2012 Innovation capital - USA: front-end innovation tracks >$475bn

•2012 VC numbers strip out official CVC investments of $2.2bn

* We conservatively estimate the ‘real’ CVC dollars deployed in 2012 to be at least 2x larger than the NVCA, who only capture corporate deals from companies with a dedicated CVC groupand investing alongside a VC firm.

US VC$24.3bn

US CVC $4.4bn

US Corpo-

rate R&D

$280bn

US Govt. R&D$12

5bn

US University R&D

$25bn

Angel Capital

US VC

US CVC

US Corp R&D

US Govt R&D

US Unis R&D

Crowd Funding

Do not copy or distribute

US Crowdfunding $2.8bn US Angel Capital

$22.5bn

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