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Q316 State of Venture Capital Update With Cooley

Feld Thoughts

This quarter they interviewed me as part of it on Quarterly VC Update: Brad Feld on the State of Venture Capital Investing. At the same time, if you are a clearly successful growth company, there is a huge amount of capital available once you’ve reached a point of clear success (often after $20m – $40m has been raised). There is a huge capital supply gap for companies that are in between early startups and companies that are successful growth companies.

Why 2017 Should be a Great Year to Raise Venture Capital

Both Sides of the Table

Recently Upfront Ventures published its outlook for the technology startup world and venture capital overall titled it “ WTF Happened to Winter ?” Since the change in government is still fresh on people’s minds we asked what VCs thought about the Trump Administration.

Where Do Venture Capital Dollars Actually Come From? This Visual Explains

Agile VC

Most folks reading this will know that many startups were built in part with the help of venture capital. So I wanted to dive a little deeper into what I call the startup capital supply chain. Google, Intel Capital).

The Rise of Chinese Venture Capital – (Part 3 of 5)

Steve Blank

This post is about the rise of Chinese venture capital and how it helped build the countries entrepreneurial ecosystem. The Rise of Chinese Venture Capital. SBIR and STTR programs, the Torch Program’s funding for new ventures was limited to seed funding the front end.

Why The SBIC Doesn’t Work For Venture Capital Anymore

Feld Thoughts

And, in the other two, I don’t expect to ever see any of my capital back because of the SBIC leverage. The SBIC was instrumental in the creation of the venture capital business. If you want to see a fun quote on it, read A History of Silicon Valley which quotes: “ …many venture capital pioneers think the SBIC program did little to advance the art and practice of venture investing. Peter Adams, head of Rockies Venture Club, is quoted a few times.

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Why Governments Don’t Get Startups

Steve Blank

2) With one noticeable exception, governmental entrepreneurship policies and initiatives appear to be less than optimal, with capital deployed inefficiently (read “They would have done better throwing the money in the street.”) but then the government got out of the way.

The Venture Capital Secret: 3 Out of 4 Start-Ups Fail

online.wsj.com

SIGNIFICANCE PROMINENT. --> The Venture Capital Secret: 3 Out of 4 Start-Ups Fail. An entrepreneur with a hot technology and venture-capital funding becomes a billionaire in his 20s. But now there is evidence that venture-backed start-ups fail at far higher numbers than the rate the industry usually cites. About three-quarters of venture-backed firms in the U.S. backed by venture capitalists. High Capital Franchises. Capital Available.

The Great European Venture Capital Crisis

Fred Destin

The exercise of drawing up target list of investors has been a depressing one, for the European venture landscape is starting to look extremely depleted. We have three clearly dominant firms based out of London, in the form of Accel Partners, Balderton Capital and Index Ventures. European venture capital is out of favor with LP's. The wonderful White Beat Yard / Passion Capital initiative is one such example. Venture Capital *Notable Europe

Governance Models That Don’t Scale: The World According to Charles T. Munger and Jean Jacques Rousseau

Pascal's View

Can you name five successful, long serving CEO’s (excluding Warren Buffett ) whose governance histories are free of the “high-beta” associated with outliers such as Larry Ellison and Steve Jobs ? It is in this context that I found “Corporate Governance According to Charles T.

Capital Is Cheap And Labor Is Expensive

Feld Thoughts

We’ve had a very long period of low to no inflation, at least based on the way the government calculates it. While my cynicism around government math and how inflation is calculated is substantial, there isn’t much question that since 2008 capital has been extremely cheap.

The Government Starts an Incubator: The National Science Foundation Innovation Corps

Steve Blank

government has been running one of the most audacious experiments in entrepreneurship since World War II. government agency that supports research in all the non-medical fields of science and engineering. “We’ve Over the last two months the U.S.

Startup Communities – Building Regional Clusters

Steve Blank

Feeders include the government, universities, investors, mentors, service providers and large companies. He points out that some of these, government, universities and investors think of themselves as the leaders and Feld’s thesis is that we’ve gotten it wrong for decades.

Fund Raising is a Means Not an End

Steve Blank

If you don’t have scale as a goal then you shouldn’t be raising money from angel or venture investors, you should be getting a commercial or government small business loan.). • Search. But to achieve scale, startups need risk capital. The consequences of raising venture money.

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The Helsinki Spring

Steve Blank

—— I was invited to Finland as part of Stanford’s Engineering Technology Venture Program partnership with Aalto University. a government that’s trying to help, but gets in the way. Government Funding: Tekes , Sitra , Finnvera , Finnish Investment Industry.

Disrupting Finance From Above: Wealthfront

abovethecrowd.com

Banking may be naturally prone to this calcification, and it is worth noting that the low credit card fees in Australia/France, as well as the FPS in the UK were the result of government intervention.

China – The Sleeper Awakens (Part 1 of 5)

Steve Blank

China has embraced state capitalism in a way Wall Street can only dream about. Startups, Venture Capital and the Communist Party: how did this happen in China? As we’ll see later, the MOF (Ministry of Finance) also has had a hand in funding new ventures.

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Why We Spend So Much Time On Policy Stuff

A VC : Venture Capital and Technology

It might seem to some that we are more like policy think tank or adovacy organization than a venture capital firm. " The short answer is that Brad , who I founded USV with a decade ago, has felt from day one that policy and governance will be as important as technology in shaping what the market looks like in the coming years. Politics Venture Capital and TechnologyLast month I wrote a post mentioning that we have an activist in residence at USV.

China Startups – The Gold Rush and Fire Extinguishers (Part 5 of 5)

Steve Blank

The downside is that with so much venture and angel capital available, investors have been willing to fund the 10 th Groupon clone. The Chinese government must be laughing hysterically over U.S. Most of their parents still tell them to work for the government or a big company.

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Monopolies and Startups

A VC : Venture Capital and Technology

So we have trust busters in government whose job it is to keep the monopolies in check. And our government is pretty good at handing monopolies out. They put a dent in a machine that the government could not. They got cabs on the streets when the government could not. Venture Capital and Technology Christina wrote a post yesterday that got me thinking.

Some Thoughts On The SEC's Rulemaking On General Solicitation

A VC : Venture Capital and Technology

This legislation was designed to make it easier for small businesses in the US to raise capital and contained a number of important and valuable changes to securities laws. The Securities Act of 1933 (which still governs much of securities law in the US) prohibits "general solicitation" or other forms of advertising in securities offerings pursuant to Rule 506 and Rule 144A which are the two most common forms of securities offerings for private companies.

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Investing In The Cultural Revolution

A VC : Venture Capital and Technology

This ethos, which includes but is not limited to hacker culture, is in many ways at odds with big companies, instiutions, and governments which seek to control, regulate, and "civilize" the Internet. Venture Capital and Technology

Fredsquare

A VC : Venture Capital and Technology

Money, Governance, and Copyright The creation and management of FredSquare is part of my larger objective of building learning-centric communities with game mechanics for blog stars that will include a P2P economy (i.e. Games hacking education Venture Capital and Technology Web/Tech

Why The Unlocking Phones Debate Is Important

A VC : Venture Capital and Technology

And our governement should make this activity legal so that we do not face any adverse consequences from this behavior. mobile Venture Capital and TechnologyThe White House and the FCC have recently come out in favor of allowing consumers to unlock their phones. That is a really good thing. Let's hope that the rest of the regulators in this country join them in this stance. I would go even further.

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Eureka! A New Era for Scientists and Engineers

Steve Blank

The combination of Venture Capital and technology entrepreneurship is one of the great business inventions of the last 50 years. Filed under: Lean LaunchPad , Teaching , Venture Capital. Lean LaunchPad Teaching Venture Capital

The Coming Venture Capital Boom

Altgate

It’s times like these that test what you believe in, and I believe in the Business Cycle, Human Creativity, and the stimulative effect of massive Government spending. Share and Enjoy: This entry was posted in Venture Capital and tagged business cycle , startup , venture capital.

Lessons for startup ecosystems from the history of Silicon Valley

The Equity Kicker

I just read Nicolas Colin’s Brief History of the World (of Venture Capital). It’s a great romp through the history of entrepreneurial ventures and how they were financed – starting with loan deals brokered in coffee shops and ending with the PC boom which established venture capital as an asset class in 1970s and 1980s. The UK government’s support has been important for our startup ecosystem. Venture Capital

Enough Is Enough

A VC : Venture Capital and Technology

The mess around the Lodsys patents should be a wake up call to everyone involved in the patent business (government bureaucrats, legislators, lawyers, investors, entrepreneurs, etc) that the system is totally broken and we can't continue to go on like this. " Venture Capital and Technology Web/TechI believe that software patents should not exist. They are a tax on innovation. And software is closer to media than it is to hardware.

Zhongguancun in Beijing – China’s Silicon Valley (Part 4 of 5)

Steve Blank

The previous post described the evolution of the Chinese Venture Capital system. China Venture Capital. If it’s driven by profit then the ecosystem needs both entrepreneurs as well as Venture Finance. China has the biggest Venture Capital industry outside the U.S.

Section 18 of the America Invents Act

A VC : Venture Capital and Technology

It was a far reaching conversation that gave me optimism that our government does realize the issues with our patent system, particularly as it relates to software and business method patents. Venture Capital and TechnologyYesterday we hosted a conversation between David Kappos , the Director of the US Patent and Trademark Office, and a bunch of founders/CEOs of our portfolio companies.

On the Road to Recap:

abovethecrowd.com

In February of last year, Fortune magazine writers Erin Griffith and Dan Primack declared 2015 “ The Age of the Unicorns ” noting — “Fortune counts more than 80 startups that have been valued at $1 billion or more by venture capitalists.” All Unicorn participants — founders, company employees, venture investors and their limited partners (LPs) — are seeing their fortunes put at risk from the very nature of the Unicorn phenomenon itself. Competition also has access to capital.

China’s Torch Program – the glow that can light the world (Part 2 of 5)

Steve Blank

This post is about the how the Chinese government engineered technology clusters. Of all the Chinese government programs, the Torch Program is the one program that kick-started Chinese high-tech innovation and startups. government’s SBIR and STTR programs. Venture Guiding Fund.

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Two Must Read Books For The AVC Community

A VC : Venture Capital and Technology

Two of the most common are the rise of startup communities and the role that the Internet can play in allowing society to governing itself. Books Venture Capital and Technology Web/TechThere are many themes that grace this page from time to time.

The 50 Most Promising Israeli Startups in 2016

VC Cafe

The ranking was put together by soliciting feedback from some of Israel’s top venture funds, including Carmel Ventures, Aleph, 83 North, Magma, Battery Ventures, Innovation Endeavors, Marker and others. Image credit: Kosher OC Magazine.

Free Government Money for Startups

David Teten

A few weeks ago, Fred Wilson discussed the role of government grants in helping launch tech companies. Fred is not a fan and argues that evaluating and aiding early-stage companies is not a core competency of government organizations. Venture Capital

Venture Capital Creating Systemic Risk???

A VC : Venture Capital and Technology

Rhode Island Senator Jack Reed was quoted in the WSJ yesterday saying that VC firms managing $30mm of capital or more need to report to the SEC because "the government needs the reporting requirement so it can assess whether.

The Model Board Package

StartupCFO

Get approvals and governance out of the way. If it was up to me, I’d limit formal meetings to governance and a brief CEO update, then terminate the meeting, but keep everyone around for an informal advisory session to dig into the dashboard and roadmaps. Angels Growing Big Management Resources Venture Capital startup board meetings Board of Directors board presentation Governance

10 Ways for Startups to Survive the Valley of Death

Startup Professionals Musings

According to a Gompers and Lerner study, the challenge is very real, with 90% of new ventures that don't attract investors failing within the first three years. Joint venture with distributor or beneficiary. valley of death entrepreneur startup angels funding venture capital business

Israeli Venture Capital Fund Raising 2010

Recent Buzzes - VC Experts, Inc.

Additional details about venture capital fund raising will be available in the IVC 2011 Yearbook , due for release in April. Despite improvement in macro economical factors in 2010, Israeli VC funds were not able to attract new capital during the year.

Startup America – Dead On Arrival

Steve Blank

by expanding startups access to capital (with two $1 billion programs ); creating a national network of entrepreneurship education, commercializing federally-funded research and development programs and getting rid of tax and paperwork barriers for startups. Technology Venture Capital

Freedom and Innovation

A VC : Venture Capital and Technology

I got pretty animated during the discussion, which is probably not a great thing to do when testifying in a government hearing. Venture Capital and Technology I testified yesterday in a public hearing on Bitcoin as part of two days of hearings put on by the New York State Department of Financial Services. The hearings are being livestreamed here and you can click on the archives and watch yesterday's two panels.

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