Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't (35/37)

159 VCs surveyed Fund type Position 60 60 140 134 47 40 93 20 19 47 7 6 9 1 1 9 7 0 0 Angel Seed VC (Early) VC (Mid) VC (Late) PE Corp (blank) Partner / MD Analyst to Principal Sole proprietor/personal investor Fund size ($ million) How long has your ﬁrm existed (years) 60 47 70 61 40 33 28 31 36 19 35 22 20 9 7 7 0 0 $1-20 $20-100 $300-999 $100-300 $1000+ Evergreen Personal 0-3 3-10 10-20 20+ Survey respondent geography Personal investment experience (years) 80 79 80 31 43 41 40 24 40 30 23 8 7 13 0 1 0 Norcal SoCal NE US Other US ROW (blank) 0-3 3-6 6-10 10-15 15+ 35 Source: Upfront Survey Jan 2016.

Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't - Page 35

Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't Page 34 Page 36