About Paul Kedrosky
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| Dr. Kedrosky is currently the Executive Director of the William J. von Liebig Center in San Diego, California. Using an innovative seed capital program, the Center catalyzes the commercialization of technologies from the internationally-ranked University of California, San Diego. Dr. Kedrosky is also a venture investor with Ventures West, Canada's largest institutional venture capital firm, where he is most active in consumer technologies and software. He is currently on the board of Marqui Corporation, a marketing automation software company. |
Recent Article:
Entrepreneurship and the Money Myth
- For more on Paul Kedrosky visit paul.kedrosky.com
There are many myths in the venture business -- I alluded previously to the myth of U.S. VC value add -- but I was reminded of another one today. The myth? That access to money matters.
Here is some drive-by proof, with the Milken Institute having just released its 2006 capital access index figures. The top ten (with 2005 ranking in parenthesis) as follows:
1. Hong Kong (2)
2. Singapore (3)
3. United Kingdom (1)
4. Canada (10)
5. United States (4)
6. Australia (7)
7. Switzerland (12)
8. Netherlands (13)
9. Ireland (10)
10. Sweden (5)
Match this up across these countries with entrepreneurial activity, successful exits, and dominant startups, and you quickly discover pretty much zip correlation, at least in tech, life sciences, etc. Put differently, capital access is, for practical purposes, a wash across developed countries, so the factors underlying entrepreneurial success must be found elsewhere, like risk-taking, clusters, talent, etc.
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