when did the modern venture capital industry in the usa most likely begin
after 1945
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the first half of the 20th century. (History of venture capital) Before World War II (1939–1945), money orders (originally known as "development capital") remained primarily the domain of wealthy individuals and families. Only after 1945 did "true" private equity investments begin to emerge, notably with the founding of the first two venture capital firms in 1946: American Research and Development Corporation (ARDC) and J.H. Whitney & Company. Georges Doriot, the "father of venture capitalism" (and former assistant dean of Harvard Business School), founded the graduate business school INSEAD in 1957. Along with Ralph Flanders and Karl Compton (former president of
Venture capital
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the first half of the 20th century. (History of venture capital) Before World War II (1939–1945), money orders (originally known as "development capital") remained primarily the domain of wealthy individuals and families. Only after 1945 did "true" private equity investments begin to emerge, notably with the founding of the first two venture capital firms in 1946: American Research and Development Corporation (ARDC) and J.H. Whitney & Company. Georges Doriot, the "father of venture capitalism" (and former assistant dean of Harvard Business School), founded the graduate business school INSEAD in 1957. Along with Ralph Flanders and Karl Compton (former president of
Venture capital
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rather than continuously making new investments. Results would begin to turn very attractive, successful and would ultimately generate the venture capital boom of the 1990s. Yale School of Management Professor Andrew Metrick refers to these first 15 years of the modern venture capital industry beginning in 1980 as the "pre-boom period" in anticipation of the boom that would begin in 1995 and last through the bursting of the Internet bubble in 2000. The late 1990s were a boom time for venture capital, as firms on Sand Hill Road in Menlo Park and Silicon Valley benefited from a huge surge of
Venture capital
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1994. After a shakeout of venture capital managers, the more successful firms retrenched, focusing increasingly on improving operations at their portfolio companies rather than continuously making new investments. Results would begin to turn very attractive, successful and would ultimately generate the venture capital boom of the 1990s. Former Wharton Professor Andrew Metrick refers to these first 15 years of the modern venture capital industry beginning in 1980 as the "pre-boom period" in anticipation of the boom that would begin in 1995 and last through the bursting of the Internet bubble in 2000. The late 1990s were a boom time for
History of private equity and venture capital
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a decade later in 1994. After a shakeout of venture capital managers, the more successful firms retrenched, focusing increasingly on improving operations at their portfolio companies rather than continuously making new investments. Results would begin to turn very attractive, successful and would ultimately generate the venture capital boom of the 1990s. Former Wharton Professor Andrew Metrick refers to these first 15 years of the modern venture capital industry beginning in 1980 as the "pre-boom period" in anticipation of the boom that would begin in 1995 and last through the bursting of the Internet bubble in 2000. The late 1990s were
Private equity in the 1990s
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well-established company and a small, developing company who have complementary technologies or processes. Such 'David and Goliath' partnerships are already starting to emerge outside of the healthcare industry and will likely emerge within healthcare soon. Investments from venture capital firms and CVC in 1998 were mostly in software and telecommunications sectors. By 2006 the biotechnology and medical devices became the sectors with the most investments from both, venture capital firms and CVC. However, there has not been significant investments in health services and have actually decreased through these periods. Biotechnology CVC’s investments in biotechnology are higher than those from VC
Corporate venture capital
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founded that would become the model for later leveraged buyout and venture capital investment firms. In 1973, with the number of new venture capital firms increasing, leading venture capitalists formed the National Venture Capital Association (NVCA). The NVCA was to serve as the industry trade group for the venture capital industry. Venture capital firms suffered a temporary downturn in 1974, when the stock market crashed and investors were naturally wary of this new kind of investment fund. It was not until 1978 that venture capital experienced its first major fundraising year, as the industry raised approximately $750 million. With the
Venture capital
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of funding, particularly for firms that are just starting out. The most likely sources of funds are government grants and venture capital, which is a relatively young industry in India. Government grants are difficult to secure, and due to the expensive and uncertain nature of biotech research, venture capitalists are reluctant to invest in firms that have not yet developed a commercially viable product. The government has addressed the problem of educated but unqualified candidates in its Draft National Biotech Development Strategy. This plan included a proposal to create a National Task Force that will work with the biotech industry
Pharmaceutical industry in India
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VC industry has rapidly developed, and nowadays has about 70 active venture capital funds, of which 14 international VCs with Israeli offices, and additional 220 international funds which actively invest in Israel. In addition, as of 2010, Israel led the world in venture capital invested per capita. Israel attracted $170 per person compared to $75 in the USA. About two thirds of the funds invested were from foreign sources, and the rest domestic. In 2013, Wix.com joined 62 other Israeli firms on the Nasdaq. Read more about Venture capital in Israel. Canadian technology companies have attracted interest from the global
Venture capital
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Israel's venture capital industry was born in 1985, when the first Israeli venture capital fund, Athena Venture Partners, was founded by Major-General , the past Chief of Staff of the Israel Air Force; Dr. Gideon Tolkowsky; and Frederick R. Adler, a pillar of the US venture capital industry who had conceived the notion of taking Israeli High-tech companies public on NASDAQ. Subsequently, in 1990, Gideon Tolkowsky and Yadin Kaufmann founded Israel's second VC firm, "Veritas Venture Capital Management", whose main investors were Anglo American Corporation of South Africa and De Beers. The success of the Venture Capital industry in Israel
Venture capital in Israel
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History of private equity and venture capital The history of private equity and venture capital and the development of these asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel, although interrelated tracks. Since the origins of the modern private equity industry in 1946, there have been four major epochs marked by three boom and bust cycles. The early history of private equity—from 1946 through 1981—was characterized by relatively small volumes of private
History of private equity and venture capital
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with the number of new venture capital firms increasing, leading venture capitalists formed the National Venture Capital Association (NVCA). The NVCA was to serve as the industry trade group for the venture capital industry. Venture capital firms suffered a temporary downturn in 1974, when the stock market crashed and investors were naturally wary of this new kind of investment fund. It was not until 1978 that venture capital experienced its first major fundraising year, as the industry raised approximately $750 million. During this period, the number of venture firms also increased. Among the firms founded in this period, in addition
Early history of private equity
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Venture Capital Association (NVCA). The NVCA was to serve as the industry trade group for the venture capital industry. Venture capital firms suffered a temporary downturn in 1974, when the stock market crashed and investors were naturally wary of this new kind of investment fund. It was not until 1978 that venture capital experienced its first major fundraising year, as the industry raised approximately $750 million. During this period, the number of venture firms also increased. Among the firms founded in this period, in addition to Kleiner Perkins and Sequoia, that continue to invest actively are AEA Investors, TA Associates,
History of private equity and venture capital
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Early history of private equity The early history of private equity relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks. The origins of the modern private equity industry trace back to 1946 with the formation of the first venture capital firms. The thirty-five-year period from 1946 through the end of the 1970s was characterized by relatively small volumes of private equity investment, rudimentary firm organizations and limited awareness of and familiarity with
Early history of private equity
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In response to the changing conditions, in the venture capital industry in the 1980s Whitney (and other early venture capital firms including Warburg Pincus) began to transition away from venture capital toward leveraged buyouts and growth capital investments, which were in vogue in that decade. Whitney's most public foray into the leveraged buyout space came in 1989, when it completed the acquisition of Prime Computer. In 1988, "corporate raider" Bennett S. LeBow, who controlled a smaller computer maker, MAI Basic Four, began an attempted $970 million hostile takeover of Prime Computer. Management resisted LeBow's advances and eventually agreed to a
J.H. Whitney & Company
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likely the first investment firm to begin purchasing private equity interests in existing venture capital, leveraged buyout and mezzanine funds, as well as direct secondary interests in private companies. Early pioneers in the secondary market include Jeremy Coller, the founder of UK-based Coller Capital, Arnaud Isnard, who worked with Carr at VCFA and would later form ARCIS, a secondary firm based in France as well as Stanley Alfeld, founder of Landmark Partners. In the years immediately following the dot-com crash, many investors sought an early exit from their outstanding commitments to the private equity asset class, particularly venture capital. As
Private equity secondary market
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low. However, the healthcare industry is seen as somewhat recession-resistant and this has encouraged some investors within the field. As such, while most major corporations with venture capital arms are keeping cash close to home, some of the first positive movement within corporate venture capital as a whole is coming from healthcare. The new venture fund recently opened by Merck Serono and the fund just closed by Ascension Health Ventures are just a few examples of the optimism that is slowly reentering venture capital within healthcare. The latest survey on the top 75 most influential healthcare corporate venture capital divisions
Corporate venture capital
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Social Capital (venture capital) Social Capital, formerly known as Social+Capital Partnership, is a venture capital firm based in Palo Alto, California,USA. The firm specializes in technology startups, providing seed funding, venture capital and private equity. The firm has "stood out strategically", according to "Fortune", "with a focus on...healthcare, financial services and education...when those fields were...neglected by the VC community." Social Capital was founded in 2011 by Chamath Palihapitiya, who had previously worked at Facebook. Mamoon Hamid and Ted Maidenberg also joined the firm that year as General Partners. In 2015, Social Capital raised $500 million in their third and largest
Social Capital (venture capital)
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2015, the firm was a leading investor in a funding round for Slack Technologies. Social Capital (venture capital) Social Capital, formerly known as Social+Capital Partnership, is a venture capital firm based in Palo Alto, California,USA. The firm specializes in technology startups, providing seed funding, venture capital and private equity. The firm has "stood out strategically", according to "Fortune", "with a focus on...healthcare, financial services and education...when those fields were...neglected by the VC community." Social Capital was founded in 2011 by Chamath Palihapitiya, who had previously worked at Facebook. Mamoon Hamid and Ted Maidenberg also joined the firm that year as
Social Capital (venture capital)
12345643
portfolio company - some are more militant about this than others. They universally will provide capital to companies still in a money loss mode, with variances around comfort on timelines to breakeven, next round of capital, recently raised equity, etc. Since most startups tap into venture debt to augment equity, the size of the venture debt industry follows the movement of the VC industry. Venture debt lenders expect returns of 12–25% on their capital but achieve this through a combination of loan interest and equity returns. The lender is compensated for the higher rate of perceived level of risk on
Venture debt
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Private equity in the 2000s Private equity in the 2000s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks. The development of the private equity and venture capital asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. As the 20th century ended, so, too, did the dot-com bubble and the tremendous growth in venture capital that had marked the previous five years.
Private equity in the 2000s
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"Newsweek" article, Nina Burleigh asked "Where were all these offended people when women like Heidi Roizen published accounts of having a venture capitalist stick her hand in his pants under a table while a deal was being discussed?" Venture capital, as an industry, originated in the United States, and American firms have traditionally been the largest participants in venture deals with the bulk of venture capital being deployed in American companies. However, increasingly, non-US venture investment is growing, and the number and size of non-US venture capitalists have been expanding. Venture capital has been used as a tool for economic
Venture capital
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an independent country after 123 years from the Partitions_of_Poland - Second_Polish_Republic when compared with countries such as United Kingdom or Germany was a relatively indigent and mostly agricultural country. The partitioning powers did not invest in the development of industry, especially in the armaments industry in ethnically Polish areas. Between 1936 and 1939, Poland invested heavily in the newly created Central Industrial Region. Preparations for a defensive war with Germany were ongoing for many years, but most plans assumed fighting would not begin before 1942. To raise funds for industrial development, Poland sold much of the modern equipment it produced.
Invasion of Poland
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development in a variety of developing regions. In many of these regions, with less developed financial sectors, venture capital plays a role in facilitating access to finance for small and medium enterprises (SMEs), which in most cases would not qualify for receiving bank loans. In the year of 2008, while VC funding were still majorly dominated by U.S. money ($28.8 billion invested in over 2550 deals in 2008), compared to international fund investments ($13.4 billion invested elsewhere), there has been an average 5% growth in the venture capital deals outside the USA, mainly in China and Europe. Geographical differences can
Venture capital
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Venture capital in Israel Venture capital in Israel refers to the financial capital provided to early-stage, high-potential, high risk, growth startup companies based in Israel. Israel's venture capital industry was born in the mid-1980s and has rapidly developed since. Israel currently has about 70 active venture capital funds, of which 14 are international VCs with Israeli offices. Israel's venture capital and incubator industry plays an important role in the booming high-tech sector that has been given the nickname "Silicon Wadi", considered second in importance only to its Californian counterpart, the Silicon Valley. According to IVC, Israeli Research Center, in 2015,
Venture capital in Israel
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funds, up 74 percent from 2006. Currently, the OCS allocates approximately $1 billion per year to incubators and other programs that encourage technology development Venture capital in Israel Venture capital in Israel refers to the financial capital provided to early-stage, high-potential, high risk, growth startup companies based in Israel. Israel's venture capital industry was born in the mid-1980s and has rapidly developed since. Israel currently has about 70 active venture capital funds, of which 14 are international VCs with Israeli offices. Israel's venture capital and incubator industry plays an important role in the booming high-tech sector that has been given
Venture capital in Israel
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of venture capital from firms such as Data Point Capital and Boston Seed Capital, as well as entrepreneurs including HubSpot Founder Dharmesh Shah and Acquia Founder Jay Batson. Jebbit was recognized by CNBC as one of the "Top 25 Most Promising Companies in the World" as part of Global Entrepreneurship Week in 2013. In addition, Jebbit has received industry awards at the Marketer's Choice Awards and by the Massachusetts Technology Leadership Council for innovation in the digital marketing and advertising industry. In 2013, Lacoste became one of the youngest entrepreneurs to ever receive funding from a venture capital firm, at
Jonathan Lacoste
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Fund, as well as a number of angel investor clubs. Europe has a large and growing number of active venture firms. Capital raised in the region in 2005, including buy-out funds, exceeded €60 billion, of which €12.6 billion was specifically allocated to venture investment. Trade association Invest Europe has a list of active member firms and industry statistics. European venture capital investments in 2015 increased by 5% year-on-year to €3.8 billion, with 2,836 companies backed. The amount invested increased across all stages led by seed investments with an increase of 18%. Most capital was concentrated in life sciences (34%), computer
Venture capital
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have influenced and shaped the internet and the ICT industry. He discusses how the infrastructure of the ICT industry was constructed upon an existing network of Venture Capital [grounded capital]. This research showed how despite the image of the internet being a tool of egalitarian communication and commerce, the resources of production were creating a digital divide. His work as an economic geographer contributed to a greater understanding of the expansion and impact of WalMart in USA (History of Walmart. Zook also created a heat map generated from the data being collected from the Price of Weed project, which was
Matthew Zook
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China Venture Capital Association China Venture Capital Association (CVCA) is a Venture Capital industry trade group that itself says "promotes the interest and the development of venture capital ("VC") and private equity ("PE") industry in the Greater China Region." CVCA was founded in mid-2002 and is based in the international financial center of Hong Kong. As of 2008, CVCA has more than 150 member firms, which altogether manage over US$100 billion in venture capital and private equity funds. CVCA's member firms have experience in PE and VC investing worldwide and have made many investments in a variety of industries in
China Venture Capital Association
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ERISA pension reforms- boosted venture capital in the 1970s. During the 1980s and 1990s, the venture capital industry grew in importance and experienced high volatility in returns. Despite this cyclicality and crisis such as Dot Com; venture capital has consistently performed better than most other financial investments and continues to attract new investors. Financial Bootstrapping is a term used to cover different methods for avoiding using the financial resources of external investors. It involves risks for the founders but allows for more freedom to develop the venture. Different types of financial bootstrapping include Owner financing, Sweat equity, Minimization of accounts
Entrepreneurial finance
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venture capital and the firms providing it. Other forms include venture resources that seek to provide non-monetary support to launch a new venture. Venture capital is also associated with job creation (accounting for 2% of US GDP), the knowledge economy, and used as a proxy measure of innovation within an economic sector or geography. Every year, there are nearly 2 million businesses created in the USA, and 600–800 get venture capital funding. According to the National Venture Capital Association, 11% of private sector jobs come from venture-backed companies and venture-backed revenue accounts for 21% of US GDP. Babson College's Diana
Venture capital
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than 2007 proceeds ($3.79 billion) when 87 Israeli companies were merged or acquired. Israel’s venture capital industry has about 70 active venture capital funds, of which 14 international VCs with Israeli offices. Additionally, there are some 220 international funds, including Polaris Venture Partners, Accel Partners, Greylock Partners, that do not have branches in Israel, but actively invest in Israel through an in-house specialist. In 2009, the Life Sciences Sector led the market with $272 million or 24% of total capital raised, followed by the Software Sector with $258 million or 23%, the Communications sector with $219 million or 20%, and
Venture capital in Israel
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likely to receive VC funding compared to teams with at least one woman. More than 75% of VC firms in the US did not have any female venture capitalists at the time they were surveyed. It was found that a greater fraction of VC firms had never had a woman represent them on the board of one of their portfolio companies. For comparison, a UC Davis study focusing on large public companies in California found 49.5% with at least one female board seat. When the latter results were published, some "San Jose Mercury News" readers dismissed the possibility that sexism
Women in venture capital
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was a cause. In a follow-up "Newsweek" article, Nina Burleigh asked "Where were all these offended people when women like Heidi Roizen published accounts of having a venture capitalist stick her hand in his pants under a table while a deal was being discussed?" Makers of software and related products receive the majority of venture capital funding in the US. Since the dot com boom, venture capital has become almost synonymous with technology startups due to the large potential investors see in this sector. Regarding the shortage of women in the industry, some venture capitalists have called this a contributing
Women in venture capital
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Formation 8 Formation 8 was an American venture capital firm founded in 2011 by Joe Lonsdale, Jim Kim and Brian Koo. The company was headquartered in San Francisco, California. The firm was one of the most successful venture capital firms in the industry before abruptly disbanding in November 2015. The company was founded in 2011 by three partners: Jim Kim, Brian Koo and Joe Lonsdale. The team was later joined by James Zhang of Softbank China Venture Capital and BioDiscovery and Tom Baruch, founder of CMEA Capital and Director of Intermolecular. The firm added Gideon Yu, the former Facebook Chief
Formation 8
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equity or venture funding, as were Cisco, Genentech, Microsoft and Avis. However, by the end of the 1980s, venture capital returns were relatively low, particularly in comparison with their emerging leveraged buyout cousins, due in part to the competition for hot startups, excess supply of IPOs and the inexperience of many venture capital fund managers. Unlike the leveraged buyout industry, after total capital raised increased to $3 billion in 1983, growth in the venture capital industry remained limited through the 1980s and the first half of the 1990s increasing to just over $4 billion more than a decade later in
History of private equity and venture capital
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China, including IT, telecoms, business services, media and entertainment, biotech, consumer products, general manufacturing and others. CVCA's mission is: Funding for CVCA comes from membership payment. Membership for CVCA is open to all China-focused VC and PE firms and corporate investors, and is also open to the related professional companies, which can join as CVCA associate members. China Venture Capital Association China Venture Capital Association (CVCA) is a Venture Capital industry trade group that itself says "promotes the interest and the development of venture capital ("VC") and private equity ("PE") industry in the Greater China Region." CVCA was founded in
China Venture Capital Association
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years. That is why a vintage year is taken into account. The returns are comparable if investments share approximately the same timing. Most likely, the term "vintage year" is borrowed from the winemaking industry, where it is also used to divide wines in comparable classes. Vintage year Vintage year in the private equity and venture capital industries is a year in which the firm began making investments. The year of investing is an important and widely used metric to compare performance of the investments financed in the year in question against that of the investments financed in other years or
Vintage year
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was sold for $C67 million cash to Bell Canada in 2005. Brassard formed the capital investment firm BrassCo Capital Inc. in 1993. Catering almost exclusively to the IT industry, BrassCo provides consulting and capital investments with the premise of "helping companies achieve their full commercial potential for both customers and shareholders." BrassCo specializes in IT Private Equity Investment, Private Venture Capitalism, M&A and Value Creation for companies. As the founder of BrassCo, Karol Brassard has expanded his investments and consulting services multi-nationally, providing IT solutions for both Canada and the USA. As of 2013, BrassCo capital has expanded into real
Karol Brassard
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in the 1980s, with additional legislative reforms in the 1990s–2000s. From 2000 through the end of 2015, a total of of investment finance has been invested in the space sector, with of that being venture capital. In 2015 alone, venture capital firms invested in private spaceflight companies, more than they had in the previous 15 years combined. , the largest and most active investors in space were Lux Capital, Bessemer Venture Partners, Khosla, Founders Fund, RRE Ventures and Draper Fisher Jurvetson. Some investors see the traditional spaceflight industry as ripe for disruption, with "a 100-fold improvement a thousand-fold improvement ."
Private spaceflight
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Mark Berntstein to seek funding from venture capitalists in Silicon Valley for its application "Mobillcash". Vidicom succsefully secured funding from Khosla Ventures (US) and Index Ventures (UK) Marc Britto and Ron Hirson's services were secured and Vidicom Ltd incorporated Boku inc as a Delaware company in 2009 and reestablished itself as Boku Inc. Boku launched in the USA in 2009 with the internal acquisition of Mobilcash and new acquisition of Paymo – a provider in the mobile payments industry – as well as $13 million USD in investment from venture capital firms. A year later, Boku added $25 million USD
Boku mobile payments
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in the late 17th century/early 18th, premium winemaking did not begin until the 1980s, with the success of the Monte Xanic winery. Wine making is very eclectic here, with no one style dominating the scene. The success of the modern wine industry has spurred a tourism industry as well, though not as developed as in some other parts of Mexico. Most of Mexico lies south of the 30-50 degree latitude range for most wine grapes, but altitude and other factors do allow for production. The Baja California peninsula was originally under the sea until tectonic movement raised it and began
Baja California wine industry
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be significant. For instance, in the UK, 4% of British investment goes to venture capital, compared to about 33% in the U.S. Venture capitalists invested some $29.1 billion in 3,752 deals in the U.S. through the fourth quarter of 2011, according to a report by the National Venture Capital Association. The same numbers for all of 2010 were $23.4 billion in 3,496 deals. According to a report by Dow Jones VentureSource, venture capital funding fell to $6.4 billion in the USA in the first quarter of 2013, an 11.8% drop from the first quarter of 2012, and a 20.8% decline
Venture capital
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association that represents the U.S. venture capital industry. NVCA's mission is to foster greater understanding of the importance of venture capital to the U.S. economy, and support entrepreneurial activity and innovation. The NVCA represents the public policy interests of the venture capital community, strives to maintain high professional standards, provides reliable industry data, sponsors professional development, and facilitates interaction among its members. ICEX Corporate Venturing Knowledge Exchange Community This is a membership group made up solely of CV executives at large global companies. It is a private, confidential exchange where members share advice and experience on common challenges to improve
Corporate venture capital
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grow because of private equity or venture funding, as were Cisco, Genentech, Microsoft and Avis. However, by the end of the 1980s, venture capital returns were relatively low, particularly in comparison with their emerging leveraged buyout cousins, due in part to the competition for hot startups, excess supply of IPOs and the inexperience of many venture capital fund managers. Unlike the leveraged buyout industry, after total capital raised increased to $3 billion in 1983, growth in the venture capital industry remained limited through the 1980s and the first half of the 1990s increasing to just over $4 billion more than
Private equity in the 1990s
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The Money of Invention The Money of Invention: How Venture Capital Creates New Wealth is a non-fiction book about venture capital, written by Paul A. Gompers and Josh Lerner, Professors of Business Administration at Harvard Business School. The book was first published in 2001 by the Harvard Business School Press. It is considered one of the best studies about the venture capital industry in United States. "The Money of Invention" is a non-technical overview of the venture capital (VC), written for a general audience who wants to understand how VC industry works. The book is composed of three major sections.
The Money of Invention
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British Private Equity and Venture Capital Association The British Private Equity and Venture Capital Association, sometimes known simply as the British Venture Capital Association, or BVCA, is a trade organisation founded in 1983 for the private equity and venture capital industry in the UK. It has more than 500 member firms, including over 230 private equity and venture capital houses, as well as institutional investors, professional advisers, service providers and international associations as members. Tim Hames is the Director General. former Chairs were: 2016 Alan MacKay, Executive Partner and Founder, GHO Capital 2015 Rob Lucas, Managing Partner, CVC Capital Partners
British Private Equity and Venture Capital Association
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Dow Venture Capital Dow Venture Capital (DVC), CVC division from Dow Chemical, invests in promising start-up companies in North America, Europe and Asia. DVC is located in company headquarters in Midland, MI; in European headquarters in Zurich; and in Gotemba, Japan. Siemens Venture Capital Siemens Venture Capital (SVC) is the corporate venture organization for Siemens AG. Its focus is on growth segments in the energy, industry and healthcare sectors. To date, SVC has invested over 800 million euros in more than 150 startup companies and 40 venture capital funds. SVC is located in Germany (Munich), in the U.S. (Palo Alto,
Corporate venture capital
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led the world in the share of its growth attributable to high-tech ventures: 70 percent. According to the OECD, Israel is also ranked 1st in the world in expenditure on Research and Development (R&D) as a percentage of GDP. Though Israel's venture capital industry played an important role in the high-tech sector, the financial crisis of 2007-2010 also affected the availability of venture capital locally. In 2009, there were 63 mergers and acquisitions in the Israeli market worth a total of $2.54 billion; 7% below 2008 levels ($2.74 billion), when 82 Israeli companies were merged or acquired, and 33% lower
Venture capital in Israel
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produced by the Angel Resource Institute and supported by the Ewing Marion Kauffman Foundation, a Batten Fellow at the Darden Graduate School of Business Administration at the University of Virginia and a Managing Director of Seraphim, a UK-based venture capital fund. May also served on the board of directors of the Mid-Atlantic Venture Association, the trade association for the venture capital industry in the Mid-Atlantic region. May began his work in angel investing when he co-founded the Investors' Circle, a network of over 200 investors who use private capital to fund businesses that address social and environmental issues. May co-founded
John May (angel investor)
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under recall including: On January 29, 2010, the Toyota recall was extended to Europe and China. The number of vehicles likely to be affected in Europe was unconfirmed but Toyota said it may reach up to 1.8 million. At the time of recall there had been 30 incidents involving the accelerator pedal problem in Europe. The vehicles affected in Europe are: On January 30, 2010, PSA Peugeot Citroën announced it was recalling cars built in a Czech Republic plant, Toyota Peugeot Citroën Automobile Czech, a joint venture with Toyota. Although the company did not say when it would begin the
2009–11 Toyota vehicle recalls
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an industry, originated in the United States, which it still dominates. According to the National Venture Capital Association 11% of private sector jobs come from venture capital backed companies and venture capital backed revenue accounts for 21% of U.S. GDP. Total U.S. investment in venture capital amounted to US$48.3 billion in 2014, for 4 356 deals. This represented 'an increase of 61% in dollars and a 4% increase in deals over the prior year,' reported the National Venture Capital Association. The Organisation for Economic Cooperation and Development estimates that venture capital investment in the United States had fully recovered by
Economy of the United States
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next two years, many venture firms had been forced to write-off large proportions of their investments and many funds were significantly "under water" (the values of the fund's investments were below the amount of capital invested). Venture capital investors sought to reduce size of commitments they had made to venture capital funds and in numerous instances, investors sought to unload existing commitments for cents on the dollar in the secondary market. By mid-2003, the venture capital industry had shriveled to about half its 2001 capacity. Nevertheless, PricewaterhouseCoopers' MoneyTree Survey shows that total venture capital investments held steady at 2003 levels
History of private equity and venture capital
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Alastair Goldfisher. The editorial staff is composed of Lawrence Aragon and Mark Boslet. The staff of "VCJ" also contributes to peHUB. "VCJ" was acquired by UCG from Thomson Reuters in 2014. UCG sold "VCJ" to Simplify Compliance, a portfolio company of Leeds Equity Partners, in 2016. Venture Capital Journal The Venture Capital Journal, or VCJ, is a monthly glossy magazine that covers investment trends, financing techniques and news from across the Venture Capital industry. The magazine, founded in 1961, focuses on venture capital and features expert analysis and commentary. Top venture capitalists who have been featured in "VCJ" include Jim
Venture Capital Journal
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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 (today CCMP Capital) and Continental Illinois National Bank (today CIVC Partners), among others, began shifting their focus from funding early stage companies toward investments in more mature companies. Even industry founders J.H. Whitney & Company and Warburg Pincus began to transition toward leveraged buyouts and growth capital investments. Many of these venture capital firms attempted to stay close to their areas of
History of private equity and venture capital
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funds, university financial endowments, foundations, insurance companies, and pooled investment vehicles, called funds of funds. Venture capitalist firms differ in their motivations and approaches. There are multiple factors, and each firm is different. venture capital funds are generally three in types- 1. Angel investors 2. Financial VCs 3. Strategic VCs Some of the factors that influence VC decisions include: Within the venture capital industry, the general partners and other investment professionals of the venture capital firm are often referred to as "venture capitalists" or "VCs". Typical career backgrounds vary, but, broadly speaking, venture capitalists come from either an operational or
Venture capital
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Russian Venture Company RVC () (JSC) is a government fund of funds and a development institute of the Russian Federation, one of Russia's key tools in building its own national innovation system. RVC was established by Russian Government on June 7, 2006 (Order No. 838-r). Its mission is to encourage Russia's own VC industry and boost capital of VC funds. RVC's role is that of a government fund of venture capital funds channeling public incentives to venture capital and financial support to the hi-tech sector, and of a Russian VC industry development institute. Since 2015, RVC JSC has been defined
Russian Venture Company
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are: 3. Industry Dynamics As a rule of thumb, the size of venture debt investment in a company is roughly 1/3 to 1/2 of venture capital (equity). The VC industry invested around $27B in the last 12 months. This would imply around $9B potential debt market. However, not all VC-backed companies receive venture debt, and a study has recently estimated that lenders provide one venture debt dollar for every seven venture capital dollar invested. This implies around $3.9B debt market. There are several philosophies behind the various players. As a rule, they all prefer better branded VCs backing any potential
Venture debt
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RMB¥ 10 billion under management. Shanghai Venture Capital Co. specializes in early stage and growth stage investments in the following areas: SHVC's main shareholders include National Development and Reform Commission(NDRC), State-owned Assets Supervision and Administration Commission(SASAC), Chinese Academy of Sciences(CAS) etc. SHVC has developed long-term alliance with Temasek Holdings, Tsinghua Venture Capitals, Shanghai International Trust Co., Fudan University, Shanghai Jiao Tong University Industry Group, and many other strategic partners. Shanghai Venture Capital Co. Shanghai Venture Capital Company ("SHVC") is one of China's largest venture capital/private equity firm and a pioneer of Government Sponsored Fund (GBF) in China. Established in 1999,
Shanghai Venture Capital Co.
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Venture Capital Journal The Venture Capital Journal, or VCJ, is a monthly glossy magazine that covers investment trends, financing techniques and news from across the Venture Capital industry. The magazine, founded in 1961, focuses on venture capital and features expert analysis and commentary. Top venture capitalists who have been featured in "VCJ" include Jim Breyer, Steve Westly, John Doerr, William Henry Draper III, Timothy C. Draper, Pitch Johnson, Vinod Khosla, Ray Lane, Michael Moritz, Tom Perkins Lip-Bu Tan, Arthur Rock, Heidi Roizen, Paul Wythes, and Don Valentine. "VCJ", based in San Francisco, is published by Jim Beecher and edited by
Venture Capital Journal
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in its top-ten most innovative French startups. In May 2016, the company was named an IDC Innovator in the IDC Innovators: Smart City Open Data Platforms, 2016 report. In February 2015, the company signed its first contract in the United States of America with the city and the county of Durham, North Carolina, USA. OpenDataSoft received an initial venture capital round of $1.7 million from Aurinvest in June 2015. In September 2016, the company opened a North American headquarter in Boston, USA. In October 2016, OpenDataSoft raised $5.4 Million in Series A funding. Backers included Aster Capital, Salesforce Ventures et
OpenDataSoft
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Venture Development Venture development describing economic development activity that is focused on using best-practices and activities of experienced business mentoring and pre-angel and venture capital investing in order to help create venture and angel-capital-ready firms which have the promise to create significant economic wealth for a region, state or country including entrepreneurial wealth and jobs. Communities that do not have recent significant history or a critical mass of current venture-backed firms are beginning to pursue venture development as a way to help their local economies begin to transform their ability to create and support such organizations. Venture development organizations typically
Venture Development
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its first later stage venture fund in 1984, its first growth capital fund in 1987 and its first dedicated European leveraged buyout fund MMG Patricof European Buy-In Fund in 1989. In response to the changing conditions, in the venture capital industry in the 1980s Apax (and other early venture capital firms including Warburg Pincus and J.H. Whitney & Company) began to transition away from venture capital toward leveraged buyouts and growth capital investments, which were in vogue in that decade. This trend was more prevalent in Europe than the U.S. where Patricof preferred to continue focusing on venture investments. In
Apax Partners
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By the end of the 1980s, venture capital returns were relatively low, particularly in comparison with their emerging leveraged buyout cousins, due in part to the competition for hot startups, excess supply of IPOs and the inexperience of many venture capital fund managers. Growth in the venture capital industry remained limited throughout the 1980s and the first half of the 1990s, increasing from $3 billion in 1983 to just over $4 billion more than a decade later in 1994. After a shakeout of venture capital managers, the more successful firms retrenched, focusing increasingly on improving operations at their portfolio companies
Venture capital
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sciences industry. The life sciences include sectors in biotechnology and medical devices and equipment. Venture capital investments within biotechnology accounted for $4.5 billion and within medical devices and equipment for $2.7 billion. Venture capital investments have gone toward specific disease. For example, there were venture capital support during the past 20 years of $14.9 billion in cardiovascular/heart diseases, $14.7 billion in cancer, and $4.9 billion in diabetes. Eli Lilly Corporate Business Development Eli Lilly Corporate Business Development (CBD), CVC division from Eli Lilly and Company: Johnson & Johnson Development Corporation JJDC is the venture capital subsidiary of Johnson & Johnson.
Corporate venture capital
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MENA companies access to VC investors based in the US. The Southern African venture capital industry is developing. The South African Government and Revenue Service is following the international trend of using tax efficient vehicles to propel economic growth and job creation through venture capital. Section 12 J of the "Income Tax Act" was updated to include venture capital. Companies are allowed to use a tax efficient structure similar to VCTs in the UK. Despite the above structure, the government needs to adjust its regulation around intellectual property, exchange control and other legislation to ensure that Venture capital succeeds. <www.savca.co.za>
Venture capital
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The structure of the Peruvian mineral industry continued to change as a result of privatizations and joint-venture projects. The establishment of consortia in such deregulated industries as oil and gas, and joint ventures in energy and mining projects were becoming a common practice in Peru. According to the Ministerio de Energía y Minas, Peru was the seventh most attractive area for investments in exploration after, in order of investment attractiveness ranking, Tasmania (Australia), Nevada and Alaska (USA), Northwest Territories (Canada), Western Australia, and Indonesia. The new operating process, which was the result of the privatization and joint-venture projects, incorporated policies
Mineral industry of Peru
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of the fund's investments were below the amount of capital invested). Venture capital investors sought to reduce size of commitments they had made to venture capital funds and in numerous instances, investors sought to unload existing commitments for cents on the dollar in the secondary market. By mid-2003, the venture capital industry had shriveled to about half its 2001 capacity. Nevertheless, PricewaterhouseCoopers' MoneyTree Survey shows that total venture capital investments held steady at 2003 levels through the second quarter of 2005. Although the post-boom years represent just a small fraction of the peak levels of venture investment reached in 2000,
Private equity in the 2000s
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Smith did begin his letter with something of an apology, saying "I humbly intreat your Pardons if I offend you with my rude Answer...", although at the time, the word 'rude' was acknowledged to mean 'unfinished' or 'rural', in the same way modern English uses 'rustic'. There are strong indications that those in London comprehended and embraced Smith's message. Their Third Supply mission was by far the largest and best equipped. They even had a new purpose-built flagship constructed, "Sea Venture", placed in the most experienced of hands, Christopher Newport. With a fleet of no fewer than eight ships, the
History of Jamestown, Virginia (1607–99)
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first appeared in August 1999, when it was created by the Institute of Software Research at the Chinese Academy of Sciences. Financial help came from government-owned Shanghai NewMargin Venture Capital. In March 2001, Bloomberg News reported that CCIDNET Investment, a venture capital arm of the Ministry of Industry and Information Technology, had become Red Flag's second largest shareholder. During a brief standoff with Microsoft in January 2000 in a year-long series of increasing tensions believed to have been tied to Microsoft's perceived mismanagement of its Microsoft Venus venture, Chinese government ministries were ordered to uninstall Windows 2000 from their computers
Red Flag Linux
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in this scene, "Rapunzel wants to go out the day of the birthday and her mother wants her to stay inside". Comparing the song to the "1920s jazz age-style" Almost There from Princess and the Frog, "Home Sweat Home: Perspectives on Housework and Modern Relationships" says the song "similarly elevates domestic routine to the level of the operatic", describing Rapunzel as "enslaved". FilmTracks wrote, "Rapunzel's 'When Will My Life Begin?', representing the soundtrack's best mainstream appeal and the most likely candidate for awards consideration, is a Broadway-style rock song (Andrew Lloyd Webber's Evita is emulated in some of the progressions)
When Will My Life Begin?
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from the hands of venture capitalists who had created a monopoly in the 1980s. The industry has since gone full circle, with many grass root companies founded in the 90's now sold to venture capitalist groups and enterprises. However, there are still a number of Skateboarder owned companies manufacturing skateboard products today. The most common specifications of a modern professional grade skateboard suitable for street competition and practice are as follows: There is no specific standard which should be followed when constructing a skateboard from parts. The consensus is that the board should just "feel right" once assembled after a
Street skateboarding
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interest in the nascent Internet and other computer technologies. Initial public offerings of stock for technology and other growth companies were in abundance, and venture firms were reaping large returns. The Nasdaq crash and technology slump that started in March 2000 shook virtually the entire venture capital industry as valuations for startup technology companies collapsed. Over the next two years, many venture firms had been forced to write-off large proportions of their investments, and many funds were significantly "under water" (the values of the fund's investments were below the amount of capital invested). Venture capital investors sought to reduce the
Venture capital
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equity firms. Among the major firms founded in this period were: Additionally, as the market developed, new niches within the private equity industry began to emerge. In 1982, Venture Capital Fund of America, the first private equity firm focused on acquiring secondary market interests in existing private equity funds was founded and then, two years later in 1984, First Reserve Corporation, the first private equity firm focused on the energy sector, was founded. The public successes of the venture capital industry in the 1970s and early 1980s (e.g., DEC, Apple, Genentech) gave rise to a major proliferation of venture capital
Private equity in the 1980s
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U.S. Venture Partners U.S. Venture Partners (USVP), is a venture capital investment firm specializing in early-stage ventures in cybersecurity, enterprise software, consumer mobile and e-commerce, healthcare, and IT-enabled healthcare services. The venture capital partnership is currently headquartered in Menlo Park, California. Since its inception in 1981, USVP has invested over $3.7 billion across a wide range of sectors. Out of the 481 companies financed by USVP, 87 have completed an initial public offering. Founded by Bill Bowes, Stuart Moldaw, and Robert Sackman, U.S. Venture Partners was an early entrant to the burgeoning venture capital industry in Silicon Valley in the
U.S. Venture Partners
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before collapsing after the stock market crash in 1987, 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.H. Whitney & Company and Warburg Pincus began to transition toward leveraged buyouts and growth capital investments.
Venture capital
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interest typically representing up to 20% of the profits of the partnership. 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 1972. 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 1970s, a group of private equity firms, focused primarily on venture capital investments, would be
Venture capital
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High-Speed Rail Authority was proposed to look into the feasibility of high-speed rail into southern Nevada from California, possibly XpressWest. The bill was first introduced on April 7, 2015 and was passed by the legislature on May 20, 2015 by a vote of 40–1, and was approved by the Governor on May 27, 2015. On September 17, 2015, XpressWest and the newly formed China Railway International USA Company (a consortium of Chinese rail industry companies) announced a joint venture to design, build, and operate the service between Las Vegas and Palmdale, with construction planned to begin in September 2016. In
XpressWest
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his book "The Wisdom of Crowds", thereby placing financial backing behind ventures likely to succeed. Proponents also identify a potential outcome of crowdfunding as an exponential increase in available venture capital. One report claims that If every American family gave one percent of their investable assets to crowdfunding, $300 billion (a 10X increase) would come into venture capital. Proponents also cite that a benefit for companies receiving crowdfunding support is that they retain control of their operations, as voting rights are not conveyed along with ownership when crowdfunding. As part of his response to the Amanda Palmer Kickstarter controversy, Albini
Crowdfunding
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the venture capital, as firms on Sand Hill Road in Menlo Park and Silicon Valley benefited from a huge surge of interest in the nascent Internet and other computer technologies. Initial public offerings of stock for technology and other growth companies were in abundance and venture firms were reaping large windfalls. Among the highest profile technology companies with venture capital backing were Amazon.com, America Online, E-bay, Intuit, Macromedia, Netscape, Sun Microsystems and Yahoo!. The Nasdaq crash and technology slump that started in March 2000 shook virtually the entire venture capital industry as valuations for startup technology companies collapsed. Over the
History of private equity and venture capital
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DreamIt Ventures DreamIt Ventures, founded in 2007, is a venture capital and seed accelerator firm focusing on Seed Venture, Early Stage Venture and Late Stage Venture Investing. Headquartered in Philadelphia, Pennsylvania, the venture capital firm operates four seed accelerators in the USA: Philadelphia, New York, Baltimore and Austin, as well as an international accelerator in Tel Aviv. Via its accelerator programs, DreamIt Ventures has launched over 200 companies that have raised $275 million at combined valuations of more than $1 billion. Notable investments include presentation software Slidebean, SeatGeek, social gaming company SCVNGR, MindSnacks, ConveyIQ (formerly Take The Interview), Houseparty(formerly Meerkat),
DreamIt Ventures
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size of commitments they had made to venture capital funds, and, in numerous instances, investors sought to unload existing commitments for cents on the dollar in the secondary market. By mid-2003, the venture capital industry had shriveled to about half its 2001 capacity. Nevertheless, PricewaterhouseCoopers' MoneyTree Survey shows that total venture capital investments held steady at 2003 levels through the second quarter of 2005. Although the post-boom years represent just a small fraction of the peak levels of venture investment reached in 2000, they still represent an increase over the levels of investment from 1980 through 1995. As a percentage
Venture capital
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Currently, there are not many venture capital funds in operation and it is a small community; however the number of venture funds are steadily increasing with new incentives slowly coming in from government. Funds are difficult to come by and due to the limited funding, companies are more likely to receive funding if they can demonstrate initial sales or traction and the potential for significant growth. The majority of the venture capital in Sub-Saharan Africa is centered on South Africa and Kenya. Unlike public companies, information regarding an entrepreneur's business is typically confidential and proprietary. As part of the due
Venture capital
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Invest Europe Invest Europe is a trade association representing Europe's private equity, venture capital and infrastructure sectors, as well as their investors. Formed in 1983 as the European Private Equity and Venture Capital Association (EVCA), it rebranded as Invest Europe on 1 October 2015. Invest Europe contributes to policy affecting private capital investment in Europe, providing information on its members' role in the economy and publishing research on industry trends and developments. It also publishes a Professional Standards Handbook, a comprehensive set of standards and guidelines for the private equity industry. The association hosts annual industry events in Europe, including
Invest Europe
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high-tech ventures: 70 percent. Israel's thriving venture capital industry has played an important role in financing and funding Silicon Wadi. The financial crisis of 2007-2010 affected the availability of venture capital locally. In 2009, there were 63 mergers and acquisitions in the Israeli market worth a total of $2.54 billion; 7% below 2008 levels ($2.74 billion), when 82 Israeli companies were merged or acquired, and 33% lower than 2007 proceeds ($3.79 billion) when 87 Israeli companies were merged or acquired. Numerous high tech Israeli companies have been acquired by global corporations for its provision of reliable and quality corporate personnel.
Silicon Wadi
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many funds were significantly "under water" (the values of the fund's investments were below the amount of capital invested). Venture capital investors sought to reduce size of commitments they had made to venture capital funds and in numerous instances, investors sought to unload existing commitments for cents on the dollar in the secondary market. By mid-2003, the venture capital industry had shriveled to about half its 2001 capacity. Nevertheless, PricewaterhouseCoopers' MoneyTree Survey shows that total venture capital investments held steady at 2003 levels through the second quarter of 2005. Although the post-boom years represent just a small fraction of the
Private equity in the 1990s
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investing in equity, quasi-equity, or conditional loans in order to promote unlisted, high-risk, or high-tech firms driven by technically or professionally qualified entrepreneurs. It is also used to refer to investors "providing seed", "start-up and first-stage financing", or financing companies that have demonstrated extraordinary business potential. Venture capital refers to capital investment; equity and debt ;both of which carry indubitable risk. The risk anticipated is very high. The venture capital industry follows the concept of "high risk, high return", innovative entrepreneurship, knowledge-based ideas and human capital intensive enterprises have taken the front seat as venture capitalists invest in risky finance
Venture capital
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the performance of the investment. It had to pump additional equity into the company a year after the buyout closed and years later, when it sold the last of its investment, it had chalked up a $700 million loss. Two years earlier, in 1987, Jerome Kohlberg, Jr. resigned from Kohlberg Kravis Roberts & Co. over differences in strategy. Kohlberg did not favor the larger buyouts (including Beatrice Companies (1985) and Safeway (1986) and would later likely have included the 1989 takeover of RJR Nabisco), highly leveraged transactions or hostile takeovers being pursued increasingly by KKR. The split would ultimately prove
History of private equity and venture capital
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been calculated that the number of engineering firms in Manchester more than halved between 1899 and 1939, with the inter-war recession causing particularly severe contraction in the manufacturing spheres of textile machinery, locomotive engineering and boilermaking. The businesses most likely to survive were those that did not rely extensively on exports, on the production of capital goods and on time-served skilled labour – "the newer, more capital-intensive, mass-production, domestic market-oriented engineering firms, employing a large proportion of semi-skilled labour fared better and dominated the industry by 1939." The company went into receivership in 1932 and in 1933, Hick, Hargreaves &
W & J Galloway & Sons
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when the portal should be operational. The deadline is in three months. In the meantime, the venture needs to produce a client portfolio, who will provide their menu at the launch of the portal site. The venture also needs to come to an agreement on how these providers are being promoted at the portal site and against what price. After three months, the investor requests the status of development. Unfortunately for the venture, the development did not go as planned. The venture did not make the deadline. According to the one who is monitoring the activities, this is caused by
Venture capital financing
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venture and growth equity portfolio. Norwest Venture Partners traces its roots back to 1961 with the formation of the Northwest Venture Fund, a private equity and venture capital affiliate of Norwest Corporation, a midwestern bank based in Minneapolis that merged with Wells Fargo in 1998. In the late 1950s and early 1960s, Minneapolis was an early site for both venture capital and high-technology business. The VC industry was active with the formation of the first Small Business Investment Company (SBIC) and First Midwest Capital Corporation. In 1957, Control Data Corporation, a pioneering supercomputer company, was founded by William Norris. Two
Norwest Venture Partners
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listed as one of the top 100 global venture capital firms in the Red Herring magazine and in October 2008, the company sold Bill Me Later to eBay for $945 million. Azure Capital Partners Azure Capital Partners, founded 2000, is an early stage venture capital firm that invests in the information technology industry using an investment research approach to venture capital investing. Azure Capital Partners was founded by Mike Kwatinetz, Paul Ferris, Paul Weinstein, and Cameron Lester. The firm's portfolio includes TopTier, VMware, World Wide Packets, and VAPPS. And more recently: BlogHer, BroadLight, Calix, Chairish, Cooking.com, Convercent, Coraid, Cyan Optics,
Azure Capital Partners
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passage of the Employee Retirement Income Security Act (ERISA) in 1974, corporate pension funds were prohibited from holding certain risky investments including many investments in privately held companies. In 1978, the US Labor Department relaxed certain restrictions of the ERISA, under the "prudent man rule," thus allowing corporate pension funds to invest in the asset class and providing a major source of capital available to venture capitalists. The public successes of the venture capital industry in the 1970s and early 1980s (e.g., Digital Equipment Corporation, Apple Inc., Genentech) gave rise to a major proliferation of venture capital investment firms. From
Venture capital
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international company, Morgenthaler decided to pursue venture capital investing on his own. Morgenthaler shifted from a family partnership and began raising institutional funds in the early 1980s. Since its inception, Morgenthaler has worked with entrepreneurs in approximately 300 companies. In addition to his role in building a nationally focused venture capital firm, Morgenthaler also took a leadership role in establishing the legitimacy and potential of the nascent venture capital industry. He served from 1977 to 1979 as the President and then Chairman of the National Venture Capital Association (NVCA). During Morgenthaler's tenure at NVCA, he was called to testify before
Morgenthaler
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Whitney. 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 1960. J.H. Whitney & Company continued to make investments in leveraged buyout transactions and raised $750 million for its sixth institutional private equity fund in 2005. One of the first steps toward a professionally managed venture capital industry was the passage of the Small Business Investment Act of 1958. The 1958 Act officially allowed the U.S. Small Business Administration (SBA) to license private "Small
Venture capital
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simplifying and shortening the authorization process for new venture capital managers and to study whether existing incentives that have attracted traditional asset managers here will be suitable for the VC sector. A public consultation on the proposals was held in January 2017 with changes expected to be introduced by July. The Middle East and North Africa (MENA) venture capital industry is an early stage of development but growing. The MENA Private Equity Association Guide to Venture Capital for entrepreneurs lists VC firms in the region, and other resources available in the MENA VC ecosystem. Diaspora organization TechWadi aims to give
Venture capital
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January 2012, Frances formed SGVC, a FinTech dedicated Venture Capital fund aiming to capitalize upon the vast changes reshaping the traditional financial services industry. In May 2015 Frances acquired SGVC out of SG, LLC and stepped down to focus entirely on venture capital investments. Since its formation, SGVC has invested over $100 million into some of Silicon Valley’s most prominent and disruptive financial technology companies. Frances currently serves as Director on the Boards of Tipalti, SunBit, HomeLight, and Covercy. He is also an Advisor to Addepar and is a member of the Advisory Council of Bank Leumi U.S. Frances has
Dovi Frances
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the current trends and some future predictions for the industry. By definition, the corporate venture capital field is made up of organizations whose primary activities are not investing in other firms (see above). Since that definition rules out freestanding healthcare venture capital firms such as De Novo Ventures, as well as publicly traded firms, what remains are a limited number of organizational structure types used by healthcare corporate venture capital. The two main types are: 1) divisions within a larger healthcare company; and 2) wholly owned subsidiaries of larger healthcare companies. CVC units of both of these types often engage
Corporate venture capital
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Industry provides $19 million for the development of the Whiterocks Deposit, in exchange of 50% of net profit. The joint venture agreement is limited to 100 million barrels of oil. Utah Oil Sands Joint Venture The Utah Oil Sands Joint Venture is a joint venture between Nevtah Capital Management, Inc., and Black Sands Energy Corp. to develop oil sands resources at the Uintah Basin in Utah. Oil-sands extraction in Utah started in the 1960s when two extraction plants were constructed. Western Industries opened a strip-mine and built a pilot plant along the east side of the Whiterocks River and Major
Utah Oil Sands Joint Venture
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companies are better connected, have deeper insight, and command industry leadership faster than their competition. The Lux team has built more than 20 companies from scratch. In April 2011, former McKinsey Senior Partner Richard N. Foster and former CIA Director James Woolsey joined Lux Capital as venture partners. In August 2012, former Pfizer Chairman and CEO Jeff Kindler joined Lux Capital as a venture partner. Lux Capital Lux Capital is a venture capital firm founded by Peter Hébert, Robert Paull, and Josh Wolfe in 2000. The firm, based in New York City with an office in Menlo Park, invests in
Lux Capital