Hawaii Venture Capital Association
  :: HVCA INNOVATION SURVEY REPORT


Wednesday, March 10, 2010 4:40:44 PM


Participants in Survey
Companies participating in Survey 135
Organizational Structure Information
Organization Type A. LLC: 35
B. Corporation: 47
C. Partnership: 5
D. Joint Venture: 1
E. Sole Proprietorship: 19
Organization Year 1979: 1
1980: 1
1982: 1
1983: 1
1984: 1
1985: 1
1987: 1
1989: 2
1990: 2
1992: 1
1994: 2
1995: 2
1996: 1
1997: 2
1998: 4
1999: 2
2000: 2
2001: 10
2002: 3
2003: 6
2004: 7
2005: 10
2006: 16
2007: 18
2008: 6
2009: 4
Organization State Arizona: 1
British Columbia: 1
California: 2
Delaware: 9
Hawaii: 90
Illinois: 1
Kentucky: 1
Massachusetts: 1
Utah: 1
Capitalization $ 200,902,500
Public Company No: 77 %
Yes: 2 %
Number Of Offices 190
Headquarters State Arizona: 1
California: 1
Hawaii: 100
Illinois: 1
Kentucky: 1
Massachusetts: 1
Nevada: 1
Utah: 1
Total Square Footage 219,500
Ownership Information
Avg Percent Ownership Founders 62 %
Avg Percent Ownership Angels 7 %
Avg Percent Ownership VCs 4 %
Stock Options To Employees No: 58 %
Yes: 18 %
Business Activities Information
Business Type A. Alternative Energy: 15
C. Defense and Aerospace: 6
E. Diversified Agriculture: 1
F. Film and Digital Media: 9
G. Financial Services: 4
H. Health Care: 2
J. Information Technology: 16
K. Insurance: 1
L. Life Sciences: 5
M. Manufacturing: 2
N. Marine Sciences: 1
O. Ocean Sciences: 3
P. Performing Arts: 2
Q. Professional Services: 18
T. Sensor-Optic Technologies: 2
U. Telecommunications: 2
V. Tourism: 4
W. Transportation: 1
X. Venture Capital: 4
Y. Wholesale-Distribution : 2
Stage Of Growth A. Start-up: 51
B. Seed: 6
C. Early: 16
D. Growth: 16
E. Mature: 11
RDBudget $ 13,150,000
Number Of Patents Granted 90
Number Of Provisional Patents 85
Patent Applications 45
Dual Use No: 56 %
Yes: 19 %
QHTB No: 46 %
Yes: 28 %
Use Local Attorneys No: 24 %
Yes: 50 %
Use Local Accountants No: 30 %
Yes: 44 %
Use Local Headhunters No: 58 %
Yes: 16 %
Use Employee Leasing No: 69 %
Yes: 5 %
Use Local Banks No: 19 %
Yes: 55 %
Company Financial Information
Gross Annual Revenue $ 132,882,500
Avg Percent Revenue From Government Contracts 12 %
Avg Percent Revenue From Royalties And License Fees 3 %
Government Grant Information
SBIRGrants $ 4,502,500
CEROSGrants $ 2,750,000
HTDVGrants $ 2,050,000
State SBIRGrants $ 137,500
Nonmilitary Grants Contracts $ 4,150,000
Military Grants Contracts $ 6,650,000
Private Funding Information
Last Funding Type Sought A. None: 72
B. Bridge: 3
C. Seed Round: 6
D. Series A: 4
E. Series B: 3
H. Loan: 1
I. SBA Loan: 2
N. Combination: 3
Last Funding Amount Sought $ 166,785,000
Last Funding Source A. None: 72
C. Family: 2
D. Friends: 1
E. Angels: 9
G. Mainland VC: 1
H. Foreign VC: 1
K. SBA: 2
M. Combination: 4
R. Local VC: 2
Last Amount Raised $ 176,290,000
Date Last Funding Round Closed 2006: 3
2007: 2
A. None: 4
B. 2007: 7
B. 2008: 2
C. 2006: 3
C. 2007: 1
C. 2008: 1
Funding Amount Now Sought $ 97,630,000
Last Funding Type Sought A. None: 72
B. Bridge: 3
C. Seed Round: 6
D. Series A: 4
E. Series B: 3
H. Loan: 1
I. SBA Loan: 2
N. Combination: 3
Next Primary Source Of Additional Capital A. None: 51
B. Founders: 2
E. Angels: 6
G. Mainland VC: 6
I. Bank: 1
M. Combination: 11
R. Local VC: 2
Workforce Information
Total Employees 694
Monthly Payroll $ 1,347,500
New Hires Planned In Next 12 Months 321
Business Environment Ratings
Avg Percent Of Revenue From Hawaii 47 %
Avg Percent Of Annual Budget Spent In Hawaii 59 %
Avg Percent Of Employees From Hawaii 59 %
Rate Business Friendliness Of Government A. Outstanding: 17
B. Excellent: 10
C. Good: 19
D. Fair: 23
E. Poor: 11
F. Unacceptable: 8
G. Unable to rate: 3
Rate Availability Of Venture Financing A. Outstanding: 6
B. Excellent: 3
C. Good: 12
D. Fair: 22
E. Poor: 20
F. Unacceptable: 4
G. Unable to rate: 24
Rate Availability Of Qualified Employees A. Outstanding: 14
B. Excellent: 9
C. Good: 20
D. Fair: 25
E. Poor: 15
F. Unacceptable: 2
G. Unable to rate: 6
Rate Hawaii High School Graduates A. Outstanding: 10
B. Excellent: 5
C. Good: 15
D. Fair: 29
E. Poor: 12
F. Unacceptable: 5
G. Unable to rate: 15
Rate Hawaii College Graduates A. Outstanding: 10
B. Excellent: 15
C. Good: 31
D. Fair: 14
E. Poor: 8
G. Unable to rate: 13
Rate Availability Of Qualified Attorneys A. Outstanding: 22
B. Excellent: 18
C. Good: 29
D. Fair: 11
E. Poor: 3
F. Unacceptable: 3
G. Unable to rate: 5
Rate Availability Of Qualified Accountants A. Outstanding: 18
B. Excellent: 22
C. Good: 32
D. Fair: 9
E. Poor: 3
G. Unable to rate: 7
Rate Availability Of Qualified Headhunters A. Outstanding: 13
B. Excellent: 6
C. Good: 21
D. Fair: 17
E. Poor: 7
F. Unacceptable: 5
G. Unable to rate: 22
Rate Availability Of Employee Leasing Firms A. Outstanding: 12
B. Excellent: 7
C. Good: 22
D. Fair: 13
E. Poor: 6
F. Unacceptable: 4
G. Unable to rate: 27
Rate Availability Of Qualified Banks A. Outstanding: 16
B. Excellent: 18
C. Good: 27
D. Fair: 14
E. Poor: 7
F. Unacceptable: 2
G. Unable to rate: 7


HVCA INNOVATION SURVEY REPORT

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Hawaii Venture Capital Association .