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Similaire à VC Trends 2011 UK (20)
VC Trends 2011 UK
- 3. Responses and Demographics
347 responses from nine countries
• 48% from U.S.
• 52% non-U.S. countries
Survey conducted in the U.S., Canada, U.K., China, France, Germany,
India, Brazil, Israel
Responses from large, mid-sized and small firms, with the largest
concentration, 36%, with $100 - $499 million in assets under
management
Copyright © 2011 Deloitte Development LLC. All rights reserved.
- 4. Key Findings
• Over 80 percent of global venture capitalists believe that current IPO
activity levels in their home countries are too low
• Venture capitalists believe higher returns generated by IPOs are critical
in providing superior returns to limited partners and growth capital to
developing portfolio companies
• Of those who are investing outside their home countries, more than
half (57 percent) plan to increase this activity during the next five years
and an additional 35 percent plan to maintain their level of investment.
• Excitement around IT, healthcare services and clean tech innovation
globally
Copyright © 2011 Deloitte Development LLC. All rights reserved.
- 6. Is an active IPO market in your home country essential for
the success of the venture capital industry in your country?
Is an active IPO market in your home country essential for the
success of the venture capital industry in your country?
100%
91%
90% 88%
83% 81%
79%
80%
70% 65%
59% 58%
60%
50%
40%
40%
30%
20%
10%
0%
Brazil Canada China France Germany India Israel United United
Kingdom States
Yes
Copyright © 2011 Deloitte Development LLC. All rights reserved.
- 7. Is an active IPO market in other geographies essential for the
success of the venture capital industry in your country?
Yes
No
49%
51%
Copyright © 2011 Deloitte Development LLC. All rights reserved.
- 8. Is an active IPO market in other geographies essential for the
success of the venture capital industry in your country?
100%
100%
92%
90%
83%
80% 77%
70%
63% 61%
60%
50%
40% 36%
33%
30%
22%
20%
10%
0%
Brazil Canada China France Germany India Israel United United
Kingdom States
Yes
Copyright © 2011 Deloitte Development LLC. All rights reserved.
- 9. Respondents who indicated that an active IPO market was
important either at home or abroad state why an IPO market
is essential for the success of the venture capital industry
70%
59%
60% 56%
50%
50%
44% 45%
42% 42%
40% 38%
33%
32% 32%32% 32%
30%30%
29% 29% 28%
30%
21% 21% 23%
20%20% 21%
19%
20%
14%
11% 12%
10% 8%
6% 5% 5% 6% 5%
4%
0%
0%
Israel Germany Brazil India Canada France China United United
Kingdom States
Provide growth capital to developing portfolio companies
Provide superior returns to limited partners
Attract public attention to emerging companies
Provide access to capital required to compete in global marketplace
Copyright © 2011 Deloitte Development LLC. All rights reserved.
- 10. The current level of IPO activity in your home country is
100%
92%
90% 86% 87%
84%
80%
73%
70%
70%
63%
60% 57%
50%
38% 39%
40%
31% 33%
30%
30% 28%
23%
20%
14% 13%
11%
8% 6%
10% 5% 5% 4% 3%
0% 0% 0%
0%
Israel Germany Brazil India Canada France China United United
Kingdom States
Lower than necessary to support the health of the venture capital industry
Adequate to support the health of the venture capital industry
Higher than necessary to support the health of the venture capital industry
Copyright © 2011 Deloitte Development LLC. All rights reserved.
- 11. Top 3 factors that create a healthy and vibrant IPO market
United United
Brazil Canada China France Germany India Israel
Kingdom States
A competitive investment banking
44% 14% 22% 14% 50% 29% 40% 24% 30%
community for IPOs
Healthy investor appetite for equity
94% 77% 75% 93% 92% 90% 70% 84% 81%
in public companies
Freely available capital 19% 32% 44% 18% 17% 19% 20% 43% 25%
Ability to move capital out of
6% 0% 17% 0% 0% 14% 10% 0% 3%
country
Economic stability 69% 45% 58% 43% 25% 52% 40% 68% 52%
Adequate stock analyst coverage 19% 36% 14% 46% 17% 52% 10% 32% 33%
Companies with leading edge
19% 50% 28% 36% 67% 0% 40% 24% 27%
technology
Companies that appeal to general
6% 23% 14% 29% 33% 38% 50% 16% 19%
public and mainstream media
Easier reporting for newly public
25% 23% 28% 21% 0% 5% 20% 8% 30%
companies
• Squares highlighted in yellow = over 50% of respondents selected that factor
* This is a multiple select question. Percentages will not add to 100%.
Copyright © 2011 Deloitte Development LLC. All rights reserved.
- 12. Over the next 5 years, which 3 stock exchanges do you see
as most promising for venture backed IPOs for venture-
backed companies globally?
NASDAQ 87%
New York Stock Exchange (NYSE) 39%
Shanghai Stock Exchange 33%
Hong Kong Stock Exchange 26%
London Stock Exchange (AIM) 26%
London Stock Exchange 15%
Euronext 14%
Shenzhen Stock Exchange 13%
Bombay Stock Exchange 12%
Toronto Stock Exchange 8%
National Stock Exchange of India 5%
BM&F Bovespa 5%
Deutsche Börse 4%
Tokyo Stock Exchange 2%
Korea Exchange 2%
Australian Securities Exchange 2%
BME Spanish Exchanges 2%
SIX Swiss Exchange 1%
Other 2%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Copyright © 2011 Deloitte Development LLC. All rights reserved.
- 13. Are you currently investing outside your home country?
100%
92%
90%
82%
80%
70% 64%
60% 56%
49%
50%
40%
30%
19% 20% 22%
19%
20%
10%
0%
Brazil Canada China France Germany India Israel United United
Kingdom States
Yes
Copyright © 2011 Deloitte Development LLC. All rights reserved.
- 14. Over the next five years, do you anticipate your investment
activity outside of your home country will
70% 67%
60%
56%
54%
50% 50% 50%
50%
43%
42%
40% 38% 38% 38%
36%
33% 33%
30% 30%
30%
25% 25% 25%
24%
22%
20%
20% 18%
15%
12%
9%
10%
5% 5% 4% 3% 3%
0% 0% 0% 0% 0%
0%
Israel Germany Brazil India Canada France China United United
Kingdom States
Increase Decrease Remain the same Not investing outside home country
Copyright © 2011 Deloitte Development LLC. All rights reserved.
- 16. Anticipated investment levels in terms of total capital over the
next five years - Telecommunications
United States 15% 28% 57%
United Kingdom 33% 7% 59%
China 47% 19% 34%
France 36% 18% 45%
Canada 8% 42% 50%
India 37% 42% 21%
Brazil 33% 11% 56%
Germany 13% 25% 63%
Israel 33% 11% 56%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Increase Decrease Remain the same
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- 17. Anticipated investment levels in terms of total capital over the
next five years - Semiconductors including electronics
United States 13% 41% 46%
United Kingdom 29% 17% 54%
China 23% 42% 35%
France 15% 45% 40%
Canada 75% 25%
India 6% 59% 35%
Brazil 40% 60%
Germany 50% 50%
Israel 29% 29% 43%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Increase Decrease Remain the same
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- 18. Anticipated investment levels in terms of total capital over the
next five years - Software
United States 46% 3% 51%
United Kingdom 45% 7% 48%
China 45% 21% 33%
France 20% 32% 48%
Canada 38% 19% 44%
India 58% 16% 26%
Brazil 58% 17% 25%
Germany 50% 13% 38%
Israel 22% 33% 44%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Increase Decrease Remain the same
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- 19. Anticipated investment levels in terms of total capital over the
next five years - New media/social networking
United States 64% 4% 32%
United Kingdom 43% 14% 43%
China 79% 21%
France 58% 4% 38%
Canada 69% 15% 15%
India 84% 11% 5%
Brazil 80% 20%
Germany 57% 14% 29%
Israel 44% 56%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Increase Decrease Remain the same
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- 20. Anticipated investment levels in terms of total capital over the
next five years - Biopharmaceuticals
United States 19% 30% 51%
United Kingdom 33% 33% 33%
China 83% 17%
France 29% 14% 57%
Canada 38% 38% 23%
India 64% 14% 21%
Brazil 73% 9% 18%
Germany 22% 22% 56%
Israel 29% 29% 43%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Increase Decrease Remain the same
Copyright © 2011 Deloitte Development LLC. All rights reserved.
- 21. Anticipated investment levels in terms of total capital over the
next five years - Medical device and equipment
United States 24% 24% 52%
United Kingdom 48% 14% 38%
China 77% 6% 16%
France 42% 11% 47%
Canada 42% 33% 25%
India 65% 35%
Brazil 60% 40%
Germany 70% 30%
Israel 33% 22% 44%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Increase Decrease Remain the same
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- 22. Anticipated investment levels in terms of total capital over the
next five years - Clean technologies
United States 43% 18% 40%
United Kingdom 68% 3% 29%
China 81% 3% 16%
France 67% 17% 17%
Canada 58% 17% 25%
India 85% 10% 5%
Brazil 100%
Germany 89% 11%
Israel 56% 22% 22%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Increase Decrease Remain the same
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- 23. Anticipated investment levels in terms of total capital over the
next five years - Consumer business
United States 32% 9% 60%
United Kingdom 15% 30% 55%
China 76% 6% 18%
France 50% 15% 35%
Canada 33% 8% 58%
India 90% 10%
Brazil 64% 7% 29%
Germany 57% 14% 29%
Israel 29% 29% 43%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Increase Decrease Remain the same
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- 24. Anticipated investment levels in terms of total capital over the
next five years - Cloud computing
United States 68% 1% 31%
United Kingdom 60% 16% 24%
China 67% 7% 27%
France 67% 4% 29%
Canada 82% 18%
India 75% 25%
Brazil 78% 22%
Germany 67% 33%
Israel 78% 22%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Increase Decrease Remain the same
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- 25. Anticipated investment levels in terms of total capital over the
next five years - Financial services
United States 33% 14% 54%
United Kingdom 15% 23% 62%
China 55% 18% 27%
France 40% 7% 53%
Canada 30% 70%
India 67% 6% 28%
Brazil 36% 9% 55%
Germany 20% 40% 40%
Israel 43% 57%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Increase Decrease Remain the same
Copyright © 2011 Deloitte Development LLC. All rights reserved.
- 26. Anticipated investment levels in terms of total capital over the
next five years - Healthcare services
United States 54% 12% 33%
United Kingdom 54% 8% 38%
China 75% 3% 22%
France 41% 6% 53%
Canada 44% 56%
India 90% 10%
Brazil 80% 20%
Germany 71% 29%
Israel 29% 71%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Increase Decrease Remain the same
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- 28. Capital under management in $USD
60%
54%
50% 50%
50%
39%
40% 38% 38%
33%
31% 31% 31%
30% 29%
30% 29% 29%
25% 25% 25% 25%
24%
23%
21%
19% 20%
20% 17% 16%
14% 14% 14%
13%
10% 10% 10%
10%
9%
10% 7%
6% 6%6% 5%
5% 5% 4% 3%
0% 0%
0%
Israel Germany Brazil India Canada France China United United
Kingdom States
$1 million - $49 million $50 million - $99 million $100 million - $499 million
$500 million - $1 billion More than $1 billion
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- 29. Primary investment focus
United States 87% 13%
United Kingdom 76% 24%
China 81% 19%
France 75% 25%
Canada 73% 27%
India 67% 33%
Brazil 56% 44%
Germany 83% 17%
Israel 70% 30%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Venture Capital Only Venture Capital and Buyout
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- 30. Methodology
The 2011 Global Venture Capital Survey was conducted jointly by Deloitte & Touche LLP and
the National Venture Capital Association. It was administered to venture capitalists in the
following countries: Brazil, Canada, China, France, Germany, India, Israel, United Kingdom
and the United States. Deloitte received 347 responses from general partners with assets
under management ranging from less than $100 million to greater than $1 billion. Multiple
responses from the same firm were encouraged as the survey was a general measurement of
the state of global investing from general partners, not attitudes of specific firms.
The survey was conducted during February and March 2011.
Copyright © 2011 Deloitte Development LLC. All rights reserved.
- 31. This presentation contains general information only and Deloitte is not, by means of this
presentation, rendering accounting, business, financial, investment, legal, tax, or other
professional advice or services. This presentation is not a substitute for such professional advice
or services, nor should it be used as a basis for any decision or action that may affect your
business. Before making any decision or taking any action that may affect your business, you
should consult a qualified professional advisor. Deloitte shall not be responsible for any loss
sustained by any person who relies on this presentation.
Copyright © 2011 Deloitte Development LLC. All rights reserved.
- 32. About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by
guarantee, and its network of member firms, each of which is a legally separate and independent entity.
Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms. Please see www.deloitte.com/us/about for a detailed description
of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest
clients under the rules and regulations of public accounting.
Copyright © 2011 Deloitte Development LLC. All rights reserved.