Abstract: Abstract: A summary of previous empirical research on criteria used by international venture capitalists in valuating early stage venture investment opportunity is provided, based on which valuation criteria are grouped into four broad categories, namely, entrepreneur and his team, technology and product, market, and finance. The top ten indicators system is developed, they are (1) entrepreneur’s qualities, (2) completeness of the team’s knowledge and experiences, (3) product’s competitiveness, (4) protection for product peculiar right, (5) growth of the target market, (6) size of the target market, (7) market entry barrier, (8) probability to create new demand, (9) profitability, (10) opportunities for investment exit. Employing synthetic assessment, their weights are analyzed, and a scoring function and the synthetic valuation model for intrinsic value of a venture are developed. This valuation system is intended to solve the core problem concerned most by venture capitalists i.e., how much a venture firm’s intrinsic value is.

Key words: venture enterprise, intrinsic value, indicator system, synthetic valuation model