경제 : 창업 과 벤처기업에 관하여.

경제 : 창업과 벤처기업에 대해서.

위와 같이 수많은 벤처 자본을 기반으로 한 회사들이 많다.

과연 현재 대학생들은 어떤 창업을 원하고? 창업을 희망하길 원하는 이유는 무엇일까?

대학생, 어떤 창업을 원하는가?

대학생 1천명 대상조사

창업할 의향 있음: 63.3%
구체적 창업 준비: 4.9%, 단순의향: 58.4%
사회경험 후 창업 희망: 83.1%
커피 솝 및 식당: 35.6%
문화∙예술∙스포츠∙레저∙공연: 12.6%
IT(앱, 소프트웨어 개발 등): 10.4%
쇼핑 몰, 도소매 등 유통분야: 8.2%

(한국고용정보원, “창업의향 설문조사, 2012.11)

창업 희망 이유와 조건

신규창업(67.1%) > 프랜차이즈 가맹(15.8%)
점포중심형 창업(47.1%) > 무점포창업(39%)
창업조건 : 자본금 지원(41.7%)

창업 희망이유?

- 라이프스타일에 맞는 일을 하고 싶어서(19.9%)
- 아이디어를 사업화하고 싶어서(17.9%)
- 높은 수익이 기대돼서(14.5%)
- 오래 일할 수 있는 방법(12.5%)

그렇다면 창업 관심이 없는 이유는 무엇일까?

창업의향 없음: 36.7%

   - 실패 위험 부담: 19.7%
   - 자금 확보 애로: 16.4%
   - 적성에 맞지 않아서: 16%

창업을 생각해 본적 없음: 16.9%
창업 동아리 경험: 26.3%
창업 관련 경험 없음: 73.7%

창업 경험

창업 실패이유(복수선택)?

   - 사업운영 미숙: 63.3%
   - 홍보 부족: 44.6%
   - 아이템이 유행을 탔기 때문에: 25.3%

창업 경험이 있는 직장인(40.1%)이 가장 말리고 싶은 창업 아이템?

   - 외식∙서비스업(음식점, 분식점, 제빵): 47%
   - 온라인 쇼핑 몰: 14.3%
   - 커피 솦 등 프랜차이즈: 13%

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   - 회원 수 급증에 대응하는 서비스 공급 역량 확보애로, 투자지용 급증.
   - 수익모델로 전환 지연
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미국의 벤처 자본 투자

 

 

 

 

Investors	Venture Capitalist	Venture Co.
- Pension fund	- Venture Fund	- Startup companies
- Endowments	- portfolio	- Follow-on
- Foundations
- High-net-worth individuals

 

 

 

Capital under management, US Venture Funds.

 

 

Investment in portfolio companies

 

 

 

Summary statistics of US VC Industry

 

 

The Exit Funnel Outcomes of the 11,686 companies first funded 1991 to 2010(NVCA, Yearbook 2013, p.8)

 

VC Investments in 2012 by industry sector

 

Venture Capital Secret (WSJ, September 19. 2012)

 

Venture capital을 받은 회사 10개 중

- 3~4개: 완전 파산
- 3~4개: 원본 회수,
- 1~2개: 지속적 수익 실현
- 기대수익률 기준: 95% 실패

“Venture capitalists “bury their dead very quietly, They emphasize the success but they don’t talk about the failure at all”
VC을 받지 못하는 기업보다 VC을 받는 기업이 오래 간다.
VC을 받은 기업도 지속적인 자본공급이 중단되면, 4년을 버티기 어렵다.
미국 기업: 60%는 존속기간 3년 내, 35%는 10년.

 

Key point of American success story

 

 “Much of venture capital’s success has come from the Entrepreneurial spirit pervasive in the American culture, financial recognition of success, access to good science, and fair and open capital markets. It is dependent upon a good flow of science, motivated entrepreneurs, protection of intellectual property, and a skilled workforce.
 The nascent deployment of venture capital in other countries is gated by a country’s or region’s cultural
fit, tolerance for failure, services infrastructure that supports developing companies, intellectual property protection, efficient capital markets, and the willingness of big business to purchase from small companies”.

Why Companies Fail? (Carmen Nobel, March 2011, HBS Working Knowledge)

Lack of foresight, lack of wiggle room, bad timing, lack of funding
While failure of a business or project is a learning experiences, personal lapses in ethical or moral behavior can damn a career.
Enterprise failure can be an asset, but personal failure is ruinous.

 

Distinguishing Features of Venture Capital Investments Venture Capital Investment in the Clean Energy Sector, Shikhar Ghosh and Ramana Nanda

 

 “A key difference between venture capital (VC) and other sources  of finance is that VC firms tend to focus on investments that face substantial technology risk. Moreover, the technology risk is not resolved until the VCs have made significant investments in the startup, which means that VCs may have invested sizeable sums of money before it ends up being a failure. Together, these features lead to a highly skewed distribution of returns in venture capitalists’ portfolios.”
  “It is important to note that at the time of the initial investment, of course, all their investments had the potential to realize exceptional returns. Indeed, given the high chance of failure, VCs will not invest in projects that do not have the potential to be “winners”. They just do not know which of their investments will end up as
winners and which ones will end up being failures.”

Valley of Death

 

“VCs have begun to identify a “managerial valley of death” as well. There are managers
with expertise in deployment and entrepreneurs with expertise in the initial idea vetting stage, but given the longer time taken for energy production startups to exit, the entrepreneurs who can successfully bridge the valley of death in the capital markets are few and far between.”

 

 

Example of Pro-forma shown by VCs to their investors

 

 

 

Stage of VC Investments

 

Focus of VC Investments

 

 

 

Funding Gaps and "Valley of Death"

 

 

Global Insight ; Updated from ThomsonOne 2/2013

 

 

Deal Flows of VC(NVCA, Yearbook 2013, p.7)

 

“For every 100 business plans that come to a venture capital firm for funding, usually only 10 or so get a serious look, and only one ends up being funded. The venture capital firm looks at the management team, the concept, the marketplace, fit to the fund’s objectives, the value-added potential for the firm, and the capital needed to build a successful business. A busy venture capital professional’s most precious asset is time. These days, a business concept needs to address world markets, have superb scalability, be made successful in a reasonable timeframe, and be truly innovative.
A concept that promises a 10 or 20 percent improvement on something that already exists is not likely to get a close look.”

 

U.S. Venture Capital Index and Selected Benchmark Statics (end-to-end pooled return)(The Cambridge Associates, June 30, 2013) 

 

 

 

Games of 0.1% success probability

 

 

 

 

우리나라 VC 산업 현황

업력별 신규 투자 추이

* 고려대 경제학과 시사경제 김동원 교수님 자료를 참고하여 포스팅하였습니다.