“ NextGen VCs – After the Storm” PolyTechnos Venture-Partners GmbH Third Annual Meeting “CEO Day”  Berlin 06 November 2001...
Desired Outcomes of this Presentation <ul><li>Provide a basis for a stimulating discussion </li></ul><ul><li>Respond to yo...
<ul><li>Our Mission & Focus </li></ul><ul><li>Past Business and Venture Cycles </li></ul><ul><li>Current Scene: Trends in ...
MIT Entrepreneurship Center Mission To train and develop leaders who will make high tech ventures successful   MIT Preside...
Why Focus on High Tech? <ul><li>Continuous creation of new, technology-based enterprises enables great leaps forward. </li...
To Compete Successfully… <ul><li>University of Cambridge (UK) </li></ul><ul><ul><li>The Cambridge Network </li></ul></ul><...
<ul><li>Our Mission & Focus </li></ul><ul><li>Past Business and Venture Cycles </li></ul><ul><li>Current Scene: Trends in ...
The Inevitable Business Cycle “ In times of great commercial prosperity there has been a tendency [toward] over-speculatio...
The Impact of US Venture Capital <ul><li>Venture firms now account for: </li></ul><ul><ul><li>7.9 million employees </li><...
Key Findings - Preliminary <ul><li>For every dollar invested in 1970-1999, there was $9 in revenue during 2000 </li></ul><...
The VC Industry has Grown Dramatically in the Past Few Years Source: VentureXpert ™  Database by VE & NVCA
Venture Capital Fundraising Continues at a Strong Pace Source: VentureXpert ™  Database by VE & NVCA This does  not  inclu...
The US Venture Industry Has Grown Source: 2000 NVCA Yearbook
How Big is Big in a Venture Fund? Have VCs Abandoned Seed? <ul><li>2000 Funds by Size: $0-$25M  100 $25.1M-50M  80 $50.1M-...
Corporate Venture Capital Groups Have Become Very Involved Source: VentureXpert ™  Database by VE & NVCA
Corporate VC Groups are Involved in more than ¼ of all Deals Source: VentureXpert ™  Database by VE & NVCA
Recent Quarters Portend a Return to Traditional Activity Levels Source: VentureXpert ™  Database by VE & NVCA
2000 IPOs Edge Out 1999 Record Levels Despite a Bouncy Road Source: VentureXpert ™  Database by VE & NVCA
Acquisitions are an Increasingly Important Exit Strategy Source: VentureXpert ™  Database by VE & NVCA
Why Invest If You Can’t Find the Exit Door? Source: VentureXpert ™  Database by VE & NVCA IPO Markets are Dormant
These are Increasingly Important Acquisition Markets Have Slowed Down Too <ul><li>The “currency” of the average NASDAQ com...
Average Early and Seed Stage Round Sizes Have Crested Source: VentureXpert ™  Database by VE & NVCA
Venture Capitalists Continue to Fund Early and Seed Stage Companies – Future Pipeline Source: VentureXpert ™  Database by ...
First Venture Rounds into Internet-Related Companies Continue Source: VentureXpert ™  Database by VE & NVCA Although at a ...
Scaling the Industry:   Growth in VC Principals Has Not Kept Up With Growing Fund Sizes Source: VentureXpert ™  Database b...
Venture Principals are Busier than Ever! Source: VentureXpert™ Database by VE & NVCA
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (quarterly returns) Source: Ve...
US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (quarterly returns) Source: Ve...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds  Formed 1969-2000 (qua...
Five Year Performance Trends US Venture vs Buyouts Source: Venture Economics
US Private Equity Performance Benchmarks US Limited Partnerships Formed 1969-1999 Investment Horizon Returns Net to Invest...
US Limited Partnerships Formed 1969-2000 Investment Horizon Returns Net to Investors  as of 12/31/2000 Source: Venture Eco...
Companies Receiving First Venture Round (Series A)  During Last Downturn (1/1990-6/1992) <ul><li>Artisoft </li></ul><ul><l...
<ul><li>Our Mission & Focus </li></ul><ul><li>Past Business and Venture Cycles </li></ul><ul><li>Current Scene: Trends in ...
Current Scene: B2B = Back to Basics <ul><li>The Laws of Gravity Were Never Repealed </li></ul><ul><li>Entrepreneurs need t...
Entrepreneurs: Building Your Company <ul><li>Need an “A” Team – “3K” experience </li></ul><ul><li>Serious Technology – sus...
Our Message to Entrepreneurs:  –  Selecting Your Financial Partners <ul><li>Seek  True  Value Added – “Blue” Money </li></...
Entrepreneurs’ Funding: Many Options <ul><li>Your Personal Funds </li></ul><ul><li>“ 3F” –  Friends, Family, and Fools </l...
<ul><li>Our Mission & Focus </li></ul><ul><li>Past Business and Venture Cycles </li></ul><ul><li>Current Scene: Trends in ...
Future Outlook: After the Shakeout <ul><li>The superficial VC gamblers are dying or dead. </li></ul><ul><li>A line of bull...
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Ken Morse Nextgen Vcs

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Presentation on the Next Generation of VCs by Prof Ken Morse of the MIT Sloan School

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  • We picked these topics based on feedback from current and past students. Market sizing is critical to E-Lab companies b/c product applications are generally new and misunderstood. Lack of data. Product definition b/c we are frequently creating a new product category. And pricing issues are always complex. We picked these topics based on feedback from current and past students. Market sizing is critical to E-Lab companies b/c product applications are generally new and misunderstood. Lack of data. Product definition b/c we are frequently creating a new product category. And pricing issues are always complex. We picked these topics based on feedback from current and past students. Market sizing is critical to E-Lab companies b/c product applications are generally new and misunderstood. Lack of data. Product definition b/c we are frequently creating a new product category. And pricing issues are always complex.
  • Ken Morse Nextgen Vcs

    1. 1. “ NextGen VCs – After the Storm” PolyTechnos Venture-Partners GmbH Third Annual Meeting “CEO Day” Berlin 06 November 2001 Kenneth P. Morse, Senior Lecturer and Managing Director MIT Entrepreneurship Center
    2. 2. Desired Outcomes of this Presentation <ul><li>Provide a basis for a stimulating discussion </li></ul><ul><li>Respond to your questions </li></ul><ul><li>End on time, so we can enjoy our luncheon (and networking). </li></ul>I want to express special thanks to Jesse Reyes, Venture Economics and John Taylor, NVCA for their permission to use their excellent data, analysis, and presentations from VentureXpert ™, the Venture Capital Institute, and the DRI-WEFA study which were just released in the USA.
    3. 3. <ul><li>Our Mission & Focus </li></ul><ul><li>Past Business and Venture Cycles </li></ul><ul><li>Current Scene: Trends in Start-ups and VC </li></ul><ul><li>Future Outlook </li></ul>Proposed Outline
    4. 4. MIT Entrepreneurship Center Mission To train and develop leaders who will make high tech ventures successful MIT President Charles M. Vest, July 1996 “ I want you to be the premier global center for entrepreneurship, and to be recognized as such.” “ We must not only be the best. We must also serve as a model for others and ensure that, together, we all make a significant global impact in this vital field.”
    5. 5. Why Focus on High Tech? <ul><li>Continuous creation of new, technology-based enterprises enables great leaps forward. </li></ul><ul><li>Rising living standards underpin democracy. </li></ul><ul><li>At MIT, we believe our distinctive competence is forging innovations in Science, Engineering, & Management to achieve revolutions, not evolution. </li></ul>
    6. 6. To Compete Successfully… <ul><li>University of Cambridge (UK) </li></ul><ul><ul><li>The Cambridge Network </li></ul></ul><ul><ul><li>CEC </li></ul></ul><ul><li>Ireland (3 universities) </li></ul><ul><li>Taiwan (3 universities) </li></ul><ul><li>Germany? </li></ul>“ MIT startups must attack global markets.” To teach global high tech entrepreneurship effectively, we need a network of partners:
    7. 7. <ul><li>Our Mission & Focus </li></ul><ul><li>Past Business and Venture Cycles </li></ul><ul><li>Current Scene: Trends in Start-ups and VC </li></ul><ul><li>Future Outlook </li></ul>Proposed Outline
    8. 8. The Inevitable Business Cycle “ In times of great commercial prosperity there has been a tendency [toward] over-speculation on several occasions. The success of one project generally produces others of a similar kind. Popular imitativeness will … drag a community too anxious for profits into an abyss …” - Charles Mackay, 1841
    9. 9. The Impact of US Venture Capital <ul><li>Venture firms now account for: </li></ul><ul><ul><li>7.9 million employees </li></ul></ul><ul><ul><li>Annual revenues of $1.56 trillion, </li></ul></ul><ul><li>These figures represent: </li></ul><ul><ul><li>6.1% of US payroll </li></ul></ul><ul><ul><li>14.0% of US GDP </li></ul></ul><ul><ul><li>7.9% of US company revenue. </li></ul></ul>DRI-WEFA Study – Commissioned by NVCA: Source: DRI-WEFA (analysis as of 8/2001)
    10. 10. Key Findings - Preliminary <ul><li>For every dollar invested in 1970-1999, there was $9 in revenue during 2000 </li></ul><ul><li>For every $21,627 of venture capital investment in 1970-1999, there was one more job in the year 2000 </li></ul><ul><li>Not bad for an industry which was: </li></ul><ul><ul><li><1.0% in 1970-1995 </li></ul></ul><ul><ul><li>2.1% in past 5 years </li></ul></ul>Source: DRI-WEFA (analysis as of 8/2001)
    11. 11. The VC Industry has Grown Dramatically in the Past Few Years Source: VentureXpert ™ Database by VE & NVCA
    12. 12. Venture Capital Fundraising Continues at a Strong Pace Source: VentureXpert ™ Database by VE & NVCA This does not include money available for investment by Corporate Venture groups.
    13. 13. The US Venture Industry Has Grown Source: 2000 NVCA Yearbook
    14. 14. How Big is Big in a Venture Fund? Have VCs Abandoned Seed? <ul><li>2000 Funds by Size: $0-$25M 100 $25.1M-50M 80 $50.1M-$250M 213 $250.1M+ 106 </li></ul>Source: VentureXpert™ Database by VE & NVCA
    15. 15. Corporate Venture Capital Groups Have Become Very Involved Source: VentureXpert ™ Database by VE & NVCA
    16. 16. Corporate VC Groups are Involved in more than ¼ of all Deals Source: VentureXpert ™ Database by VE & NVCA
    17. 17. Recent Quarters Portend a Return to Traditional Activity Levels Source: VentureXpert ™ Database by VE & NVCA
    18. 18. 2000 IPOs Edge Out 1999 Record Levels Despite a Bouncy Road Source: VentureXpert ™ Database by VE & NVCA
    19. 19. Acquisitions are an Increasingly Important Exit Strategy Source: VentureXpert ™ Database by VE & NVCA
    20. 20. Why Invest If You Can’t Find the Exit Door? Source: VentureXpert ™ Database by VE & NVCA IPO Markets are Dormant
    21. 21. These are Increasingly Important Acquisition Markets Have Slowed Down Too <ul><li>The “currency” of the average NASDAQ company has lost 50.4% in the past year. </li></ul><ul><li>Most acquirers of venture backed companies are publicly-traded high technology companies (often themselves venture backed). </li></ul>
    22. 22. Average Early and Seed Stage Round Sizes Have Crested Source: VentureXpert ™ Database by VE & NVCA
    23. 23. Venture Capitalists Continue to Fund Early and Seed Stage Companies – Future Pipeline Source: VentureXpert ™ Database by VE & NVCA
    24. 24. First Venture Rounds into Internet-Related Companies Continue Source: VentureXpert ™ Database by VE & NVCA Although at a Much-Reduced Level from 2000
    25. 25. Scaling the Industry: Growth in VC Principals Has Not Kept Up With Growing Fund Sizes Source: VentureXpert ™ Database by VE & NVCA
    26. 26. Venture Principals are Busier than Ever! Source: VentureXpert™ Database by VE & NVCA
    27. 27. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    28. 28. US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns) Source: Venture Economics
    29. 29. US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns) Source: Venture Economics
    30. 30. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    31. 31. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    32. 32. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    33. 33. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    34. 34. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    35. 35. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    36. 36. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    37. 37. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    38. 38. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    39. 39. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    40. 40. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    41. 41. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    42. 42. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    43. 43. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    44. 44. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    45. 45. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    46. 46. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    47. 47. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    48. 48. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    49. 49. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    50. 50. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    51. 51. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    52. 52. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    53. 53. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    54. 54. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    55. 55. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    56. 56. Source: Venture Economics US Venture Capital Partnership Returns Versus Public Market Returns Funds Formed 1969-2000 (quarterly returns)
    57. 57. Five Year Performance Trends US Venture vs Buyouts Source: Venture Economics
    58. 58. US Private Equity Performance Benchmarks US Limited Partnerships Formed 1969-1999 Investment Horizon Returns Net to Investors as of 9/30/2000 Source: Venture Economics
    59. 59. US Limited Partnerships Formed 1969-2000 Investment Horizon Returns Net to Investors as of 12/31/2000 Source: Venture Economics
    60. 60. Companies Receiving First Venture Round (Series A) During Last Downturn (1/1990-6/1992) <ul><li>Artisoft </li></ul><ul><li>Starbucks </li></ul><ul><li>Intuit (FKA ChipSoft) </li></ul><ul><li>McAfee </li></ul><ul><li>Xpedite </li></ul><ul><li>Palm Computing </li></ul><ul><li>Cutter & Buck </li></ul><ul><li>RF Micro Devices </li></ul><ul><li>eFax.com </li></ul><ul><li>Shiva Corporation </li></ul><ul><li>Wind River Systems </li></ul><ul><li>FTP Software </li></ul><ul><li>CheckFree </li></ul><ul><li>SPSS </li></ul>
    61. 61. <ul><li>Our Mission & Focus </li></ul><ul><li>Past Business and Venture Cycles </li></ul><ul><li>Current Scene: Trends in Start-ups and VC </li></ul><ul><li>Future Outlook </li></ul>Proposed Outline
    62. 62. Current Scene: B2B = Back to Basics <ul><li>The Laws of Gravity Were Never Repealed </li></ul><ul><li>Entrepreneurs need to have outstanding: </li></ul><ul><ul><li>Team </li></ul></ul><ul><ul><li>Technology </li></ul></ul><ul><ul><li>Value Proposition </li></ul></ul><ul><ul><li>Market </li></ul></ul><ul><ul><li>Customers </li></ul></ul><ul><li>Applies to VCs as well… </li></ul>
    63. 63. Entrepreneurs: Building Your Company <ul><li>Need an “A” Team – “3K” experience </li></ul><ul><li>Serious Technology – sustainable advantage </li></ul><ul><ul><li>Solve an important, valuable problem… </li></ul></ul><ul><ul><li>For clients who have money … </li></ul></ul><ul><ul><li>Who want to pay well… </li></ul></ul><ul><ul><li>With a short sales cycle… </li></ul></ul><ul><ul><li>And will buy more, soon … </li></ul></ul>YOUR VALUE PROPOSITION MUST BE COMPELLING, QUANTIFIABLE, PROVEABLE, REFERENCEABLE, AND EASILY EXPLAINABLE…
    64. 64. Our Message to Entrepreneurs: – Selecting Your Financial Partners <ul><li>Seek True Value Added – “Blue” Money </li></ul><ul><ul><ul><li>Operating Experience </li></ul></ul></ul><ul><ul><ul><li>Rolodex/Network </li></ul></ul></ul><ul><ul><ul><li>Awesome Portfolio (in your space) </li></ul></ul></ul><ul><ul><ul><li>Cool Limiteds (in your space) </li></ul></ul></ul><ul><ul><ul><li>Deep pockets / courage to stay the course </li></ul></ul></ul><ul><li>Keep Realistic Expectations </li></ul><ul><ul><ul><li>Time to Market </li></ul></ul></ul><ul><ul><ul><li>Revenue growth </li></ul></ul></ul><ul><ul><ul><li>Valuations </li></ul></ul></ul>
    65. 65. Entrepreneurs’ Funding: Many Options <ul><li>Your Personal Funds </li></ul><ul><li>“ 3F” – Friends, Family, and Fools </li></ul><ul><li>Personal Credit Cards and Other Borrowings </li></ul><ul><li>Business Angels </li></ul><ul><li>Venture Capital </li></ul><ul><li>Corporate Direct Investment </li></ul><ul><li>Venture Leasing </li></ul><ul><li>Mezzanine Financing </li></ul><ul><li>Merger and Acquisition </li></ul><ul><li>Initial Public Offering </li></ul><ul><li>Secondary/Follow-on Public Offering </li></ul><ul><li>Private Placements – Debt & Equity </li></ul><ul><li>Buyout/Acquisition Financing </li></ul><ul><li>Corporate Debt </li></ul>
    66. 66. <ul><li>Our Mission & Focus </li></ul><ul><li>Past Business and Venture Cycles </li></ul><ul><li>Current Scene: Trends in Start-ups and VC </li></ul><ul><li>Future Outlook </li></ul>Proposed Outline
    67. 67. Future Outlook: After the Shakeout <ul><li>The superficial VC gamblers are dying or dead. </li></ul><ul><li>A line of bull + .ppt is no longer enough. DAD >> MBBB </li></ul><ul><li>The number of MIT spin-offs and $50K teams have not decreased significantly. </li></ul><ul><li>Serious entrepreneurs, angels, and VCs are quietly and carefully moving forward. </li></ul><ul><li>This is a great time to be starting a company: </li></ul><ul><li>Expectations and time horizons are realistic. </li></ul><ul><li>Recruiting top talent is easier. </li></ul><ul><li>Office space is available, at more reasonable prices. </li></ul>
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