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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 Womens Nike Air Force 1 07 Prm LX AO3814-400 Royal Tint NEW Size 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.Women's Nike Free Balanza Training shoes, 599268 400 Sizes 6.5-10 Armory Slate L,.
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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.NIB NIKE AIR MAX 97 UL 17 SI KINETIC WHITE GUM AO2326 100 WOMENS 180,. Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Womens AIR ZOOM FEARLESS FK BIONIC Sunset Tint Trainers 904643 600,.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 Dunk Lux SP Sacai White Wolf Grey Volt 776446-117 12,.. And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.NIKE WOMEN'S KYRIE 3 ID GREY-YELLOW SZ 8.5 SPECKLE [AQ8766-991],.
NIKE WOMENS ROSHE ONE FLYKNIT CASUAL SNEAKERS VOLTAGE GREEN WHITE 704927 305,. 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 W Flex Trainer 8 Black White-Anthracite Running Training shoes 924339-001,. However, it has been shown by others that the recent web high flyers are mostly concentratedNike Roshe Run Metric QS Black 607284-001 Women's Size 9,.
Some of you who follow venture returns data may be asking some questions:
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- DS 2015 NIKE WMNS ROSHE CORTEZ NM QS 822555-200 roshe cortez nsw SZ8.5,– 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.