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TheMystery
ofVentureCapitalVictorW.HwangT2VentureCapital,KauffmanFellowsClassXIIWorldBankSTIGlobalForum*December10,2009
Moneyiseverywhere.Butmoneyisnotthesameeverywhere.
ThankstoEndeavorEgyptHIGH-IMPACTENTREPRENEURIALCAPITAL
HernandodeSotofocusesonlegalstructures,butthisisonlypartofthepicture.TheU.S.hasstronglawsthroughoutall50states,sowhydoesventurecapitalthriveonlyinsomepartsoftheU.S.?Themysterymustbedeeper.
WhereDoesEntrepreneurialCapitalReallyComeFrom?
?…$≠entrepreneurialcapital
?...failureofefficientmarketstheory
?…wecandobetterthanluckandprayer
TheSecretArtofVentureCapitalVenturecapitalislearnedthroughapprenticeship.Venturecapitaloperatesinahighly-networkedcommunity.Venturecapitalisdependentonhumanqualitiesmorethantransactionalstructures.Venturecapitalmustcompeteinaglobalmarketplacetoday.
BarrierstoGrowthThankstoEndeavorEgypt
“Itisnotthestrongestofthespeciesthatsurvives,
northemostintelligent……buttheonemostresponsivetochange.”
–CharlesDarwin
PlantationRainForestAdifferentapproachtoeconomicgrowth…
Inarainforesttemperature,humidity,precipitation,sunlight,soil/nutrients,otherflora/faunaInastartupcapital,entrepreneurs,laws/norms,ideas/inventions,talent,markets
OurViewoftheInnovationLandscapeInnovationiscomplexSerendipityhappensRegionsthatcanquicklymobilizecriticalresources–includingcapital–aroundopportunitieswillsucceedeconomicallyCriticalmassofdiverseassetsYoucan’thaveclustersoftechnologicalinnovationwithoutsocialandbehavioralchangeNetworksthatcrossprofessionalandsocialboundariesplayakeyrolePeoplearethemostimportantIPFailurecanbeapositivemetricCommercializationisa‘bodycontact’sport
DifferencesBetweenVentureCapitalandOrdinaryCapitalTrust-based,hightransparency,andintegrityinmotivationsWi
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