A Quote by Kiran Mazumdar-Shaw
When I started Biocon in 1978, the obstacles I needed to navigate were manifold - ranging from infrastructural hurdles to issues related to my credibility as a business woman. With no access to venture capital, money was scarce and high-cost, debt-based capital was all I had.
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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.
In order to help small businesses gain access to the credit and capital they need to run their business successfully, Congress must adopt policies that support functional capital markets without imposing undue restrictions on providers of debt and equity capital.
I started out as a business manager for a national hotel chain based in Oklahoma. I got frustrated with what was happening in the state capital - the high cost of doing business and a lack of educated workers.
The financial doctrines so zealously followed by American companies might help optimize capital when it is scarce. But capital is abundant. If we are to see our economy really grow, we need to encourage migratory capital to become productive capital - capital invested for the long-term in empowering innovations.
The issue of access to growth capital is common to all entrepreneurs. Any entrepreneur who can demonstrate a credible business model and plan would be able to access to capital.
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.
Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. It's easy to figure out your cost of borrowing, but theorists went bonkers on the cost of equity capital. They say that if you're generating a 100% return on capital, then you shouldn't invest in something that generates an 80% return on capital. It's crazy.
Access to capital is critical for small business success and crucial to our economic recovery. Without access to capital, many small companies are not able to maintain operations, let alone expand and create new jobs.
At a basic level venture capitalists are arbitrageurs: they have access to more information than those with the capital, and access to more capital than those with information, and they profit by exploiting the mismatch.
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.
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.
Venture capital is debt. People don't understand that.
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.
One of the hardest things to do is to get capital. That's where we, as black business, struggles. And the other place we struggle is scale, and because we don't have an access to capital, we cannot scale.
The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.
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
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