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Gender and Education Demographics: Venture Capital Human Capital

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					                                                                Venture Capital Human Capital Report | Jan – June 2010

    Jan to June 2010 – Venture Capital Activity Report

TABLE OF CONTENTS

RATIONALE FOR THIS REPORT                                                                    2

DATA SET, DEFINITIONS AND METHODOLOGY                                                        3

ABOUT CB INSIGHTS                                                                            4

PART 1 – RACE, AGE AND NUMBER OF FOUNDERS
1      RACE                                                                                  6

2      AGE & EXPERIENCE                                                                     15

3      NUMBER OF FOUNDERS                                                                   22



PART 2 – GENDER AND EDUCATION
4      GENDER                                                                               28

5      EDUCATION                                                                            35

            •    TOP SCHOOLS                                                                36

            •    MBA VS. MS                                                                 41

            •    HIGHEST LEVEL OF EDUCATION                                                 48




    © 2010, CB Insights. All rights reserved. For more information 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 and founders 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.

Part 1 of the Venture Capital Human Capital report looks specifically at three characteristics related
to founders of venture-backed companies, specifically: race, age & experience and the number of
founders per company. Part 1 of this report begins on page 6.

Part 2 of the report examines the gender and educational background /pedigree of founders. Part 2
of the report begins on page 28.

We think you’ll find this look into Venture Capital’s 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


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available behind prohibitively expensive paywalls.


CB Insights is accessible for free by visiting http://www.cbinsights.com


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 Management & Board Information                               •   Business Products & Services
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                 Learn about the people behind the            •   Electronics
                 companies including the management           •   Environmental Services &
                 team as well as board of directors.              Equipment
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www.cbinsights.com
 5                                      Venture Capital Human Capital Report | Jan – June 2010


Get Started for Free with CB Insights
Basic membership on CB Insights is free. Just visit http://www.cbinsights.com. You
can also connect with us via any of the following.




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                Follow us @cbinsights                  Click here to receive our weekly
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www.cbinsights.com
6                       Venture Capital Human Capital Report | Jan – June 2010




    Q1 & Q2 2010 Venture Capital Human Capital

    RACE




www.cbinsights.com
7                                                          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

www.cbinsights.com
  8                                                          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
  9                                                            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
10                                                           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
 11                                                            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
12                                                            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
13                                                            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
14                                                             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
15                       Venture Capital Human Capital Report | Jan – June 2010




     Q1 & Q2 2010 Venture Capital Human Capital

     AGE & EXPERIENCE




www.cbinsights.com
16                                                        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
17                                                            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
18                                                            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
19                                                            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
20                                                            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
21                                                         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
22                       Venture Capital Human Capital Report | Jan – June 2010




     Q1 & Q2 2010 Venture Capital Human Capital

     NUMBER OF FOUNDERS




www.cbinsights.com
23                                                         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
24                                                            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
25                                                            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
26                                                            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
27                                                        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
28                       Venture Capital Human Capital Report | Jan – June 2010




     Q1 & Q2 2010 Venture Capital Human Capital

     GENDER




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


92% of Founders are Male
Of the Big Three States for venture capital, Massachusetts sees the highest proportion
of female founders.

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




                                                                         Female
                                                                           8%




                                                               Male
                                                               92%


                                                                                                  www.cbinsights.com



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

                                            Female
                                              6%

                                                                                                                    Female
                                                                                                                     27%


                        Male                                                                            Male
                        94%                                                                             73%


                                            www.cbinsights.com                                                                www.cbinsights.com



                                                    New York - Founders' Gender
                                                     (Internet Seed & Series A - Jan to June 2010)
                                                                                     Female
                                                                                       7%




                                                                    Male
                                                                    93%


                                                                                       www.cbinsights.com
Sample sizes for the above graphs (clockwise): n=319, n=30, n=55, n=141. These percentages represent the portion of individual founders who are
male or female.
www.cbinsights.com
30                                                          Venture Capital Human Capital Report | Jan – June 2010


Most Teams are All-Male. Mixed Teams Better Funded.
87% of companies have all -male founding teams. While all-female and all-male teams
raised similar funding rounds, mixed gender teams raised larger rounds.


                                   Founding Team Demographics - Gender
                                          (National Internet Seed & Series A - Jan to June 2010)
                                                                          All Female
                                                                               6%

                                                               Mixed
                                                                8%




                                                                         All Male
                                                                           86%


                                                                                                      www.cbinsights.com




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

                                   $4.0




                                                                                                                                                   NATIONAL
                                                                      $2.2                              $2.2




                                  Mixed                            All Male                         All Female
                                                                                                       www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=161, n=161. This page and the remaining pages in the Gender portion of this report detail the
composition of founding teams by gender.

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


89% of Cali Founding Teams are All-Male
Only 3% of founding teams are all-female. Mixed gender teams, at 8% of founding
teams, raise the largest median funding rounds.


                                   Founding Team Demographics - Gender
                                          (California Internet Seed & Series A - Jan to June 2010)
                                                                    All Female
                                                                         3%

                                                                Mixed
                                                                 8%




                                                                        All Male
                                                                          89%


                                                                                                 www.cbinsights.com




                                  Founding Team Gender Composition vs.
                                      Median Funding Received ($M)
                                          (California Internet Seed & Series A - Jan to June 2010)
                                   $4.2

                                                                    $3.5




                                                                                                     $2.0
                                                                                                                       CALIFORNIA




                                 Mixed                            All Male                     All Female
                                                                                                 www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=64, n=64

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


Almost 1/3 of Mass Founding Teams Are All-Female
Mass sees the most all-female founding teams. Mixed gender teams raise higher
funding rounds compared to all-male or all-female founding teams.


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




                                                              Mixed
                                                               13%

                                                                             All Female
                                                                                 31%




                                                     All Male
                                                       56%



                                                                                             www.cbinsights.com




                                  Founding Team Gender Composition vs.
                                      Median Funding Received ($M)
                                      (Massachusetts Internet Seed & Series A - Jan to June 2010)
                                   $3.3




                                                                                                                       MASSACHUSETTS
                                                                      $2.0
                                                                                               $1.9




                                 Mixed                            All Male                 All Female
                                                                                             www.cbinsights.com


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

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


NY Founding Teams are Primarily Male
Of the Big Three, NY has the largest portion of all-male founding teams.




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

                                                                Mixed
                                                                 7%




                                                                        All Male
                                                                          90%


                                                                                               www.cbinsights.com




                                  Founding Team Gender Composition vs.
                                      Median Funding Received ($M)
                                          (New York Internet Seed & Series A - Jan to June 2010)
                                                                                                   $4.5




                                                                                                                       NEW YORK
                                                                    $2.3




                                   $0.4


                                 Mixed                            All Male                   All Female
                                                                                               www.cbinsights.com


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

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


Mass Sees More Female Teams than Cali or NY
Mixed teams raise larger rounds in Cali and Mass. All-female teams make up about
3% of total teams in both New York and California.


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




                                                                                                           56%


                                   90%                                    89%




                                                                                                           31%


                                                   3%                                   3%
                                                                                                           13%
                                   7%                                     8%

                                New York                            California                     Massachusetts
                                                         Mixed          All Female      All Male
                                                                                                          www.cbinsights.com




                                    Founding Team Gender Composition vs.
                                        Median Funding Received ($M)
                                                  (Internet Seed & Series A - Jan to June 2010)
                                   $4.5
                                                                 $4.2

                                                                                 $3.5
                                                                                                   $3.3


                                          $2.3
                                                                          $2.0                                    $2.0
                                                                                                           $1.9




                            $0.4



                                New York                            California                     Massachusetts

                                                        Mixed       All Female          All Male

                                                                                                          www.cbinsights.com



Sample sizes for the above graphs (top, bottom): n=110, n=110

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




     Q1 & Q2 2010 Venture Capital Human Capital

     EDUCATION




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




     Where Are Founders Educated?

     EDUCATION




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


Undergrad Institutions in 5 States Spawn 47% of Founders
Of the 17% of founders educated abroad, India-educated founders make up the largest
portion. NY edged out Cali as the top destination for founders to attend undergrad.




                               Top 6 Locations of Undergraduate Schools
                                         (Founders of Internet Seed & Series A - Jan to June 2010)




                                                                                 New York
                                                                                   15%



                                            Other US
                                              36%                                           California
                                                                                              11%



                                                                                        Pennsylvania
                                                                                            9%




                                                    Other Abroad
                                                        12%                    India
                                                                                             Massachusetts
                                                                                5%
                                                                                                  8%
                                                                    Illinois
                                                                       4%

                                                                                                         www.cbinsights.com




Sample size for the above graph: n=266

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


Cornell and Stanford Undergrad Generate Most Founders
The Ivy League is well represented amongst schools from which at least four company
founders emerged. Schools with strong engineering programs are also popular.




Sample size for the above table: n=263

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


Grad Degree Founders See Mass and Cali Take Honors
Significant portion of founders with graduate degrees emerge from Mass and Cali.
Grad school locations much more concentrated than those of undergrad institutions.




                                    Top 5 Locations of Graduate Schools
                                         (Founders of Internet Seed & Series A - Jan to June 2010)




                                              Other US
                                                24%                             Massachusetts
                                                                                    24%




                                     Other Abroad
                                         13%
                                                                                       California
                                                                                         21%

                                                 Illinois
                                                    5% France
                                                          5%     New York
                                                                   8%

                                                                                                     www.cbinsights.com




Sample size for the above graph: n=132

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


Harvard Graduates More Founders than Stanford
Harvard (primarily MBA graduates) heads up the class for grad degrees. The Ivy
League grad schools are less represented than their undergrad programs.




Sample size for the above graph: n=132

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




     Do More Founders Study Business or Science?

     EDUCATION




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


MBAs Shown Love by Venture Capitalists
MBAs make up over 40% of founders with advanced degrees. Cali and Mass exhibit
similar characteristics. NY has a high proportion of founders who’ve studied law.

                                     National - Founders' Type of Master's
                                                 (Internet Seed & Series A - Jan to June 2010)



                                           MBA & MS
                                             4%                 Law
                                                                 9%




                                                   MS                                MBA
                                                   32%                               55%




                                                                                                 www.cbinsights.com



     Cali - Founders' Type of Master's                                              Mass - Founders' Type of Master's
       (Internet Seed & Series A - Jan to June 2010)                                       (Internet Seed & Series A - Jan to June 2010)

            Law                                                                             MBA & MS
            7%                                                                                10%
  MBA & MS
    7%
                                    MBA
                                    48%                                                                                  MBA
                                                                                                      MS                 50%
                    MS
                                                                                                      40%
                    38%



                                          www.cbinsights.com                                                                  www.cbinsights.com



                                             NY - Founders' Type of Master's
                                                 (Internet Seed & Series A - Jan to June 2010)




                                                              Law
                                                              29%


                                                                            MBA
                                                       MS                   64%
                                                       7%


                                                                                   www.cbinsights.com
Sample sizes for the above graphs (clockwise): n=95, n=10, n=14, n=44

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


All-MBA Teams are the Majority and Raise More
Founding teams that consist of members with solely an MBA(s) are not only the
majority, but also receive the highest median funding.


                               Founding Team Demographics - MBA vs MS
                                          (National Internet Seed & Series A - Jan to June 2010)




                                                        MBA & MS
                                                          14%




                                              MS
                                              28%                                   MBA
                                                                                    58%




                                                                                                www.cbinsights.com




                                 Founding Team MBA/MS Composition vs.
                                     Median Funding Received ($M)
                                            (US Internet Seed & Series A - Jan to June 2010)
                                   $2.8
                                                                    $2.5




                                                                                                                        NATIONAL
                                                                                                    $1.0




                                  MBA                               MS                         MBA & MS

                                                                                                   www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=67, n=67

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


Founding Teams with MBA & MS Raise More in Cali
50% of founding teams in Cali have MBA only. Teams with an MBA and MS raise
more than teams with just an MS or just an MBA.


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




                                                       MBA & MS
                                                         16%




                                                                                        MBA
                                                                                        50%

                                                  MS
                                                  34%




                                                                                                 www.cbinsights.com




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


                                                                                                     $5.0

                                                                    $4.3




                                                                                                                       CALIFORNIA
                                   $3.1




                                  MBA                               MS                         MBA & MS

                                                                                                 www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=32, n=32

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


57% of Mass Founding Teams Have an MS Degree
Of the Big Three States, Mass has the highest proportion of founding teams with an
MS degree. 72% of teams have an MBA. MS teams raise the largest rounds.


                                Founding Team Demographics - MBA vs MS
                                      (Massachusetts Internet Seed & Series A - Jan to June 2010)




                                                  MBA & MS
                                                    29%                            MBA
                                                                                   43%




                                                            MS
                                                            28%


                                                                                             www.cbinsights.com




                                  Founding Team MBA/MS Composition vs.
                                      Median Funding Received ($M)
                                      (Massachusetts Internet Seed & Series A - Jan to June 2010)
                                                                  $3.2




                                                                                                                     MASSACHUSETTS
                                   $1.6


                                                                                               $0.8




                                  MBA                             MS                       MBA & MS

                                                                                             www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=7, n=7

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


NY Adv Degree Founding Teams Dominated by MBAs
MBA is the primary advanced degree of founding teams in NY. The MBA teams also
raise modestly more than the MS teams.


                                Founding Team Demographics - MBA vs MS
                                         (New York Internet Seed & Series A - Jan to June 2010)




                                                             MS
                                                             13%




                                                                         MBA
                                                                         87%


                                                                                               www.cbinsights.com




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


                                           $3.1




                                                                                                                     NEW YORK
                                                                                        $2.9




                                           MBA                                          MS

                                                                                               www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=8, n=8

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


MBAs Get Love, Especially from NY
Mass sees highest portion of teams with MS degrees. NY skewed (88%) towards
teams consisting of founders with only MBAs.


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




                                                                                                       43%
                                                                       50%


                                   88%

                                                                                                       28%
                                                                       34%


                                                                                                       29%
                                   13%                                 16%


                                New York                           California                  Massachusetts
                                                        MBA & MS              MS      MBA
                                                                                                      www.cbinsights.com




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

                                                                $5.0

                                                                       $4.3


                                                                               $3.1                    $3.2
                                   $2.9 $3.1


                                                                                                              $1.6

                                                                                               $0.8




                                New York                           California                  Massachusetts

                                                         MBA & MS             MS      MBA

                                                                                                      www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=47, n=47

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




     What’s the Highest Level of Education of Founders?

     EDUCATION




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


Advanced Degrees Optional?
51% of founders hold a Master’s or PhD. Massachusetts has the highest proportion of
founders with advanced degrees – 68% hold a Master’s or PhD degree.

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

                                                                                              Less than
                                                                                             Undergrad
                                                                      PhD                        2%
                                                                      7%




                                                 Master's
                                                  45%
                                                                                Undergrad
                                                                                  46%




                                                                                                 www.cbinsights.com



     Cali - Founders' Education Level                                                 Mass - Founders' Education Level
       (Internet Seed & Series A - Jan to June 2010)                                        (Internet Seed & Series A - Jan to June 2010)
                                       PhD
                                       8% Less than
                                           Undergrad
                                              1%

                 Master's                                                                                          Undergrad
                  45%                                                                                                32%
                              Undergrad                                                              Master's
                                46%                                                                   52%           PhD
                                                                                                                    16%


                                          www.cbinsights.com                                                                   www.cbinsights.com



                                            NY - Founders' Education Level
                                                (Internet Seed & Series A - Jan to June 2010)
                                                                                      PhD
                                                                                      4%        Less than
                                                                                                Undergrad
                                                                                                   2%

                                                          Master's
                                                           47%
                                                                          Undergrad
                                                                            47%



                                                                                   www.cbinsights.com
Sample sizes for the above graphs (clockwise): n=274, n=25, n=47, n=124

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


~2/3 of Teams Have at Least 1 Founder with an Adv Degree
Majority of the companies have founding teams that have at least one member who
holds a Master’s or PhD. Median funding and education show little relationship.


                             Highest Level of Education of Founding Team
                                         (National Internet Seed & Series A - Jan to June 2010)

                                                                                         Less than
                                                                                         Undergrad
                                                                                            3%




                                                                                Undergrad
                                                                                  33%
                                             Master's
                                              53%




                                                                          PhD
                                                                          11%


                                                                                              www.cbinsights.com




                              Founding Team's Highest Level of Education
                                  vs. Median Funding Received ($M)
                                         (National Internet Seed & Series A - Jan to June 2010)

                               $4.3




                                                                                                                   NATIONAL
                                                                             $2.7
                                                        $2.2                                      $2.0




                           Less than                Undergrad             Master's                PhD
                           Undergrad
                                                                                              www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=147, n=147

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


72% of Cali Teams Hold a Master’s or PhD
In the first half of 2010, California median funding data suggests that more education
leads to more funding.


                             Highest Level of Education of Founding Team
                                         (California Internet Seed & Series A - Jan to June 2010)




                                                              PhD
                                                              15%

                                                                               Undergrad
                                                                                 28%




                                                       Master's
                                                        57%



                                                                                                www.cbinsights.com




                              Founding Team's Highest Level of Education
                                  vs. Median Funding Received ($M)
                                         (California Internet Seed & Series A - Jan to June 2010)


                                                                                                    $4.5

                                                                      $3.8
                                   $3.5



                                                                                                                       CALIFORNIA




                               Undergrad                            Master's                        PhD

                                                                                                www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=61, n=61

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


73% of Mass Founding Teams Have an Advanced Degree
Master’s and PhDs own nearly ¾ of the founding teams in Mass. Teams with Master’s
received the largest median funding rounds in Massachusetts.


                             Highest Level of Education of Founding Team
                                      (Massachusetts Internet Seed & Series A - Jan to June 2010)




                                                     PhD
                                                     27%                     Undergrad
                                                                               27%




                                                                  Master's
                                                                   46%

                                                                                             www.cbinsights.com




                              Founding Team's Highest Level of Education
                                  vs. Median Funding Received ($M)
                                      (Massachusetts Internet Seed & Series A - Jan to June 2010)



                                                                    $3.4




                                                                                                                       MASSACHUSETTS
                                   $2.0


                                                                                              $1.0




                               Undergrad                          Master's                    PhD

                                                                                             www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=15, n=15

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


NY Founding Teams with Less Education Raise More $
Relative to Mass and Cali, NY has a larger contingent of teams with no advanced
degrees. Interestingly, education and median funding are negatively correlated in NY.


                             Highest Level of Education of Founding Team
                                         (New York Internet Seed & Series A - Jan to June 2010)

                                                                                            Less than
                                                                                            Undergrad
                                                                     PhD
                                                                                               4%
                                                                     7%




                                                                                Undergrad
                                                                                  33%
                                              Master's
                                               56%




                                                                                              www.cbinsights.com




                              Founding Team's Highest Level of Education
                                  vs. Median Funding Received ($M)
                                         (New York Internet Seed & Series A - Jan to June 2010)


                               $6.0




                                                         $2.5
                                                                                                                       NEW YORK
                                                                             $2.0
                                                                                                  $1.5




                           Less than                Undergrad              Master's               PhD
                           Undergrad
                                                                                              www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=27, n=27

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


Mass Shows Preference for Advanced Degrees
NY has the most founding teams in which the highest level of education is undergrad
or less. Founding team education and funding show no relationship except in Cali.


                            Comparison of Founding Team's Highest Level
                                           of Education
                                                 (Internet Seed & Series A - Jan to June 2010)

                                   7%
                                                                       15%
                                                                                                         27%



                                   56%
                                                                       57%
                                                                                                         46%




                                   33%
                                                                       28%                               27%
                                                      4%

                                 New York                            California                      Massachusetts
                                        Less than Undergrad            Undergrad          Master's     PhD
                                                                                                        www.cbinsights.com




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

                          $6.0



                                                                                   $4.5

                                                                            $3.8
                                                                     $3.5                                     $3.4

                                 $2.5
                                        $2.0                                                           $2.0
                                               $1.5
                                                                                                                     $1.0




                                 New York                            California                      Massachusetts

                                               Less than Undergrad          Undergrad      Master's      PhD

                                                                                                       www.cbinsights.com


Sample sizes for the above graphs (top, bottom): n=103, n=103

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


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56                                      Venture Capital Human Capital Report | Jan – June 2010


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DOCUMENT INFO
Shared By:
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views:5807
posted:8/10/2010
language:English
pages:56
Description: Part 2 of our Venture Capital Human Capital report (begins on page 23) dives into the gender and education demographics of founders of venture capital backed internet companies from January to June 2010. The report helps answer questions such as: 1. What percentage of VC-backed company founders are female? 2. Do MBAs receive more funding than those with science degrees? 3. What are the top undergraduate and graduate schools for founders? 4. Do teams with PhDs receive more money than teams with just founders with an undergraduate education? 5. Does California, Massachusetts or NY fund more women?