The (First Ever) State Of Venture Capital

The first (and updated) State of Venture Capital ever produced – and since poorly copied – describes the systemic issues with venture as an asset class for money managers. More than 150 money managers (including some VCs) have requested a pre-release of The State of Venture Capital on January 1st, 2010 (then as a slideshow). Here are a few of the many accolades we received:

Every LP, VC and entrepreneur should watch The State of Venture Capital video.

Venture funded Entrepreneur

The video on the State of Venture Capital is an amazing exegesis of how broken things are, and is easily the best I have seen on the topic.

— Founder, CEO and Board Director

Your state of VC along with many of your posts have been great guides for wisdom in this industry.

— Principal Venture Firm

But feel free to make up your own mind. While the presentation is due for an overhaul, the macroeconomics of venture has not fundamentally improved since.


What this presentation is not:

• This is not another numbers deck: clearly, not everything that can be counted can be counted on…
• This is not yet another self-written report card from venture capital lobbyists
• This is not a blind prayer for the hope of a better future

What this presentation contains:

• This is an analysis of the deployment of risk in venture capital from the point of view of a successful entrepreneur; first-hand observations
• This is a top-down analysis of the venture ecosystem for limited partners
• This leads to a permanent fix to venture and a methodology for LPs and fund-of-funds of how to re-commit

The top-down fix to Venture Capital is derived from a new operating-system of humanity with fundamental differentiation to limited partners and fund-of-funds managers and yields a permanent solution to the malaise in venture. Change is easy if you are willing to make the decisions that come with it. Unchanged venture will erode and subprime the opportunity for groundbreaking innovation further.

The world of monetizable innovation has changed, and we need to change with it. Venture should be and can again be, with the aforementioned restructuring, the best performing asset class (sector) to money managers.

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