Paraphrasing (Briefing)
Main idea of the passage：
With the US market well exploited, and with Europe offering interesting yet challenging opportunities, American venture capital firms are going to explore the European market. Countries like Germany, France, Sweden, Spain, etc, and areas such as semiconductors, microprocessors, IT, software, biotechnology, etc. are where the US firms intend to focus their attention. European firms prefer to focus on mid and late venture capital, thus leaving early-stage investment in young companies in high growth sectors for American firms. With deregulation around the corner, countries can profit from it and deploy capital more efficiently.
随着美国国内市场的充分开发，以及随着欧洲市场提供引人注目但又具有挑战性的机会，美国的风险投资公司准备去开发欧洲市场。诸如德国、法国、瑞典、西班牙等国，以及像半导体、微处理器、信息技术、软件、生物技术等领域都是美国公司打算关注的地方。由于欧洲公司更愿意参与处于开发中后期的风险投资，这样就给美国公司留出了那些在高速发展领域的新兴公司处于开发初期的投资机会。随着欧洲政府即将减少对经济活动的控制，其他国家可以利用此机会更有效地运作资本。
Structure of the passage：
The passage can be divided into six parts, the first three paragraphs being the first part, paragraph 4 to paragraph 7 being the second part, paragraph 8 and paragraph 9 the third part, paragraph 10 to paragraph 13 the fourth part, paragraph 14 to paragraph 16 the fifth part, and paragraphs 17 and 18 the last part.
The first part tells the reader that with their home market already mature and well exploited, and with the change of the Europeans in their attitude towards risks and venture capital, as well as the opportunities available there, American venture capital and private equity firms are looking to Europe for development. Due to political, institutional, regional and economic differences, some sectors and countries and regions are more favorable than others.
The second part tells the reader that in order to succeed in their operations in Europe, American venture capital firms should first set up local offices to stay in touch with the local markets, culture and practices. London, due to the special US-UK relation, Anglo-Saxon practice, location and talents, is the ideal place to start business. In their operations, most American VC firms have a dedicated fund, with partners taking full responsibility for approving investment, while Crescendo adopts a different model by setting up a global fund with the aim of funding the best opportunities, to ensure that all portfolio firms receive equal attention from the firm.
The third part indicates where the US venture capital and private equity firms make their investment in Europe – in areas such as semiconductors, microprocessors, IT, software, biotechnology, healthcare product, telecommunication and media.
The fourth part tells the reader that, with big fluctuations, a strong rise followed by a big fall, in the stock market and with a different investment environment in Europe, American venture capital and private equity firms should exercise caution and there is no rush for them to close deals. On the other hand, despite the market downturn and the prospect of modest growth, the market is attractive for investment, and there is no rush to exit.
The fifth part tells the reader that although the European venture capital industry is relatively small, it is growing steadily. Considering the fact that European firms prefer to focus on mid and late venture capital, US venture capital firms can develop their business in early-stage investments in young companies in high growth sectors. In developing their business, US firms like to adopt American style investing.
The sixth and last part tells the reader that, although entrepreneurship is becoming more widespread, tolerance for risk-taking is far lower than in the US, and so it is not easy to build world-wide leaders in the global market. However, with deregulation around the corner, countries can take advantage of it and deploy capital more efficiently.
