Venture Capital Redefined: The Economic, Political, and Social Impact of COVID on the VC Ecosystem

Preface
The Book’s Structure
The Contribution of This Book
Future Research
Acknowledgments
Contents
List of Figures
List of Tables
Part I Introduction: Venture Capital and Its External Environment in the Age of Covid
1 Venture Capital Prior to the Age of COVID
	Venture Capital: Definitions, Characteristics, and Publicity
		Characteristics of Venture Capital
		Venture Capital and Its Contribution to Entrepreneurial Development
		Venture Capital in the Mainstream Media
	Venture Capital and Entrepreneurial Development: Advantages and Disadvantages
		Conflicts Between Venture Capitalists and Entrepreneurs
	Historical Trends in the Venture Capital Industry
		Venture Capital Returns: A Historical Perspective
		Maturation of the Venture Capital Industry
	Summary of Venture Capital in a Pre-COVID Era
	Bibliography
2 Political Reactions and SocioEconomic Consequences of COVID: Implications for Venture Capital
	Political Reactions: The COVID-Response
		Lockdowns, Social-Distancing, and Masks
	Social and Human Implications of Restrictions
	Economic Consequences of Political COVID-Response
		Small Business in Crisis
	Socioeconomic Drifts Post COVID-Response: Implications for Venture Capital
		The Impact of Political, Social, and Economic Changes on the Venture Capital Industry
	Bibliography
Part II The Venture Capital Industry Redefined
3 Transformations in the Venture Capital Ecosystem Post COVID-Response
	The General Structure of the Venture Capital Industry
	Re-Characterization of Venture Capital Relationships
		Venture Capitalists and Limited Partners
		Venture Capitalists and Entrepreneurs
		Venture Capitalists’ In-House Operations Post COVID-Response
		Venture Capital and Its Relations with Other Stakeholders
	The Venture Capital Industry Re-Imagined
		Global Consolidation of General Partners
		Global Pooling of Limited Partners
		The Futuristic Architecture of the Venture Capital Industry
	The Evolution of the Venture Capital Industry and Entrepreneurs
	Bibliography
4 Venture Capital Post COVID-Response: External Environmental Scanning and Investment Opportunities
	Undercurrents in the Peripheral Ecosystem
	Changes to Global Industrial Structures
	Alterations to Consumer Behavior
	Digitization of the Human Universe
	Home as the Center of Human Gravity
	Accelerated Deterioration of Physical and Mental Health
	Abolition of the Middle Class in Developed Countries
		The Squeeze of the Middle Class in the United States
		The Economic Distress of the Middle Class in Canada
		The Rise of the Middle Class in Emerging Markets
	Sectoral Orientation of Venture Capital in the Future
	The Future of Venture Capital Investment Opportunities in Specific Segments
	Sources of Venture Capital Transactions Post COVID-Response
	Bibliography
5 The Venture Capital Investment Process Redefined
	Disrupted Deal Generation
		Weak Deal Generation Post COVID-Response
	Compromised Deal Screening and Evaluation
		Compromised Due Diligence in Venture Capital
			More Adverse Selection Problems in Venture Capital
	Complexities in Financial Contracting in Venture Capital
		Additional Lopsided Agreements in Venture Capital Contracting
			Substantial Contractual Amendments to Buyout Transactions
	Challenging Value-Addition to Investee Firms
		Difficulties in Working with Portfolio Firms
	Exiting in Venture Capital
		Challenges in Venture Capital Exiting
	Bibliography
6 Degeneration of Future Venture Capital Performance
	Fund Formation and Venture Capital Performance
		The Cost of Venture Capital Services
		Carried Interest: Friend or Foe?
	Value-Chain Analysis of Venture Capital Performance
	Venture Capital Performance: History and Future
		Another Look at the Historical Performance of Venture Capital
		Longitudinal Impact and Venture Capital Performance in the Future
	Profiling General Partners and Financial Performance
		The Superior Venture Capitalist
		The Inferior Venture Capitalist
	Venture Capital Performance: Conclusions
	Bibliography
Part III Entrepreneurship Redefined Post Covid-Response
7 COVID-Response and Entrepreneurship in Crisis
	Traditional Entrepreneurship Defined
	Entrepreneurship in the Age of Covid-Response
		Re-Evaluation of the Fundamentals for Entrepreneurial Success
		Magnification of Entrepreneurial Risks: The State
		Disruption of Relations in the Entrepreneurial Ecosystem
		Changes to Entrepreneurial Value Creation
		Entrepreneurial Survivability in the Age of COVID-Response
	Conclusions
	Bibliography
8 Amplified Challenges in Access to Entrepreneurial Finance in the Age of COVID-Response
	Financial Management of Entrepreneurial Firms Post COVID-Response
		Entrepreneurial Firms and Financial Management Post COVID-Response
	Problems with Access to Finance Post COVID-Response
		Problematic Access to Entrepreneurial Finance
		The Growth of Fintech as an Important Contributor of Entrepreneurial Finance
	Government Assistance Programs Post COVID-Response
	Conclusions: Access to Finance and the Financial Management of Entrepreneurial Firms in the Age of COVID-Response
	Bibliography
Part VI Conclusions: Venture Capital in the Age of Covid
9 Descent or Revival of Venture Capital in the Age of COVID
	Four Pillars of the Global Venture Capital Ecosystem
	The Revival of Venture Capitalism
		Stimulation of the Entrepreneurial Ecosystem
		Possible Enhancements in the GP Market
		LPs as the Engine of Change in the Venture Capital Ecosystem
		Assistance from the State for the Venture Capital Ecosystem
	Evidence for the Descent of Venture Capital
		Prolonged State of Entrepreneurial Crisis
		A Spillover Effect of Entrepreneurial Challenges to GPs
		LPs’ Continued Dislocation
		Continued Negative Interference from the State
	Revival or Descent of the Industry in the Age of COVID
		The Possibility of Accelerated Evolution Within the Venture Capital Industry
	Venture Capital and Key Numbers
	Bibliography
Index