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VENTURE CAPITAL -- AN OVERVIEW OF THE BASIC ISSUES AND CHALLENGES FOR ENTREPRENEURS

A NETPRENEUR.ORG SPECIAL REPORT AUGUST 2001

PREPARED BY: ANDREW J. SHERMAN, ESQ.

ANDREW J. SHERMAN, ESQ. MCDERMOTT, WILL & EMERY 600 13TH STREET, N.W. WASHINGTON, D.C. 20005 (202) 756-8610 (202) 756-8087 (FAX) AJSHERMAN@MWE.COM (E-MAIL)

WDC99 474195-1.T06139.0012

INTRODUCTION
At several recent Netpreneur.org Coffee & DoughNuts events, including the May 23rd program on Ratchets, Cramdowns and Other Scary Venture Capital Terms as well as the recent Startup.com film event on July 17th, many members of our Netpreneur community posed questions on the fundamentals of structuring venture capital transactions, including many that time prevented the panel from addressing. Clearly there is a lot of interest in this topic among our region's technology entrepreneurs, but there is also a lot of confusion. Rather than deal directly with the dozens of specific questions posed at these two events, this Netpreneur.org special report will provide an overview of some case concepts which I hope will be helpful to you in the growth and financing of your business.

OVERVIEW AND HISTORY OF VENTURE CAPITAL
Today's institutional venture capital industry has its roots at the turn of the twentieth century, when wealthy families like the Rockefellers and DuPonts provided risk capital to small growing companies. Following World War II, a few institutional venture capital companies were formed, the most notable being American Research and Development Corporation in Boston in 1946. Today, there more than 800 venture capital investment firms providing capital to more than 2,200 early-stage and rapidly growing companies each year although the trend has slowed in 2000 and 2001 during the economic and technology downturns. Owners and managers of early-stage growing companies often have mixed views…...

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...2. he concept of quality as we think of it now first emerged out of the Industrial Revolution. Previously goods had been made from start to finish by the same person or team of people, with handcrafting and tweaking the product to meet 'quality criteria'. Mass production brought huge teams of people together to work on specific stages of production where one person would not necessarily complete a product from start to finish. In the late 1800s pioneers such as Frederick Winslow Taylor and Henry Ford recognized the limitations of the methods being used in mass production at the time and the subsequent varying quality of output. Taylor established Quality Departments to oversee the quality of production and rectifying of errors, and Ford emphasized standardization of design and component standards to ensure a standard product was produced. Management of quality was the responsibility of the Quality department and was implemented by Inspection of product output to 'catch' defects. 3. Policies and procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfil the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental regulations, such as the American Sarbanes-Oxley Act requiring full openness in accounting practices. The easiest way to start writing policies and procedures is to interview the users of the policies and procedures and create......

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