Corporations and the Financing of Innovation: The Corporate Venturing Experience May 3 rd, 2002 External versus Internal Venturing

“Say … what’s a mountain goat doing way up here in a cloud bank?”

“Perspective. Use it or lose it.” - Richard Bach, Illusions

1. We sold the good stuff, and what’s left is a headache. 2. Some of what's left deserves continued support, some of what we have needs to be written off, and oh! if only we knew which were which. 3. We don’t believe we can influence the companies we invest in. 4. All our companies need is more money. The Top 4 Things VCs Say

“Unless we’re struck by a huge chunk of cash from outer space, I’d say there’s very little hope.”

Warren Holtsberg,, Corporate Vice President Motorola Ventures Ronald H. Peele, Vice President AOL Time Warner Ventures Paul Gompers, Professor of Business Administration, Harvard Business School Lisa A. Broderick, Managing Partner Conversus Group, Moderator External versus Internal Venturing