Kate Mitchell discusses venture capital's role in the US economy and how it's changing. She covers the rise of angel investors and crowdfunding as new sources of capital reshaping the industry.
You know, the good news about venture is it's a small amount of capital, it's less than. It's 0.2% of the assets invested in the markets. And venture backed companies generate 21% of GDP and 60 million private sector jobs. I mean it gives you a sense of the kind of impact that comes out of this kind of innovation going forward on the US economy and why so many other parts of the world are looking to emulate what we do here. But we are shrinking. We are down almost 80% the venture industry itself, and that's the one I'm most familiar with by the way. Not the only place to get capital. We'll talk about that in a second. But we're down 80% from the peak in 2000 when we raised when Maurie and I created our first fund scale venture Partners. So a big. When I show these slides that talk about this run up in capital up to 2000 and then it drops off. I always say venture capitalists, we like exits, we just don't like it when it's our own. And that's true. But it's the tree that need to be pruned, it's the diet we need to go on. It's actually very healthy, not just for us, but for you. Because what happened when there was too much capital is we formed too many companies. You competed on price, it was a mess. You talked to entrepreneurs at that point, they didn't just have 10, 20, 50 competitors. I think it was real estate, B2B. At the peak there were hundreds of companies formed. How are you going to succeed and stand out? They're really just, there isn't an opportunity. So I think it's really healthy. And the other thing that I also think is healthy is again more innovation around the different types of capital that's available. And that was part of what we did with the JOBS act in particular Angels, which really to me is back to the future. Because a lot of venture firms, if you've seen something ventured, if you haven't seen the movie, you should and somebody on campus should, should show that if you have it, it's just fabulous. But it really gives you the arc. And a lot of those firms are about the same size as a lot of Angels are today. So I see that as back to the future angels are experienced and I think really helpful to folks early on for modest amounts of capital and that whole ecosystem is healthy and alive. And also crowdfunding. We'll talk more about that. That's obviously still in the process. Of making its way through the sec, but there are various ways to get capital. And by the way, not every successful company necessarily needs to be vent her back.
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