在台灣機構創業投資公司應用商業模式轉型之研究

Abstract

台灣機構創業投資公司對台灣產業之貢獻舉足輕重，尤其是過去十幾年，對於高科技產業之扶植更是功不可沒，已上市上櫃的公司之中，曾受到創投資金挹注者達三分之一以上。然而，這個行業歷經高低起伏，同樣受到市場景氣影響，現今投資規模與極盛時期已相去甚遠。我們觀察到一些企業創投的盲點，諸如：機構創投導入過多的投資目的，或是干涉被投資公司過多的自主權，或是不與時俱進瞭解創投的生態，而機構創投人才不足，對創投經理人才誘因機制不夠，對產業領域的選擇的兩難等等。面對以上列舉之問題，本篇論文係以某企業機構創投公司(U公司)為研究個案，並實地訪談該公司資深投資專家，根據訪談的資料來研究該投資公司的”商業模式”因素，並追踪其投資案例的成敗。 本研究參酌相關文獻，在常見的數種商業模式之中，採用Clayton M. Christensen所主張的商業模式來設計訪談問卷，進行分析。分別以台灣機構創業投資公司的特性，台灣機構創業投資公司以利潤模式，創造價值方法，關鍵資源，及關鍵流程轉型等主題設計細項問卷。問卷回收後整理分析發現，案例公司(U公司)的觀點與問卷結論大致相符。因此以利潤模式，創造價值方法，以及利用關鍵資源，關鍵流程的採用為主要面向，逐一闡述如何應用這些商業模式的變數，明白現存的弱點，找出應如何轉型的方向與做法，達成台灣機構創業投資公司轉型之目的。 轉型的目標與方法建立之後，下一步則是要克服企業轉型常面臨的風險，並掌握能使企業成功轉型的原則，諸如高層的強力推動，注重溝通，跨職能的整合，詳盡的方法和可行的方案，以及強大的項目工作組。 本研究期望台灣機構創業投資公司持續擴大其對台灣產業扶植的貢獻，這對於台灣產業創新，高科技公司的成長，新興產業的崛起，都有很深遠的影響。本研究期望藉由此篇研究，能帶給台灣機構創業投資業界一些參考做法，進而提升台灣創投業之持續榮景。

Taiwan institutional venture capital companies brought much influence to Taiwan industry. It is more remarkable in contribution to high technology industry in the past 10 years. Among Taiwan listed companies, the percentage is over 33% that the listed companies was ever invested by institutional venture capital. Taiwan institutional venture capital companies were also affected by economic prosperity or depress. The investment scale was far from the scale when this industry was in its prosperous period. We observed some blind spots of this industry. Such as that , brought in too many different investment purposes; interfered too much in the invested companies; was not able to adapted to the changing investment environment; there is no competent talent to run the business; no good enough incentive given to the managers for them to devote to the new business; and the dilemma in choosing what kind of invested companies, etc.. For the above issues, the study physically visited U company and interviewed their senior managers. We researched their business model based on the interview information, also followed up their successful or failed investment cases. Among the reference material, the study adopted the business model from Clayton M. Christensen book and designed the interview questionnaires based on his theory. The interview questionnaires are directed by the following aspects: (1) The characteristics of institutional venture capital companies, (2) Transform by using profit model, (3) Transform by using value propositions model. (4) Transform by using key resources model, and (5) Transform by using key flow model. Based on the returned questionnaires, the result of the response matches the view point with the case company, "U company". Therefore, the study developed the ways and directions to transform for Taiwan institutional venture capital companies by using several variables of the above business models.