As a researcher-turned-investor, I've seen this first hand. Forming spinouts back then was discouraged, miring colleagues in bureaucracy that undermined their work. Today, startups are still not rewarded in our academic culture; worse, founders are considered problem children.
The process of spinning out a company from one's academic work is so painful and economically punitive peers ditched their entrepreneurial ambitions entirely. Some hack around official routes to become “sneak outs” while others depart for more entrepreneur-friendly universities.
- VC funds investing through the GFC were some of the best for vintages 2000-2019 by TVPI, esp 2008 vintage
- M&As likely delayed by 2 years from now
- Valuation cuts by 30% sets pricing to 2017 levels
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Communication is key across the board: LPs-GPs-startups
Some LPs starting to look at opportunistically at selling non-core, unfunded commitments
HNW/FOs proactively seeking liquidity
GPs: if you engage in secondary position processes with new LPs, be careful what you share to avoid folks who express interest for the sake of data hoovering.