Closer Than You Think: What the Future Looks Like to Venture Capital

Goldman Sachs Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 8 January 2018

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

Venture capital has taken on a higher profile in the public imagination in recent years, thanks to the dramatic success of several early bets that have since become household names. Heath Terry, lead internet sector analyst for Goldman Sachs Research, shares where venture firms are focused now and what that means for the future of global industries, including health care and financial services. This podcast was recorded on November 14, 2017. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

Transcript

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0:00.0	This is exchanges at Goldman Sachs where we discuss developments currently shaping markets, industries
0:13.8	in the global economy. I'm Jake Seward, global head of corporate communications here at the firm.
0:18.4	Venture Capital is a high risk and potentially high reward area for investors.
0:22.6	Increasingly, it's also quite high profile as more and more companies come to
0:26.0	prominence having leveraged venture investing to reach maturity.
0:29.8	My guest today, Heath Terry, is the author of Venture Capital Horizons, a series of Goldman Sachs research
0:35.0	reports on why venture is growing and where it could be headed.
0:38.2	Heath, welcome.
0:39.2	Thanks for having me, Jay.
0:40.4	So why do we need to pay attention to what venture firms are doing with their investment dollars?
0:44.2	Aren't many of these concepts still pretty far from having a significant impact?
0:47.6	I think there's really three reasons that you have to pay attention to this now.
0:51.6	One, the companies themselves that are venture-backed
0:55.1	are getting bigger and more important.
0:57.1	Things like Uber and Airbnb and Palantier,
1:00.4	not just in technology, but beyond that
1:02.4	you're seeing companies in consumer and
1:03.9	health care that are getting bigger and so thus having a bigger impact on the
1:08.0	economy bigger impact on investors. The second reason is you're seeing public market investors becoming increasingly invested in private companies through venture.
1:18.0	If you're invested in a mutual fund, it might be a large cap blue chip mutual fund, but there's a very good chance that they actually
1:24.4	have money in private companies like some of the ones that I've just named and are increasingly
1:29.4	investing in that.
	...

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