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Technology Ventures
From Idea to Enterprise
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Technology Ventures
From Idea to Enterprise
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Thomas H. Byers
Stanford University

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University of Oregon

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TECHNOLOGY VENTURES: FROM IDEATO ENTERPRISE, THIRD EDITION Published by McGraw-Hill, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY 10020. Copyright @ 2001 by The McGraw-Hill Companies, Inc. All rights reserved. Previous editions © 2008 and 2005. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system,without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOC/DOC 1 0 9 8 7 6 54 3 2 1 0 ISBN 978–0–07–338018–6 MHID 0–07–338018–0 Vice President & Editor-in-Chief: Martin Lange Vice President EDP & Central Publishing Services: Kimberly Meriwether David Global Publisher: Raghothaman Srinivasan s Sponsoring Editor: Debra B. Hash ma Tho Developmental Editor: Lora Neyens . f Dr Senior Marketing Manager: Curt Reynolds so t Project Manager: Melissa M. Leick den stu SeniorProduction Supervisor: Laura Fuller r Design Coordinator: Brenda A. Rolwes d fo are Cover Designer: Studio Montage, St. Louis,p Missouri pre (USE) Cover Image: © Punchstock/e r Getty Images RF a es Compositor: Laserwords Private Limited pag Typeface: 10.5/12 ry Roman aTimes Printer: R. iR. Donnelley min

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Library of Congress Cataloging-in-Publication Data Byers, Thomas (Thomas H.) Technology ventures : from idea to enterprise / Thomas H. Byers, Richard C. Dorf, Andrew J. Nelson. — 3rd ed. p. cm. Dorf’s name appears first on the earlier editions. Includes bibliographical references and index. ISBN978-0-07-338018-6 (alk. paper) 1. Information technology. 2. Entrepreneurship. 3. New business enterprises. I. Dorf, Richard C. II. Nelson, Andrew J. III. Dorf, Richard C. Technology ventures. IV. Title. HC79.I55D674 2010 658.1’1--dc22 2009043315

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DEDICATION

For our spouses: Michele Mandell, Joy Dorf, and Ann Carney Nelson. We warmly recognize their love and commitment to thispublication that will help others create important enterprises for the benefit of all.
THOMAS H. BYERS, RICHARD C. DORF, ANDREW J. NELSON

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ABOUT THE AUTHORS

Thomas H. Byers is professor of managementscience and engineering at Stanford University and founder of the Stanford Technology Ventures Program, which is dedicated to accelerating technology entrepreneurship education around the globe. After receiving his B.S., MBA, and Ph.D. from the University of California, Berkeley, Dr. Byers held leadership positions in technology ventures including Symantec Corporation. His teaching awards include...