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Technology Investments in Emerging Markets
1. C ELSIUS C APITAL A T ECHNOLOGY I NVESTMENT F IRM Pushing the Technology Frontier: Technology Investments in Emerging Markets Carlos M. Bhola Managing Partner Washington, D.C. May 20, 2005
2. U.S. I NNOVATIONS HAVE BEEN S UCCESSFULLY R EPLICATED IN O THER G EOGRAPHIES Auctions Portal Search Travel Retail Recruitment Europe Japan Emerging Markets United States Mid 90’s Late 90’s Early 00’s Financial Services
3. E MERGING M ARKETS R EMAIN IN THE “C OPYCAT ” S TAGE OF D EVELOPMENT … Purchase Copycat Innovate ? ? ? ? ? TODAY
4. … B UT N ATIVE I NNOVATION WILL E VENTUALLY F LOWER IN K EY I NDUSTRY S ECTORS … China India Russia Latin America Mobile Applications Networking Semiconductors Broadband Applications Software Development – High relevance – Low relevance KEY:
5. … A LTHOUGH THE H URDLES TO S UCCESS ARE S IGNIFICANT Management Talent Capital Markets Infrastructure Government Support Governance China India Russia Latin America Mature Evolving Fledgling Abundant Sufficient Scarce Established Evolving Suspect Leapfrog Established Decrepit Enthusiastic Nurturing Non-existent