Coller Institute of Venture is proud to present the latest issue of Venture Findings, entitled History of Venture.
In order to fully understand the lessons for venture in general and specific episodes in particular, we believe a greater context is needed. Judging a single milestone in isolation would miss the constellation of efforts and achievements that contribute to the development of the venture ecosystem. It is in this spirit that this History Issue presents six articles that explore venture’s historical developments in various thematic and geographical contexts. The issue includes the History of Venture (CIVHOV) database, which outlines a century of compelling events that impacted not only the world of venture, but the world as we know it.
The issue reveals key insights from a history of venture, giving us a framework whereby we can evaluate past, present, and – most critically – design the future of venture.
We hope you find our History Issue interesting and important. But even more, we hope to excite and entice you to develop your own historical analysis in general and on the History of Venture database in particular. As always, our issue closes by highlighting recent news compiled by the CIV research team in accordance to the categories of Public Authorities, Institutional Investors, Venture Capitalists, and Entrepreneurs. We look forward to engaging with you in the Coller Institute of Venture Community. Join us as we design the future of venture.
Contents
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 About the History Issue In 2003, Janus Friis from Denmark and Niklas Zennström from Sweden joined forces with Estonian back-end developers to create Skype (#HOV8135) – Note: the #HOV refers to an entry in our History of Venture database – see p.8 for more details. In 2005, Skype was sold to eBay, the U.S. auction house, for US$2.6 billion. In 2011, Skype was then sold to Microsoft for US$11 billion. Contrast… Read More »
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 The mass of information in our CIVHOV centurial database presents many potential insights, but these can take many years to study and coax out. What follows are initial key insights that emerged in the past year from our own observations. Naturally, as with any historical review, these stem from our own biases and perspectives. Each insight can be developed further and argued for: they can be applied and be… Read More »
TIMELINE
 The History of Venture (CIVHOV) database outlines a century of compelling events that impacted not only the world of venture, but the world as we know it. The database incorporates entries from the entire venture ecosystem, such as VC firms, financial laws, regulatory shifts, major wars, and social movements that affected the way ventures are initiated and supported. To review a century of exuberant innovation, see Professor Eli Talmor’s article “Key Insights from a Century of Venture“ |
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 A bubble is a very insubstantial thing,but it often traps even the wisest investor. Investing to launch a venture takes courage and discernment to make commitments in the face of huge uncertainties. But these uncertainties too often create a psychological environment where investors fall victim to forces of irrationality in their choice of investments and the valuations offered – forces that manifest as bubbles in investment valuations and deal… Read More »
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 Ever since Steve Wozniak filed the first patent in 1977, Apple has been significantly increasing its yearly patent output: while only 19 were published during the first decade after its founding in 1976, currently about 100–200 patents are published each month. (see Table 1 and Figure 1 for details). Despite Apple’s usual secrecy surrounding its new product lines, this increase in patenting activity has led to wider public availability…Read More »
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 Corporate investors, also known as Corporate Venture Capitalists (CVCs), can be found in many industries and regions of the world. Yet, while the CVC phenomenon has clearly peaked over the past 10 years, it has experienced dramatic ebbs and flows since the first CVC wave of the 1960s. This article reviews the CVC phenomenon and its historical background and proceeds to highlight two critical success factors going forward. The… Read More »
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 The development of the Chinese venture capital market imitates the remarkable growth of China’s economy between 1985 and 2015. Venture capital was a concept that was unheard of in China in the mid-1980s, when the first Chinese VC firm was established purely with government funds. By 2006, however, the Chinese venture capital market had become the second largest in the world after the United States, and it still retains… Read More »
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 This article tells a story of public efforts creating a venture capital ecosystem in an emerging part of the world – the Baltic States. The three young nations, together totalling only seven million people, managed to establish a vibrant entrepreneurial culture due to public initiatives and policies, aided by the American and European international financial institutions (IFIs), over the past 25 years. The IFIs played a crucial role in developing local capital markets, sponsoring… Read More »
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Coller Institute of Venture at Tel Aviv University