The Venture Capital Deformation Value Destruction throughout the Inv
In spite of the robust development of venture capital that has occurred over the last three decades, returns from venture capital have been declining. This book focuses on a simple question: why? The answer lies in the context of multiple deformations tha
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THE V E N T U R E C A P I TA L D E F O R M AT I O N VALUE DESTRUCTION THROUGHOUT THE INVESTMENT PROCESS
The Venture Capital Deformation
Darek Klonowski
The Venture Capital Deformation Value Destruction throughout the Investment Process
Darek Klonowski Brandon University Brandon, Manitoba, Canada
ISBN 978-3-319-70322-0 ISBN 978-3-319-70323-7 (eBook) https://doi.org/10.1007/978-3-319-70323-7 Library of Congress Control Number: 2017957865 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover image © Dina Belenko / Alamy Stock Photo Cover design by Jenny Vong Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Thanks be to God
Preface
In spite of the robust development of venture capital that has occurred over the last three decades (as measured by the amounts of fundraising and investing), returns from venture capital have been declining. This book focuses on a simple question: why? The answer lies in the context of multiple deformations that have occurred throughout the venture capital process. This process, comprised of six specific phases (fund formation, deal generation, screening and evaluation, and deal completion, monitoring, and exiting), serves as a canvas for our analysis. In short, value destruction in venture capital occurs throughout these phases. This unique perspective permits us to delineate in which phase of the process financial returns are compromised. Deformations in venture capital occur at two broad levels. Firstly, venture capital deformations and value destruction occur as a result of the interactions between venture capital firms (commonly known as general partners, or G
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