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![When more money floods into an asset class it usually bids up prices, and makes it harder to generate financial returns.⠀
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Not so when it comes to venture capital, according to at least one respected industry figure.⠀
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"When you have more venture capital, more entrepreneurs come," says @timdraper a founder of Draper Fisher Jurveston, a Silicon Valley venture firm with a rich history, and more recently, seed stage focused Draper Associates. "When you build it they will come."⠀
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The comments are interesting for Australia - because we finally have a venture capital industry. After almost disappearing following the dot com bust, the local venture scene is well and truly back on its feet.⠀
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Last year was almost certainly a record year for domestic VC fundraising, with the biggest fundraise ever (worth $250 million) closed by AirTree Ventures, and other sizeable funds set up by Melbourne's Square Peg Capital and the CSIRO.⠀
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The question is whether VC managers will be able to generate returns on this money for their own investors. The answer is, we don't really know.⠀
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The Australian VC industry was nearly wiped off the face of the earth following the dot com bust because of poor returns. Yet, there is an argument that this was because investors were too risk averse (being greedy and placing onerous terms on founders), not because it was too reckless.⠀
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"I would say that I plan to lose 60 per cent of the investments I make. And I expect them to [fail]," Draper says.⠀
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"As a venture capitalist... you have to be willing to be wrong, and you have got to be the stupid one.⠀
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"And you have got to be comfortable in yourself in letting go, because if a company is going to fail you have got to let it go. And if it's going to win you want to double down."⠀
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📰: John McDuling.⠀
📷: @domlorrimer ⠀
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#entrepreneur #venturecapital #investment #startup](http://web.archive.org./web/20170720234403im_/https://instagram.fsjc1-3.fna.fbcdn.net/t51.2885-15/s640x640/sh0.08/e35/20066929_835894783236973_712582572449726464_n.jpg)
![One year since Sam Walsh retired as Rio Tinto CEO he shares a swag of stories, reveals the one role he still wants to secure and opens up for the first time about the Guinea payments scandal, over lunch with the AFR at Persian restaurant Recipe in East Perth.⠀
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Walsh may be working on a post-Rio reinvention, but he is determined to remain valuable⠀
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He is currently the chairman of the Accenture Global Mining Council, chairman of the Perth Diocesan Trust, and is chairing a series of industry round tables for the West Australian government.⠀
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He is also director of the Australia Council for the Arts, is chair-elect of the WA Royal Flying Doctor Service and most recently he joined the board of Japanese trader Mitsui & Co. ⠀
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"If I can give high experience and knowledge and context and networks and what have you, I can actually make a difference. I'm not attending these [board meetings] just for the sake of making the numbers at the end of the day. I will be controversial. I will rock the boat. I will make a difference. That's why I am there."⠀
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Read more here: www.afr.com/x/gx7ypk⠀
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📰: Tess Ingram⠀
📷: @philipgostelow ⠀
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#lunch #lunchwiththeafr #riotinto #mining #leadership](http://web.archive.org./web/20170720234403im_/https://instagram.fsjc1-3.fna.fbcdn.net/t51.2885-15/s640x640/sh0.08/e35/20066477_1433488450066531_7974391119066693632_n.jpg)
