公司风险资本投资分析报告

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2
Ernst & Young/VentureOne Investment Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
The Global CVC Today . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
Appendix A: Interview Participants for the Global CVC Today . . . . . . . . . . . . . . . . . . . .14
Appendix B: Advisory Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
Appendix C: Global VCAG Contact Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

To Our Clients and Other Friends:
Welcome to Ernst & Young’s Global Corporate Venture Capital
Report for 2002. It has been a year since the publication of our
inaugural Corporate Venture Capital (CVC) Report - a year not
lacking for challenges in the venture capital industry. Excess capital,
portfolio triage and consolidation, as well as a thinning of VC
firms were just a few of these challenges. Economic conditions
have exacted a toll on the CVC industry as well. Many of the corporations
that initiated programs at the peak of the public markets
were not able to sustain their venturing activities in the face of
pressure to preserve cash.
Yet, amidst the struggle, a number of CVCs have quietly, consistently
managed to entrench themselves in corporations throughout
the world. They continue to demonstrate the unique role they can
play in enhancing the parent corporation’s prospects for global
growth. For these CVCs, and for others who follow similar
models, it seems there is a future.
As opposed to last year’s report, which focused primarily on the
identification of high-level trends in the industry, this year’s report
has a more tactical orientation. We centered our research on identifying
keys to creating and sustaining a successful corp

 

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