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Pre-Conference Discussion Panels — June 3rd
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

John Powers
President & CEO
Stanford Management Company
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
Jeff Kuhn
Co-Founder & Managing Partner
FLG Partners
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 Investment New Zealand
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

Carlos Perry
Chief Operating Officer
Emerging Markets Private Equity Association
Neil Campbell
Senior Partner
Endeavour Capital

Neetesh Kumar
Rho Fund Investors

Peter N. Loukianoff
Managing Partner
Almaz Capital Partners

Alex Bangash
Managing Director
The Rumson Group

Elizabeth (Beezer) Clarkson
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

Sandhya Venkatachalam
Director, Strategy, Acquisitions & Venture Investments
Cisco Systems Inc.
Matt Murphy
Partner, iFund
Kleiner Perkins Caufield & Byers

Dan’l Lewin
Corporate VC, Strategic & Emerging Business
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
Ira Ehrenpreis
General Partner
Technology Partners
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
Asset Management Company
5:30 - 7:00 p.m.

Welcome Reception
Hosted by VentureLoop

End of Pre-Conference Discussion Panels — June 3rdTop
Main Day — June 4th
7:30 - 8:30 a.m. Continental Breakfast & Conference Registration
Hosted by Silicon Valley Bank Financial Group
8:30 - 8:50 a.m.

NVCA Briefing
Mark Heesen
NVCA*National Venture Capital Association

8:50 - 9:15 a.m.

Opening Remarks From The Chairman
Dixon Doll
General Partner

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

Craig Dauchy
Cooley Godward Kronish LLP
Gary Morgenthaler
General Partner
Morgenthaler Ventures

Tim Draper
Managing Director
Draper Fisher Jurvetson

Bryan E. Roberts
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.

Paul Denning
Founder & CEO
Denning & Co.
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
Mark Heesen
Bob Grady
Managing Director
The Carlyle Group

Jason Green
General Partner
Emergence Partners

Dixon Doll

General Partner

Paul Holland
General Partner
Foundation Capital
12:45 - 1:45 p.m.

Luncheon Reception
Hosted by Cooley Godward Kronish LLP

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
Mike Selfridge
Northern California Region Manager
Silicon Valley Bank Capital

Cameron Lester
General Partner
Azure Capital Partners

Rory O’Driscoll
Managing Director
Scale Venture Partners

Jim Fulton
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
Tracy Lefteroff
Global Managing Partner, Private Equity

Ajit Nazre
General Partner
Kleiner Perkins Caufield & Byers

George Hoyem
General Partner
Blueprint Ventures

Venu Pemmaraju
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.
Jeff Kuhn
Co-Founder & Managing Partner
FLG Partners

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.

Jeff Semenchuk
Executive Vice President, Head of Growth Ventures, Citigroup Inc.
Citi Innovation
Winston Fu
General Partner
U.S. Venture Partners

Bill Reichert
General Partner
Garage Technology Ventures

Eric Jensen
Cooley Godward Kronish
Andy Sheehan
Managing Director
Sutter Hill Ventures
Bruce McWilliams
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

Derek Dowsett
Regional Leader, Technology & Life Science Practice
Moss Adams LLP
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 FLG Partners, LLC
End of Main Day — June 4th Top
Main Day 2 — June 5th
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?

Doug Hamilton
Managing Director
SVB Capital

Bill Gurley
General Partner
Benchmark Capital

Brian Ascher

Scott Sandell
General Partner
New Enterprise Associates
7:45 - 9:00 a.m.

Special Networking Breakfast: ILPA Event

Closed Door LP Session
Hosted by Institutional Limited Partners Association

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

Mark Tanoury
Cooley Godward Kronish LLP
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
Jim Tullis
Founder & CEO
Tullis Health Investors
10:00 - 11:00 a.m.

Institutional Investor Views On The Changed Face of Venture Capital

Rob Coneybeer
General Partner
Shasta Ventures

Nicole Belytschko
Director, Private Equity
C.M. Capital Management

Robert M. Hofeditz
Probitas Partners

Bernard De Backer
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

Robert Ackerman
Managing Director & Co-Founder
Allegis Capital

David York
Paul Capital Partners

Barry Schiffman
Executive Managing Director & Co-Founder
Globespan Capital Partners
Kim Kaplan-Gross
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
Joe Marks
Coller Capital
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

Chris Douvos
Co-Head, Private Equity
The Investment Fund for Foundations
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
INVESCO Private Capital
End of Main Day 2 — June 5th Top    Conference Adjourns


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