Benchmarking the Global VC Industry -- Emerging vs. Mature Markets
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This presentation will compare the more mature venture capital markets of the United States, Europe, and Israel with the larger emerging venture capital markets of China and India.
Most analyses being presented are as recent as the second and third quarters of 2009 and will include:
- Venture capital investment by number of deals and dollar amounts by stage and industry
- Valuation benchmarks by industry and geography
- Exit benchmarks by industry sector and exchange
- Comparing specific differences of startups through their life cycles
- Venture capital firms investing in other geographies
- Cleantech deals and their latest performances
The methodology used in the analysis differs from the traditional Western model (comparison by round), since the investment patterns in emerging markets are very different.
About the speaker:
Dr. Martin Haemmig's venture capital research covers 13 countries in Asia, Europe, Israel, and USA. He lectures and/or performs research at numerous universities across the U.S., Europe, China and India. He has authored books on the Globalization of Venture Capital. He is Senior Advisor on Venture Capital at SPRIE and advises on venture capital for China's Zhongguancun Science Park. Martin Haemmig earned his electronics degree in Switzerland and his MBA and doctorate in California, and worked for almost 20 years in global high-tech companies in Asia, Europe and the U.S. before returning to his academic career. He became Swiss national champion in marketing in 1994.
Philippines Conference Room
Martin Haemmig
Speaker
Seminars
A Historical Perspective on the Development of the VC Industry in Silicon Valley--Are We in a New Era?
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Formal venture capital investing in Silicon Valley has been underway for more than 50 years. It was in the Valley that the limited partnership format was first used for venture capital. Whereas, originally Silicon Valley VCs were mostly from a finance background, very early on individuals with operating experience formed or joined partnerships.
Perhaps most important was the tight linkages between the venture capitalists and the nearly continuous evolution of information technologies. The enormous returns from information technologies enabled Silicon Valley VCs to make very early investments in other technologies ranging from biotechnology to nanotechnology. These returns also encouraged high levels of risk-taking.
Through the use of a historical perspective, the concluding remarks will reflect upon the current dire straits for venture capital.
Martin Kenney is a Professor at the University of California, Davis, a Senior Project Director at the Berkeley Roundtable on the International Economy, as well as a fellow at the Center for Entrepreneurship at UC Davis. He has authored or edited five books and over 120 scholarly articles on the globalization of services, the history of venture capital, university-industry relations, and the development of Silicon Valley. His two recent edited books Understanding Silicon Valley and Locating Global Advantage (with Richard Florida) were published by Stanford University Press where he is the editor of a book series in innovation and globalization. Currently, he is preparing a book on the history and globalization of the venture capital industry.
Philippines Conference Room
Martin Kenney
Professor
Speaker
University of California, Davis
Seminars
Better Governance by Remote Control? How Foreign Donors Steer ASEAN
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Few realize that foreign donors currently disburse funds of at least $ 50 million annually on behalf of the integration of the ASEAN region. This amount is more than the triple the size of ASEAN’s official annual budget of $ 14 million. Goals of this foreign support include speeding the establishment of a customs unit, strengthening regional intellectual-property regimes, and empowering civil society to further ASEAN’s plan to create a fully integrated regional community by 2015. The “ASEAN-US Technical Assistance and Training Facility” alone has a budget of US$ 20 million for the period 2008-2012.
Few also realize the extent to which ASEAN’s far-reaching dependence on donor support—financial help and expert advice—has diminished the organization’s ownership of the regional integration process. In this lecture, Prof. Dosch will argue that foreign donors have begun to steer Southeast Asian regionalism.
What motivations and assumptions inform the support of Southeast Asian integration by foreign donors? Do they cooperate—or compete—in pursuit of this goal? Do the projects they favor reflect one-size-fits-all formulas that neglect the extreme political and economic diversity of Southeast Asia? The talk will address these and other rarely asked questions that challenge the conventional image of ASEAN as a model of successful external diplomacy for regional development.
Jörn Dosch is Chair in Asia Pacific Studies and Director of the East Asian Studies Department at the University of Leeds, UK. He was previously a Fulbright Scholar at Shorenstein APARC and an assistant professor at the University of Mainz, Germany. Dosch has published some 70 books and academic papers on East and Southeast Asian politics and international relations Recent titles include The Changing Dynamics of Southeast Asian Politics (2007) and “ASEAN's Reluctant Liberal Turn and the Thorny Road to Democracy Promotion,” The Pacific Review (December 2008). He has also worked as a consultant for UNDP, the German Foreign Office, and the European Commission. Recently he evaluated the European Union's cooperation programs with ASEAN and several of its member states. His 1996 PhD in political science is from the University of Mainz.
Daniel and Nancy Okimoto Conference Room
Jörn Dosch
Professor of Asia Pacific Studies
Speaker
University of Leeds, United Kingdom
Seminars
SPRIE kicks off fall quarter with "Silicon Valley Leaders Forum"
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On Thursday, September 24, the Stanford Program on Regions of Innovation and Entrepreneurship (SPRIE) is pleased to present the "Silicon Valley Leadership Forum: Changing Silicon Valley," a forum featuring addresses by Dr. John Hennessy, President, Stanford University; Mr. James C. Morgan, Chairman emeritus, Applied Materials; and Dr. John Seely Brown, Independent Co-Chairman, Deloitte Center for Edge Innovation, as well as a special panel focus on how venture capital is changing in the Valley.
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Shorenstein APARC launches the annual Stanford-Kyoto Dialogue, focusing on energy and the environment
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The Shorenstein Asia-Pacific Research Center inaugurates the Stanford Kyoto Trans-Asian Dialogue on 10 and 11 September 2009, with the cooperation of the Stanford Japan Center and the generous support of the City of Kyoto and other donors.
The Dialogue gathers established and rising leaders in various sectors - industry, media, academia, politics - for annual discussion of critical issues of shared concern. Experts from Stanford University and specialists from around the region will launch the Dialogue sessions in focused topics within the annual theme. The 2009 Dialogue centers on the question of "Energy, Environment, and Economic Growth in Asia," with sessions on the Geopolitics of Energy in Asia, Energy Efficiency, Clean Technology, and Post-Kyoto Greenhouse Gas Emissions.
Benjamin Self, Takahashi Fellow in Japanese Studies, directs the effort. "The Dialogue brings together distinguished experts from Stanford and Silicon Valley, top specialists from around the region, and leaders in various fields. The meeting begins with an exploration of the influence of energy competition on international relations in Asia. After establishing the geopolitical context the group will explore new ideas on how to promote energy efficiency, clean technology, and the reduction of carbon emissions."
The Stanford Kyoto Dialogue creates a new regional forum, with diverse participation from not only Japan but also South Korea, China, Vietnam, Indonesia, India, and Singapore. Working with the City of Kyoto, famous for "green" initiatives, Stanford's Shorenstein APARC will support inventive collaboration on common challenges.
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Prospects for a Regional Human Rights Court in Southeast Asia
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Carolyn A. Mercado is a senior program officer with The Asia Foundation in the Philippines. In this position she manages the Law and Human Rights program. She assists in the development, implementation, monitoring, and evaluation of other selected activities within the Foundation's Law and Governance program and handles mediation and conflict management, and other forms of dispute resolution processes. She has also served as a temporary consultant to the Asian Development Bank on the Strengthening the Independence and Accountability of the Philippine Judiciary project and the Legal Literacy for Supporting Governance project.
Prior to joining the Foundation, Ms. Mercado was an intern with the Center of International Environmental Law in Washington. Previously, she served consultancies in Manila for the World Bank, the United Nations Development Programme, the International Maritime Organization, NOVIB, and the Philippines Department of Environment and Natural Resources. She has served as lecturer on environmental law at Ateneo de Manila University, San Sebastian College of Law, and the Development Academy of the Philippines. She also previously served as executive director of the Developmental Legal Assistance Center, corporate secretary of the Alternative Law Groups, and as a legal aide to a member of the Philippine Senate.
Education: B.A. in political science from the University of the Philippines; LL.B. from the University of the Philippines College of Law. She was also a Hubert Humphrey Fellow in international environmental law, University of Washington and a European Union Scholar in environmental resource management, Maastricht School of Business in the Netherlands.
CO-SPONSORED BY SEAF
Encina Ground Floor Conference Room
Carolyn Mercado
Senior Program Officer
Speaker
The Asia Foundation
Seminars
Energy, Environment, and Economic Growth in Asia
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This dialogue will bring together distinguished experts from Stanford and Silicon Valley, top specialists from around the region, and leaders in various fields such as business, politics, academia, and media. We will begin with an exploration of the influence of energy competition on international relations in Asia. After establishing the geopolitical context the group will explore new ideas on how to promote energy efficiency, clean technology, and the reduction of carbon emissions.
Experts will look closely at the Japanese experience in the development and dissemination of energy efficient and pollution-control technologies, critical elements of meeting growing demands for energy without causing greater harm to the environment. We will discuss how the United States, under the new Obama administration, may contribute more to the reduction of carbon emissions and the advance of alternative energy technologies. And we will analyze how the growing energy consumers in developing Asia can join a post-Kyoto Protocol that effectively mitigates the environmental impact of energy use and reduces the tensions arising from competition for energy resources.
Kyoto International Community House Event Hall
2-1 Torii-cho,Awataguchi,
Sakyo-ku Kyoto,606-8536
JAPAN
Seminars
Silicon Valley Leaders Forum: Changing Silicon Valley
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On Thursday, September 24, 2009, the Stanford Program on Regions of Innovation and Entrepreneurship (SPRIE) at the Shorenstein Asia-Pacific Research Center will be convening a Silicon Valley Leaders Forum.
This public forum will bring together area researchers and thought leaders to discuss the turbulent changes the Valley is experiencing and address the question of whether the fundamental drivers that have enabled the region to be an innovative and entrepreneurial world leader will continue to be in play in coming years.
This event will serve as the kickoff for SPRIE's latest research project on Silicon Valley's next phase of transformation, a further and updated exploration of the ideas in The Silicon Valley Edge.
The first part of the day will feature a lineup of Silicon Valley luminaries, and the afternoon will close with a panel focused on changes in the venture capital industry.
Lunch will be served and paid registration is required for this event.
Schedule:
| 8:00 a.m. - 8:30 a.m. | Registration |
| 8:30 a.m. - 9:30 a.m. | "Stanford and its (changing) relationships with Silicon Valley"
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| 9:30 a.m. - 10:30 a.m. | "Change is the Medium of Opportunity: Channeling Silicon Valley's Strengths to Lead on the Challenges of the 21st Century"
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| 10:30 – 10:45 a.m. | Break |
| 10:45 -11:45 a.m. | "The Entrepreneur and The Cloud—Silicon Valley Rejuvenated"
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| 11:45 a.m. – 1:00 p.m. | Lunch |
| 1:00 p.m. – 2:00 p.m. | "Silicon Valley's Innovation Engine: Are We a Resilient Region?"
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| 2:00 – 3:30 pm | Venture Capital Panel
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Keynote speakers:
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John L. Hennessy joined Stanford's faculty in 1977 as an assistant professor of electrical engineering. He rose through the academic ranks to full professorship in 1986 and was the inaugural Willard R. and Inez Kerr Bell Professor of Electrical Engineering and Computer Science from 1987 to 2004.
From 1983 to 1993, Dr. Hennessy was director of the Computer Systems Laboratory, a research and teaching center operated by the Departments of Electrical Engineering and Computer Science that fosters research in computer systems design. He served as chair of computer science from 1994 to 1996 and, in 1996, was named dean of the School of Engineering. As dean, he launched a five-year plan that laid the groundwork for new activities in bioengineering and biomedical engineering. In 1999, he was named provost, the university's chief academic and financial officer. As provost, he continued his efforts to foster interdisciplinary activities in the biosciences and bioengineering and oversaw improvements in faculty and staff compensation. In October 2000, he was inaugurated as Stanford University's 10th president. In 2005, he became the inaugural holder of the Bing Presidential Professorship.
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James C. Morgan is chairman emeritus of Applied Materials. He previously served as chairman of the board from 1987 to 2009 and as chief executive officer from 1977 to 2003. Prior to joining Applied Materials as president in 1976, he was a senior partner with WestVen Management, a private venture capital partnership affiliated with the Bank of America Corporation. Prior to WestVen, he was with Textron, a leading diversified manufacturing company.
With one of the longest tenures of any FORTUNE 500 CEO, Mr. Morgan has an extensive history in business and philanthropy. Mr. Morgan is a recipient of the 1996 National Medal of Technology for his industry leadership and for his vision in building Applied Materials into the world's leading semiconductor equipment company, a major exporter and a global technology pioneer which helps enable the Information Age. Awarded by the President of the United States, the Medal of Technology recognizes technological innovators who have made lasting contributions to America's competitiveness and standard of living. Among his many honors, Mr. Morgan is a recent recipient of the prestigious Semiconductor Industry Association Robert N. Noyce Award, the highest honor bestowed by the SIA, for outstanding achievement and leadership in support of the U.S. semiconductor industry, and the Spirit of Silicon Valley Lifetime Achievement Award from the Silicon Valley Leadership Group, for his ethics, community engagement and business success.
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John Seely Brown is the Independent Co-Chairman of the Deloitte Center for Edge Innovation. In addition, he is a Visiting Scholar and Advisor to the Provost at USC.
Prior to that he was the Chief Scientist of Xerox Corporation and the director of its Palo Alto Research Center (PARC)--a position he held for nearly two decades. While head of PARC, Brown expanded the role of corporate research to include such topics as organizational learning, knowledge management, complex adaptive systems, and nano/mems technologies. He was a cofounder of the Institute for Research on Learning (IRL). His personal research interests include the management of radical innovation, digital youth culture, digital media, and new forms of communication and learning.
John, or as he is often called--JSB-- is a member of the National Academy of Education and a Fellow of the American Association for Artificial Intelligence and of AAAS and a Trustee of the MacArthur Foundation. He serves on numerous public boards (Amazon, Corning, and Varian Medical Systems) and private boards of directors. He has published over 100 papers in scientific journals and was awarded the Harvard Business Review's 1991 McKinsey Award for his article, "Research that Reinvents the Corporation" and again in 2002 for his article "Your Next IT Strategy."
In 2004 he was inducted in the Industry Hall of Fame.
With Paul Duguid he co-authored the acclaimed book The Social Life of Information (HBS Press, 2000) that has been translated into 9 languages with a second addition in April 2002, and with John Hagel he co-authored the book The Only Sustainable Edge which is about new forms of collaborative innovation. It also provides a novel framework for understanding what is really happening in off-shoring in India and China and how each are inventing powerful news ways to innovate, learn and accelerate capability building.
JSB received a BA from Brown University in 1962 in mathematics and physics and a PhD from University of Michigan in 1970 in computer and communication sciences. In May of 2000 Brown University awarded him an honorary Doctor of Science Degree. It was followed by an Honorary Doctor of Science in Economics conferred by the London Business School in July 2001. And in May of 2004 he received an Honorary Doctor of Humane Letters from Claremont Graduate School. In 2005, he received an honorary doctorate from University of Michigan and delivered their commencement speech.
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Doug Henton has more than 30 years of experience in innovation and economic development at the national, regional, state, and local levels. Doug is nationally recognized for his work in bringing industry, government, education, research, and community leaders together around specific collaborative projects to improve regional competitiveness.
Doug is a consultant to the California Economic Strategy Panel, California's state economic strategy process linked to innovation, industry clusters, and regions. He has worked extensively in California to help develop regional economic and innovation strategies for Silicon Valley, Sonoma, Sacramento, Santa Barbara, San Diego, the Central Valley, and others. He was primary consultant to the Fresno's Regional Jobs Initiative, which used the clusters of opportunity methodology to identifying promising areas for development. Doug has also consulted with the California Partnership for the San Joaquin Valley, advising on economic development strategies. He has worked with the Great Valley Center on identifying promising areas for economic development, including renewable energy. In addition, Doug has worked with Next 10 on the continued development of the California Green Innovation Index.
He has also been consultant to several other state and regional agencies and organizations, including the Massachusetts Technology Collaborative, Chicago Metropolis 2020, the Potomac Conference, and Arizona Partnership for a New Economy. He has assisted Oregon with its current strategy for economic development, and has advised governors in New York, Ohio, Washington, and others on their economic and workforce policies.
Doug holds a Bachelor's degree in Political Science and Economics from Yale University and a Master of Public Policy degree from the University of California, Berkeley.
Venture Capital Panelists:
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Neal Bhadkamkar is a co-founder of Monitor Venture Partners, L.P. (MVP), an early stage venture capital fund affiliated with The Monitor Group. MVP invests in seed and first round companies that are commercializing technologies in markets where Monitor Group's knowledge and client base can be used to reduce market risk. He is currently on the boards of Nanostellar, a catalyst company based on nano-scale materials design, and Verdezyne, a "green chemistry" company based on synthetic biology. He is also a board observer at Matisse Networks, which designs, manufactures and sells metro-area Ethernet switches based on Ring Optical Burst Switching.
Prior to establishing MVP, Neal was VP of Engineering and Manufacturing at Zowie Intertainment, an Interval Research spin-off that made "smart-toys". At Zowie he oversaw the design and manufacture of custom ASICs, firmware, game software, plastic parts and the final product using a supply chain that spanned five countries. Before Zowie, Neal was at Paul Allen's Interval Research Corporation, initially as a member of the research staff and later as the head of Interval's commercialization activity, in which role he managed the transition of research projects into commercial ventures. Earlier in his career Neal was a management consultant with the Boston Consulting Group and with the Monitor Group, and was a Research Associate at the Harvard Business School.
Neal has a PhD. in Electrical Engineering from Stanford University, an MBA from Harvard Business School, and a Bachelor of Technology degree from the Indian Institute of Technology, Delhi. Neal lives in Palo Alto, California with his wife and three children.
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Bob Patterson is a Silicon Valley venture capitalist with Peninsula Ventures. He is now pursuing on a full time basis a career begun in the 70's while practicing international corporate law with Squire, Sanders & Dempsey. Educated in Physics and Nuclear Engineering at UCLA and the U.S. Navy, before attending Stanford Law School and the Stanford GSB Executive Program, his legal and business career has focused on technology based entrepreneurship and the study of the science of capital formation for entrepreneurial based businesses, both domestically and internationally.
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Marianne Wu is a Partner at MDV where she focuses on Cleantech investments. These typically involve significant technology or business model breakthroughs applied to large, evolving markets such as solar, biofuels and chemicals, clean coal, energy efficiency, smart grid, and water treatment and management. She leverages over 15 years of technology development and business experience to help entrepreneurs build meaningful, successful businesses. At MDV, she is on the Board of Laurus Energy and works closely with Zeachem and Catilin.
Marianne has been named one of Top 10 Women in Cleantech and one of Silicon Valley's Women of Influence. She is on the Advisory Committees of the Cleantech Open, Western Governors' Association, SdForum and Astia. She is a member of the Hua Yuan Science and Technology Association (HYSTA) VC Group and Environmental Entrepreneurs.
Prior to joining MDV, Marianne was VP Marketing at ONI Systems where she was responsible for product strategy and market development. Earlier in her career, Marianne was a consultant at McKinsey and Company where she advised major technology clients on strategic and operational issues. Marianne has conducted state-of-the-art research in materials, devices, and systems at Stanford University and started her career as a design engineer at Nortel Networks where she developed high-speed networking technologies.
Marianne earned both her doctoral and master's degrees from the School of Engineering at Stanford University and her bachelor's in Applied Science at the University of British Columbia.
Bechtel Conference Center
John Hennessy
President, Stanford University
Speaker
James C. Morgan
Chairman Emeritus, Applied Materials
Speaker
John Seely Brown
Independent Co-Chairman, Deloitte Center for Edge Innovation
Speaker
Doug Henton
Chairman and CEO, Collaborative Economics
Speaker
Workshops
Honorable Survivor: Mao's China, McCarthy's America and the Persecution of John S. Service
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John Stewart Service (3 August 1909 - 3 February 1999) was an American diplomat who served in the Foreign Service in China prior to and during World War II. Considered one of the State Department's "China Hands," he was an important member of the Dixie Mission to Yan'an. Service correctly predicted that the Communists would defeat the Nationalists in a civil war, but he and other diplomats were blamed for the "loss" of China in the domestic political turmoil following the 1949 Communist triumph in China. In the immediate postwar years, Service was indicted in the Amerasia Affair in 1945, of which a Grand Jury cleared him of wrongdoing. In 1950 U.S. Senator Joseph McCarthy launched an attack against Service, which led to investigations of the reports Service wrote while stationed in China. Secretary of State Dean Acheson fired Service, but in 1957 the U.S. Supreme Court ordered his reinstatement in a unanimous decision.
Notable reviews:
"Sometimes a writer can use one person's story to illuminate an entire piece of history, and that is what Lynne Joiner does in her engrossing and readable book. . . . This is both a solid addition to scholarship of the Cold War era and the moving, very personal story of the life of one man: brilliant, flawed, long suffering, and honorable indeed."
-Adam Hochschild, author of King Leopold's Ghost: A Story of Greed, Terror, and Heroism in Colonial Africa
"Joiner ably tells the tragic story of a good American laid low by the basest kind of character assassination masquerading as anti-Communism. All one can say is: 'Read this book and weep!"
-Orville Schell, Director of the Center for US-China Relations, Asia Society.
"Jack Service's experiences in wartime China and postwar America are an exciting tale with important resonances for current foreign policy challenges in countries like Afghanistan, Iraq, Pakistan, and Iran as well as U.S.-China relations. I can't wait to see the movie."
-Susan L. Shirk, former Deputy Assistant Secretary of State (1997-2000); currently Director, University of California Institute on Global Conflict and Cooperation, U.C.-San Diego
‘This maelstrom of political intrigue, with Service at the center, is presented in well-documented and engaging detail. It is critical reading for anyone concerned with China policy and an instance of Congress and the FBI subverting justice."
-Richard H. Solomon, former Assistant Secretary of State for East Asian and Pacific Relations; currently President of the U.S. Institute of Peace
"Honorable Survivor is the gripping tale of one man's extraordinary life in wartime China and the Kafkaesque era of McCarthyism in America. Lynne Joiner does a masterful job of using new materials to illuminate how personal decisions, great historical forces, and the actions of vindictive and overzealous officials shaped developments in China, the United States, and U.S.-China relations in ways that have yet to be fully resolved."
-Thomas Fingar, former U.S. Deputy Director of National Intelligence for Analysis; currently lecturer at Stanford University
"Jack Service did not lose China. On the contrary, he was a hero of the times. . . . This well-written and thoroughly researched book . . . helps us understand the machinations and failures of U.S.-China policy, on both the American and Chinese sides."
-Victor Hao Li, former President, East-West Center, Honolulu, and former Shelton Professor of International Law, Stanford Law School
Lynne Joiner is an Emmy award-winning broadcast journalist, news anchor, and documentary filmmaker. Her work has included assignments for CBS, NBC, ABC, CNN, NPR, Christian Science Monitor Radio, Newsweek, and Los Angeles Times Magazine. She lives in San Francisco, California.
Philippines Conference Room
Lynne Joiner
Media Consultant
Speaker
Shanghi International TV Channel
Seminars