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Funding the American dream
While the national conversation tends to revolve around depressing topics like unemployment, banker bonuses, bailouts and the like, the American economy's still undergirded by positive forces -- ideas, inventions, entrepreneurship, opportunity. See for yourself.
The venture cap firm First Round Capital put together a video holiday card featuring the entrepreneurs it helped fund in 2009. The company might want to pay for singing lessons as well, but it's nice to have some inspiration at a time of so much exasperation:
First Round Capital 2009 Holiday Card from First Round Capital on Vimeo.
During the past year, the First Round Capital team has been fortunate enough to meet with thousands of entrepreneurs -- at our Office Hours, from the referrals and website submissions we receive, and through the companies we have invested in. It is inspiring to watch these entrepreneurs at work. They are proof that the "American dream" is alive and well.
Hat tip, Paul Kedrosky.
What's not inspiring is the return on VC invested capital.
“Unfortunately for investors, gains from high-profile venture-backed successes prove insufficient to produce acceptable returns on an industry-wide basis. Over long periods of time, venture investors receive no more than market-like returns with demonstrably higher levels of risk. The promise of venture capital fails to deliver." --David F. Swensen, Unconventional Success, p 141.
