Venture Capital At The Crossroads
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Venture Capital At The Crossroads
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Author : Jeffry A. Timmons
language : en
Publisher:
Release Date : 1992-08
Venture Capital At The Crossroads written by Jeffry A. Timmons and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-08 with categories.
In Venture Capital at the Crossroads, William Bygrave & Jeffry Timmons examine in depth the venture capital industry & its role in the creation of new businesses. They provide original research on the dimensions of the industry & how risk-taking & the time perspectives of its practitioners are changing, & they reveal how true venture capitalists practice "the art & science of the exceptional" & bring more than money to their deals.
Venture Capital At The Crossroads
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Author : William D. Bygrave
language : en
Publisher:
Release Date : 2013
Venture Capital At The Crossroads written by William D. Bygrave and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Venture capital (VC) has had a profound impact on the U.S and world economies. The landmarks of venture capitalism are the formation of the venture capital fund ARD in 1946 and the establishment of small business investment companies by the U.S. Small Business Administration in 1958. After a boom in the 1960s, the VC industry all but collapsed between 1970 and 1977. The VC industry revived in the 1980s and reached a peak in 1987 from which it declined. At the moment of its decline in 1990, the industry was radically altered and transformed and was at a crossroads from its recent shake-out. This book examines the state of the VC industry at this point in 1990, examining current trends, developments, and practices, and looking at future prospects for the industry, suppliers, and users of risk capital, as well as the nation's economy as a whole. The VC industry has been transformed by two changes. (1) New and specialized financial and investment strategies emphasize deal making, transaction crafting and closing, fee generating, and short-term gains. This "merchant capital" approach is oriented to investing in established firms, as opposed to the classic VC approach of providing equity financing in new, emerging, innovating, and technology-based firms. This change may be due to professionals entering the field from MBA backgrounds rather than business-building backgrounds. (2) The altered market has resulted in reduced opportunities, globalization, increase in available capital, and dominance of institutional money, and the VC industry is losing its classic company-building skills. The major virtue of the traditional VC industry, which has been a wellspring of innovation and great rewards, is the skills brought by the venture capitalists that add value in the firm's forming, building, and harvesting. Changes in the VC industry are seen in an explosion of investing activity, heterogeneity of industry structure, niche funds, declines in rate of return, and increased competition and shake-out. Examples of classic revolutionary industries financed by VC are the semiconductor, computer, and biotechnology industries. Some lessons from these industries are drawn. Lessons are also drawn from the case of the Winchester disc-drive industry, which represents a case of "capital market myopia." Historical VC returns have been in the 10% to 20% range, occasionally in the 20% to 30% range, and rarely higher. The main reason for the unsatisfactory returns on VC since 1983 has been the initial public offering (IPO) drought. The benefits and implications for the VC industry of syndicated investments are examined. The contribution of VC to economic development is explored in terms of internal and external factors. Some high-tech regions were not planned; some planned regional centers have failed. Three factors affect the flow of VC: investors who put up the money, entrepreneurs who form the company, and the venture capitalists. The value-added of classic VC investment lies in the guidance, contracts, know-how, and support of the backers. The relationship between the venture capitalist and management team critically affects the success of the venture. Also examined are relationships between flows of VC and public policy, capital markets, new technologies, and changes in industries. Most important in fostering VC are government policies. Since VC is vital element to entrepreneurship, the U.S. must actively foster classic venture capital by changing some national attitudes and policies in culture, education, and role of government, for which recommendations and suggestions are offered. (TNM).
Venture Capital At The Crossroads
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Author : William D. Bygrave
language : en
Publisher: Harvard Business Press
Release Date : 1992
Venture Capital At The Crossroads written by William D. Bygrave 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 1992 with Business & Economics categories.
Examines the role of venture capital in the creation of new businesses. The book provides information on the size of the industry and how risk-taking and the time perspectives of its practitioners are changing, and shows how venture capital is more than a question of lending money.
Handbook Of Research On Venture Capital
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Author : Hans Landström
language : en
Publisher: Edward Elgar Publishing
Release Date : 2007
Handbook Of Research On Venture Capital written by Hans Landström and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
Provides an overview of the various facets of venture capital and their related issues. This book surveys venture capital as a research field and explores the various conceptual, theoretical, methodological and geographic aspects. It focuses on the specific environs of venture capital.
A Vision For Venture Capital
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Author : Peter A. Brooke
language : en
Publisher: UPNE
Release Date : 2009
A Vision For Venture Capital written by Peter A. Brooke and has been published by UPNE this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
An insider's look at the frontier of international finance
The Business Of Venture Capital
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Author : Mahendra Ramsinghani
language : en
Publisher: John Wiley & Sons
Release Date : 2021-02-03
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 2021-02-03 with Business & Economics categories.
The new edition of the definitive guide for venture capital practitioners—covers the entire process of venture firm formation & management, fund-raising, portfolio construction, value creation, and exit strategies Since its initial publication, The Business of Venture Capital has been hailed as the definitive, most comprehensive book on the subject. Now in its third edition, this market-leading text explains the multiple facets of the business of venture capital, from raising venture funds, to structuring investments, to generating consistent returns, to evaluating exit strategies. Author and VC Mahendra Ramsinghani who has invested in startups and venture funds for over a decade, offers best practices from experts on the front lines of this business. This fully-updated edition includes fresh perspectives on the Softbank effect, career paths for young professionals, case studies and cultural disasters, investment models, epic failures, and more. Readers are guided through each stage of the VC process, supported by a companion website containing tools such as the LP-GP Fund Due Diligence Checklist, the Investment Due Diligence Checklist, an Investment Summary format, and links to white papers and other industry guidelines. Designed for experienced practitioners, angels, devils, and novices alike, this valuable resource: Identifies the key attributes of a VC professional and the arc of an investor’s career Covers the art of raising a venture fund, identifying anchor investors, fund due diligence, negotiating fund investment terms with limited partners, and more Examines the distinct aspects of portfolio construction and value creation Balances technical analyses and real-world insights Features interviews, personal stories, anecdotes, and wisdom from leading venture capitalists The Business of Venture Capital, Third Edition is a must-read book for anyone seeking to raise a venture fund or pursue a career in venture capital, as well as practicing venture capitalists, angel investors or devils alike, limited partners, attorneys, start-up entrepreneurs, and MBA students.
The First Venture Capitalists
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Author : Georges Frederic Doriot
language : en
Publisher: Calgary : Gondolier
Release Date : 2004
The First Venture Capitalists written by Georges Frederic Doriot and has been published by Calgary : Gondolier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business enterprises categories.
General Doriot created the first institutional venture capital fund in 1946 and set a standard for VC forever. Harvard Business School professor, war strategist and founder of INSEAD, one of Europe's most respected business schools, Doriot brilliantly articulated views on business formation, entrepreneurship, development and the dynamism of capital.
Confessions Of A Venture Capitalist
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Author : Ruthann Quindlen
language : en
Publisher: Grand Central Publishing
Release Date : 2000-06-02
Confessions Of A Venture Capitalist written by Ruthann Quindlen and has been published by Grand Central Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-06-02 with Business & Economics categories.
Regarded as one of the leading experts in entrepreneurial analysis, Ruthann Quindlen educates the reader on the pitfalls and opportunities available in the world of venture capitalism. Her ideas are founded in ten commandments for entrepreneurs.
The Business Of Venture Capital
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Author : Mahendra Ramsinghani
language : en
Publisher: John Wiley & Sons
Release Date : 2014-08-18
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 2014-08-18 with Business & Economics categories.
The definitive guide to demystifying the venture capital business The Business of Venture Capital, Second Edition covers the entire spectrum of this field, from raising funds and structuring investments to assessing exit pathways. Written by a practitioner for practitioners, the book provides the necessary breadth and depth, simplifies the jargon, and balances the analytical logic with experiential wisdom. Starting with a Foreword by Mark Heesen, President, National Venture Capital Association (NVCA), this important guide includes insights and perspectives from leading experts. Covers the process of raising the venture fund, including identifying and assessing the Limited Partner universe; fund due-diligence criteria; and fund investment terms in Part One Discusses the investment process, including sourcing investment opportunities; conducting due diligence and negotiating investment terms; adding value as a board member; and exploring exit pathways in Part Two Offers insights, anecdotes, and wisdom from the experiences of best-in-class practitioners Includes interviews conducted by Leading Limited Partners/Fund-of-Funds with Credit Suisse, Top Tier Capital Partners, Grove Street Advisors, Rho Capital, Pension Fund Managers, and Family Office Managers Features the insights of over twenty-five leading venture capital practitioners, frequently featured on Forbes' Midas List of top venture capitalists Those aspiring to raise a fund, pursue a career in venture capital, or simply understand the art of investing can benefit from The Business of Venture Capital, Second Edition. The companion website offers various tools such as GP Fund Due Diligence Checklist, Investment Due Diligence Checklist, and more, as well as external links to industry white papers and other industry guidelines.
Venture Capital And The Finance Of Innovation
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Author : Andrew Metrick
language : en
Publisher: John Wiley & Sons
Release Date : 2021-04-13
Venture Capital And The Finance Of Innovation written by Andrew Metrick 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 2021-04-13 with Business & Economics categories.
An invaluable resource for current and aspiring technology investors, Venture Capital and the Finance of Innovation provides an in-depth understanding of the tools and models needed to succeed in this competitive and highly fluid business environment. Building on a comprehensive introduction to fundamental financial and investment principles, the text guides the reader toward a robust skill set using enterprise valuation and preferred stock valuation models, risk and reward, strategic finance, and other concepts central to any venture capital and growth equity investment. Two features of the book stand out from other sources on the subject. First, it pays special attention to the enterprise valuation methodology for high-growth companies. What drives the value of a company that has little physical assets, losing money now but has a small chance of achieving great success in several years? How do you create estimates for sales, profit and return on capital when little data is available? The book answers these questions using a discounted cash flow model that is tailor-made for technology companies (DCF.xlsx downloadable from the instructor website), and the comparables model. Second, it highlights the most valuation-relevant feature of VC term sheets, namely the use of convertible preferred stock. The book shows the reader how to use a user-friendly and automated valuation model of VC preferred stock (available at www.vcvtools.com) to value various types of preferred stock and to visualize how term sheets split the values of the firm between entrepreneurs and VCs. Accessible, comprehensive, and assuming only basic knowledge of venture capital, this text offers essential guidance for successful VC and growth equity investing in any market.
