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2008/03/05

ベンチャーキャピタル時代の諸先輩方と・・・

昨晩、ベンチャーキャピタル時代の3名の諸先輩方と会食しました。

ある方は、すでに独立してVCをご自身で立ち上げ、今では企業投資以外にも事業分野を広げている方もいれば、現在もVCに在籍し、社内で2度も表彰されるくらいその投資パフォーマンスを出して、抜群の信頼を寄せられてる方、あるいはまた、VCからベンチャー企業に移り、株式公開責任者として実際、マザーズ上場を実現させ、現在は2社目のベンチャー企業で、ご活躍されている方、それぞれの諸先輩方の実力はすばらしく、久しぶりに刺激を受けました。

裏話などいろいろありましたが、ふと当時(もう10数年前ですが)のことを思い出しました。

私が所属していたベンチャーキャピタル(CSK-VC)は、独立系でオーナー企業でした。ですので、当時の資本政策は、たたき上げのオーナーらしい考え方で、株式公開時のオーナー比率を最低でも、51%になるよう資本政策を作成するよう指示がありましたし、同時にオーナーがきっちり創業者利潤を獲得できるような資本政策になることが命題でありました。

それには意味が当然あって、(おぼろげに思いだしているので正確でないかもしれませんが)、上場といっても、新興市場での上場は決して経営に対する安定性をもたらすものでなく、短期的には、まだオーナーのカジ取りが重要、との認識で、しばらくの経営の安定性という意味で、過半数をもつこと、また創業者利潤をしっかりとることで、自分の経費を自分の会社に支払わせる行為(=自分の会社だから、自由に費用を使うという意識)から脱却し、公私の区別をしなさい、というものでした。自分が作った会社は、利潤をいただくことと引き換えに、すでに公器であることを意識しなさい、というものでした。一見、矛盾した理屈のように見えますが、当時のオーナーが体得して、それを伝えたかったようです。でも、この考え方は、古いかもしれませんが、今でも通じるような気がします。

米国では、一度は起業して、企業を育て何かしらエグジットした人間が、今度は投資家として次のベンチャー企業を育てる、といったサイクルが社会構造的に作られています。日本の場合、多くの投資家は、金融機関、サラリーマンです。企業家は皆無に近いといえるでしょう。本来、事業を一度でも立ち上げ、事業の成長とその継続の難しさを体得している人が、その次を担う人をサポートすべき、と思うのですが、なかなかそのような環境にいたっていません。

私も会社を立ち上げた発展途上の経営者でありますが、もっともっと企業家がどんどんでてくるような仕組み作りの一端を担いたい、といつも思って仕事をしているつもりです。

 

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