When the economy was booming and dot-coms were flying high, venture
capitalists were admired as impresarios of innovation. Then the
market tanked, start-ups fizzled, and those same deal-makers were
rebuked as predators out for a quick score. So which portrayal is
accurate? Where is this much-hyped industry heading? And what will
it mean for the future of innovation in the global economy? In this
definitive book, industry experts Paul Gompers and Josh Lerner
provide the first cool-headed explanation of the venture capital
industry and the role it plays in our economy. They underscore
that, regardless of the economic conditions, innovation is
incredibly difficult to finance, take to market, and translate into
value. While venture capital has evolved to address these problems
- the industry has fueled innovation, economic growth, and wealth
creation for decades - features of the venture industry have left
it vulnerable to boom-and-bust cycles.In the near future, say the
authors, the industry must transform dramatically, with important
implications for industry players and the entrepreneurs and
organizations they serve. Drawing from compelling research and
industry "war stories," Gompers and Lerner present a series of
practical frameworks for understanding the relationships among
venture capital, innovation, and entrepreneurial success. They
demystify how the venture capital world operates, and outline the
opportunities and obstacles faced by all players in this evolving
arena.They explore: the problems entrepreneurs encounter in
securing financing, and how the venture capital model can help
innovators to resolve them; how venture capitalists can effectively
pursue promising opportunities while building a sustainable
franchise; and, how corporations, nonprofits, and government
institutions can harness the power - and avoid the pitfalls - of
the venture capital model when applying it in their own sectors.
Whether the industry is enjoying an incredible growth spurt or
weathering an economic slowdown, readers will find this book an
immensely practical guide to leveraging the venture capital model
to turn innovation into value. Paul A. Gompers is a Professor of
Business Administration and a Director of Research at Harvard
Business School. Josh Lerner is a Professor of Business
Administration at Harvard Business School. Both authors live in the
Boston area.
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