John Mullins

De um poleiro rochoso com vista para as luzes cintilantes de São Francisco, Christian Harbinson contemplou a baía até as colinas acima de Sausalito. “Não há nada como uma caminhada vigorosa”, pensou ele, “para limpar a mente antes de uma reunião crucial”. Era uma noite amena de março, e o capitalista de risco de 35 anos estava refletindo sobre a recomendação que teria que fazer ao comitê de investimentos de sua empresa na manhã seguinte sobre a jovem empresa de Jack Brandon, a Seven Peaks Technologies.

A/MgnhN3eosELG280E+usgCz8SMh+fXEZlEPFBgucIvkAo4KGuicX3hWrKbjS8DfcmVGWXObFiGSyLpK+Ow3uGXLp3jQejsJlz4bJ4Vl/NTGCjpI24cqORvFW+jNrcJy

Reprint: R0703A
Christian Harbinson, a young associate at the venture capital firm Scharfstein Weekes, has a difficult decision to make before the next investment committee meeting. He&#8217;s been watching over SW&#8217;s investment in Seven Peaks Technologies, and sales of its single product have been disappointing. Now the company&#8217;s head, Jack Brandon, wants another $400,000 to pursue a new product.
Harbinson believes in Brandon and in his proprietary technology&#8212;a titanium alloy that prevents surgical instruments from sticking to tissue. Three years ago, Brandon quit his job and put $65,000 of his savings into developing a nonstick cauterizing device. Two distributors offered to carry it after they saw his demonstration at a trade show, and a couple of surgeons, quickly becoming enthusiastic, promised testimonials.
But if Brandon&#8217;s cauterizer is to take off, surgeons will have to abandon the forceps they&#8217;ve traditionally used and switch to the Seven Peaks device&#8212;a change in behavior that will come slowly if at all. So, Brandon thinks, why not adapt his alloy to a line of forceps?
Now Harbinson wonders if he himself has become emotionally overinvested in Seven Peaks and if this decision is as much a test of his VC potential as of the actual deal. Should Scharfstein Weekes back Brandon&#8217;s company with a second round of funding, or would it be a case of throwing good money after bad?
Commenting on this fictional case study are Ivan Farneti, a partner with Doughty Hanson Technology Ventures; Fred Hassan, the chairman and CEO of Schering-Plough; Robert M. Johnson, a venture partner with Delta Partners and a visiting professor at the University of Navarro&#8217;s IESE Business School; and Christoph Zott, an associate professor of entrepreneurship at Insead.

Good Money After Bad?

Reimpressão: R0703A Christian Harbinson, um jovem associado da empresa de capital de risco Scharfstein Weekes, tem uma decisão difícil de tomar antes da próxima reunião do comitê de investimentos. Ele está observando o investimento da SW na Seven Peaks Technologies, e as vendas de seu único produto foram decepcionantes. Agora, o chefe da empresa, Jack Brandon, quer mais 400 mil dólares para adquirir um novo produto. Harbinson acredita em Brandon e em sua tecnologia proprietária — uma liga de titânio que evita que instrumentos cirúrgicos grudem no tecido. Há três anos, Brandon deixou o emprego e investiu 65 mil dólares de suas economias no desenvolvimento de um dispositivo de cauterização antiaderente. Dois distribuidores se ofereceram para vendê-lo depois de verem sua demonstração em uma feira comercial, e alguns cirurgiões, rapidamente entusiasmados, prometeram depoimentos. Mas para que o cauterizador de Brandon decole, os cirurgiões terão que abandonar a pinça que usavam tradicionalmente e mudar para o dispositivo Seven Peaks — uma mudança de comportamento que ocorrerá lentamente, se for o caso. Então, pensa Brandon, por que não adaptar sua liga a uma linha de fórceps? Agora, Harbinson se pergunta se ele próprio investiu emocionalmente demais em Seven Peaks e se essa decisão é tanto um teste de seu potencial de capital de risco quanto do negócio real. Scharfstein Weekes deveria apoiar a empresa de Brandon com uma segunda rodada de financiamento, ou seria o caso de jogar dinheiro bom em dinheiro ruim? Comentando esse estudo de caso fictício estão Ivan Farneti, sócio da Doughty Hanson Technology Ventures; Fred Hassan, presidente e CEO da Schering-Plough; Robert M. Johnson, parceiro de risco da Delta Partners e professor visitante na Escola de Negócios IESE da Universidade de Navarro; e Christoph Zott, professor associado de empreendedorismo na Insead.

Dinheiro bom depois de ruim?

Reprint: R0703A Christian Harbinson, a young associate at the venture capital firm Scharfstein Weekes, has a difficult decision to make before the next investment committee meeting. He’s been watching over SW’s investment in Seven Peaks Technologies, and sales of its single product have been disappointing. Now the company’s head, Jack Brandon, wants another $400,000 to pursue a new product. Harbinson believes in Brandon and in his proprietary technology—a titanium alloy that prevents surgical instruments from sticking to tissue. Three years ago, Brandon quit his job and put $65,000 of his savings into developing a nonstick cauterizing device. Two distributors offered to carry it after they saw his demonstration at a trade show, and a couple of surgeons, quickly becoming enthusiastic, promised testimonials. But if Brandon’s cauterizer is to take off, surgeons will have to abandon the forceps they’ve traditionally used and switch to the Seven Peaks device—a change in behavior that will come slowly if at all. So, Brandon thinks, why not adapt his alloy to a line of forceps? Now Harbinson wonders if he himself has become emotionally overinvested in Seven Peaks and if this decision is as much a test of his VC potential as of the actual deal. Should Scharfstein Weekes back Brandon’s company with a second round of funding, or would it be a case of throwing good money after bad? Commenting on this fictional case study are Ivan Farneti, a partner with Doughty Hanson Technology Ventures; Fred Hassan, the chairman and CEO of Schering-Plough; Robert M. Johnson, a venture partner with Delta Partners and a visiting professor at the University of Navarro’s IESE Business School; and Christoph Zott, an associate professor of entrepreneurship at Insead.

Dinheiro bom depois de ruim?

Resumo.

Partner Center