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Noon to 1:00 p.m. Luncheon on the Veranda
1:00 p.m. to 1:15 p.m. Agenda Review and Introductions
1:15 p.m. to 2:45 p.m. Transitioning Back to Reality
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INVESTMENT PACE / DEAL FLOW
According to Venture Economics, venture investing in the first
quarter 2001 was down 60 percent from last year. Seed round
financings during the first quarter were down 92 percent from
first quarter last year. What is the pace of investing for each
fund?
How many deals have you completed in the last six months? What
do we think of the current quality of deals in the pipeline?
How much time, attention, and resources are being focused on
existing portfolio companies? How many board seats can each
partner reasonably carry? What is the profile of companies that
are able to secure follow-on funding? What strategies are being
used to exit less-than-stellar performers?
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PRICING
How has the current environment affected seed and early stage
valuations? Have the valuations changed proportionally with
other stages? Discuss the valuations for each of your fund’s
last three deals.
To what extent are flat and down rounds happening today? What
are creative strategies being used to mitigate risk of down
rounds and insider financings? How many funds will do cross
fund investing? What terms are being used for current rounds?
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SYNDICATION
With the average fund size increasing, is there still time to
invest in pure seed opportunities? Which firms prefer not to
syndicate initial rounds? For those who syndicate, when do you
start the syndication process, whom do you include, and how
do you divide the financing? What are the pros and cons of working
with angels, corporate venture funds and strategic syndicates?
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COMPETITIVE CLIMATE
What is the competitive climate for seed and early stage deals?
What strategies are we employing to cope with the competition?
How will the new billion-dollar funds impact the seed and early
stage venture industry?
2:45 p.m. to 3:00 p.m. Break
3:00 p.m. to 3:45 p.m. Speaker
Steven Milunovich
Technology Strategist
Coordinator of Global Technology Research
Merrill Lynch & Co., Inc.
3:45 p.m. to 5:15 p.m. Capitalizing on Reality
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BEST SECTORS FOR FUTURE INVESTMENT
What do we believe to be the most promising industries/sectors
for investing? Are ‘hot’ areas becoming too popular
or expensive? What strategies do funds use to find the next
exciting sector?
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CREATING LEVERAGE
How many funds are considering strategic partnerships or are
leveraging captive resources for their portfolio companies?
What innovative strategies are funds deploying or considering?
Areas of discussion: corporate partnerships; service providers;
ESVCA; incubators; recruiting resources.
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FUND STRUCTURES AND ORGANIZATION
What are the pros and cons of various fund organizational structures?
Discuss the use of Analysts, Associates, Principals, General
Partners, Managing Directors, as well as Venture Partners and
Entrepreneurs in Residence.
How are Managing Directors planning for succession? What are
the various compensation structures in use today or being considered?
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THE FUNDRAISING CLIMATE
How many fund managers have recently finished fundraising? What
is the current environment for early stage funds? Who is investing?
Who isn’t? What are the significant new terms required
by Limited Partners? What is the general perspective on smaller
early stage funds versus larger funds? How much time and cost
is required to raise a new fund?
When is the right time to begin fundraising? When is the right
time to announce and position a new fund?
5:15 p.m. to 5:30 p.m. Wrap up
5:30 p.m. to 7:00 p.m. Cocktail Reception
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