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Print Edition StoriesWednesday, December 2, 2009
By the numbers: Angel investing, VC backing, and VC board seats
By Mass High Tech staff
MHT's Galen Moore: Honoring innovation in New England
Companies born in the recession
MHT's Efrain Viscarolasaga: Tech companies may have to wait for stimulus funds
Angel investing: Dollars down, deals up
The Center for Venture Research at the University of New Hampshire says that 24,500 entrepreneurial ventures received angel funds in the first six months of 2009, but that they shared a shrinking pool of funds
27% The drop in angel investment dollars in the first half of 2009 versus the first half of 2008
6% The increase in the number of ventures getting angel funds in the first six months of 2009
19% The drop in the number of investments in seed and startup investments
58% The increase in number of investments in post-seed/startup ventures
Source: The Center for Venture Research at the University of New Hampshire
The road back
After tanking in late 2008 and early 2009, venture capital investment has edged higher in each of the past two quarters in New England and nationwide
| Q1 08 | Q2 08 | Q3 08 | Q4 08 | Q1 09 | Q2 09 | Q3 09 | |
| New England deals | 121 | 128 | 119 | 109 | 73 | 79 | 86 |
| New England value | $856M | $804M | $853M | $798M | $437M | $487M | $558M |
| U.S. total deals | 1,015 | 1,067 | 994 | 904 | 616 | 657 | 1,910 |
| U.S. total value | $7.65B | $7.44B | $7.16B | $5.70B | $3.32B | $4.12B | $4.81B |
Source: PricewaterhouseCoopers/National Venture Capital Association
Most VCs hold 3 to 5 board seats
While some VCs sit on eight or more boards, 55 percent serve on three, four or five boards
Seats per partner:
One 5%
Two 15%
Three 16%
Four 21%
Five 18%
Six or more 25%
Difference of opinion
VCs and CEOs differ in their views on the ideal number of board seats for VCs (averages)
Early stage companies
VCs — 4.6
CEOs — 3.8
Later-stage companies
VCs — 5.4
CEOs — 4.2
Source: Dow Jones VentureSource and National Venture Capital Association
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