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122-724: Philadelphia–Camden–Wilmington, PA–NJ–DE–MD Other Statistical Areas in the Philadelphia CSA The Delaware Valley , sometimes referred to as Greater Philadelphia , Philadelphia metropolitan area , or Philadelphia tri-state area , is a major metropolitan and tri-state region in Northeast United States that centers on Philadelphia , the 6th-most populous city in the United States , and spans part of three states: Southeastern Pennsylvania , Southern New Jersey , and Northern Delaware . With

244-516: A capitalist , is a person who makes capital investments in companies in exchange for an equity stake . The venture capitalist is often expected to bring managerial and technical expertise, as well as capital, to their investments. A venture capital fund refers to a pooled investment vehicle (in the United States, often an LP or LLC ) that primarily invests the financial capital of third-party investors in enterprises that are too risky for

366-794: A humid subtropical climate ( Cfa according to the Köppen climate classification .) The remainder of the Delaware Valley has a hot-summer humid continental climate ( Dfa .) PRISM Climate Group at Oregon State University Snow amounts may vary widely year-to-year and normally do vary widely within the Delaware Valley. The region has two ski resorts, Bear Creek Mountain Resort in Longswamp Township, Berks County and Spring Mountain Adventures in central Montgomery County . Using

488-408: A central city and its suburbs, which may or may not include the entirety of a metropolitan area. Population figures given for one metro area can vary by millions. There has been no significant change in the basic concept of metropolitan areas since its adoption in 1950, although significant changes in geographic distributions have occurred since then, and more are expected. Because of the fluidity of

610-703: A city"), plural: aires d'attraction des villes . The official translation of this statistical area in English (as used by INSEE) is "functional area". The AAV follows the same definition as the Functional Urban Area (FUA) used by Eurostat and the OECD , and the AAVs are thus strictly comparable to the FUAs. The AAV replaced in 2020 the metropolitan statistical area called aire urbaine (AU). The AU, which

732-459: A consequence, most venture capital investments are done in a pool format, where several investors combine their investments into one large fund that invests in many different startup companies. By investing in the pool format, the investors are spreading out their risk to many different investments instead of taking the chance of putting all of their money in one start up firm. Venture capital firms are typically structured as partnerships ,

854-772: A core of metropolitan statistical area population of 6.288 million residents, while the combined statistical area population of 7.366 million (as of the 2020 census), Delaware Valley is the eighth-largest metropolitan region in the United States and the 68th-largest metropolitan region in the world. In addition to Philadelphia, other major population centers in the Delaware Valley include Reading , Upper Darby Township , and Chester in Pennsylvania; Atlantic City , Camden , Vineland , and Cherry Hill in South Jersey; and Wilmington and Dover in Delaware. As of 2022,

976-653: A decade later in 1994. The advent of the World Wide Web in the early 1990s reinvigorated venture capital as investors saw companies with huge potential being formed. Netscape and Amazon (company) were founded in 1994, and Yahoo! in 1995. All were funded by venture capital. Internet IPOs—AOL in 1992; Netcom in 1994; UUNet, Spyglass and Netscape in 1995; Lycos, Excite, Yahoo!, CompuServe, Infoseek, C/NET, and E*Trade in 1996; and Amazon, ONSALE, Go2Net, N2K, NextLink, and SportsLine in 1997—generated enormous returns for their venture capital investors. These returns, and

1098-681: A district in Kocaeli province and thus in the jurisdiction of the Kocaeli Metropolitan Municipality, is arguably within the metro area of Istanbul with many of its residents commuting to Istanbul for work and the Marmaray, a commuter rail line, extending into the district. The district however, as previously mentioned, is not a part of Istanbul's provincial limits, and thus not subject to the jurisdiction of its metropolitan municipality. The word metropolitan (municipality)

1220-573: A finance background. Venture capitalists with an operational background ( operating partner ) tend to be former founders or executives of companies similar to those which the partnership finances or will have served as management consultants. Venture capitalists with finance backgrounds tend to have investment banking or other corporate finance experience. Although the titles are not entirely uniform from firm to firm, other positions at venture capital firms include: The average maturity of most venture capital funds ranges from 10 years to 12 years, with

1342-437: A fund, the investors have a fixed commitment to the fund that is initially unfunded and subsequently "called down" by the venture capital fund over time as the fund makes its investments. There are substantial penalties for a limited partner (or investor) that fails to participate in a capital call . It can take anywhere from a month to several years for venture capitalists to raise money from limited partners for their fund. At

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1464-431: A harmonised definition of the metropolitan area, and the goal was to have an area from which a significant share of the residents commute into the city, a concept known as the "functional urban region". France's national statistics office, INSEE , names an urban core and its surrounding area of commuter influence an aire d'attraction d'une ville    [ fr ] (or AAV, literally meaning "catchment area of

1586-577: A high degree of economic and social integration with the core as measured by commuting ties. The OMB then defines a Combined Statistical Area as consisting of various combinations of adjacent metropolitan and micropolitan statistical areas with economic ties measured by commuting patterns. The Office of Management and Budget further defines a core-based statistical area (CBSA) to be a geographical area that consists of one or more counties (or equivalents) anchored by an urban center of at least 10,000 people plus adjacent counties that are socioeconomically tied to

1708-693: A majority of Delaware's land mass and population. Wilmington is the most populous city in Delaware and the fifth-most populous municipality in the Delaware Valley. The lone Maryland county in the Philadelphia-Reading-Camden Combined Statistical Area is part of the region known as the Eastern Shore of Maryland . The following municipalities are all within the Philadelphia-Reading-Camden combined statistical area and part of

1830-528: A metropolitan area, it is sufficient that a city or cities form a nucleus with which other areas have a high degree of integration. A metropolitan area is commonly known and characterized by a high concentration in service sector labor and enterprises. Macroeconomics views metropolitan areas as trade regions of economic significance. The Greater Johannesburg metropolitan area is the fourth largest metropolitan area in South Africa . Its population

1952-471: A normal Italian province. The list of metropolitan areas in Sweden is collated based on statistics of commuting between central municipalities and surrounding municipalities and taking into account existing planning cooperation in the country's three geographic regions. They were defined around 1965. In 2005, a number of further municipalities were added to the defined areas. The word metropolitan describes

2074-473: A population exceeding one million as a metropolitan area as per the Code of Criminal Procedure, 1973 . In Indonesia , the government of Indonesia defines a metropolitan area as an urban agglomeration where its spatial planning is prioritised due to its highly important influence on the country. Jakarta , Surabaya , Bandung , Semarang , Medan , Makassar , Palembang are important metropolitan area in

2196-581: A process known as "generating deal flow," where they reach out to their network to source potential investments. The study also reported that few VCs use any type of financial analytics when they assess deals; VCs are primarily concerned about the cash returned from the deal as a multiple of the cash invested. According to 95% of the VC firms surveyed, VCs cite the founder or founding team as the most important factor in their investment decision. Other factors are also considered, including intellectual property rights and

2318-803: A return of over 1200 times its investment and an annualized rate of return of 101% to ARDC. Former employees of ARDC went on to establish several prominent venture capital firms including Greylock Partners , founded in 1965 by Charlie Waite and Bill Elfers; Morgan, Holland Ventures, the predecessor of Flagship Ventures, founded in 1982 by James Morgan; Fidelity Ventures, now Volition Capital, founded in 1969 by Henry Hoagland; and Charles River Ventures , founded in 1970 by Richard Burnes. ARDC continued investing until 1971, when Doriot retired. In 1972 Doriot merged ARDC with Textron after having invested in over 150 companies. John Hay Whitney (1904–1982) and his partner Benno Schmidt (1913–1999) founded J.H. Whitney & Company in 1946. Whitney had been investing since

2440-411: A role in managing entrepreneurial companies at an early stage, thus adding skills as well as capital, thereby differentiating VC from buy-out private equity, which typically invest in companies with proven revenue, and thereby potentially realizing much higher rates of returns. Inherent in realizing abnormally high rates of returns is the risk of losing all of one's investment in a given startup company. As

2562-402: A significant portion of the companies' ownership (and consequently value). Companies who have reached a market valuation of over $ 1 billion are referred to as Unicorns . As of May 2024 there were a reported total of 1248 Unicorn companies. Venture capitalists also often provide strategic advice to the company's executives on its business model and marketing strategies. Venture capital is also

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2684-409: A similar attraction at a smaller scale for a region, the concept of a regiopolis and a respective regiopolitan area, or regio, was introduced by German professors in 2006. In the United States, the term micropolitan statistical area is used. A metropolitan area combines an urban agglomeration with the contiguous built-up areas, which are not necessarily urban in character but are closely bound to

2806-597: A special event service for concerts at Freedom Mortgage Pavilion in Camden . Philadelphia's suburbs contain a high concentration of malls, the two largest of which have at least 5,000,000 square feet (460,000 m) of office space, and at least 600,000 square feet (56,000 m) of retail. These are the King of Prussia mall in King of Prussia, Pennsylvania, which is the largest in the U.S. (leasable sq. feet of retail space), and

2928-520: A successful exit within the required time frame (typically 8–12 years) that venture capitalists expect. Because investments are illiquid and require the extended time frame to harvest, venture capitalists are expected to carry out detailed due diligence prior to investment. Venture capitalists also are expected to nurture the companies in which they invest, in order to increase the likelihood of reaching an IPO stage when valuations are favourable. Venture capitalists typically assist at four stages in

3050-523: A variant known as "Speed Venturing", which is akin to speed-dating for capital, where the investor decides within 10 minutes whether he wants a follow-up meeting. In addition, some new private online networks are emerging to provide additional opportunities for meeting investors. This need for high returns makes venture funding an expensive capital source for companies, and most suitable for businesses having large up-front capital requirements , which cannot be financed by cheaper alternatives such as debt. That

3172-424: A way in which the private and public sectors can construct an institution that systematically creates business networks for the new firms and industries so that they can progress and develop. This institution helps identify promising new firms and provide them with finance, technical expertise, mentoring , talent acquisition, strategic partnership, marketing "know-how", and business models . Once integrated into

3294-698: Is a formal administrative division. As of the 2020 U.S. census , the Philadelphia-Camden-Wilmington Metropolitan Statistical Area is the seventh-largest MSA in the nation with 6,245,051 people. The MSA includes: As of 2020, the Philadelphia–Reading–Camden, PA-NJ-DE-MD CSA is the nation's ninth-largest combined statistical area with a population of 7,379,700. Philadelphia-Reading-Camden Combined Statistical Area includes: When metropolitan areas were originally defined in 1950, most of

3416-532: Is a metropolitan area in the United Arab Emirates. It consists of the combined, greater urban areas of Dubai, Ajman, and Sharjah. The urban areas at the northeast end of Dubai flow into those of Sharjah, which in turn are contiguous with those of Ajman. The total population is about 5.9 million people as of 2023 The European Union 's statistical agency Eurostat has created a concept named larger urban zone (LUZ). The LUZ represents an attempt at

3538-436: Is attractive for new companies with limited operating history that are too small to raise capital in the public markets and have not reached the point where they are able to secure a bank loan or complete a debt offering . In exchange for the high risk that venture capitalists assume by investing in smaller and early-stage companies, venture capitalists usually get significant control over company decisions, in addition to

3660-470: Is crucial for startups to kickstart their journey and attract further investment in subsequent funding rounds. Typical venture capital investments occur after an initial " seed funding " round. The first round of institutional venture capital to fund growth is called the Series A round . Venture capitalists provide this financing in the interest of generating a return through an eventual "exit" event, such as

3782-418: Is different. Venture capital funds are generally three in types: Some of the factors that influence VC decisions include: Within the venture capital industry, the general partners and other investment professionals of the venture capital firm are often referred to as "venture capitalists" or "VCs". Typical career backgrounds vary, but, broadly speaking, venture capitalists come from either an operational or

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3904-470: Is generally only used as an administrative distinction in Turkey. The United Kingdom 's Office for National Statistics defines " travel to work areas " as areas where "at least 75% of an area's resident workforce work in the area and at least 75% of the people who work in the area also live in the area". The European Union 's ESPON group has compiled a separate list of metropolitan areas which covers

4026-577: Is located in Luzon ), Metro Cebu (which is located in Visayas ), Metro Davao (which is located in Mindanao ), and Greater Manila Area (which is the largest metropolitan area of Manila ). The official definition of each area does not necessarily follow the actual extent of continuous urbanization. For example, the built-up area of Metro Manila has long spilled out of its officially defined borders into

4148-414: Is most commonly the case for intangible assets such as software, and other intellectual property, whose value is unproven. In turn, this explains why venture capital is most prevalent in the fast-growing technology and life sciences or biotechnology fields. If a company does have the qualities venture capitalists seek including a solid business plan, a good management team, investment and passion from

4270-572: Is not tabulated on the level of these Areas, but instead at the municipality or state level. In Canada, a census metropolitan area (CMA) or census agglomeration (CA) consists of one or more neighboring municipalities centered around a core population. A CMA requires a total population of at least 100,000, with 50,000 or more residing in the core, while a CA requires a core population of at least 10,000. Both are determined using data from Canada's Census of Population Program, and surrounding municipalities must demonstrate strong economic integration with

4392-508: Is often credited with the introduction of the term "venture capitalist" that has since become widely accepted. During the 1960s and 1970s, venture capital firms focused their investment activity primarily on starting and expanding companies. More often than not, these companies were exploiting breakthroughs in electronic, medical, or data-processing technology. As a result, venture capital came to be almost synonymous with financing of technology ventures. An early West Coast venture capital company

4514-726: Is one of the top five American venture capital hubs, credited to its proximity to the New York metropolitan area and its financial and tech and biotechnology ecosystems . At least two educational institutions, Delaware Valley Regional High School in Alexandria Township, New Jersey , and Delaware Valley College in Doylestown Township, Pennsylvania , and a now defunct local newspaper, The Delaware Valley News in Frenchtown, New Jersey , are named for

4636-637: Is sometimes assigned to South Central Pennsylvania . The seven New Jersey counties in the CSA are in South Jersey . Atlantic County, Cape May County, and Cumberland County each form their own respective metropolitan statistical areas. Atlantic City , Cape May County, New Jersey , and the southern Jersey Shore , including Margate City , Ventnor City , the Wildwoods , and Sea Isle City , are major tourist destinations for people from inside and outside of

4758-412: Is substantially different from raising debt or a loan. Lenders have a legal right to interest on a loan and repayment of the capital irrespective of the success or failure of a business. Venture capital is invested in exchange for an equity stake in the business. The return of the venture capitalist as a shareholder depends on the growth and profitability of the business. This return is generally earned when

4880-900: The Cherry Hill Mall in Cherry Hill, New Jersey , which was the first enclosed mall on the East Coast. In addition, the Christiana Mall in Newark, Delaware, is a popular destination due to its proximity to Interstate 95 and because of the availability of tax-free shopping in Delaware. Malls, office complexes, strip shopping plazas, expressways, and tract housing are common sights, and more and more continue to replace rolling countryside, farms, woods, and wetlands. However, due to strong opposition by residents and political officials, many acres of land have been preserved throughout

5002-695: The Employee Retirement Income Security Act (ERISA) in 1974, corporate pension funds were prohibited from holding certain risky investments including many investments in privately held companies. In 1978, the US Labor Department relaxed certain restrictions of the ERISA, under the " prudent man rule " , thus allowing corporate pension funds to invest in the asset class and providing a major source of capital available to venture capitalists. The public successes of

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5124-610: The International Labour Organization , the OECD , and the World Bank have agreed on a common methodological framework for delimitation of urban and rural areas, which contains a definition of metropolitan areas called the Functional urban area . It is defined as a city and its commuting zone, which is a contiguous area of spatial units that have at least 15% of their employed residents working in

5246-779: The Islamabad Capital Territory ; two are located in Sindh , including Karachi , the largest metropolitan area in the country, and Hyderabad ; one in Khyber Pakhtunkhwa : Peshawar ; and the final in Balochistan : Quetta . The Philippines currently has three metropolitan areas defined by the National Economic and Development Authority (NEDA). These metropolitan areas are separated into three main geographical areas; Metro Manila (which

5368-805: The Paris metropolitan area ( Paris ). In other cases, metropolitan areas contain multiple centers of equal or close to equal importance, especially in the United States; for example, the Dallas–Fort Worth metropolitan area has eight principal cities. The Islamabad–Rawalpindi metropolitan area in Pakistan, the Rhine-Ruhr in Germany, and the Randstad in The Netherlands are other examples. In

5490-579: The Schuylkill River , Lehigh River , and Brandywine Creek . U.S. government agencies have reached various definitions of the Delaware Valley and metropolitan Philadelphia. The Office of Management and Budget (OMB) defines metropolitan statistical area (MSAs), which are regions with relatively high population densities at their cores and close economic ties throughout their respective areas. MSAs are further combined into combined statistical areas (CSAs), reflecting commuting patterns. Neither

5612-532: The United States , the concept of metropolitan statistical areas has gained prominence. The area of the Greater Washington metropolitan area is an example of statistically grouping independent cities and county areas from various states to form a larger city because of proximity, history and recent urban convergence. Metropolitan areas may themselves be part of a greater megalopolis . For urban centres located outside metropolitan areas that generate

5734-678: The United States House of Representatives are located partly or entirely in the Delaware Valley CSA. Italicized counties are not part of the CSA. Additionally, the Delaware Valley is represented in the United States Senate by the eight Senators from Delaware, Maryland, New Jersey, and Pennsylvania. 39°52′37″N 75°19′23″W  /  39.877°N 75.323°W  / 39.877; -75.323 Metropolitan area Metropolitan areas in

5856-488: The University of Pennsylvania , one of the nation's eight Ivy League universities. Other major universities and colleges in the region include Drexel University , Thomas Jefferson University , Rowan University , Villanova University , Saint Joseph's University , Temple University , Rutgers University–Camden , La Salle University , the University of Delaware , Stockton University , and others. Philadelphia and

5978-1012: The Wallenbergs , the Vanderbilts , the Whitneys , the Rockefellers , and the Warburgs were notable investors in private companies. In 1938, Laurance S. Rockefeller helped finance the creation of both Eastern Air Lines and Douglas Aircraft , and the Rockefeller family had vast holdings in a variety of companies. Eric M. Warburg founded E.M. Warburg & Co. in 1938, which would ultimately become Warburg Pincus , with investments in both leveraged buyouts and venture capital. The Wallenberg family started Investor AB in 1916 in Sweden and were early investors in several Swedish companies such as ABB , Atlas Copco , and Ericsson in

6100-779: The general partners of which serve as the managers of the firm and will serve as investment advisors to the venture capital funds raised. Venture capital firms in the United States may also be structured as limited liability companies , in which case the firm's managers are known as managing members. Investors in venture capital funds are known as limited partners . This constituency comprises both high-net-worth individuals and institutions with large amounts of available capital, such as state and private pension funds , university financial endowments , foundations, insurance companies, and pooled investment vehicles, called funds of funds . Venture capitalist firms differ in their motivations and approaches. There are multiple factors, and each firm

6222-740: The revolutionary capital during the colonial era in which the Second Continental Congress gathered at Independence Hall and unanimously adopted the Declaration of Independence , authorized the formation of the Continental Army , and appointed George Washington its commander to resist the British . After the Continental Army's victory, Philadelphia served as the nation's first capital for most of

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6344-520: The -3 °C January isotherm as a boundary, all of the Delaware Valley is humid subtropical. The hardiness zone in the region ranges from 6b in higher areas of Berks and northern Bucks Counties to 8a in Atlantic City and Cape May. [1] Using the Trewartha climate classification system, which requires eight months to average at least 50 °F for the climate to be considered subtropical,

6466-461: The 18th century until 1800, when construction of Washington, D.C. was completed. The U.S. Constitution , the world's longest-standing body of federal law, was ratified at Independence Hall in Philadelphia in 1789. The Delaware Valley is one of the nation's leading regions for academia and academic research with a considerable number of globally-known and highly ranked universities, including

6588-744: The 1930s, founding Pioneer Pictures in 1933 and acquiring a 15% interest in Technicolor Corporation with his cousin Cornelius Vanderbilt Whitney . Florida Foods Corporation proved Whitney's most famous investment. The company developed an innovative method for delivering nutrition to American soldiers, later known as Minute Maid orange juice and was sold to The Coca-Cola Company in 1960. J.H. Whitney & Company continued to make investments in leveraged buyout transactions and raised $ 750 million for its sixth institutional private-equity fund in 2005. One of

6710-777: The Bio Bio Region, with a population of about a million people living in it. Smaller "metropolitan" areas are known as conurbations. Conurbaciones tend to have a bit over 200.000 inhabitants to be considered as such. An example is the Conurbacion de Rancagua, which considers the area shared by the city of Rancagua, and the adjacent smaller towns of Machalí, Gultro and Graneros. Metropolitan areas are known as zonas metropolitanas in Mexico. The National Population Council (CONAPO) defines them as: As of 2018, there are 74 zonas metropolitanas in Mexico. 75.1 million people, 62.8% of

6832-573: The Cultivation and Development of Modern Metropolitan Areas ( 关于培育发展现代化都市圈的指导意见 ) on Feb 19, 2019, in which a metropolitan area was defined as "an urbanized spatial form in a megalopolis dominated by (a) supercity(-ies) or megacity(-ies), or a large metropolis playing a leading part, and within the basic range of 1-hour commute area." In India , a metropolitan city is defined as one with a population more than four million. In policing jurisdiction, state governments can declare any city or town with

6954-925: The Delaware Valley The Delaware Valley and several areas bordering it, including the Lehigh Valley , are part of the Philadelphia media market, the fourth-largest media market in the nation as of 2023. The two main newspapers are The Philadelphia Inquirer and the Philadelphia Daily News , owned by the Philadelphia Media Network . Local television channels include KYW-TV 3 (CBS), WPVI 6 (ABC), WCAU 10 (NBC), WHYY-TV 12 (PBS), WPHL-TV 17 (MyNetworkTV), WTXF 29 (FOX), WPSG 57 (CW), and WPPX 61 ( Ion ). Radio stations serving

7076-447: The Delaware Valley are a biotechnology hub. As of 2024, metropolitan Philadelphia ranks as one of the Big Five U.S. venture capital hubs, facilitated by its proximity to both New York City's entrepreneurial and financial ecosystems and to the federal regulatory environment of Washington, D.C. Elsewhere in the Delaware Valley, South Jersey has emerged as an East Coast epicenter for logistics and major warehouses. Culturally ,

7198-411: The Delaware Valley. Older townships and large boroughs, such as Cheltenham , Norristown , Jenkintown , Upper Darby , and West Chester retain distinct community identities while engulfed in suburbia. Mid-Atlantic American English and its subset, Philadelphia English , are two common dialects of American English in Philadelphia and the Delaware Valley. Listing of the professional sports teams in

7320-400: The Delaware Valley. Other major municipalities in South Jersey include Cherry Hill and Camden , which is across the Delaware River , east of Philadelphia. Burlington , Camden , Gloucester , and Salem Counties comprise the Delware River Region, one of seven officially recognized tourism regions by the New Jersey Department of Tourism. The two counties of Delaware in the CSA constitute

7442-404: The Delaware Valley: The Delaware Valley has four distinct seasons with ample precipitation and is divided by the 0 °C (32 °F) January isotherm . Philadelphia and the New Jersey portion of the area, almost all of the Delaware and Maryland portions, most of Delaware County and lower Bucks County, lowland southern Chester County, and some southern and lowland areas of Montgomery County have

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7564-443: The Greater Johannesburg metropolitan area houses roughly ten times the population of its core municipal city of Johannesburg , which contained 957,441 people as of the 2011 census. The IBGE defines also "Immediate Geographic Areas" (formerly termed microregions ) which capture the region "surrounding urban centers for the supply of immediate needs of the population". Intended for policy planning purposes, as of March 2021 census data

7686-423: The Philadelphia metropolitan area's gross domestic product (GDP) exceeds US$ 518 billion, making it the tenth-largest metropolitan economy in the nation. The Delaware Valley has been influential in the nation's history and economy and home to many people and sites significant to American culture , history , and politics. Philadelphia is sometimes known as "The Birthplace of America" in reference to its role as

7808-431: The Trenton SMSA to form the Philadelphia-Wilmington-Trenton Consolidated Metropolitan Statistical Area. At the same time, Cape May County, New Jersey was added to the Atlantic City SMSA. The "Philadelphia-Wilmington-Trenton" became obsolete one census later when Trenton, New Jersey was moved to the New York-Newark-Bridgeport CSA. The Philadelphia-Wilmington-Vineland CSA included the Philadelphia-Wilmington-Camden MSA and

7930-511: The U.S. and seven for Puerto Rico) and 541 Micropolitan Statistical Areas (μSAs – 536 for the U.S. and five for Puerto Rico). The 169 Combined Statistical Areas (166 for the U.S. and three for Puerto Rico) each comprise two or more adjacent Core Based Statistical Areas. The Office of Management and Budget defines a Metropolitan Statistical Area as one or more adjacent counties or county equivalents that have at least one urban area of at least 50,000 population, plus adjacent territory that has

8052-493: The UK. Venture capital Venture capital ( VC ) is a form of private equity financing provided by firms or funds to startup , early-stage, and emerging companies, that have been deemed to have high growth potential or that have demonstrated high growth in terms of number of employees, annual revenue, scale of operations, etc. Venture capital firms or funds invest in these early-stage companies in exchange for equity , or an ownership stake. Venture capitalists take on

8174-424: The United States are delineated around the core of a core based statistical area which is defined as an urban area , (this is different than the urban core ) and consists of central and outlying counties, as the terms central city and suburb are no longer used by the census bureau due to suburbanization of employment. In other countries metropolitan areas are sometimes anchored by one central city such as

8296-573: The Vineland-Millville-Bridgeton MSA. In 2000, Kent County, Delaware was designated the Dover MSA, and Kent County and Atlantic City were added to the Philadelphia CSA in 2010. As a result of new 2010 definitions, based on a threshold of 15% labor interchange between MSAs, two additional MSAs were added, Ocean City, New Jersey and Reading, Pennsylvania . The CSA to which they belong is known as Philadelphia-Reading-Camden. The Philadelphia-Reading-Camden combined statistical area includes sixteen counties in four states. The five Pennsylvania counties in

8418-520: The adjacent provinces of Bulacan , Rizal , Laguna , and Cavite known as Greater Manila Area . The number of metropolitan areas in the Philippines was reduced from 13 in 2007 to the current three based from the 2017–2022 Philippine Development Plan by NEDA. The other 10 metropolitan areas were Metro Angeles , Metro Bacolod , Metro Baguio , Metro Batangas , Metro Cagayan de Oro , Metro Dagupan , Metro Iloilo–Guimaras , Metro Butuan , Metro Naga , and Metro Olongapo . Dubai - Sharjah - Ajman (DSA)

8540-493: The amount of capital invested). Venture capital investors sought to reduce the size of commitments they had made to venture capital funds, and, in numerous instances, investors sought to unload existing commitments for cents on the dollar in the secondary market . By mid-2003, the venture capital industry had shriveled to about half its 2001 capacity. Nevertheless, PricewaterhouseCoopers' MoneyTree Survey shows that total venture capital investments held steady at 2003 levels through

8662-425: The area include: WRTI , WIOQ , WDAS (AM) , and WTEL . Philadelphia is heavily Democratic , having voted for the Democratic candidate in every presidential election since 1936 . The surrounding suburban counties are key political areas in Pennsylvania, which itself is an important swing state in federal politics. South Jersey has consistently voted Democratic at the presidential level in recent years, although

8784-559: The area now in the Delaware Valley was split between four metropolitan areas, or standard metropolitan areas, as they were then called. The Philadelphia SMA included Philadelphia , Bucks , Chester , Delaware , and Montgomery counties in Pennsylvania , and Burlington , Camden , and Gloucester counties in South Jersey . The Wilmington SMA included New Castle County in Delaware and Salem County in South Jersey. Berks County

8906-461: The business network, these firms are more likely to succeed, as they become "nodes" in the search networks for designing and building products in their domain. However, venture capitalists' decisions are often biased, exhibiting for instance overconfidence and illusion of control, much like entrepreneurial decisions in general. Before World War II (1939–1945) venture capital was primarily the domain of wealthy individuals and families. J.P. Morgan ,

9028-635: The center by employment or other commerce. These outlying zones are sometimes known as a commuter belt and may extend well beyond the urban zone to other political entities. For example, East Hampton, New York , on Long Island is considered part of the New York metropolitan area . In 2020, the European Commission , the Food and Agriculture Organization , the United Nations Human Settlements Programme ,

9150-583: The central municipality governing local services in a province with more than 750.000 residents in Turkey , like Istanbul and its metropolitan municipality, the Istanbul Metropolitan Municipality . There are 30 officially defined "metropolitan municipalities" in Turkey. This classification, however, is only used for administrative purposes, and sometimes contradicts the colloquial use of the term "metro area". As an example, Gebze,

9272-639: The changing conditions, corporations that had sponsored in-house venture investment arms, including General Electric and Paine Webber either sold off or closed these venture capital units. Additionally, venture capital units within Chemical Bank and Continental Illinois National Bank , among others, began shifting their focus from funding early stage companies toward investments in more mature companies. Even industry founders J.H. Whitney & Company and Warburg Pincus began to transition toward leveraged buyouts and growth capital investments. By

9394-481: The city. In practice, the parameters of metropolitan areas, in both official and unofficial usage, are not consistent. Sometimes they are little different from an urban area, and in other cases, they cover broad regions that have little relation to a single urban settlement; comparative statistics for metropolitan areas should take this into account. The term metropolitan can also refer to a county -level municipal government structure, with some shared services between

9516-596: The colony of New Sweden , though this was not officially recognized by the Dutch Empire which re-asserted control in 1655. The area was taken by the English in 1664. The name Delaware comes from Thomas West, 3rd Baron De La Warr , who had arrived at Jamestown, Virginia in 1610, just as original settlers were about to abandon it, and thus maintaining the English foothold on the North American continent. In

9638-405: The company selling shares to the public for the first time in an initial public offering (IPO), or disposal of shares happening via a merger, via a sale to another entity such as a financial buyer in the private equity secondary market or via a sale to a trading company such as a competitor. In addition to angel investing , equity crowdfunding and other seed funding options, venture capital

9760-413: The company's development: Because there are no public exchanges listing their securities, private companies meet venture capital firms and other private-equity investors in several ways, including warm referrals from the investors' trusted sources and other business contacts; investor conferences and symposia; and summits where companies pitch directly to investor groups in face-to-face meetings, including

9882-672: The core, measured by commuting patterns. There are three metropolitan areas in Chile, the biggest and most important one is the Gran Santiago in the Santiago Metropolitan Region, with over 7 million inhabitants, making it the largest and most populated urban area in Chile. The other two metro areas are Gran Valparaiso in the Valparaiso Region with almost a million inhabitants, and Gran Concepción in

10004-551: The country population, live within a metropolitan area. As of February 28, 2013, the United States Office of Management and Budget (OMB) defined 1,098 statistical areas for the metropolitan areas of the United States and Puerto Rico . These 1,098 statistical areas comprise 929 Core-Based Statistical Areas (CBSAs) and 169 Combined Statistical Areas (CSAs). The 929 Core-Based Statistical Areas are divided into 388 Metropolitan Statistical Areas (MSAs – 381 for

10126-562: The country. For urban centers outside metropolitan areas, that generate a similar attraction at smaller scale for their region, the concept of the Regiopolis and respectively regiopolitan area or region was introduced by German professors in 2006. In 2001 Italy transformed 14 provinces of some of the country's largest cities into Metropolitan Cities . Therefore, the territory of the Metropolitan City corresponds to that of

10248-533: The country. Currently, there are 10 metropolitan cities in Indonesia that have been recognized by the government. https://en.wikipedia.org/wiki/Category:Metropolitan_areas_of_Malaysia Pakistan has nine metropolitan areas with populations greater than a million. Five of these are entirely in Punjab including Lahore , Faisalabad , Gujranwala , Multan ; one ( Islamabad-Rawalpindi is split between Punjab and

10370-506: The course of the decade. The growth of the industry was hampered by sharply declining returns, and certain venture firms began posting losses for the first time. In addition to the increased competition among firms, several other factors affected returns. The market for initial public offerings cooled in the mid-1980s before collapsing after the stock market crash in 1987, and foreign corporations, particularly from Japan and Korea , flooded early-stage companies with capital. In response to

10492-601: The early 1700s, Huguenot refugees from France by way of Germany and then England began settling in the Delaware River Valley. Specifically, they left their mark in Hunterdon County, New Jersey ( Frenchtown ) and Bethlehem, Pennsylvania . Many residents commute to jobs and travel in Philadelphia, Camden, Wilmington, and the surrounding suburbs with the help of expressways , trains , and buses . There are currently no transit connections to Reading,

10614-555: The emergence of the independent investment firms on Sand Hill Road , beginning with Kleiner Perkins and Sequoia Capital in 1972. Located in Menlo Park, California , Kleiner Perkins, Sequoia and later venture capital firms would have access to the many semiconductor companies based in the Santa Clara Valley as well as early computer firms using their devices and programming and service companies. Kleiner Perkins

10736-451: The end of the 1980s, venture capital returns were relatively low, particularly in comparison with their emerging leveraged buyout cousins, due in part to the competition for hot startups, excess supply of IPOs and the inexperience of many venture capital fund managers. Growth in the venture capital industry remained limited throughout the 1980s and the first half of the 1990s, increasing from $ 3 billion in 1983 to just over $ 4 billion more than

10858-505: The first half of the 20th century. Only after 1945 did "true" venture capital investment firms begin to emerge, notably with the founding of American Research and Development Corporation (ARDC) and J.H. Whitney & Company in 1946. Georges Doriot , the "father of venture capitalism", along with Ralph Flanders and Karl Compton (former president of MIT ) founded ARDC in 1946 to encourage private-sector investment in businesses run by soldiers returning from World War II. ARDC became

10980-407: The first institutional private-equity investment firm to raise capital from sources other than wealthy families. Unlike most present-day venture capital firms, ARDC was a publicly traded company. ARDC's most successful investment was its 1957 funding of Digital Equipment Corporation (DEC), which would later be valued at more than $ 355 million after its initial public offering in 1968. This represented

11102-551: The first steps toward a professionally managed venture capital industry was the passage of the Small Business Investment Act of 1958 . The 1958 Act officially allowed the U.S. Small Business Administration (SBA) to license private "Small Business Investment Companies" (SBICs) to help the financing and management of the small entrepreneurial businesses in the United States. The Small Business Investment Act of 1958 provided tax breaks that helped contribute to

11224-504: The founders, a good potential to exit the investment before the end of their funding cycle, and target minimum returns in excess of 40% per year, it will find it easier to raise venture capital. There are multiple stages of venture financing offered in venture capital, that roughly correspond to these stages of a company's development. In early stage and growth stage financings, venture-backed companies may also seek to take venture debt . A venture capitalist or sometimes simply called

11346-1142: The functional extent of a city as it contains the majority of the commuting population. GCCSAs replaced "Statistical Divisions" used until 2011. Other metropolitan areas in Australia include cross border cities or continuous built-up areas between two or more cities that are connected by an extensive public transport network that allows for commuting for work or services. In Bangladesh , the large population centres which have significant financial, political and administrative importance are considered to be as Metropolitan cities, which are governed by City Corporations . In total, there are 12 city corporations in Bangladesh. 4 of them ( Dhaka North City Corporation , Dhaka South City Corporation , Narayanganj City Corporation , Gazipur City Corporation ) are part of Dhaka Metropolitan Area . In China , there used to be no clear distinction between megalopolis ( 城市群 , lit. city cluster) and metropolitan area ( 都市圈 ) until National Development and Reform Commission issued Guidelines on

11468-420: The initial stages of funding for a startup company, typically occurring early in its development. During a seed round, entrepreneurs seek investment from angel investors , venture capital firms, or other sources to finance the initial operations and development of their business idea. Seed funding is often used to validate the concept, build a prototype, or conduct market research . This initial capital injection

11590-411: The investment professionals served as general partner and the investors, who were passive limited partners , put up the capital. The compensation structure, still in use today, also emerged with limited partners paying an annual management fee of 1.0–2.5% and a carried interest typically representing up to 20% of the profits of the partnership. The growth of the venture capital industry was fueled by

11712-551: The investors invest with equal terms; or (2) asymmetric —where different investors have different terms. Typically asymmetry is seen in cases where investors have opposing interests, such as the need to not have unrelated business taxable income in the case of public tax-exempt investors. The decision process to fund a company is elusive. One study report in the Harvard Business Review states that VCs rarely use standard financial analytics. First, VCs engage in

11834-491: The metropolitan statistical area are collectively known as Southeastern Pennsylvania. In addition to Philadelphia, major municipalities in Southeastern Pennsylvania include the inner suburbs of Upper Darby Township and Bensalem Township . Berks County , which forms its own MSA and contains the CSA's second largest city, Reading , is occasionally not considered to be part of Southeastern Pennsylvania and

11956-412: The performance of the companies post-IPO, caused a rush of money into venture capital, increasing the number of venture capital funds raised from about 40 in 1991 to more than 400 in 2000, and the amount of money committed to the sector from $ 1.5 billion in 1991 to more than $ 90 billion in 2000. The bursting of the dot-com bubble in 2000 caused many venture capital firms to fail and financial results in

12078-598: The possibility of a few years of extensions to allow for private companies still seeking liquidity. The investing cycle for most funds is generally three to five years, after which the focus is managing and making follow-on investments in an existing portfolio. This model was pioneered by successful funds in Silicon Valley through the 1980s to invest in technological trends broadly but only during their period of ascendance, and to cut exposure to management and marketing risks of any individual firm or its product. In such

12200-511: The region is home to the dialect or accent known as Philadelphia English , shares a unique cuisine known as Philadelphia cuisine , has played a formidable role in popular music, and is known for having one of the nation's most passionate and devoted sports cultures centered around its five professional sports teams . The Delaware Valley is geographically associated and proximate to the Delaware River and its three primary tributaries,

12322-637: The region is slightly more Republican-leaning than North Jersey and has voted for Republicans at the state and local level. New Castle County's Democratic lean and large share of Delaware's population has tended to make Delaware as a whole vote for Democrats, while the less populous Kent County is more competitive. Recent well-known political figures from the Greater Philadelphia area include current U.S. President Joe Biden , former Pennsylvania Governor Ed Rendell and late former U.S. Senator Arlen Specter . The following congressional districts of

12444-510: The region only has seven such months, so the area considered Cfa by Köppen is oceanic ( Do ) in the Trewartha system. As of 2021, the Philadelphia-Camden-Wilmington Metropolitan Statistical Area has a gross domestic product of $ 477.58 billion, the tenth-largest among the nation's MSAs. The MSA's nominal gross domestic product of $ 431 billion is comparable to countries , such as Belgium , Iran , and Thailand . Metropolitan Philadelphia

12566-614: The region. The Delaware Valley Regional Planning Commission (DVRPC) serves all of the counties of the Delaware Valley MSA except for the counties in the Wilmington, DE-MD-NJ Metropolitan Division. However, in addition to the Delaware Valley, DVRPC's jurisdiction includes Mercer County, New Jersey , which OMB classifies as the Trenton-Princeton, NJ MSA and part of the larger New York-Newark CSA . The valley

12688-477: The rise of private-equity firms. During the 1950s, putting a venture capital deal together may have required the help of two or three other organizations to complete the transaction. It was a business that was growing very rapidly, and as the business grew, the transactions grew exponentially. Arthur Rock , one of the pioneers of Silicon Valley during his venturing the Fairchild Semiconductor

12810-413: The risk of financing start-ups in the hopes that some of the companies they support will become successful. Because startups face high uncertainty, VC investments have high rates of failure. Start-ups are usually based on an innovative technology or business model and often come from high technology industries such as information technology (IT) or biotechnology . Pre-seed and seed rounds are

12932-539: The second largest municipality in the region. Major: Secondary: The Cape May–Lewes Ferry crosses the mouth of the Delaware Bay between Cape May County, New Jersey and Sussex County, Delaware ; U.S. Route 9 uses this ferry. The Riverlink Ferry operates hourly ferry service over the Delaware River between the Camden Waterfront and Penn’s Landing in Philadelphia . They also operate

13054-494: The second quarter of 2005. Although the post-boom years represent just a small fraction of the peak levels of venture investment reached in 2000, they still represent an increase over the levels of investment from 1980 through 1995. As a percentage of GDP, venture investment was 0.058% in 1994, peaked at 1.087% (nearly 19 times the 1994 level) in 2000 and ranged from 0.164% to 0.182% in 2003 and 2004. The revival of an Internet -driven environment in 2004 through 2007 helped to revive

13176-466: The sector to decline. The Nasdaq crash and technology slump that started in March 2000 shook virtually the entire venture capital industry as valuations for startup technology companies collapsed. Over the next two years, many venture firms had been forced to write-off large proportions of their investments, and many funds were significantly " under water " (the values of the fund's investments were below

13298-490: The standard capital markets or bank loans . These funds are typically managed by a venture capital firm, which often employs individuals with technology backgrounds (scientists, researchers), business training and/or deep industry experience. A core skill within VCs is the ability to identify novel or disruptive technologies that have the potential to generate high commercial returns at an early stage. By definition, VCs also take

13420-405: The term "metropolitan statistical area", the term used colloquially is more often "metro service area", "metro area", or "MSA", taken to include not only a city but also the surrounding suburban, exurban and sometimes rural areas, all of which the city is presumed to influence. A polycentric metropolitan area contains multiple urban agglomerations not connected by continuous development. In defining

13542-424: The time when all of the money has been raised, the fund is said to be closed and the 10-year lifetime begins. Some funds have partial closes when one half (or some other amount) of the fund has been raised. The vintage year generally refers to the year in which the fund was closed and may serve as a means to stratify VC funds for comparison. From an investor's point of view, funds can be: (1) traditional —where all

13664-400: The urban center by commuting. The Australian Bureau of Statistics uses Greater Capital City Statistical Areas (GCCSAs), which are geographical areas designed to represent the functional extent of each of the eight state and territory capital cities. They were designed to reflect labor markets, using the 2011 Census "travel to work" data. Labor markets are sometimes used as proxy measures of

13786-652: The venture capital environment. However, as a percentage of the overall private-equity market, venture capital has still not reached its mid-1990s level, let alone its peak in 2000. Venture capital funds, which were responsible for much of the fundraising volume in 2000 (the height of the dot-com bubble ), raised only $ 25.1 billion in 2006, a 2% decline from 2005 and a significant decline from its peak. The decline continued till their fortunes started to turn around in 2010 with $ 21.8 billion invested (not raised). The industry continued to show phenomenal growth and in 2020 hit $ 80 billion in fresh capital. Obtaining venture capital

13908-466: The venture capital industry in the 1970s and early 1980s (e.g., Digital Equipment Corporation , Apple Inc. , Genentech ) gave rise to a major proliferation of venture capital investment firms. From just a few dozen firms at the start of the decade, there were over 650 firms by the end of the 1980s, each searching for the next major "home run". The number of firms multiplied, and the capital managed by these firms increased from $ 3 billion to $ 31 billion over

14030-544: The venture capitalist "exits" by selling its shareholdings when the business is sold to another owner. Venture capitalists are typically very selective in deciding what to invest in, with a Stanford survey of venture capitalists revealing that 100 companies were considered for every company receiving financing. Ventures receiving financing must demonstrate an excellent management team, a large potential market, and most importantly high growth potential, as only such opportunities are likely capable of providing financial returns and

14152-516: Was Draper and Johnson Investment Company, formed in 1962 by William Henry Draper III and Franklin P. Johnson, Jr. In 1965, Sutter Hill Ventures acquired the portfolio of Draper and Johnson as a founding action. Bill Draper and Paul Wythes were the founders, and Pitch Johnson formed Asset Management Company at that time. It was also in the 1960s that the common form of private-equity fund , still in use today, emerged. Private-equity firms organized limited partnerships to hold investments in which

14274-554: Was defined differently than the AAV, has now been discarded by INSEE and replaced with the AAV in order to facilitate international comparisons. Metropolitan regions in Germany by definition, are the eleven urban areas that are the most densely populated areas in the Federal Republic of Germany . They comprise the major German cities and their surrounding catchment areas and form the political, commercial and cultural centers of

14396-737: Was designated as the Reading SMA and Atlantic County, New Jersey was the Atlantic City SMA. In 1960, Cecil County, Maryland was added to what was now the Wilmington Standard Metropolitan Statistical Area (SMSA). In 1980, Cumberland County, New Jersey was defined as the Vineland-Millville-Bridgeton SMSA. In 1990, the Philadelphia, Wilmington and Vineland-Millville-Bridgeton SMSAs were merged with

14518-584: Was over 9.6 million as of the 2011 South Africa Census, in contrast to its urban area, which consisted of approximately 7.9 million inhabitants as of 2011. Conversely, metropolitan municipalities in South Africa are defined as commonly governed areas of a metropolitan area. The largest such metropolitan municipal government entity in South Africa is the City of Johannesburg Metropolitan Municipality , which presided over nearly 5 million people as of 2016. However,

14640-549: Was the first venture capital firm to open an office on Sand Hill Road in 1972. Throughout the 1970s, a group of private-equity firms, focused primarily on venture capital investments, would be founded that would become the model for later leveraged buyout and venture capital investment firms. In 1973, with the number of new venture capital firms increasing, leading venture capitalists formed the National Venture Capital Association (NVCA). The NVCA

14762-682: Was the territory of the Susquehannock and Lenape , who are recalled in place names throughout the region. The region became part of the Dutch colony of New Netherland after the exploration of Delaware Bay in 1609. The Dutch called the Delaware River the Zuyd Rivier , or South River, and considered the lands along it banks and those of its bay to be the southern flank of its province of New Netherland . In 1638, it began to be settled by Swedes, Forest Finns, Dutch, and Walloons and became

14884-401: Was to serve as the industry trade group for the venture capital industry. Venture capital firms suffered a temporary downturn in 1974, when the stock market crashed and investors were naturally wary of this new kind of investment fund. It was not until 1978 that venture capital experienced its first major fundraising year, as the industry raised approximately $ 750 million. With the passage of

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