It's always an interesting week in venture capital. Things may be happening behind the scenes, but somehow it eventually comes out. We pick the best stories, blog posts and other intel inside the VC ecosystem here in the US and in happening places around the world. Onward dear reader…
When Congress passed the JOBS Act, it gave the SEC until July 4 to revise Rule 506 regarding prohibition against general solicitation of securities for sale.
Strictly Business: SEC Misses Deadline
Apparently, the problem is related to the requirement that issuers of securities must take reasonable steps to verify that all purchasers are accredited investors. The SEC is late on other provisions of the JOBS Act as well.
The state of Ohio continues to make its case to the venture capital community.
VentureBeat: 4 Reasons VCs Should Check out Ohio
The case for more VC investment in the piece is being made by Mitchell Rosich, a partner at Athenian Venture Partners, an Ohio-based VC firm.
GO ABROAD YOUNG VC
Venture capital firms are more confident about raising money outside their country than from within.
PE Hub: Global VC Survey
The survey was conducted by Deloitte and the National Venture Capital Association and queried more than 440 VCs worldwide.
DATA DRIVEN VCs
Venture capitalists are always looking for a proprietary advantage in sourcing the best opportunities.
PandoDaily: VCs Can Be like Donald Rumsfeld
Francisco Dao has a provocative piece criticizing those VCs that try to base their investment decisions on data, a la Moneyball.
THE AGE OF CHAOS
Longtime VC Fred Destin has a thought-provoking post on what he believes is a new environment of rapid and sometimes chaotic change:
Fred Destin: Thriving in the Age of Chaos
He thinks that a startup that fosters an environment of "creative chaos" has a better chance of succeeding.
THE JOBS ACT AND PRIVATE FUNDS
Technology law firm Morrison Foerster has been out front in highlighting various aspects of the recently passed JOB Act.
MoFo Jumpstarter: SEC JOBS Act Inactivity
The interesting question they raise is whether or not the SEC will take an "expansive or narrower approach to general solicitation and general advertising rules for private funds."
SOCIAL NETWORKING SUCCESS
Josh Elman has worked at a number of top social networking companies before jumping over to the dark side as an Entrepreneur in Residence at VC firm Greylock Partners.
TechCrunch: Social Services (Video)
Elman makes several good points, one of which is that startups need to have a very granular understanding of how their service is growing.
Q2 VENTURE CAPITAL FUNDRAISING RESULTS
The latest data is out from Thomson Reuters on Q2 venture capital fundraising activity:
Xconomy: The Slog Continues
Noted VC and National Venture Capital Association committee member Michael Greeley has an excellent post up analyzing the numbers, which he succinctly summarizes as "not pretty."