Venture Capital Through The Ages
I kept most of my lecture notes from college. Turns out, Williams gave a good grounding in venture capital. Just take a look at some of my notes from The History of Economic Development (slightly updated):
The Medieval Pre: a/k/a the Lord's Demesne, the right in the manorial system,of each lord to retain 25% - 1/3 of all land and crops.
The Medieval Liquidation Preference: He got to keep the barns, vineyards, orchards and workshops, too.
Angels of the Middle Ages: The Commenda, or a group of older merchants who provided capital for active partners, then split the proceeds 3:1.
Decline in Seed Investment: Known as "the treason of the Bourgeosie" in 17th century France.
The Portfolio Approach: originated in Europe in the Middle Ages, when the 3-crop rotation system became a key driver of innovation.
Other key driver of technology innovation in the Middle Ages: "Manure was used more intelligently."
The Medieval Pre: a/k/a the Lord's Demesne, the right in the manorial system,of each lord to retain 25% - 1/3 of all land and crops.
The Medieval Liquidation Preference: He got to keep the barns, vineyards, orchards and workshops, too.
Angels of the Middle Ages: The Commenda, or a group of older merchants who provided capital for active partners, then split the proceeds 3:1.
Decline in Seed Investment: Known as "the treason of the Bourgeosie" in 17th century France.
The Portfolio Approach: originated in Europe in the Middle Ages, when the 3-crop rotation system became a key driver of innovation.
Other key driver of technology innovation in the Middle Ages: "Manure was used more intelligently."
posted by Suzanne Dingwall Williams at
6:04 AM
1 Comments:
I roasted marshmallows with mine 3 years ago. Prior to the 4th house move, I figured I could save my back and minimize the need for storage as well as putting my notes to good use for as kindling. The marshmallows were crispy with hint of oak and the undertones of my economics class.
What is old is new again! Manure is making a comeback as an alternative fuel source, if only we can produce more of it and contain it much like we tap maple trees in this part of the world.
In 2001/2 we saw how Draconian the VC community can behave with rachet clauses, 7x liquidation preferences, and a host of many other lock downs, slam downs, that I shudder just thinking about it.
The Medieval Lords look like far better allies than the VC's of that era. What kingdom did they think they were reigning? Draconian is the correct term, and I'm surprised not defined by Williams, because they not only took the Barn, the cattle, they completely sucked the life out of the industry and entrepreuneurs. I mean a kingdom is only a kingdom with the people.
VC's don't have an an industry without entrepreneurs. I just wonder how many entrepreuneurs have or will go back to those Draconian VC's of yester-year, and have those Draconian VC's learned their lesson.
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