Hello and welcome to episode 30 of the 20 minute VC with your host Harry Stebbings.

Now today's show is a special show as it's a bit of a milestone here at the 20 minute VC being the 30th episode.

To celebrate this milestone I'm hugely excited to welcome today's guest John Taylor.

John is head of research at the National Venture Capital Association and it's fair

to say that John really is a leading figure in the venture capital and entrepreneurial finance industry.

Having co-founded the NVCA CFO Task Force, which focuses on regulation and emerging issues

dealing with company reporting, industry transparency and

disclosure. John is also frequently quoted by major newspapers and magazines on the subject to venture

capital. Recent original reporting and syndication appearances include NPR morning edition,

APR NPR Marketplace, CNBC, Wall Street Journal, and Bloomberg Radio.

But without further ado, let's dive into the interview.

You have now arrived at your destination.

John, welcome to the 20 minute VC. It's an absolute pleasure to have you on the show.

Thanks, Harry.

Okay, so let's start at the very beginning then.

There's always this perception that VCs have this ton of money and they're very well financed.

But where do venture funds actually obtain their funds from?

It's, yeah, and of course, in our definition, the bright line between a venture capitalist

and an angel is an angel or angel group is an individual or a group of people investing their

own money.

In the case of VC, the money is its third-party money.

They're raising it from someone, somewhere, typically an institutional investor.

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