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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 Women's Huarache Premium ID Hot Lava-Black SZ 7 [777331-994], 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 Air Max 1 Black Gum Trainers 319986 037,.
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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 DELUXE OG PHOTO blueE orange PEEL WOMENS SHOE AQ1272-401 SIZE 7,. Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.WMNS NIKE AIR MAX 90 Essential 616730-402 Lifestyle Casual shoes Trainers,.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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NIIKE SHOX WOMENS SHOES SIZE 6.5,.. And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Air Force 1 Hi Top Suede University Red Women's Sz 9.5 NWB 749266 601,.
Nike Air Max 90 Womens 325213-057 Triple Black Leather Running 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.Nike womens air relentless 3 MSL running trainers 616597 405 sneakers shoes,. However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Max 97 UL '17 Prm Splatter Womens AO2325-002 Black Grey shoes Size 6.5,.
Some of you who follow venture returns data may be asking some questions:
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- Air Vandal 2K Platform MAGENTA PINK Off White high heel AO2868-500 WMN 6.5,7.5,9,– 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.