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The Florida Venture Forum, the Gulf Coast Venture Forum and the EDC of Sarasota are proud to present . MARK G. HEESEN State of the Venture Capital Industry October 14, 2009 Sarasota, Florida . Thank you to our sponsors. State of the Venture Capital Industry October 2009 Mark G. Heesen

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the florida venture forum the gulf coast venture forum and the edc of sarasota are proud to present
The Florida Venture Forum, the Gulf Coast Venture Forum and the EDC of Sarasotaare proud to present

MARK G. HEESEN

State of the Venture Capital Industry

October 14, 2009

Sarasota, Florida

state of the venture capital industry october 2009 mark g heesen president
State of the Venture Capital Industry

October 2009

Mark G. Heesen

President

global insight study
In 2008, venture backed companies:

Provided 12.05 million US jobs

Had sales of $2.3 trillion

Represents 20.5% of GDP

Still dominated venture-created sectors

74% of telecommunications jobs

81% of software jobs

55% of semiconductor revenue

67% of electronics/instrumentation revenue

Global Insight Study

Source: Venture Impact 2009 by Global Insight

capital under mgt firms peaked industry capital now 197b
Capital under mgt & # firms peaked; Industry capital now $197B

Source: NVCA 2008 Yearbook prepared by Thomson Reuters

slide7
VC Fundraising Matches Investment - Late 2008’s Denominator Effect Killed Fundraising (Less than $2B in 3Q 2009

Does not include Corporate Venture groups.

Source: Thomson Reuters/NVCA

vc investment peaked in 2000 2008 was down 8 1h09 was 6 8b
VC Investment Peaked in 2000; 2008 Was Down 8%; 1H09 was $6.8B

$103B

$28B

$7B

Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report,

Data: Thomson Reuters

investment started slowing considerably in 3q08 from a 5 year steady slow growth
Investment Started Slowing Considerably in 3Q08 from a 5-year Steady Slow Growth

Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Reuters

clean technology investment grows significantly 2008 4b in 286 deals
Clean Technology investment grows significantly2008: $4B in 286 Deals

Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report,

Data: Thomson Reuters

despite the recession q4 vcs funded 1 202 new companies in 2008 very slow ytd
Despite the recession Q4, VCs funded 1,202 new companies in 2008; Very slow YTD ….

Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report,

Data: Thomson Reuters

florida is currently ranked 17 th for overall venture capital investment
Florida is currently ranked 17th for overall venture capital investment.

Venture Capital Investment In Billions

2008 State Ranking

13

venture backed companies are a critical engine of economic growth for florida
Venture-backed companies are a critical engine of economic growth for Florida.

From 1970 – 2008 venture capitalists invested $10.2 billion in 639 companies in FL.

Public companies headquartered in FL that were once venture-backed account for 242,074 jobs and $76 billion in revenue.*

FL ranks #11 in jobs and #9 in revenues at venture-backed companies headquartered in the state.*

One U.S. job was created for every $42,135 of venture capital dollars invested in the state of Florida.

14

* According to 2009 Global Insight study

annual average venture capital investment in florida from 2003 2008 was 400 million
Annual average venture capital investment in Florida from 2003-2008 was $400 million.

*

# Companies

$ Billions

15

* 2000 numbers reflect technology bubble

slide16
Florida venture-backed companies receiving top funding in 2008 represent a broad range of industries.

Top venture-funded FL companies - 2008

16

the highest venture funded industries in florida are software telecom and energy
The highest venture funded industries in Florida are software, telecom, and energy.

VC Investment in FL - Industry Breakout - 2008

93 of venture capital investment into fl companies comes from out of state
93% of venture capital investment intoFL companies comes from out of state.

In 2008, venture capital dollars invested in FL companies came from venture firms headquartered in:

ipo levels were good in 2004 and okay in 2007 awful now
IPO Levels Were Good in 2004 and Okay in 2007; Awful Now

Source: Thomson Reuters/National Venture Capital Association

what s in the ipo pipeline dismal short term don t confuse uptick with recovery
What’s in the IPO Pipeline?Dismal Short Term…Don’t confuse “uptick” with “recovery”…

Source: Thomson Reuters/National Venture Capital Association

vb acquisition counts were steady down now quality varies
VB Acquisition Counts Were Steady; Down Now – Quality Varies

Source: Thomson Reuters/National Venture Capital Association

m a exits aren t providing much liquidity either
M&A Exits Aren’t Providing Much Liquidity Either

Source: Thomson Reuters/National Venture Capital Association

those few acquisitions which do happen are not great
Those Few Acquisitions Which Do Happen Are Not Great

Source: Thomson Reuters/National Venture Capital Association – Undisclosed txns are prorated

venture exit counts ipos and m a by year
Venture Exit Counts- IPOs and M&A by Year

Source: Thomson Reuters/National Venture Capital Association

venture capital returns still around 20 over the long haul net to the lps
Venture Capital Returns: Still Around 20% over the long haul net to the LPs

Through Q2 2009

Except * through Q1 2009

Source: Cambridge Associates U.S Venture Capital Index®, the performance benchmark of the National Venture Capital Association

american competitiveness
More people will graduate in the US [in 2006] with sports-exercise degrees than electrical engineering degrees.

So if we want to be the massage capital of the world, we’re well on our way …

American competitiveness ...
  • Jeffrey Immelt
  • CEO of GE in a
  • 2006 Globalist interview
key us vc building blocks our ecosystem
Key US VC building blocks ...Our Ecosystem!
  • Capital formation
    • Prudent man rule – enabled pension investment
    • LP laws
    • Capital gains tax reduction
  • Empowered entrepreneurs
    • Capital gains tax reductions
    • Stock options/team building tools
    • Reasonable bankruptcy laws
  • Protect companies – IP laws
  • Abundant customers willing to do business with SMEs
  • Exit markets – the NASDAQ
  • Face-to-face investing/proximity
  • Cultural acceptance
buy low sell high is easier if you really buy low
“Buy low… sell high” is easier if you really buy low!

Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Reuters

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