News - Lawmaking and Venture Capital
Lawmaking and Venture Capital
"How the challenges are viewed by partners at Kleiner Perkins, Benchmark, and Redpoint.
Geoff Yang: (Mr. Yang is a founding partner of Redpoint Ventures.) Let's open it up to any questions in the audience.
Audience question: Joe, California just passed Prop 71 which is going to put $3 billion into stem cell, obviously earlier stage. Can you talk about how you see that evolving and the role that venture capital might play in that down the road?
Joe Lacob: (Mr. Lacob is a partner with Kleiner Perkins Caufield & Byers.) Well, it is obviously an enormous amount of money to go into a field that has frankly enormous potential. And it is early. There have been stem cell investments by venture capitalists. I did my first stem cell investment, if you want to call it that—now you have to be careful what you call a stem cell investment—in 1988, and it was pretty successful. It happened to be a device for selecting stem cells for bone marrow transplant patients, and it went public and did very well.
But generally speaking, we're just learning a lot in that field. So the fact that the government led by our fearless leader here has elected not to back that area, essentially…very little dollars are going into it. The people of the state of California, I can't tell you how much I applaud for making the decision they did, because it is a great thing to do for society and will lead to great drugs hopefully and treatments and cures for diseases. That's a lot of money. You can make a lot of impact, and good things will happen from this. A lot of smart are people involved.
It also is going to lead to tremendous creation, over time, perhaps not today, of companies that will evolve from the technologies that can be licensed out from the universities and institutes where this work is going to be funded. It's not ready for prime time; you may see a few dribble out here and there. We don't have any investments in stem cells. I supported that initiative financially; it's a matter of public record. I'm incredibly proud of that effort and of the people of California for voting it because it's going to have an enormous impact.
And California, here we are first to put an enormous amount of resources behind this. As a result, we are going to have an influx of companies over time in this state that will be unbelievable. It's going to create jobs, it's going to create opportunities, and you will see some tremendous things happen from it. I'm very, very optimistic."
Read more here.
"How the challenges are viewed by partners at Kleiner Perkins, Benchmark, and Redpoint.
Geoff Yang: (Mr. Yang is a founding partner of Redpoint Ventures.) Let's open it up to any questions in the audience.
Audience question: Joe, California just passed Prop 71 which is going to put $3 billion into stem cell, obviously earlier stage. Can you talk about how you see that evolving and the role that venture capital might play in that down the road?
Joe Lacob: (Mr. Lacob is a partner with Kleiner Perkins Caufield & Byers.) Well, it is obviously an enormous amount of money to go into a field that has frankly enormous potential. And it is early. There have been stem cell investments by venture capitalists. I did my first stem cell investment, if you want to call it that—now you have to be careful what you call a stem cell investment—in 1988, and it was pretty successful. It happened to be a device for selecting stem cells for bone marrow transplant patients, and it went public and did very well.
But generally speaking, we're just learning a lot in that field. So the fact that the government led by our fearless leader here has elected not to back that area, essentially…very little dollars are going into it. The people of the state of California, I can't tell you how much I applaud for making the decision they did, because it is a great thing to do for society and will lead to great drugs hopefully and treatments and cures for diseases. That's a lot of money. You can make a lot of impact, and good things will happen from this. A lot of smart are people involved.
It also is going to lead to tremendous creation, over time, perhaps not today, of companies that will evolve from the technologies that can be licensed out from the universities and institutes where this work is going to be funded. It's not ready for prime time; you may see a few dribble out here and there. We don't have any investments in stem cells. I supported that initiative financially; it's a matter of public record. I'm incredibly proud of that effort and of the people of California for voting it because it's going to have an enormous impact.
And California, here we are first to put an enormous amount of resources behind this. As a result, we are going to have an influx of companies over time in this state that will be unbelievable. It's going to create jobs, it's going to create opportunities, and you will see some tremendous things happen from it. I'm very, very optimistic."
Read more here.
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