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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 Men's Air Jordan 1 Retro High Sneakers - Size 10.5 US, Black Black Gum, 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 Cortez Basic MC QS Mister Cartoon (aa4875-100) WHITE Size 10.5,.
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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 Mens Air Vapormax Flyknit 2golden Beige Racer bluee orange Size 10.5 And 10,. Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Jordan 4 11Lab4 Black Patent Leather 719864-010 SIZE 12M L358K,.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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Our data and analysis of course has some short-comings.2015 Nike Air Jordan 8 Repeat Retro SZ 11 White Infrared Black 305381-142,. However, it has been shown by others that the recent web high flyers are mostly concentrated39 New Nike Air Jordan XXXI 31 Low Black gold Basketball shoes 16 897564 023,.
Some of you who follow venture returns data may be asking some questions:
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- Nike Classic Cortez Nylon 807472410 navy bluee halfshoes,– 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.