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Note to Readers: This blog post was co-written by Bruce Booth and Bijan Salehizadeh, who co-authored an article in the July 2011 issue of Nature Biotechnology, detailing the differences in returns between Life Sciences and Tech investing.
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Left behind by this good news is the Nike Kobe XI 11 Low Elite shoes Barcelona Bright Mango, which according to PWCMoneyTree / NVCA data accounted for nearly 30% of the $21 billion invested in venture-backed companies in 2010.
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As we outline in our paper in the July issue of Nature Biotechnology, LS venture investing dramatically outperformed Tech venture investing over the past decade.
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Overall Life Sciences/Healthcare venture realized gross pooled mean IRR was 15.0% for the past decade. This is in contrast to 5.5% for all of venture capital, 3.0% for IT and 4.1% for Software.Nike Air Force 1 '07 WB aa4061-200,.
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There’s a perception that lots of Life Sciences deals lose money. It’s true. 58% returned less than their invested capital.NIKE AIR MAX LTD 3 MEN's WHITE - UNIVERSITY RED - BLACK LEATHER RUNNING NEW SIZE,. Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NIKE AIR MAX 1 JUST DO IT SE USA MENS SZ 11 1 2,.g.,. top 1% of Tech deals almost certainly have higher multiples than LS).
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But, as one would expect, not all of the news for Life Sciences is rosy:
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Nike Air Jordan 1 Mid SIZE 14 USA Shattered Backboard Knicks 852542-800 NEW DS,. IPOs are media darlings, and help create buzz about sectors. In LS, we aren’t likely to have that type of buzz anytime soon.
Our data and analysis of course has some short-comings.2006 Nike Air Force 1 Low NEUTRAL GREY VARSITY RED WHITE 313642-007 NEW 11,. However, it has been shown by others that the recent web high flyers are mostly concentratedMens NIKE AIR ZOOM MARIAH FLYKNIT RACER Trainers 918264 400,.
Some of you who follow venture returns data may be asking some questions:
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- Nike KD 8 Bright Crimson Red Size 12. 749375-610 Jordan Kobe,– Unlike IT where 100x returns are possible and have driven great outcomes in companies like Skype and Google, and will most likely in Zynga and Facebook, Life Sciences never will have these wild “Black Swan” outliers.. These 100x’ers are the companies that draw press attention, new talent, and more capital into the IT space.
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To get all of the numbers and the full commentary, please head over to the Nature website.
For simplicity’s sake, in this post, we use the term Life Sciences to cover all of Healthcare venture capital investing and the term IT/Tech to cover all Information technology, Internet/Software, and Hardware related categories.