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Ready Coller Institute of Venture, • Sources of IP – We Will Awash with Cash ISSUE 1a — 2014 WELCOME ISSUE $45 THE VENTURE ECOSYSTEM FRAMEWORK: MESSY, FAST, AND GLOBAL 企业生态系统框架： 凌 乱 、快 速 、全 球 化 Trends Shaping the Venture Ecosystem in 2014 / 06 IS THE VC MODEL ‘BROKEN’? 风险投资模式“破损”了吗？ VC Success Definition and Understanding Who Wins and Who Loses / 20 MEASURING SCIENCE PARKS' PERFORMANCE 度量科技园区的业绩 TusPark, Imperial West, and 15 other Parks / 28 time to Impact THE PUBLIC VENTURE POLICY MENU A toolbox of PrOVEN 企业公共政策清单 Policies Public Authorities government policies /36 Can Take / 36 EDITORIAL BOARD Jeremy Coller Eli Talmor Contents Moshe Zviran Yesha Sivan (Editor-in-Chief) Robyn Klingler-Vidra (Associate Editor) COLLER INSTITUTE OF VENTURE 36 Yù (Zöe) Zhái Itai Asaf Odeya Pergament 04 Ann Iveson COPYRIGHT © Coller Institute of Venture at Tel Aviv University 2014 www.collerinstituteofventure.org 05 06 20 28 WHAT IS THE COLLER INSTITUTE MEASURING SCIENCE PARKS' OF VENTURE?—04 PERFORMANCE—28 TusPark, Imperial West, RESEARCH IS AT THE CORE and 15 other Parks OF THE CIV’S VISION—05 How they are designed and managed to T HE VENTURE ECOSYSTEM achieve optimal performance FRAMEWORK: MESSY, FAST, AND GLOBAL—06 Six Trends Shaping the THE PUBLIC VENTURE Venture Ecosystem in 2014 POLICY MENU—36 44 Policies Public Authorities This article presents a generative Can Take framework for the venture ecosystem and highlights the current trends Public policymakers’ tools for fostering affecting the ecosystem local venture ecosystems I S THE VC MODEL ‘BROKEN’?—20 NEWS IN BRIEF—44 VC Success Definition and The News section offers a selection Understanding Who Wins of recent news covered on the and Who Loses Coller Institute of Venture website www.collerinstituteofventure.org Has the Venture Capital (VC) fund model been successful in rewarding investors with returns worth their high-risk illiquid investments? MAIN ILLUSTRATIONS Joe Wilson www.joe-wilson.com Venture Findings — 2014 -1a — Welcome Issue 3 什么是 Countries round the world We will strive both to be a global 科勒风险投资研究院? acknowledge the importance of hub and to make an impact on innovative, fast-growing companies venture’s whole ecosystem. for future prosperity and jobs – yet creating the conditions for such new • Global – We believe ventures to appear and flourish has venture – the creation and proved remarkably difficult. It is encouragement of high- to address this challenge that we potential new companies – is a have founded the Coller Institute global concern. Our perspective What of Venture at Tel Aviv University. is therefore global. We will draw insights and evidence is the The recipe for success is complex, from all over the world, and requiring many ingredients. The report our conclusions to Coller most important ingredient of all interested parties worldwide. – human ingenuity – can be taken • Hub – There is no shortage Institute for granted; however, history of information on venture; shows that the ‘seeds of ingenuity’ indeed there is almost too of often fall on stony ground. Even much. We will serve as a in an adverse environment, focal point for information, Venture? human ingenuity will triumph people and tools – drawing some of the time. The challenge together research, data, and is to create fertile soil – truly inputs from third parties, and entrepreneurial societies – in which overlaying them with our it triumphs more often than not. own analysis and insights. • Impact – Our ultimate aim We believe there are three is to improve the venture essential preconditions for the ecosystem, not simply to entrepreneurial society, which report its changing nature. are reflected in the objectives we We will measure our success have set for the Coller Institute: by our ability to influence players across the venture • Long-term capital – We will world, from institutional JEREMY COLLER identify the conditions that investors and universities, Chief Investment Officer, will lead to compelling returns to venture capitalists and Coller Capital for long-term capital (e.g. public policy-makers. ELI TALMOR pension plans, foundations, Professor, London Business sovereign wealth funds) to Web-based startups in Silicon School; Founding Chairman, invest in venture capital. Valley and Tech City are already Coller Institute of Venture, • Sources of IP – We will awash with cash. Our focus is wider. Tel Aviv University investigate and communicate We will ask how to ‘compress the best practice in technology value-chain’ for deep innovation- translation from governments, how science in diverse areas such universities and corporates. as nano-materials, neuroscience • Governments do the right and robotics can be translated thing – We will promote from the lab into sustainable innovation in policy-making businesses – more quickly, more and planning, encouraging efficiently, and more often. governments to adopt best practices in legal frameworks, Now, it's your turn fiscal incentives, behavioral Venture Findings is the visible face economics and other parts of of the Institute’s global hub. It is with the public policy agenda. great pleasure that we welcome you to this inaugural issue. Our logo deliberately includes a ‘yet-to-be– filled’ triangle. We invite you to join our global community and help us create a more venturesome world. 4 Venture Findings — 2014 -1a — Welcome Issue 3 学术研究 THIS WELCOME issue of Venture 是科勒风险投资院视野的核心 Findings offers precisely what the Measuring Science Parks' Coller Institute of Venture at Tel Performance: TusPark, Imperial Aviv University (CIV) strives to West and 15 Other Parks deliver: a deeper understanding of the global venture ecosystem. By Abraham Carmeli Research is at the core of the Investigates the means by which CIV’s vision — research on how science park performance can Research venture is stimulated, promoted be measured. In addition, the and nurtured across different article zooms in on the history and is at geographies and industries. Issue performance of two science parks in 1a of Venture Findings addresses particular and provides a snapshot each of our target audiences and of 15 key science parks globally. the core collaborators, namely academics, institutional investors, public 4 of the authorities, venture capitalists and entrepreneurs. The four articles The Public Venture Policy CIV’s vision grapple with the big issues shaping Menu: 44 Policies Public the global venture conversation: Authorities Can Take By Robyn Klingler-Vidra 1 Speaks directly to public authorities. The Venture Ecosystem It asks “what can policymakers do Framework: Messy, Fast, and to support venture?” To answer Global the question, the article delineates Six Trends Shaping the Venture a menu of venture policy choices Ecosystem in 2014 available to public authorities, By Yesha Sivan across eight categories. Develops a framework for the In addition to the four articles, the actors in the venture ecosystem: issue also highlights recent news entrepreneurs, venture capitalists, compiled by the CIV research team. institutional investors, and public The Institute’s research team’s authorities. In addition to framing analyses, and the contributions in the venture ecosystem’s participants, this first issue of Venture Findings, this article identifies the six trends will be further discussed at CIV’s that underscore the venture space inaugural conference at Tel Aviv becoming ‘messy, fast and global’. University on 19 May. I hope you enjoy this important first issue of 2 Venture Findings, and look forward Is the VC Model 'Broken'? to engaging with you in the Coller PROFESSOR MOSHE ZVIRAN VC Success Definition and Institute of Venture’s community. Academic Director Understanding Who Wins and Who Loses By Allee Zhang Assesses the performance of the VC industry by comparing the asset class's performance to public equity markets in an attempt to determine whether the risks associated with VC’s illiquid and high-risk nature are sufficient for institutional investors. Venture Findings — 2014 -1a — Welcome Issue 5 企业生态系统框架： 凌 乱 、快 速 、全 球 化 六项潮流为2014年 企业生态系统定型 本文旨在揭示企业生态系统的 生 成 框 架 ，着 重 阐 释 一 些 现行的、影响此生态系统的潮流 The Venture Ecosystem Framework: YESHA SIVAN Messy, Professor and Executive Director, Coller Institute of Venture at Tel Aviv University Fast, and Global Six Trends Shaping the Venture Ecosystem in 2014 6 Venture Findings — 2014 -1a — Welcome Issue This article presents a generative framework announced the purchase of WhatsApp, for the venture ecosystem and highlights the another messaging service, for US$19bn in current trends affecting the ecosystem. cash and stock. While Rakuten paid US$3 per user, Facebook paid US$42.2 Sequoia, a well-respected venture capital firm, which SECTION 1 invested US$60m in WhatsApp, made around US$3bn from the WhatsApp acquisition Goal: Towards More Venture (approximately 50x return).3 The proposed venture ecosystem On the one hand, these two deals framework (see Figure 1A) was designed epitomize the value of venture: startups to map how entrepreneurs generate create value for users, and thus value for value for themselves and society, and, early entrepreneurs and later investors. in turn, generate more value for their The Viber and WhatsApp deals, while 4 investors: venture capital (VC) firms, and very unique (often called Unicorns) , also their limited partners — the institutional demonstrate some of the changes in the investors. Even more so, the framework venture ecosystem in terms of value, speed, is designed to help public authorities (of and the role — or not — of VCs. regions, nations, and cities) nurture venture On the other hand, these successful ecosystems as fruitful grounds for such deals also hint at the darker side of the innovation-based value generation. venture ecosystem. Overall, most VCs in Let us start with two related venture recent years (2002–2014) have failed to anecdotes that both occurred in February deliver returns beyond the public equities 2014: Rakuten Inc, one of Japan’s largest market. In the U.S., the number of principals internet services companies, announced has gone from about 14,000 people managing its acquisition of Viber, a Cyprus-based about US$270bn in 2002, to 6,000 managing (with Israeli roots) messaging company, at about US$200bn in 2012 (Figure 1B), which a reputed US$900m.
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