DOCSLIB.ORG

EPA VCG Book August 2010 FINAL.Indd

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
EPA VCG Book August 2010 FINAL.Indd DISCLAIMER The information in this Guide has been funded wholly by the United States Environmental Protection Agency. It has been subjected to the Agency’s peer review process. It also has undergone EPA administrative and general counsel review. It does not necessarily refl ect the views of the Agency, however, and no citation or illustration of any specifi c product, service, or enterprise in this document should be construed as a Government endorsement. EPA/600/R-10/028 U.S. Environmental Protection Agency Office of Research and Development http://www.epa.gov/ncer August 2010 This report was prepared by The Scientifi c Consulting Group, Inc., Gaithersburg, Maryland, under EPA Contract EP-C-05-015, Work Assignments 3-4 and 4-2. Paul Shapiro was the EPA Work Assignment Manager. Venture Capital 101: A Resource Guide for Commercializing Environmental Technology Table of Contents Acknowledgments ....................................................................................................................................... vii Executive Summary ...................................................................................................................................... ix I. Introduction ...............................................................................................................................................1 II. Overview of Venture Capital Funding .............................................................................................................3 A. History of Venture Capital Funding: 1946–1994 .........................................................................................3 B. National Trends in Venture Capital Funding: 1995–2009 ............................................................................5 C. Regional Investments in Venture Capital Funding .......................................................................................7 III. Investment by Stage of Development ...........................................................................................................9 A. Introduction ................................................................................................................................................9 B. Stage Descriptions .....................................................................................................................................10 C. The Stages at Which Venture Capitalists Invest .........................................................................................10 IV. Sources of Investment ............................................................................................................................. 15 A. Angel Investors ..........................................................................................................................................15 B. Venture Capital Funds ...............................................................................................................................18 1. The Investment Process and Success Rates .........................................................................................18 2. Types of Venture Capital Funds ..........................................................................................................19 3. Federal Government Venture Capital Funds .......................................................................................21 C. Institutional Investors ................................................................................................................................24 1. Types of Investors in Venture Capital Funds .......................................................................................24 2. Public Pension Funds .........................................................................................................................27 D. State Equity Investments ...........................................................................................................................29 1. Privately Managed Funds ....................................................................................................................30 2. State-Sponsored Funds .......................................................................................................................31 3. Direct-Investment Funds ....................................................................................................................32 V. Venture Capital Investment in Environmental and Clean Technologies ...................................................................35 A. Evolving Defi nitions of Environmental Technology and Clean Technology ................................................35 B. Tracking Clean Technology Venture Capital Investments...........................................................................38 C. National Investment in Environmental and Clean Technologies ................................................................41 D. Regional and State Investments in Clean Technologies ..............................................................................45 E. Investment Measurement Metrics .............................................................................................................52 1. Environmental Due Diligence ............................................................................................................52 2. Green Portfolio Partnership ................................................................................................................53 3. EPA National Advisory Council for Environmental Policy and Technology Report .............................54 VI. Obtaining Information About Venture Capital ...................................................................................................... 55 A. Information on Venture Capital Investments ............................................................................................55 B. National Associations .................................................................................................................................58 1. Angel Capital Association ...................................................................................................................59 iii 2. Community Development Venture Capital Alliance ..........................................................................60 3. Cleantech Group ................................................................................................................................60 4. National Association of Seed and Venture Funds ................................................................................61 5. National Association of Small Business Investment Companies ..........................................................61 6. National Venture Capital Association .................................................................................................62 C. State and Local Associations ......................................................................................................................62 1. Illinois Venture Capital Association ....................................................................................................62 2. New England Venture Capital Association ..........................................................................................63 3. North Carolina Council for Entrepreneurial Development .................................................................63 4. Ohio Venture Association ...................................................................................................................64 5. Silicon Valley Association of Startup Entrepreneurs ............................................................................65 D. Nonprofi t Environmental Organizations ....................................................................................................65 1. Environmental Entrepreneurs/Natural Resources Defense Council ....................................................65 2. Environmental Defense Fund .............................................................................................................66 E. Databases of Venture Capital Firms ...........................................................................................................66 1. BoogarLists .........................................................................................................................................66 2. VCPro Database .................................................................................................................................67 3. vFinance Database ..............................................................................................................................67 F. Published and Web-Based Resources ........................................................................................................67 G. Federal Government Sources ....................................................................................................................68 1. Small Business Administration ............................................................................................................68 2. Department of Energy ........................................................................................................................69 3. National Institute of Standards and Technology ..................................................................................70 4. International Trade Administration .....................................................................................................70
Load more

Recommended publications
  • Investor Book (PDF)
    INVESTOR BOOK EDITION OCTOBER 2016 Table of Contents Program 3 Venture Capital 10 Growth 94 Buyout 116 Debt 119 10 -11 November 2016 Old Billingsgate PROGRAM Strategic Partners Premium Partners MAIN STAGE - Day 1 10 November 2016 SESSION TITLE COMPANY TIME SPEAKER POSITION COMPANY Breakfast 08:00 - 10:00 CP 9:00 - 9:15 Dr. Klaus Hommels Founder & CEO Lakestar CP 9:15 - 9:30 Fabrice Grinda Co-Founder FJ Labs 9:35 - 9:50 Dr. Klaus Hommels Founder & CEO Lakestar Fabrice Grinda Co-Founder FJ Labs Panel Marco Rodzynek Founder & CEO NOAH Advisors 9:50 - 10:00 Chris Öhlund Group CEO Verivox 10:00 - 10:10 Hervé Hatt CEO Meilleurtaux CP Lead 10:10 - 10:20 Martin Coriat CEO Confused.com Generation 10:20 - 10:30 Andy Hancock Managing Director MoneySavingExpert K 10:30 - 10:45 Carsten Kengeter CEO Deutsche Börse Group 10:45 - 10:55 Carsten Kengeter CEO Deutsche Börse Group FC Marco Rodzynek Founder & CEO NOAH Advisors CP 10:55 - 11:10 Nick Williams Head of EMEA Global Market Solutions Credit Suisse 11:10 - 11:20 Talent 3.0: Science meets Arts CP Karim Jalbout Head of the European Digital Practice Egon Zehnder K 11:20 - 11:50 Surprise Guest of Honour 11:50 - 12:10 Yaron Valler General Partner Target Global Mike Lobanov General Partner Target Global Alexander Frolov General Partner Target Global Panel Shmuel Chafets General Partner Target Global Marco Rodzynek Founder & CEO NOAH Advisors 12:10 - 12:20 Mirko Caspar Managing Director Mister Spex 12:20 - 12:30 Philip Rooke CEO Spreadshirt CP 12:30 - 12:40 Dr.
    [Show full text]
  • Mapping the Money: an Analysis of the Capital Landscape for Early-Stage, For-Profit, Social Enterprises in the United States
    Mapping the Money: An Analysis of the Capital Landscape for Early-Stage, For-Profit, Social Enterprises in the United States May Samali June 2016 M-RCBG Associate Working Paper Series | No. 59 The views expressed in the M-RCBG Associate Working Paper Series are those of the author(s) and do not necessarily reflect those of the Mossavar-Rahmani Center for Business & Government or of Harvard University. The papers in this series have not undergone formal review and approval; they are presented to elicit feedback and to encourage debate on important public policy challenges. Copyright belongs to the author(s). Papers may be downloaded for personal use only. Mossavar-Rahmani Center for Business & Government Weil Hall | Harvard Kennedy School | www.hks.harvard.edu/mrcbg MAPPING THE MONEY: An Analysis of the Capital Landscape for Early-Stage, For-Profit, Social Enterprises in the United States Author: MAY SAMALI Master in Public Policy Candidate 2016 Kennedy School of Government Harvard University Client: TUMML 501(c)3 accelerator in San Francisco, CA Faculty Advisor: Carl Byers Seminar Leader: Executive Dean John Haigh Publication Date: March 29, 2016 This Working Paper reflects the views of the author and should not be viewed as representing the views of the external client, nor those of Harvard University or any of its faculty. ACKNOWLEDGEMENTS I want to acknowledge the many people who generously shared their time, resources, and expertise with me throughout the research and writing process. First, thank you to Executive Dean John Haigh and Carl Byers—my advisors at the Harvard Kennedy School—for sharing excellent insights and keeping me on track.
    [Show full text]
  • Episode 2: Getting Funding for Your Startup
    Episode 2: Getting funding for your startup This is the transcript for Episode 2 of the Smart Startup English Podcast. You can listen to the audio for Episode 2 on the episode page. ​ ​ To get our episodes for free, you can also subscribe to the Smart Startup English podcast on iTunes, Soundcloud and Spotify. ​ ​ ​ ​ ​ ​ ​ ​ ​ Welcome to the Smart Startup English Podcast, episode 2. I’m Mickey, I’m your host, and in this episode we’re talking about money. About how and where to get it from as a startup. But first, let me ask you a question: If you’re a startup founder, how did you get your first dollar? Is there any way to get money before your business starts making enough money? They say that money makes the world go round. But when you’re a startup founder, getting money doesn’t always come easy. When your startup is brand new, you might need to do a bit of bootstrapping. What does bootstrapping mean? It means that you’re using your own money or your own resources to start your business. When you’re bootstrapping, you’re not taking money from anyone else. Maybe you’re using your personal savings, or you have a day job, or you’re using your own home as an office. Maybe you’re even bringing in a bit of revenue with your product. Maybe you’re even bringing in a bit of revenue with your product. But your focus is still on keeping your expenses low. A lot of today’s successful tech companies - such as Basecamp, Mailchimp and Skyscanner - started as bootstrapped businesses.
    [Show full text]
  • A Framework for a Public-Private Partnership to Increase The
    A national laboratory of the U.S. Department of Energy Office of Energy Efficiency & Renewable Energy National Renewable Energy Laboratory Innovation for Our Energy Future Enhancing Commercial Technical Report NREL/TP-110-40463 Outcomes from R&D May 2007 A Framework for a Public–Private Partnership to Increase the Yield of Federally Funded R&D Investments and Promote Economic Development L.M. Murphy Manager, Enterprise Development Programs National Renewable Energy Laboratory P. Jerde Executive Director Robert H. and Beverly A. Deming Center for Entrepreneurship, Leeds School of Business University of Colorado, Boulder L. Rutherford Venture Partner Vista Ventures R. Barone 2008 MS/MBA Candidate Department of Environmental Studies and Leeds School of Business University of Colorado, Boulder NREL is operated by Midwest Research Institute ● Battelle Contract No. DE-AC36-99-GO10337 Enhancing Commercial Technical Report NREL/TP-110-40463 Outcomes from R&D May 2007 A Framework for a Public–Private Partnership to Increase the Yield of Federally Funded R&D Investments and Promote Economic Development L.M. Murphy Manager, Enterprise Development Programs National Renewable Energy Laboratory P. Jerde Executive Director Robert H. and Beverly A. Deming Center for Entrepreneurship, Leeds School of Business University of Colorado, Boulder L. Rutherford Venture Partner Vista Ventures R. Barone 2008 MS/MBA Candidate Department of Environmental Studies and Leeds School of Business University of Colorado, Boulder Prepared under Task No. 1100.1000 National Renewable Energy Laboratory 1617 Cole Boulevard, Golden, Colorado 80401-3393 303-275-3000 • www.nrel.gov Operated for the U.S. Department of Energy Office of Energy Efficiency and Renewable Energy by Midwest Research Institute • Battelle Contract No.
    [Show full text]
  • A Look at How Five of the Biggest Tech Companies Probe New Terrain
    THEMIDDLEMARKET.COM MARCH 2020 A look at how fi ve of the biggest tech companies probe new terrain through early-stage investments CV1_MAJ0320.indd 1 2/24/20 4:16 PM Gain way. We designed our M&A Escrow experience to be a straight line from start to finish. With our comprehensive Deal Dashboard, streamlined KYC and account opening, and high-touch service through a single point of contact, try a better way on your next deal. Learn more at srsacquiom.com 0C2_MAJ0320 2 2/24/2020 11:54:58 AM Contents March 2020 | VOL. 55 | NO. 3 Cover Story 16 Fresh Terrain A look at how five of the biggest tech companies explore new territory through early-stage investments. Features 24 Viral impact How the coronavirus is affecting M&A and private equity. 27 Top investment banks Houlihan Lokey leads list based on volume of PE-backed U.S. deals 30 Top private equity firms Audax ranks first in U.S. deals. Private Equity Perspective 14 Record year for fundraising Blackstone’s $26 billion fund marked the largest buyout fund ever raised. The Buyside 15 Taking a new path XPO Logistics is selling assets and has Watercooler hired a new CFO to lead the process. 6 10 Guest article Climate change draws PE Future of auto 33 KKR raises first global impact fund to BorgWarner acquires Delphi to Women on board target clean water. position for auto industry shift. Gender diversity on corporate boards is good for performance and for 8 12 shareholders. Protecting businesses Why investors like steaks Advent and Crosspoint buy Smith & Wollensky owner purchases cybersecurity firm Forescout.
    [Show full text]
  • Role of Angel Investors in Capital Formation Who Are Angel Investors?
    Role of Angel Investors in Capital Formation Who are Angel Investors? • Often successful entrepreneurs or retired business persons – Active investors providing money, expertise, and their network – Contribute to their local ecosystem (mentoring, judging, educating) • Accredited investors – SEC definition • Invest their own money (not money managers) • Generally invest in local companies • Invest in businesses not run by family Financing Life Cycle Proof-of Product Product Manufacturing/ Discovery Concept Design Development Delivery Idea Pre-seed Seed Start-up Expansion/Mezzanine Funding Funding Funding Operating Cap. Founder Venture Funds Friends and Family Angels Institutional Equity Angel Groups Loans / Bonds Seed Funds Investment Landscape— Company Valuation Company Continue, Prep Technology Proof-of Go To - Product Build and Scale IPO or Discovery Concept Market Stage Deliver M&A Investment $100K $500K $1.5M $2-5M $15M $50M Needed Funding Pre-seed Seed Start-up Expansion Operating & Stage Funding Funding Funding Funding Growth Founder Individual Angels Seed Funds Source SBIR Phase 1 & 2 Venture Funds of Funding Friends & Family Angel Groups Institutional Equity Business Gov. Economic Dev. Loans / Bonds Incubators Company $100K $1.5M $4M $10M $75M $250M Valuation Angel Investors • TYPES - all shapes and sizes! – Friends and Family – Unsophisticated or Sophisticated – Guardian Angels > active advisors/mentors – Passive – Super Angels – Angel Networks /Funds – Single Family Offices Growth in Number of American Angel Groups 400 350 300
    [Show full text]
  • FT PARTNERS RESEARCH 2 Fintech Meets Alternative Investments
    FT PARTNERS FINTECH INDUSTRY RESEARCH Alternative Investments FinTech Meets Alternative Investments Innovation in a Burgeoning Asset Class March 2020 DRAFT ©2020 FinTech Meets Alternative Investments Alternative Investments FT Partners | Focused Exclusively on FinTech FT Partners’ Advisory Capabilities FT Partners’ FinTech Industry Research Private Capital Debt & Raising Equity Sell-Side / In-Depth Industry Capital Buy-Side Markets M&A Research Reports Advisory Capital Strategic Structuring / Consortium Efficiency Proprietary FinTech Building Advisory FT Services FINTECH Infographics Partners RESEARCH & Board of INSIGHTS Anti-Raid Advisory Directors / Advisory / Monthly FinTech Special Shareholder Committee Rights Plans Market Analysis Advisory Sell-Side Valuations / LBO Fairness FinTech M&A / Financing Advisory Opinion for M&A Restructuring Transaction Profiles and Divestitures Named Silicon Valley’s #1 FinTech Banker Ranked #1 Most Influential Person in all of Numerous Awards for Transaction (2016) and ranked #2 Overall by The FinTech in Institutional Investors “FinTech Excellence including Information Finance 40” “Deal of the Decade” • Financial Technology Partners ("FT Partners") was founded in 2001 and is the only investment banking firm focused exclusively on FinTech • FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with over 18 years of exclusive focus on Financial Technology FT PARTNERS RESEARCH 2 FinTech Meets Alternative Investments I. Executive Summary 5 II. Industry Overview and The Rise of Alternative Investments 8 i. An Introduction to Alternative Investments 9 ii. Trends Within the Alternative Investment Industry 23 III. Executive Interviews 53 IV.
    [Show full text]
  • Dr Sam Goodman [email protected]/650-364-1151) Senior Adjunct Professor, Department of Finance & Economics Edward S
    Dr Sam Goodman [email protected]/650-364-1151) Senior Adjunct Professor, Department of Finance & Economics Edward S. Ageno School of Business GOLDEN GATE UNIVERSITY Summer Term, 2009 San Jose Campus Mon 6-8:40pm FI 318 – VENTURE CAPITAL & START-UP FINANCING Course Outline Course Description: This course examines the strategic and financial issues facing high-growth start-ups. Students develop a sophisticated understanding of the tools and techniques employed by successful entrepreneurs in raising start-up, growth, and acquisition capital for their ventures. Students also will explore alternative financing sources, notably venture capital and angel investors. In addition, students will review the exit strategies available to companies, including IPOs and mergers. Topics discussed include: the history and current direction of the venture capital industry, valuation techniques for new ventures and established private firms, raising venture capital and alternative financing, entrepreneurial management issues in capital raising, maintaining control and direction, and harvesting the venture via IPO or merger. Through two short case studies and an individual project, each student will have an opportunity to personalize the learning process by applying the analytical tools of entrepreneurial finance to real cases and by selecting and studying a highly entrepreneurial industry of personal interest. Finally, all of the course material is based on the key underlying premise that it’s important for each student to understand the perspective of both
    [Show full text]
  • The View Beyond Venture Capital
    BUILDING A BUSINESS The view beyond venture capital Dennis Ford & Barbara Nelsen Fundraising is an integral part of almost every young biotech’s business strategy, yet many entrepreneurs do not have a systematic approach for identifying and prioritizing potential investors—many of whom work outside of traditional venture capital. re you a researcher looking to start a Why and how did the funding landscape During the downturns, it quickly became Anew venture around a discovery made change? apparent that entrusting capital to third-party in your laboratory? Perhaps you have already The big changes in the life science investor alternative fund managers was no longer an raised some seed money from your friends landscape start with the venture capitalist effective strategy, and investors began to with- and family and are now seeking funds to sus- (VC). In the past, venture capital funds were draw capital. The main reason for the with- tain and expand your startup. In the past, the typically capitalized by large institutional drawal (especially from VCs in the early-stage next step on your road to commercialization investors that consisted of pensions, endow- life science space) was generally meager returns would doubtless have been to seek funding ments, foundations and large family offices across the asset class; despite the high risk and from angels and venture capital funds; today, with $100 million to $1 billion in capital long lockup periods that investors accepted in however, the environment for financing an under management. Traditionally, the major- return for a promise of premium performance, early-stage life science venture looks strik- ity of these institutions maintained a low-risk, VCs were often not returning any more capital ingly different from that familiar landscape low-return portfolio of stocks and bonds that than investors would have earned by making of past decades.
    [Show full text]
  • Critical Signals of Success in Reward-Based Crowdfunding: Does Experience Matter?
    CRITICAL SIGNALS OF SUCCESS IN REWARD-BASED CROWDFUNDING: DOES EXPERIENCE MATTER? A THESIS Presented to The Faculty of the Department of Economics and Business The Colorado College In Partial Fulfillment of the Requirements for the Degree Bachelor of Arts By Nicolas Ahrens February 2015 CRITICAL SIGNALS OF SUCCESS IN REWARD-BASED CROWDFUNDING: DOES EXPERIENCE MATTER? Nicolas Ahrens February 2015 Economics Abstract Crowdfunding is a novel and promising method of raising early-seed capital for entrepreneurs. By leveraging the Internet, crowdfunding opens up a relatively large number of investors to entrepreneurial ventures. Academic research remains scarce on the subject, particularly in factors that predict fundraising success. Drawing from entrepreneurial selection theory and previous crowdfunding research, this paper accounts for the role of previous founder experience in current crowdfunding video game projects. Using Probit regression analysis, this paper finds that previous crowdfunding experience by a founder is the most influential signal in predicting fundraising success—more so than factors found in previous studies. Furthermore, founders who demonstrate support for other crowdfunding projects increase their probability of success for their own project. This finding raises a case that external motivations for investing exist within the crowdfunding realm. The conclusions in this paper can be of use to crowdfunding investors and platforms, as well as future academic research. KEYWORDS: crowdfunding, Kickstarter, entrepreneur, regression analysis, video games JEL CLASSIFICATION: L26, G24, C10 ACKNOWLEDGMENTS I would like to thank my advisor, Rich Fullerton, for his tremendous amount of support and guidance throughout this process. I would also like to thank Phoenix Van Wagoner for his technical ability and calm demeanor in what at times could be a stressful environment.
    [Show full text]
  • Financing Cycle: Source: by Kmuehmel
    Financing Cycle: Source: By Kmuehmel - Own work by uploader, derived from Startup_financing_cycle.JPG by Kompere, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=6206260 (This financing diagram illustrates how start-up companies are typically financed. First, the new firm seeks out "seed capital" and funding from "angel investors" and accelerators. Then, if the firm can survive through the "valley of death"–the period where the firm is trying to develop on a "shoestring" budget–the firm can seek venture capital financing.) Financing needs of any business depend on the stage through which the business is undergoing. Stage 1. Seed Funding/capital stage-(First Stage /Startup stage / Stage of financing during valley of Death) Seed money, sometimes known as seed funding or seed capital, is a form of securities offering in which an investor invests capital in a start-up company in exchange for an equity stake or convertible note stake in the company. The term seed suggests that this is a very early investment, meant to support the business until it can generate cash of its own, or until it is ready for further investments. Seed money options include : • friends and family funding, • angel funding, • Government Schemes/Grants • bootstrapping and • crowdfunding. (*Explanations in the next lecture.) Seed funding can be raised online using equity crowdfunding platforms such as SeedInvest, Seedrs and Angels Den. Investors make their decision whether to fund a project based on the perceived strength of the idea and the capabilities,
    [Show full text]
  • Capital Flows to Education Innovation 1 (312) 397-0070 [email protected]
    July 2012 Fall of the Wall Deborah H. Quazzo Managing Partner Capital Flows to Education Innovation 1 (312) 397-0070 [email protected] Michael Cohn Vice President 1 (312) 397-1971 [email protected] Jason Horne Associate 1 (312) 397-0072 [email protected] Michael Moe Special Advisor 1 (650) 294-4780 [email protected] Global Silicon Valley Advisors gsvadvisors.com Table of Contents 1) Executive Summary 3 2) Education’s Emergence, Decline and Re-Emergence as an Investment Category 11 3) Disequilibrium Remains 21 4) Summary Survey Results 27 5) Interview Summaries 39 6) Unique Elements of 2011 and Beyond 51 7) Summary Conclusions 74 8) The GSV Education Innovators: 2011 GSV/ASU Education Innovation Summit Participants 91 2 1. EXECUTIVE SUMMARY American Revolution 2.0 Fall of the Wall: Capital Flows to Education Innovation Executive Summary § Approximately a year ago, GSV Advisors set out to analyze whether there is adequate innovation and entrepreneurialism in the education sector and, if not, whether a lack of capital was constraining education innovation § Our observations from research, interviews, and collective experience indicate that there is great energy and enthusiasm around the PreK-12, Post Secondary and Adult (“PreK to Gray”) education markets as they relate to innovation and the opportunity to invest in emerging companies at all stages § Investment volume in 2011 exceeded peak 1999 – 2000 levels, but is differentiated from this earlier period by entrepreneurial leaders with a breadth of experience including education, social media and technology; companies with vastly lower cost structures; improved education market receptivity to innovation, and elevated investor sophistication.
    [Show full text]