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The Venture Capital Cycle, 2nd Edition
Paul Gompers , and Josh Lerner Manufacturer: The MIT Press ProductGroup: Book Binding: Paperback Similar Items:
ASIN: 0262572389 |
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In the last 25 years, the venture-capital industry has grown from a less than $1 billion to an over $60 billion business--growth that has far surpassed any other class of investment products. Today, the industry consists of several thousand professionals working at about 500 funds concentrated in California, Massachusetts, and a handful of other states. Despite the industry's size, there are many misconceptions about the nature and role of venture capitalists; their trade remains shrouded in mystery.Paul Gompers and Josh Lerner's Venture Capital Cycle is an illuminating academic examination of the form and function of venture-capital funds. Gompers and Lerner are Harvard Business School professors who have researched extensive original data to analyze venture-capital fundraising, investing, and exiting methods. Beginning with a historical overview of entrepreneurial finance, the book examines how venture partnerships are structured, how venture capitalists are compensated, the staging of investments in operating companies, and the relative performance of venture-capital-backed offerings. There's also an interesting comparison of corporate venture organizations, such as Xerox PARC, with those of independent and other venture groups. Venture capitalists use industry knowledge and monitoring skills to finance projects with significant uncertainty, typically concentrating investments in early-stage companies and high-tech industries. Large information gaps between entrepreneurs and investors create conflicted interests, and the book looks at some of the novel checks and balances most often employed.
One of the book's themes is that the whole venture-capital process is best understood as a cycle: from the raising of a fund; to investing in, monitoring, and adding value to firms; then exiting deals; returning capital to investors; and finally renewing itself by raising additional funds. The need to exit an investment successfully shapes all aspects of the venture-capital cycle, from the ability to raise capital to the types of investments made. Another theme is that because venture funds must make long-term illiquid investments, they need to secure funds from their investors for periods of 10 years or more. The supply of venture capital consequently cannot adjust quickly to changes in the investment environment.
The authors conclude that increasing familiarity with the venture-capital process has made the long-term prospects for venture investment more attractive than ever. Entrepreneurs, venture capitalists, and investors will find this book a scholarly, well-documented examination of the industry. --Scott Harrison
Book Description
In The Venture Capital Cycle, Paul Gompers and Josh Lerner correct widespread misperceptions about the nature and role of the venture capitalist and provide an accessible and comprehensive overview of the venture capital industry. Bringing together fifteen years of ground-breaking research into the form and function of venture capital firms, they examine the fund-raising, investing, and exit stages of venture capitalists. Three major themes run throughout the process: venture investors confront tremendous information and incentive problems; venture capital processes are inherently interrelated, and a complete understanding of the industry requires a full understanding of the venture cycle; and, unlike most financial markets, the venture capital industry adjusts very slowly to shifts in the demand for and the supply of investment capital.Customer Reviews:
Long on Stats Short on Practicality.......2007-03-12
Not practical.......2007-03-11
The standard.......2006-01-15
thorough but Not Practical.......2003-02-12
Valuable and clear info for both sides of the vc process.......2002-10-31
First, do NOT expect to be a book full of venture capital anecdotes. While that is always intersting, this book is a serious treatment of what the venture capital business is about: how funds are raised, how venture capitalists arrange deals to ensure adequate compensation for their risk, how investments are staged, how the investments are managed, exit strategies and methods, and more.
This is a lot to cover in a book of approximately 350 pages, but it is all covered very well. The writing is quite clear and readable. Though this is not a book for the general reader, it is not difficult to read if you have some background understanding of business theory and a touch of finance.
What is so helpful about reading this book is that people seeking venture capital will understand more about why things are structured they way they are. It isn't just arbitrary greed and control. It is a business deal that requires an expected positive return - you know - making money (which does concern self-interest (greed) and structure (control) - but with slightly more reasoning).
While people seeking to make venture investments will immediately understand why they need something like this book and a whole lot more, I believe it is essential for people seeking investment money to also have a significant understanding of this process. Why? Because the venture capitalists understand this process completely and the people seeking investments usually don't do enough of these deals to really know what is going on. And if they are too blind they will be sheared like sheep. They need to understand all the interests involved so they can argue on their own behalf and make the deal as favorable as they can.
In any case, while this isn't the only book you should read on the subject it is certainly a good one. It is of manageable length with a great deal of clear and helpful information. I find this topic fascinating.
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Smarter Ventures: A Survivor's Guide to Venture Capital Through the New Cycle ("Financial Times") ("Financial Times") ("Financial Times") ("Financial Times")
Katherine Campbell Manufacturer: Financal Times Management ProductGroup: Book Binding: Paperback ASIN: 0273654039 Release Date: 2003-12-10 |
Book Description
Having the big idea is merely the beginning. Raising and using venture capital is pivotal to the success of many an ambitious new venture, but venture capital is more than money. It's far too expensive to be treated merely as cash, and if used well, far more critical to the successful venture. This can be a daunting process. This text leads you inside the world of European venture capital, and takes you step-by-step through the venture cycle. By holding a mirror up to both sides of the money-raising process, This text shows how entrepreneurs can better understand venture capitalists - and vice versa - leading to more productive relationships and smarter ventures. Katharine Campbell explains how venture capitalists think, what they are looking for and why. Learn how to spot the good -and the bad - investors, and equip yourself with the tools and the knowledge to seal a successful partnership. Smarter Ventures is the bible of the European venture capital market and your complete companion to the venture cycle. Showing how to develop and build a successful new venture pitch, this text deals with everything from the structure of venture capital firms and its influence on their objectives down to how to dress for the initial meeting with the potential investor.Customer Reviews:
Essential for entrepreneurs seeking VC money.......2006-05-11
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Creating venture capital industries that co-evolve with high tech: Insights from an extended industry life cycle perspective of the Israeli experience [An article from: Research Policy]
G. Avnimelech , and M. Teubal Manufacturer: Elsevier ProductGroup: Book Binding: Digital ASIN: B000PC0H0Q |
Book Description
This digital document is a journal article from Research Policy, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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Crowding out private equity: Canadian evidence [An article from: Journal of Business Venturing]
D.J. Cumming , and J.G. MacIntosh Manufacturer: Elsevier ProductGroup: Book Binding: Digital ASIN: B000RR9SOU |
Book Description
This digital document is a journal article from Journal of Business Venturing, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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Venture capital investing by information technology companies: Did it pay? [An article from: Journal of Business Venturing]
S.A. Allen , and K.T. Hevert Manufacturer: Elsevier ProductGroup: Book Binding: Digital ASIN: B000PC6JIK |
Book Description
This digital document is a journal article from Journal of Business Venturing, published by Elsevier in 2007. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
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The Venture Capital Cycle
Paul A. Gompers Manufacturer: NY ProductGroup: Book Binding: Paperback ASIN: B000N7ETMU |
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The Venture Capital Cycle
Paul A.; Lerner, Josh Gompers Manufacturer: The MIT Press ProductGroup: Book Binding: Paperback ASIN: B000OQZ4X8 |
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The Venture Capital Cycle, 2nd Edition
Paul; Lerner, Josh Gompers Manufacturer: The MIT Press ProductGroup: Book Binding: Paperback ASIN: B000OR4C30 |
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Venture Capital Cycle, The
Paul; Lerner, Josh Gompers Manufacturer: The MIT Press ProductGroup: Book Binding: Paperback ASIN: B000OQQ4DC |
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Selected Topics in Equity Portfolio Management (Frank J. Fabozzi Series)
Manufacturer: Wiley ProductGroup: Book Binding: Hardcover ASIN: 1883249376 |
Book Description
There are many styles, models, and factors that go into the management of an equity portfolio. The traditional manager's focus on stock picking and the resulting ad hoc nature of portfolio construction can lead to poorly defined portfolios. Thus the options between active, passive and engineered management come into play, with the ultimate objective being to establish an investment structure that will provide a return over time that compensates for the risk incurred.
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Sovereignty in Transition (Essays in European Law)
Manufacturer: Hart Publishing ProductGroup: Book Binding: Paperback ASIN: 184113564X |
Book Description
Sovereignty in Transition brings together a group of leading scholars from law and cognate disciplines to assess contemporary developments in the framework of ideas and the variety of institutional forms associated with the concept of sovereignty.
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Macau in Transition: From Colony to Autonomous Region
Herbert S. Yee Manufacturer: Palgrave Macmillan ProductGroup: Book Binding: Hardcover ASIN: 0333750098 |
Book Description
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The Hong Kong Basic Law: Blueprint for "Stability and Prosperity" Under Chinese Sovereignty? (Hong Kong Becoming China : the Transition to 1997)
Manufacturer: M E Sharpe Inc ProductGroup: Book Binding: Hardcover ASIN: 0873328353 |
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Hong Kong's Transition to Chinese Rule: The Limits of Autonomy (English-Language Series of the Institute of Asian Affairs, H)
Ralf Horlemann Manufacturer: RoutledgeCurzon ProductGroup: Book Binding: Hardcover ASIN: 0415296811 |
Book Description
Following the return of Hong Kong to Chinese sovereignty, it appears that the 'high degree of autonomy' promised to Hong Kong is limited in many ways. China's reservations about the development of democracy in Hong Kong lies at the heart of the problem. The conceptual inadequacies set out in the Basic Law, Hong Kong's mini-constitution, show a correlation between a lack of democracy and a loss of autonomy. This book argues that genuine autonomy from the central government in Beijing is impossible without a democratic system in Hong Kong. Developments since the handover have, however, demonstrated that democratic trends have been halted and even reversed and that democracy is not likely to be established in Hong Kong in the near future.
Customer Reviews:
Very Good Book.......2006-05-31
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Political Order and Power Transition in Hong Kong (Hong Kong Series)
Manufacturer: The Chinese University Press ProductGroup: Book Binding: Paperback ASIN: 9622017835 |
Book Description
Political order has been one of the paramount goals pursued by people regardless of their political inclination. In the context of Hong Kong, the importance of political order has been gaining even more emphasis in the bumpy process of the sovereignty transfer from the United Kingdom to the People's Republic of China (PRC). The contrasts between order and change have painted a mixed picture of stability and uncertainty in the 13-year extended period of power transition, starting from the conclusion of the Sino-British Joint Declaration in late 1984 to the formation of the Special Administrative Region of the PRC on 1 July 1997.
Against this background, leading scholars of Hong Kong studies have contributed their expertise and analysis to this volume in order to better understand the dynamics of change and related issues during this historic period of Hong Kong history. As a non-sovereign political entity, Hong Kong's political destiny has been shaped by exogenous, rather than endogenous, political forces. By understanding their respective calculations and constraints we would be able to comprehend the complex process of transition better.
This book also highlights some of the key issues that have emerged in the process of transition: political reforms and democratization, the transformation of senior civil service, relations between the executive and the legislature, party development, fiscal policy and land use.
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Foreign policy for our future: The Philippines in transition amid historic global change and the imperatives of national sovereignty, security, development, ... the general welfare of the Filipino people
Leticia V Ramos-Shahani Manufacturer: Foreign Relations Committee, Eighth Congress of the Philippines ProductGroup: Book Binding: Unknown Binding ASIN: B0006F9SZC |
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Hong Kong's young and old: Diverging views of China and the transition (Opinion analysis)
Robert J Levy Manufacturer: Office of Research and Media Reaction, USIA ProductGroup: Book Binding: Unknown Binding ASIN: B0006QNHQ2 |
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The transition of sovereignty to the People's Republic of China and the arbitration regime in Hong Kong: The issues and their management (Mealey international arbitration report)
Robert J. M Morgan Manufacturer: Mealey Publications, Inc ProductGroup: Book Binding: Unknown Binding ASIN: B0006S2N9M |
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Transition to Sovereignty in Iraq: U.S. Policy, Ongoing Military Operations, and Status of U.S. Armed Forces: Hearing Before the Committee on Armed Se
Manufacturer: Not Avail ProductGroup: Book Binding: Hardcover ASIN: 0160729793 |
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University of Pennsylvania journal of international economic law
Jacques DeLisle Manufacturer: University of Pennsylvania Law School ProductGroup: Book Binding: Unknown Binding ASIN: B0006R20CS |
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Barnyard in Your Backyard: A Beginner's Guide to Raising Chickens, Ducks, Geese, Rabbits, Goats, Sheep, and Cows
Gail Damerow Manufacturer: Storey Publishing, LLC ProductGroup: Book Binding: Paperback Similar Items:
ASIN: 1580174566 |
Book Description
When is the right time to shear a sheep? Is there a market for manure? What time of day is best to collect eggs? What is the correct way to milk a goat? What does a duck eat? Can a cow and a sheep share the same pasture? Which types of rabbits are easiest to raise?The perfect book for anyone who has ever dreamed of having that little place in the country, Barnyard in Your Backyard offers tried-and-true, expert advice on raising healthy, happy, productive farm animals: chickens, geese, ducks, rabbits, goats, sheep, and dairy cows.
Each chapter focuses on a different animal, discussing the pros and cons of raising the animal, housing and land requirements, feeding guidelines, health concerns, and a schedule for routine care. Species that are easy to raise, hardy, and companionable are profiled. First-time farmers will discover simple, clear instructions for caring for animals throughout the year, as well as guidelines for processing barnyard products such as milk, wool, and eggs. Combining practical advice from real experts, easy-to-use checklists and charts, a seasonal care calendar, and detailed black-and-white illustrations, Barnyard in Your Backyard offers a comprehensive review of the ins and outs - the tribulations and triumphs - of living with and caring for a small barnyard.
Customer Reviews:
Fantastic!.......2007-09-09
great book!.......2007-08-10
Excellent book, on various farm animals.......2007-08-08
Best farm book yet.......2007-07-19
it is what the title says!.......2007-07-05
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Beginner's Guide to Gerbils
Douglas Keats Manufacturer: Tfh Pubns Inc ProductGroup: Book Binding: Hardcover ASIN: 0866223169 |
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Beginner's Guide to Rabbits
Paul Wimner Manufacturer: TFH Publications ProductGroup: Book Binding: Hardcover ASIN: 0866223061 |
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Howell Beginner's Guide to Rabbits (Howell Beginner's Guides to Pets)
Will Bradford Manufacturer: Howell Books ProductGroup: Book Binding: Hardcover ASIN: 0876059434 |
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The ABC's of rabbit coat colors: A beginner's guide to rabbit coat colors
Glenna M Huffman ProductGroup: Book Binding: Unknown Binding ASIN: B0006QXQBI |
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A Beginner's Guide to the English Angora
Barbara Pratley , and Yvonne Hobbs Manufacturer: Coney Publications ProductGroup: Book Binding: Paperback ASIN: 189801504X |
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