"A History of Venture Capital" by Sebastian Mallaby Publisher: Zhejiang Education Publishing House

Introduction · · · · · ·
If you can only read one book on venture capital, read this one.

●This is the true story of venture capital. In many people's impressions, venture capital has always been a mythical existence, holding the code to change the wind direction and create huge wealth. This book can help you open the mythical shell of venture capital, like a wormhole through time, and peek into the secrets of human nature, times, wealth and even the good and evil of capital. It interweaves the stories of legendary Silicon Valley companies and figures with insights into the development of the venture capital industry, and authoritatively reveals for the first time the reality of the hundreds of billions of capital operations behind the exponential technological revolution in Silicon Valley.

●It reveals the fundamental principle that drives the venture capital industry, the entire Silicon Valley, and even the entire world - the law of exponentiation. The biggest secret of venture capital is that the returns generated by the best investments are equal to or exceed the sum of the returns of the rest of the fund. Although success is rare, the impact of success is transformative. For this reason, venture capitalists always have extraordinary insight and intuition, a preference for risk and tolerance for failure. They dare to bet big in the face of huge uncertainties. For them, the bolder and more impossible those seemingly crazy dreams are, the more valuable they are. Venture capital is not just a business, but also a method, way of thinking and philosophy that can bring social progress. It can better meet human needs and desires by boldly supporting brave innovators. It can even be said that venture capital itself is a huge innovation.

About the Author
Sebastian Mallaby

Paul Volcker Senior Fellow for International Economics at the Council on Foreign Relations, former editor of the Financial Times and twice nominated for the Pulitzer Prize, the "Oscar" of journalism. His books include The Man Who Knew and More Money Than God.