Presentation Duisenberg - 3
Presentation Duisenberg - 3
Presentation Duisenberg - 3
V E R M E U L E N
Investors
Exit
VC
Portfolio Companies
Commercialization
Research
Revenue to
Expense Ratio:
103.46%
Revenue to
Revenue to
Expense Ratio:
Expense Ratio:
111.83%
124.03%
Valley of Death
Years between
being founded and
going public
Time
VC-BACKED EXITS
Aquisition US
IPO US
Acquisition EU
IPO EU
I P O A LT E R N AT I V E S
Internet Bubble
Financial Crisis
Regulatory Period
6000
4500
egul
R
ased ket
b
s
Mar
Rule
ated
3000
1500
0
1995
P
Un rincip
reg les
ula -ba
ted se
Ma d rke
t
1997
1999
2001
2003
2005
2007
2009
2011
2013
25000
89
72
20000
54
65
58
43
36
48
10000
18
15000
5000
12
2009
2010
Deal Count
2011
2012
2013
Capital Invested
2014 (1H)
I M PA C T O F T H E J O B S - A C T ?
B2B
Financial Services
Materials & Resources
B2C
Healthcare
Energy
Information Technology
I M PA C T O F T H E J O B S - A C T ?
Deal Size $0-50M
Deal Size $101M-150M
Deal Size >$200M
25000
89
72
20000
54
58
18
12
2009
15000
48
43
36
65
22
14
2010
10000
2011
20
17
2012
26
2013
2014 (1H)
Deal Count US
Capital Invested US
Deal Count EU
Capital Invested EU
5000
A LT E R N AT I V E M A R K E T S V E R S U S M A I N E Q U I T Y M A R K E T S
AIM
LSE
Alternext
Other Regulated Main Markets
First North
NASDAQ
EURONEXT
NYSE
US Markets
Main Markets
Ecosystem France
(all-inclusive)
A LT E R N AT I V E M A R K E T S V E R S U S M A I N E Q U I T Y M A R K E T S
Main Markets
Alternative
Markets
Visibility
liquidity
Trading Volume
Years
89
25000
102 20000
94
15000
77
48
43
12
2009
58
65
64
5000
29
21
2010
10000
2011
Deal Count US
MegaRounds US
2012
2013
2014 (1H)
Capital Invested US
Capital Raised MegaRounds US
IPO
Remain Private
WHERE? / WHAT?
Accredited Individuals
19%
Mutual Funds
19%
Buyers
Q1 2012
Hedge Funds
8%
Family Officies
8%
Asset Managers
45%
Issuers
2%
50
37,5
25
12,5
0
Jan/10
Apr/10
Jul/10
Oct/10
Jan/11
Apr/11
Jul/11
Oct/11
Jan/12
Apr/12
Jul/12
Oct/12
Buyers
Composition of Sellers
Ex-employees
Other
Employees
Founders
Investors
Composition of Buyers
18
16
14
12
12,4
10
9,3
8,2
5,7
4,6
3
2
0
0,3
0,5
0,6
0,9
1,3
2002
2003
2004
2005
2006
2007
2,4
2008
2009
2010
2011
2012
2013 2014E
1
2
3
Lawrence J. Ellison: Tech moguls like Larry Page, Sergey Brin and
Mark Zuckerberg run public companies that are essentially private
fiefdoms theyve structured their corporate control so theres no
way that investors or board members can unseat them. Thank Steve
Jobs for that!
1 8 % O F T H E O U T S T A N D I N G S H A R E S /
57% OF THE VOTING RIGHTS
CEO=CHAIR
1 8 % O F T H E O U T S T A N D I N G S H A R E S /
57% OF THE VOTING RIGHTS
CEO=CHAIR
Accommodate innovations in
shareholdings and management
structures - more flexibility
The Coordinator
The Coordinator
and Investors
Communication
Chairman
Ownership
The Coordinator
and the Group
Conversation
Investor Investor
conferences
relations /meetings
CEO
Coordinator
Brand
Management/
Tone-at-thetop
Corporate Corporate
Culture
values/
mission
statement
Coordinator
Coordinator
Group
center
Connection
Headquarters
Collaboration
Group
companies
Co-Creation
Third parties