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1、www.hbrreprints.orgHBRCASESTUDYANDCOMMENTARYShouldHarbinsonGoodMoneyAfterrecommendfurtherinvestmentinSevenBad?Peaks?FourcommentatorsofferbyJohnW.Mullinsexpertadvice.•ReprintR0703AJackBrandon’sinitialideahasnotpannedout,andthecashisnearlygone.Buthe’sgotanewplan.Willyoubackhimasecondtime?HBRCASE
2、STUDYGoodMoneyAfterBad?byJohnW.MullinsFromarockyperchoverlookingthesparklingPeakswasatypicalinvestmentforthefirm,lightsofSanFrancisco,ChristianHarbinsonwhichlikedtogetinonpromisingideasmod-gazedacrossthebaytothehillsaboveSau-estlyandthenfollowwithadditionalroundsofsalito.“There’snothinglikeavig
3、oroushike,”hecapitalaftertechnologicalandmarketmile-thought,“toclearthemindbeforeacrucialstoneshadbeenmet.The$600,000wasnearlymeeting.”ItwasamildMarchevening,andthegone;Harbinsonandhiscolleagueshadtode-35-year-oldventurecapitalistwasreflectingoncidewhethertoputmoreintothestrugglingtherecommenda
4、tionhewouldhavetomaketocompany.hisfirm’sinvestmentcommitteethenextSevenPeakswaslookingforanothermorningaboutJackBrandon’syoungcom-$400,000todevelopasecondproductbasedonpany,SevenPeaksTechnologies.itsproprietarytechnology,whichenabledsurgi-SevenPeakshaddevelopedaninnovativede-calinstrumentstodot
5、heirworkwithoutstick-viceforcauterizingbloodvesselsduringelectro-ingtotissue—afrustratingproblemformostsurgery,andalthoughthefeedbackfromsur-electrosurgeons.Brandonstillbelievedinhisgeonshadbeenexcellent,saleshadbeenslow.technologyandinhisabilitytocommercializeThePaloAlto–basedventurecapitalfir
6、mwhereit.HarbinsonwasimpressedbothwithBrandonHarbinsonworked,ScharfsteinWeekes,hadin-andwiththetechnology’spotential,butsomevested$600,000inSevenPeaksfromitsnewlyoftheseniorpartnerswerenotsosure.“Wouldraisedsecondfundof$100million.SW’scur-wesimplybethrowinggoodmoneyafterbad?”rentinvestmentstra
7、tegyfocusedonearly-stageSW’scofounderJoeScharfsteinhadaskedwhenmedicaltechnologycompanies,andSevenHarbinsontoldtheinvestmentcommitteeofOPYRIGHT©2007HARVARDBUSINESSSCHOOLPUBLISHINGCORPORATION.ALLRIGHTSRESERVED.CHBR’scases,whicharefictiona
