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US Venture Capital - Realistic Optimism
- 2. S tepOne’s US Office is In Silicon Valley… Sand Hill Road Step One Ventures Stanford University
- 3. … A nd we’ve seen the worst of it Sequoia Capital Oct 10, 2008 TheFunded.com Oct 2008
- 7. V Cs Will Strive to Fix a Broken Investing Model
- 8. S tartups Will Try to Survive
- 13. 120.000
Notas del editor
- Mile stretch between Menlo Park and San Jose Stanford, Google Step One Ventures is right in the middle of Silicon Valley Sand Hill Road is where most of the VCs are in Silicon Valley As you can see Stanford is right nearby
- There were 2 presentations recently that “shook the vc and startup world” – worth mentioning Sequoia presentation given in mid-October Given to their portfolio companies and became infamous VC model is dead presentation given in mid-November Given to the HBS faculty by thefunded.com’s founder
- 2 nd presentation VC industry is simply going through a much needed restructuring There is a permanent structural imbalance in VC industry and leads to the feast or famine model In general too much money and too many firms in VC industry but that is true of many asset classes like private equity and real estate Some firms will make it and some won’t = smaller VC industry
- Optimism remains as VCs vow to cautiously “stay the course” -> manage costs to become cash-flow positive The US government is expected to be highly supportive of VC, especially clean-tech -> stimulus plan; Obama to create 25 million jobs, spend 500-700 BN
- What are the VCs doing? 1Q: $7.8BN invested – 990 deals 2Q: $7.6 BN – 1033 deals 3Q: $7.1BN – 907 deals, a decrease of about 7% from last quarter Compared with around $4BN in 2002-2003 Obviously 3Q compared with last year 3Q is worse: down 9% from then VC investing longer in companies so investments might decrease
- Many of the famous companies now were started in the previous downturn Silver lining: if can survive now, big advantage = less competition Good investing: better valuations for vcs and less competition
- Also, cleantech! Institutional investors don’t make decisions on quarterly outlooks but instead look at longer-term macroeconomic, regulatory, market, and consumer trends Funds have been raised recently that focus on cleantech: Kleiner Perkins Caufield & Byers created a $500 million “green growth fund” RockPort Capital Partners created a $450 million fund focusing solely on cleantech Carbon: Planet metrics – Carbon View