Greg Warnock Tells Utah Entrepreneurs ""There is an oversupply of investment capital"
Utah has a glut of investment capital available to fund new and growing businesses, a local venture capitalist said Wednesday.
At the kick-off event for vSpring Capital’s http://www.vspring.com/ Top 100 Venture Entrepreneurs, Greg Warnock, managing director of the firm, and Utah Gov. Jon M. Huntsman Jr. hailed entrepreneurship as one of the key drivers of Utah’s economic future.
"V/100 entrepreneurs make a difference, in that you improve the human condition," Warnock said, citing entrepreneurs’ contribution to the Human Genome Project and in the fields of radiation therapy, technology and engineering. "These innovations make our lives more convenient, safer, easier and more productive."
Today, thanks to increased contributions from angel investors and others, Warnock said, "there is an oversupply of investment capital. There’s more capital per deal then ever before. Access to capital is clearly becoming a less-credible scapegoat" for entrepreneurial performance in Utah.
The v/100 class of 2005 includes 42 new "inductees." To date, the v/100 group has raised more than $4 billion in capital and formed companies and created more than 15,000 jobs, according to vSpring, an early-stage venture capital fund based in Salt Lake City.
The v/100 was designed to help entrepreneurs and vSpring locate and build relationships with the top executives in the region. Members of the v/100 are chosen through a peer-nominated and peer-selected process.
By Jenifer K. Nii
Deseret Morning News
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