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20142014

412

2014- 2014 -

201412

2014

2014

1

2

20142014

VC VB

VC 2009 1,000

2013 1,818

77.2

718 45.1

1,093

9

2014

50 VEC

11 1819

SLUSH 2014 79

14,000

VEC

Co-Robot

1 ............................................. I-1

1-1 ................................. I-1

2013 ..................................... I-1 (1)

2013 1,818 .......................... I-1

VC ..................................... I-2

...................................... I-3

VC ............................................. I-5 (2)

2013 .................................................. I-5

Exit ........................................... I-6 (3)

2013 Exit ........................................... I-6

IPO ....................................................... I-8

M&A ...................................................... I-12

1-2 ...................................... I-14

.................... I-14 (1)

.............................. I-14

................................................. I-14

.................... I-23 (2)

........................................... I-23

............................... I-25

.............................. I-28

................................. I-28

............................................. I-28

............................................... I-29

................................................... I-29

....................................................... I-30

1-3 ........................................................ I-33

IT ...................................................... I-33 (1)

.................................................. I-35 (2)

.............................................. I-37 (3)

.......................................... I-39 (4)

1-4 ............................................ I-43

.......................... I-43 (1)

.................................................. I-46 (2)

.................................................. I-55 (3)

...................................................... I-58 (4)

...................................................... I-60 (5)

.................................................. I-61 (6)

...................................................... I-62 (7)

.................................................. I-68 (8)

1-5 ............................................ I-70

b(1)

.................................................................... I-71

c ................................. I-74 (2)

f ............................. I-75 (3)

egijk ........................... I-76 (4)

1-6 ........................................................ I-77

............................................ I-77 (1)

...................................... I-78 (2)

...................................... I-78 (3)

...................................... I-78 (4)

2 VB ............................ I-81

2-1 VB ........................................... I-82

............................................................ I-82 (1)

........................................................ I-87 (2)

2-2 .................................................. I-88

.................................................. I-88 (1)

............................................ I-89 (2)

.................................................. I-92 (3)

2-3 .................................................. I-94

.................................. I-94 (1)

1 ....................................... I-100 (2)

......................................... I-105 (3)

2-4 ................................. I-108

............................................... I-108 (1)

..................................................... I-109 (2)

............................................... I-111 (3)

2-5 ........... I-112

............................................. I-112 (1)

....................................................... I-112 (2)

........................................................... I-112 (3)

3 ..................................... I-115

3-1 VCNVCA Yearbook 2014 ........ I-115

2013 ................. I-115 (1)

...................................... I-115

.................................................... I-116

2013 ............................................... I-118 (2)

VC .............................................. I-118

.................................................... I-118

................................................ I-121

.................................................... I-124

CVC ..................................................... I-124

2013 Exit .............................................. I-128 (3)

IPO ................................................. I-128

M&A ................................................. I-129

2014 VC ...................................... I-133 (4)

VC .............................................. I-133

.................................................... I-134

................................................ I-135

.................................................... I-135

3-2 VC ............................................ I-144

2013 ...................... I-145 (1)

.......................................................... I-145

VC .................................... I-146

2013 ............................................... I-147 (2)

.......................................................... I-147

VC .............................................. I-148

VC ............................................ I-149

VC ........................................ I-150

2013 Exit .............................................. I-152 (3)

.......................................................... I-152

VC ................................ I-153

4 ............................. I-157

................................. I-7

......................... I-11

....................... I-13

ACCESS DeNA..............................

I-15

............... I-20

................................... I-21

.............................. I-34

IoT............................... I-36

............................ I-42

................... I-67

..... I-72

IT ..................... I-73

...................................... I-75

............... I-79

................. I-84

.............. I-93

gumi 100 ................ I-99

10 ........................................... I-113

..................................... I-117

....................... I-120

.......................................

I-125

...........................

I-126

...................................

I-131

...................................

I-132

.............................................

I-136

The Democratization of Entrepreneurship...........................

I-137

..........................

I-139

.......................... I-141

.............................. I-144

SLUSH 2014...................................... I-155

-1

1

1-1

2013 (1)

2013 1,818

VC 1-1-1

20132013 42014 31,818 1,000

2012 77.2 21.4

1 1-1-2 182 125

45.6

20092012

2000 20072,800

20132013

718 45.1

1,093 114.3

1-1-1 VC

505 495 718

304

510

1,093

(2,323)

(2,825)

(1,813)

(1,650)

(1,503)

(1,968)

(2,345)

(2,790)

(1,933)

(1,366)

(875)

(1,132)(1,240)

(1,026)

(1,818)

3,578

3,736

2,788 2,672

2,245 2,759

2,834 2,774 2,579

1,294 991 915

1,017

824

1,000

0

700

1,400

2,100

2,800

3,500

4,200

0

500

1,000

1,500

2,000

2,500

3,000

VEC

21

7

431

()

19991999/72000/620002002109

200343

2010

-2

1-1-2 1

VC

VEC 2013

1-1-3 2014 3Q VC

2013 4

1,7601,818

VC

1-1-3 VC

65 7665 62 67 71 83

101 75106

88124 122 125

182

78 84 96

223

307

575

0

100

200

300

400

500

600

0

100

200

300

400

500

600

287 131 113 97 171 114 199 206 158 129 246

170

63 37 108

297

95

261 297

430 137

109

197

91

170

137

197

136 169

224 234

119

224

43

35 40

51

34

51 49 53

38

59 56

0

50

100

150

200

250

300

0

100

200

300

400

500

600

2012-1Q 2012-2Q 2012-3Q 2012-4Q 2013-1Q 2013-2Q 2013-3Q 2013-4Q 2014-1Q 2014-2Q 2014-3Q

VC VC

VC VC

92 89 90 86 93 89 90 87 89 90 88

457

194

150

205

468

209

460

503

588

355

266

-3

A

2013 1-1-4ITPC

2012 59.5 2013 49.5

// 11.9 20.5

2013 1-1-5IT

// 20

// 10

1-1-4

1-1-5

59.5%49.5%

11.9%20.5%

18.3%15.2%

10.3% 14.8%

0%

20%

40%

60%

80%

100%

2012 2013

/

//

//

IT

VEC

56.0%49.9%

12.0%

10.4%

16.0%23.1%

16.0% 16.6%

0%

20%

40%

60%

80%

100%

2012 2013

/

//

//

IT

VECVEC

-4

B

1-1-6

2012 22.5 2013 19.4

64.52012 57.8

2013 1-1-7

30

51.6

1-1-6

1-1-7

22.5% 19.4%

35.3% 45.1%

26.4%20.8%

15.8% 14.7%

0%

20%

40%

60%

80%

100%

2012 2013

VEC

17.4% 18.4%

42.0%33.2%

28.8%

17.6%

11.8%

30.8%

0%

20%

40%

60%

80%

100%

2012 2013

VEC

-5

VC (2)

2013

2013 VC 35921 VC 2008

2010 2011 2012 2013

1-1-8

2,044

1,655 1,376

1,095

1,509

2,454

2,816

1,980

2,740

848

474 525

1,197 1,036 921

64

63 61

46

50

87

70

44

39

23

15 13

31

26

35

0

20

40

60

80

100

120

0

500

1,000

1,500

2,000

2,500

3,000

VEC

VEC

-6

Exit (3)

2013 Exit

2013 Exit M&A

1-1-9 Exit

1-1-10 Exit

10656 99

138 117

197

120106

11273

162

175 127

154 278

304621

314

288260

54

71

5345

67

0

200

400

600

800

1,000

1,200

2009 2010 2011 2012 2013

VEC

823

1,043

699737

795

13%

5%

14%

19%

15%

24%

12%

15%

15%

9%

20%

17%

18%

21%

35%

37%

59%

45%

39%

33%

6%

7%

8%

6%

8%

0% 20% 40% 60% 80% 100%

2009

2010

2011

2012

2013

VEC

-7

1

VC

VC

VC

1

LP VC

IPO

-8

IPO

2014 IPO 80 10 IPO

2009 2008192010

2013 6 50

1-1-11 IPO

2012 101 4

1 6

2014 1 4611

7 1 7

1-1-12 (2009 12014 11 )

VEC

139 155 107

42

13 1627

39 4155

19

33

14

7

66

9

713

22

1

24

392

115

77

36

710

22 29

34

51

0

50

100

150

200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014()

IPO IPO VC

158

188

121

49

1922

3646

( )IPO 2011

TOKYO AIM20096TOKYO PRO MARKET20127

VC

2013TOKYO PRO MARKETVEC

54

77

7,000

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

16,000

17,000

09/1 10/1 11/1 12/1 13/1 14/1

-9

1-1-13

3 20

2926

4 915 9

1 10

151

159

89

20

13 1019

3753

37

134.4%

77.1%

49.6%

18.3%

35.4%

24.7% 22.2%

49.0%

120.7%

91.0%

1.9% 10.6%

24.0%

53.1%

21.1%

40.9% 40.5%

19.6%1.9%

20.4%

0%

30%

60%

90%

120%

150%

0

40

80

120

160

200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014()

VEC2011AIM20122014TOKYO PRO MARKET

()2014201411

-10

1-1-14 2014 IPO2014 1112

201411

1 2/13 28% -65%

2 3/6 173% -78%

3 3/12 2 BS 7% -55%

4 3/12 126% -47%

5 3/13 1 12% 97%

6 3/18 1 -5% -8%

7 3/19 1 -15% -49%

8 3/20 68% -45%

9 3/25 27% -69%

10 3/26 101% -67%

11 3/26 CYBERDYNE 130% -61%

12 3/28 200% 36%

13 4/8 -10% 90%

14 4/8 2 -9% -39%

15 4/18 1 -2% 57%

16 4/23 162% -63%

17 4/23 46% 3%

18 4/23 1 0% 40%

19 5/22 12% -30%

20 6/16 -8% -3%

21 6/18 10% 6%

22 6/24 250% -49%

23 6/25 2 7% 31%

24 6/25 2 OAT -6% -39%

25 6/27 131% -83%

26 6/27 170% 2%

27 7/2 VOYAGE GROUP 40% -25%

28 7/10 121% 24%

29 7/15 342% -38%

30 7/23 2 -2% -27%

31 9/11 126% 99%

32 9/17 287% -16%

33 9/18 78% -40%

34 9/19 AMBITION 62% 38%

35 9/24 119% -45%

36 9/25 -20% -13%

37 9/30 177% 18%

38 9/30 FFRI -2% 321%

39 10/8 2 20% 2%

40 10/9 1 0% 2%

41 10/16 1 2% 23%

42 10/21 GMO 133% 39%

43 10/22 260% 86%

44 10/22 55% -17%

45 10/30 93% -37%

46 11/7 70% 7%

47 11/13 SHIFT 362% 23%

48 11/26 1 PC 68% 11%

49 11/27 CRI 463% -

50 12/11 - -

51 12/11 - -

52 12/11 GMO TECH - -

53 12/11 - -

54 12/12 - -

55 12/15 1 - -

56 12/16 - -

57 12/16 2 SFP - -

58 12/16 U-NEXT - -

59 12/16 - -

60 12/16 - -

61 12/17 - -

62 12/17 2 - -

63 12/17 - -

64 12/18 2 - -

65 12/18 - -

66 12/18 1 gumi - -

67 12/19 1 - -

68 12/19 - -

69 12/22 - -

70 12/22 - -

71 12/24 2 - -

72 12/24 - -

73 12/24 - -

74 12/25 2 - -

75 12/25 - -

76 12/25 - -

77 12/26 MRT - -

78 7/14 TOKYO PRO MARKET

79 7/15 TOKYO PRO MARKET

80 10/20 TOKYO PRO MARKET TOKYO PRO MARKETVEC

-11

2

20149

VC

VC

19992000VC

-12

M&A

2013 112014

10 1 14

4 3 2

1-1-15

M&A

20144

378

20143

377

20149MJ

AZE

201410 DeNA

50

201312 GaN

201410 e

201410

20143

20144

20142 J-TEC

7380

201410

9956

20144

35

20149

201410 two-five

119

-13

3

2014 102 50

11 Effyis 2,200

M&A 9

koebu

VC Exit

iemo iemo

MERY

iemo 2013 12 VCBDash

9 Exit

East Ventures ANRI VC IT

IPO

M&A

-14

1-2

(1)

2014 6

229

2013M&A

1-2-1 VC

2013

TV

1 WiL VC 3

2014 2 KDDI 13

3

Web VEC

1NTT DY 3

JVC 10

2

KDDI KDDI

13 3

&

DNP

13

3NTT

2014 6 1,644 873

70 60

2013

2012

2008 913.8

-15

4 ACCESS DeNA

M&A

ACCESS

2014

AgIC

WhillMoffMoff

VC

DeNA

DeNA

VC

2014 10

-16

1-4.I-49

6

2014 5 23

-18

GP()

GP()

GP

GP

GP

GP

-19

2014 11 15

1

50

5,000 1,000

1,000 500

-20

5

NPO

100

20

10

kibidango

Makuake

Makuake 3,000 10 5,000

READYFOR 1

-21

2012 27 44

37 14 4

1-2-2 US

Bruegel on the basis of Crowdfunding Industry Report 2013 (Massolution)

6

2012 4 JOBS

Act Jumpstart Out Business Startups Act

7

3 2014 11

3

12 100 SEC

100

i) 10

2,000 5 512

ii) 10

10 1012

-22

SEC

VC

VC VC

Ivey Business Journal 2

100VC

VC

VC

VC

VC

B2C

B2B VC

Ivey Business Journal

VC

VC

VC

1JOBS Act2012 7

2Ivey Business Journal, Crowdfundings impact on the entrepreneurial equity food chain,

July/August 2013

-23

(2)

2,660140.1

1 8,000

2009 7 27 15

2014 7 5 5 2014

72019 7 5

20132013 LP VC

1-2-3 2013

1

2 2013-3Q 1$=98.9

3 2014-1Q 1$=102.8

1

2013/4/1 4.5

2013/4/3 Mido Holdings Ltd. 12.0 IT

2013/5/27 PRISM Pharma 10.0

2013/7/8 1.8

2013/7/25 IP Bridge 28.4

2013/8/7 3.0

2013/8/12 JTOWER 9.0

2013/8/26 10.0

2013/9/2 6.0

2013/9/13 Zeptor Corporation2 7.1

2013/10/7 10.0

2013/10/15 10.0

2013/10/28 8.0

2013/11/8MedVenture PartnersMPI-1

44.0

2014/1/14 5.0

2014/2/3 NapaJen Pharma, Inc3 9.2

2014/2/12 5.0

2014/2/20 9.0 IT

2014/2/27 Trigence Semiconductor 4.8

2014/3/6 6.0

2014/3/7 6.5

209.3

-24

1-2-4 2013 LP

4 2014-1Q 1$=102.8

1-2-5 2014 2014 10

5 2014-3Q 1$=103.9

6 2014-3Q 1$=103.9

1

2013/10/16 UTEC3 100.0

2013/11/22 100.0

2014/1/8 WiL Fund I, L.P.4 102.8

302.8

1

2014/4/24 15.0

2014/5/16 4.0 IT

2014/5/19 Sansan 7.5 IT

2014/5/22 2.8

2014/6/2 8.0

2014/7/8 Cloudian Holdings Inc.5 15.6

2014/7/14 QUADRAC 7.0 IT

2014/7/25 NejiLaw 7.0

2014/8/4 9.0 IT

2014/8/7 6.0 IT

2014/9/3 WHILL Inc.6 9.4

2014/9/8 K-engine 20.0 IT

2014/9/22 SCIVAX 6.6

2014/10/7 BIC 10.0

127.9

-25

22 7

3

50 60 LP

LP

1-2-6

1

LP

1/2

2

3

1-2-7

()

2008 2009 2010 2011 2012 20132014

10

50.0

20.0 5.2

5.0

14.0 15.0 4.5 20.0

13.0 210.0 184.0 309.8 80.5

A) 25.0 50.0 18.2 224.0 199.0 314.3 100.5

118.4

40.4 11.2

10.0

30.0 36.3 9.5 49.0

54.0 601.8 683.1 862.79 352.68

B) 50.4 118.4 65.2 631.8 719.4 872.29 401.68

50% 42% 28% 35% 28% 36% 25%

VEC

1 1-2-7

2

A/B

-26

1-2-8

1-2-9

13.0

210.0184.0

309.8

80.5

14.015.0

4.5

20.0

0

50

100

150

200

250

300

350

2010 2011 2012 2013 2014

10

VEC

13.0

224.0

199.0

314.3

100.5

1 1-2-81-2-9

2

-27

1-2-10 24

1 26 10

2

35.0 244

NEC

SMBC

B Dash Fund1 15.3 245 B Dash Ventures

356.6 247

IDI2

131.4 247 IDI

11.1 249

2

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2

21.0 252

1

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71.9 254

16.16 254

2 295.0 254

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107.0 259

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GMO VenturePartners 3

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2

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25H25/4-H26/3

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http://www.a-five-j.co.jp/

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6

25 1

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http://www.revic.co.jp/

REVIC

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25 11

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30090

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20 4

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21

22

23

24

25

/

40 119 154 249 664

29 54 50 136 514

( 26 5 30)

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1-2-12 VC

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27%

17%

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13%

7%

4%

4%

GP 4%

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Dow JonesVEC

20%7%0%

2013

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0.3%

0.0%

2013

VEC 2014

-31

1-2-13

VC

GPIF

127 2,627

26 3 VC

1

2

92 293

26 3

VC

GPIF

1-2-14 GPIF 25 6 26 10

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60 12 11 12 5

8 6 5 5

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35 25 15 25

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5

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GPIF

1()

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-32

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GPIF

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26 9GPIF

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CIOChief Investment Officer

27 1 5

26 10 31GPIF

2014 3 92 293 VC

2012

-36

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1-3

IT (1)

IT

20132014 IT

3

500650400

50100

VC

RTBReal Time Bidding

100

1-3-1 IT

Gunosy

VOYAGE GROUPFringe81Dennoo Inc.

SNS REVENTIVEtrippieceRettyTIMERS

gumiAiming

Sansan

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EC

Tokyo Otaku Mode Inc.Peatix inc.

Stardust CommunicationsMONOCO

Lang-8

Gengo

SUVACOiemo

WIN

BASE

KAIZEN platform Inc.pLucky

Web VEC

-34

7

2014 IPO

VOYAGE GROUP

CEO 2014

6RTBReal Time Bidding

Web

2000 EC

VOYAGE GROUP 15

RTB

2014

IPO

2013 2014 2012

-35

(2)

IoTInternet of

Things

2014

SCHAFT Google Google

GoogleSCHAFT 2

SCHAFTCYBERDYNE

MUJIN

3 CYBERDYNE 10

IoTInternet of Things

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CYBERDYNEMUJINZMP

WHILLSCHAFTGoogle

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Web VEC

-36

8 IoT

IoTInternet of Things

2014 4 50

2014 30

2006

2014 354 90

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9000

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( 1020)()

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50kW

1-3-3

VEC

-38

50kW

2013 11

2013 3 2

2

1-3-4

Web VEC

20074 2.6 30

20124 1,500 36

20114 4.99 75

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-39

(4)

1-3-5

1990 20032004

2006

2009 15

1-3-5

2014

1-3-6 32

2012 10

1-3-6 32

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1-3-7 1

2013 62014 11

IPO

2013 6

2013 6 JASDAQ iPS

2013 12

HIV

Telomelysin

2013 12

CE-MS-

2014 2 Accucela Inc.

2014 9 RNA

Web VEC

2013iPS

10 iPS

2013 11

1-3-8

2013 4 26

2013 11 20

iPS

EN

2014 1

-41

25 1 11

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2014100

201375

201270

VEC

-111

(3)

3 VC

2-4-5

73.0%

39.0%

14.2%

9.9%

61.3%

34.9%

17.9%

9.4%

73.1%

30.1%

14.0%

11.8%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

2014141

2013106

201293

VEC

-112

2-5

(1)

(2)

IPO VC

VB

(3)

-113

18 10

10 VC

3612

CM

gumi 50 14

14 6,000 sansan12

10 8,000 gumi WiL

100

-115

3

3-1 VC NVCA Yearbook 2014

NVCANational Venture Capital Association 2013

VC VC 2000 1,050

2009 4632013

14 548 VC 3

2013 VC 1,929 2012

2,002 4

2013 (1)

2013 187 167.7

2012 208 195.5 1

30 2010 3

3-1-1

161.2132.4

189.6 195.5167.7

159173

186208

187

0

50

100

150

200

250

0

50

100

150

200

250

2009 2010 2011 2012 2013

NVCA YEARBOOK 2014VEC

-116

54.7 24

53.2 58 22.0 25

3-1-2 2013 5

24 5,474.8

58 5,315.9

25 2,200.5

5 561.8

5 446.1

70 2,766.8

187 16,765.9


-117

19

T

Google 25

Facebook 20 Twitter 30 IT

40

70

60

5535 2

BtoB

41

36.5

40

-118

2013 (2)

VC

2013 VC3,382 4,041 295.5

2009 2013 52013 2011 297.3

4,041 5

2011 1,346 1,334

3-1-3 VC

2013 VC 295.5 3-1-4

37.315.4

32012/2013

/ 5 2

15.47.2(1.0) 3

2013

23.6 25.82002

3-1-5 2012 1,39136.0

2013 1,547 38.3

202.9233.7

297.3273.5

295.5

3,148

3,6474,004 3,865

4,041

830

1,0911,346

1,275

1,334

0

700

1,400

2,100

2,800

3,500

4,200

4,900

0

50

100

150

200

250

300

350

2009 2010 2011 2012 2013


-119

3-1-4

3-1-5

2012 2013

8,573 31.3% 11,020 37.3%

4,191 15.3% 4,562 15.4%

/ 2,904 10.6% / 2,936 9.9%

2,549 9.3% 2,130 7.2%

/ 2,134 7.8% 1,993 6.8%

1,893 6.9% / 1,507 5.1%

1,335 4.9% 1,245 4.2%

894 3.3% / 670 2.3%

718 2.6% 644 2.2%

/ 436 1.6% 597 2.0%

370 1.4% 536 1.8%

333 1.2% / 517 1.8%

/ 317 1.2% 324 1.1%

276 1.0% 286 1.0%

250 0.9% 240 0.8%

130 0.5% 218 0.7%

48 0.2% 99 0.3%

- - 21 0.1%

27,352 100% 29,545 100%


2012 2013

1,391 36.0% 1,547 38.3%

478 12.4% 474 11.7%

/ 410 10.6% / 455 11.3%

322 8.3% 344 8.5%

297 7.7% 311 7.7%

/ 257 6.7% / 240 6.0%

170 4.4% 171 4.2%

113 2.9% 92 2.3%

96 2.5% 66 1.6%

57 1.5% 65 1.6%

53 1.4% 62 1.5%

51 1.3% 49 1.2%

/ 43 1.1% 42 1.1%

43 1.1% 42 1.1%

39 1.0% / 34 0.8%

/ 32 0.8% / 25 0.6%

13 0.3% 22 0.5%

3,865 100% 4,041 100%


-120

20

IT

-121

2013 295.5 9.7

99.0 98.1 88.7

3-1-6

17.4 16.8 10.8 8.4 9.7

49.4 59.189.3 83.1 99.0

68.4 87.1

98.394.5

98.167.7

70.7

98.987.5

88.7

0

50

100

150

200

250

300

350

2009 2010 2011 2012 2013

202.9

233.7

297.3273.5

295.5


-122

25 2212009 5

2011 2,031

17 5

3-1-7

374 410 446 296 221

9791,287

1,603 1,738 2,031

894

1,077

1,026 987991901

873

929 844798

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2009 2010 2011 2012 2013


3,148

3,647

4,004 3,865 4,041

-123

1002009/

3 / 6

2009 2013 1 /

3 5 /

1 2009 7.5

2013 11.1 481

3-1-8 1

8.6% 7.2% 3.6% 3.1% 3.3%

24.3% 25.3%30.0%

30.4% 33.5%

33.7% 37.3%33.1% 34.5%

33.2%

33.4% 30.2%

33.3% 32.0%30.0%

4.7

4.1

2.42.8

4.4

5.0

4.6

5.6 4.8 4.9

7.78.1

9.6 9.6

9.9

7.5

8.1

10.6 10.4 11.1

0.0

2.4

4.8

7.2

9.6

12.0

0%

20%

40%

60%

80%

100%

2009 2010 2011 2012 2013

1 1 1 1


-124

2013 VC 295.5

147.71,362 1,616

50 122.3 VC

4148

VC

3-1-9 2013 VC 5

CVC

2013 CVCCorporate Venture Capital VC VC

10.5 16.9 5

CVC VCVC

CVC

VC

LP

3-1-10 CVC VC

1,362 1,616 147.7

(1,257) (122.3)

307 364 30.8

344 403 28.7

134 154 13.2

107 126 9.1

5 2,254 2,663 229.5

3,382 4,041 295.5


2009 2010 2011 2012 2013

VC 202.9 233.7 297.3 273.5 295.5

CVC 13.3 18.8 22.4 22.6 31.1

CVC 6.5% 8.0% 7.5% 8.2% 10.5%

2009 2010 2011 2012 2013

VC 3,148 3,647 4,004 3,865 4,041

CVC 405 487 590 611 683

CVC 12.9% 13.4% 14.7% 15.8% 16.9%


-125

21

20142272001

232013

195 2007

2000 IT

bubble or not1999

1999 IT IPO 3102013 41

1999

99

IT

VC

VC 99

VEC

-126

22

Redwood City NestGSV NestGSV

72,000ft2

Highway 101 Stanford Medical School

NestGSV GSV GSV Capital

$650/ 23

$3,000

10

$6,750 2014 11

-127

NestGSV 2012 2

4

Sustainability

Mobility

Big Data

Ed Tech IT

JETRO

NestGSV

NestGSV

VEC

-128

2013 Exit (3)

IPO

2013 VC IPO 2012 49 81

IPO 214.6 110.7

2012214.6 160 Facebook

55 48

81 4235.1

1320.2/ 628.4

31/4.7

1.60.8/

1 IPO 6

VC IPO 49 81 32

IPO 30

3-1-11 IPO

2012 2013

12 854 42 3,507

9 2,022 13 2,022

6 636 / 6 2,839

/ 4 16,236 4 576

/ 3 316 4 283

3 305 3 631

3 262 / 3 301

/ 3 247 3 274

2 185 1 253

2 130 / 1 193

1 152 1 187

1 115 0 0

/ 0 0 0 0

0 0 0 0

0 0 / 0 0

0 0 0 0

0 0 0 0

49 21,460 81 11,068


-129

3-1-12 VC IPO

M&A

VC 2013 M&A Exit IPO

473 376 3-1-13

2 162

/ 20122013 46 2012 24.3

13.8 2012 2 IT

57/

3

/

3 1 2013

M&A

23.3 20.2

100.3

51.1

70.7

123.4

7.7 19.8

77.7

106.9

214.6

110.7

2426

82

59

67

91

7 13

70

5149

81

0

20

40

60

80

100

0

50

100

150

200

250

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

NVCA YEARBOOK 2014VECIPO

-130

3-1-13 M&A

3-1-14 VC Exit (IPOM&A

3-1-15 VC Exit IPO M&A

2012 2013

162 5,623 162 5,328

51 2,077 / 46 1,382

/ 46 2,430 26 898

33 2,967 25 1,528

32 1,779 22 3,075

31 1,980 16 550

/ 29 1,141 14 1,601

18 1,284 / 14 455

15 697 8 0

/ 12 146 / 7 945

11 615 / 7 430

9 756 7 0

9 435 6 115

/ 6 764 5 250

5 0 5 30

4 0 5 0

0 0 1 0

473 22,694 376 16,587


2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

IPO 24 26 82 59 67 91 7 13 70 51 49 81

M&A 365 323 402 446 484 488 417 351 523 490 473 376

389 349 484 505 551 579 424 364 593 541 522 457


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


IPO

M&A

-131

23

30 Exit

VC

VC VC

VC VC

2

VC VC

Marketing is Everything.

VC3

cool

cool

Marketing is everything. Perception is

everything.

-132

24

Exit

78

Exit

CEO

VC

VC

VC

VC 20

VC

2

VC VC

VC

VC

VC

-133

2014 VC (4)

VC

2014 VC 226.82,0992013 3/4

2001

3-1-16 VC 2013 2014

2014 VC 2013 NVCA

NVCA YEARBOOK 2014

2014

2013

132.3 164.6 296.9 226.8

1,923 2,183 4,106 2,099

PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, Data: Thomson ReutersVEC

2013

-134

2014 VC2013

/ 23

2014 2013

1 2

1 12

Money Tree Report 1995

3-1-17 VC2013 2014

731 46.3 857 65.2 1,588 111.5 877 101.1

219 23.3 269 23.3 488 46.5 236 29.3

/ 221 11.9 260 18.1 481 30.0 238 17.6

142 8.6 192 10.2 334 18.8 154 15.4

153 10.9 162 10.1 315 21.0 138 12.5

/ 114 5.9 128 9.2 242 15.1 128 12.4

99 8.2 73 4.3 172 12.5 100 11.1

24 1.2 30 4.3 54 5.5 37 6.2

31 1.0 26 1.6 57 2.6 34 4.8

/ 18 1.3 17 4.1 35 5.3 19 4.6

48 2.6 50 3.4 98 6.1 42 3.1

20 1.8 21 1.4 41 3.2 23 3.0

/ 15 5.2 12 2.1 27 7.3 9 1.9

20 0.8 22 1.4 42 2.1 23 1.6

28 0.6 32 1.5 60 2.0 19 1.1

34 1.9 30 4.3 64 6.2 17 1.0

6 0.8 2 0.1 8 1.0 5 0.03

1,923 132.3 2,183 164.6 4,106 296.9 2,099 226.8


2013 2014

2013

-135

2013 /2014

502014

2013 97.1 95.0

3-1-18 VC2013 2014

VC 5 2014 2013 /

2013

3-1-19 VC 52013 2014

103 4.3 126 5.4 229 9.7 101 3.2

952 42.2 1,132 59.1 2,084 101.3 999 70.9

469 42.6 528 54.4 997 97.1 577 95.0

399 43.2 397 45.7 796 88.9 422 57.7

1,923 132.3 2,183 164.6 4,106 296.9 2,099 226.8


2013 2014

2013

637 53.2 647 70.2 1,284 123.4 699 120.0

202 16.0 228 18.0 430 34.0 225 22.4

206 12.8 251 18.5 457 31.3 230 21.4

/ 128 8.0 131 9.4 259 17.4 134 10.5

183 3.1 230 7.6 413 10.7 170 9.2

1,923 132.3 2,183 164.6 4,106 296.9 2,099 226.8


2013 2014

2013

-136

25

Skybox Imaging PlanetLabs

10

2 5

2014 6 Google Skybox ImagingSkybox Imaging

50 Google Map

Amazon

2014 4 Titan Aerospace Google

Facebook TitanFacebook Connectivity Lab

Airware

VC

-137

26 The Democratization of Entrepreneurship

The Democratization of Entrepreneurship

2014 5 Harvard Alumni Angels Global Conference

Harvard Angels

Center for Venture

Research (CVR) 20132013 248 2 4

8.32003 180 10

33 2003 22 2013 29.8

Harvard Angels 1

2004

200 500 10

2 Harvard Angels

Y Combinator

AngelList

VC

empower

VC

-138

VEC

-139

27

Y Combinator500Startups

Cleantech Open

Cleantech Open

2014 6 Cleantech Open 3

4050

70 Y

Combinator 26

Cleantech Open 1

8 Energy

Efficiency Water

Energy Generation

Energy Distribution & Storage

Energy Efficiency

Chemicals & Advanced Materials

Information & Communications Technologies (ICT)

Green Building

Transportation

Agriculture, Water & Waste

-140

Generalist MentorsSpecialist MentorsSustainability Mentors 3Generalist

Mentors 1

Specialist Mentors

Sustainability Mentors

3

3 40

Steve Blank

2014 6 Cleantech Open

VEC

-141

28

27Cleantech Open

2014 3

6 3 40

MBA

1. Business Model Canvas

2. Product/Market Fit ()

3. Markets and Getting to them

4. Product/Technology Validation

5. Finances and Funding

6. Legal

7. Management Team

8. Sustainability

9. Executive Summary

10. Investor Presentation

Alexander Osterwalder

Osterwalder

-142

9

Steve Blank

(hypothesis)

1(validation)

Get out of the building!

30

IP

4050

1

-143

3 1Webinar

Steve Blank

VEC

-144

3-2 VC

EVCA 2013 European Private Equity Activity

EVCAEuropean Private Equity and

Venture Capital AssociationVC

3

EVCA 2

VC PE

VC

29

2014 10Japan UK Tech Awards

IT Tech City

Japan UK Tech Awards

5

10

IT

IT

SLUSH

-145

2013 (1)

20092013 5

2013

10 84

VC 8

3-2-1

1

2

37.032.1

51.938.8 40.2

108.3

134.0

269.2

167.3

10.9 25.7

44.3

5.4 12.1

32.926.1

50.5

34.3 34.4

0

50

100

150

200

250

300

350

2009 2010 2011 2012 2013

VC

EVCA, 2013 European Private Equity Activity, VEC

-146

VC

2013 VC 105 40.2

2012 11738.8 12

1.4 5

3-2-2 VC

VC

37.032.1

51.9

38.8 40.2

148

134

152

117 105

0

30

60

90

120

150

180

0

10

20

30

40

50

60

2009 2010 2011 2012 2013


-147

2013 (2)

5

VC 2010

3 2013 VC 34.1

36.9VC

3-2-3

VC PE

41.6 39.2 39.5 33.9 34.1

132.3

307.8

358.8

287.1295.8

51.661.9

52.441.4 36.9

25.0 24.2 19.7 14.6 10.3

0

50

100

150

200

250

300

350

400

2009 2010 2011 2012 2013

VC


-148

VC

2013 VC3,184 34.1 2009

2013 0.2 0.6

52 1.7

3-2-4 VC

VC PE VC

41.6 39.2 39.533.9 34.1

3,3413,245

3,186 3,132 3,184

2,500

2,700

2,900

3,100

3,300

3,500

0

10

20

30

40

50

2009 2010 2011 2012 2013


-149

VC

2013 VC 33.8 VC

4

8 4 70

3-2-5


3-2-6


2009 2010 2011 2012 2013

1,084.2 1,093.4 1,166.1 942.0 1,255.0

711.9 737.9 674.9 606.4 669.3

645.4 562.9 664.9 593.4 503.2

472.9 406.0 419.4 376.8 246.1

201.3 159.4 159.5 199.0 212.0

262.0 249.8 131.7 116.8 163.0

111.8 94.6 113.4 154.8 94.2

107.5 123.3 92.7 54.3 61.5

73.0 86.1 76.9 48.9 55.3

24.4 50.3 45.6 37.9 41.9

34.9 48.6 101.2 48.5 39.9

18.4 12.5 7.7 8.1 12.1

12.7 19.9 13.4 8.5 10.4

12.1 12.0 12.2 7.3 3.1

50.5 4.7 15.6 4.1 15.2

3,823.0 3,661.4 3,695.2 3,206.8 3,382.2

2009 2010 2011 2012 2013

675 646 625 681 711

678 683 696 664 695

464 453 494 482 506

242 235 257 279 241

320 294 209 239 211

162 157 154 190 200

91 107 116 128 132

232 252 233 136 130

80 87 63 63 61

28 27 16 29 41

36 35 30 25 32

26 25 19 17 18

19 16 15 17 17

11 8 5 8 6

91 14 33 23 33

3,155 3,039 2,965 2,981 3,034

-150

VC

EVCA 3 VEC

EVCA VEC

1 1

2 2

3 3

4

2013 VC 34.1 1.1

18.4 14.6

2009 2013

3-2-7

VC PE VC

1.5 1.4 1.7 1.2 1.1

20.8 19.9 20.0 18.7 18.4

19.317.9 17.8

14.0 14.6

0

10

20

30

40

50

2009 2010 2011 2012 2013


41.639.2 39.5

33.9 34.1

-151

5

3-2-8

VC PE VC

3.6% 3.5% 4.3% 3.5% 3.2%

50.0% 50.8% 50.7%55.1% 54.0%

46.4% 45.7% 45.0%41.4% 42.8%

0%

20%

40%

60%

80%

100%

2009 2010 2011 2012 2013


-152

2013 Exit (3)

2013 Exit

87VC 7

2013VC 21 22.3

Exit 2 994

3-2-9 Exit

PEVC

21.3 20.8 23.7 18.5 22.3

75.2

145.2

247.6

183.5

280.4

11.221.0 23.4

11.417.6

1,1451,134

1,030 1,012994

411 527

653577

688

244

413

360 476

574

0

200

400

600

800

1,000

1,200

0

50

100

150

200

250

300

2009 2010 2011 2012 2013

VC

VC


-153

VC

VC Exit 2013 5

trade saleIPO

2012 13.9 4.82013 13.5

2012 27.12013 15.3

3-2-10 VC

PEVC

32.9%41.3%

47.8%

36.2%

53.5%

15.4%

13.2%

13.9%

4.8%

13.5%19.1%

15.7%

13.8%

27.1%

15.3%

2.3%2.5%

2.2%

2.2%

1.8%

1.8%1.2%

1.6%

2.1%

2.3%

14.1%15.6%

11.1%

13.3%

5.8%3.9%2.0% 3.2%

5.2%1.3%4.7%

6.4% 4.3% 4.7%5.8%5.8%

2.1% 2.1%4.4%

0.7%

0%

20%

40%

60%

80%

100%

2009 2010 2011 2012 2013

PE

IPO

trade sale


-154

Austria

Baltic countries

Belgium

Bulgaria

Czech Republic

Denmark

Finland

France

Germany

Greece

Hungary

Ireland

Italy

Luxembourg

Netherlands

Norway

Other CEE*

Poland

Portugal

Romania

Spain

Sweden

Switzerland

Ukraine

United Kingdom

*Other CEE

EVCA

-155

30 SLUSH 2014

2014 11 1819

SLUSH

79 1 4

25

SLUSH 2013 7

17,000m

2 5

EU

SLUSH

Nokia is dead? Nokia is no more?

LAUNCHER 249 7.9Nokia N1

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120132014

IPO

1

12 1-2,1-4

2011

Connect!

2013

2014TOKYO

VEC 2012

M&A

M&A

-158

9

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VEC

12

1-4(2)

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2014

1.

2.

20132013 4 2014 3 1

101

625IRR

374

TNP

KLab Ventures

CITIC Capital Partners Japan Ltd

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1 ........................... - 1

11 .................................. - 1

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3 ..................................... - 3

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2 ................................................. - 6

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3 ................................... - 8

4 ....................................... - 9

5 ..................................... -10

6 ................................. -11

7 ..................................... -12

3 -14

1 -14

2 -15

4Exit -16

5 VC -17

6 -18

12 -31

1 -31

1 -31

21 -32

3 -32

2 -33

1 -33

21 -34

3 -34

4 -35

5 -36

6 -37

3 -39

1 -39

2 -40

4 -41

2 -44

1 -44

1 -44

2 -45

3 -46

4 -47

5 -47

6 -48

2 -49

1 -49

2 -50

3 -51

4 -51

5 -52

6 -52

3 -53

4 -54

1IRR -54

IRR -54

IRR -55

IRR -56

IRR -56

IRR -57

IRR -58

2 -59

5 IRR -61

6 -95

VC

N

2

0NA

-1

1-1

1

1-1 2 VC VC

1-2 1-3

1-1 VC

1-2 2014/3

4,640 4,682

7,740

9,561

1

1

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2013/3 2014/3

12,380

14,244

1

2

956,131 23.5% 468,237 0.9% 1,424,368 15.0%

54 0.0% - - 54 0.0%

956,185 23.5% 468,237 0.9% 1,424,422 15.0%

N N=61 N=57 N=82 N=82 N=88 N=85

1

2

3 2013/32014/3

4

5

-2

1-3 2014/3

21

1-4 1

1-4 12014/3

3,798 -4.1% 3,738 -14.8% 7,536 -9.7%

1 0.0% - - 1 0.0%

3,799 -4.1% 3,738 -14.8% 7,537 -9.7%

N N=60 N=56 N=84 N=84 N=89 N=86

1

2

3 2013/32014/3

4

5

3,949 4,382 3,798 3,733

773,185 463,955 955,322 468,237

1 195.8 105.9 251.5 125.4 28.8% 18.5%

1 0.0% 1 0.0%

54 0.0% 54 0.0%

1 54 - 54 - 0.0% -

3,950 4,382 3,799 3,733

773,240 463,955 955,376 468,237

1 195.8 105.9 251.5 125.4 28.8% 18.5%

N N=64 N=83 N=60 N=82 N=56 N=82

2013/3 2014/3

1

2 2013/32014/3

3

4

-3

12014/3

3

+ 1-5

1-6

10 1120

1-5 2014/3

1-6

2013/3 2014/3

8,333 7,533

1,237,959 1,424,368

1 149.0 189.1 26.9%

1 1

54 54

1 54 54 0.0%

8,334 7,534

1,238,013 1,424,422

1 148.5 189.1 27.3%

N N=86 N=82 N=82

1

2 2013/32014/3

3

4

10 33 130 0.9%

1050 35 779 5.5%

50100 4 327 2.3%

100500 10 1,789 12.6%

5001,000 0 0 0.0%

1,000 3 11,220 78.8%

85 14,244 100.0%

N N=79

VC

10 12,625 88.6%

1120 843 5.9%

21 776 5.4%

N N=79

-4

4

1-79

1-7 2014/3

1-8 2014/3

6,403 91.4% 406,297 58.2%

92 1.3% 3,886 0.6%

162 2.3% 10,226 1.5%

758 10.8% 33,194 4.8%

2,193 31.3% 149,893 21.5%

1,066 15.2% 34,002 4.9%

1,180 16.8% 31,957 4.6%

212 3.0% 3,591 0.5%

78 1.1% 2,255 0.3%

311 4.4% 9,143 1.3%

605 8.6% 291,922 41.8%

371 5.3% 212,854 30.5%

18 0.3% 3,150 0.5%

185 2.6% 70,595 10.1%

24 0.3% 4,666 0.7%

7,266 100.0% 711,758 100.0%

N N=80 N=80

1

2 100

3

6,403 -10.8% 406,297 -4.5%

92 -29.2% 3,886 -26.9%

162 -2.4% 10,226 32.7%

758 -10.6% 33,194 -11.6%

2,193 -9.4% 149,893 -7.0%

1,066 -6.0% 34,002 -2.8%

1,180 -5.6% 31,957 -13.3%

212 0.0% 3,591 -2.2%

78 -3.8% 2,255 -18.7%

311 -5.6% 9,143 1.5%

605 -13.1% 291,922 55.8%

371 -8.3% 212,854 79.9%

18 -21.7% 3,150 -3.5%

185 -20.4% 70,595 17.6%

24 -7.7% 4,666 -0.6%

7,266 -10.2% 711,758 14.1%

N N=72 N=73

1

2 2013/32014/3

3

-5

1-9 12014/3

35.6 7.1% 97.1 12.2% 63.5 7.1%

23.8 -2.0% 80.3 39.5% 42.2 3.2%

27.7 -1.0% 118.8 65.5% 63.1 36.0%

33.0 10.8% 55.3 -4.0% 43.9 -1.2%

39.9 2.9% 86.4 4.1% 68.4 2.6%

28.0 2.4% 53.0 15.6% 32.7 3.8%

34.7 -1.5% 64.8 0.6% 55.3 0.4%

23.3 2.0% 30.6 12.0% 27.8 1.6%

41.7 15.4% 69.6 -0.2% 62.6 -2.0%

17.0 2.4% 57.5 17.1% 46.4 13.8%

1,231.0 298.9% 332.5 28.7% 482.5 79.4%

1,918.7 338.8% 303.9 19.0% 573.7 96.0%

46.2 100.2% 191.1 14.4% 175.0 23.3%

153.8 24.5% 432.9 49.7% 381.6 47.8%

14.5 0.2% 220.1 23.1% 194.4 7.7%

68.2 58.9% 128.2 18.6% 98.0 27.0%

N N=56 N=52 N=75 N=69 N=79 N=72

1

2 2013/32014/3

3

-6

2.

1

2-1 2 1

2-2 2-3

2-1 VC

2-2 2013/42014/3

638 801

411

1,017

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2012/42013/3 2013/42014/3

1,049

1,818

1

2

3,565 46.6% 22,279 -11.5% 25,844 -6.0%

1,476 55.0% 23,241 77.7% 24,717 76.0%

305 133.6% 3,115 -3.2% 3,420 0.3%

482 -29.1% 1,061 41.8% 1,543 9.5%

101,743 146.6% 80,097 19.7% 181,840 69.7%

0 - 0 - 0 -

101,743 146.6% 80,097 19.7% 181,840 69.7%

N N=54 N=47 N=71 N=65 N=80 N=73

1

2

3 2012/42013/32013/42014/3

4

-7

2-3 2013/42014/3

21

2-4 1

2-4 12012/42014/3

92 11.8% 301 -8.9% 393 -4.5%

44 10.3% 232 81.8% 276 63.5%

7 100.0% 52 -15.5% 59 -11.3%

24 11.1% 15 -38.9% 39 -13.9%

280 17.8% 720 8.4% 1,000 11.7%

0 - - - 0 -

280 18.7% 720 8.4% 1,000 11.7%

N N=55 N=48 N=71 N=65 N=81 N=74

1

2

3 2012/42013/32013/42014/3

4

229 645 279 720

41,089 63,831 101,743 80,097

1 179.4 99.0 364.7 111.2 107.7% 10.4%

0 0 0 0

0 0 0 0

1 - - - - - -

229 645 279 720

41,089 63,831 101,743 80,097

1 179.4 99.0 364.7 111.2 107.7% 10.4%

N N=56 N=68 N=52 N=71 N=46 N=65

2012/42013/3 2013/42014/3

1

2 2012/42013/32013/42014/3

3

4

-8

12012/42014/3

3

+ 2-5

2-6

10 1120

2-5 2013/42014/3

2-6

2012/42013/3 2013/42014/3

873 999

104,920 181,840

1 120.2 182.0 51.9%

0 0

0.0 0.0

1 -

874 999

104,920 181,840

1 120.0 182.0 51.9%

N N=74 N=80 N=73

1

2 2012/42013/32013/42014/3

3

4

0 15 0 0.0%

10 44 95 5.2%

1050 18 383 21.1%

50100 0 0 0.0%

100200 1 167 9.2%

200 2 1,174 64.6%

80 1,818 100.0%

N N=80

VC

10 1,553 85.4%

1120 160 8.8%

21 105 5.8%

N N=81

-9

4

2-79

1

2-7 2013/42014/3

2-8 2013/42014/3

2-9 12012/42014/3

25,889 59.3% 38,561 14.0% 64,449 28.8%

2,824 -5.1% 11,136 24.8% 13,960 19.2%

101,743 146.6% 80,097 19.7% 181,840 69.7%

N N=51 N=45 N=67 N=63 N=76 N=71

1

2 2012/42013/32013/42014/3

3

202 27.7% 421 9.7% 622 15.3%

62 3.4% 179 5.3% 241 3.3%

280 18.7% 720 8.4% 1,000 11.7%

N N=51 N=45 N=67 N=63 N=76 N=71

1

2 2012/42013/32013/42014/3

3

534 217 622 241

49,900 10,308 64,449 13,960

1 93.4 47.5 103.6 57.9 11.7% 16.3%

0 0 0 0

0 0 0 0

1 - -

535 217 622 241

49,900 10,308 64,449 13,960

1 93.3 47.5 103.6 57.9 11.7% 16.3%

N N=73 N=76 N=71

2013/42014/32012/42013/3

1

2 2012/42013/32013/42014/3

3

4

-10

5

2-10

2-10 2013/42014/3

746 79.7% 71,802 39.6%

5 0.5% 99 0.1%

19 2.0% 1,248 0.7%

66 7.1% 4,880 2.7%

319 34.1% 40,034 22.1%

61 6.5% 2,713 1.5%

108 11.5% 6,160 3.4%

13 1.4% 622 0.3%

8 0.9% 453 0.3%

42 4.5% 2,630 1.5%

190 20.3% 109,343 60.4%

117 12.5% 96,085 53.0%

2 0.2% 186 0.1%

60 6.4% 12,017 6.6%

6 0.6% 415 0.2%

936 100.0% 181,145 100.0%

N N=59 N=66

1

2 100

3

22.1%

3.4%

2.7%

1.5%

1.5%

0.7% 0.3% 0.3%0.1%

53.0%

6.6%

0.2%0.1%

-11

6

2-1113 +

1

2-11 2013/42014/3

2-12 2013/42014/3

1

123 21.1% 13,599 21.3% 110.6

180 30.8% 27,909 43.8% 155.1

91 15.6% 12,970 20.3% 142.5

190 32.5% 9,296 14.6% 48.9

584 100.0% 63,774 100.0%

N N=66 N=66 N=66

1

2 1

3 100

4

1

23 11.0% 1,291 9.8% 56.1

83 39.7% 6,796 51.7% 81.9

49 23.4% 3,046 23.2% 62.2

54 25.8% 2,018 15.3% 37.4

212 100.0% 13,416 100.0%

N N=58 N=58 N=58

1

2 1

3 100

4

-12

2-13 2013/42014/3

7

2-1416+

1

2-14 2013/42014/3

1

146 18.4% 14,889 19.4% 102.0

263 33.2% 34,706 45.1% 132.0

140 17.7% 16,016 20.8% 114.4

244 30.8% 11,314 14.7% 46.4

796 100.0% 77,190 100.0%

N N=69 N=69 N=69

1

2 1

3 100

4

1

IT 285 48.8% 32,428 50.8% 113.8

31 5.3% 2,547 4.0% 82.2

188 32.2% 19,099 29.9% 101.6

37 6.3% 6,822 10.7% 184.4

29 5.0% 3,960 6.2% 136.6

// 53 9.1% 12,587 19.7% 237.5

36 6.2% 7,256 11.4% 201.6

17 2.9% 5,331 8.4% 313.6

147 25.2% 9,044 14.2% 61.5

/ 99 17.0% 9,714 15.2% 98.1

59 10.1% 5,432 8.5% 92.1

40 6.8% 4,282 6.7% 107.1

25 4.3% 2,545 4.0% 101.8

584 100.0% 63,774 100.0% -

N N=65 N=65 N=65

1

2 1

3

-13

2-15 2013/42014/3

2-16 2013/42014/3

1

IT 112 52.8% 5,765 43.0% 51.5

18 8.5% 424 3.2% 23.6

64 30.2% 3,109 23.2% 48.6

17 8.0% 1,055 7.9% 62.1

13 6.1% 1,176 8.8% 90.5

// 30 14.2% 3,255 24.3% 108.5

22 10.4% 2,499 18.6% 113.6

8 3.8% 756 5.6% 94.5

37 17.5% 2,663 19.8% 72.0

/ 33 15.6% 1,734 12.9% 52.5

19 9.0% 1,179 8.8% 62.0

14 6.6% 555 4.1% 39.6

4 1.9% 331 2.5% 82.8

212 100.0% 13,416 100.0% -

N N=59 N=59 N=59

1

2 1

3

1

IT 397 49.9% 38,194 49.5% 96.2

49 6.2% 2,971 3.8% 60.6

252 31.7% 22,208 28.8% 88.1

54 6.8% 7,878 10.2% 145.9

42 5.3% 5,136 6.7% 122.3

// 83 10.4% 15,842 20.5% 190.9

58 7.3% 9,755 12.6% 168.2

25 3.1% 6,087 7.9% 243.5

184 23.1% 11,706 15.2% 63.6

/ 132 16.6% 11,448 14.8% 86.7

78 9.8% 6,611 8.6% 84.8

54 6.8% 4,837 6.3% 89.6

29 3.6% 2,876 3.7% 99.2

796 100.0% 77,190 100.0% -

N N=70 N=70 N=70

1

2 1

3

-14

3.

1

3-1 3-2

3-3

3-1

3-2 2014/3

3-3

12013/42014/3

2013/3 2014/3

404 382 -3.5%

2,596 2,422 -6.1%

16,951 17,281 2.3%

9.6 9.4 -4.3%

42.0 45.2 6.0%

N=73 N=70 N=70

N=80 N=76 N=76

N

1

1

2 2013/32014/3

3

VC

5 59

6 10 10

1120 5

2130 0

30 2

76

VC

100 51

100500 18

5001000 5

10002000 0

2000 2

76

35 40

140 329

921 782

5.0 10.0

26.3 19.5

N=46 N=45

N=48 N=48

N

-15

2

3-4 2013/42014/3

VC

3-4 2013/42014/3

3-5

1 2014/31

2

1

3

1

27 25.7% 9,141 14.7% 351.6

78 74.3% 53,205 85.3% 700.1

7 6.7% 219 0.4% 36.5

1 1.0% 173 0.3% 173.0

30 28.6% 18,106 29.0% 603.5

25 23.8% 19,155 30.7% 798.1

3 2.9% 540 0.9% 180.0

1 1.0% 10 0.0% 10.0

0 0.0% 0 0.0% NA

8 7.6% 13,202 21.2% 1,650.3

0 0.0% 0 0.0% NA

3 2.9% 1,800 2.9% 600.0

0 0.0% 0 0.0% NA

105 100.0% 62,346 100.0% 611.2

N N=18 N=17 N=17

1

2 1

3

4

30.7%

29.0%

21.2%

14.7%

2.9%0.9% 0.4%

0.3%

-16

4 Exit

4-1 5 Exit 4-2 5 Exit

4-1 4-2

4-1 Exit

4-2 Exit

10656 99

138 117

197

120106

11273

162

175 127

154 278

304621

314

288260

54

71

5345

67

0

200

400

600

800

1,000

1,200

2009 2010 2011 2012 2013

VEC

795823

1,043

699737

13%

5%

14%

19%

15%

24%

12%

15%

15%

9%

20%

17%

18%

21%

35%

37%

59%

45%

39%

33%

6%

7%

8%

6%

8%

0% 20% 40% 60% 80% 100%

2009

2010

2011

2012

2013

-17

5 VC

5-1

5-1 VC

31,30129,351

19,884

22,903

29,135

26,803

28,959

8,164 8,580

5,408 5,096 5,135 4,407 4,433

1,932 1,366 875 1,132 1,240 1,026 1,818

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2007 2008 2009 2010 2011 2012 2013

2014 NVCA YEAR BOOK1$=98 2013

EVCA 2013 European Private Equity Activity1 =130 2013

112 4 3

VC

-18

6

6-1

6-2

6-3

3,949 774,003 3,798 956,131

1 54 1 54

+ 3,950 774,058 3,799 956,185

60 61

20133 20143

4,388 463,955 3,738 468,237

84 82

20133 20143

8,337 1,237,959 7,536 1,424,368

1 54 1 54

+ 8,338 1,238,013 7,537 1,424,422

89 88

20133 20143

-19

6-4

6-5

6-6

3,652 120,980 3,508 125,524

65 1,581 62 1,479

95 2,683 99 2,742

397 11,917 387 12,776

896 34,498 851 33,941

842 23,917 902 25,312

792 7,578 783 6,351

139 1,394 132 1,142

46 289 51 375

164 948 166 920

127 42,458 101 124,327

84 37,095 62 118,962

4 92 2 92

36 5,228 34 5,229

3 43 3 43

3,748 164,729 3,670 251,127

56 57

20133 20143

3,332 295,656 2,895 280,773

65 3,739 30 2,408

70 5,025 63 7,484

444 25,544 371 20,419

1,512 126,044 1,342 115,952

201 9,757 164 8,690

448 29,126 397 25,606

73 2,280 80 2,449

33 2,463 27 1,880

158 7,726 145 8,224

558 144,674 504 167,595

317 81,065 309 93,892

19 3,174 16 3,058

189 54,656 151 65,366

23 4,650 21 4,623

4,076 451,718 3,596 460,631

76 75

20133 20143

6,984 416,636 6,403 406,297

130 5,320 92 3,886

165 7,708 162 10,226

841 37,461 758 33,194

2,408 160,542 2,193 149,893

1,043 33,674 1,066 34,002

1,240 36,704 1,180 31,957

212 3,674 212 3,591

79 2,752 78 2,255

322 8,674 311 9,143

685 187,132 605 291,922

401 118,160 371 212,854

23 3,266 18 3,150

225 59,884 185 70,595

26 4,694 24 4,666

7,824 616,447 7,266 711,758

80 80

20133 20143

-20

6-7

6-8

56 1,903 27 373 80 2,276

36 895 4 47 40 942

4 173 1 1 5 174

1 50 18 517 18 567

151 16,056 64 1,894 229 41,089

0 0 0 0 0 0

+ 151 16,056 64 1,894 229 41,089

58 58

2012420133

70 1,971 22 1,594 92 3,565

38 1,398 6 78 44 1,476

5 279 2 26 7 305

6 190 18 292 24 482

202 25,889 62 2,824 280 101,743

0 0 0 0 0 0

+ 202 25,889 62 2,824 280 101,743

55 54

2013420143

244 21,311 82 3,812 325 25,086

90 10,692 37 2,379 127 13,071

42 1,679 23 1,715 64 3,373

7 196 12 545 18 681

384 33,844 153 8,414 645 63,831

69 68

2012420133

222 17,682 79 4,597 301 22,279

160 18,254 72 4,987 232 23,241

31 2,045 21 1,070 52 3,115

8 579 7 482 15 1,061

421 38,561 179 11,136 720 80,097

71 71

2013420143

-21

6-9

300 23,213 109 4,185 404 27,361

126 11,587 41 2,426 167 14,013

46 1,852 24 1,716 69 3,546

8 246 30 1,062 36 1,248

535 49,900 217 10,308 874 104,920

0 0 0 0 0 0

+ 535 49,900 217 10,308 874 104,920

76 75

2012420133

292 19,653 101 6,191 393 25,844

198 19,651 78 5,065 276 24,717

36 2,324 23 1,096 59 3,420

14 769 25 774 39 1,543

623 64,449 241 13,960 1,000 181,840

0 0 0 0 0 0

+ 623 64,449 241 13,960 1,000 181,840

81 80

2013420143

-22

6-10

6-11

6-12

187 23,834 44 2,532 243 26,822

4 89 0 0 4 89

9 803 2 28 11 831

22 1,906 7 1,234 29 3,140

42 17,464 10 334 52 17,798

37 812 11 109 48 921

45 2,006 11 797 56 2,803

7 216 0 0 7 216

5 165 0 0 5 165

16 374 3 30 19 404

10 1,943 0 0 14 74,516

2 142 0 0 6 72,715

0 0 0 0 0 0

8 1,801 0 0 8 1,801

0 0 0 0 0 0

197 25,777 44 2,532 257 101,338

42 34 49

304 27,094 113 6,594 503 44,980

1 10 0 0 1 10

8 417 0 0 8 417

22 865 15 875 37 1,740

194 18,286 73 3,950 267 22,236

10 1,752 3 40 13 1,792

43 2,894 9 463 52 3,357

5 401 1 5 6 406

1 50 2 238 3 288

19 1,802 4 424 23 2,226

81 10,710 60 4,615 176 34,827

63 5,936 23 1,637 111 23,370

1 144 1 43 2 186

18 5,052 30 2,263 52 10,216

0 0 1 33 6 415

385 37,804 173 11,209 679 79,807

51 54 60

491 50,928 157 9,126 746 71,802

5 99 0 0 5 99

17 1,220 2 28 19 1,248

44 2,770 22 2,109 66 4,880

236 35,749 83 4,284 319 40,034

47 2,564 14 149 61 2,713

88 4,900 20 1,260 108 6,160

12 617 1 5 13 622

6 215 2 238 8 453

35 2,176 7 454 42 2,630

91 12,653 60 4,615 190 109,343

65 6,078 23 1,637 117 96,085

1 144 1 43 2 186

26 6,853 30 2,263 60 12,017

0 0 1 33 6 415

582 63,581 217 13,741 936 181,145

61 59 68

-23

6-13

6-14

6-15

0 1 0 7 8

9 6 2 4 21

1 1 1 7 10

1 2 1 5 9

2 2 0 1 5

0 1 0 3 4

3 3 9 76 91

1 1 1 22 25

0 1 2 21 24

0 1 0 2 3

17 18 16 146 197

44

2013420143

0 0 0 2 2

0 1 0 0 1

0 0 0 0 0

0 1 1 1 3

0 1 0 1 2

0 0 0 1 1

0 1 1 19 21

0 0 0 6 6

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