- Hardcover: 608 pages
- Publisher: MIT Press; 2nd Revised edition edition (3 Dec 2004)
- Language English
- ISBN-10: 0262072556
- ISBN-13: 978-0262072557
- Product Dimensions: 23.1 x 17.8 x 4.6 cm
- Average Customer Review: 5.0 out of 5 stars See all reviews (1 customer review)
- Amazon Bestsellers Rank: 1,395,804 in Books (See Top 100 in Books)
The Venture Capital Cycle
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Review
"Praise for the first edition""Insightful and well documented--excellent reading for veterans as well as anyone exploring this fascinating and challenging 'industry' for the first time."--Peter O. Crisp, Founding and Former Managing Partner, Venrock Associates
Review
"Gompers and Lerner bring cutting-edge theory to bear on venture capital practice. The second edition of The Venture Capital Cycle belongs on the bookshelf of academics and practitioners alike." Ronald J. Gilson, Meyers Professor of Law and Business, Stanford Law School, and Stern Professor of Law and Business, Columbia Law School "A valuable set of perspectives on financial systems in transition economies from many of the leading scholars in finance."--Andrei Shleifer, Professor of Economics, Harvard University Praise for the first edition "Insightful and well documented--excellent reading for veterans as well as anyone exploring this fascinating and challenging 'industry' for the first time. Peter O. Crisp, Founding and Former Managing Partner, Venrock Associates Praise for the first edition: "Insightful and well documentedexcellent reading for veterans as well as anyone exploring this fascinating and challenging 'industry' for the first time." Peter O. Crisp , Founding and Former Managing Partner, Venrock Associates "*The Venture Capital Cycle* provides an accurate, comprehensive, and insightful description of the economics and business of venture capital. This second edition is essential reading for entrepreneurs, venture capitalists, policymakers, and academics interested in the economics of venture capital and innovation."--Steven N. Kaplan, Neubauer Family Professor of Entrepreneurship and Finance, University of Chicago Graduate School of Business "Gompers and Lerner bring cutting-edge theory to bear on venture capital practice. The second edition of *The Venture Capital Cycle* belongs on the bookshelf of academics and practitioners alike."--Ronald J. Gilson, Meyers Professor of Law and Business, Stanford Law School, and Stern Professor of Law and Business, Columbia Law School
--This text refers to the
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Customer Reviews
Most Helpful Customer Reviews
8 of 9 people found the following review helpful
Format:Hardcover
Through detailed statistical analysis the dynamics surrounding the VC world's objective and strategy setting decisions are uncovered and proven. Although this book is suitable for Post Grad level students of finance, Gomper and Lerner also manage to explain and set out the book so that any person with an interest in this subject can gain equally invaluable knowledge, regarding what VCs are driven by and what effects they can have on a company. Through the understanding you gain from reading The Venture Capital Cycle, you will find yourself in a stronger position when dealing with VCs.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
16 reviews
26 of 27 people found the following review helpful
Valuable and clear info for both sides of the vc process
31 Oct 2002
Format:Hardcover
We used this book in an MBA course on Venture Capital here at the University of Michigan b-school. I think this is an excellent book.
First, do NOT expect to be a book full of venture capital anecdotes. While that is always intersting, this book is a serious treatment of what the venture capital business is about: how funds are raised, how venture capitalists arrange deals to ensure adequate compensation for their risk, how investments are staged, how the investments are managed, exit strategies and methods, and more.
This is a lot to cover in a book of approximately 350 pages, but it is all covered very well. The writing is quite clear and readable. Though this is not a book for the general reader, it is not difficult to read if you have some background understanding of business theory and a touch of finance.
What is so helpful about reading this book is that people seeking venture capital will understand more about why things are structured they way they are. It isn't just arbitrary greed and control. It is a business deal that requires an expected positive return - you know - making money (which does concern self-interest (greed) and structure (control) - but with slightly more reasoning).
While people seeking to make venture investments will immediately understand why they need something like this book and a whole lot more, I believe it is essential for people seeking investment money to also have a significant understanding of this process. Why? Because the venture capitalists understand this process completely and the people seeking investments usually don't do enough of these deals to really know what is going on. And if they are too blind they will be sheared like sheep. They need to understand all the interests involved so they can argue on their own behalf and make the deal as favorable as they can.
In any case, while this isn't the only book you should read on the subject it is certainly a good one. It is of manageable length with a great deal of clear and helpful information. I find this topic fascinating.
32 of 35 people found the following review helpful
Not a practical book for VCs
9 July 2000
Format:Hardcover
The authors are two Harvard b-school academics who carried out a rigorous, disciplined, statistical analysis of a venture capital deal database. Their research identified a variety of patterns -- some of them interesting, others predictable.
Frankly, the conclusions could've been handily summarized in a SHORT article written for the Harvard Business Review. Therefore, I recommend that VC practitioners skim each chapter's conclusions, and skip over the rest.
Only if you love the blow-by-blow minutiae of academic statistical analysis, would you feel impelled to slog through the book's dry, methodical expositions of hypotheses, statistical procedures, and summary tables.
Besides, a substantial portion of the book betrays an academic's fascination with why VCs do things the way they do, rather than with identifying profitable new alternatives. All in all, not a practical book for VCs.
10 of 11 people found the following review helpful
Excellent & Intellectual
31 July 2001
Format:Hardcover
Loved the book. It won't appeal to someone not accustomed to reading academic work, but is thoroughly informative. They've really gone the extra mile to bring to you detailed information about this secretive industry. They leave no stone unturned. I also appreciated the non-judgemental approach. They explore all reasonable hypothesis of each question or topic - and back up their conclusions with real analysis. This is not a book of some opinionated gurus telling you thoughts off-the-cuff. Everything is substatiated.
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