NEW YORK (Reuters) - the temptation to find the next Facebook, Groupon or Twitter is driving the biggest rush in the arena of start-up Internet venture capital since Mania first bubble then fact and fulfilling long fire more than ten years ago.
Over $ 5 billion of risk capital investment flowed into web young companies around the world in the first four months of the year, show data from Thomson Reuters Deals Intelligence.
Although small compared with the years of boom, the place of sum 2011 being the busiest in terms of dollars since 2000, when more than 55 billion was deployed emerging back technology firms.
The latest frenzy is some of the features of the previous web investment craze - exuberance on the creation of businesses "concept" who have not launched intense competition between potential donors and their sites to place bets in presumptive hot spotssuch as the social media space now defined by people like Facebook and LinkedIn.
Entrepreneurs such as Clara Shih, CEO of hearsay, a specialized software provider based in San Francisco, have more weight than the last time with investors and talk to have their choice of potential donors. Shih, stated that it had already raised $ 3 million, when the money came knocking at his door.
"Honestly, we were not thinking of fundraising, but now it's kind of landed on our knees, we will be open," Shih, said in an interview with Reuters Insider.
Herd investment behaviour gives rise to talk that the Internet another bubble formed, particularly when analysts see evaluations of the order of 70 billion for Facebook and 15 billion dollars to consolidate on calculated from private investment.
"I heard... many capitalists who say ' no, he did no bubble,'", said Dana Stalder, a partner in the Office of the Silicon Valley of the society of venture capital partners of the matrix.
"When you see double evaluations in the past 12 months for the same company, the same team, it's like a bubble for me.".
But the other features of the current expansion set out that which ended in collapse 10 years ago.
* Investors VC say more young companies of today are cost-effective or a clear profitability path as the advent of the cloud computer helps reduce significantly operating for a decade before
* Online advertising and electronic commerce, in their infancy a decade previously, came to maturity in the sources of more reliable and recognized
* The rush to monetize through an initial public offering has slowed. Abundant sources of private investment, a raft of new disclosure regulations public company and the growth of the alternative sites of exchange of the shares of a private company to provide the means and encouraging them to delay going public
The most distinctive factor of the mantra "It's different this time" is perhaps that the frenzy of web of today is global.
During the three years that marked the height of the last boom, 1999 and 2001, the VC industry sank $ 96.4 billion into web start-ups, with more than 80% or almost $ 78 billion at United States onlyThomson Reuters data show. Of 10,755 VC deals on that run, 7,174 took place on the American market.
Not so today. More than 5 billion of dollars of VC money invested until 2011, only $ 1.4 billion has been deployed in U.S. start-ups. According to data from Thomson Reuters. Approximately three quarters of the 403 trafficking took place overseas.
In addition, it is the big deals that often do not are now outside the United States password. The 25 largest consumer is Internet on last year, 15 were investment non-U.S., according to Quid, a start-up of research from Silicon Valley to follow VC investment flows. Almost half, 12, are a Chinese.
Investors and the creation of enterprises have a more international flavour. Perhaps the most notable new face between king of the Internet today those responsible is Russian billionaire Yuri Milner, CEO of DST Global. Milner has invested hundreds of millions of dollars in Facebook, Groupon, and Zynga. Last month, his company has invested 500 million dollars in 360Buy, com, the largest site of business-to-consumer China.
While one of the distinctive features of the new boom is the tendency to remain private for a longer period, the IPO pipeline is filled with the names of the Internet.
Until 2011, 16 web companies have filed documents of industrial property Office with the U.S. securities regulation, seeking to increase the revenue estimated to be approximately 4.1 billion dollars, according to Thomson Reuters data. Which is already leading the annual totals for each year except 1999, date of the deposit of 52 companies raise $ 4.2 billion.
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