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• Case | HBS Case Collection | March 2011 (Revised April 2018)

  1366 Technologies: Scaling the Venture

  Joseph B. Lassiter III, Ramana Nanda, David Kiron and Evan Richardson

  For some time, 1366's co-founders, Frank van Mierlo and Ely Sachs, had faced a choice, which was now made all the more stark: 1366 could expand to produce silicon wafers itself, raising the required capital from "friendly" investors and building shipment volume slowly, or 1366 could accelerate its market entry dramatically by partnering with the Asian manufacturers that had begun to dominate the world-wide solar industry. While accelerated growth was attractive to 1366 and its current investors, the company believed that it would face considerable risks if it were to expose its intellectual property to the "wrong" partners. 1366 had no intention of losing control of its technology, but given the pace of innovation and the active role of governments in the solar industry, van Mierlo and Sachs feared this might not be a race that could be won by the cautious.

  Keywords: Technology; Innovation Strategy; Corporate Strategy; Intellectual Property; Management Teams; Renewable Energy; Financial Strategy; Growth and Development Strategy; Corporate Finance; Energy Industry; Technology Industry; United States;

  Citation:

  Lassiter, Joseph B., III, Ramana Nanda, David Kiron, and Evan Richardson. "1366 Technologies: Scaling the Venture." Harvard Business School Case 811-076, March 2011. (Revised April 2018.)  View Details

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• Case | HBS Case Collection | September 2016 (Revised April 2018)

  Western Technology Investment

  Ramana Nanda, William A. Sahlman, Nicole Keller, Ramana Nanda, William A. Sahlman and Nicole Keller

  Based in Portola Valley, California, Western Technology Investment (WTI) specialized in a hybrid form of debt and equity financing for early-stage companies. Like traditional venture capital and private equity firms, WTI raised funds from institutional investors and evaluated deals. However, instead of making initial investments in the form of equity, WTI focused primarily on lending money to start-ups, charging them interest and receiving warrants that could later be converted to stock in the case of a liquidity event. Most initial investments—usually in the range of $3–$5 million—were made in tandem with or following a company’s early rounds of venture capital equity financing. In addition, like more traditional venture capital investors, WTI hoped to participate in follow-on debt and equity investments in its successful portfolio companies.

  Keywords: entrepreneurial finance; venture capital; entrepreneurship; finance; Equity; Finance; Venture Capital; Entrepreneurship; Financing and Loans; California;

  Citation:

  Nanda, Ramana, William A. Sahlman, and Nicole Keller. "Western Technology Investment." Harvard Business School Case 817-019, September 2016. (Revised April 2018.)  View Details

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• Case | HBS Case Collection | September 2016 (Revised April 2018)

  Western Technology Investment

  Ramana Nanda, William A. Sahlman, Nicole Keller, Ramana Nanda, William A. Sahlman and Nicole Keller

  Based in Portola Valley, California, Western Technology Investment (WTI) specialized in a hybrid form of debt and equity financing for early-stage companies. Like traditional venture capital and private equity firms, WTI raised funds from institutional investors and evaluated deals. However, instead of making initial investments in the form of equity, WTI focused primarily on lending money to start-ups, charging them interest and receiving warrants that could later be converted to stock in the case of a liquidity event. Most initial investments—usually in the range of $3–$5 million—were made in tandem with or following a company’s early rounds of venture capital equity financing. In addition, like more traditional venture capital investors, WTI hoped to participate in follow-on debt and equity investments in its successful portfolio companies.

  Keywords: entrepreneurial finance; venture capital; entrepreneurship; finance; Equity; Finance; Venture Capital; Entrepreneurship; Financing and Loans; California;

  Citation:

  Nanda, Ramana, William A. Sahlman, and Nicole Keller. "Western Technology Investment." Harvard Business School Case 817-019, September 2016. (Revised April 2018.)  View Details

  CiteView DetailsEducatorsPurchase

  Related