A Quote by Josh Kopelman
I don't think a lot of people have been entrepreneurial about venture capital.
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There's almost too much venture capital in India - there are issues with seed capital, but for venture capital, there's a lot money chasing deals here.
I like most of the venture capitalists I know; they're smart, well-intended guys who genuinely enjoy helping entrepreneurs succeed. And I love venture capital and investment capital of all categories - its economic impact is proven. The more of it the better.
When people start talking about venture capital and finances and how to create this and do that, a lot of it, I swear, it's like sitting in an escrow meeting when all you want to do is buy a house, and you're signing 50 pieces of paper, but you have no idea what they're talking about.
These inventors were elevating the formulation of entrepreneurial ideas to the status of a visionary activity. Though forced to justify their efforts in the pragmatic language of venture capital, they were at heart utopian thinkers intent on transforming the world.
Companies are returning a lot of money to shareholders through dividends and buybacks. And a lot of people say that's not a good use of capital. I think that's normal reallocation of capital.
I often say Policy Planning is very analogous to a venture capital firm. A venture capital firm sees an interesting idea and puts money behind it; in Policy Planning, we look for promising ideas and then put contacts and relationships behind it.
There's nothing wrong with raising venture capital. Many lean startups are ambitious and are able to deploy large amounts of capital. What differentiates them is their disciplined approach to determining when to spend money: after the fundamental elements of the business model have been empirically validated.
As I've said, basketball has been, I think, a real cooperative venture. There have been a lot of people that have been involved in it: coaches, administrators - not recently - fans and nobody, nobody any more so than students over the years.
There's a lot of really wonderful things about the United States of America, especially its ethnic diversity and its mostly successful struggle to create a democracy out of many different cultures. So, we have a lot of capital as a people, we have a lot of cultural capital to keep our democracy going.
I know the difference between venture capital[ism] and vulture capitalism. Venture capitalism is a good thing, comes in, gives that gap funding to help these companies get off and get started creating jobs, and work. But Mitt Romney and Bain Capital were involved with what I call vulture capitalism. And they walked into Gaffney and took over that photo album company for no other reason than to basically pick the bones clean. And those people lost their jobs.
I've been a customer of the top venture capital firms, so I know exactly what they do and don't do.
The truth is that the greatest innovations in health-care delivery haven't come from federally contrived oligopolies or enormous hospital chains. Novel concepts - whether practice-management companies, home health care or the first for-profit HMO - almost always have come from entrepreneurial firms, often backed by venture capital.
There is always a critical job to be done. There is a sales door to be opened, a credit line to be established, a new important employee to be found, or a business technique to be learned. The venture investor must always be on call to advise, to persuade, to dissuade, to encourage, but always to help build. Then venture capital becomes true creative capital - creating growth for the company and financial success for the investing organization
Many of the best firms historically in venture capital have been multi-sector.
You know, development sometimes is viewed as a project in which you give people things and nothing much happens, which is perfectly valid, but if you just focus on that, then you'd also have to say that venture capital is pretty stupid, too. Its hit rate is pathetic. But occasionally, you get successes, you fund a Google or something, and suddenly venture capital is vaunted as the most amazing field of all time. Our hit rate in development is better than theirs, but we should strive to make it better.
We can be aggressive at the right time with the right stakes when it comes to price. But I think for us, it starts and ends with people. And generally speaking, venture investors will say that. Right? That people are very important. It is all about the people. But at Anthemis, it is beyond "all about the people." Because it's almost exclusively about the people. We've been operating this way for a while.
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