The appeal to venture capitalists of investing in United States high technology companies is quite obvious; the technology industry is one of the largest and most rapidly growing industries in the United States today. According to the U.S. Department of Commerce , since 1994 technology-related revenues have grown at an estimated rate of 15% per year approximately five times the growth rate of the U.S. economy. Today technology is estimated to account for approximately 50% of all private sector capital spending in the United States.
Over the past two decades , venture capital has fostered the growth of many of the world's leading high technology and other emerging growth companies in the United States. Corporations such as Microsoft, Compaq and intel are but a few examples of American companies whose early growth was facilitated by venture capital investments. The availability of venture capital financing to young, high technology companies has been a primary contributor to the dramatic revenue growth enjoyed by, and the increased competitiveness of, America's high technology industry and to the economic expansion and increased employment levels experienced in California's Silicon Valley and other areas of high technology company concentration. It is estimated that over 3,000 companies (including non-technology companies) which have completed initial public offerings of stock in the United States over the past two decades have received venture capital at some point in their development.
As venture capital has grown in popularity, venture capital investing has emerged as a major financial investment vehicle. Traditionally, most venture capital firms consisted of small, private limited partnerships utilizing capital furnished by wealthy individuals or corporations. Today, venture capital investing represents a significant focus of most institutional or corporate investment portfolios, and many of the largest venture funds are operated by major financial institutions, or by subsidiaries specifically designed for private equity investment. It is estimated that a majority of funding currently committed to venture capital entities has been provided by public or private pension funds, which are allocating increasing percentages of investment funds to “alternative investments” such as venture capital. The remainder of investment funding is provided by insurance companies, banks, corporations, wealthy individuals, foreign investors, university or institutional endowments and private foundations. Government-sponsored investment programs designed to foster small business creation and growth in the United States also have accelerated the use of venture capital financing. For example, the United States Small Business Administration operates the Small Business Investment Company program which allows venture capital entities to obtain government funds to supplement venture capital investing in qualified companies. In addition, more than 40 U.S. states allocate a portion of either public funds or pension fund moneys to venture capital investment.
In recent years, it has become increasingly popular for large corporate to form their own venture capital subsidiaries or investment vehicles. Corporations such as Microsoft, AT&T, and Motorola are but a few of many United States Corporations that actively make their own venture investments, often co-investing with private venture capital firms. Venture capital can provide various benefits beyond opportunities for superior investment returns. For example, corporate venture capital investing many allow the large corporation, with minimal investment, to benefit from the research and product development activities of the emerging company. In addition, large corporations can benefit from exposure to entrepreneurial companies and different management approaches. For the emerging company, the association with a corporate partner may not only enhance the emerging company's balance sheet, but may enhance its credibility with customers, suppliers, investors and others, as well as create opportunities for the emerging company to leverage off of the corporate partner's marketing and distribution network or administrative services.
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