From survival to growth
Global venture capital insights and trends report 2009

By Ernst & Young


Table of Contents

From crisis to • opportunity
by Gil Forer, Ernst & Young, and Dr. Martin Haemmig, CeTIM .........................................................2
• Fireside chat on venture capital and growth companies
Interview with Scott Carter, Sequoia Capital, and Paul Deninger, Jefferies ...................................10
• Lessons learned from building a company in turbulent times
Interview with Matthew Szulik, Red Hat .....................................................................................14
• Innovation  nds  nance despite market turbulence
by John de Yonge, Ernst & Young ..............................................................................................18
• Perspective from Europe
Interview with Bruce Golden, Accel Partners ..............................................................................20
• Current topics for technology companies
Ernst & Young Global Technology Center ...................................................................................23
• Perspective from China
Interview with Bo Shao and David Zhang, Matrix Partners ..........................................................26
• Perspective from the United States
Interview with Deepak Kamra, Canaan Partners .........................................................................28
• How to manage cash
by Steve Payne and Al Sardo, Ernst & Young ..............................................................................30
• Perspective from Israel
Interview with Chemi Peres, Pitango Venture Capital ..................................................................32
• Perspective from the United States
Interview with Noubar Afeyan, Flagship Ventures .......................................................................34
• Perspective on corporate innovation and collaboration
Interview with Steve Meller, Procter & Gamble ...........................................................................36
• Perspective of a corporate investor
Interview with Nino Marakovic, SAP Ventures ............................................................................38
• Perspective on biotech
Interview with Alex Barkas, Prospect Venture Partners ...............................................................40
• Perspective on US cleantech policy
Interview with Timothy Urban, Washington Council, Ernst & Young .............................................42
• Perspective from the United States
Interview with Jeffrey Glass, Bain Capital Ventures ....................................................................46
• Contacts
Ernst & Young Global Venture Capital Advisory Group ................................................................49