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.

<p>For entrepreneurs it can be difficult to attract investors. The business plan is a well-known document for that purpose, and is used widely by entrepreneurs and companies. With this in mind, several questions arise. What information in a business plan is important? Do the criteria for information in a business plan differ between banks, venture capital companies, and business angels? What is the perception of a business plan to these investors? These are questions future entrepreneurs have to deal with before taking action and start searching for investors. This thesis investigates the investors’ perspective on the issue of entrepreneurship and business planning.The purpose of this thesis is to broaden the understanding of the business plan as a mean to attract capital for new ventures. It further aims to investigate the relevance of the business plan and the optimal composition of information, according to the investors. A qualitative method has been used in this thesis. Empirical findings have been captured from interviews with relevant actors in the investing market, and thereafter been analyzed with existing theories. The overall conclusion in this thesis is that there is a very broad view of the business plan as a concept. There are different aspects of the business plans roles as a formal mean to attract capital. Obvious differences between how the three different investors evaluate a business plan have been found as well as that the investors find other things than the business plan to be important in a decision. The investors do not look solely on the business plan and then make the decision whether to invest or not. The third conclusion is that all three investors enter a company with different roles, affecting the business’ activities in different ways. Finally, the business plan as a document is never as formal as the theory states. It is surprisingly different from the theory which claims that formality is an important issue in this kind of documents.</p>

<p>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.</p><p>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.</p><p>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.</p><p>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.</p><p>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.</p>

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For entrepreneurs it can be difficult to attract investors. The business plan is a well-known document for that purpose, and is used widely by entrepreneurs and companies. With this in mind, several questions arise. What information in a business plan is important? Do the criteria for information in a business plan differ between banks, venture capital companies, and business angels? What is the perception of a business plan to these investors? These are questions future entrepreneurs have to deal with before taking action and start searching for investors. This thesis investigates the investors’ perspective on the issue of entrepreneurship and business planning.The purpose of this thesis is to broaden the understanding of the business plan as a mean to attract capital for new ventures. It further aims to investigate the relevance of the business plan and the optimal composition of information, according to the investors. A qualitative method has been used in this thesis. Empirical findings have been captured from interviews with relevant actors in the investing market, and thereafter been analyzed with existing theories. The overall conclusion in this thesis is that there is a very broad view of the business plan as a concept. There are different aspects of the business plans roles as a formal mean to attract capital. Obvious differences between how the three different investors evaluate a business plan have been found as well as that the investors find other things than the business plan to be important in a decision. The investors do not look solely on the business plan and then make the decision whether to invest or not. The third conclusion is that all three investors enter a company with different roles, affecting the business’ activities in different ways. Finally, the business plan as a document is never as formal as the theory states. It is surprisingly different from the theory which claims that formality is an important issue in this kind of documents.