Zell-Lurie Institute for Entrepreneurial Studies October 27, 2003 1 EVC Club: State of the VC Industry 10/29/03.

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Presentation transcript:

Zell-Lurie Institute for Entrepreneurial Studies October 27, EVC Club: State of the VC Industry 10/29/03

Zell-Lurie Institute for Entrepreneurial Studies October 27, Amount Invested ($B) Number of Deals Source: VentureOne/Ernst & Young Underlying data available in VentureSource 2003 Investment Continues to Fall Deal Flow and Equity into Venture-Backed Companies (annual)

Zell-Lurie Institute for Entrepreneurial Studies October 27, Deal Flow Continues To Stabilize Deal Flow by Round Class % of Deals Source: VentureOne/Ernst & Young Underlying data available in VentureSource

Zell-Lurie Institute for Entrepreneurial Studies October 27, % of Dollars Directed at 2 nd & Later Rounds Investment by Round Class % of Amount Invested Source: VentureOne/Ernst & Young Underlying data available in VentureSource

Zell-Lurie Institute for Entrepreneurial Studies October 27, Restarts Gain in Popularity Investment by Round Class % of Amount Invested Source: VentureOne/Ernst & Young Underlying data available in VentureSource

Zell-Lurie Institute for Entrepreneurial Studies October 27, Deal Sizes Regress to Overall Median Median Amount Invested by Round Class Median Amount Invested ($M) Source: VentureOne/Ernst & Young Underlying data available in VentureSource

Zell-Lurie Institute for Entrepreneurial Studies October 27, Healthcare Rebounds to 2Q’02 Level Equity Investment by Industry Sector % of Investment Source: VentureOne/Ernst & Young Underlying data available in VentureSource

Zell-Lurie Institute for Entrepreneurial Studies October 27, Within Healthcare, Allocations Are Consistent Healthcare Investment by Sector % of Investment Source: VentureOne/Ernst & Young Underlying data available in VentureSource

Zell-Lurie Institute for Entrepreneurial Studies October 27, Software & Communications Are the Bulk of IT IT Investment by Sector % of Investment Source: VentureOne/Ernst & Young Underlying data available in VentureSource

Zell-Lurie Institute for Entrepreneurial Studies October 27, U.S. Investment: Internet

Zell-Lurie Institute for Entrepreneurial Studies October 27, Internet as % of Overall Investment Percentage of Equity Investment in Internet % of Investment Source: VentureOne/Ernst & Young Underlying data available in VentureSource

Zell-Lurie Institute for Entrepreneurial Studies October 27, Most Rounds Include Multiple Investors Number of Investors Per Round Source: VentureOne/Ernst & Young Underlying data available in VentureSource

Zell-Lurie Institute for Entrepreneurial Studies October 27, Valuations: By Development Stage

Zell-Lurie Institute for Entrepreneurial Studies October 27, Valuations: By Investment Round

Zell-Lurie Institute for Entrepreneurial Studies October 27, Valuation By Round: Early Stages

Zell-Lurie Institute for Entrepreneurial Studies October 27, Conclusions Approaching post-bubble “equilibrium.” Still lots of angst among interests. “Smart” money – that which includes “business building” skills in addition to cash, is more important than ever. Not all good businesses need venture money.