Ludmila Golubkova Managing Partner Start Capital
Posted: Mon Jan 20, 2025 4:40 am
Lyudmila emphasizes that venture capital exists only in the United States, as it acts as a kind of valve, letting in and letting out high technologies from the military-industrial complex into the civilian sphere and back.
"In the 1990s, we called it 'conversion'. In the States, conversion happened, but not here - hence the problems of our development institutions, which turned out to be mostly 'suitcases without a handle'. Except, perhaps, for the Bortnik Foundation, which has no direct analogue in the States. There, the connection between private capital and universities is built differently, in the form of endowments. And here, instead of an endowment mechanism, we have Ivan Mikhailovich."
The US Venture Market Now
According to KPMG's Q4 2015 report, the US continues to see usa mobile phone numbers database a decline in deals and volumes, but at the same time, the share of early-stage deals in the so-called "Death Valley" is growing. However, investors do not see this as related to government policy.
The growth of early stage transactions is due, as in our case, not to the policy of development institutions, but to the situation on financial markets. In terms of traditional investments, this situation is catastrophic: the markets are completely deregulated and destabilized due to the geopolitical situation and its continuation in national economies.
Therefore, the pressure of money is enormous, everyone is looking for new objects for investment. The investment community is slowly turning towards alternative investments, including direct and venture. In terms of a quick return on invested capital, the most profitable projects are the early stages: in financial terms, up to Series A, in terms of project maturity - preseed, seed, startup.
Main_12439402_1224523667576023_5342935966885110417_n
Vitaly
Polehin
supervisor
Skolkovo Investor Club
"Private investors have seen a certain risk in the later stages compared to the low level of profitability and a possible future correction of centaurs (companies valued at $100 million and above) and unicorns (companies valued at $1 billion and above).
<p>The number of Series A deals is growing, which are quite safe, because funds already see rationally measurable metrics and such projects still have the potential for safe growth. <p>
"In the 1990s, we called it 'conversion'. In the States, conversion happened, but not here - hence the problems of our development institutions, which turned out to be mostly 'suitcases without a handle'. Except, perhaps, for the Bortnik Foundation, which has no direct analogue in the States. There, the connection between private capital and universities is built differently, in the form of endowments. And here, instead of an endowment mechanism, we have Ivan Mikhailovich."
The US Venture Market Now
According to KPMG's Q4 2015 report, the US continues to see usa mobile phone numbers database a decline in deals and volumes, but at the same time, the share of early-stage deals in the so-called "Death Valley" is growing. However, investors do not see this as related to government policy.
The growth of early stage transactions is due, as in our case, not to the policy of development institutions, but to the situation on financial markets. In terms of traditional investments, this situation is catastrophic: the markets are completely deregulated and destabilized due to the geopolitical situation and its continuation in national economies.
Therefore, the pressure of money is enormous, everyone is looking for new objects for investment. The investment community is slowly turning towards alternative investments, including direct and venture. In terms of a quick return on invested capital, the most profitable projects are the early stages: in financial terms, up to Series A, in terms of project maturity - preseed, seed, startup.
Main_12439402_1224523667576023_5342935966885110417_n
Vitaly
Polehin
supervisor
Skolkovo Investor Club
"Private investors have seen a certain risk in the later stages compared to the low level of profitability and a possible future correction of centaurs (companies valued at $100 million and above) and unicorns (companies valued at $1 billion and above).
<p>The number of Series A deals is growing, which are quite safe, because funds already see rationally measurable metrics and such projects still have the potential for safe growth. <p>