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Venture Capital Human Capital Report (Part 1)

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					                                                            Venture Capital Human Capital Report | Jan – June 2010

Jan to June 2010 – Venture Capital Activity Report (Part 1)

TABLE OF CONTENTS

RATIONALE FOR THIS REPORT                                                       2

DATA SET, DEFINITIONS AND METHODOLOGY                                           3

DEMOGRAPHICS
1    RACE                                                                         4

2    AGE & EXPERIENCE                                                           13

3    NUMBER OF FOUNDERS                                                         20



ABOUT CB INSIGHTS                                                               27

PART 2 PREVIEW                                                                  29




© 2010, CB Insights. All rights reserved. If any questions about CB Insights, please email info@cbinsights.com. .

www.cbinsights.com
 2                                        Venture Capital Human Capital Report | Jan – June 2010


Rationale for this Report
Why measuring the Human Capital behind Venture Capital is important

Venture capital is a critical lever in the United States to spur innovation, entrepreneurship and
economic growth. As a result, there is understandably a significant amount of attention to and
celebration of deals and dollars of funding. There are quarterly recaps of aggregate deal and dollar
data and trends which receive a considerable amount of attention. In fact, we publish the first report
every quarter with these results.

But when we ask venture capitalists what gets them excited about the young, emerging, and often
unproven companies in which they invest, we never hear about deals and dollars. Rather, the first
answer is frequently “the team” or “the founders”. This demonstrates just how crucial human capital
is in VC investment decision-making.

Despite the importance of people in the venture capital equation, there is a dearth of data-driven
insight and information about the entrepreneurs behind these companies. That was the impetus for
this report.

In this first-ever CB Insights Venture Capital Human Capital Report, we are applying the same rigor
we apply to our quarterly tally of deals and dollars to provide an objective, data-driven perspective
into the people dimension behind the deals and dollars we so often read about.

This is Part 1 of the Venture Capital Human Capital report. It looks at three characteristics related
to founders of venture-backed companies, specifically: race, age & experience and the number of
founders per company.

Part 2 of the report will look at the gender and educational background/pedigree of founders.

We think you’ll find part 1 of our look at Venture Capital Human Capital interesting, enlightening, and
a catalyst for conversation and maybe even some spirited debate. If you have any questions,
comments, ideas or if we can assist in any way, please be in touch..

Best,
The CB Insights team
http://www.cbinsights.com

info@cbinsights.com
Twitter @cbinsights




www.cbinsights.com
3                                         Venture Capital Human Capital Report | Jan – June 2010


Data Set, Definitions & Methodology
How we compiled the Human Capital Venture Capital Report


Sample – This report focuses on the founders of private, early-stage internet companies that raised
their first round of institutional venture capital funding in the first six months of 2010. These were
Seed or Series A investments as compiled and contained in the CB Insights database.


Data Availability – CB Insights tracked 185 Seed VC and Series A investments in internet
companies in the first half of 2010. We also have profiles containing biographies on founders of
companies on CB Insights. Because of varying levels of data availability on founders, this report
contains CB Insights’ data on 165 of those companies and their respective founders.


Ethnic/Racial Composition – Our determination of race and ethnicity of founders is driven
algorithmically by data CB Insights has created on last names which leverages US Census Data in
addition to several other sources. In cases where ethnicity or race was not conclusively provided
by our algorithm, we employed human tagging. In cases where we discuss ethnicity, these
statistics reflect the Founders’ ethnicities and not the country they were born in.

The terms South Asian and East or Southeast Asian are used in the report. For clarity, South Asia
is comprised of India, Pakistan, Bangladesh, Nepal, Bhutan, Maldives and Sri Lanka.
East/Southeast Asia is comprised of Myanmar, Cambodia, Laos, Thailand, Vietnam, Malaysia,
Indonesia, Brunei, Philippines, China, Japan, North Korea, South Korea, Taiwan, Mongolia, Macau,
and Hong Kong.


Gender Composition – Our determination of gender is driven algorithmically by data CB Insights
has created. In cases where gender was not conclusively provided by our algorithm, we employed
human tagging.


Definition of term “mixed” – The term “mixed” is employed in various graphs related to gender,
race and ethnicity in part 1 and part 2 of the report. A “Mixed Gender” team is used to indicate that
a founding team consists of both female and male founders. A “Mixed Race” team indicates for
example that a team is composed of White and Black co-founders.




www.cbinsights.com
4                       Venture Capital Human Capital Report | Jan – June 2010




    Q1 & Q2 2010 Venture Capital Human Capital

    RACE




www.cbinsights.com
5                                                        Venture Capital Human Capital Report | Jan – June 2010


Racial Composition of VC-Backed Co. Founders vs. Census




                                      Race - US Population vs. Founders
                                             (Internet Seed & Series A - Jan to June 2010)




                        87%


                77%




                                       11%                            12%
                                                                                                        7%
                                                               4%
                                                1%                                     1%

                   White                  Black                   Asian             American Indian     Other Race
                                                  US Population (18+)        Founders
                                                                                                      www.cbinsights.com




Sample size for the above graph : n=319. US population demographics via US Census (2000).

www.cbinsights.com
  6                                                          Venture Capital Human Capital Report | Jan – June 2010


87% of Founders are White
Asians comprise the second largest contingent of founders.


                                                 National - Founders' Race
                                                   (Internet Seed & Series A - Jan to June 2010)



                                                                                          Black
                                                                           Asian           1%
                                                                          Pacific
                                                                         Islander
                                                                            12%




                                                             White
                                                             87%


                                                                                                    www.cbinsights.com



              Cali - Founders' Race                                                                Mass - Founders' Race
         (Internet Seed & Series A - Jan to June 2010)                                      (Internet Seed & Series A - Jan to June 2010)

                                                                                                                                    Asian
                                                  Asian
                                                                                                                                   Pacific
                                                 Pacific
                                                                                                                                  Islander
                                                Islander
                                                                                                                                     13%
                                                   18%



                      White                                                                               White
                      82%                                                                                 87%


                                            www.cbinsights.com                                                                 www.cbinsights.com



                                                   New York - Founders' Race
                                                   (Internet Seed & Series A - Jan to June 2010)

                                                                                           Asian
                                                                                          Pacific
                                                                                         Islander
                                                                                            11%



                                                                 White
                                                                 89%


                                                                                    www.cbinsights.com
Sample sizes for the above graphs (clockwise): n=319, n=30, n=55, n=141. Data on pages 6 and 7 reflect the race of individual founders. Pages 8-12
detail the racial composition of the founding team.

 www.cbinsights.com
  7                                                            Venture Capital Human Capital Report | Jan – June 2010


Near-even Split Amongst Asian Founder Ethnicities
Nationally, South Asian and East/Southeast Asian founders are funded to a similar
extent. Massachusetts’ most skewed in favor of founders of South Asian descent.


                                   Asian Founders - South vs. East/Southeast
                                                  (Internet Seed & Series A - Jan to June 2010)




                                                                                     East/Southeast
                                                                                          Asian
                                                 South Asian                              46%
                                                    54%




                                                                                                         www.cbinsights.com




                                       Asian Founders in the Big Three States
                                                  (Internet Seed & Series A - Jan to June 2010)




                                     52.0%                                                                 50.0%

                                                                        75.0%




                                     48.0%                                                                 50.0%

                                                                        25.0%


                                   California                      Massachusetts                         New York
                                                       East/Southeast Asian          South Asian
                                                                                                         www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=39, n=35. Data on pages 6 and 7 reflect the race of individual founders. Pages 8-12 detail the racial
composition of the founding team.
 www.cbinsights.com
  8                                                          Venture Capital Human Capital Report | Jan – June 2010


83% of Teams are All-White. All-Asian Teams Raise More $.
89% of founding teams are composed of a single race. All-Asian founding teams raise
the largest rounds.


                                         Founding Team Demographics - Race
                                            (National Internet Seed & Series A - Jan to June 2010)
                                                                      All Asian Pacific
                                                                             5%            All Black
                                                                                              1%
                                                               Mixed
                                                                11%




                                                                             All White
                                                                                83%


                                                                                                        www.cbinsights.com




                                      Founding Team Racial Composition vs.
                                         Median Funding Received ($M)
                                            (National Internet Seed & Series A - Jan to June 2010)



                                  $4.0




                                                                                                                                                      NATIONAL
                                                           $2.3                     $2.2


                                                                                                              $1.3




                           All Asian Pacific            All White                  Mixed                   All Black

                                                                                                        www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=160, n=159. Data on pages 6 and 7 reflect the race of individual founders. Pages 8-12 detail the
racial composition of the founding team.
 www.cbinsights.com
  9                                                            Venture Capital Human Capital Report | Jan – June 2010


77% of Cali Founding Teams are All-White
Mixed race teams come in 2nd, making up 13% of the founding teams. Asian teams
raise larger funding rounds than mixed or all-white founding teams.


                                        Founding Team Demographics - Race
                                             (California Internet Seed & Series A - Jan to June 2010)




                                                               Mixed        All Asian
                                                                13%          Pacific
                                                                              10%




                                                                             All White
                                                                                77%


                                                                                                          www.cbinsights.com




                                       Founding Team Racial Composition vs.
                                          Median Funding Received ($M)
                                             (California Internet Seed & Series A - Jan to June 2010)



                                      $4.4

                                                                                                            $3.5


                                                                                                                                                           CALIFORNIA
                                                                         $3.1




                                All Asian Pacific                     All White                           Mixed

                                                                                                          www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=62, n=62. Data on pages 6 and 7 reflect the race of individual founders. Pages 8-12 detail the racial
composition of the founding team.

 www.cbinsights.com
10                                                            Venture Capital Human Capital Report | Jan – June 2010

81% of Massachusetts Founding Teams are All-White
Mixed race teams come in 2nd, making up 13% of the founding teams. All-white
founding teams raise larger funding rounds than mixed or all-Asian founding teams.


                                        Founding Team Demographics - Race
                                         (Massachusetts Internet Seed & Series A - Jan to June 2010)
                                                                          All Asian Pacific
                                                                                 6%

                                                               Mixed
                                                                13%




                                                                               All White
                                                                                  81%



                                                                                                         www.cbinsights.com




                                      Founding Team Racial Composition vs.
                                         Median Funding Received ($M)
                                         (Massachusetts Internet Seed & Series A - Jan to June 2010)




                                                                        $2.1




                                                                                                                                                    MASSACHUSETTS
                                      $1.6



                                                                                                          $0.8




                               All Asian Pacific                     All White                           Mixed

                                                                                                         www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=16, n=16. Data on pages 6 and 7 reflect the race of individual founders. Pages 8-12 detail the
racial composition of the founding team.

 www.cbinsights.com
11                                                            Venture Capital Human Capital Report | Jan – June 2010


83% of NY Founding Teams are All-White
Of Big Three States, NY has highest percentage of all white founding teams and
lowest proportion of all-Asian founding teams. All-white teams raised most.


                                        Founding Team Demographics - Race
                                            (New York Internet Seed & Series A - Jan to June 2010)
                                                                    All Asian Pacific
                                                                           3%

                                                              Mixed
                                                               14%




                                                                                All White
                                                                                   83%


                                                                                                         www.cbinsights.com




                                      Founding Team Racial Composition vs.
                                         Median Funding Received ($M)
                                            (New York Internet Seed & Series A - Jan to June 2010)

                                                                        $2.8


                                       $2.0



                                                                                                                                                           NEW YORK
                                                                                                         $0.8




                                All Asian Pacific                    All White                          Mixed

                                                                                                         www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=30, n=30. Data on pages 6 and 7 reflect the race of individual founders. Pages 8-12 detail the racial
composition of the founding team.
 www.cbinsights.com
12                                                             Venture Capital Human Capital Report | Jan – June 2010


All-White Teams Predominant, Followed by Asian Teams
Cali sees highest proportion of all-Asian teams. Racial composition of founding teams
and amount raised show no trend across Big Three States.


                               Comparison of Founding Team Demographics
                                                - Race
                                                    (Internet Seed & Series A - Jan to June 2010)




                                                                         77%                               81%
                                      83%




                                                                         13%
                                      14%                                                                  13%
                                                       3%                10%                                 6%

                                  New York                           California                     Massachusetts
                                         All Asian Pacific                 Mixed               All White
                                                                                                        www.cbinsights.com




                                      Founding Team Racial Composition vs.
                                         Median Funding Received ($M)
                                                    (Internet Seed & Series A - Jan to June 2010)

                                                                  $4.4


                                                                         $3.5
                                                                                $3.1
                                             $2.8

                               $2.0                                                                               $2.1
                                                                                                    $1.6

                                      $0.8                                                                 $0.8




                                  New York                           California                      Massachusetts

                                             All Asian Pacific              Mixed                All White

                                                                                                        www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=108, n=108. Data on pages 6 and 7 reflect the race of individual founders. Pages 8-12 detail the
racial composition of the founding team.

 www.cbinsights.com
13                       Venture Capital Human Capital Report | Jan – June 2010




     Q1 & Q2 2010 Venture Capital Human Capital

     AGE & EXPERIENCE




www.cbinsights.com
14                                                        Venture Capital Human Capital Report | Jan – June 2010


Wunderkinds Not the Norm. Avg Founding Team is 35-44.
While 48% of the founding teams fall within the 35-44 average age range, companies
with an average age in the range of 26-34 have the highest median funding.


                              Founding Team Demographics - Average Age
                                         (National Internet Seed & Series A - Jan to June 2010)
                                                                    18-25
                                                                     4%


                                                       45-54
                                                        19%
                                                                                    26-34
                                                                                     29%




                                                         35-44
                                                          48%


                                                                                              www.cbinsights.com




                              Founding Team Age Composition vs. Median
                                        Funding Received ($M)
                                         (National Internet Seed & Series A - Jan to June 2010)


                                                       $2.5
                                                                                                  $2.4
                                                                             $2.0



                                                                                                                   NATIONAL
                              $1.4




                             18-25                     26-34                35-44                 45-54

                                                                                              www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=114, n=114

www.cbinsights.com
15                                                            Venture Capital Human Capital Report | Jan – June 2010


California Founding Team Ages Mirror National Trend
California’s founding teams’ age ratios are comparable to national statistics. 26-34
year old teams raise the most funding. No founding teams average 18-25 in Cali.


                              Founding Team Demographics - Average Age
                                          (California Internet Seed & Series A - Jan to June 2010)




                                                         45-54
                                                          18%
                                                                                   26-34
                                                                                    33%




                                                        35-44
                                                         49%



                                                                                                 www.cbinsights.com




                              Founding Team Age Composition vs. Median
                                        Funding Received ($M)
                                          (California Internet Seed & Series A - Jan to June 2010)

                                   $4.3

                                                                                                     $3.5
                                                                    $3.2


                                                                                                                       CALIFORNIA




                                  26-34                            35-44                             45-54

                                                                                                 www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=45, n=45

www.cbinsights.com
16                                                            Venture Capital Human Capital Report | Jan – June 2010


Massachusetts Founding Teams Tend to be Older
Average age of Mass teams most heavily favors older teams. The youngest and oldest
teams raise the largest funding rounds.


                              Founding Team Demographics - Average Age
                                      (Massachusetts Internet Seed & Series A - Jan to June 2010)




                                                                       18-25
                                                                        8%

                                                                                  26-34
                                                                                   15%

                                              45-54
                                               46%




                                                                                35-44
                                                                                 31%




                                                                                               www.cbinsights.com




                              Founding Team Age Composition vs. Median
                                        Funding Received ($M)
                                            (US Internet Seed & Series A - Jan to June 2010)


                              $2.1                                                                  $2.1




                                                                                                                       MASSACHUSETTS
                                                        $1.3
                                                                               $1.2




                              18-25                    26-34                   35-44                45-54

                                                                                               www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=13, n=13

www.cbinsights.com
17                                                            Venture Capital Human Capital Report | Jan – June 2010


New York Fundings Favor Young
Of the Big Three, NY sees the most teams with an average age of 18-25. In general,
the age of founding teams in NY is lower than their Big Three brethren.


                              Founding Team Demographics - Average Age
                                         (New York Internet Seed & Series A - Jan to June 2010)




                                                              45-54    18-25
                                                               14%      10%




                                                                                       26-34
                                                                                        38%
                                                 35-44
                                                  38%




                                                                                               www.cbinsights.com




                              Founding Team Age Composition vs. Median
                                        Funding Received ($M)
                                         (New York Internet Seed & Series A - Jan to June 2010)

                                                                                                   $4.0

                              $3.4

                                                                               $2.8


                                                                                                                       NEW YORK
                                                         $2.3




                              18-25                    26-34                   35-44               45-54

                                                                                               www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=21, n=21

www.cbinsights.com
18                                                            Venture Capital Human Capital Report | Jan – June 2010


New York and Mass See Whiz Kid Teams Get Funded
Mass companies are generally led by older founding teams, but do see funding to
young teams as well. Funding received and average age show no clear relationship.


                             Comparison of Founding Team Demographics
                                            - Average Age
                                                  (Internet Seed & Series A - Jan to June 2010)


                                    14%                                    18%

                                                                                                         46%
                                    38%
                                                                           49%


                                                                                                         31%
                                    38%

                                                                           33%                           15%
                                    10%                                                                   8%

                                  New York                            California                    Massachusetts
                                                           18-25      26-34      35-44      45-54
                                                                                                       www.cbinsights.com




                                     Founding Team Age Composition vs. Median
                                               Funding Received ($M)
                                                       (Internet Seed & Series A - Jan to June 2010)

                                                                      $4.3
                                                $4.0

                           $3.4                                                     $3.5
                                                                             $3.2
                                         $2.8
                                  $2.3
                                                                                                $2.1               $2.1


                                                                                                       $1.3 $1.2




                                  New York                            California                    Massachusetts

                                                   18-25           26-34            35-44     45-54

                                                                                                       www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=79, n=79

www.cbinsights.com
19                                                         Venture Capital Human Capital Report | Jan – June 2010


Wanted: Experienced Founders
39% of founders were formerly CEOs/Founders which supports the idea that VCs back
experience. Sales/Marketing and Product Mgmt/Dev are common previous roles.


                                    Former Title - Breakdown of Founders
                                         (National Internet Seed & Series A - Jan to June 2010)
                                                                Consultant
                                                    Manager        4%
                                                      5%
                                           Sr. VP
                                            5%

                                                                              Other Title
                                               VP                                28%
                                               9%


                                             Director
                                               10%



                                                                       CEO/Founder
                                                                           39%


                                                                                              www.cbinsights.com




                                    Former Role - Breakdown of Founders
                                         (National Internet Seed & Series A - Jan to June 2010)
                                  Strategy
                                     4%
                                        Software
                                           6%
                             Business
                           Development
                               8%

                                                                                 Other Role
                                             Engineering                            46%
                                                 11%


                            Product
                          Management &
                          Development                             Sales &
                              12%                                Marketing
                                                                   13%

                                                                                              www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=285, n=114

www.cbinsights.com
20                       Venture Capital Human Capital Report | Jan – June 2010




     Q1 & Q2 2010 Venture Capital Human Capital

     NUMBER OF FOUNDERS




www.cbinsights.com
21                                                         Venture Capital Human Capital Report | Jan – June 2010


Going Solo and Raising VC are Not Mutually Exclusive
Although the majority of companies have two or more founders, over a third are led by
one founder. More founders does not necessarily result in larger funding rounds.


                                                 # of Founders per Company
                                             (National Internet Seed & Series A - Jan to June 2010)




                                                                 Four
                                                                  4%
                                                   Three
                                                    19%                              One
                                                                                     37%




                                                           Two
                                                           40%


                                                                                               www.cbinsights.com




                                     # of Founders per Company vs. Median
                                             Funding Received ($M)
                                         (National Internet Seed & Series A - Jan to June 2010)


                                                                                                      $3.0

                                                       $2.5



                                                                                                                    NATIONAL
                              $2.1                                            $2.1




                              One                      Two                   Three                    Four
                                                                                               www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=161, n=161

www.cbinsights.com
22                                                            Venture Capital Human Capital Report | Jan – June 2010


Two-Founder Companies are the Norm in California
California sees more than half of funded companies with two founders. Funding
amounts show no relationship to number of founders.


                                              # of Founders per Company
                                         (California Internet Seed & Series A - Jan to June 2010)




                                                                 Four
                                                                  5%         One
                                                                             20%

                                                Three
                                                 24%




                                                                          Two
                                                                          51%


                                                                                                www.cbinsights.com




                                   # of Founders per Company vs. Median
                                           Funding Received ($M)
                                         (California Internet Seed & Series A - Jan to June 2010)




                                                                                                    $5.8




                                                                                                                       CALIFORNIA
                                                        $4.0

                              $3.1

                                                                                $2.0




                              One                       Two                  Three                  Four
                                                                                                www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=63, n=63

www.cbinsights.com
23                                                            Venture Capital Human Capital Report | Jan – June 2010


Massachusetts Says OK to Firms Led by One Founder
Of the Big Three States, Massachusetts has the highest proportion of companies with
a single founder. Companies with three founders raise significantly more.


                                              # of Founders per Company
                                      (Massachusetts Internet Seed & Series A - Jan to June 2010)




                                                                 Four
                                                                  6%



                                               Three
                                                25%


                                                                                   One
                                                                                   56%

                                                       Two
                                                       13%




                                                                                             www.cbinsights.com




                                     # of Founders per Company vs. Median
                                             Funding Received ($M)
                                      (Massachusetts Internet Seed & Series A - Jan to June 2010)
                                                                            $3.8




                                                                                                                       MASSACHUSETTS
                              $2.0


                                                        $1.1                                        $1.0




                              One                       Two                Three                    Four
                                                                                             www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=16, n=16

www.cbinsights.com
24                                                            Venture Capital Human Capital Report | Jan – June 2010


Flying Solo in New York Gets You More Money?
Majority of New York companies have either 1 or 2 founders. However, companies
with one founder raise significantly more money than those with 2 or 3 founders.


                                              # of Founders per Company
                                         (New York Internet Seed & Series A - Jan to June 2010)




                                                        Three
                                                         17%

                                                                                  One
                                                                                  40%




                                                       Two
                                                       43%



                                                                                              www.cbinsights.com




                                   # of Founders per Company vs. Median
                                           Funding Received ($M)
                                         (New York Internet Seed & Series A - Jan to June 2010)

                                  $4.0




                                                                                                  $2.1
                                                                                                                       NEW YORK
                                                                    $1.5




                                    1                                2                             3
                                                                                              www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=30, n=30

www.cbinsights.com
25                                                        Venture Capital Human Capital Report | Jan – June 2010


Individual Founder-Led Firms Not the Norm in California
NY and Cali both favor founding duos, while Mass founders going solo do well.
Median funding across Big Three shows no trend related to number of founders.


                                 Comparison of # of Founders per Company
                                               (Internet Seed & Series A - Jan to June 2010)

                                                                         5%                               6%
                                   17%
                                                                       24%                               25%


                                   43%                                                                   13%


                                                                       51%


                                                                                                         56%
                                   40%
                                                                       20%


                                 New York                           California                     Massachusetts

                                                              One        Two       Three    Four
                                                                                                       www.cbinsights.com




                                    # of Founders per Company vs. Median
                                            Funding Received ($M)
                                               (Internet Seed & Series A - Jan to June 2010)


                                                                                  $5.8



                          $4.0                                      $4.0
                                                                                                              $3.8
                                                            $3.1

                                        $2.1                               $2.0                 $2.0
                                 $1.5
                                                                                                       $1.1          $1.0




                                 New York                           California                     Massachusetts
                                                        One        Two        Three      Four

                                                                                                       www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=109, n=109

www.cbinsights.com
26                                          Venture Capital Human Capital Report | Jan – June 2010


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27                                      Venture Capital Human Capital Report | Jan – June 2010


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28                                       Venture Capital Human Capital Report | Jan – June 2010


Part 2 Preview – Gender & Education
We will look at data related to the gender and educational backgrounds of individual
founders and founding teams.


Part 2 of our Human Capital Venture Capital Report will help answer many questions including:


• What is the proportion of male vs. female founders receiving venture capital?

• What are differences in female vs. male founders in the Big Three States?

• What % of founding teams consist of both male and female founders?

• Do heterogeneous founding teams (male & female) raise more than homogenous teams (all male
  or all female)?


• Do founders receiving venture funding typically have advanced degrees?

• Does a higher level of educational attainment correlate with more funding?

• Does California prefer technical founders more than NY or Massachusetts?

• Does an MBA hurt or help a company’s prospects for receiving venture capital?

• What are the top undergraduate and graduate schools from which founders graduate?




Part 2 of the Venture Capital Human Capital Report will be pre-released to select journalists,
bloggers, investors and entrepreneurs on August 5, 2010. If you’d be interested in receiving early
access to part 2 of the report, please email us at info@cbinsights.com.




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DOCUMENT INFO
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Description: The Venture Capital Human Capital report by CB Insights explores the people behind VC-backed companies specifically looking at the following demographic and other characteristics of these companies including the race of founders and the racial composition of founding teams, the age and experience of founding teams and the number of founders per VC-backed companies. The report, the first of its kind, exploring data about the human capital receiving venture capital covers the January to June 2010 timeframe and focuses on internet companies receiving their first round of institutional funding from venture capitalists.