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FIGURE 3-10 US venture capital disbursements, by stage of financing, 1992-2002. Venture capital funding is returning to pre-2000 levels.

SOURCES: Thompson Venture Economics, special tabulations, June 2003. See National Science Board. Science and Engineering Indicators 2004. NSB 04-01. Arlington, VA: National Science Foundation, 2004. Appendix Table 6-16.

Capital Association (NVCA).41 With stock values rising, the climate for initial public offerings and acquisitions has improved, attracting capital from investors considering exit opportunities.

Another positive sign is a recent increase in capital raised by venture funds, suggesting an improving attitude toward risk taking. According to NVCA and Thomson Venture Economics,42 venture funds raised $17.6 billion in 2004, more than in the prior 2 years combined (albeit at just one-sixth their 2000 peak). There is a strong funding pipeline to support ven-


PricewaterhouseCoopers. “MoneyTree Survey.” Available at: Accessed December 20, 2005.



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