從矽谷經驗談創業與投資
March 2008
David Weng
翁 嘉 盛
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History of Silicon Valley
1891—Stanford University is founded by Governor Leland and Jane Stanford.
1903—Valdemar Poulsen demonstrates the first arc radio transmitter for
high-quality voice transmission in his Palo Alto laboratory.
1912—Lee de Forest invents the vacuum tube amplifier in Palo Alto. Stanford
faculty and officials helped finance the work, the first of many cooperative
partnerships between higher education and Silicon Valley.
1930’s—Professor Frederick Terman is recruited by Stanford University and
starts a lifelong promotion of the benefits of the Valley. Later, Terman becomes
known as the father of Silicon Valley.
1937—Encouraged by Terman, William Hewlett and David Packard start a
company to produce their audio-oscillator. Walt Disney becomes their first
customer, purchasing the product for use on the film Fantasia.
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1,854 square miles; 2.49M population; 1.39M jobs; 68% College+; 28% Asians
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Share of Patents
46.8%
11.6%
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Share of US VC Coming to SV – 2007 : 27%
2007 VC in SV ~ $8B
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Venture Capital Investment in Silicon Valley
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Median Household Income
SV: $83K
US: $50K
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Home Affordability
US: 43%
CA: 24%
SV: 22%
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History of Cisco Systems
Started at
Stanford
1984
1986
IPO Adjusted
6¢ per share;
192 Employees
End-to-End
Solutions
Provider
1990
1998
Shipped First
Router
1994
Cisco Routers
Power the
Internet;
LAN/WAN
Switching,
Remote Access
$18.9 Billion
Revenue;
34,000 Employees;
IP Telephony,
Security, Wireless,
Networked Home
2002
2003
#1 Communications
Equipment Supplier
2004
Cisco’s
20th Anniversary
$22 Billion
Revenue
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Cisco Systems
Quarterly Operating Results
($B)
$7
$6
Pre-Tax Profit
Revenue
$5
$4
$3
$2
$1
$0
FY ’93 FY ’94 FY ’95 FY ’96 FY ’97 FY ’98 FY ’99 FY ’00 FY ’01
Excludes one-time charge/gains
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Cisco Products
• Industry’s broadest product line
• Leadership products in each category
• R&D = 14% of revenue
• Enables end-to-end network services
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R&D Commitment
R&D as % of Revenue
20%
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$3.24B R&D SPEND
15%
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Intel
Microsoft
IBM
Dell
Cisco
10%
10
5%
5
0%
0
CQ2 ’05
CQ1 ’05
CQ4 ’04
CQ3 ’04
Source: Yahoo Finance 7/28/05
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Cisco Intelligent Network Architecture
Application
Services
Innovative
Application
Services
Unifying
Software
Fabric
Network Platforms
Industry’s
Broadest
Product Family
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Cisco Business Relationships
INTERNET COMMUNICATIONS SOFTWARE
INTERNET BUSINESS SOLUTIONS
LEARNING PARTNERS
DISTRIBUTION
TECHNOLOGY DEVELOPER PARTNERS
STRATEGIC ALLIANCES
NETWORK SECURITY
PROFESSIONAL SERVICES
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Cisco Acquisitions
Through December 28, 2000
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Corporate Culture at Cisco
Continuous
Improvement/
Stretch Goals
Quality Team
Frugality
No Technology
Religion
Giving Back/
Trust/Fair/Integrity
Teamwork
Market Transitions
Fun
Drive Change
Open
Communication
Empowerment
Customer Success
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“Customer success and satisfaction
are at the heart of Cisco’s business
strategy and key drivers of our
current and future success”
John Chambers, President and CEO
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Cisco’s History of Customer
Satisfaction
3.58
3.96
3.98
4.01
4.06
4.12
4.22
4.33
4.49
4.63
5
4.73
4.37
Direct
4.5
Indirect
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3.5
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1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
• 10+ years of history—formally tracking customer satisfaction
• Central part of Cisco’s culture
• Customer satisfaction tied to the bonus plan
• Organizational ownership
Source: Independent research study; measured on a scale of 0 to 5
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Start-ups
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Definition of an Entrepreneur
Entrepreneur is a person who starts new
business and:
 Innovates
 Takes risks
 Pursues Opportunity
 Acts with a passion for a business idea
 Builds teams
 Enjoys the journey to create lasting value
 Persists proactively
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Pre-requisites for successful start-ups
90% hard and smart work, 10% luck
3Rs 3Fs:
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Pick the Right business
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Assemble the Right team
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Search for the Right technology/business
model
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Focus on execution
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Finance for the long haul
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Float with ups and downs (willing to detour)
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The 3 “R”s
1. The right business
address real problems, real paying customers, real huge
market potential, real barrier for others to enter
(“Me-too”, “better mouse trap” are not necessary the right
business)
2. Assemble the right team
common value, common goal, common work ethics,
complementary skills, complementary technical skill
3. Search for the right technology/business model
Unique technology that solves the underlined problems,
satisfies paying customers, business model that makes
money
☼ The above order is not random!!!
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The 3 “F”s
1. Finance for the long haul
Cash is life blood
12 months “runway” - assuming the worst
2. Focus on execution
Direction setting
Key milestones
3. Float with Ups and downs (Detour)
Changes are in-evitable
Re-trench and detour
☼ You cannot win if you die!!!
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NetScreen Company Overview
• Founded in October 1997 (3 Founders)
• IPO: Oct. 2001
• Employees: 600 (2002)
• Acquired by Juniper Networks (2004)
• Market Valuation: $4M (1997) to $4B (2004)
• Builds integrated security solutions
Firewall, VPN and traffic management in a single device: family of
network security systems and appliances that deliver high
performance, cost-effective security
Uses proprietary GigaScreen ASIC, and proprietary ScreenOS
security operating system and applications
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About NetScreen
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Leading innovator of network security
solutions
IPSec VPN
Denial of service protection
Firewall
Intrusion prevention
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Powerful security solutions
Site-to-site, remote access VPN
Perimeter security
Firewall consolidation
Infrastructure firewall
Intrusion prevention
Emerging applications, such as Wireless
LANs, voice-over-IP
NetScreen Innovations
Firewall/VPN
1st integrated firewall/VPN
appliance based on a custom ASIC
1st 1, 4 and 12 Gbps appliances
1st virtual system architecture to
segment security
Intrusion Prevention
1st to detect and prevent attacks by
dropping malicious packets
1st Multi-Method Detection to
maximize attack detection
1st Stateful Signature Detection to
reduce false alarms
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Key Corporate Facts
$138.5
$140.0
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Strong financial performance
$120.0
Large, growing revenue
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Global company
~ 600 employees
$100.0
$85.6
$80.0
Based in Sunnyvale, CA, USA
More than 30 offices worldwide
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Recognized as leader and visionary by
Gartner
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Leading market share
•
Key awards and certifications
$60.0
$40.0
$26.6
$20.0
$5.9
$0.0
FY '99
FY '00
FY '01
FY '02
For more on Gartner
and market share
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NetScreen Relative Product Positioning
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5XP
1000
500
100
NSCN
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5XT
204
208
5200
Cisco
Firewall
Cisco
Site-to-Site
VPN
PIX 501
PIX 506E
800/900 Rtrs 1700 Rtrs
Cisco
RA VPN
PIX 515-R
2600 Rtrs
PIX 515E-UR
3600 Rtrs
PIX 525-UR
5400
PIX
535-UR
Catalyst
6500
3700 Rtrs
7x00 Routers
VPN 3030
VPN 3002
VPN 3005
SOHO
ROBO
VPN 3015
SMB
VPN 3060
VPN 3060
Enterprise
VPN 3080
SP POP
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Protego Networks Company Overview
• Founded in 2002 (2 Founders from Cisco)
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•
•
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Employees: 40 (2005)
Acquired by Cisco Systems (Feb. 2005)
Market Valuation: $3M (2002) to $65M (2004)
Cisco AVVID Partners, built to be acquired
• Sell to 60 of Fortune 100 companies in 6 months
• Builds Intelligent Network Security Solutions
Provider of security monitoring and threat management
appliances used in enterprise and small-to-medium
business networks.
Detect, correlate and mitigate threats in the network
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Essence Technology
Solution, Inc.
Deliver the Secured SMB VoIP Solution
Essence Technology Solution
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Essence Technology Solution


Foundation : Founded in 2003 in Taipei
Capital Size : NT$220,000,000
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Offices : HQ located in Taipei, and branch in Shanghai
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Staff : Total 63 employees , 50 of which are
engineers

Product : Focus on total solution
- IP PBX Series
- VoIP Gateway
- IP Phone
Essence Technology Solution
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Networking Technology Trend
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The Internet Revolution
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Networking Technology Trends
• Wireless Everywhere (Wi-Fi and WiMAX)
• Converged Data/Voice/Video IP-based
Communications
• Increasing Number and Complexity of Network
Security Threats
• Emerging Vertical Applications Leveraging New
Technologies (e.g., Wireless Video Surveillance)
• Increasing Overall Networking System Complexity
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Key to Success
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The business climate used to
be like a ship on the ocean.
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Today the business climate is like
a raft on a white water river.
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The New Internet Economy
Speed of Change…
Peaks higher, valleys lower,
transitions between the two faster
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The only thing always the
same is change
The only thing always the same is
change
Agility & Adaptability will win
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Companies—Built to Last
Customer focused
Intense…performance driven
Strategy...Vision/mission
Quality of team
Stretch goals
Change part of culture
Empowerment…accountability
Entrepreneurial…Internet pace
Strong culture
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台灣產品的全球市占率
主機板
集線器
無線區域網路
98%
95% 車
89%
卡無線區域網路裝
置
SOHO路由器
筆記型電腦
可錄式光碟片
網路電話機
晶圓代工
LCD監視器
83%
83%
82%
77%
77%
71%
67%
電纜線數據機
雙絞線數據機
66%
37%
IC封裝
玻璃纖維布
電動代步車*
36%
34%
30%
*標示以產量計算，其他產品以產值計算。
自行
ABS共聚合體
26%
17%
乙太網路交換器*
12%
光碟機
IC設計
41%
29%
純對苯二甲酸
16%
數位相機*
14%
聚酯絲
13%
聚酯棉
10%
PU合成皮*
平面顯示器
--
全球第一
18項
全球第二
7項
25%
DRAM
尼龍纖維
19%
螺絲螺帽
12%
12%
全球第三
4項
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台灣研發潛力深受肯定
OEM
ODM
OBM
Original
Equipment
Manufacturing
Original
Design
Manufacturing
Own
Brand
Manufacturing
WEF全球競爭力評
比排名
WEF(瑞士世界經濟論壇)
0
7
5
10
15
20
25
11
6
IMD全球競爭力
評比排名
200 2003 200 2005
4
2
成長競爭力總排名
6
5
4
5
台灣競爭力
5
4
12
5
11
科技指標
總體經濟環境
公共體制
2
6
27
3
18
21
2
9
27
3
17
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商業競爭力總排名
16 16 17 14
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公司營運及策略
16 16 12 13
國家商業環境品
22
24
13 16 20 15
質
2000 2001 2002 2003 2004 2005 成長競爭力僅次於芬蘭、美國、瑞典、丹麥
註 : 2004年WEF評比102個國家，2005年則評比117個國家。
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技術產品創新vs.經營模式創新
行銷
研發
產
品
開
發
產
品
設
計
製造
創
新
管
理
生
產
管
理
品
質
管
理
技術產品創新
顧
客
關
係
經
營
品
牌
與
流
通
經營模式創新
更有效、壽命更長
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Questions
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