Lecture Entrepreneurship: Chapter 10 - Zacharakis, Bygrave, Corbett
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FI NANCI NG
ENTREPRENEURI AL
VENTURES WORLDWI DE
Chapt e r 10
MI CROFI NANCI NG & MI CROCREDI T
Growth in the implementation of microcredit, 1997-2012
Year
12/31/97
12/31/98
12/31/99
12/31/00
12/31/01
12/31/02
12/31/03
12/31/04
12/31/05
12/31/06
12/31/07
12/31/09
12/31/10
12/31/11
12/31/12
Number of
Institutions Reporting
618
925
1,065
1,567
2,186
2,572
2,931
3,164
3,133
3,316
3,552
3,589
3,652
3,703
3,718
Total Number of Clients
Reached
13,478,797
20,938,899
23,555,689
30,681,107
54,932,235
67,606,080
80,868,343
92,270,289
113,261,390
133,030,913
154,825,825
190,135,080
205,314,502
195,014,970
203,509,307
Number of 'poorest' clients
reported
7,600,000
12,221,918
13,779,872
19,327,451
26,878,332
41,594,778
54,785,433
66,614,871
81,949,036
92,922,574
106,584,679
126,220,051
137,547,441
124,293,727
115,584,445
Source: Maes, J.P. and Reed, L.R. State of the Microcredit Summit Campaign Report 2014.
Microfinancing by region, 2010 (in millions)
Latin America/
Asia
Africa/ Middle East
Caribbean
Number of Poorest Families
Number Reached by Microfinance
Percent Coverage
182.4
125.5
69%
79.8
8.9
11%
9
2.9
32%
3.4
0.13
4%
Source: Maes, J.P. and Reed, L.R.. State of the Microcredit Summit Campaign Report 2012. Microcredit Summit Campaign, 2012. Page 39.
Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017
©
Eastern Europe
& Central Asia
2
I NFORMAL I NVESTORS
Informal Investor Prevalence Rate, 2014
Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017
©
3
ANNUAL AMOUNT PER
I NFORMAL I NVESTOR
Annual amount per informal investor vs. GDP per capita
(US$)
Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017
©
4
SEED FUNDI NG PER COMPANY
Startup funding per company vs. GDP per
capita (US$)
Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017
©
5
RELATI ONSHI P OF I NFORMAL
I NVESTOR TO I NVESTEE
Relationship:
InvestorInvestee
Percent Total
Mean Amount
Invested US$
Median
Payback Time
Median X
Return
Close family
49.4%
23,190
2 years
1x
Other relative
9.4%
12,345
2 years
1x
Work colleague
7.9%
39,032
2 years
1x
Friend, neighbor
26.4%
15,548
2 years
1x
Stranger
6.9%
67,672
2-5 years
1.5 x
100.0%
24,202
2 years
1x
Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017
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FI NANCI AL RETURNS ON
I NFORMAL I NVESTMENT
Expe c t e d I RR f or e nt r e pr e ne ur s a nd i nf or ma l i nve s t or s
Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017
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SUPPLY AND DEMAND FOR
STARTUP FI NANCI NG
Percentage of nascent businesses that could be funded by available informal
investment
Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017
©
8
SUPPLY AND DEMAND FOR
STARTUP FI NANCI NG
Global Crowdfunding
Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2014
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9
I NFORMAL I NVESTMENT VS.
VENTURE CAPI TAL
Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017
©
10
CLASSI C VENTURE CAPI TAL
I NVESTMENT
Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017
©
11
FI NANCI NG ENTREPRENEURI AL
VENTURES
Financing entrepreneurial ventures in the United
States, 2014
High
Classic Venture
Capital
Superstars
$49.3 billion
to 3,662
ventures
Constrained
Glamorous
Economic Core
Ambitious
Innovation
Low
Informal
investments by
family, friends, and
foolhardy strangers
$199 billion to
million of ventures
Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017
©
Low
High
Growth
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ECONOMI C BENEFI TS OF VENTURE
CAPI TAL BACKED COMPANI ES
2000
2010
2000-2010
Annual Growth
Jobs
8.7 Million
11.9 Million
2.9%
Sales
$1.5 Trillion
$3.08 Trillion
6.8%
Top 5 States by Employment at
Venture-Capital-Backed
Companies
Headquartered in the State in
2010
California 2,887,063
Texas 1,129,551
Pennsylvania 783,527
Washington 778,579
Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017
©
Massachusetts 775,151
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FLOW OF VENTURE CAPI TAL
VENTURE
CAPITAL
FIRMS
TAKEDOW
MoneyGatekeepers
N
1% Annual
2-3% Annual
Fee
Limited
Fee
Partners
General
Pension Funds
Insurance
Partners
INVESTO
RS
•
•
•
•
•
Companies
Corporations
Foreign
Endowments
Individuals
Funds of Funds
Money
Entrepreneurs
20% of
Capital Gains
DISTRIBUTIO IPOs/Mergers
/Acquisitions
N of
Return
Principal &
80% of
Equity
Capital
Bygrave & Zacharakis, Entrepreneurship,
New York: Wiley, 2017
Gains
©
•
PORTFOLIO
COMPANIES
Unrealize
d
RESIDUA
L
14
FI NANCI AL RETURNS ON
VENTURE CAPI TAL
Venture capital IRRs and NASDAQ and S&P 500 Returns through Dec 31,
Fund Type
1 Year
3 Years 2014 5 Years
10 Years
20 Years
Seed/Early
Stage
23.1
19.3
16.8
9.8
56.7
Later/Expansio
n Stage
8.9
14.2
16.6
12.8
11.3
Multi Stage
22.9
17.4
14.8
10.3
13.8
All Venture
Funds
21.5
18.0
16.1
10.3
35.4
NASDAQ
13.4
22.1
15.9
8.1
9.6
S&P 500
13.7
20.4
15.5
7.7
9.9
Source: Cambridge Associates LLC. U.S. Venture Capital Index® and Selected Benchmark Statistics
Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017
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FI NANCI AL RETURNS ON
VENTURE CAPI TAL
Bygrave & Zacharakis, Entrepreneurship, New York: Wiley, 2017
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