Background

Early-stage companies represent an asset class differentiated from traditional later-stage Venture Capital (VC) and other assets in the following ways:

- High (25-30%/yr) rates of historical average financial return (in recognition of inherent risk, for essentially creating value from nothing)

- Minimal correlation with other major asset classes (thus good for portfolio diversification).

- Highly innovative and impactful (thus making a real difference in the world).

- Source of most net new jobs, value creation, etc. (thus economically important).

- Often lacking established financials, revenues, etc. (thus needing a different investment approach).