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Un caso de análisis, un caso real
• Año: 99´
• Emprendedor en Latino America
• Idea: Comunicaciones via VoIP (skype?)
• Preguntas…
– Quien debe invertir en este venture?
– Ángeles? VCs? Telcos via su brazo de inversiones?
– Pros & Cons ?
– Que pasó con este emprendedor ?
Extraer valor de la innovación…
VC & Corporate VC
• Venture Capital
* En negocio de construir negocios* Apostar en empresas* Ayudarlas a crecer y ser exitosas
• Corporate Venture Capital
Venture Capital… +/-
+ Más conocimiento de campo+ Experiencias operativas y contactos+ Posibilidad de aportar ´primer cliente´ !+ Ventajas para ´due diligence´
- Potencial burocracia corporativa (velocidad)
- Dificultad para pagar a ´Fund Managers´
- Conflictos de interés a la hora de invertir
(Inversión estratégica un requerimiento?)
Casos CVC
* Navigator & Draper labs
* Intel Capital
* Avantica Ventures
Charles Stark Draper Lab & NTV
Applied research, engineering development, education, and technology transfer
Spun out of the Massachusetts Institute of Technology in 1973
Headquarters in Cambridge, Massachusetts
Over $240 million in revenues
Over 600 technical staff and technicians
Navigator, Inversionista y socio
NTV’s Portfolio Companies
Modular optical systems
Chemical and biological
detection and identification
3D spatial display
Building Performance
Sensor System
Software to customize
credit/gift card transactions
Food Quality Sensor
Data access audit & protection
Polnox
In-situ pharmaco-
diagnostics
Chip Design Software
Revolutionary new
anti-oxidant
Physiologic kidney
dialysis systems
RenalWorks
Medical Corp.
Motion video
Semiconductor
compression
Casos CVC
* Navigator & Draper labs
* Intel Capital
* Avantica Ventures
Intel Capital Objectives
Build ecosystems
Market Development
Gap Fillers
Eyes and Ears
Advancing Intel’s strategic objectives in Computing and Communications.
This information may not be valid anymore, just for example on CVC
Intel Capital Investment Criteria
Strategic FinancialIntelCapital
• If the company succeeds, will it have a big impact on iCap´ strategic objectives?
• Is this a good financial investment?
This information may not be valid anymore, just for example on CVC
iCap portfolio en LAR (2002)
This information may not be valid anymore, just for example on CVC
• Fuel Market Growth
• World Class Solutions
Casos CVC
* Navigator & Draper labs
* Intel Capital
* Avantica Ventures
