Word: prestons
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...PRESTON: I would say the biggest single problem we have is a tendency to follow what others are doing. A lot of me-too venture funds are nearing the end of their investment cycle, so the venture capitalists are returning to their roots. But because new technologies aren't ripe yet or there's a lack of people to make companies out of them, venture investors are not putting their money to work as aggressively as they should. They have an "overhang" to the tune of $50 billion. Others are still overpaying for some investments...
...PRESTON: I look at deals, and I try to look at what I call the hype-to-substance ratio. If the hype is up here, and substance is down here, I avoid getting involved...
...PRESTON: There are cultural differences in play all over. Many of the reasons Europe lags the U.S. in venture investment are cultural. The average American works about 1,978 hours a year, vs. 1,525 for a European. Europe is trying to protect jobs by lowering hours. But reducing hours to create new jobs is a different approach than we have in America, where there is a rich tradition of taking on risk and trying to build new job-producing companies from scratch...
...PRESTON: M.I.T. is generating two inventions every day. We are licensing two a week. That is pretty impressive. But we do have more inventory than we know what to do with, than we could reasonably part with...
...PRESTON: I sort of lament the fact that less than 1% of all the VC investments go into energy...