8/6/2023 0 Comments Benchmark vcTo pull back the curtain, we recently surveyed the vast majority of leading VC firms. But while the companies that VCs fund may make headlines and transform entire industries, venture capitalists themselves often prefer to remain in the background, shrouded in mystery. To be sure, most of us have the broad sense that they fill a crucial market need by connecting entrepreneurs who have good ideas but no money with investors who have money but no ideas. public companies.ĭespite all that, little is known about what VCs actually do and how they create value. Consider that in 2015 public companies that had received VC backing accounted for 20% of the market capitalization and 44% of the research and development spending of U.S. Venture capital has become an essential driver of economic value. Amazon, Apple, Facebook, Gilead Sciences, Google, Intel, Microsoft, Whole Foods, and countless other innovative companies owe their early success in part to the capital and coaching provided by VCs. Over the past 30 years, venture capital has been a vital source of financing for high-growth start-ups. These insights into VC practices can be helpful to entrepreneurs trying to raise capital, corporate investment arms that want to emulate VCs’ success, and policy makers who seek to build entrepreneurial ecosystems in their communities. In this article, they share their findings, offering details on how VCs hunt for deals, assess and winnow down opportunities, add value to portfolio companies, structure agreements with founders, and operate their own firms. Strebulaev of Stanford Business School conducted what is perhaps the most comprehensive survey of VC firms to date. Kaplan of the Chicago Booth School of Business, and Ilya A. To pull the curtain back, Paul Gompers of Harvard Business School, Will Gornall of the Sauder School of Business, Steven N. While the companies they’ve backed-Amazon, Apple, Facebook, Google, and more-are constantly in the headlines, very little is known about what VCs actually do and how they create value. For decades now, venture capitalists have played a crucial role in the economy by financing high-growth start-ups.
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