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Intel Intel CCapitalapital
Telesoft Annual MeetingTelesoft Annual Meeting
Keith LarsonKeith LarsonDirector, Strategic InvestmentsDirector, Strategic InvestmentsIntel CapitalIntel Capital
October 25, 2002October 25, 2002
Intel Intel CCapitalapital 2Intel Confidential
AgendaAgenda
• Intel Capital Overview Intel Capital Overview
• Communications InvestingCommunications Investing
• Investment ThemesInvestment Themes
• Summary and Q&ASummary and Q&A
Intel Intel CCapitalapital 3Intel Confidential
Intel Capital’s MissionIntel Capital’s Mission• Make and manage financially attractive Make and manage financially attractive
investments in support of Intel's strategic investments in support of Intel's strategic interestsinterests
• Execute Intel's strategic acquisitionsExecute Intel's strategic acquisitions• Be the eyes and ears of Intel on technology Be the eyes and ears of Intel on technology
and business trendsand business trends
StrategicIntent
FinancialViabilityIdeal
Intel Intel CCapitalapital 4Intel Confidential
Experienced Investors Experienced Investors
SummarySummary• Invested over $350 Million in 175 deals in 2001Invested over $350 Million in 175 deals in 2001
• Invested over $1 Billion in both 1999 and 2000Invested over $1 Billion in both 1999 and 2000
At end of December 2001At end of December 2001• Over 500 companiesOver 500 companies
• About $1.7 billion valueAbout $1.7 billion value
199419951996199719981999
# Transactions
2000
Intel Intel CCapitalapital 5Intel Confidential
6%
24%
15%
55%96%
2% 2%
19981998 20012001
$ Invested by Region
North America
Asia Pacific
Europe & Israel
Rest of World
Worldwide InvestmentWorldwide Investment
Investments outside of USAInvestments outside of USA• Over $1 billionOver $1 billion• Over 175 companies Over 175 companies • In over 25 countries on 5 continentsIn over 25 countries on 5 continents
Intel Intel CCapitalapital 6Intel Confidential
Oregon (52)Oregon (52)
Hong Kong (15)Hong Kong (15)
New Jersey (2)New Jersey (2)
India (7)India (7)
Japan (8)Japan (8)
Virginia (1)Virginia (1) Korea (3)Korea (3)
Ireland (1)Ireland (1)
Israel (14)Israel (14)
England (18)England (18)
China (4)China (4)
Brazil (7)Brazil (7)
France (2)France (2)
Australia (2)Australia (2)
Singapore (1)Singapore (1)
Taiwan (5)Taiwan (5)
Seattle (1)Seattle (1)
Argentina (4)Argentina (4)
Germany (9)Germany (9)
Utah (2)Utah (2)Poland (1)Poland (1)
Sweden (1)Sweden (1)
California•Folsom (15)•Santa Clara (105)
California•Folsom (15)•Santa Clara (105)
Arizona (4)Arizona (4)
As of 4/24/2002
Mass (7)Mass (7)
Mexico (1)Mexico (1)
Intel Capital Geographic OverviewIntel Capital Geographic Overview
Intel Intel CCapitalapital 7Intel Confidential
Venture Capital FirmsVenture Capital Firms• Lead roundLead round• RecruitingRecruiting• Board SeatBoard Seat• Support of exit strategySupport of exit strategy• Management supportManagement support• Portfolio relationship buildingPortfolio relationship building
Complementary EffortsComplementary Efforts
Intel CapitalIntel Capital• Technology due diligenceTechnology due diligence• Technology collaborationTechnology collaboration• Drive standardsDrive standards• Promote within IntelPromote within Intel• Marketing cooperationMarketing cooperation• Board Observer positionBoard Observer position• Portfolio relationship buildingPortfolio relationship building
The Company
Intel Intel CCapitalapital 8Intel Confidential
Intel Capital’s Decision MakingIntel Capital’s Decision Making
Les VadaszLes Vadasz
John MinerJohn Miner
Les VadaszLes Vadasz
John MinerJohn Miner
ComputingComputing CommunicationsCommunications LegalLegal TreasuryTreasuryGeographiesGeographies
Investment Sectors
Intel Intel CCapitalapital 9Intel Confidential
Intel Capital ProcessIntel Capital Process
Investigation Due Diligence Delivering Value
Disposition
6 months to 3+ years2 weeks to2 months
2 weeks to 3+ months
Business UnitBusiness Unit
LegalLegal
TreasuryTreasury
Intel CapitalIntel Capital
Mile
ston
es
Business PlanOr Proposal
Received
Deal Concept Approval Meeting
(DCM)
Gap Analysis
Investment Project Authorization Meeting
(IPA)Close
Intel Intel CCapitalapital10Intel Confidential
Intel Capital’s Sources of DealsIntel Capital’s Sources of Deals
• Referred by valued sourceReferred by valued source– Senior managementSenior management– Past deal successesPast deal successes– VC’sVC’s– Lawyers, bankers, accountants, i-bankers…Lawyers, bankers, accountants, i-bankers…
• Business Unit or LabsBusiness Unit or Labs
• Industry association or trade showIndustry association or trade show
• Website or cold callWebsite or cold call
Intel Intel CCapitalapital11Intel Confidential
Assembling an Investment Strategy Assembling an Investment Strategy
Tools that Intel Capital uses: Tools that Intel Capital uses: • Equity Equity • LicensingLicensing• AlliancesAlliances• M&AM&A
Types of Equity Investing StrategiesTypes of Equity Investing Strategies• Eyes and EarsEyes and Ears• EcosystemEcosystem• Market DevelopmentMarket Development• Gap FillingGap Filling
Intel Intel CCapitalapital12Intel Confidential
Deal Mix Changes with BU GoalDeal Mix Changes with BU Goal
Gap Fill Ecosystem Eyes & Ears
% of Deals
20%
60%
% of Deals
20%
60%
Example: Network Processing• Goal: build larger # of allies for initiative• Typical profile for ecosystem development• Often characteristic of a newer business, but
one that is closer to Intel’s core competencies
Example: Ethernet Solutions• Goal: fill gaps, enable adoption, drive mkt dev• Typical profile for accelerating deployment (of
BB for example) • Sometimes this profile is characteristic of
more mature businessesGap Fill Ecosystem Eyes & Ears
Intel Intel CCapitalapital13Intel Confidential
AgendaAgenda
• Intel Capital OverviewIntel Capital Overview
• Communications InvestingCommunications Investing
• Investment ThemesInvestment Themes
• Summary and Q&ASummary and Q&A
Intel Intel CCapitalapital14Intel Confidential
Investing EnvironmentInvesting Environment
0
20
40
60
80
100
120
140
1970 1975 1980 1985 1990 1995 2000
US$B Total US VC $$$ Invested
What was once hard timesWhat to
Expect ??
1H’02
Source: VentureOne
Intel Intel CCapitalapital15Intel Confidential
Big Part Of Drop Off Is In Comm InvestmentBig Part Of Drop Off Is In Comm Investment Equity into Venture-Backed Communications CompaniesEquity into Venture-Backed Communications Companies
$0.9$1.1
$2.3 $2.1
$5.3 $5.4 $5.4
$6.4
$5.5
$3.1$2.3
$1.8 $1.6 $1.764
959292
102
133
190
226
202211
168
12211599
$0
$2
$4
$6
$8
$10
1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02
0
50
100
150
200
250
Amount Raised ($B) Number of Deals
Am
ou
nt
Rais
ed
($
B)
Source: VentureOne
Nu
mb
er o
f Deals
Intel Intel CCapitalapital16Intel Confidential
Early-Stage Comm Deals Losing GroundEarly-Stage Comm Deals Losing GroundCommunication Deals by Round ClassCommunication Deals by Round Class
159
271 286
357
504
829
419
15951%
23%
58%
Source: VentureOne
Intel Intel CCapitalapital17Intel Confidential
Connectivity & Fiberoptics Continue to Connectivity & Fiberoptics Continue to Dominate Comm Deal FlowDominate Comm Deal Flow
Communications Deals by SectorCommunications Deals by Sector
3039
41 76
33
4045
44
61 20
15
60 283165 55
94 176216 115 50
97
20
9756
20
104
102 133
0%
20%
40%
60%
80%
100%
1996 1997 1998 1999 2000 2001 1H02
Connectivity Products
Fiberoptic Equipment
Wireless Equipment
Telecom Providers
Internet ServiceProviders
Wireless ServiceProvidersOther
% o
f In
vestm
en
t
Source: VentureOne
159829271 286 357 419504
Intel Intel CCapitalapital18Intel Confidential
Companies Selling at a DiscountCompanies Selling at a DiscountDeals and Amount Raised Through Communications Deals and Amount Raised Through Communications
Companies’ M&AsCompanies’ M&As
Am
ou
nt
Paid
($
B)
Nu
mb
er o
f Tra
nsactio
ns
Source: VentureOne
Intel Intel CCapitalapital19Intel Confidential
Early 2002 IPOs Look Like 2001Early 2002 IPOs Look Like 2001Deals and Amount Raised Through IPOsDeals and Amount Raised Through IPOs
Am
ou
nt
Rais
ed
($
B)
Ven
ture
-Backed
IP
Os
Source: VentureOne
Intel Intel CCapitalapital20Intel Confidential
Communications LiquidityCommunications LiquidityIPOs and M&As Completed by Venture-Backed IPOs and M&As Completed by Venture-Backed
Communications CompaniesCommunications Companies
40
15
34
59
56
31
18
2
15
0
50
0
10
20
30
40
50
60
1995 1996 1997 1998 1999 2000 2001 1H02
M&As
IPOs
Source: VentureOne
Nu
mb
er
of
Liq
uid
ity
Even
ts
Intel Intel CCapitalapital21Intel Confidential
Looked At Another WayLooked At Another WayOwnership Status by Year FoundedOwnership Status by Year Founded
153 151 212 306
452 488 564
948 1842
608Total Pool
195
Source: VentureOne
In the BEST years approximately 500 companies found liquidity through an M&A transaction or IPO
5+ years of inventory or ??
Intel Intel CCapitalapital22Intel Confidential
Time To IPOTime To IPONext-Gen, Old-Fashioned VentureNext-Gen, Old-Fashioned Venture
3
4
5
6
7
8
9
10
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002
Median Age At IPO (Years)
Source: NVCA
Intel Intel CCapitalapital23Intel Confidential
Communication Valuations WorseCommunication Valuations Worse Median Pre-Money IT Valuation by Round Class ($M) Median Pre-Money IT Valuation by Round Class ($M)
Source: VentureOne
Intel Intel CCapitalapital24Intel Confidential
Back to BasicsBack to Basics
• Business PlansBusiness Plans
• Technology With ValueTechnology With Value
• Business Models That WorkBusiness Models That Work
• Total Capital RequiredTotal Capital Required
• Experienced Management TeamsExperienced Management Teams
• Valuation SanityValuation Sanity
• Deep Pockets and Long ArmsDeep Pockets and Long Arms
• Real Exit Strategies For InvestorsReal Exit Strategies For Investors
Intel Intel CCapitalapital25Intel Confidential
TechnologyTechnology
• Evolution vs. RevolutionEvolution vs. Revolution• Technology treadmill is not in recessionTechnology treadmill is not in recession• Returns go to the “never good enough” technology Returns go to the “never good enough” technology
supplierssuppliers• Areas of continued interestAreas of continued interest
Intel Intel CCapitalapital26Intel Confidential
AgendaAgenda
• Intel Capital Overview Intel Capital Overview
• Communications InvestingCommunications Investing
• Investment ThemesInvestment Themes
• Summary and Q&ASummary and Q&A
Intel Intel CCapitalapital27Intel Confidential
Communications Sector Focus AreasCommunications Sector Focus Areas
OpticalOpticalBroadband Broadband & Wireless& Wireless NetworksNetworks
NetworkingNetworking& Storage& Storage
Cellular andCellular andHandheldHandheld
• Network Processing• Voice Processing• Switching• Telecom SHV Servers• Wired Ethernet• Storage• Comm Fund Mgmt
• 802.11x (Si, SW, Services for Enterprise, Home & Hot Spots)
• BB CPE Components (Si, SW)• BB CPE Gateways (Si, SW)• BB Wireless Access • IP Services (Apps, SPs)• EFM• Home Networking
• Transponders/transceivers• Optical Integrated Circuits• III-V Capabilities• Planar Integration• Free Space Optics• Optical Systems• Disruptive optical devices
• Memory SW & Tech• OS, Middleware, Java• PCA Applications• PCA Carrier Support• RF/PA Core silicon• XScaleTM Tools and
Capabilities
Intel Intel CCapitalapital28Intel Confidential
How We Work InternallyHow We Work InternallyIncreasing Control
M&AContract Alliance
• Contract• Joint Venture• Minority Equity
• License• OEM• Minority Equity
Equity
Business Development
Intel Capital Intel Capital
Intel Intel CCapitalapital29Intel Confidential
Some Example Investment ThemesSome Example Investment Themes
• Cellular handset & PDA architectureCellular handset & PDA architecture
• Storage networkingStorage networking
• Wireless LANsWireless LANs
Intel Intel CCapitalapital30Intel Confidential
New Business ModelsNew Business Models
Over time:Over time:– Brands remain importantBrands remain important– ODMs are increasingly significantODMs are increasingly significant– Standard Platforms become criticalStandard Platforms become critical
*data is conceptual*data is conceptual1990s 2000s 2010s
Outsourced
In-House
Cellular Industry*Cellular Industry*Cellular Industry*Cellular Industry*100%100%
1980s 1990s 2000s
Outsourced
In-House
PC Industry *PC Industry *PC Industry *PC Industry *100%100%
Intel Intel CCapitalapital31Intel Confidential
New Handheld ApplicationsNew Handheld Applications
10
Localized / CulturalLocalized / CulturalRicher contentRicher contentNew Usage ModelsNew Usage Models
Localized / CulturalLocalized / CulturalRicher contentRicher contentNew Usage ModelsNew Usage Models
Intel Intel CCapitalapital32Intel Confidential
Intel® Personal Internet Client Architecture Intel® Personal Internet Client Architecture (PCA)(PCA)
Standard Interface
Memory
Intel® Flash Memory
Intel® FlashSoftwareCommunication
s Intel Base band chipsets
WithMicro Signal Architecture
Compute
Intel® XScale™ Microarchitecture
Standard Building Blocks for Standards-based Devices
Intel Intel CCapitalapital33Intel Confidential
Cellular and Handheld Investment AreasCellular and Handheld Investment Areas
• Hardware (Core)Hardware (Core)– DSP, Tools, IP, Intel® XScale™, Flash / SRAMDSP, Tools, IP, Intel® XScale™, Flash / SRAM– RF / PA, Baseband / Dual Mode, Mixed Signal, Soft RadioRF / PA, Baseband / Dual Mode, Mixed Signal, Soft Radio– LP Peripherals/Bluetooth, Power ManagementLP Peripherals/Bluetooth, Power Management
• SoftwareSoftware– Platforms, OS, drivers, IPP, compilersPlatforms, OS, drivers, IPP, compilers– Java, WAP, MMSJava, WAP, MMS
• Ecosystem (Differentiators)Ecosystem (Differentiators)– Position Location, synchronization, voice recognitionPosition Location, synchronization, voice recognition– Entertainment, video, multimedia, music, eMailEntertainment, video, multimedia, music, eMail– 802.11/WAN 802.11/WAN – Antenna, mobile battery, peripheral appliancesAntenna, mobile battery, peripheral appliances– Billing, roaming, securityBilling, roaming, security
Intel Intel CCapitalapital34Intel Confidential
Some Example Investment ThemesSome Example Investment Themes
• Cellular handset & PDA architectureCellular handset & PDA architecture
• Storage networkingStorage networking
• Wireless LANsWireless LANs
Intel Intel CCapitalapital35Intel Confidential
Importance Of Storage To IntelImportance Of Storage To Intel
• Data growth unabated, despite economic slowdown•Storage IS A Key Element Of Any Enterprise Network
•Storage Is A Key Driver For Future Growth
•Use of Ethernet as backbone for networked storage will increase
•SAN (storage over Ethernet) growth in >2000 similar to LAN in ’90s, 47% CAGR in 06
•Direct Attached and Network Attached CAGRs 12% & 26% in ’06
• Several key technology transitions within 3yrs – Play to Intel Strength •Serial-ATA, Serial Attached SCSI, PCI Express, iSCSI, Infiniband, 10G
•Fiber Channel, SCSI and ATA are key elements of today’s environment
•iSCSI, Fiber Channel, Serial-ATA will drive tomorrow’s networked storage
• Increasing integration to deliver value on platform & silicon•>80% RAID on Motherboard or RAID On Chip by ’05
Intel’s strength today is in I/O processor silicon (high margin Si)
Intel Intel CCapitalapital36Intel Confidential
Storage Market Segment SummaryStorage Market Segment SummaryToday…• DAS accessible only via servers• SAN fabrics are FC today• Fiber Channel (FC) used as the SAN
network connection and disk interconnect
• NAS attaches directly to Ethernet LAN
Tomorrow…• DAS is trending toward modular, blade
& brick architectures – Total 2005 SAM ~ $3B*
• NAS/SAN converging to “Fabric Attached Storage” (FAS)
– FC still growing; iSCSI gaining traction
– Total 2005 SAM ~ $4B*• Disk interconnects rapidly moving to
serial: SATA & SAS
LAN
Workstation / Performance DT
Servers
SAN SwitchesSAN Switches
External RAIDExternal RAIDArraysArrays
Storage Area Network(SAN)
Storage Storage ArraysArrays
Three Storage Platforms
Network AttachNetwork AttachStorage (NAS)Storage (NAS)
Direct Attached Storage (DAS)
Servers
• Estimate of all system level opportunities at ~$60B TAM• Intel specific BB opportunity SAM at ~$8B
Intel Intel CCapitalapital37Intel Confidential
Investment ObjectivesInvestment Objectives• Enhance Intel Silicon platforms for Storage (Ecosystem)
– Development tools, middleware, RTOS , Pre-validated IP & s/w stacks, co-processors
• Accelerate Ethernet storage adoption by Workgroup/Enterprise (Ecosystem)
– Security, iSCSI targets, iSCSI management• Create/Enable tech. critical for maintaining Intel leadership (GAP)
– Examples: S-ATA PHY, 10G Copper, iSCSI offload, NAS SW, PCI Ex• Displace PPC in Storage systems with Intel BBs (GAP)
– System-on-chip technology for IA, IPF, Xscale, IOP, IXP• Enable innovators who disrupt incumbents w/ Intel’s storage BBs
(Ecosystem / Eyes & Ears)
– SAN appliance, Storage virtualization, Dist. Mgmt., SAN/NAS convergence
• Promote Standards-based Intra-system Networking (Ecosystem)
– Promote transition from proprietary arch to Advanced TCA (PICMG 3) arch
Intel Intel CCapitalapital38Intel Confidential
Some Example Investment ThemesSome Example Investment Themes
• Cellular handset & PDA architectureCellular handset & PDA architecture
• Storage networkingStorage networking
• Wireless LANsWireless LANs
Intel Intel CCapitalapital39Intel Confidential
802.11 Explosive Growth802.11 Explosive Growth802.11 Chipset Sales
('000 Units)
0
10,000
20,000
30,000
40,000
50,000
60,000
2002 2003 2004 2005 2006
2.4GHz 5.2GHz Dual-band
Source: ICG Market Model
Intel Intel CCapitalapital40Intel Confidential
Achieving Our Vision:Achieving Our Vision:Optimizing the PlatformOptimizing the Platform
• Wi-PCWi-PC – Goal: >50% wireless embedded NIC in ’03Goal: >50% wireless embedded NIC in ’03– Aggressive joint marketing, 3Aggressive joint marketing, 3rdrd party alliances and MDF $ party alliances and MDF $
• Platform integrationPlatform integration– Validated, stable system w/the heavy qual. & test lifting done by IntelValidated, stable system w/the heavy qual. & test lifting done by Intel– Unique features & performance (e.g., lowest latency QoS)Unique features & performance (e.g., lowest latency QoS)– Lower costLower cost
CPU
Memory I/O
GraphicsGraphics
Wired LANWired LAN
Today’sToday’sPlatformsPlatforms CPU
Memory I/O
GraphicsGraphics
Wired LANWired LAN
2002+2002+PlatformsPlatforms
WirelessWirelessLAN, WAN, PANLAN, WAN, PANWireless Wireless
LAN, WAN,LAN, WAN, PANPAN
Working to define the next gen Wi-PC specWorking to define the next gen Wi-PC spec
Intel Intel CCapitalapital41Intel Confidential
Banias – A New Wireless EraBanias – A New Wireless Era• Biggest product launch in Intel’s historyBiggest product launch in Intel’s history
• First product designed from the ground up First product designed from the ground up for mobile computersfor mobile computers
• Integrated platform designs with wireless Integrated platform designs with wireless (“born wireless”)(“born wireless”)
• Massive marketing campaign to build the Massive marketing campaign to build the brand and create wireless associationbrand and create wireless association
• Key programs in the Mobile Platforms GroupKey programs in the Mobile Platforms Group
– Mobility Enabling ProgramMobility Enabling Program
– Infrastructure Enabling ProgramInfrastructure Enabling Program
• Driving the ecosystem for successDriving the ecosystem for success
Intel Intel CCapitalapital42Intel Confidential
Mobility Enabling Program ElementsMobility Enabling Program Elements
* Other names and brands may be claimed as property of others
2003 Target2003 TargetOptimizeOptimize
The PlatformThe PlatformTo DeliverTo Deliver
Best MobilityBest Mobility
An example:An example:Banias ProcessorBanias Processor
Windows XPWindows XP802.11 Dual Band802.11 Dual Band
Bluetooth* Wireless TechBluetooth* Wireless TechQuick ConnectivityQuick Connectivity
CAPI Based SecurityCAPI Based Security 1.2” (2 spindles)1.2” (2 spindles)
4.5 lbs (2 spindles)4.5 lbs (2 spindles)4.5 – 6.0 hrs battery4.5 – 6.0 hrs battery
Platform GuidelinesPlatform GuidelinesSuggested Ways toSuggested Ways to
Deliver on the 4 VectorsDeliver on the 4 Vectors
Platform GuidelinesPlatform GuidelinesSuggested Ways toSuggested Ways to
Deliver on the 4 VectorsDeliver on the 4 Vectors
Wireless StacksWireless StacksDeliver Seamless SecureDeliver Seamless SecureConnectivity ExperienceConnectivity Experience
Wireless StacksWireless StacksDeliver Seamless SecureDeliver Seamless SecureConnectivity ExperienceConnectivity Experience
Platform EnablingPlatform EnablingExtend Intel’s ValidationExtend Intel’s Validation
Efforts to IncludeEfforts to IncludeBattery Life and WirelessBattery Life and Wireless
Platform EnablingPlatform EnablingExtend Intel’s ValidationExtend Intel’s Validation
Efforts to IncludeEfforts to IncludeBattery Life and WirelessBattery Life and Wireless
Wireless StacksWireless StacksJust WorkJust Work
BKMs toBKMs toDeliver MobilityDeliver Mobility
Platform is ValidatedPlatform is ValidatedFor MobilityFor Mobility
Multi-Year Program to Accelerate Transition to MobilityMulti-Year Program to Accelerate Transition to MobilityMulti-Year Program to Accelerate Transition to MobilityMulti-Year Program to Accelerate Transition to Mobility
Intel Intel CCapitalapital43Intel Confidential
Infrastructure Enabling ProgramInfrastructure Enabling Program
* Other names and brands may be claimed as property of others
2003 Target2003 Target
Multiple Multiple Venues for Venues for Connecting Connecting
Banias Banias platforms platforms wirelesslywirelessly
HotspotsHotspotsPromote with network operators, Promote with network operators,
WISPs through marketing WISPs through marketing and technical enablingand technical enabling
HotspotsHotspotsPromote with network operators, Promote with network operators,
WISPs through marketing WISPs through marketing and technical enablingand technical enabling
EnterpriseEnterpriseBlueprint programs Blueprint programs
with system integrators, with system integrators, OEMs, including security.OEMs, including security.
EnterpriseEnterpriseBlueprint programs Blueprint programs
with system integrators, with system integrators, OEMs, including security.OEMs, including security.
HomeHomePromote with operators, Promote with operators,
BB service providers BB service providers & OEMs for residential use.& OEMs for residential use.
HomeHomePromote with operators, Promote with operators,
BB service providers BB service providers & OEMs for residential use.& OEMs for residential use.
Corporate WLAN Corporate WLAN deployment pilotsdeployment pilots
Select hotels, airports, Select hotels, airports, etc.etc.
Broadband + WLAN Broadband + WLAN promotionspromotions
Multi-Year Program to Accelerate Transition to MobilityMulti-Year Program to Accelerate Transition to MobilityMulti-Year Program to Accelerate Transition to MobilityMulti-Year Program to Accelerate Transition to Mobility
Intel Intel CCapitalapital44Intel Confidential
0
20000
40000
60000
80000
100000
120000
140000
160000
2000 2001 2002 2003 2004 2005 2006
Asia
Europe
US
802.11 Hotspot Growth802.11 Hotspot Growth
17K
37K
65K
98K
144K
7K
Source: BWCS Ltd. 2002Source: BWCS Ltd. 2002
Intel Intel CCapitalapital45Intel Confidential
AgendaAgenda
• Intel Capital Overview Intel Capital Overview
• Communications InvestingCommunications Investing
• Investment ThemesInvestment Themes
• Summary and Q&ASummary and Q&A
Intel Intel CCapitalapital46Intel Confidential
Intel Capital SummaryIntel Capital Summary
• Focus on Focus on Financial & StrategicFinancial & Strategic success success
• One of a few credible corporate investorsOne of a few credible corporate investors
• Very experienced, value add complement VC’sVery experienced, value add complement VC’s
• Investment strategies complement successful teamsInvestment strategies complement successful teams
Continue to work with TelesoftBring us your ideas and inspirations!
Continue to work with TelesoftBring us your ideas and inspirations!
Intel Intel CCapitalapital
BackupBackup
Intel Intel CCapitalapital48Intel Confidential
Investment PressInvestment Press
“Intel is the corporate investor everyone watches. Intel Capital has grown beyond using investments to fill gaps in Intel's PC chip product line to fueling its vision of how the industry can open up new ways to
use the Internet.”
David Barry, Senior EditorThe Corporate Venturing ReportMarch 2001
“Intel companies don't just get the money, they get access to its engineers and the testing equipment in Intel labs. The Intel stamp of approval can also help on Wall Street during the IPO process.”
Brad Stone, Newsweek, April 17, 2000