The Venture Capital Cycle
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The Venture Capital Cycle
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Author : Paul Alan Gompers
language : en
Publisher: MIT Press
Release Date : 2004
The Venture Capital Cycle written by Paul Alan Gompers and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
An analysis of the venture capital process, from fund-raising through investing to exiting investments; a new edition with major revisions and six new chapters that reflect the latest research.
The Venture Capital Cycle
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Author : Paul A. Gompers
language : en
Publisher:
Release Date : 2009
The Venture Capital Cycle written by Paul A. Gompers and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Three principal aspects of venture capital (VC) are empirically explored: fundraising, investing, and exiting those investments. Despite the recent attention to VC, misconceptions abound that the authors attempt to correct. Throughout, the discussions are based on examinations of a large sample of firms, VC funds, and investments. Three themes are elaborated in the volume: (1) The great incentive and information problems venture capitalists must overcome; (2) the interrelatedness of each aspect of the VC process and how it proceeds through cycles; and that (3) the VC industry adjusts slowly to shifts in the supply of capital or the demand for financing. The VC partnership is the intermediary between investors and high-tech start-ups. The fundraising aspect is examined in terms of its structure, means of compensation, and the importance of the structure of the limited partnership form used by most VC funds. The need to provide incentives and shifts in relative negotiating power impact the terms of VC limited partnerships. Covenants and compensation align the incentives of VC funds with those of investors; covenants and restrictions limit conflicts among investors and venture capitalists. Supply and demand and costs of contracting determine contractual provisions. VC contracting may not always be efficient. During periods of high demand and capital flows, partners negotiate compensation premiums. The investing aspect is discussed in terms of why investments are staged, how VC firms oversee firms, and why VC firms syndicate investments. Four factors limit access to capital for firms: uncertainty, asymmetric information, nature of firm assets, and conditions in the financial and product markets. These factors determine a firm's financing choices. Asymmetries may persist longer in high-tech firms, thus increasing the value of delaying investment decisions. Exiting VC investments is examined, in regard to the market conditions that affect the decision to go public, whether reputation affects the decision to go public, why venture capitalists distribute shares, the performance of VC-backed firms, and the future of the VC cycle. Exiting investments affects every aspect of the investment cycle. Venture capitalists add value to the firms in which they invest. The VC cycle is a solution to information and inventive problems. (TNM).
The Venture Capital Cycle Second Edition
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Author : Paul Alan Gompers
language : en
Publisher:
Release Date : 2004
The Venture Capital Cycle Second Edition written by Paul Alan Gompers and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Venture capital categories.
The Business Of Venture Capital
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Author : Mahendra Ramsinghani
language : en
Publisher: John Wiley & Sons
Release Date : 2011-09-07
The Business Of Venture Capital written by Mahendra Ramsinghani and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-07 with Business & Economics categories.
The definitive guide demystifying the venture capital business The Business of Venture Capital covers the entire spectrum of a venture capital business, from raising venture funds to structuring investments, value creation as board member and assessing exit pathways. Author Mahendra Ramsinghani covers the distinct aspects of the venture capital fund raising and investment process with insights and perspectives from leading experts. Interviewees include Limited Partners (LPs) such as Credit Suisse, Grove Street Advisors and General Partners (GPs) from Foundry Group, Spark Capital, Benchmark Capital, Norwest Venture Partners, Shasta Ventures and Bessemer Venture Partners. If you’re curious about venture capital businesses, you’ve found the only book that covers it all. • The first book to address the full investment cycle of the venture capital business • Demystifies the key aspects of the business - raising venture funds, fund-level due diligence and fund terms, structuring investments, value creation, and exits • Foreword by Mark Heesen, President, National Venture Capital Association • Benefit from the experiences of the best-in-class practitioners, who have made investments in leading companies like Zynga, Twitter & Foursquare • Describes how venture capital is an art as well as a science In-depth and thorough, The Business of Venture Capital is the one book that includes insights, tools and real world examples every practitioner can benefit from.
How Venture Capital Works
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Author : Phillip Ryan
language : en
Publisher: The Rosen Publishing Group, Inc
Release Date : 2012-07-01
How Venture Capital Works written by Phillip Ryan and has been published by The Rosen Publishing Group, Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-01 with Juvenile Nonfiction categories.
Explanations to the inner workings of one of the least understood, but arguably most important, areas of business finance is offered to readers in this engaging volume: venture capital. Venture capitalists provide necessary investment to seed (or startup) companies, but the startup is only the beginning, there is much more to be explored. These savvy investors help guide young entrepreneurs, who likely have little experience, to turn their businesses into the Googles, Facebooks, and Groupons of the world. This book explains the often-complex methods venture capitalists use to value companies and to get the most return on their investments, or ROI. This book is a must-have for any reader interested in the business world.
Venture Capital Entrepreneurship And Public Policy
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Author : Vesa Kanniainen
language : en
Publisher: MIT Press
Release Date : 2004-12-03
Venture Capital Entrepreneurship And Public Policy written by Vesa Kanniainen and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-12-03 with Business & Economics categories.
Experts in public economics and financial economics discuss the special role of venture capital and if public policy should promote the venture capital industry; empirical and theoretical perspectives are developed. The existing literature in both public economics and financial economics often fails to consider how appropriate and effective public policy may be in promoting the venture capital industry. Public economics has dealt extensively with the effect of taxes and subsidies but has neglected the unique role of venture capitalists as active investors who provide not only funding but added value. Financial economics has emphasized the special role of the venture capitalist but has not focused on the real effects of venture capital in industry equilibrium or the role of public policy. This volume in the CESifo Seminar series brings together experts in public and financial economics to develop a theoretically and empirically informed international policy perspective for an era in which policymakers increasingly look to venture capital as a source of jobs, innovation, and economic growth. The chapters in part I analyze data on the levels of venture capital fundraising in Europe, problems in the bank-oriented beginnings of German venture capital finance in the 1970s, and the inefficiency of Canadian labor-sponsored venture capital funds. Part II looks at the effect of venture capital on labor market performance, the importance of exit opportunities, and the effect of information inflows on the venture capital cycle. The chapters in part III take the perspective of public economics, reviewing the role of public policy in addressing potential market failures, improving the quality of venture capital investments, and affecting entrepreneurial business activity through tax policy.
Boulevard Of Broken Dreams
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Author : Josh Lerner
language : en
Publisher: Princeton University Press
Release Date : 2009-09-28
Boulevard Of Broken Dreams written by Josh Lerner and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09-28 with Business & Economics categories.
How governments can do a better job of supporting entrepreneurship and venture capital Silicon Valley, Singapore, Tel Aviv—the global hubs of entrepreneurial activity—all bear the marks of government investment. 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 is the first extensive look at the ways governments have supported entrepreneurs and venture capitalists across decades and continents. Josh Lerner, one of the foremost experts in the field, provides valuable insights into why some public initiatives work while others are hobbled by pitfalls, and he offers suggestions for how public ventures should be implemented in the future. Discussing the complex history of Silicon Valley and other pioneering centers of venture capital, Lerner uncovers the extent of government influence in prompting growth. He examines the public strategies used to advance new ventures, points to the challenges of these endeavors, and reveals the common flaws undermining far too many programs—poor design, a lack of understanding for the entrepreneurial process, and implementation problems. Lerner explains why governments cannot dictate how venture markets evolve, and why they must balance their positions as catalysts with an awareness of their limited ability to stimulate the entrepreneurial sector. As governments worldwide seek to spur economic growth in ever more aggressive ways, Boulevard of Broken Dreams offers an important caution. The book argues for a careful approach to government support of entrepreneurial activities, so that the mistakes of earlier efforts are not repeated.
Capital Returns
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Author : Edward Chancellor
language : en
Publisher: Springer
Release Date : 2016-05-04
Capital Returns written by Edward Chancellor and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-05-04 with Business & Economics categories.
We live in an age of serial asset bubbles and spectacular busts. Economists, policymakers, central bankers and most people in the financial world have been blindsided by these busts, while investors have lost trillions. Economists argue that bubbles can only be spotted after they burst and that market moves are unpredictable. Yet Marathon Asset Management, a London-based investment firm managing over $50 billion of assets has developed a relatively simple method for identifying and potentially avoiding them: follow the money, or rather the trail of investment. Bubbles whether they affect a whole economy or merely a single industry, tend to attract a splurge of capital spending. Excessive investment drives down returns and leads inexorably to a bust. This was the case with both the technology bubble at the turn of the century and the US housing bubble which followed shortly after. More recently, vast sums have been invested in mining and energy. From an investor's perspective, the trick is to avoid investing in sectors, or markets, where investment spending is unduly elevated and competition is fierce, and to put one's money to work where capital expenditure is depressed, competitive conditions are more favourable and, as a result, prospective investment returns are higher. This capital cycle strategy encourages investors to eschew the simple 'growth' and 'value' dichotomy and identify firms that can deliver superior returns either because capital has been taken out of an industry, or because the business has strong barriers to entry (what Warren Buffett refers to as a 'moat'). Some of Marathon's most successful investments have come from obscure, sometimes niche operations whose businesses are protected from the destructive forces of the capital cycle. Capital Returns is a comprehensive introduction to the theory and practical implementation of the capital cycle approach to investment. Edited and with an introduction by Edward Chancellor, the book brings together 60 of the most insightful reports written between 2002 and 2014 by Marathon portfolio managers. Capital Returns provides key insights into the capital cycle strategy, all supported with real life examples from global brewers to the semiconductor industry - showing how this approach can be usefully applied to different industry conditions and how, prior to 2008, it helped protect assets from financial catastrophe. This book will be a welcome reference for serious investors who looking to maximise portfolio returns over the long run.
Venture Capital Entrepreneurship And Public Policy
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Author : Vesa Kanniainen
language : en
Publisher: Mit Press
Release Date : 2005
Venture Capital Entrepreneurship And Public Policy written by Vesa Kanniainen and has been published by Mit Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
Experts in public economics and financial economics discuss the special role ofventure capital and if public policy should promote the venture capital industry; empirical andtheoretical perspectives are developed.
The Architecture Of Innovation
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Author : Joshua Lerner
language : en
Publisher: Harvard Business Press
Release Date : 2012-08-28
The Architecture Of Innovation written by Joshua Lerner and has been published by Harvard Business Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-28 with Business & Economics categories.
Find the right innovation model Innovation is a much-used buzzword these days, but when it comes to creating and implementing a new idea, many companies miss the mark—plans backfire, consumer preferences shift, or tried-and-true practices fail to work in a new context. So is innovation just a low-odds crapshoot? In The Architecture of Innovation, Harvard Business School professor Josh Lerner—one of the foremost experts on how innovation works—says innovation can be understood and managed. The key to success? Incentives. Fortunately, new research has shed light on the role incentives can play in promoting new ideas, but these findings have been absent from innovation literature—until now. By using the principles of organizational economics, Lerner explains how companies can set the right incentives and time horizons for investments and create a robust innovation infrastructure in the process. Drawing from years of experience studying and advising companies, venture capital firms, and an assortment of governments around the globe, Lerner looks to corporate labs and start-ups, and argues that the best elements of both can be found in hybrid models for innovation. While doing so, he uses a wide range of industry-rich examples to show how these models work and how you can put them into practice in your own organization. Practical and thought-provoking, The Architecture of Innovation is the missing blueprint for any company looking to strengthen its innovation competence.