Venture Capital Investing Conference: Agenda

Venture Capital Investing Conference

View PDF of 2009 Agenda

View PDF of 2009 Brochure

Wednesday, June 3^rd
Thursday, June 4^th
Friday, June 5^th

Pre-Conference Discussion Panels — June 3^rd
1:00 - 1:30 p.m.	Conference Registration
1:30 - 2:00 p.m.	Opening Session: Co-Chairman’s Welcome Discussion Venture Capital 2009: New Rules for the New Game Navin Chaddha Managing Director Mayfield Fund Interviewed by: Pui-Wing Tam, Deputy Bureau Chief, The Wall Street Journal
2:00 - 2:45 p.m.	Monitoring The Managers: Performance Expectations In Today’s Market New rules for investing Setting realistic goals Rethinking returns: what can LPs expect in the next 12-18 months GP guidelines on how to ensure the success of your fund Relationship management to sustain LP trust Moderator: John Powers President & CEO Stanford Management Company Panelists: Georganne Perkins Managing Director Fisher Lynch Anne Dinneen Director of Investments The James Irvine Foundation Panda Hershey Director \| Global Private Markets TIAA-CREF \| Financial Services for the Greater Good
2:45 - 3:30 p.m.	The Funding Landscape: Shifts in Funding Strategies, Syndicates & Portfolio Companies Getting to the B round & other strategies to secure additional rounds of financing Creative financing strategies Best practices to mitigate syndicate risk Starving the weak and feeding the strong Moderator: Jeff Kuhn Co-Founder & Managing Partner FLG Partners Panelists: Raman Khanna General Partner, IT Onset Ventures Doug Pepper General Partner InterWest Partners Howard Hartenbaum General Partner August Capital David Porter Managing Partner Apposite Capital Richard Couch Chairman & Founder DMG - Diablo Management Group
3:30 - 4:00 p.m.	Afternoon Networking & Refreshment Break Hosted by
4:00 - 4:45 p.m.	Concurrent Sessions Session A: Global Cowboys: Should U.S. VCs Continue To Tackle Emerging Markets Emerging Markets have matured as investment destinations. We have witnessed an increased scale of investments in funds focused on these emerging markets. These markets were once considered remote and high risk. As we move into 2010, several frontier markets emerge which have the same underlying characteristics that the current emerging markets presented a decade ago. This panel will bring together leading global investors from current and potential emerging markets to discuss opportunities and concerns around investing in these geographies. They will also share their views on the market outlook and recommended steps needed to ensure a continued growth trajectory. Geographies include: New Zealand India Russia China Latin America Moderator: Carlos Perry Chief Operating Officer Emerging Markets Private Equity Association Panelists: Neil Campbell Senior Partner Endeavour Capital Neetesh Kumar Partner Rho Fund Investors Peter N. Loukianoff Managing Partner Almaz Capital Partners Alex Bangash Managing Director The Rumson Group Elizabeth (Beezer) Clarkson Director Draper Fisher Jurvetson Dr. Martin Haemmig Adj. Prof. Senior Advisor on Venture Capital Stanford University & APARC-SPRIE Session B: The Platform Revolution: A Look At Disruptive Innovation Defogging cloud computing: when is the right time to launch a cloud Social networking: investing in the killer application Next-gen infrastructure coming down the pike Mobility: the frontier ahead Moderator: Sandhya Venkatachalam Director, Strategy, Acquisitions & Venture Investments Cisco Systems Inc. Panelists: Matt Murphy Partner, iFund Kleiner Perkins Caufield & Byers Dan’l Lewin Corporate VC, Strategic & Emerging Business Microsoft Tae Hea Nahm Managing Director Storm Ventures Bryce T. Roberts Managing Director & Co-Founder O'Reilly AlphaTech Ventures Claus Schmidt Managing Director Robert Bosch Venture Capital GmbH Harshul Sanghi Managing Director Motorola Ventures
4:45 - 5:30 p.m.	The Future Of Clean-Tech Mini-Keynote Address: Ira Ehrenpreis *Panel Discussion:* Who will be the winners Specific challenges to overcome Which investments will succeed Moderator: Ira Ehrenpreis General Partner Technology Partners Panelists: Jeff Adams Managing Director Goldman Sachs Peter Hebert Founder & Managing Partner Lux Capital Nancy Pfund Managing Partner DBL Investors Erik Straser General Partnerr Mohr, Davidow Ventures Franklin ‘Pitch’ Johnson Co-Founder Asset Management Company
5:30 - 7:00 p.m.	Welcome Reception Hosted by
End of Pre-Conference Discussion Panels — June 3^rd

Main Day — June 4^th
7:30 - 8:30 a.m.	Continental Breakfast & Conference Registration Hosted by
8:30 - 8:50 a.m.	NVCA Briefing Mark Heesen President NVCA*National Venture Capital Association
8:50 - 9:15 a.m.	Opening Remarks From The Chairman Dixon Doll General Partner DCM
9:15 - 9:45 a.m.	2009 Lifetime Achievement Award Presentation This honor is extended by IBF to investors who, during their lifetime and career, have made creative contributions of outstanding significance to the venture capital industry. Others who have been honored by this award include the following distinguished venture capitalists: *David Morgenthaler, Irwin Federman, John Mumford,* and *Reid Dennis. Award Recipent: William H. Draper, III General Partner Draper Richards Special presentation by Timothy Draper, Founder & Managing Director of Draper Fisher Jurvetson* With over forty years of experience, William H. Draper III is one of the West Coast's first venture capitalists. He is General Partner of Draper Richards L.P., a venture capital fund focusing on early-stage technology companies in the U.S., and Draper International, a venture capital fund investing in private companies with operations in the U.S. and India. Mr. Draper was founder of Sutter Hill Ventures in Palo Alto, California. During his twenty years as the senior partner of Sutter Hill, he helped to organize and finance several hundred high technology manufacturing companies. Mr. Draper served from 1981 to 1986 as President and Chairman of the Export-Import Bank of the United States. In 1986, he became the head of the world's largest source of multilateral development grant assistance, the United Nations Development Program. In addition to serving on many corporate boards of directors, Mr. Draper has served on the boards of the Atlantic Council, Draper Richards Foundation, Hoover Institution, Institute of International Studies at Stanford University, World Affairs Council of Northern California and the United Nations Association-USA. Mr. Draper formerly served as the Chairman of the World Affairs Council of Northern California, Chairman of the Institute of International Education, as a Trustee of Yale University and as Chairman of the Board of the American Conservatory Theatre in San Francisco; he was a former Board member of Population Action International, George Bush Library Foundation, the Advisory Council of the Stanford Graduate School of Business, and the World Rehabilitation Fund in New York. He is a member of the Council on Foreign Relations and the President's Council on International Activities at Yale University.
9:45 - 10:45 a.m.	Opening Keynote Panel Discussion Seasoned Views From The Valley: State of The Industry The resurrection of venture capital: is this the beginning of a new era for startups and the venture capitalist What are the most significant economic, market and competitive dynamics shaping your current investment strategies? How do you see the industry responding Can venture investing work effectively without a robust IPO market How does your view of the IPO market affect the types of investments you're making What will the dynamics of the VC industry be 4 years from today What changes will the industry have to make going forward What is your advice to the VC/PE-community today Moderator: Craig Dauchy Partner Cooley Godward Kronish LLP Panelists: Gary Morgenthaler General Partner Morgenthaler Ventures Tim Draper Managing Director Draper Fisher Jurvetson Bryan E. Roberts Partner Venrock Yogen Dalal Managing Director Mayfield Fund Lip-Bu Tan Chairman, Walden International President & CEO of Cadence Designs Systems
10:45 - 11:15 a.m.	Coffee & Networking Break
11:15 - 12:00 p.m.	Back To The Future: 1979-2009 Panelists from this the inaugural event will provide insight on the evolution of the VC industry over the past 30 years, along with changing market drivers, past industry trends, and defining points for the community. Moderator: Paul Denning Founder & CEO Denning & Co. Panelists: Alan Patricof Founder & General Partner Greycroft Partners Richard Kramlich General Partner New Enterprise Associates Edwin Goodman Co-Founder & Managing Partner Milestone Venture Partners
12:00 - 12:45 p.m.	The Dawn Of A New Day: What Can We Expect For The Next 12 – 18 Months The New Administration & industry goals Regional and national policies, regulations, and programs Is there any good news News from Capitol Hill Moderator: Mark Heesen President NVCA Panelists: Bob Grady Managing Director The Carlyle Group Jason Green General Partner Emergence Partners Dixon Doll General Partner DCM Paul Holland General Partner Foundation Capital
12:45 - 1:45 p.m.	Luncheon Reception Hosted by
1:45 - 2:30 p.m.	General Session Exit Strategies In The Wake of The Demise of Wall Street: Is There A Chance For Resurrection The current financial market crisis is impacting the entire financial world and is affecting the venture capital industry. 2008 was a tumultuous year for the VC industry, with reports of fewer exits and M&A activity. Wall Street’s failures and the lack of consumers investing further dampens the return of a strong IPO market. How will VCs strengthen LP interests and portfolio company growth in light of these market conditions? M&A strategies Is there any chance that SOX will be overturned Is resurrection possible The banking perspective How are we getting to liquidity Moderator: Mike Selfridge Northern California Region Manager Silicon Valley Bank Capital Panelists: Cameron Lester General Partner Azure Capital Partners Rory O’Driscoll Managing Director Scale Venture Partners Jim Fulton Partner Cooley Godward Kronish LLP Navin Chaddha General Partner Mayfield Fund Adam Oliveri Managing Director of the Private Company Market SecondMarket, Inc.
2:30 - 3:00 p.m.	Afternoon Networking & Refreshment Break
3:00 - 4:00 p.m.	Concurrent Sessions Session A: Surviving The Long Winter: Leadership Approaches To Nurture and Grow Portfolio Companies In An Economic Downturn Motivating the Management Team – even when portfolio company performance is strong there may be down financing rounds and high preferences in place. Options for motivating teams include new approaches to stock options, special bonus schemes and management carve-outs related to M&A exits Capital Conservation – refocusing business plans to facilitate growth without having to rely on accessing the financing market Acquisitions/Partnerships – a down cycle may be a great time to acquire or partner with other companies to gain access to new products, channels or geographies. Typically companies curtail making acquisitions in tough economic times yet those are the times when it is easier and cheaper to acquire to fuel growth. Using stock and combinations of cash and stock may be more realistic/attractive than cash deals Moderator: Tracy Lefteroff Global Managing Partner, Private Equity PricewaterhouseCoopers Panelists: Ajit Nazre General Partner Kleiner Perkins Caufield & Byers George Hoyem General Partner Blueprint Ventures Venu Pemmaraju Director Intel Capital Keith Bergelt Chief Executive Officer Open Invention Network J. Sanford Miller General Partner Institutional Venture Partners Session B: The Valuation Situation Despite continued skepticism by a core group of GPs about the usefulness of interim valuations, the reality of FASB pronouncements and auditor pressure is making most GPs either adopt formally or inch toward mark-to-market portfolio valuations. In a post-FAS 157 era, GPs are now forced to adopt new valuation methodologies for standards and consistencies within venture capital. This panel will address the impact of conforming to 157, as well as tackle alternative approaches to valuation practices. Moderator: Jeff Kuhn Co-Founder & Managing Partner FLG Partners Panelists: Bart Schachter Managing Director Blueprint Ventures Thomas Miller, CFA Managing Director Quist Valuation Vince Occhipinti Managing Director Woodside Fund Jim Anderson, CFA President of SVB Analytics SVB Capital Joseph Riley Managing Member Psilos Group Managers, LLC William B. Beeson, CFA Director of Southern California Valuation Services Moss Adams LLP
4:00 - 5:00 p.m.	Concurrent Panel Discussions Session A: Early Stage IP Opportunities and Risks IP and other intangible assets are as valuable, if not more so, to early-stage startups as they are to the companies in the S&P 500. Evaluating the strength of these assets beyond the binary question of their presence can be critical to the success of any new venture. Just as important as the target company’s IP is an assessment of the risks posed by its competitors’ IP. The panel will discuss ways to identify and benefit from IP-specific opportunities, ways of assessing and valuing IP risks before investing, and ways of mitigating IP risks going forward. Moderator: Jeff Semenchuk Executive Vice President, Head of Growth Ventures, Citigroup Inc. Citi Innovation Panelists: Winston Fu General Partner U.S. Venture Partners Bill Reichert General Partner Garage Technology Ventures Eric Jensen Partner Cooley Godward Kronish Andy Sheehan Managing Director Sutter Hill Ventures Bruce McWilliams Chairman Tessera Technologies Session B: Later Stage Investing: What Has Changed How has the current climate changed later-stage investing Are there changes in the deal terms Where are the valuations going in later-stage deals Is the holding period changing Do we see more firms going for a multi-stage strategy How later-stage VCs add value to companies and why should early-stage VCs consider them Board development in later-stage M&A and IPO guidance to later-stage companies Moderator: Derek Dowsett Regional Leader, Technology & Life Science Practice Moss Adams LLP Panelists: Todd Chaffee General Partner Institutional Venture Partners Thomas V. Rueger, Jr. Executive Director, Equity Capital Markets J.P. Morgan Phil Sanderson Managing Director IDG Ventures SF Toshi Otani Co-Founder & Managing Partner Translink Capital
5:00 - 7:00 p.m.	Cocktail Reception Hosted by
End of Main Day — June 4^th

Main Day 2 — June 5^th
7:45 - 9:00 a.m.	Continental Breakfast & Panel Discussion
8:00 - 9:00 a.m.	The Challenging VC Landscape Human Capital Generational transition, who leads the firm going forward? How are those decisions made? How do you right-size the investment dollars per GPs? Return Expectations What returns can be expected from this asset class? Are the days of the grand slam home run gone? How does government intervention influence returns? Positive/negative Global investing Opportunity or retrenchment? Moderator: Doug Hamilton Managing Director SVB Capital Panelists: Bill Gurley General Partner Benchmark Capital Brian Ascher Partner Venrock Scott Sandell General Partner New Enterprise Associates
7:45 - 9:00 a.m.	Special Networking Breakfast: ILPA Event Closed Door LP Session Hosted by
9:00 - 10:00 a.m.	General Session Limited Partners Speak Out On The Survival VC Asset Class The impact of carried interest Venture Capital vs. Private Equity: LP Appetite Affects of the recent market gyrations on allocations to alternatives, particularly VC The impact of fewer commitments to new relationships What is the criterion for telling a current relationship that they are out? Has there been an adjustment in this criteria in the last 2 years, 6 months, 4 weeks LP skepticism regarding the future performance of VC as a class - thoughts and perspectives Will venture returns ever rebound to pre bubble era levels Expectations & future direction re clean-tech Is international VC investing still exciting (particularly China) Much has been said to adjust the fund size to align with the exit market. What is the ideal size in your mind for an early stage fund, multi-stage, or late stage fund Moderator: Mark Tanoury Partner Cooley Godward Kronish LLP Panelists: Richard Hayes Managing Partner Oak Hill Investment Management Barry Gonder General Partner Grove Street Advisors Bret Jepsen Director of Venture Capital Sterling Stamos Judith Elsea Co-Founder & Managing Director Weathergage Capital Stefan Hepp CEO SCM Jim Tullis Founder & CEO Tullis Health Investors
10:00 - 11:00 a.m.	Institutional Investor Views On The Changed Face of Venture Capital Moderator: Rob Coneybeer General Partner Shasta Ventures Panelists: Nicole Belytschko Director, Private Equity C.M. Capital Management Robert M. Hofeditz Partner Probitas Partners Bernard De Backer Director Parish Capital Advisors Europe LLP George Arnold Managing Principal Knightsbridge Advisors Jessica Reed Saouaf Managing Director Co-head, Private Equity Investments Hall Capital Partners LLC
11:00 - 11:30 a.m.	Networking & Refreshment Break
11:30 - 12:15 p.m.	Concurrent Sessions Session A: Fundraising: The New Criteria For Your Next Fund *From the LP:* Issues that arise repeatedly when negotiating a limited partnership agreement Given the recent market turmoil and the slowdown in PE deals over the last 15 months, what effect are you seeing on fundraising by venture capital funds Stage preferences: early vs. later How does a VC fund differentiate itself to potential LPs from a larger, more well known fund, which is raising money from the same LPs 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, particularly in a post-FAS 157 era Moderator: Robert Ackerman Managing Director & Co-Founder Allegis Capital Panelists: David York Co-Founder Paul Capital Partners Barry Schiffman Executive Managing Director & Co-Founder Globespan Capital Partners Kim Kaplan-Gross Partner Cooley Godward Kronish LLP Paul Newsome Executive Director Head of Investments, Private Equity Unigestion (US), Ltd Session B: The Secondary Market *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 Moderator: Joe Marks Principal Coller Capital Panelists: Hans Swildens Founder & Principal Industry Ventures Sam Schwerin Managing Partner Millennium Technology Ventures Maximilian M. Schroeck Managing Partner Cipio Partners Jeff Bollerman Director of Limited Partnership Interests Market SecondMarket, Inc.
12:15 - 1:00 p.m.	Closing Panel Discussion: General Session Stewardship: Rethinking the GP-LP Relationship Thinking about “partnership” in the new era LP expectations of GPs (and vice versa) Interest alignment in the new world: LP/GP relationship reset Aligning interests through terms What do you expect in terms of transparency Justifying the private equity asset class Succession planning: performance characteristics LPs want next generation players to have Key-man issues: how important is it for the GP to remain dedicated to managing the fund in today’s market Moderator: Chris Douvos Co-Head, Private Equity The Investment Fund for Foundations Panelists: Norm Fogelsong General Partner Institutional Venture Partners Anita Ng Senior Specialist Consultant Cambridge Associates Bronwyn Dylla Bailey, Ph.D Research Director SVB Capital Kelvin Liu, CFA Principal INVESCO Private Capital
End of Main Day 2 — June 5^th Conference Adjourns

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