The University of San Francisco is out with its quarterly report on venture capitalism. It's so filled with jargon it's almost unintelligible. Skipping to the end, their venture capitalist confidence index is down from 3.81 to 3.73.
In the economic analysis business, wild guesswork always looks better with decimal-pointed numbers. Venture capitalists guess more than most people. They write checks based on other people's ideas. They look as spreadsheets where all the numbers are projections, which are also guesses.
The report refers to an abiding confidence in the Silicon Valley ecosystem. That sentence has nothing to do with an actual ecosystem; they're being metaphorical.
Other phrases in the report - "a strong exit market" - "knock-on effects" - and my personal favorite, "a frothy valuation environment."
What does the report really mean? Nothing. Nothing at all. It contains not a shred of new information. And even if it did, any general trend would tell little about what any individual venture will experience.
And that's Crisis at a Glance.
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