從矽谷經驗談創業與投資

1. 從矽谷經驗談創業與投資 March 2008 David Weng 翁 嘉 盛

5. 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.

6. 1,854 square miles; 2.49M population; 1.39M jobs; 68% College+; 28% Asians

7. Share of Patents 46.8% 11.6%

8. Share of US VC Coming to SV – 2007 : 27% 2007 VC in SV ~ $8B

9. Venture Capital Investment in Silicon Valley

14. Median Household Income SV: $83K US: $50K

15. Home Affordability US: 43% CA: 24% SV: 22%

16. 1984 1986 1990 1994 1998 2002 2003 2004 Started at Stanford IPO Adjusted6¢ per share; 192 Employees End-to-End Solutions Provider $18.9 Billion Revenue; 34,000 Employees; IP Telephony, Security, Wireless, Networked Home Shipped First Router Cisco Routers Power the Internet; LAN/WAN Switching, Remote Access #1 Communications Equipment Supplier Cisco’s20th Anniversary $22 Billion Revenue History of Cisco Systems

17. Cisco SystemsQuarterly Operating Results ($B) FY ’93 FY ’94 FY ’95 FY ’96 FY ’97 FY ’98 FY ’99 FY ’00 FY ’01 Excludes one-time charge/gains

18. Cisco Products • Industry’s broadest product line • Leadership products in each category • R&D = 14% of revenue • Enables end-to-end network services

19. $3.24B R&D SPEND R&D Commitment 20% 15% R&D as % of Revenue 10% 5% 0% Source: Yahoo Finance 7/28/05

20. Cisco Intelligent Network Architecture InnovativeApplicationServices ApplicationServices Unifying Software Fabric Industry’sBroadestProduct Family Network Platforms

21. Cisco Business Relationships INTERNET COMMUNICATIONS SOFTWARE TECHNOLOGY DEVELOPER PARTNERS INTERNET BUSINESS SOLUTIONS STRATEGIC ALLIANCES LEARNING PARTNERS NETWORK SECURITY DISTRIBUTION PROFESSIONAL SERVICES

22. Cisco Acquisitions Through December 28, 2000

23. Corporate Culture at Cisco Continuous Improvement/ Stretch Goals Quality Team Frugality No Technology Religion Giving Back/ Trust/Fair/Integrity Teamwork Market Transitions Fun Open Communication Drive Change Empowerment Customer Success

24. “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

25. 5 4.37 Direct 4.5 Indirect 4 3.5 3 2004 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 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 4.73 • 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

26. Start-ups

27. 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

28. Pre-requisites for successful start-ups 90% hard and smart work, 10% luck 3Rs 3Fs: • Pick the Right business • Assemble the Right team • Search for the Right technology/business model • Focus on execution • Finance for the long haul • Float with ups and downs (willing to detour)

29. 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!!!

30. 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!!!

32. 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

33. About NetScreen NetScreen Innovations Firewall/VPN 1stintegrated firewall/VPN appliance based on a custom ASIC 1st1, 4 and 12 Gbps appliances 1stvirtual system architecture to segment security Intrusion Prevention 1stto detect and prevent attacks by dropping malicious packets 1stMulti-Method Detection to maximize attack detection 1stStateful Signature Detection to reduce false alarms • Leading innovator of network security solutions • IPSec VPN • Denial of service protection • Firewall • Intrusion prevention • 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

34. Key Corporate Facts • Strong financial performance • Large, growing revenue • Global company • ~ 600 employees • Based in Sunnyvale, CA, USA • More than 30 offices worldwide • Recognized as leader and visionary by Gartner • Leading market share • Key awards and certifications For more on Gartnerand market share

35. NetScreen Relative Product Positioning 1000 25 500 5XP 100 NSCN 50 5XT 208 204 5400 5200 PIX 535-UR Cisco PIX 506E PIX 515-R PIX 515E-UR PIX 501 Firewall PIX 525-UR Catalyst6500 Cisco Site-to-SiteVPN 1700 Rtrs 2600 Rtrs 3600 Rtrs 3700 Rtrs 800/900 Rtrs 7x00 Routers Cisco RA VPN VPN 3030 VPN 3015 VPN 3005 VPN 3002 VPN 3060 VPN 3080 VPN 3060 ROBO SMB Enterprise SOHO SP POP

36. Protego Networks Company Overview • Founded in 2002 (2 Founders from Cisco) • 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 inenterprise and small-to-medium business networks. • Detect, correlate and mitigate threats in the network

37. Essence Technology Solution, Inc.Deliver the Secured SMB VoIP Solution Essence Technology Solution

38. Essence Technology Solution • Foundation : Founded in 2003 in Taipei • Capital Size: NT$220,000,000 • Offices : HQ located in Taipei, and branch in Shanghai • Staff : Total 63 employees , 50 of which are engineers • Product : Focus on total solution - IP PBX Series - VoIP Gateway - IP Phone Essence Technology Solution

39. Networking Technology Trend

40. The Internet Revolution

41. 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

42. Key to Success

43. The business climate used to be like a ship on the ocean. 43

44. Today the business climate is like a raft on a white water river. 44

45. The New Internet Economy Speed of Change…Peaks higher, valleys lower, transitions between the two faster

46. The only thing always the same is change The only thing always the same is change Agility & Adaptability will win 46

47. Companies—Built to Last Customerfocused Intense…performance driven Strategy...Vision/mission Quality ofteam Stretch goals Changepart of culture Empowerment…accountability Entrepreneurial…Internet pace Strong culture

49. 台灣產品的全球市占率 自行車 26% 主機板 98% 集線器 95% ABS共聚合體 17% 全球第一 18項 無線區域網路卡 89% 乙太網路交換器* 12% 無線區域網路裝置 83% 光碟機 41% SOHO路由器 83% IC設計 29% 筆記型電腦 82% 純對苯二甲酸 16% 可錄式光碟片 77% 全球第二 7項 數位相機* 14% 網路電話機 77% 聚酯絲 13% 晶圓代工 71% 聚酯棉 10% LCD監視器 67% PU合成皮* -- 電纜線數據機 66% 平面顯示器 25% 雙絞線數據機 37% DRAM 19% IC封裝 36% 全球第三 4項 尼龍纖維 12% 玻璃纖維布 34% 螺絲螺帽 12% 電動代步車* 30% *標示以產量計算，其他產品以產值計算。

50. 台灣研發潛力深受肯定 OEM Original Equipment Manufacturing ODM Original Design Manufacturing OBM Own Brand Manufacturing WEF全球競爭力評比排名 WEF(瑞士世界經濟論壇) 台灣競爭力 2004 2005 2002 2003 6 5 4 5 成長競爭力總排名 0 4 5 5 6 7 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 26 5 11 IMD全球競爭力評比排名 10 11 12 15 商業競爭力總排名 16 16 17 14 18 17 公司營運及策略 國家商業環境品質 16 13 16 16 12 20 13 15 20 22 24 25 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。