The Changing Face of Early Stage Investing

By: Yael Hochberg, Landmark Fellow (The Jesse H. Jones Graduate School of Business, Rice University)

The last five years have seen expansive changes in the early stage investing landscape, particularly in software. These changes have been driven by fundamental changes in the nature of startup companies and how they are built, the adoption of internet and mobile on a global scale, and the movement to cloud-based infrastructure. In this white paper, we discuss these catalysts and the changes they have wrought on the early stage investment landscape in general and on the venture capital (“VC”) industry more particularly. These changes have led to a bifurcation of the VC industry into two major segments. Each of these segments will likely hold appeal for a different set of investors.

The above is a brief synopsis of the white paper referenced in the title. It is not itself a complete record of that paper and cannot be relied upon in isolation. A copy of the full white paper is available upon request.

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