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NOVEMBER 29, 2000

IN BOX

Where the VC Money Is
A new survey confirms that venture capital remains concentrated in the U.S., where tech investment still rules the roost


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The U.S. leads the world -- by a huge margin --- in capturing venture capital for new companies, reports a new study of entrepreneurial activity in 21 countries. On average, American startups receive $13.2 million, compared to $1.3 million for VC-backed companies in the other countries surveyed, according to the Global Entrepreneurship Monitor 2000, which was sponsored by Babson College, the London Business School, the Kauffman Center for Entrepreneurial Leadership, and Ernst & Young.

Of nearly $58 billion invested in new ventures in 1999, $46 billion -- or 80% -- went to U.S.-backed companies, compared to $10.8 billion invested in European-based businesses. And that cash was snatched up by only 3,500 U.S.-based startups, compared to a total of 10,470 companies in the 20 other nations.

In Israel, the second strongest venture-capital market, companies received $3.06 million on average. In Britain, the average investment was $2.76 million, compared to less than $1 million per company in France, Japan, Denmark, India, Sweden, Ireland, and Korea.

Another difference: While the bulk of U.S. investments went to companies with Internet- and technology-related products and services, that wasn't always the case elsewhere in the world. In Britain, for instance, consumer industries and services dominated the VC funding.


By Julie Fields in New York

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