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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 MEN'S SIZE 9 NIKE TENNIS SHOE SNEAKERS FAME39 2014 VOLT TEAL, 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 KOBE 8 VIII SYSTEM ELITE+ POISON GREEN HYPER blueE SZ 15 [586156-300],.
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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 Jordan 11 XI Retro PRM Pinnacle Naked Grey White DS With Receipt Sz 11,. Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Zoom Kobe AD Mid White Aqua Mens Size 16 Basketball shoes 942521-100 Rare,.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 Air Jordan 13 Low CLOT Sepia Stone Terracotta Warriors AT3102 Size 13Nice ,.. And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike PROMO 6.0 Braata PLASTiKi Promo Sample VERY RARE sz 12,.
NIKE KOBE IX 9 EM PREMIUM CRIMSON LASER US 12 HTM MIX INFLUENCE PRELUDE,. 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 Force Low Velvet Brown 315122-202 Men Sneakers Athletic shoes Size 10,. However, it has been shown by others that the recent web high flyers are mostly concentratedWomens Size 11 AUTHENTIC Nike Air Zoom Pegasus 34 Ice bluee Fox Running shoes,.
Some of you who follow venture returns data may be asking some questions:
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- 2009 Air Jordan 1 Retro High SHADOW 332550001 Sz 9, NIB, Free SH H6,– 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.