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117-826: The Hotel Haegumgang ( Korean : 호텔해금강), originally the Four Seasons Barrier Reef Resort , was the world's first floating hotel. Originally designed to exploit the tourism potential of the Great Barrier Reef in Australia , the Four Seasons Barrier Reef Resort opened on 9 March 1988 and was initially situated in the shallow John Brewer Reef , 70 kilometres (43 miles) northeast of Townsville . The floating hotel quickly proved to be economically unviable, attributed to frequent bad weather, its remote location, and

234-516: A capitalist , is a person who makes capital investments in companies in exchange for an equity stake . The venture capitalist is often expected to bring managerial and technical expertise, as well as capital, to their investments. A venture capital fund refers to a pooled investment vehicle (in the United States, often an LP or LLC ) that primarily invests the financial capital of third-party investors in enterprises that are too risky for

351-565: A catamaran service which offered daily transports of tourists from Townsville to poontoons moored in the John Brewer Reef. Guests could sunbathe, swim, snorkel, and scuba dive in the reef. Underwater reef tours were also offered in the Yellow Submarine , a glass-bottomed semi-submersible designed by Tarca himself. In March 1983, a group of businesspeople headed by Tarca made a second proposal for permanent accommodation in

468-412: A 100-seat theater, and a 50-seat underwater observatory. The decor above deck was dominated by a black lacquer finish, cool coral tones, and brass. The two original restaurants of the hotel, one of which was named The Coral Trout, were specialized in seafood . Barges brought in supplies weekly, and fresh fruit and vegetables were restocked through daily runs by boat and helicopter. Helicopters could land on

585-484: A Korean influence on Khitan. The hypothesis that Korean could be related to Japanese has had some supporters due to some overlap in vocabulary and similar grammatical features that have been elaborated upon by such researchers as Samuel E. Martin and Roy Andrew Miller . Sergei Starostin (1991) found about 25% of potential cognates in the Japanese–Korean 100-word Swadesh list . Some linguists concerned with

702-612: A brand new large-scale construction project. The Saigon Floating Hotel was renamed to the Hotel Haegumgang and opened to tourists in October 2000. Between 2000 and 2008, the hotel was reportedly popular among South Korean tourists. In July 2008, a South Korean woman was shot dead by a North Korean soldier in the Mount Kumgang Tourist Region, reportedly due to entering a military area. As a result of

819-434: A connected, floating helipad . The hotel was a barge -type structure, without any propulsion systems of its own. In order to function, the hotel had to be completely self-contained, using desalination and diesel. The engineering systems of the hotel were identical to those of a mid-size cruise ship. Located below the main deck, there was a steel-plated corridor through the hotel's "spine", with water-tight rooms that housed

936-459: A consequence, most venture capital investments are done in a pool format, where several investors combine their investments into one large fund that invests in many different startup companies. By investing in the pool format, the investors are spreading out their risk to many different investments instead of taking the chance of putting all of their money in one start up firm. Venture capital firms are typically structured as partnerships ,

1053-480: A core vowel. The IPA symbol ⟨ ◌͈ ⟩ ( U+0348 ◌͈ COMBINING DOUBLE VERTICAL LINE BELOW ) is used to denote the tensed consonants /p͈/, /t͈/, /k͈/, /t͡ɕ͈/, /s͈/ . Its official use in the extensions to the IPA is for "strong" articulation, but is used in the literature for faucalized voice . The Korean consonants also have elements of stiff voice , but it is not yet known how typical this

1170-653: A decade later in 1994. The advent of the World Wide Web in the early 1990s reinvigorated venture capital as investors saw companies with huge potential being formed. Netscape and Amazon (company) were founded in 1994, and Yahoo! in 1995. All were funded by venture capital. Internet IPOs—AOL in 1992; Netcom in 1994; UUNet, Spyglass and Netscape in 1995; Lycos, Excite, Yahoo!, CompuServe, Infoseek, C/NET, and E*Trade in 1996; and Amazon, ONSALE, Go2Net, N2K, NextLink, and SportsLine in 1997—generated enormous returns for their venture capital investors. These returns, and

1287-590: A desalination plant, three diesel generators, ballast tank controls, a repair shop, sewage-treatment machinery, and a large air-conditioning system. The hotel had a ballast capacity of 4,000 tonnes, a fuel oil capacity of 200 tonnes, a generating capacity of 2300 kW, and required a daily drinking water supply of 150 tonnes. The hotel was designed by Consafe Engineering and built by Betlehem Singapore Pty. Ltd. in Singapore . Construction began in June 1986 and continued in

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1404-573: A finance background. Venture capitalists with an operational background ( operating partner ) tend to be former founders or executives of companies similar to those which the partnership finances or will have served as management consultants. Venture capitalists with finance backgrounds tend to have investment banking or other corporate finance experience. Although the titles are not entirely uniform from firm to firm, other positions at venture capital firms include: The average maturity of most venture capital funds ranges from 10 years to 12 years, with

1521-437: A fund, the investors have a fixed commitment to the fund that is initially unfunded and subsequently "called down" by the venture capital fund over time as the fund makes its investments. There are substantial penalties for a limited partner (or investor) that fails to participate in a capital call . It can take anywhere from a month to several years for venture capitalists to raise money from limited partners for their fund. At

1638-545: A later founder effect diminished the internal variety of both language families. Since the establishment of two independent governments, North–South differences have developed in standard Korean, including variations in pronunciation and vocabulary chosen. However, these minor differences can be found in any of the Korean dialects , which are still largely mutually intelligible . The Chinese language , written with Chinese characters and read with Sino-Xenic pronunciations ,

1755-574: A possible relationship.) Hudson & Robbeets (2020) suggested that there are traces of a pre- Nivkh substratum in Korean. According to the hypothesis, ancestral varieties of Nivkh (also known as Amuric ) were once distributed on the Korean Peninsula before the arrival of Koreanic speakers. Korean syllable structure is (C)(G)V(C), consisting of an optional onset consonant, glide /j, w, ɰ/ and final coda /p, t, k, m, n, ŋ, l/ surrounding

1872-571: A post- Vietnam War tourism boom. Ho Chi Minh City experienced a flood of foreign visitors, quickly overwhelming the small number of aged hotels present in the city. To exploit this shortage and quickly establish luxury accommodation in the city, EIE International had the floating hotel relocated to Ho Chi Minh City in August 1989. In addition to Southern Pacific Hotels, the Vietnamese Overseas Finance and Trade Corporation (OCFC)

1989-581: A process known as "generating deal flow," where they reach out to their network to source potential investments. The study also reported that few VCs use any type of financial analytics when they assess deals; VCs are primarily concerned about the cash returned from the deal as a multiple of the cash invested. According to 95% of the VC firms surveyed, VCs cite the founder or founding team as the most important factor in their investment decision. Other factors are also considered, including intellectual property rights and

2106-803: A return of over 1200 times its investment and an annualized rate of return of 101% to ARDC. Former employees of ARDC went on to establish several prominent venture capital firms including Greylock Partners , founded in 1965 by Charlie Waite and Bill Elfers; Morgan, Holland Ventures, the predecessor of Flagship Ventures, founded in 1982 by James Morgan; Fidelity Ventures, now Volition Capital, founded in 1969 by Henry Hoagland; and Charles River Ventures , founded in 1970 by Richard Burnes. ARDC continued investing until 1971, when Doriot retired. In 1972 Doriot merged ARDC with Textron after having invested in over 150 companies. John Hay Whitney (1904–1982) and his partner Benno Schmidt (1913–1999) founded J.H. Whitney & Company in 1946. Whitney had been investing since

2223-411: A role in managing entrepreneurial companies at an early stage, thus adding skills as well as capital, thereby differentiating VC from buy-out private equity, which typically invest in companies with proven revenue, and thereby potentially realizing much higher rates of returns. Inherent in realizing abnormally high rates of returns is the risk of losing all of one's investment in a given startup company. As

2340-600: A series of incidents that undermined public confidence. In April 1989, the hotel was purchased by EIE International and relocated to Ho Chi Minh City in Vietnam , where it became the city's first five-star hotel and a commercial success. Renamed the Saigon Floating Hotel, the floating hotel was open in Ho Chi Minh City from November 1989 to August 1996. Once more running into financial troubles,

2457-402: A significant portion of the companies' ownership (and consequently value). Companies who have reached a market valuation of over $ 1 billion are referred to as Unicorns . As of May 2024 there were a reported total of 1248 Unicorn companies. Venture capitalists also often provide strategic advice to the company's executives on its business model and marketing strategies. Venture capital is also

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2574-407: A storm. In September, a large and previously unknown World War II ammunition dump was found just 5 kilometres (3 miles) from the hotel's location, though it was determined to not pose any danger. In July 1988, Barrier Reef Holdings announced a $ 7.89 million loss for the 87/88 fiscal year . In September, the floating hotel was put up for sale on the international market. After mere months, the hotel

2691-520: A successful exit within the required time frame (typically 8–12 years) that venture capitalists expect. Because investments are illiquid and require the extended time frame to harvest, venture capitalists are expected to carry out detailed due diligence prior to investment. Venture capitalists also are expected to nurture the companies in which they invest, in order to increase the likelihood of reaching an IPO stage when valuations are favourable. Venture capitalists typically assist at four stages in

2808-523: A variant known as "Speed Venturing", which is akin to speed-dating for capital, where the investor decides within 10 minutes whether he wants a follow-up meeting. In addition, some new private online networks are emerging to provide additional opportunities for meeting investors. This need for high returns makes venture funding an expensive capital source for companies, and most suitable for businesses having large up-front capital requirements , which cannot be financed by cheaper alternatives such as debt. That

2925-424: A way in which the private and public sectors can construct an institution that systematically creates business networks for the new firms and industries so that they can progress and develop. This institution helps identify promising new firms and provide them with finance, technical expertise, mentoring , talent acquisition, strategic partnership, marketing "know-how", and business models . Once integrated into

3042-619: Is also generated by longstanding alliances, military involvement, and diplomacy, such as between South Korea–United States and China–North Korea since the end of World War II and the Korean War . Along with other languages such as Chinese and Arabic , Korean is ranked at the top difficulty level for English speakers by the United States Department of Defense . Modern Korean descends from Middle Korean , which in turn descends from Old Korean , which descends from

3159-656: Is an agglutinative language . The Korean language is traditionally considered to have nine parts of speech . Modifiers generally precede the modified words, and in the case of verb modifiers, can be serially appended. The sentence structure or basic form of a Korean sentence is subject–object–verb (SOV), but the verb is the only required and immovable element and word order is highly flexible, as in many other agglutinative languages. Question 가게에 gage-e store- LOC 가셨어요? ga-syeo-sseo-yo go- HON . PAST - CONJ - POL 가게에 가셨어요? gage-e ga-syeo-sseo-yo store-LOC go-HON.PAST-CONJ-POL 'Did [you] go to

3276-436: Is attractive for new companies with limited operating history that are too small to raise capital in the public markets and have not reached the point where they are able to secure a bank loan or complete a debt offering . In exchange for the high risk that venture capitalists assume by investing in smaller and early-stage companies, venture capitalists usually get significant control over company decisions, in addition to

3393-511: Is closer to a near-open central vowel ( [ɐ] ), though ⟨a⟩ is still used for tradition. Grammatical morphemes may change shape depending on the preceding sounds. Examples include -eun/-neun ( -은/-는 ) and -i/-ga ( -이/-가 ). Sometimes sounds may be inserted instead. Examples include -eul/-reul ( -을/-를 ), -euro/-ro ( -으로/-로 ), -eseo/-seo ( -에서/-서 ), -ideunji/-deunji ( -이든지/-든지 ) and -iya/-ya ( -이야/-야 ). Some verbs may also change shape morphophonemically. Korean

3510-470: Is crucial for startups to kickstart their journey and attract further investment in subsequent funding rounds. Typical venture capital investments occur after an initial " seed funding " round. The first round of institutional venture capital to fund growth is called the Series A round . Venture capitalists provide this financing in the interest of generating a return through an eventual "exit" event, such as

3627-418: Is different. Venture capital funds are generally three in types: Some of the factors that influence VC decisions include: Within the venture capital industry, the general partners and other investment professionals of the venture capital firm are often referred to as "venture capitalists" or "VCs". Typical career backgrounds vary, but, broadly speaking, venture capitalists come from either an operational or

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3744-399: Is mainly reserved for specific circumstances such as newspapers, scholarly papers and disambiguation. Today Hanja is largely unused in everyday life but is still important for historical and linguistic studies. The Korean names for the language are based on the names for Korea used in both South Korea and North Korea. The English word "Korean" is derived from Goryeo , which is thought to be

3861-414: Is most commonly the case for intangible assets such as software, and other intellectual property, whose value is unproven. In turn, this explains why venture capital is most prevalent in the fast-growing technology and life sciences or biotechnology fields. If a company does have the qualities venture capitalists seek including a solid business plan, a good management team, investment and passion from

3978-399: Is of faucalized consonants. They are produced with a partially constricted glottis and additional subglottal pressure in addition to tense vocal tract walls, laryngeal lowering, or other expansion of the larynx. /s/ is aspirated [sʰ] and becomes an alveolo-palatal [ɕʰ] before [j] or [i] for most speakers (but see North–South differences in the Korean language ). This occurs with

4095-508: Is often credited with the introduction of the term "venture capitalist" that has since become widely accepted. During the 1960s and 1970s, venture capital firms focused their investment activity primarily on starting and expanding companies. More often than not, these companies were exploiting breakthroughs in electronic, medical, or data-processing technology. As a result, venture capital came to be almost synonymous with financing of technology ventures. An early West Coast venture capital company

4212-412: Is substantially different from raising debt or a loan. Lenders have a legal right to interest on a loan and repayment of the capital irrespective of the success or failure of a business. Venture capital is invested in exchange for an equity stake in the business. The return of the venture capitalist as a shareholder depends on the growth and profitability of the business. This return is generally earned when

4329-544: Is the native language for about 81 million people, mostly of Korean descent. It is the national language of both North Korea and South Korea . Beyond Korea, the language is recognized as a minority language in parts of China , namely Jilin , and specifically Yanbian Prefecture , and Changbai County . It is also spoken by Sakhalin Koreans in parts of Sakhalin , the Russian island just north of Japan, and by

4446-747: Is well attested in Western Old Japanese and Northern Ryukyuan languages , in Eastern Old Japanese it only occurs in compounds, and it is only present in three dialects of the Southern Ryukyuan language group . Also, the doublet wo meaning "hemp" is attested in Western Old Japanese and Southern Ryukyuan languages. It is thus plausible to assume a borrowed term. (See Classification of the Japonic languages or Comparison of Japanese and Korean for further details on

4563-521: The Koryo-saram in parts of Central Asia . The language has a few extinct relatives which—along with the Jeju language (Jejuan) of Jeju Island and Korean itself—form the compact Koreanic language family . Even so, Jejuan and Korean are not mutually intelligible . The linguistic homeland of Korean is suggested to be somewhere in contemporary Manchuria . The hierarchy of the society from which

4680-527: The yangban aristocracy, who looked down upon it too easy to learn. However, it gained widespread use among the common class and was widely used to print popular novels which were enjoyed by the common class. Since few people could understand official documents written in classical Chinese, Korean kings sometimes released public notices entirely written in Hangul as early as the 16th century for all Korean classes, including uneducated peasants and slaves. By

4797-784: The COVID-19 pandemic in North Korea . In early February 2022, satellite imagery began to pick up on activity close to the Haegumgang Hotel and the structure was ultimately demolished around 5–6 March. As of May 2023, South Korean companies and the Ministry of Unification are planning to sue the North Korean government for illegal use and destruction of property. Korean language Korean ( South Korean : 한국어 , Hanguk-eo ; North Korean : 조선어 , Chosŏnŏ )

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4914-695: The Employee Retirement Income Security Act (ERISA) in 1974, corporate pension funds were prohibited from holding certain risky investments including many investments in privately held companies. In 1978, the US Labor Department relaxed certain restrictions of the ERISA, under the " prudent man rule " , thus allowing corporate pension funds to invest in the asset class and providing a major source of capital available to venture capitalists. The public successes of

5031-589: The Proto-Koreanic language , which is generally suggested to have its linguistic homeland somewhere in Manchuria . Whitman (2012) suggests that the proto-Koreans, already present in northern Korea, expanded into the southern part of the Korean Peninsula at around 300 BC and coexisted with the descendants of the Japonic Mumun cultivators (or assimilated them). Both had influence on each other and

5148-568: The Three Kingdoms of Korea (not the ancient confederacies in the southern Korean Peninsula), while " -eo " and " -mal " mean "language" and "speech", respectively. Korean is also simply referred to as guk-eo , literally "national language". This name is based on the same Han characters ( 國語 "nation" + "language") that are also used in Taiwan and Japan to refer to their respective national languages. In North Korea and China ,

5265-1065: The Wallenbergs , the Vanderbilts , the Whitneys , the Rockefellers , and the Warburgs were notable investors in private companies. In 1938, Laurance S. Rockefeller helped finance the creation of both Eastern Air Lines and Douglas Aircraft , and the Rockefeller family had vast holdings in a variety of companies. Eric M. Warburg founded E.M. Warburg & Co. in 1938, which would ultimately become Warburg Pincus , with investments in both leveraged buyouts and venture capital. The Wallenberg family started Investor AB in 1916 in Sweden and were early investors in several Swedish companies such as ABB , Atlas Copco , and Ericsson in

5382-779: The general partners of which serve as the managers of the firm and will serve as investment advisors to the venture capital funds raised. Venture capital firms in the United States may also be structured as limited liability companies , in which case the firm's managers are known as managing members. Investors in venture capital funds are known as limited partners . This constituency comprises both high-net-worth individuals and institutions with large amounts of available capital, such as state and private pension funds , university financial endowments , foundations, insurance companies, and pooled investment vehicles, called funds of funds . Venture capitalist firms differ in their motivations and approaches. There are multiple factors, and each firm

5499-889: The 17th century, the yangban had exchanged Hangul letters with slaves, which suggests a high literacy rate of Hangul during the Joseon era. In the context of growing Korean nationalism in the 19th century, the Gabo Reform of 1894 abolished the Confucian examinations and decreed that government documents would be issued in Hangul instead of literary Chinese. Some newspapers were published entirely in Hangul, but other publications used Korean mixed script , with Hanja for Sino-Korean vocabulary and Hangul for other elements. North Korea abolished Hanja in writing in 1949, but continues to teach them in schools. Their usage in South Korea

5616-744: The 1930s, founding Pioneer Pictures in 1933 and acquiring a 15% interest in Technicolor Corporation with his cousin Cornelius Vanderbilt Whitney . Florida Foods Corporation proved Whitney's most famous investment. The company developed an innovative method for delivering nutrition to American soldiers, later known as Minute Maid orange juice and was sold to The Coca-Cola Company in 1960. J.H. Whitney & Company continued to make investments in leveraged buyout transactions and raised $ 750 million for its sixth institutional private-equity fund in 2005. One of

5733-408: The 20th century. The script uses 24 basic letters ( jamo ) and 27 complex letters formed from the basic ones. When first recorded in historical texts, Korean was only a spoken language . Since the turn of the 21st century, aspects of Korean culture have spread to other countries through globalization and cultural exports . As such, interest in Korean language acquisition (as a foreign language )

5850-535: The Hotel Haegumgang remained docked at Mount Kumgang. It is unclear whether it was used by the North Koreans during this time. The hotel was demolished by the North Korean government on the orders of Kim Jong Un in March 2022. The Great Barrier Reef of Australia is the largest coral reef system in the world and a popular tourist destination. In the 1980s, Australian tour operators wished to further exploit

5967-557: The John Brewer Reef, the hotel was reachable through a two-hour catamaran ride or through helicopter. The main appeal of the floating hotel was to divers, though it offered visitors various activities. These included coral-viewing in Tarca's Yellow Submarine , tennis on the floating tennis court, swimming in the swimming pool or in the sea, gymnastics in the gym, game or sport fishing, nightclub entertainment, scuba diving and snorkeling, windsurfing , sailboating, and paddle boating. The hotel

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6084-459: The John Brewer Reef. This time, the idea was to build a floating hotel, which was believed to be cheaper and more environmentally friendly than an artificial island. In March 1985, a draft environmental impact statement for the structure was completed and submitted for review. The Great Barrier Reef Marine Park Authority (GBRMPA) issued a conditional permit for a floating hotel in December 1985,

6201-493: The amount of capital invested). Venture capital investors sought to reduce the size of commitments they had made to venture capital funds, and, in numerous instances, investors sought to unload existing commitments for cents on the dollar in the secondary market . By mid-2003, the venture capital industry had shriveled to about half its 2001 capacity. Nevertheless, PricewaterhouseCoopers' MoneyTree Survey shows that total venture capital investments held steady at 2003 levels through

6318-455: The beginnings of words. /l/ becomes alveolar flap [ɾ] between vowels, and [l] or [ɭ] at the end of a syllable or next to another /l/ . A written syllable-final ' ㄹ ', when followed by a vowel or a glide ( i.e. , when the next character starts with ' ㅇ '), migrates to the next syllable and thus becomes [ɾ] . Traditionally, /l/ was disallowed at the beginning of a word. It disappeared before [j] , and otherwise became /n/ . However,

6435-461: The business network, these firms are more likely to succeed, as they become "nodes" in the search networks for designing and building products in their domain. However, venture capitalists' decisions are often biased, exhibiting for instance overconfidence and illusion of control, much like entrepreneurial decisions in general. Before World War II (1939–1945) venture capital was primarily the domain of wealthy individuals and families. J.P. Morgan ,

6552-639: The changing conditions, corporations that had sponsored in-house venture investment arms, including General Electric and Paine Webber either sold off or closed these venture capital units. Additionally, venture capital units within Chemical Bank and Continental Illinois National Bank , among others, began shifting their focus from funding early stage companies toward investments in more mature companies. Even industry founders J.H. Whitney & Company and Warburg Pincus began to transition toward leveraged buyouts and growth capital investments. By

6669-405: The company selling shares to the public for the first time in an initial public offering (IPO), or disposal of shares happening via a merger, via a sale to another entity such as a financial buyer in the private equity secondary market or via a sale to a trading company such as a competitor. In addition to angel investing , equity crowdfunding and other seed funding options, venture capital

6786-413: The company's development: Because there are no public exchanges listing their securities, private companies meet venture capital firms and other private-equity investors in several ways, including warm referrals from the investors' trusted sources and other business contacts; investor conferences and symposia; and summits where companies pitch directly to investor groups in face-to-face meetings, including

6903-586: The comprehensive regulatory frameworks of the Great Barrier Reef. The Four Seasons Barrier Reef Resort, also called the John Brewer Floating Hotel, officially opened as a five-star hotel on 9 March 1988. It became the world's first floating hotel as well as the first attempt to use coastal ocean space for permanent tourism accommodation. Because of various delays, the hotel opened six months behind schedule. While it operated in

7020-512: The construction of an artificial island on the Great Barrier Reef. This idea was the brainchild of Doug Tarca (1929–1993), an Italian-born entrepreneur. Tarca had long been fascinated by the reef and was passionate about conserving it and making it more accessible to the public. The planned island would have been placed in the John Brewer Reef —a shallow coral reef lagoon situated about 70 kilometres (43 miles) northeast of Townsville—and

7137-524: The course of the 1990s, more hotels were built and renovated in Ho Chi Minh City and the Saigon Floating Hotel eventually began to face major financial problems. On 31 August 1996, the hotel was closed and towed out into the Pacific Ocean . In 1998, EIE International sold the Saigon Floating Hotel to the South Korean company Hyundai Asan for around US$ 18 million. Under Hyundai Asan, the hotel

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7254-506: The course of the decade. The growth of the industry was hampered by sharply declining returns, and certain venture firms began posting losses for the first time. In addition to the increased competition among firms, several other factors affected returns. The market for initial public offerings cooled in the mid-1980s before collapsing after the stock market crash in 1987, and foreign corporations, particularly from Japan and Korea , flooded early-stage companies with capital. In response to

7371-555: The emergence of the independent investment firms on Sand Hill Road , beginning with Kleiner Perkins and Sequoia Capital in 1972. Located in Menlo Park, California , Kleiner Perkins, Sequoia and later venture capital firms would have access to the many semiconductor companies based in the Santa Clara Valley as well as early computer firms using their devices and programming and service companies. Kleiner Perkins

7488-451: The end of the 1980s, venture capital returns were relatively low, particularly in comparison with their emerging leveraged buyout cousins, due in part to the competition for hot startups, excess supply of IPOs and the inexperience of many venture capital fund managers. Growth in the venture capital industry remained limited throughout the 1980s and the first half of the 1990s, increasing from $ 3 billion in 1983 to just over $ 4 billion more than

7605-399: The first Korean dynasty known to Western nations. Korean people in the former USSR refer to themselves as Koryo-saram or Koryo-in (literally, " Koryo/Goryeo persons"), and call the language Koryo-mal' . Some older English sources also use the spelling "Corea" to refer to the nation, and its inflected form for the language, culture and people, "Korea" becoming more popular in

7722-493: The first five-star hotel and first international class hotel in Ho Chi Minh City. The floating hotel was at the time of opening also the only hotel in the city to offer services such as credit card facilities, a business centre, international booking, and international direct dial phone lines. Due to its direct access to the mainland, the floating hotel no longer suffered from a remote location or poor weather conditions. It proved commercially successful and its two bars became two of

7839-505: The first half of the 20th century. Only after 1945 did "true" venture capital investment firms begin to emerge, notably with the founding of American Research and Development Corporation (ARDC) and J.H. Whitney & Company in 1946. Georges Doriot , the "father of venture capitalism", along with Ralph Flanders and Karl Compton (former president of MIT ) founded ARDC in 1946 to encourage private-sector investment in businesses run by soldiers returning from World War II. ARDC became

7956-407: The first institutional private-equity investment firm to raise capital from sources other than wealthy families. Unlike most present-day venture capital firms, ARDC was a publicly traded company. ARDC's most successful investment was its 1957 funding of Digital Equipment Corporation (DEC), which would later be valued at more than $ 355 million after its initial public offering in 1968. This represented

8073-528: The first permit of its kind. Because of the unorthodox concept, it was reportedly challenging to raise the venture capital for the floating hotel. In April 1986, Four Seasons Hotels Limited was awarded with a ten-year contract for marketing and operating the hotel. The company Barrief Reef Holdings Limited was established in the same year for the hotel and began to be listed in the stock exchanges of Australia and New Zealand in September. The floating hotel

8190-551: The first steps toward a professionally managed venture capital industry was the passage of the Small Business Investment Act of 1958 . The 1958 Act officially allowed the U.S. Small Business Administration (SBA) to license private "Small Business Investment Companies" (SBICs) to help the financing and management of the small entrepreneurial businesses in the United States. The Small Business Investment Act of 1958 provided tax breaks that helped contribute to

8307-504: The founders, a good potential to exit the investment before the end of their funding cycle, and target minimum returns in excess of 40% per year, it will find it easier to raise venture capital. There are multiple stages of venture financing offered in venture capital, that roughly correspond to these stages of a company's development. In early stage and growth stage financings, venture-backed companies may also seek to take venture debt . A venture capitalist or sometimes simply called

8424-623: The hotel was purchased by Hyundai Asan in 1998. Hyundai Asan relocated the hotel to the Mount Kumgang Tourist Region in North Korea and renamed it to the Hotel Haegumgang. Part of an effort to sustain large-scale tourism projects in North Korea during a thaw in bilateral relations with South Korea , Hotel Haegumgang was open from October 2000 until Hyundai Asan suspended operations in July 2008. After being shut down,

8541-420: The hotel, caught fire off the coast of Magnetic Island . In February 1988, just a week before opening, the hotel was hit by the cyclone "Charlie". Although the main structure remained intact, peripheral structures such as the tennis court and swimming pool suffered damage. Two months after the hotel opened, an unrelated floating platform also installed in the John Brewer Reef, called "Fantasy Island", sank during

8658-525: The incident, Hyundai Asan suspended operations in the area, including the Hotel Haegumgang. It is unclear whether the hotel remained in operation after the 2008 incident, but there is speculation that it may have hosted members of the Workers' Party of Korea . The main structure remained intact, though the exterior paint gradually wore off. Hyundai Asan never made any plans to relocate the hotel, hoping that tourism would eventually resume. In 2019, Mount Kumgang

8775-479: The inflow of western loanwords changed the trend, and now word-initial /l/ (mostly from English loanwords) are pronounced as a free variation of either [ɾ] or [l] . All obstruents (plosives, affricates, fricatives) at the end of a word are pronounced with no audible release , [p̚, t̚, k̚] . Plosive sounds /p, t, k/ become nasals [m, n, ŋ] before nasal sounds. Hangul spelling does not reflect these assimilatory pronunciation rules, but rather maintains

8892-420: The initial stages of funding for a startup company, typically occurring early in its development. During a seed round, entrepreneurs seek investment from angel investors , venture capital firms, or other sources to finance the initial operations and development of their business idea. Seed funding is often used to validate the concept, build a prototype, or conduct market research . This initial capital injection

9009-411: The investment professionals served as general partner and the investors, who were passive limited partners , put up the capital. The compensation structure, still in use today, also emerged with limited partners paying an annual management fee of 1.0–2.5% and a carried interest typically representing up to 20% of the profits of the partnership. The growth of the venture capital industry was fueled by

9126-551: The investors invest with equal terms; or (2) asymmetric —where different investors have different terms. Typically asymmetry is seen in cases where investors have opposing interests, such as the need to not have unrelated business taxable income in the case of public tax-exempt investors. The decision process to fund a company is elusive. One study report in the Harvard Business Review states that VCs rarely use standard financial analytics. First, VCs engage in

9243-408: The issue between Japanese and Korean, including Alexander Vovin, have argued that the indicated similarities are not due to any genetic relationship , but rather to a sprachbund effect and heavy borrowing, especially from Ancient Korean into Western Old Japanese . A good example might be Middle Korean sàm and Japanese asá , meaning " hemp ". This word seems to be a cognate, but although it

9360-578: The language is most often called Joseon-mal , or more formally, Joseon-o . This is taken from the North Korean name for Korea (Joseon), a name retained from the Joseon dynasty until the proclamation of the Korean Empire , which in turn was annexed by the Empire of Japan . In mainland China , following the establishment of diplomatic relations with South Korea in 1992, the term Cháoxiǎnyǔ or

9477-472: The language originates deeply influences the language, leading to a system of speech levels and honorifics indicative of the formality of any given situation. Modern Korean is written in the Korean script ( 한글 ; Hangeul in South Korea, 조선글 ; Chosŏn'gŭl in North Korea), a system developed during the 15th century for that purpose, although it did not become the primary script until

9594-455: The late 1800s. In South Korea the Korean language is referred to by many names including hanguk-eo ("Korean language"), hanguk-mal ("Korean speech") and uri-mal ("our language"); " hanguk " is taken from the name of the Korean Empire ( 대한제국 ; 大韓帝國 ; Daehan Jeguk ). The " han " ( 韓 ) in Hanguk and Daehan Jeguk is derived from Samhan , in reference to

9711-538: The mainland or taken away and dumped in a legally designated part of the sea. The gas produced through incineration of waste was emitted from a 24-metre (78 ft) high stack, which had been designed to not have an impact on the ecology or aesthetics of the John Brewer Reef. No toxic paint was used on the hotel's hull. While the hotel was in operation in the John Brewer Reef, marine researchers and students from University of Queensland and James Cook University were able to monitor and study its environmental impact directly from

9828-452: The most popular nightspots in Ho Chi Minh City. Locals colloquially referred to the hotel as "The Floater". Despite charging high prices (US$ 300 per night), the Saigon Floating Hotel could report consistent occupancy rates of 80–100 % in its first four years of operation. The hotel's success led Southern Pacific Hotels to make plans for further floating hotels in Moscow and Kolkata . Over

9945-444: The on-board research lab. Although the floating hotel proved to be economically unviable, various analyses conducted in the John Brewer Reef during and after its operation demonstrated that its environmental impact had been successfully minimised. In a 1995 retrospective analysis, researchers Peter Saenger and Ian Dutton chiefly attributed this success to the designers having respected environmental management requirements, as well as to

10062-412: The performance of the companies post-IPO, caused a rush of money into venture capital, increasing the number of venture capital funds raised from about 40 in 1991 to more than 400 in 2000, and the amount of money committed to the sector from $ 1.5 billion in 1991 to more than $ 90 billion in 2000. The bursting of the dot-com bubble in 2000 caused many venture capital firms to fail and financial results in

10179-515: The population was illiterate. In the 15th century King Sejong the Great personally developed an alphabetic featural writing system , known today as Hangul , to promote literacy among the common people. Introduced in the document Hunminjeongeum , it was called eonmun ('colloquial script') and quickly spread nationwide to increase literacy in Korea. The Korean alphabet was denounced by

10296-598: The possibility of a few years of extensions to allow for private companies still seeking liquidity. The investing cycle for most funds is generally three to five years, after which the focus is managing and making follow-on investments in an existing portfolio. This model was pioneered by successful funds in Silicon Valley through the 1980s to invest in technological trends broadly but only during their period of ascendance, and to cut exposure to management and marketing risks of any individual firm or its product. In such

10413-435: The reef's tourism potential through making trips faster and shorter, or through creating off-shore accommodation for tourists. Such off-shore accommodation would be able to provide permanent access to the reef, preferably with facilities that did not need to be docked to conduct repairs. In November 1981, a month after the reef was made a World Heritage Site , a group of businesspeople from Townsville , Queensland proposed

10530-477: The rise of private-equity firms. During the 1950s, putting a venture capital deal together may have required the help of two or three other organizations to complete the transaction. It was a business that was growing very rapidly, and as the business grew, the transactions grew exponentially. Arthur Rock , one of the pioneers of Silicon Valley during his venturing the Fairchild Semiconductor

10647-413: The risk of financing start-ups in the hopes that some of the companies they support will become successful. Because startups face high uncertainty, VC investments have high rates of failure. Start-ups are usually based on an innovative technology or business model and often come from high technology industries such as information technology (IT) or biotechnology . Pre-seed and seed rounds are

10764-494: The second quarter of 2005. Although the post-boom years represent just a small fraction of the peak levels of venture investment reached in 2000, they still represent an increase over the levels of investment from 1980 through 1995. As a percentage of GDP, venture investment was 0.058% in 1994, peaked at 1.087% (nearly 19 times the 1994 level) in 2000 and ranged from 0.164% to 0.182% in 2003 and 2004. The revival of an Internet -driven environment in 2004 through 2007 helped to revive

10881-414: The sector to decline. The Nasdaq crash and technology slump that started in March 2000 shook virtually the entire venture capital industry as valuations for startup technology companies collapsed. Over the next two years, many venture firms had been forced to write-off large proportions of their investments, and many funds were significantly " under water " (the values of the fund's investments were below

10998-669: The short form Cháoyǔ has normally been used to refer to the standard language of North Korea and Yanbian , whereas Hánguóyǔ or the short form Hányǔ is used to refer to the standard language of South Korea. Korean is a member of the Koreanic family along with the Jeju language . Some linguists have included it in the Altaic family, but the core Altaic proposal itself has lost most of its prior support. The Khitan language has several vocabulary items similar to Korean that are not found in other Mongolian or Tungusic languages, suggesting

11115-490: The standard capital markets or bank loans . These funds are typically managed by a venture capital firm, which often employs individuals with technology backgrounds (scientists, researchers), business training and/or deep industry experience. A core skill within VCs is the ability to identify novel or disruptive technologies that have the potential to generate high commercial returns at an early stage. By definition, VCs also take

11232-536: The store?' Response 예/네. ye/ne AFF Venture capital Venture capital ( VC ) is a form of private equity financing provided by firms or funds to startup , early-stage, and emerging companies, that have been deemed to have high growth potential or that have demonstrated high growth in terms of number of employees, annual revenue, scale of operations, etc. Venture capital firms or funds invest in these early-stage companies in exchange for equity , or an ownership stake. Venture capitalists take on

11349-415: The structure was towed. Some coral reef outcrops had to be cropped to allow the hotel to pass through. The structure was fixed to the ocean floor, though the exact system used differs depending on the source, variously being described as a single-point mooring system, anchors to two ends of the ocean floor, or six or seven huge anchors, positioned in a way as to not damage the coral reef. The floating hotel

11466-447: The summer of 1987. The hotel cost an estimated A$ 45 million to build. The hotel was insured by Lloyd's of London and telephones were installed by Telecom Australia . Due to a contract dispute, delivery of the finished hotel was delayed until January 1988. The hotel was towed from Singapore to the John Brewer Reef with a heavy-lift ship. The John Brewer Reef has a narrow 60-metre (200 ft) wide opening on its northern side, through which

11583-441: The tense fricative and all the affricates as well. At the end of a syllable, /s/ changes to /t/ (example: beoseot ( 버섯 ) 'mushroom'). /h/ may become a bilabial [ɸ] before [o] or [u] , a palatal [ç] before [j] or [i] , a velar [x] before [ɯ] , a voiced [ɦ] between voiced sounds, and a [h] elsewhere. /p, t, t͡ɕ, k/ become voiced [b, d, d͡ʑ, ɡ] between voiced sounds. /m, n/ frequently denasalize at

11700-424: The time when all of the money has been raised, the fund is said to be closed and the 10-year lifetime begins. Some funds have partial closes when one half (or some other amount) of the fund has been raised. The vintage year generally refers to the year in which the fund was closed and may serve as a means to stratify VC funds for comparison. From an investor's point of view, funds can be: (1) traditional —where all

11817-413: The top floor, the least desirable part of the structure since it swung around the most during bad weather. In addition to the main structure, there were also adjacent floating pontoons that functioned as walkways and had moorings, as well as a swimming pool and tennis courts. Inside, the hotel had two restaurants, a nightclub, a disco, two bars, a sauna, a gym, a library, a research lab, a diving gear shop,

11934-464: The underlying, partly historical morphology . Given this, it is sometimes hard to tell which actual phonemes are present in a certain word. The traditional prohibition of word-initial /ɾ/ became a morphological rule called "initial law" ( 두음법칙 ) in the pronunciation standards of South Korea, which pertains to Sino-Korean vocabulary. Such words retain their word-initial /ɾ/ in the pronunciation standards of North Korea. For example, ^NOTE ㅏ

12051-652: The venture capital environment. However, as a percentage of the overall private-equity market, venture capital has still not reached its mid-1990s level, let alone its peak in 2000. Venture capital funds, which were responsible for much of the fundraising volume in 2000 (the height of the dot-com bubble ), raised only $ 25.1 billion in 2006, a 2% decline from 2005 and a significant decline from its peak. The decline continued till their fortunes started to turn around in 2010 with $ 21.8 billion invested (not raised). The industry continued to show phenomenal growth and in 2020 hit $ 80 billion in fresh capital. Obtaining venture capital

12168-466: The venture capital industry in the 1970s and early 1980s (e.g., Digital Equipment Corporation , Apple Inc. , Genentech ) gave rise to a major proliferation of venture capital investment firms. From just a few dozen firms at the start of the decade, there were over 650 firms by the end of the 1980s, each searching for the next major "home run". The number of firms multiplied, and the capital managed by these firms increased from $ 3 billion to $ 31 billion over

12285-544: The venture capitalist "exits" by selling its shareholdings when the business is sold to another owner. Venture capitalists are typically very selective in deciding what to invest in, with a Stanford survey of venture capitalists revealing that 100 companies were considered for every company receiving financing. Ventures receiving financing must demonstrate an excellent management team, a large potential market, and most importantly high growth potential, as only such opportunities are likely capable of providing financial returns and

12402-516: Was Draper and Johnson Investment Company, formed in 1962 by William Henry Draper III and Franklin P. Johnson, Jr. In 1965, Sutter Hill Ventures acquired the portfolio of Draper and Johnson as a founding action. Bill Draper and Paul Wythes were the founders, and Pitch Johnson formed Asset Management Company at that time. It was also in the 1960s that the common form of private-equity fund , still in use today, emerged. Private-equity firms organized limited partnerships to hold investments in which

12519-417: Was also able to host conferences for up to 200 delegates. Bad weather impacted hotel guests more than had been anticipated; rough weather meant that the helicopter and catamaran could not leave, which confined guests to the hotel. Shortly before and after opening, a series of incidents also undermined public confidence in the project. In July 1987, Reef Link II , a catamaran designed to carry 400 passengers to

12636-529: Was also brought in to help operate the hotel. The floating hotel was anchored to the Saigon River waterfront along Ton Duc Thang Street and was renamed to the Saigon Floating Hotel. The structure was slightly modified, now housing 201 rooms, a gym, a swimming pool, and a tennis court. Two new bars were also added, the "Down Under Disco" and the "Q Bar". The Saigon Floating Hotel opened in November 1989 as

12753-637: Was designed by the Swedish engineer and maritime archaeologist Sten Sjöstrand . The final design was a seven-story structure, capable of accommodating 356 guests in a total of 140 double rooms and 34 luxury suites. The rooms were small by hotel standards, similar in size to the cabins of a cruise ship. The main hotel structure measured 89.2 metres (292.7 ft) in length and 27.6 metres (90.6 ft) in width, and rose to 24.2 metres (79.4 ft) above sea level. The hotel weighed 10,960 tonnes ( loaded displacement ). The hotel's projected 98 staff members were assigned to live on

12870-487: Was first introduced to Korea in the 1st century BC, and remained the medium of formal writing and government until the late 19th century. Korean scholars adapted Chinese characters (known in Korean as Hanja ) to write their own language, creating scripts known as idu , hyangchal , gugyeol , and gakpil. These systems were cumbersome, due to the fundamental disparities between the Korean and Chinese languages, and accessible only to those educated in classical Chinese. Most of

12987-466: Was once more towed to Singapore for repairs and renovations. After this, the hotel was towed to the Mount Kumgang Tourist Region in North Korea. North and South Korea were at the time experiencing a thaw in bilateral relations, leading Hyundai Asan to invest in large-scale tourism projects in the North. The reason for purchasing the floating hotel was reportedly that it was cheaper and easier than initiating

13104-406: Was specifically designed for "total environmental safety". Numerous efforts were taken during design and construction to minimise the environmental impact in the John Brewer Reef. No sewage was dumped and the hotel's water was recirculated. The only liquid waste that entered the reef was a brine plume from the hotel's desalination plant. Solid waste was incinerated and treated wastewater was taken to

13221-549: Was the first venture capital firm to open an office on Sand Hill Road in 1972. Throughout the 1970s, a group of private-equity firms, focused primarily on venture capital investments, would be founded that would become the model for later leveraged buyout and venture capital investment firms. In 1973, with the number of new venture capital firms increasing, leading venture capitalists formed the National Venture Capital Association (NVCA). The NVCA

13338-580: Was then closed down without once having reached full occupancy. In April 1989, the floating hotel was sold to the Japanese company EIE International , of which Barrier Reef Holdings became a subsidiary . The Australian-based company Southern Pacific Hotels was also engaged to manage the hotel, which was refitted in Singapore. In the late 1980s, Vietnam was beginning to open up to the West and entered into

13455-590: Was to consist of three ocean cruise ships permanently placed on the sea bed, underwater walk tubes, and an artificial sand cay, altogether designed to support 3,000 guests. Because of projected maintenance costs and the potential environmental impact, this initial proposal was discarded. Doug Tarca and his wife Marie established their own reef-related businesses, such as Tarca's Coral Gardens, an onshore coral display in South Townsville which showcased fluorescent corals. In 1983, Tarca established Reef Link ,

13572-401: Was to serve as the industry trade group for the venture capital industry. Venture capital firms suffered a temporary downturn in 1974, when the stock market crashed and investors were naturally wary of this new kind of investment fund. It was not until 1978 that venture capital experienced its first major fundraising year, as the industry raised approximately $ 750 million. With the passage of

13689-556: Was visited by the North Korean leader Kim Jong Un . Kim criticised many of the facilities in the region, including Hotel Haegumgang, and ordered that many of them be demolished, planning to redesign the area in a North Korean fashion. Numerous involved South Korean parties, including Hyundai Asan and the Ministry of Unification , sought to negotiate with North Korea following Kim's announcement, but requests for meetings were refused. The North Korean demolition plans were put on hold due to

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