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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 Air Max 95 OG AT2865-100 White Solar Red-Granite Dust Women's Sz 10, 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 W Air Max 270 Womens Ah6789-005,.
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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 Womens Air Max LD Zero Womens Size 8 Tan Air MAX 896495 201 Rare,. Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Wmns Odyssey React Oracle Pink Tint Women Running shoes Sneakers AO9820-601,.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 WOMEN'S CORTEZ LEATHER WHITE VARSITY RED VARSITY ROYAL 807471-103 Size 8.5,.. And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike W AF1 Upstep LX Air Force 1 Binary bluee Floral pink 898421-401 Size 9 10,.
Women's Brand New Nike Air Max Deluxe Athletic Fashion Era Sneakers [AQ1272 001],. 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 Huarache Run SE Womens 859429-100 White Black Running shoes Size 7,. However, it has been shown by others that the recent web high flyers are mostly concentratedWomens NIKE FREE RN CMTR 2017 PREMIUM Running Trainers AA1622 001,.
Some of you who follow venture returns data may be asking some questions:
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- 2007 WMNS Nike Air Max 360 3 III OG SZ 6.5 Metallic Silver Premium QS 318163-001,– 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.