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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 Tanjun Racer Womens 921668-601 Tropical Pink Black Running shoes Size 8, 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 Womens Lunarepic Low Flyknit 2 Fabric Low Top Lace Up, bluee, Size 5.5,.
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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.WMNS Nike Air Max 1 PRM SC SZ 6.5 Red Gym Red White AA0512-602,. Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Metcon 4 Womens 924593-004 Atmosphere Grey Cross Training shoes Size 5,.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 WOMENS AIR HUARACHE RUN PRM SZ 5 SUEDE MEDIUM GREY OFF WHITE 833145 002,.. And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.AUTHENTIC W NIKE HYPERCLAVE LITE 528900-010,.
NIKE Womens Nike Hakata AJ8880-004 WOLF GREY WHITE-COOL GREY Womens Size 7.5,. 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.Nike Air Max 90 Denim Pack - Women's Black Black Dark Grey Cobblestone,. However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE ZOOM KYNSI JCRD WP WOMENS SIZE 7.5 WATERPROOF BROWN BLACK WHITE BOOTS,.
Some of you who follow venture returns data may be asking some questions:
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New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
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- WOMEN NIKE DUNK SKY HI LIB LIBERTY ARTS FABRIC DENISE EVA FOG GREY blueE CAMO 9,– 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.