以創投產業的觀點探討新創公司募資成功之關鍵因素

Abstract

創新被認為是我國未來競爭力的關鍵，而創業投資(Venture Capital；VC)的出現對於成立初期的公司而言尤其重要，並且也漸漸成為熱門的研究議題之一。本研究主要探討創投公司在評估新創公司募資案時，考量是否決定投資之關鍵因素，但國內創投公司不多且決策者難尋，若以問卷進行量性研究，在取樣上將形成困難與偏差，因此本研究樣本鎖定以接觸過之創投業者為訪談之對象，為目前任職於創投公司之高階管理者，並利用深度訪談法訪談五位目前任職於創投公司擔任要職為對象。

本研究從創投產業觀點發現新創公司募資成功的關鍵因素為下列四點：(1)經營管理能力；(2)市場接受度；(3)變現能力；(4)進入市場時機(時間點)。接著本研究基於此亦從不同角度進行分析，透過更深入的訪談蒐集兩家真實獲得資金之新創公司的意見，訪問他們認為自身能獲得資金的原因，以及比較出資與募資雙方的異同之處，使本研究的分析結果更臻完整。

Innovation is considered as the essential key to the future competitiveness of Taiwan and the establishment of Venture Capital has been the most important factor to startup companies especially at the early stage, which has become a very hot research topic.The main focus of this research is to study the key factors which trigger VC to make a decision to invest a startup company when evaluating a fund raising case. However, there are limited VC in Taiwan and the decision makers are hard to find.If the research is based on collecting questionnaires, finding the right samplings is difficult and easily to cause sampling error. Therefore, the sampling of this research has been focused on acquaintances whom have been working on Venture Capital industry and being the high management position in current company. As the result, this research is based on and the personal interview to 5 senior managers who has been working on Venture Capital companies. In the view of Venture Capital, this research has found 4 factors which set off a successful fund raising case: 1. The Management Skill 2. The acceptance of the market 3. Cash-Out ability 4. Time to market To make the research more completed, it has also analyzed from different angels to collect data from 2 startup companies that successfully raise funds. Through interviews to ask their opinions on what they believed is the key factor on successful fund raising and to compare the similarities and differences in between investors and fund-raising parties.