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VENTURECAPITALADVISORYGROUPFALL2002Ernst&YoungCorporateVentureCapitalReportTableofContentsIntroduction...............................................................2Ernst&Young/VentureOneInvestmentData....................................3TheGlobalCVCToday......................................................6AppendixA:InterviewParticipantsfortheGlobalCVCToday....................14AppendixB:AdvisoryBoard................................................17AppendixC:GlobalVCAGContactInformation...............................181ERNST&YOUNGCORPORATEVENTURECAPITALREPORTIntroductionToOurClientsandOtherFriends:WelcometoErnst&Young’sGlobalCorporateVentureCapitalfromin-depthinterviewsconductedwithinvestorsrepresentingReportfor2002.Ithasbeenayearsincethepublicationofoursomeoftheworld’sleadingcorporations.Finally,wereliedheav-inauguralCorporateVentureCapital(CVC)Report-ayearnotilyoninvestmentdataobtainedfromVentureOne,analliancepart-lackingforchallengesintheventurecapitalindustry.Excesscap-nerofErnst&Youngandaleadingsourceofdataonventureital,portfoliotriageandconsolidation,aswellasathinningofVCcapitalactivity.firmswerejustafewofthesechallenges.EconomicconditionsWewouldliketoextendourappreciationtoallofthosewhohaveexactedatollontheCVCindustryaswell.Manyofthecor-sharedtheirexperienceandinsightswithus.Withouttheirhelp,porationsthatinitiatedprogramsatthepeakofthepublicmarketsthispublicationclearlywouldnothavebeenpossible.Wearewerenotabletosustaintheirventuringactivitiesinthefaceofindebtedtoouradvisoryboard,tooursurveyparticipants,tothosepressuretopreservecash.whomweinterviewed,andtoVentureOnefortheirtimeandeffort.Yet,amidstthestruggle,anumberofCVCshavequietly,consis-Finally,wehopethatErnst&Young’s2002CorporateVenturetentlymanagedtoentrenchthemselvesincorporationsthroughoutCapitalReportwillbecomeanimportantreferencepointforindus-theworld.Theycontinuetodemonstratetheuniqueroletheycantrypractitionersandobserversalike.WelookforwardtoErnst
