Word: secondwind
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...surprisingly, given all this, VCs are finding it almost impossible to raise new money. And that means "a lot of new companies are having trouble getting funded," says Dick Rempt, who, with Heise co-founded SecondWind Venture Capital Recovery in Amsterdam. "Venture capital is really crucial to innovation, so it is in the interest not only of the venture capitalists and their investors but also of the tech sector as a whole that this be resolved...
...Bennekom want to use their business acumen and contacts to save the companies in venture firms' portfolios. "The idea is to look at companies on a case-by-case basis and see if we can get them to perform," says Rempt. If a business cannot be turned around, SecondWind will use its contacts to try to find a buyer for the assets. SecondWind this month attracted its first customer - one of the largest Dutch captive funds, and one that preferred to remain anonymous. SecondWind charges a flat consulting fee to VC firms and an additional "results...
...While SecondWind is among the first to form a company and create a brand around the business of salvaging portfolios, venture capital firms in Europe are increasingly relying on outside business people to help manage their portfolios. That's a change from the Internet heyday, when many venture capital firms hired young people with consulting or banking backgrounds who knew little about technology and had neither operating experience nor profit responsibility. "Now they are realizing that they need people with industry backgrounds to sort out their problems," says Düsseldorf-based Georg Kulenkampff, 51, a former board member...
...exit strategy - like an initial public offering - to get a return on investment. In addition to sourcing capital, Ariadne views its job as putting technology buyers together with sellers and finding experienced executives and board members for companies. While there is a short-term need for firms like SecondWind or Ariadne Capital, Borgdorff says the companies they aim to help will have to prove to the markets that they can sort themselves...
...ailing Harvard senior discovered a secondwind in the third set, not letting Way take even agame as he proceeded to victory...
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