“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. 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. His work operates at the intersection of technology, finance, and economics.
Janeway funded the Cambridge Endowment for Research in Finance in 2001 and funded the annual Princeton-Cambridge Finance Seminars in 2004
Hear the show live on Bloomberg Radio or at Bloomberg.com; download the full podcast at iTunes, SoundCloud and on Bloomberg.com. Earlier podcasts can be found on iTunes and at Bloombergview.com.
Books referenced:
• Doing Capitalism in the Innovation Economy: Markets, Speculation and the State, Bill Janeway
• The General Theory of Employment, Interest, and Money, John Maynard Keynes
• Stabilizing an Unstable Economy, Hyman Minsky
• Freaks of Fortune: The Emerging World of Capitalism and Risk in America, Jonathan Levy
• Liberty and Coercion: The Paradox of American Government from the Founding to the Present, Gary Gerstle
