“IPOs are the new down round”
So says Venture Capitalist Bill Janeway on this week’s Masters in Business radio podcast. Janeway is a managing partner at Warburg Pincus and author of Doing Capitalism in the Innovation Economy: Markets, Speculation and the State. His work operates at the intersection of technology, finance, and economics.
He attended Princeton undergrad, and earned his Ph.D. in economics from Cambridge University on a Marshall scholarship.
Known as a “key creator of modern venture capital,” Janeway helped to created BEA Systems, which connected software applications to databases across much of the Internet. The initial cash investment of $54 million became a payout of $6.5 billion within six years.
Janeway funded the Cambridge Endowment for Research in Finance in 2001 and funded the annual Princeton-Cambridge Finance Seminars in 2004.