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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 Womens NIKE AIR ZOOM ULTRA RCT HC Tennis Trainers 859718 801, 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.(P) 333888 002 Nike Air Max 90 Medium Grey Men's SZ 8,.
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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 Flyknit Racer 526628-022 Sneakers Trainers US 6.5 Grey Green,. Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Presto Running Sport shoes Trainers Run Sneaker black 833875 400 WOW SALE,.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 Shox PINK WORE ONCE Size 7Y WOMENS SZ 8.5,.. And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.NIKE Womens Nike Downshifter 7 Wide 881585-001 COOL GREY Size 8.5,.
Nike Womens Air Max 90 Ultra PRM Running Trainers 859522 100 Sneakers shoes,. 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.Womens NIKE ZOOM FIT AGILITY Trainers 684984 006,. However, it has been shown by others that the recent web high flyers are mostly concentratedWMNS Nike Air Jordan 1 Retro High Rebel XX SZ 9 Off White AJ1 AO1530-100,.
Some of you who follow venture returns data may be asking some questions:
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Does not apply
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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.