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Venture Briefing: May 5, 2018 Venture Briefing: May 5, 2018

Venture Briefing: May 5, 2018

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Smaller M&A Deals Better in Long Run, Research Shows
M&A does boost companies' growth and value, new research shows, but the bet-the-company deal isn't the route to success. It is a steady stream of transactions -- known as programmatic M&A -- that delivers the real wins.
(Source: Harvard Business Review, 2018-05-09) Read the full article
Number of Public Company IPOs Declines Along With Transparency
As the number of companies going public decreases, concerns about transparency grow. The number of publicly traded companies in the United States was about 4,300 in 2015, down from about 8,000 in 1996, accounting firm Ernst & Young found in a 2017 study.
(Source: Fierce CEO, 2018-05-02) Read the full article
Majority of Corporate Debt Needs Refinancing, Worrying Analysts
U.S. companies are carrying about $4 trillion in debt that needs to be refinanced over the next five years, according to a new analysis from Wells Fargo Securities. That's about two-thirds of all outstanding corporate debt, and some analysts are worried about what could happen to businesses if interest rates keep rising over that period.
(Source: Business Insider, 2018-05-10) Read the full article
Evolving Microloan Market Keeping Small Businesses Afloat
The microloan market has evolved in the past five years, says Antara Dutta, a social entrepreneur and mentor with the Delaware chapter of SCORE, a volunteer network of small-business advisers. Many non-profit organizations, foundations, and peer-to-peer lending networks have also entered the microloan market.
(Source: USA Today, 2018-05-03) Read the full article
Crowdfunding Platforms Disappoint Small Businesses
Begun two years ago with some big hopes, the option for small businesses to court investors through crowdfunding hasn't turned into the windfall its supporters predicted. Some 438 companies have raised just $105 million since May 16, 2016, when the first websites where companies' shares are sold began operating, according to the consulting firm Crowdfund Capital Advisors.
(Source: Christian Science Monitor, 2018-05-09) Read the full article
April Small Business Optimism Index Increased Slightly to 104.8
The index of small business optimism from the National Federation of Independent Businesses ticked up fractionally to 104.8 in April. The closely-watched confidence index roared to fresh highs after tax cuts were passed late last year, but it's struggled to hold its momentum since then.
(Source: MarketWatch, 2018-05-08) Read the full article
VC's Return on Series A Deals Eroded By Crowdfunding
There's been a sea change in Series A investment rounds that has been gradually -- but persistently -- eating away at venture capital funds' highest-ROI category investments. The JOBS Act of 2012 -- creating Title III and Title IV equity crowdfunding structures -- ultimately squeezed VCs out of many of the best early-stage deals.
(Source: Venture Beat, 2018-05-13) Read the full article
House Approves Bill to Help Small Businesses with Cybersecurity
House lawmakers approved legislation meant to help small businesses better guard themselves against digital threats. The bill, introduced by the chairman of the House Small Business Committee, would clear the way for employees of small business development centers across the country to receive training in cybersecurity.
(Source: The Hill, 2018-05-08) Read the full article
Age of New Corporate Board Directors Declining, Report Finds
The newest board members at Fortune 100 companies are surprisingly young, at least by director standards. More than half of the directors who joined these companies' boards last year were less than 60 years old, according to an analysis by Ernst & Young LLP. It's the second year in a row that many incoming directors have been that young.
(Source: Bloomberg BNA, 2018-05-10) Read the full article
Report Finds Bulk of V.C. Funding Concentrated in a Few States
More than half of all venture capital dollars invested in small businesses and startups during the first three months of 2018 went straight into the state of California, according to a recent investment report from PwC and CB Insights suggesting the vast majority of business investment in the U.S. is concentrated in only a few states. Venture capital investments climbed four percent during the first quarter to $21.1 billion, and more than $11.5 billion of that funding went to California-based businesses.
(Source: U.S. News & World Report, 2018-05-10) Read the full article
 
 
 
Headlines
Supreme Court Gives States Control on Sports Betting/Legislation Likely In Many States

The Supreme Court of the United States, in Murphy, Governor of New Jersey, ET AL. v. National Collegiate Athletic Assn. ET AL., No- 16-476, struck down the federal ban on sports betting in the Professional and Amateur Sports Protection Act (PASPA), which was originally enacted in 1992. Read full article online.

 

The BUILD Act: Expanded Liability Protections for Tenants and Governments and Brownfield Program Improvements

With little fanfare in March, Congress and the Trump administration gave a jump start to the United States Environmental Protection Agency’s brownfields program and codified important liability protections with an addition to the Consolidated Appropriations Act of 2018 called the Brownfields Utilization, Investment, and Local Development Act of 2018 (the BUILD Act). Read full article online.

 

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Ice Miller has been one of the most active law firms in the private equity industry over the last decade, representing both entrepreneurs building great companies and the private equity firms and individuals that invest in them.  We have extensive experience with all types of funds (formations and operations); mezzanine and senior secured financing; leveraged buyouts, roll-ups, build-ups, and consolidations; divestitures and exits; and complex litigation on behalf of investors and privately financed companies.  In addition, over the past 10 years, Ice Miller has represented hundreds of emerging growth businesses in various industries on such matters as entity formation, capitalization, capital raising, alternative financing, intellectual property rights and protection, growth and exit strategies, corporate governance, tax matters, and many other legal issues that are critical to the growth and success of an emerging company.

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