Real Venture Capital Building International Businesses
A principal theme of the book is a plea for ' real venture capital', with the venture capitalist adding substantial value to companies and their founders through a wide knowledge of business, in contrast to the purely financial skills required i
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Real Venture Capital Building International Businesses Richard Thompson
© Richard Thompson 2006, 2007, 2008 Softcover reprint of the hardcover 3rd edition 2008 978-0-230-20222-1 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1T 4LP. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First edition 2006 Revised edition 2007 This edition 2008 Published by PALGRAVE MACMILLAN Houndmills, Basingstoke, Hampshire RG21 6XS and 175 Fifth Avenue, New York, N. Y. 10010 Companies and representatives throughout the world PALGRAVE MACMILLAN is the global academic imprint of the Palgrave Macmillan division of St. Martin’s Press, LLC and of Palgrave Macmillan Ltd. Macmillan® is a registered trademark in the United States, United Kingdom and other countries. Palgrave is a registered trademark in the European Union and other countries. ISBN 978-1-349-30035-8 ISBN 978-0-230-59406-7 (eBook) DOI 10.1057/9780230594067
This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. 10 9 8 7 6 5 4 3 2 1 17 16 15 14 13 12 11 10 09 08
‘Esto perpetua’ Paolo Sarpi 1623
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Contents About the Author
ix
Preface
xi
1. Introduction and Rationale
1
2. Background and History of Venture Capital
5
3. Other Forms of Private Equity
9
4. Venture Capital Definitions and Approaches
12
5. Growth Markets and International Expansion
18
6. The Commercial Application of Technology Products
23
7. Entrepreneurs, Managers and Directors
26
8. The Management of Resources
31
9. Financial Philosophy and Control
34
10. Financing and Its Structures
38
11. Start-Ups
41
12. Second-Stage Financings
45
13. Third-Stage Financings
48
14. Turnrounds
51
15. Strategic and Other Alliances
54
16. Flotations
57
17. Acquisitions and Mergers
61
18. Trade Sales
64
19. Case Studies
67
20. International Niche Businesses
74
21. International Development
79
vii
REAL VENTURE CAPITAL 22. International Financing
84
23. Fund Structures and Management
87
24. Investment Processes
90
25. Investment Examples
96
26. Future Developments
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