Word: prestons
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Dates: during 2000-2009
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Heesen and four other veterans visited TIME last month for a talk that served as an epilogue to the Internet era and a prologue to innovation to come. Brenda Gavin, managing partner of Quaker BioVentures; John Preston, associate director of the M.I.T. Entrepreneurship Center; Gary Rieschel, managing partner of Mobius Venture Capital; and Susan Woodward, founder of Sand Hill Econometrics, joined Heesen on our Board of Technologists...
...PRESTON: I would say the biggest single problem we have is a tendency to follow what others are doing. A lot of me-too venture funds are nearing the end of their investment cycle, so the venture capitalists are returning to their roots. But because new technologies aren't ripe yet or there's a lack of people to make companies out of them, venture investors are not putting their money to work as aggressively as they should. They have an "overhang" to the tune of $50 billion. Others are still overpaying for some investments...
...PRESTON: I look at deals, and I try to look at what I call the hype-to-substance ratio. If the hype is up here, and substance is down here, I avoid getting involved...
...PRESTON: There are cultural differences in play all over. Many of the reasons Europe lags the U.S. in venture investment are cultural. The average American works about 1,978 hours a year, vs. 1,525 for a European. Europe is trying to protect jobs by lowering hours. But reducing hours to create new jobs is a different approach than we have in America, where there is a rich tradition of taking on risk and trying to build new job-producing companies from scratch...
First mandolins--H. S. Clark, R. H. Eggleston, F. A. Hardling, A. H. Metcalf, N. W. Niles, F. L. Preston, S. J. Smith, J. R. Suydam, H. G. Tomlin, H. M. Wilder...