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Tim Chang
                Principal
Norwest Venture Partners
               www.nvp.com
           tchang@nvp.com
           +1-650-321-8000
Norwest Venture Partners (NVP) - Introduction

     Inception in 1961
        -   45 year investment history
        -   Funded more than 400 companies
        -   >60 active global portfolio companies
     Managing >$2.5B in venture capital
        -   Current fund of $650M raised in 2006
        -   12 investment professionals
     Global VC firm
        -   Based in Palo Alto, CA
        -   Office in India; Investing in India for more than five years
        -   Office in Israel
        -   Active investments in US, India, Israel, and China
     Consistently ranked in top quartile of venture capital firms




6/18/2009                                    NVP Confidential              2
NVP Investment Focus

 Software
         Infrastructure
                                                         SOFTWARE
         Applications
 Services
           Business                                                    SYSTEMS
           Communications
           Infrastructure
           Outsourcing
                                                         SERVICES
 Internet, Media & Consumer
           Mobile
                                                                     SEMICONDUCTORS
           Gaming                                                    & COMPONENTS
           Social Media / Web 2.0
           Advertising / Ecommerce
                                                         INTERNET,
 Systems                                                 MEDIA &
                                                         CONSUMER
         Communications
         Enterprise
 Semiconductors & Components

6/18/2009                             NVP Confidential                            3
NVP Past Successes

Software




Services



Consumer/Internet
Technologies




Systems




Semiconductors
& Components


6/18/2009            NVP Confidential   4
Gaming-related Investments


                         Neuroscience-based online brain-
                          training & healthy casual games

                         Next-gen iPhone/smartphone
   ngmoco:)               games publisher & platform

                         In-game/around-game advertising



                         Social gaming network for Teens

                         Enterprise Virtual World / Hosted
                          Events & Spaces

6/18/2009             NVP Confidential                        5
What I’m Playing These Days…




6/18/2009             NVP Confidential   6
Topics for Today

    Some topics I'd like you to address
    why Norwest was looking for opportunities in the space
    why you chose Lumos
    since the investment, how has your thinking evolved?
    what are the 5-year opportunities and challenges to build a
     sustainable company (both in terms of Lumos and general
     advice for researchers/ entrepreneurs in the audience)




6/18/2009                       NVP Confidential                   7
The Crystal Ball: 1-2 years out…

 The Short-term View:
       - 2002 all over again? Or more systemic nuclear winter?
       - Dance (Collision?) of the Elephants?
       - “Survival is the New Growth” & the Barbell Response
       -    VC = “Vulture Capitalists”?


 Key themes:
       - Re-invention of Media: “Participatory & Social Media” (e.g.
         Gaming)
       - Ad model = fast track to recycle bin…how else to make $??
       - Growth areas: International, Cleantech/Green, Healthcare
       - Shift towards capital efficiency…and smaller-scale
         outcomes? Never a better time to start a lifestyle business?
6/18/2009                         NVP Confidential                      8
Why Gaming will Rescue Us All




6/18/2009              NVP Confidential   9
Why Gaming will Rescue Us All


 Media as interactive experience vs. packaged, static
  “content” (ex: GuitarHero)
 Formalization of key human behaviors & addictions
  (leveling, collecting, badging)
 Alternative business models: freemium, free-to-play +
  microtranscations, virtual currencies, hybrid subscriptions
  (Nightclub model)
 User-interface breakthroughs
 Orthogonal growth in gaming: music, health, education
 Better Simulation & Modeling

6/18/2009                  NVP Confidential                     10
Lessons from Web 2.0 / Social Media


 Facebook is the new Marketing/Trailerware Channel
 Celeb is the new PR
 Twitter is “Push Digg of the 5 Ps”
 The new split-screen experience: “Social/Media”
       - Editorial / Premium / Featured on the Right…
       - …voice of the audience / UGC on the Left
 Social media = 2-way feedback channel from the
  audience…but do you have a thick skin to listen to a
  “dialogue” about your brand/product/service?
 “Social is a Fabric, not a Market”

6/18/2009                   NVP Confidential             11
How Do You Drive Adoption / Addiction?
What Makes Someone Buy a Virtual Good?

   Idealized Framework…      …and Practical View




                                Examples:
   Pride   Envy   Gluttony     Lust    Anger
                                               …etc
Case Study: Lumos Labs

    Background:
       -    Stanford Neuroscience PhDs + Disney Corp Dev/Private Equity exec
       -    Founded late 2006; Seed-funded by friends/family/angels for $400k
       -    Lumosity.com went live as a general beta in 5/07, ramped to 6M monthly
            page views and 180k registered users by 12/07
       -    Already generating healthy subscription revenue prior to VC funding
    Thesis points:
       -    Growth of Healthy Gaming category
       -    Careful balance of Science + Fun
       -    Lightweight interface: browser-based Flash games
       -    Broad-based demographic appeal
       -    Cross-platform product: web, social network app, iPhone/mobile
       -    Multiple revenue streams: subscription, virtual goods, ad, lead-gen, data
       -    Multiple markets: consumer, healthcare, enterprise
       -    Proprietary data business long term?
       -    Capital-efficiency!
6/18/2009                                NVP Confidential                               13
Opportunities & Challenges: 5-year Scope

    Oppportunities:
       -    Aging of Digital Immigrants; Rise of Digital Natives
       -    Gaming as mainstream media and engagement/money-making vehicle
       -    Healthcare Crisis in US:
             - Subsidies? Flight to overseas solutions and markets?
             - New emphasis on accountability & measurement?
             - Preventative Tools?
             - UGC/DIY/Social healthcare?



    Challenges:
       -    Assembling the Right Team
       -    Fundraising Environment
       -    Multi-platform backend: “Cloud-based Services”
       -    Distribution Channels & Marketing
       -    Exit Opportunities: Lifestyle business? Small M&A “flip”? IPO?


6/18/2009                                   NVP Confidential                 14
Evolution Path of Web 1.0 to Web 3.0

            Web 1.0            Web 2.0                       Web 3.0
                                                      • Persistent Persona &
    • Static destination   • Dynamic sites /            Locker in the Cloud
      sites / “Decks”        SocNet pages             • Dynamic Mix of Editorial &
    • “Authored” /         • Mashable / User-           UGC, Socially Filtered
                                                      • Integration of web +
      Produced Content       Gen Content
                                                        mobile + STB + etc.
    • PC-centric           • PC-centric / Mobile      • Key enablers: Real-time
    • Key enablers:        • Key enablers:              Transcode, Rich Media
      HTTP, Browser,         AJAX, Widgets,             ADN/CDN, Personal
      Dial-up, CDN           RSS, Flash Video           Portable Identity, Virtual
                                                        World, Contextual UI, etc.




      Connected               Connected                   Connected
       Nodes &                Profiles &                   Devices &
       Pages…                 Widgets…                    Data Sets…
6/18/2009                          NVP Confidential                                  15
The Crystal Ball: 5-10 years out…


 The Long-term View:
       - Approaching the Singularity?
       - Creation of entire new industries and value
         chains = creation of new $1B+ industry leaders


 Key themes: (see TED.com, X-Prize)
       - Human 2.0: bionics, cybernetics, genomics
       - Robotics: connected and adaptive
       - Sustainability

6/18/2009                 NVP Confidential            16
www.nvp.com


              Tim Chang
            tchang@nvp.com




6/18/2009      NVP Confidential   17

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A Venture Capitalist's View of the Healthy Games Opportunity

  • 1. Tim Chang Principal Norwest Venture Partners www.nvp.com tchang@nvp.com +1-650-321-8000
  • 2. Norwest Venture Partners (NVP) - Introduction  Inception in 1961 - 45 year investment history - Funded more than 400 companies - >60 active global portfolio companies  Managing >$2.5B in venture capital - Current fund of $650M raised in 2006 - 12 investment professionals  Global VC firm - Based in Palo Alto, CA - Office in India; Investing in India for more than five years - Office in Israel - Active investments in US, India, Israel, and China  Consistently ranked in top quartile of venture capital firms 6/18/2009 NVP Confidential 2
  • 3. NVP Investment Focus  Software  Infrastructure SOFTWARE  Applications  Services  Business SYSTEMS  Communications  Infrastructure  Outsourcing SERVICES  Internet, Media & Consumer  Mobile SEMICONDUCTORS  Gaming & COMPONENTS  Social Media / Web 2.0  Advertising / Ecommerce INTERNET,  Systems MEDIA & CONSUMER  Communications  Enterprise  Semiconductors & Components 6/18/2009 NVP Confidential 3
  • 5. Gaming-related Investments  Neuroscience-based online brain- training & healthy casual games  Next-gen iPhone/smartphone ngmoco:) games publisher & platform  In-game/around-game advertising  Social gaming network for Teens  Enterprise Virtual World / Hosted Events & Spaces 6/18/2009 NVP Confidential 5
  • 6. What I’m Playing These Days… 6/18/2009 NVP Confidential 6
  • 7. Topics for Today  Some topics I'd like you to address  why Norwest was looking for opportunities in the space  why you chose Lumos  since the investment, how has your thinking evolved?  what are the 5-year opportunities and challenges to build a sustainable company (both in terms of Lumos and general advice for researchers/ entrepreneurs in the audience) 6/18/2009 NVP Confidential 7
  • 8. The Crystal Ball: 1-2 years out…  The Short-term View: - 2002 all over again? Or more systemic nuclear winter? - Dance (Collision?) of the Elephants? - “Survival is the New Growth” & the Barbell Response - VC = “Vulture Capitalists”?  Key themes: - Re-invention of Media: “Participatory & Social Media” (e.g. Gaming) - Ad model = fast track to recycle bin…how else to make $?? - Growth areas: International, Cleantech/Green, Healthcare - Shift towards capital efficiency…and smaller-scale outcomes? Never a better time to start a lifestyle business? 6/18/2009 NVP Confidential 8
  • 9. Why Gaming will Rescue Us All 6/18/2009 NVP Confidential 9
  • 10. Why Gaming will Rescue Us All  Media as interactive experience vs. packaged, static “content” (ex: GuitarHero)  Formalization of key human behaviors & addictions (leveling, collecting, badging)  Alternative business models: freemium, free-to-play + microtranscations, virtual currencies, hybrid subscriptions (Nightclub model)  User-interface breakthroughs  Orthogonal growth in gaming: music, health, education  Better Simulation & Modeling 6/18/2009 NVP Confidential 10
  • 11. Lessons from Web 2.0 / Social Media  Facebook is the new Marketing/Trailerware Channel  Celeb is the new PR  Twitter is “Push Digg of the 5 Ps”  The new split-screen experience: “Social/Media” - Editorial / Premium / Featured on the Right… - …voice of the audience / UGC on the Left  Social media = 2-way feedback channel from the audience…but do you have a thick skin to listen to a “dialogue” about your brand/product/service?  “Social is a Fabric, not a Market” 6/18/2009 NVP Confidential 11
  • 12. How Do You Drive Adoption / Addiction? What Makes Someone Buy a Virtual Good? Idealized Framework… …and Practical View Examples: Pride Envy Gluttony Lust Anger …etc
  • 13. Case Study: Lumos Labs  Background: - Stanford Neuroscience PhDs + Disney Corp Dev/Private Equity exec - Founded late 2006; Seed-funded by friends/family/angels for $400k - Lumosity.com went live as a general beta in 5/07, ramped to 6M monthly page views and 180k registered users by 12/07 - Already generating healthy subscription revenue prior to VC funding  Thesis points: - Growth of Healthy Gaming category - Careful balance of Science + Fun - Lightweight interface: browser-based Flash games - Broad-based demographic appeal - Cross-platform product: web, social network app, iPhone/mobile - Multiple revenue streams: subscription, virtual goods, ad, lead-gen, data - Multiple markets: consumer, healthcare, enterprise - Proprietary data business long term? - Capital-efficiency! 6/18/2009 NVP Confidential 13
  • 14. Opportunities & Challenges: 5-year Scope  Oppportunities: - Aging of Digital Immigrants; Rise of Digital Natives - Gaming as mainstream media and engagement/money-making vehicle - Healthcare Crisis in US: - Subsidies? Flight to overseas solutions and markets? - New emphasis on accountability & measurement? - Preventative Tools? - UGC/DIY/Social healthcare?  Challenges: - Assembling the Right Team - Fundraising Environment - Multi-platform backend: “Cloud-based Services” - Distribution Channels & Marketing - Exit Opportunities: Lifestyle business? Small M&A “flip”? IPO? 6/18/2009 NVP Confidential 14
  • 15. Evolution Path of Web 1.0 to Web 3.0 Web 1.0 Web 2.0 Web 3.0 • Persistent Persona & • Static destination • Dynamic sites / Locker in the Cloud sites / “Decks” SocNet pages • Dynamic Mix of Editorial & • “Authored” / • Mashable / User- UGC, Socially Filtered • Integration of web + Produced Content Gen Content mobile + STB + etc. • PC-centric • PC-centric / Mobile • Key enablers: Real-time • Key enablers: • Key enablers: Transcode, Rich Media HTTP, Browser, AJAX, Widgets, ADN/CDN, Personal Dial-up, CDN RSS, Flash Video Portable Identity, Virtual World, Contextual UI, etc. Connected Connected Connected Nodes & Profiles & Devices & Pages… Widgets… Data Sets… 6/18/2009 NVP Confidential 15
  • 16. The Crystal Ball: 5-10 years out…  The Long-term View: - Approaching the Singularity? - Creation of entire new industries and value chains = creation of new $1B+ industry leaders  Key themes: (see TED.com, X-Prize) - Human 2.0: bionics, cybernetics, genomics - Robotics: connected and adaptive - Sustainability 6/18/2009 NVP Confidential 16
  • 17. www.nvp.com Tim Chang tchang@nvp.com 6/18/2009 NVP Confidential 17