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Startups going global 2015. 9. 허 진호 SEMA Translink Investment

Startups going global (Translink)_v.6_sv_venture_forum_150915

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Startups going global

2015. 9.

허 진호

SEMA Translink Investment

VS.

500~1,400년대까지필사된 책의총량3만여권으로추산(U.����������� ������������������  Texas����������� ������������������  Austin)

대기업 vs. 스타트업

Why 스타트업?

Innovation

검색소셜네트워크전자상거래

핸드폰

(전기자동차)

반도체

PC

인터넷

AmazonGoogle

Facebook

(Android)

Tesla

ShockleyIntelHP

AppleMicrosoft

Yahoo(Netscape)

Value creation

21

Nasdaq 100

(as����������� ������������������  of����������� ������������������  21����������� ������������������  April����������� ������������������  2015)

22

VC-funded in Nasdaq 100

• 43 of 100 companies– 8 of Top 10– 13 of Top 20

• 63.5% in market cap– $3.71 Trillion

of $5.85 Trillion

• Or, 43.5% of Nasdaq ($8.5 Trillion)

Quality job creation

(Kauffman����������� ������������������  Foundation,����������� ������������������   2010)

How 스타트업?

Room to innovate

Positive system vs.Negative system

Uber

“현행법 위반”

33

“현행법 위반”

Uber 여객운수사업법

34

“현행법 위반”

Uber ($40B) 여객운수사업법

35

“현행법 위반”

Uber ($40B) 여객운수사업법

Lending Club ($7B) 대부업법

TransferWise ($1B) 외환관리법(불법 환치기)

Airbnb ($13B) 숙박업법

Crowdfunding (equity) 증권법Leap 여객운수사업법

36

“현행법 위반”

PG ($18B) 여신전문금융업법(이니시스, KCP, 모빌리언스, 다날)

쿠팡 ($4B) 화물자동차운수사업법

“일단 지를 수 있게 해주고,(사회적) 이슈가 생기면하나씩 해결방법을 찾으면서지속가능한 구조를 만들어 보자”

JOBS Act(Jumpstart Out Business Startups)

Going global

41

국가별 나스닥 상장 현황

“����������� ������������������  아시아 주요 국가중 Nasdaq에상장된 기업의수와 기업가치 최하위"

$147B

$37B

$6.3B$1.9B

$0.01B

중국(95개)

싱가포르(3개)

이스라엘(76개)

대만(7개)

인도(4개)

한국(1개)

Nasdaq상장국내 기업가치

- vs����������� ������������������  중국 GDP����������� ������������������  규모 0.14배,����������� ������������������  but 시가총액 1/10,000

- vs����������� ������������������  싱가포르 GDP����������� ������������������  규모 4.7배,����������� ������������������  but 시가총액 1/4,000

- vs����������� ������������������  대만 GDP����������� ������������������  규모 2.9배,����������� ������������������  but 시가총액 1/500

$11,211B

$296B$307B$528B

$2,308B

$1,435B

GDP 시가총액합계

$38B

(Venture����������� ������������������  Capital����������� ������������������  Insights����������� ������������������  2014,����������� ������������������  EY)

(한국벤처캐피탈 협회)

Korea 1.26 1.23 1.38 1.64

(Venture����������� ������������������  Capital����������� ������������������  Insights����������� ������������������  2014,����������� ������������������  EY)

44

왜 그럴까?

• 글로벌 진출 & 나스닥 상장 경험 유무

• 국내 시장 vs. 글로벌 시장 진출–국내 대기업 1차/2차 벤더

vs. 글로벌 플레이어

45

실리콘웍스

4,000억

4,062억원

MontageTechnology

매출: 2,500억

시총: 7,700억(‘14.6 인수가격) (2014년말 기준)

“Going Global”

How Go Global?

top-notch co-working space,pitching in English in SF,

overseas sales office,global crowdfunding, …”

“Going global does NOT necessarily mean

…top-notch co-working space,

pitching in English in SF, overseas sales office,

global crowdfunding, …”

Play globally

Play locally with global players

Global Exit

Global common practice

in

Fundraising

Funding

Nurturing

Exit

Fundraising

Intermediaries, including

Fund of Funds, Advisories

창업투자 (주식회사)

Funding

Stable investments flowsthrough entire life-time

of startups

Global VC in local market

(한국경제신문, 2015.4.27)

Exit

Need active‘exit’ market

Also, actively seek‘global exit’

Nurturing

VC’s role:

Spray & pray vs.

Seed & nurture

Seed & nurture by

co-investment,follow-on investment,help global expansion,find exit opportunities

82

Co-investment syndicates

Now, what?

“일단 지를 수 있게 해주고,(사회적) 이슈가 생기면하나씩 해결방법을 찾으면서지속가능한 구조를 만들어 보자”

“Going Global”