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Venture Capital (英国国家科技艺术基金会 (NESTA))
Research report: July 2010
Venture Capital
Now and After the Dotcom Crash
Yannis Pierrakis
2NESTA is the National Endowment for Science, Technology and the Arts.
Our aim is to transform the UK’s capacity for innovation. We invest in
early-stage companies, inform innovation policy and encourage a culture
that helps innovation to flourish.
Venture Capital
Now and After the Dotcom Crash
Foreword
The future prosperity of the UK depends on the country’s ability to foster and support growth
businesses. The venture capital industry is ideally placed to be a cornerstone of this support and,
though younger than the US industry, UK funds have already had some notable successes.
The financial crisis has hit all aspects of the private equity market hard, and this report shows
that venture capital is no exception. With investment and fundraising slumping, it would be easy
to become disheartened but our research highlights some promising signs. Successful exits have
yielded good returns for funds even in the current recession; a good pipeline of investments
initiated between 2004 and 2007 should bear fruit over the coming years and the introduction of
the Innovation Investment Fund should help encourage investment in new businesses over the
next few years. This year looks set to be tough but the industry has demonstrated its ability to work
together to get the right level of funding to the very best growth businesses.
This work is part of a series of research projects led by NESTA which complements our own practical
experience of running a venture capital fund targeted at early-stage companies.
As ever, we welcome your views.
Matthew Mead
Managing Director, NESTA Investments
July, 2010
3Executive summary
High growth, innovative companies are
disproportionately important for economic
growth in the UK. Venture capital is an
important source of finance for these
companies, one of the few sources with
an appetite for risk that matches the
uncertainty that c
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