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.