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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 WMNS Air Max 90 LX 898512-201 Dusty Peach Suede Women's Running shoes, 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 Nike Free Rn Running 2018 942837-001 BLACK WHITE Womens Size 7,.
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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.10 WOMEN'S Nike SF Air Force 1 Mid Boots cedar black 857872 600 red casual AF1,. Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.DS NIKE 2008 DUNK OZONE WMN 9 SB PRO SUPREME DENIM SKINNY VANDAL BLAZER LEOPARD,.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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Womens Nike Air Huarache Run iD Safari Grey White Purple SZ 8 ( 777331-991 ),.. And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Womens Air Max Thea - Mercury Grey Flash Lime Size 6.5 New volt,.
Women's Nike Free TR Flyknit 3 Training shoes Size 7 Style 942887 101,. 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 Wmn’s Air Force 1 '07 LX Lux Size 9 Olive gold Neutral 898889-200,. However, it has been shown by others that the recent web high flyers are mostly concentratedNike Women's Lunarepic Low Flyknit 2 - Wolf Grey Black Cool Grey (863780-002),.
Some of you who follow venture returns data may be asking some questions:
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- Nike Air Max Sequent 3 Premium V Womens AR0255-001 Oil Grey Taupe shoes Size 6.5,– 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.