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Scott Voss on Riding the Venture Cycles

3 October 2016

Scott Voss, Managing Director, HarbourVest discusses venture cycles during the LAVCA Venture Investors NY Summit in September 2015 in New York, NY.

The music is not going to stop for venture capital, but someone is going to turn down the volume soon

This content is made possible with support from Omidyar Network and Telefonica Open Future_.

Telefonica Omidyar

TRANSCRIPT

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Scott Voss: There’s also this venture factor. We have been in one of the best venture cycles over the last five or six years that we’ve seen in the last two decades. I spent time focused on venture and I spent my time focused on emerging markets. If I went back to 2010, there were three islands in the world that were just having a huge party, it was Silicon Valley, it was Brazil, and it was China. If I went to a conference like this in 2010 in the United States to talk about US VC or US private equity, there’s a bunch of droopy dogs sitting around, we were still hung over from the financial crisis and things weren’t getting better quickly. I guess the sobering thing is, listen, the music is not going to stop for venture capital but somebody’s going to turn down the volume soon. It’s not going to be this amazing story that’s been really driven by some private market financings.

There will be a shakeout. I think what’s important what Eric Acher did, he had a concentrated LP base that understood his strategy and will invest with him through a cycle and not run when things get difficult. For any other VC in this room whether it’s a local investor, whether it’s a family office, whether it’s a global institutional investor, make sure that they’re thinking long term. Because this venture cycle has been great for global venture markets because it’s pulled everybody forward, but there will be a head wind where probably the biggest thing you can do is maintain your ground. Right? You ride this big wave when it’s happening but probably the biggest advantage you will have is when the tide turns, maintain your ground and then when the tide turns again to your favor, you’ll benefit from it.

Scott Voss: También existe un factor de venture. Hemos estado en uno de los mejores ciclos de venture en los últimos cinco o seis años que se ha visto en las últimas dos décadas. Pasé tiempo concentrado en venture y en mercados emergentes. Si volviera al año 2010, había solo tres islas en el mundo que estaban teniendo una gran fiesta, eran Silicon Valley, Brasil y China. Si fuera a una conferencia como esta en el 2010 en los Estados Unidos para hablar acerca del venture capital o private equity en los Estados Unidos, habría un montón de personas desanimadas alrededor, todavía padecíamos la resaca de la crisis financiera y las cosas no estaban mejorando rápidamente. Yo creo que la manera de salir de este delirio es, escuchar, la música no se va a detener para el venture capital, pero, alguien le va a bajar el volumen pronto. No será esta increíble historia que fue impulsada por algunos financiamientos del mercado privado.

Habrá una reestructuración. Creo que es importante lo que Eric Acher hizo, tuvo una base LPs concentrada que entendió su estrategia e invertirá con él a través de un ciclo y no lo abandonará cuando las cosas se dificulten. Para cualquier otro VC en esta sala, ya sea un inversor local, sea un family office, sea un inversor institucional a nivel mundial, asegúrese de pensar a largo plazo. Porque este ciclo de venture ha sido increíble para todos los mercados de VC a nivel mundial porque impulsa a todos a seguir hacia delante, pero habrá un viento de proa en el cual la mejor cosa que pueda hacer sea mantenerse en su posición. ¿Sí? Al montar esta gran ola cuando está ocurriendo, probablemente, la mayor ventaja que usted pueda tener sea cuando cambie la marea, mantener su posición y, luego, cuando la marea se vuelva a su favor, usted se beneficiará.

Scott Voss: Existe também este fator de venture. Estivemos em um dos melhores ciclos de venture nos últimos cinco ou seis anos que já vimos nas últimas duas décadas. Eu passei tempo focado em venture e passei meu tempo focado em mercados emergentes. Se eu voltasse para 2010, haveria três ilhas no mundo que estavam dando uma enorme festa: o Vale do Silício, o Brasil e a China. Se fosse a uma conferência como essa em 2010 nos Estados Unidos para falar sobre VC ou PE nos EUA, tem um monte de cachorros caídos por ai, estávamos ainda na ressaca da crise financeira e as coisas não estavam ficando melhores rapidamente. Acho que o jeito de sair desse delírio é escutar com atenção, a música não vai parar para o venture capital, mas alguém vai baixar o volume, logo, logo. Não vai ser aquela história incrível que na verdade foi impulsionada por alguns financiamentos do mercado privado.

Vai haver uma comoção financeira. Eu considero importante o que o Eric Acher fez, ele tinha uma base de LP concentrada que entendia sua estratégia e que investirá com ele através de um ciclo e não vai correr quando as coisas ficarem difíceis. Para qualquer outro VC nesta sala, quer se trate de um investidor local, ou de um Family office, ou se for um investidor institucional global, certifique-se de que eles estão pensando em longo prazo. Porque este ciclo de venture tem sido ótimo para mercados globais de venture porque impulsionou todo mundo para frente, mas vem ai um vento de popa onde provavelmente a melhor coisa que você poderá fazer será não perder terreno. Certo? Você surfa essa grande onda quando ela está acontecendo, mas provavelmente sua maior vantagem vai será quando a maré virar, você mantiver sua posição e depois, quando a maré virar de novo a seu favor, você vai colher seus benefícios.

Scott Voss on Riding the Venture Cycles was last modified: May 18th, 2017 by Claudia Rosenbloom
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Methodology

LAVCA’s fourth annual list of Emerging Women Investors in Latin American Tech includes 135 junior- and mid-level investment professionals from Latin America-based firms, as well as from global firms with Latin America-dedicated investment teams.

Every year since 2016, LAVCA solicits nominations of top women investors in tech from the investment community. In 2018, complementing the peer nomination process, LAVCA reviewed the investment teams of all active Latin American VC funds. Our inaugural list of  Emerging Women Investors in Latin American Tech had 47 investors. The list has been constantly growing – from 87 investors featured in 2019, to 97 in 2020, and to 116 in 2021.

NOMINATE AN INVESTOR

This list is not exhaustive; if you know of a junior- or mid-level investment professional working on Latin American tech deals who should be on this list, contact [email protected]

TOP WOMEN INVESTING IN LATIN AMERICAN TECH

LAVCA’s companion list of Top Women Investors in Latin American Tech includes 140 senior-level women investment professionals who are deploying capital in early and growth stage tech deals.

About LAVCA

 

LAVCA is the Association for Private Capital Investment in Latin America, a not-for-profit membership organization dedicated to supporting the growth of private capital in Latin America and the Caribbean through research, education, networking and advocacy.

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