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Ken Morse Nextgen Vcs
1. “ NextGen VCs – After the Storm” PolyTechnos Venture-Partners GmbH Third Annual Meeting “CEO Day” Berlin 06 November 2001 Kenneth P. Morse, Senior Lecturer and Managing Director MIT Entrepreneurship Center
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4. MIT Entrepreneurship Center Mission To train and develop leaders who will make high tech ventures successful MIT President Charles M. Vest, July 1996 “ I want you to be the premier global center for entrepreneurship, and to be recognized as such.” “ We must not only be the best. We must also serve as a model for others and ensure that, together, we all make a significant global impact in this vital field.”
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8. The Inevitable Business Cycle “ In times of great commercial prosperity there has been a tendency [toward] over-speculation on several occasions. The success of one project generally produces others of a similar kind. Popular imitativeness will … drag a community too anxious for profits into an abyss …” - Charles Mackay, 1841
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11. The VC Industry has Grown Dramatically in the Past Few Years Source: VentureXpert ™ Database by VE & NVCA
12. Venture Capital Fundraising Continues at a Strong Pace Source: VentureXpert ™ Database by VE & NVCA This does not include money available for investment by Corporate Venture groups.
13. The US Venture Industry Has Grown Source: 2000 NVCA Yearbook
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15. Corporate Venture Capital Groups Have Become Very Involved Source: VentureXpert ™ Database by VE & NVCA
16. Corporate VC Groups are Involved in more than ¼ of all Deals Source: VentureXpert ™ Database by VE & NVCA
17. Recent Quarters Portend a Return to Traditional Activity Levels Source: VentureXpert ™ Database by VE & NVCA
18. 2000 IPOs Edge Out 1999 Record Levels Despite a Bouncy Road Source: VentureXpert ™ Database by VE & NVCA
19. Acquisitions are an Increasingly Important Exit Strategy Source: VentureXpert ™ Database by VE & NVCA
20. Why Invest If You Can’t Find the Exit Door? Source: VentureXpert ™ Database by VE & NVCA IPO Markets are Dormant
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22. Average Early and Seed Stage Round Sizes Have Crested Source: VentureXpert ™ Database by VE & NVCA
23. Venture Capitalists Continue to Fund Early and Seed Stage Companies – Future Pipeline Source: VentureXpert ™ Database by VE & NVCA
24. First Venture Rounds into Internet-Related Companies Continue Source: VentureXpert ™ Database by VE & NVCA Although at a Much-Reduced Level from 2000
25. Scaling the Industry: Growth in VC Principals Has Not Kept Up With Growing Fund Sizes Source: VentureXpert ™ Database by VE & NVCA
58. US Private Equity Performance Benchmarks US Limited Partnerships Formed 1969-1999 Investment Horizon Returns Net to Investors as of 9/30/2000 Source: Venture Economics
59. US Limited Partnerships Formed 1969-2000 Investment Horizon Returns Net to Investors as of 12/31/2000 Source: Venture Economics
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Editor's Notes
We picked these topics based on feedback from current and past students. Market sizing is critical to E-Lab companies b/c product applications are generally new and misunderstood. Lack of data. Product definition b/c we are frequently creating a new product category. And pricing issues are always complex. We picked these topics based on feedback from current and past students. Market sizing is critical to E-Lab companies b/c product applications are generally new and misunderstood. Lack of data. Product definition b/c we are frequently creating a new product category. And pricing issues are always complex. We picked these topics based on feedback from current and past students. Market sizing is critical to E-Lab companies b/c product applications are generally new and misunderstood. Lack of data. Product definition b/c we are frequently creating a new product category. And pricing issues are always complex.
![Desired Outcomes of this Presentation ,[object Object],[object Object],[object Object],I want to express special thanks to Jesse Reyes, Venture Economics and John Taylor, NVCA for their permission to use their excellent data, analysis, and presentations from VentureXpert ™, the Venture Capital Institute, and the DRI-WEFA study which were just released in the USA.](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)