Firsthand Technology Value Fund, Inc. (SVVC): Business Model Canvas [Dec-2025 Updated]

You're digging into the nuts and bolts of Firsthand Technology Value Fund, Inc.'s (SVVC) business model, and honestly, what we see in the canvas isn't a growth story right now; it's a fund deep in its harvesting phase, focused on profitable exits from its private tech holdings. With total net assets around $296,547 as of Q3 2025, and facing a net investment loss of $430,629 that same quarter, understanding their Key Activities-like valuing those illiquid assets and managing compliance-is critical for any investor trading on the OTCQB. Let's break down exactly how this publicly-traded VC-style structure generates revenue and manages costs, so you can see the real picture behind the ticker.

Firsthand Technology Value Fund, Inc. (SVVC) - Canvas Business Model: Key Partnerships

You're looking at the essential external relationships Firsthand Technology Value Fund, Inc. (SVVC) relies on to execute its investment strategy, especially given its current asset base. These partnerships are critical for everything from day-to-day management to regulatory compliance and portfolio valuation.

Firsthand Capital Management, Inc. (Investment Adviser)

Firsthand Capital Management, Inc. (FCM) is the entity providing the core advisory services. Kevin Landis, the President of Firsthand Technology Value Fund, Inc. (SVVC), also serves as the portfolio manager for SVVC, alongside managing Firsthand Alternative Energy Fund and Firsthand Technology Opportunities Fund. FCM is contractually responsible for providing office space to Firsthand Technology Value Fund, Inc. (SVVC) and covering the associated costs for that space, which is located at 150 Almaden Blvd., Suite 1250, San Jose, California 95113.

The scale of this relationship is sometimes viewed through the lens of historical compensation versus performance. For instance, over a nearly ten-year period leading up to 2021, Firsthand Capital Management, Inc. collected approximately $33.8 million in fees while the stock price declined significantly.

Here's a look at the key financial context surrounding the Fund as of late 2025, which frames the current advisory relationship:

Independent valuation firm for private portfolio holdings

Because Firsthand Technology Value Fund, Inc. (SVVC) invests heavily in illiquid private companies, independent valuation is non-negotiable. The Fund's Valuation Committee, which is composed of two independent directors, actively adjusts the fair values of these private holdings quarterly. This process relies on external expertise.

The committee specifically takes into account information received from an independent valuation firm when making its determinations, consistent with ASC 820 standards. They look at portfolio company performance and recent transaction data. For the quarter ended September 30, 2025, the Fund reported that its public and private securities were valued at $256,934.

Computershare for shareholder services and transfer agent functions

While the specific engagement terms or fees with Computershare aren't detailed in the latest public reports, the function of a transfer agent is essential for maintaining the official shareholder register. This entity handles the mechanics of share ownership for the 6,893,056 shares outstanding as of September 30, 2025.

Established financial sponsors and venture capital co-investors

Firsthand Technology Value Fund, Inc. (SVVC) gains access to deals by leveraging relationships within the venture capital ecosystem. The strategy involves direct investments in private companies, negotiations with selling shareholders, and participation in secondary marketplaces. The Fund's typical initial investment size is intended to range between $1 million and $10 million of capital, on average, though this varies based on the capital base size.

The Fund's ability to source and participate in these deals is tied to these external networks. The portfolio composition as of September 30, 2025, reflects this partnership-driven sourcing:

• Equity/Debt Investments: $197,925
• Cash/Cash Equivalents: $59,009
• Other Assets: $554,448

Legal and accounting professionals for SEC compliance and governance

Maintaining its status as a publicly traded entity, even on the OTCQB market, requires rigorous adherence to SEC requirements. This necessitates ongoing relationships with external legal counsel and accounting professionals to manage filings like the 8-K reports issued on November 14, 2025, detailing quarterly results. The Fund is classified as an emerging growth company, which impacts its compliance timeline for certain new or revised financial accounting standards.

The structure demands external validation of financial reporting. For the quarter ended September 30, 2025, the Fund reported total liabilities of $514,835, a figure that requires sign-off from external auditors.

Finance: review the Q4 2025 cash flow projections against the Q3 2025 net investment loss of $430,629 by Friday.

Firsthand Technology Value Fund, Inc. (SVVC) - Canvas Business Model: Key Activities

You're looking at the core actions Firsthand Technology Value Fund, Inc. (SVVC) takes to run its business as a publicly traded venture capital fund focused on technology and cleantech. These activities are centered on managing a portfolio heavily weighted toward private, hard-to-value assets.

Portfolio management and oversight of illiquid private companies

The primary activity involves active management of investments, with a mandate to keep at least 80% of total assets invested in technology and cleantech companies. Oversight includes working with portfolio company management teams to enhance performance.

• Investment mandate requires at least 80% of total assets in technology and cleantech companies.
• Portfolio composition as of September 30, 2025, included Equity/Debt Investments valued at $197,925 ($0.03 per share).
• The fund's total portfolio, including public and private securities, was valued at $256,934 as of September 30, 2025.
• Historically, individual investments have ranged from $1 million to $10 million each.

Seeking and executing profitable exit opportunities (IPO or M&A)

The fund continuously works to uncover and execute exit opportunities, though the results for the latest reported quarter show unrealized losses rather than realized gains from exits.

• Management continued efforts throughout Q3 2025 to 'uncover potential exit opportunities.'
• The fund reported net realized and unrealized losses on investments of $(20,083) for the three months ended September 30, 2025.
• For the full year ended December 31, 2024, the fund recognized net realized losses of approximately $11,686,668 from the sale of investments.

Rigorous due diligence on technology and cleantech companies

Due diligence underpins the investment selection process, focusing on high-growth technology and life science enterprises. This activity is implied by the investment strategy, though specific due diligence metrics aren't detailed in the latest reports.

The fund's investment adviser, Firsthand Funds LLC, provides specialized expertise in emerging technology and life science markets to support this activity.

Financial reporting and regulatory compliance (SEC filings)

This involves the mandatory process of reporting financial status to the SEC, which dictates the public release of key figures like Net Asset Value (NAV).

The fund is classified as an Emerging growth company per its filings.

Valuing private equity/debt investments quarterly

Given the illiquid nature of a significant portion of the portfolio, quarterly valuation is a critical, formal activity performed by a dedicated committee.

• The Valuation Committee, composed of two independent directors, adjusted fair values for private companies during Q3 2025.
• Valuation procedures considered information from an independent valuation firm.
• Net Assets as of September 30, 2025, represented $0.04 per share on 6,893,056 shares outstanding.
• Total Liabilities as of September 30, 2025, stood at $514,835.

Firsthand Technology Value Fund, Inc. (SVVC) - Canvas Business Model: Key Resources

The Key Resources for Firsthand Technology Value Fund, Inc. (SVVC) as of late 2025 are centered on its specialized investment mandate, its financial position at the end of Q3 2025, and the expertise guiding its strategy.

The fund's primary asset is its Portfolio of private/public technology and cleantech securities, which is the core of its value proposition as a publicly traded venture capital fund.

Here are the key financial and structural components as reported for the quarter ended September 30, 2025:

The operational foundation relies on specific human and geographic assets. You're looking at a fund whose entire strategy hinges on access and insight in a specific geography.

• Experienced investment team led by Kevin Landis, who serves as Chief Executive Officer and Chief Financial Officer.
• Silicon Valley location and industry network, with official reporting originating from San Jose, CA.
• The investment objective requires investing at least 80% of total assets in technology and cleantech companies.

The fund's structure as a non-diversified, closed-end investment company, electing to be treated as a business development company, is also a critical resource enabling its investment focus.

Firsthand Technology Value Fund, Inc. (SVVC) - Canvas Business Model: Value Propositions

You're looking at how Firsthand Technology Value Fund, Inc. (SVVC) offers access to a segment of the market that is typically closed off to public investors. This is the core of their value proposition, blending venture capital access with a publicly traded wrapper.

Access to illiquid, venture-stage technology and cleantech companies

Firsthand Technology Value Fund, Inc. provides a pathway to investments in private, venture-stage entities. Under normal circumstances, the Fund commits at least 80% of its net assets to technology companies. Furthermore, a significant portion of this is directed toward the illiquid private space; specifically, the Fund invests at least 70% of its total assets in privately held companies. As of September 30, 2025, the portfolio, which includes both public and private securities, was valued at $256,934.

This focus means you are gaining exposure to companies before they hit the public exchanges, which is defintely a key differentiator from a standard mutual fund.

Publicly traded structure for liquidity in a VC-style investment

The structure itself is a value proposition. Firsthand Technology Value Fund, Inc. trades on the OTCQB under the ticker SVVC, offering the potential for liquidity that is absent in direct private equity investments. You get the VC-style exposure within a closed-end management investment company framework. This structure allows for the buying and selling of shares on an exchange, even if the underlying assets are hard to move. As of September 30, 2025, the Fund had 6,893,056 total shares outstanding.

Long-term capital growth objective for shareholders

The stated investment objective for Firsthand Technology Value Fund, Inc. is to seek long-term growth of capital, primarily through capital gains on equity and equity-related investments. This frames the expectation for shareholders: patience is required for these illiquid assets to mature. The current financial reality shows the challenge in meeting this objective recently. The Net Asset Value (NAV) per share stood at $0.04 as of September 30, 2025, down from $0.11 per share just three months prior on June 30, 2025. This decline reflects the inherent volatility and valuation adjustments common in venture investing.

Exposure to high-growth, disruptive technology subsectors

Firsthand Technology Value Fund, Inc. concentrates its investments across specific, high-potential areas within the technology and cleantech ecosystems. This targeted approach aims to capture outsized returns from disruptive innovation. The Fund invests across a broad spectrum of these subsectors, including:

• Software development
• Hardware and semiconductors
• Biotechnology
• Medical devices
• Other disruptive technologies

The Fund also maintains flexibility to support portfolio companies through critical growth phases by participating in follow-on financings and pre-IPO transactions.

Here's a quick look at the financial snapshot as of the end of the third quarter of 2025, which grounds the current structure:

Finance: draft 13-week cash view by Friday.

Firsthand Technology Value Fund, Inc. (SVVC) - Canvas Business Model: Customer Relationships

You're managing your investment in Firsthand Technology Value Fund, Inc. (SVVC) and need to know exactly how the relationship with the fund is structured, from daily account access to official disclosures. Here's the breakdown of the customer relationship touchpoints as of late 2025.

Self-service access to account information via Computershare

Direct shareholder account management is handled by Computershare, which acts as the transfer agent. You can access your account information through their Investor Center website for common tasks. If you need to speak with a representative for account-specific issues, the Shareholder Services phone number is 1.800.331.1710. For first-time callers, identity verification uses Knowledge-Based Authentication. Correspondence related to your account should go to Computershare's P.O. Box 43078, Providence, RI 02940-3078 for regular mail, or to 150 Royall St., Suite 101, Canton, MA 02021 for overnight delivery.

Direct investor relations contact via phone and email

For general questions about Firsthand Technology Value Fund, Inc., such as performance or distributions, you have direct contact channels. The Investor Relations phone line is 1.800.976.8776. The dedicated Investor Relations email is vc@firsthandtvf.com. Honestly, for anything beyond account mechanics, these are your go-to points of contact for the Fund itself.

Transactional relationship through public market trading (OTCQB)

Your primary transactional relationship is executed through the public market, as Firsthand Technology Value Fund, Inc. trades on the OTCQB exchange. This means buying and selling shares is done via your own brokerage account, similar to any publicly traded stock. The relationship is largely automated through this market mechanism. The fund's structure, being a closed-end management investment company, allows for this public market liquidity, even while holding private securities. Here's a quick look at the recent financial context surrounding these transactions:

Formal communication through quarterly and annual SEC filings

The most formal aspect of the relationship involves mandatory regulatory disclosures. Firsthand Technology Value Fund, Inc. provides official updates through filings with the U.S. Securities and Exchange Commission (SEC). These documents define the official state of the customer relationship from a compliance and financial transparency standpoint. You can expect to see these reports filed regularly.

Key formal communications include:

• Quarterly reports (10-Q), such as the one detailing the NAV of $0.04 per share for the quarter ended September 30, 2025.
• Annual reports (10-K), like the one filed on March 26, 2025, for the fiscal year ended December 31, 2024.
• Reports of material events (8-K) for unexpected occurrences.

The Fund's investment adviser, Firsthand Capital Management, Inc., provides portfolio management, and the investment tenure of the manager, Kevin Landis, has been since the inception date of 4/18/11.

Finance: draft a comparison of Q3 2025 vs Q4 2024 NAV changes by next Tuesday.

Firsthand Technology Value Fund, Inc. (SVVC) - Canvas Business Model: Channels

You're looking at how Firsthand Technology Value Fund, Inc. (SVVC) gets its information and its shares into the hands of investors. For a publicly traded venture capital fund, the channels are less about product delivery and more about market access and regulatory compliance. It's all about the public exchange and mandatory disclosures.

OTCQB Venture Market for public stock trading

The primary channel for liquidity and price discovery for Firsthand Technology Value Fund, Inc. is the public market. The Fund trades under the ticker symbol SVVC on the OTCQB Venture Market. This is where investors buy and sell ownership interests in the Fund.

Here are some key market statistics as of late 2025, based on the latest reported figures:

Corporate website (firsthandtvf.com) for investor information

The official corporate website, www.firsthandtvf.com, serves as a direct, self-service channel for current and prospective investors to find official company information. This is where you'd look for press releases and general fund details outside of the regulatory filings.

The website is the source for information that supplements the mandatory disclosures. For instance, the Fund's investment objective is to seek long-term growth of capital, principally by seeking capital gains on its equity and equity-related investments, with at least 80% of total assets invested in technology and cleantech companies under normal circumstances.

SEC filings (10-Q, 8-K) for financial disclosure

Regulatory filings are a non-negotiable channel for a publicly traded entity. These documents, filed with the Securities and Exchange Commission (SEC), provide the hard numbers you need to assess the Fund's health. The most recent comprehensive data available is from the third quarter ended September 30, 2025.

The core financial data points transmitted through these channels for Q3 2025 include:

• Net Assets as of 9/30/2025: $296,547.
• Net Asset Value (NAV) per Share: $0.04.
• Total Shares Outstanding: 6,893,056.
• Total Investment Income for Q3 2025: $2,314.
• Net Investment Loss for Q3 2025: $430,629.
• Total Liabilities as of 9/30/2025: $514,835.

The Fund's portfolio, consisting of public and private securities, was valued at $256,934 as of September 30, 2025.

Shareholder Services via transfer agent (Computershare)

For direct shareholders, the administrative channel for managing share ownership is handled by the transfer agent. Firsthand Technology Value Fund, Inc.'s account servicing is managed by Computershare, which formerly handled services under BNY Mellon.

This channel handles critical shareholder actions, such as:

• Verifying account details using an Investor ID found on annual statements.
• Ordering duplicate statements.
• Processing trade requests for directly held shares.

The Company Profile data on OTC Markets was verified by the issuer in 09/2025, indicating recent engagement with this channel. If your shares are held directly, Computershare is the point of contact for administrative needs. Finance: draft 13-week cash view by Friday.

Firsthand Technology Value Fund, Inc. (SVVC) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Firsthand Technology Value Fund, Inc. (SVVC) as of late 2025. Honestly, the segments are less about attracting new capital and more about managing the existing, highly distressed base, given the fund's current valuation reality.

Public investors seeking exposure to private venture capital assets are the theoretical target, as Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies, aiming for long-term capital growth by investing at least 80% of its assets in these sectors. However, the current reality is a Net Asset Value (NAV) of just $0.04 per share as of September 30, 2025. That low NAV, down from $0.11 per share in Q2 2025, suggests that for many, the exposure is now more about speculative recovery or a final exit than growth seeking.

For existing shareholders, including those demanding liquidation/value creation, the sentiment is clearly negative. Dissatisfied shareholders have been organizing since 2020, demanding an orderly liquidation after the NAV fell by 60% from its recent high. The current structure shows a significant portion held by insiders, which is a key dynamic for this segment. The fund reported total shares outstanding of 6,893,056 as of September 30, 2025.

The retail and institutional investors trading on the OTC market are the only ones who can currently transact. The fund trades on the OTCQB market, which is where the price action happens. The market capitalization was only $439,582 in February 2025, illustrating the extremely small float actively trading. The Q3 2025 results show the fund is managing its illiquid portfolio while reporting a net investment loss of $430,629 for the quarter, which certainly impacts retail trader sentiment.

Financial professionals and analysts tracking BDC performance are looking at a fund that elected to be treated as a business development company (BDC) under the Investment Company Act of 1940. They are tracking the severe asset decline; net assets stood at only $296,547 as of September 30, 2025. Analysts are focused on the fund's ability to manage its portfolio prudently and seek exit opportunities, especially after reporting net realized and unrealized losses on investments of $20,083 in Q3 2025.

Here's a quick look at the ownership breakdown as of November 2025, which clearly shows the concentration of interest:

The current investor base is defined by who hasn't sold into the decline. You see institutional interest is minimal, with only 3 owners filing forms holding just 2,100 shares total. The 8.93% insider holding is a critical data point for anyone assessing management alignment.

• Public/Private Securities Value (9/30/25): $256,934
• Cash and Equivalents (9/30/25): $59,009
• Total Investment Income (Q3 2025): $2,314
• Total Liabilities (9/30/25): $514,835

Firsthand Technology Value Fund, Inc. (SVVC) - Canvas Business Model: Cost Structure

You're looking at the cost side of Firsthand Technology Value Fund, Inc.'s (SVVC) operations as of late 2025. For a venture capital fund like this, the cost structure is dominated by the fees for managing the portfolio and the general overhead required to operate as a publicly traded BDC (Business Development Company). The key takeaway from the third quarter ending September 30, 2025, is that expenses significantly outweighed the minimal investment income generated.

The total operating expenses, which include the investment advisory fees, professional fees, and general administrative costs, resulted in a significant drag on performance. For Q3 2025, the Fund reported total investment income of only $2,314. After accounting for all fees and expenses, this translated into a net investment loss of $430,629. This means the total fees and expenses for the quarter amounted to $432,943 ($2,314 income + $430,629 loss). This aggregate figure represents the core of the Cost Structure.

Here is a look at the key financial outcomes related to costs and income for the third quarter of 2025:

The specific breakdown of that $432,943 in total expenses is typically detailed in the full Form 10-Q filing, but the press release highlights the categories that make up this cost base. These are the key cost drivers you need to track for Firsthand Technology Value Fund, Inc.

• Investment advisory fees paid to Firsthand Capital Management.
• Significant professional fees (legal, audit, valuation).
• Directors' fees and general administrative expenses.
• Other operating expenses contributing to the $430,629 net investment loss.

To be fair, the valuation process itself involves costs. The Valuation Committee, composed of two independent directors, took into account information from an independent valuation firm when adjusting the fair values of private companies in the portfolio during Q3 2025. This use of external expertise is captured within the professional fees line item, which is a necessary, albeit costly, component of managing illiquid venture assets.

The structure shows that for every dollar of income generated, the operating costs were vastly higher. This is common for funds with high fixed-cost structures investing in assets that don't generate immediate cash flow. Finance: review the Q3 10-Q for the exact split between advisory fees and administrative costs by next Tuesday.

Firsthand Technology Value Fund, Inc. (SVVC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Firsthand Technology Value Fund, Inc. (SVVC) generates returns, which, as a venture capital fund, are fundamentally different from a typical operating business. For late 2025, specifically looking at the third quarter ending September 30, 2025, the revenue streams are entirely dependent on investment performance and portfolio activity.

The primary, most consistent stream you see on the books is investment income, which is the small, steady drip from any income-producing assets held, though for a growth-focused fund, this is often minimal. Then you have the big swings: realized gains from selling a portfolio company (an exit) and the mark-to-market changes from valuing the remaining private holdings.

Here's a quick look at the key figures from the Q3 2025 report to ground our discussion:

Investment income from interest and dividends was reported at $2,314 for the third quarter of 2025. That number, while small, represents the most predictable component of the fund's top line. Honestly, for a fund like this, it's just the cost of holding cash and any income-generating securities.

Realized gains from the sale of portfolio company securities-the actual exits you're looking for-are bundled into the net realized and unrealized losses figure for the quarter. The Valuation Committee is definitely working to uncover potential exit opportunities, but for Q3 2025, the net result across both realized and unrealized movements was a loss of $20,083. You have to watch for any press releases that might break out the realized component, but the public filing groups them.

Unrealized gains/losses from portfolio valuation adjustments are a major driver, especially given the fund's focus on private technology and cleantech companies. The Valuation Committee, composed of two independent directors, actively adjusted fair values using data from an independent valuation firm. They look at company performance and market multiples. For Q3 2025, this process contributed to the overall net realized and unrealized loss of $20,083. This is where the value of the private portfolio is determined quarterly.

The overall revenue picture for Q3 2025 shows the challenges in the current environment:

• Investment income was $2,314.
• The fund reported net realized and unrealized losses of $20,083.
• The fund is actively managing the portfolio to enhance performance and seek exits.
• Total shares outstanding as of September 30, 2025, were 6,893,056.

Finance: draft 13-week cash view by Friday.