Categorized | venture capital

Prof. Mark Cannice on venture capital prospects

Prof. Mark Cannice of UCSF
He’s the genius behind the Silicon Valley Venture Capitalist Confidence Index.

Professor Mark Cannice, the director of the University of San Francisco’s Entrepreneurship program, is probably well-known to you as the founder and primary researcher behind the quarterly Silicon Valley Venture Capitalist Confidence Index (if, that is, you read rags like the Wall Street Journal or Financial Times). If you missed it Friday morning, he was a featured guest on Jim Blasingame’s nationally syndicated show, The Small Business Advocate. If you see any possibility of venture capital in your future, you should already be familiar with Prof. Cannice’s index since it gets so much air-time every time it’s released. More valuable still, you can hear his thoughts on the current outlook for venture capital from last Friday’s show.

The confidence index is one of the best summaries of how partners and consultants at the ground zero of growth industry investment are thinking, and the third quarter report was just released last week. I’ve been reading this index for about five years now and, to my mind, the most important “indicator,” the one that tracks investment and fundraising very closely, is the attitude towards exit opportunities.

Money quote from the report:

Deepak Kamra of Canaan Partners confirmed “The exit environment has improved for both IPO’s and M&A’s and the performance of our portfolio companies is steadily improving.” An anonymous respondent also noted the “IPO market seems to be thawing and the M&A deals on early stage by Medtech acquirers has gained momentum.” And Jeb Miller of JAFCO Venture confirmed “…the exit environment is showing signs of promise.” This sentiment is consistent with the reality of liquidity events which – while still quite modest, especially the IPO market – does at least now exist with eight venture-backed IPOs in the last two quarters – more than for the entirety of 2008 but far below historical averages.

As Prof. Cannice says in the interview, when a venture capitalist puts money into a business, they are investing in a “product” which they hope to “sell” some day, so the opening of that market is a key to the investment climate.

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  1. [...] just click the graphic above and you can either stream it or download. And if you haven’t yet clicked the link to hear Mark Cannice on venture capitalist attitudes, the segment that immediately followed mine, then do [...]


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