Titlebook: Venture Capital and the European Biotechnology Industry; William Bains Book 2009 Palgrave Macmillan, a division of Macmillan Publishers Li

強(qiáng)烈的愿望

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Cacophonous

Why Does Europe Do So Poorly? Some Inadequate Explanations, think is the main reason — the business practices of the VC groups that control the industry — it is worthwhile discussing the ‘reasons’ that are usually given, and showing why they are at most a minor cause of the relative lack of growth and frequent commercial and financial failure of the Europea

和音

Public Markets and Underinvestment,stantial profit on their investment. The sections above show (in rather tedious detail) that it does not do so, and that the ‘gap’ in finance in Europe is in fact a reflection of this. I have argued that this is not because companies are not there to invest in, nor that the science, management, entr

孵卵器

VC Effects on Business Efficacy,ge when it is counterproductive to the VC’s own goals of stock value appreciation and IPO. An explanation for this rather odd set of observations is that the VC has a deep knowledge of how a biotech business should be run and, while they do not have the time to provide that understanding to the comp

attenuate

Investor Blockade of Business,plausible claim, surely they would not go out of their way to sabotage an investee company? Of course they do not. But the effect of the way they invest is to achieve a similar goal. To explain this I will have to digress into a short discussion on share structures in VC-invested startup companies.

音的強(qiáng)弱

Pomp and Circumstance,t have thought that the VC/manager would at least want to conserve every penny of cash that the company had. However, the business model as it is pursued by VC-backed biotechnology companies in Europe does not appear to do this either. What I called ‘Cargo Cult Economics’ in Chapter 1 appears to app

Counteract

事先無(wú)準(zhǔn)備

Why Does Europe Do So Poorly? Some Inadequate Explanations,ally given, and showing why they are at most a minor cause of the relative lack of growth and frequent commercial and financial failure of the European industry. In this section I will explicitly leave out financial reasons such as the structure of the capital markets — we will deal with this in Chapter 6.

補(bǔ)角

The Real VC Business Model,r influence is so all pervading and their role in the industry so crucial that they must be a significant factor in its failure, and we have identified some of the mechanisms through which this occurs.

Malaise

s fallen behind the US due to under-investment and bad management by the VCs who control the companies.? Detailed analysis shows why it is in VCs‘ interests to damage the very companies they invest in.978-1-349-30381-6978-0-230-22726-2