Strictly going by assets under management, venture capital is a sideshow. But its influence belies its size.  Fewer than one per cent of all new companies get venture funding; but of all the companies listed on the stock market since 1995, three-quarters of their total market cap has gotten venture backing.  What’s special about it? Venture capital funds risky early-stage ventures with a big potential payoff. Technology companies, mainly. The heart of venture capital is in the Bay Area. The great technology companies of our time were all launched with the generous help of the venture capital industry.  Venture capital…

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