rate it shows. The development of the Web2.0 service industry provides a great solution for industrial restructuring and the improvement of career problems in the future. Funding is the most important factors of the new ventures, but it is difficult for Web2.0 companies to fund because of their special characters. The development of Web2.0 new ventures includes concept formation, company foundation, breakeven and IPO. That can be separated seed, startup, expansion and mezzanine stages. Each stage has its own special funding gap and difficult as follows : 1. Application not permitted, unable to obtain grants or concessionary loans. 2. Little scale and high risk of Web2.0 companies, unable to attract venture capital industry participation. 3. Value of Web2.0 companies is focus on intangible assets, the lack of secured financing. 4. Compared with large enterprises, it is difficult for Web2.0 companies to apply for grants from our government. 5. Lack of resources to contact with famous enterprises or venture capital. Suggestion: 1. Create the ¡¨Web2.0 innovative service R&D program¡¨. 2. Set the ¡¨Web2.0 angel fund¡¨. 3. Enhance Web2.0 companies credit. 4. Provide counseling service for Government subsidies programs. 5. Make a venture capital communication and cooperation platform.

Accompanied by the enormous losses cause by the worldwide economic recession and Internet bubbles, venture capital industry at the same time is faced with another crucial problems: for a venture capital firm, what characteristics should a venture capitalist possess? How does these characteristics influence the behaviors of the venture capital firms and venture capitalists themselves? As everyone knows, venture capital firms differ significantly in business strategies and fund sources, thereby give rise to the difference of venture capital firms in selecting the characteristics of venture capitalists. Therefore, universal traits and characteristics of venture capitalists are difficult to find out. In the circumstances, venture capital firms must understand how venture capitalists characteristics may influence investment behaviors and strategies. By means of the analysis of the characteristics of venture capitalists and venture capital firms, this study tries to find out the important factors affecting the behaviors of venture capitalists. Through the empirical research towards the Taiwan venture capitalists, several findings are presented in this study. As finding shows, some characteristics of venture capital firms such as firm age have a great influence on the behaviors of venture capitalists. Moreover, from the insignificance of some factors examined in this study, we conclude that there are still some structural factors influencing the behaviors of venture capitalists.