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SUMMARY:The Role of Venture Capital in the Innovation Economy - Dr Bill Ja
 neway\, Cambridge Finance and Pembroke College
DTSTART:20120514T160000Z
DTEND:20120514T180000Z
UID:TALK38001@talks.cam.ac.uk
CONTACT:D'Maris Coffman
DESCRIPTION:Venture Capital as an industry is not a separate asset class\,
  although there are a few superior masters of the craft.  It is an illiqui
 d segment of the equity market and its overall returns are closely coupled
  to the state of the public  equity market and\, especially\, the IPO mark
 et.  Venture capitalists have concentrated their investing in two sectors 
 – ICT and Biotechnology – where in each case they were leveraging hist
 oric upstream investments in science funded by the Federal Government.  Th
 e case of Biotechnology is interesting because it is the sole sector where
  VCs have successfully invested in science because public investors have a
 lso been prepared to do so: the explanation lies in the unique demand char
 acteristics of the market for biotechnology products.  Think of the emerge
 nce of a venture capital industry as an epiphenomenon riding on the back o
 f the greatest bull market in the history of capitalism.
LOCATION:Lucia Windsor Room\, Newnham College
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