What's Wrong with Venture Capital?

摘要

In the summer of 1996, Silicon Valley venture capitalists put a few million dollars into a telecom-equipment startup called Juniper Networks. Three years later, after a few more rounds of funding and the release of its first product, Juniper enjoyed an initial public offering of shares, or IPO. At the end of its first day of trading, it was worth nearlyrn$5 billion, and within nine months, itwas worth almost 10 times that. The original venture investors, meanwhile, were able to walk away with profits of better than 10,000 percent.