Investing in Dynamic Markets: Venture Capital in the Digital Age

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Abstract from Amazon. Today, the industry consists of several thousand professionals working at about funds concentrated in California, Massachusetts, and a handful of other states.

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Despite the industry's size, there are many misconceptions about the nature and role of venture capitalists; their trade remains shrouded in mystery. Beginning with a historical overview of entrepreneurial finance, this book examines how venture partnerships are structured, how venture capitalists are compensated, the staging of investments in operating companies, and the relative performance of venture-capital-backed offerings.

There's also an interesting comparison of corporate venture organizations, such as Xerox PARC, with those of independent and other venture groups. Venture capitalists use industry knowledge and monitoring skills to finance projects with significant uncertainty, typically concentrating investments in early-stage companies and high-tech industries.

Another theme is that because venture funds must make long-term illiquid investments, they need to secure funds from their investors for periods of 10 years or more.


The supply of venture capital consequently cannot adjust quickly to changes in the investment environment. The cases are organized according to four major topics: investment analysis; financing the entrepreneurial firm; harvesting the rewards; and reinventing the entrepreneurial enterprise.

Brian E. They relate their findings in a series of chapters covering topics from developing a business plan to business valuation techniques. It features top-notch research supplemented by in-depth interviews with angel investors and entrepreneurs. The personal stories presented here will help you learn from the mistakes of other entrepreneurs and model your approach on their successes. From the entrepreneurs point of view, gaining an understanding of the angel as an individual is an important factor in determining whether the partnership will be successful.

As such, this book provides an inside look at angel investors and a comprehensive understanding of the "how" and the "why" of what they do. It provides guidance on finding the right angels, avoiding the wrong ones, and making a business work after an angel buys into it. Venture investments funded these firms to develop their bright ideas into commercial products that created new business models and established whole new markets.

The focus then shifts to the specific environs of venture capital. Firstly, formal institutional venture capital is discussed. The analysis encompasses considerations such as: structure, pre-investment processes, venture capitalist's value-adding, performance, and impact on economic development, early-stage financing as well as management buyouts. Business angel research, their investment decision making, and business angel networks are then discussed under the wider umbrella of informal venture capital.

Finally, the corporate venture capital market is explored from the entrepreneur's perspective as well as the supply side of corporate venture capital. Also providing a lively and stimulating debate on policy implications and possible directions for future venture capital research, this all-encompassing Handbook will prove an invaluable reference tool for those with an interest in business, management, entrepreneurship and the financing of new enterprises. Yet, for every public intervention that spurs entrepreneurial activity, there are many failed efforts that waste untold billions in taxpayer dollars.

When has governmental sponsorship succeeded in boosting growth, and when has it fallen terribly short? Should the government be involved in such undertakings at all? Boulevard of Broken Dreams looks at the ways governments have supported entrepreneurs and venture capitalists across decades and continents.

It includes more cases relevant to the texts four main goals: understanding the ways in which private equity firms work, applying the key ideas of corporate finance to the industry, understanding the process of valuation, and critiquing valuation approaches of the past and present- an approach which has proved very successful over the past four editions.

Jack S. Here at last is one-step-at-a-time, start-to-finish structural guidance for the following common business transactions: venture capital financing; new business start-ups; brains-and-money deals; growth-equity investments; leveraged and management buyouts; industry consolidations; troubled company workouts and reorganizations; going public; selling a business; and forming a private equity fund. Guided by Jack S Levin's dynamic, transaction-by-transaction approach, you'll make the tax, legal, and economic structuring consequences of every deal benefit your client every time.

In this extraordinary hands-on resource by the most sought-after authority in the field, you'll see exactly how to: distribute the tax burden in your client's favor; maximize returns on successful. It presents a new unified treatment of investment decision making and mark-to-market valuation. The discussions of risk-return and cost-of-capital calculations have been updated with the latest information. The most current industry data is included to demonstrate large changes in venture capital investments since The coverage of the real-options methodology has also been streamlined and includes new connections to venture capital valuation.

In addition, venture capitalists will find revised information on the reality-check valuation model to allow for greater flexibility in growth assumptions. Susan L. This hands-on resource, explains the factors that determine how private equity investors spend their money and what they expect from entrepreneurs. It guides entrepreneurs through every step in an entrepreneurial venture from the legalities of raising initial capital to knowing when to change tactics.

There are plenty of opportunities out there for anyone with a great idea, but it takes much more than a great idea to make your tech start-up a success. In addition to creativity and new ideas, being a successful tech entrepreneur requires strategic decision-making in terms of business planning, financial planning, negotiations, and corporate governance. This book serves as a thought-provoking guide that helps tech entrepreneurs avoid the dangers inherent in business start-ups in general and the treacherous realm of venture capital in particular.

This book is the ideal reference for anyone who wants to overcome the challenges of running a start-up from incubation to exit.

It contains excellent advice for tech entrepreneurs written in layman's terms; written by an author with more than fifteen years of experience as a founder and co-founder of tech start-ups in the U. For first-time founders of tech start-ups requiring venture capital, Start-Up Guide for the Technopreneur is the perfect resource.

Most of the founders were male programmers in their mid-twenties or younger. A lucky few attracted capital that gave their startup a valuation of multiple millions of dollars. Others went back to the drawing board. In this book, the author provides a primer on what some of the world's best venture capitalists have in common.

John B. Erickson, Raising Entrepreneurial Capital 2 nd ed.

Venture capital

The book proceeds from a basic level of business knowledge, assuming that the reader understands simple financial statements, has selected a specific business, and knows how to write a business plan. Only after did "true" private equity investments begin to emerge, notably with the founding of the first two venture capital firms in American Research and Development Corporation ARDC and J. ARDC became the first institutional private-equity investment firm to raise capital from sources other than wealthy families, although it had several notable investment successes as well.

Florida Foods Corporation proved Whitney's most famous investment. The company developed an innovative method for delivering nutrition to American soldiers, later known as Minute Maid orange juice and was sold to The Coca-Cola Company in One of the first steps toward a professionally managed venture capital industry was the passage of the Small Business Investment Act of The Act officially allowed the U. During the s, putting a venture capital deal together may have required the help of two or three other organizations to complete the transaction.

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It was a business that was growing very rapidly, and as the business grew, the transactions grew exponentially. During the s and s, venture capital firms focused their investment activity primarily on starting and expanding companies. More often than not, these companies were exploiting breakthroughs in electronic, medical, or data-processing technology. As a result, venture capital came to be almost synonymous with technology finance.

Johnson, Jr. It is commonly noted that the first venture-backed startup is Fairchild Semiconductor which produced the first commercially practical integrated circuit , funded in by what would later become Venrock Associates. Rockefeller , the fourth of John D. Rockefeller's six children, as a way to allow other Rockefeller children to develop exposure to venture capital investments.

It was also in the s that the common form of private equity fund , still in use today, emerged. Private equity firms organized limited partnerships to hold investments in which the investment professionals served as general partner and the investors, who were passive limited partners , put up the capital. The compensation structure, still in use today, also emerged with limited partners paying an annual management fee of 1. The growth of the venture capital industry was fueled by the emergence of the independent investment firms on Sand Hill Road , beginning with Kleiner Perkins and Sequoia Capital in Located in Menlo Park, CA , Kleiner Perkins, Sequoia and later venture capital firms would have access to the many semiconductor companies based in the Santa Clara Valley as well as early computer firms using their devices and programming and service companies.

Throughout the s, a group of private equity firms, focused primarily on venture capital investments, would be founded that would become the model for later leveraged buyout and venture capital investment firms. The NVCA was to serve as the industry trade group for the venture capital industry. With the passage of the Employee Retirement Income Security Act ERISA in , corporate pension funds were prohibited from holding certain risky investments including many investments in privately held companies.

In , the US Labor Department relaxed certain restrictions of the ERISA, under the " prudent man rule " [note 2] , thus allowing corporate pension funds to invest in the asset class and providing a major source of capital available to venture capitalists.

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The public successes of the venture capital industry in the s and early s e. From just a few dozen firms at the start of the decade, there were over firms by the end of the s, each searching for the next major "home run. The growth of the industry was hampered by sharply declining returns, and certain venture firms began posting losses for the first time. In addition to the increased competition among firms, several other factors affected returns. The market for initial public offerings cooled in the mids before collapsing after the stock market crash in , and foreign corporations, particularly from Japan and Korea , flooded early-stage companies with capital.

In response to the changing conditions, corporations that had sponsored in-house venture investment arms, including General Electric and Paine Webber either sold off or closed these venture capital units. Additionally, venture capital units within Chemical Bank and Continental Illinois National Bank , among others, began shifting their focus from funding early stage companies toward investments in more mature companies. Even industry founders J.