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- 约10.92万字
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- 2026-08-11 发布于北京
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Keytakeaways
•VCsshouldfocusonwherecapitalhasactuallyreturned:hardware,
entertainment,andeverydayutilities.The2010-2017firstVCcohortproducedthestrongestaggregateexitmultiples(realizedexitvaluedividedbycapitalraisedatthesegmentlevel)inhardware(8.3x),entertainment(6x),everydayutilities(5.8x,almostentirelyZoom),andfintech(5.7x).Healthwellness,at2.4x,istheonly
segmentthatsystematicallyunderperformed.
•ReturnsaremoreconcentratedthanstandardVCheuristicssuggest.Of31,410
consumertechcompanies,only0.4%haveproduc
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