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January 07, 2006


Alain Benjamin Revah

Great whitepaper indeed. Given the fact that 99 saw a lot of pseudo-stars and a lot of real failures before 03 I suspect the numbers for early stage will become better when incorporating 04 and 05.

When VCs can't produce high returns anymore they remember the old stock market recipes: volatility.

Manager relationships are key but also level of entrepreneurship. In France and Germany, it is hard to find serial entrepreneurs. Excluding Loic and the Jolivet brothers that number becomes almost irrelevant:) We invest in Scandinavia where the level of entrepreneurship is thankfully higher.

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