风险投资行业预测.ppt

Venture View 2012Venture Capital Industry PredictionsDecember 20111Venture View 2012 Overview• 6th annual survey of venture industry predictions• Conducted in December 2011• Surveyed venture capital professionals and vc-backedCEOs across the United States• More than 500 responses split equally among VC andCEO communities2Venture InvestmentsIn 2012, total U.S. venture investment will:45%45%40%35%32%36%33%31%30%25%20%15%10%5%0%VCs25%CEOsIncreaseDecreaseRemain Same4VCs: How will U.S. VC investment dollars fare byindustry in 2012?Consumer ITHealthcare ITBusiness ITClean Tech3%9%3%8%18%15%36%21%15%15%12%55%64%61%50%16%Med DeviceBiopharma13%15%20%19%58%58%9%7%0%20%Unsure40%Same60%Decrease80%Increase100%5VCs: In which industries do you expect to seeinvestment froth in 2012?Consumer ITHealthcare ITBusiness ITClean TechMed DeviceBipharmaNone3%2%19%14%13%26%73%0%10%20%30%40%50%60%70%80%6VCs: Do you plan to invest in any of the followingglobal regions in 2012?50%50%40%30%19% 19%20%10%14% 12%10%7% 6%4%3%0%VCsNoneIndiaAfricaChinaLatin AmericaJapanWestern EuropeEastern EuropeCanadaMiddle East7VCs: Will there be a seed or early stage fundingshortage in 2012?42%58%YesNo8CEOs: How difficult will it be for companies in yourindustry to raise follow-on money in 2012 vs. 2011?39%23%38%More diffcultLess difficultSame difficulty9CEOs: Will your company raise additional capital in2012?25%75%YesNo10VCs: How will angel investors fare with regards toreturns in 2012 compared to VCs?26%12%62%Better than VCsWorse than VCsSame as VCs11Who will deal term sheet structures favor in 2012?VCsCEOs35%12%53%29%15%56%EntrepreneursVCsEqualEntrepreneursVCsEqual12Venture ExitsVCs: Will there be more or fewer IPOs in 2012 than in2011?OverallTech IPOs8%5%26%23%10%18%63%48%Life SciencesIPOsClean Tech IPOs16%19%25%20%42%46%18%15%0%20%Not Sure40%Same60%Fewer80%More100%14VCs: How will VC-backed IPO quality fare in 2012compared to 2011?OverallTech IPOsLife SciencesIPOsClean Tech IPOs6%9%21%23%38%32%36%30%13%20%11%17%43%39%32%30%0%20%40%60%80%100%Not SureRemain SameDeclineImprove15CEOs: How do you think IPO activity for venture-backed companies will fare in 2012 vs.2011?More IPOsFewer IPOsSame Number ofIPOS18%33%49%00.10.20.30.40.50.6Same Number of IPOSFewer IPOsMore IPOs16VCs: Will there be more or fewer vc-backedacquisitions in 2012 than in 2011?OverallTech IPOs5%7%22%18%4%6%69%69%Life SciencesIPOsClean Tech IPOs18%27%24%20%11%24%48%28%0%20%Not Sure40%Same60%Fewer80%More100%17VCs: How will VC-backed acquisition quality fare in2012 compared to 2011?OverallTech IPOsLife SciencesIPOsClean Tech IPOs9%10%20%27%38%38%32%30%10%10%16%20%43%43%32%23%0%20%40%60%80%100%Not SureRemain SameDeclineImprove18CEOs: How do you think acquisitions activity forventure-backed companies will fare in 2012 vs.2011?More Acquisitions76%Fewer Acquisitions4%Same Number ofAcquisitions20%00.10.20.30.40.50.60.70.819CEOs: Do you plan to cash out a portion of yourpersonal equity in 2012?16%84%YesNo20VCs: How will secondary market activity fare in 2012compared to 2011?22%49%29%More ActivityLess ActivitySame Activity21CEOs: Which activities will your company engage innext year?50%40%36%44%30%20%23%22%10%0%6%6%Acquired by public companyAcquired by private companySell secondary sharesAcquire another companyIPONone22Venture FundraisingVCs: How will U.S. venture capital fundraising fare in2012?31%42%27%IncreaseDecreaseSame24VCs: How will limited partner agreements bestructured in 2012?25%6%69%More favorable to LPsMore favorable to GPsEqual favor to LPs and VCs25Venture-BackedCompany OperationsVCs: How will valuations in your portfolio fare in 2012compared to 2011?25%12%63%IncreaseDecreaseSame27CEOs: How will your company’s valuation fare in 2012compared to 2011?15%5%80%IncreaseDecreaseSame28CEOs: What is your prediction for your company’sheadcount in 2012?4%10%86%IncreaseDecreaseSame29CEOs: In terms of global activity, in 2012 my companywill:18%11%2%69%Increase activityDecrease activityMaintain activityNo activity30VCs: How will you use social media for firm business in2012?60%50%40%30%20%10%58% 56%50%39% 38%11% 10%23%0%VCsPortfolio PRMarket IntelligenceHiringLP CommunicationsFirm PRPublishing thought leadershipFundraisingWont use social media31CEOs: How will you use social media for companybusiness in 2012?80%70%60%50%73%64%54%47%40%30%20%10%0%VCs38%32%12%Public RelationsMarket IntelligenceSales/MarketingThought LeadershipHiringCustomer ServiceWont use social media32Economy and PoliticsHow will the U.S. economy fare in 2012?VCsCEOs38%15%47%31%16%53%ImproveDeclineSameImproveDeclineSame34How will these start-up ecosystems fare in 2012?Silicon Valley60%53%50%40%30%20%10%0%34%13%42%11%47%VCsCEOsImproveDeclineSame35How will these start-up ecosystems fare in 2012?New England50%40%47%34%43%30%25%27%23%20%10%0%VCsCEOsImproveDeclineSame36How will these start-up ecosystems fare in 2012?New York50%40%30%46%18%36%41%18%41%20%10%0%VCsCEOsImproveDeclineSame37VCs: Who will be the Republican nominee for Presidentin 2012?80%70%60%50%40%30%20%79%17%67%27%10%0%VCs4%CEOs6%RomneyGingrichOther38Will President Obama be elected to a second term in2012?44%VCs56%36%CEOs64%YesNoYesNo39For more information:Emily MendellVP, CommunicationsNVCAemendell@nvca.org610-565-3904Kim GagliardiSenior ManagerDow Jones & Companykimberly.gagliardi@603-864-887340。