Cambridge Silicon Radio
| Company Information | Fingerprint | Table |
| Address | CSR plc Unit 400, Cambridge Science Park, Milton Road, Cambridge CB4 0WH UK |
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| Website | http://www.csr.com/ | |
| Sector | Technology | |
| Description | "The Best Team in the World for Bluetooth" The VCs dream: a groomed spin-out from Cambridge Consultants. A team of 9 (of which three are senior executives; including one who is a world class expert in the technology) have been working together on "wireless" for many years and realised that their innovative chip design met the recently agreed Blue-tooth short range wireless standard for which no one had made the chip. After nearly two years of planning, costing some £2m, the group spins-out straight into a VC funded company. No business angels here or kitchen table! An experienced CEO starts three months later. In March 2004, floated on LSE, valued at £250m. By this time, CSR was profitable and shares get off to a good start. But it is easy to forget that in 1999 many people thought that Bluetooth had a very limited market. Experienced, committed founders prepared to travel world-wide frequently to visit customers and suppliers. Early appointment of PR agency. Focus, focus, focus on an IPO. Ethos - Big company started Small! Valuations increased all the time whilst raising a total of �50m before IPO. However, is this entrepreneurship or incentivised management, a form of MBO? At flotation the founders and 200 staff only own around 20% and most have stayed working with the company. Great for the VCs who have created a £250m company and paid out their funds. But it has not generated wealthy Business Angels who can recycle cash in the Cambridge Cluster nor were Business Angels given the chance to invest, build wealth and keep the cycle moving. Could you start a fabless chip company from the kitchen table? How many start-ups have people paid six-figure salaries? But what fantastic execution with total focus. |
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