Agenda

As reported in 2012, reports of venture capital’s death are unfounded. Despite a decade-long shakeout leading to a downsized community and smaller fund sizes, the emergence of full service venture capital firms, micro venture fund managers, incubators and ‘first-time’ funds have transformed this industry into a powerhouse ecosystem. Venture capital in the traditional sense has been redefined and the adoption of the new science of venture investing is in play. Together, a cross-section of venture catalysts will share insight on the changed landscape of the industry.

Panelists:
Paul Lee
Partner
Lightbank

Stephanie Palmeri
Principal
SoftTech VC

Rob Coneybeer
Managing Director
Shasta Ventures

Brian O’Malley
General Partner
Battery Ventures

Rick Bolander
Managing Director & Co-Founder
Gabriel Venture Partners

Moderator:
Jeff Kuhn
Co-Founder & Managing Partner
FLG Partners

Traditional venture investors need to continue building close alignment between LPs and GPs to address the cost of compliance and the impact of regulatory change. To raise LP confidence, maximize returns, and reduce risk, goalposts have been moved and accurate milestones have been set. How are LPs responding to these adjustments and what are their expectations going forward regarding the new business model of venture? This panel will offer a reality check from select LPs on the changed game of venture capital.

Panelists:
Daniel E. Feder
Senior Investment Manager, Private Equity & Venture Capital
Covariance Capital Management

Greg Bohlen
Managing Director
Venture Capital (Chapel Hill)
Morgan Creek Capital Management

Malcolm C. Goepfert CFA
Director of Investments
The James Irvine Foundation

Robert “Mac” Hofeditz
Founder
Persistence Holdings LLC

Moderator:
Mahendra Ramsinghani
Author, The Business of Venture Capital
Managing Director, First Step Fund

Hosted by:

Benjamin G. Wilson
Managing Director
PEI Funds

The secondary market in venture capital is at an all time high. Much of this is fueled by both portfolio management issues and LPs seeking to cut back their asset allocation commitments. This panel will examine key strategies and new considerations when using the secondary markets to achieve alternative liquidity solutions.

For potential sellers

• What you should know about liquidity options for your portfolio: from LP stake to direct investment portfolio disposals
• How the secondary direct market can help you manage your portfolio: single asset, block and full portfolio disposals
• Who is selling and why
• What it takes to effectively divest direct investment portfolios
• What a secondary direct buyer is looking for in a portfolio
• Managing an effective sales process

For potential investors

• LPs’ perspectives on the Secondary / Secondary Direct market
• The unique return profile of the Secondary Directs market

Panelists:
Benjamin G. Wilson (Facilitator)
Managing Director
PEI Funds

Hans Swildens
Founder & Managing Partner
Industry Ventures LLC

Maximilian M. Schroeck PhD
Managing Partner
Cipio Partners

Christina Riboldi
President
IBF*International Business Forum

Navin Chaddha
Managing Director
Mayfield Fund

Investing in the “Right Now” Economy

The VC industry is in a state of disruption, but with disruption comes opportunity. Today, investment opportunities abound in the “Right Now” Economy, ushered in by dramatic technology platform shifts. There is a new breed of entrepreneur, a new type of startup, a new ecosystem, and a new type of venture firm.  Mark will make bold predictions about the value of companies being created today and the venture returns for the next decade.

Mark Siegel
Managing Director
Menlo Ventures

This honor is extended by IBF to investors who, during their lifetime and career, have made notable contributions of outstanding significance to the VC industry. Past recipients include: David Morgenthaler, Irwin Federman, John Mumford, Reid Dennis, William Draper III, Dick Kramlich, Jim Breyer, and Peter Fenton.

Special Achievement Award Honoree:
Dixon Doll
Co-Founder and General Partner
DCM

For more than 35 years, Dixon Doll has influenced and guided entrepreneurs, investors and executives in the computer and communications industries. In recognition of his accomplishments in venture capital, Dixon was named by Forbes Magazine as one of the top 100 venture investors on its Midas List for four consecutive years. In April, 2005, he was elected to the Board of Directors of the National Venture Capital Association (NVCA) in Washington, D.C. He also served as NVCA Chairman from 2008-2009 and as a member of their Executive Committee from 2007-2009. Under Dixon’s leadership and direction as Chairman, the NVCA developed a widely embraced set of recommendations (NVCA 4-Pillar Plan) to help enhance liquidity in the U.S. venture capital industry. These recommendations have resulted in bipartisan Congressional support for new legislation to simplify the IPO process for young emerging growth companies.

Dixon chaired the IBF Venture Capital Investing Conference for 8 years and currently serves on the Board of Directors of DIRECTV (DTV), where he also serves on the Compensation and Nominating/Corporate Governance Committees. He is also the Board Chairman of Network Equipment Technologies (NWK) and the past Board Chairman of Force10 Networks, which was recently acquired by Dell. He also serves on the boards of numerous private DCM companies.

• Reality check: new rules for venture capital
• Forces of nature: the confluence of policy and market changes
• Swimming upstream: conquering the challenged environment for small-cap IPOs
• Moving goalposts: realistic fundraising benchmarks
• The moneyball approach: should VCs make lots of little bets to ensure success

Panelists:
Scott Kupor
Partner & COO
Andreessen Horowitz

Ryan Sweeney
General Partner
Accel Partners

Navin Chaddha
Managing Director
Mayfield Fund

Todd Hixon
Founder & Managing Partner
New Atlantic Ventures

Peter Sonsini
General Partner
NEA

Moderator:
Craig Dauchy
Chair
Venture Capital Group
Cooley LLP

Panelists:
William Chu
Executive Director
Zurich Alternative Asset Management

Bret Jepsen
Principal
Northgate Capital

David York
CEO & Managing Director
Top Tier Capital Partners

Judith Elsea
Managing Director
Weathergage Capital

Jenny Chen
Vice President
Jasper Ridge Partners

Gregory V. Stento
Managing Director
Harbourvest

Moderator:
Seth Blackman
Principal
Rothstein Kass

With a new era of fund managers re-inventing the industry and LPs reassessing the allocation method they once used, the fundraising environment has never been more challenging for the VC community. Along with tapping international and corporate asset pools, venture investors must set realistic goals, rethink returns, and adjust GP guidelines to ensure the fund’s success. This panel will offer a cross-section of LP perspectives on best practices for fundraising, as well as approaches to attract alternative sources of capital. Topics include:

From the LP:

• Issues that arise repeatedly when negotiating a limited partnership agreement
• Given the recent market turmoil and the slowdown in VC deals over the last 18 months, what affect are you seeing on fundraising by venture capital funds
• Stage preferences: early vs. later
• Sector preferences
• What are the skills that a VC investor brings to the table that distinguishes them from other VCs
• The decision making process and how do we get to ‘yes’
• What are common mistakes made by GPs when meeting with prospective LPs

From the GP:

• Methods to determine which LPs to approach
• Pros and cons of a shotgun approach versus a rifle shot approach
• When is a placement agent a better option
• Size preference and how do you arrive at that number
• How will smaller funds compensate for the loss of the larger LPs
• What kind of information do LPs want to see in a neatly organized due diligence packet
• How do you present the track record

Panelists:
Frank Foster (Family Office)
General Partner
Gideon Hixon Fund

Beezer Clarkson (Corporate Fund of Funds)
COO & Managing Director
SAP Ventures

George Arnold (Strategic Adviser)
Managing Principal
Knightsbridge Advisers

Diana Frazier (Strategic Advisor)
Founding Partner
FLAG Capital Management

Anita Ng (Strategic Advisor)
Senior Consultant
Cambridge Associates

Moderator:
Peter Kehrli
Senior Manager
Rothstein Kass

The spirit of seed investing is to put capital into an idea that becomes the next Google, Amazon or Facebook. Innovations which change the way our world works. This model of investing has allowed for significant changes in the startup landscape and inceptions companies which create global competitive advantage. However, in today’s market, what is most cherished are the ‘value added’ services offered by today’s seed investors – not just capital, but technical networks, innovation partnerships and external resources.

Panelists:
Aydin Senkut
Founder & Managing Director
Felicis Ventures

Jim Kim
Partner
Formation 8

Josh Kopelman
General Partner
First Round Capital

Peter H. Werner
Partner
Cooley LLP

Moderator:
Jeff Kuhn
Co-Founder & Managing Partner
FLG Partners

Hosted by:

Steven Neil Kaplan 
Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance
The University of Chicago Booth School of Business

Professor Kaplan will discuss the historical performance of venture capital and private equity. He also will present evidence on the extent to which past fund performance predicts future performance. Finally, he will give his predictions on the likely future of venture capital and its performance.

Steven Neil Kaplan conducts research on issues in private equity, venture capital, entrepreneurial finance, corporate governance, mergers and acquisitions, and corporate finance. He has published papers in a number of academic and business journals. He has testified to the U.S. Senate Finance Committee and the U.S. House Financial Services Committee about his research. Kaplan is a research associate at the National Bureau of Economic Research and an associate editor of the Journal of Finance and the Journal of Financial Economics.

Kaplan teaches advanced MBA and executive courses in entrepreneurial finance and private equity, corporate financial management, corporate governance, and wealth management. BusinessWeek named him one of the top 12 business school teachers in the country.

Kaplan serves on the board or advisory board of Accretive Health, Columbia Acorn Funds, Morningstar, Sandbox Industries and the Illinois Venture Capital Association. He also serves on the board of the Kauffman Fellows Program, an educational program for new venture capitalists. He has been a member of the faculty since 1988.

He received his AB, summa cum laude, in Applied Mathematics and Economics from Harvard College and earned a PhD in Business Economics from Harvard University.

Corporations increasingly need to capture innovation for competitive advantage and increase market share. Corporate venturing has historically been used as a vehicle to capture innovation on a global scale and with the amount of strategic investments underway by multinationals, traditional venture investors are starting to keep a close eye on CV activity for deal flow and innovation partnerships. How are GP fund managers and CVCs working together and what partnership models are proving to be successful?

Panelists:
Jeff Lipton
Vice President, Venture & Strategic Investments
Juniper Networks

Jim Lussier
Managing Director
Dell Ventures

Rob Trice
Venture Partner
Swisscom Ventures

Claus Schmidt
Managing Director
Robert Bosch Venture Capital

Moderator:
Ted Driscoll
Director
Claremont Creek Ventures

The IPO Event: Is There A Chance For Resurrection
Economic uncertainty and the current financial market crisis is creating scar tissue on the venture capital industry. 2012 was a tumultuous year for venture capital, with reports of fewer exits and M&A activity. To add insult, the absence of a strong IPO market is further crippling investor optimism. What is the new end game for venture capital and how will VCs strengthen portfolio company growth (and LP interest) in light of these market conditions?

• M&A strategies
• Is resurrection possible
• How are we getting to liquidity

Panelists:
Paul Madera
Managing Director
Meritech Capital

Hany Nada
General Partner
GGV Ventures

Norm Fogelsong
General Partner
Institutional Venture Partners

Doug Chu
Senior Vice President
Head of NYSE Silicon Valley Office
NYSE

Pete Moran
General Partner
DCM

Craig Jacoby
Chair
Emerging Companies Group
Cooley LLP

Moderator:
Martin Pichinson
Co-Managing Member
Sherwood Partners

Hosted by: