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  "documentTitle": "Assessing the Impact of Big Tech on Venture Investment",
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  "notes": "The chart illustrates the dominance of early-stage deals in the technology sector over time, with a peak in 2012-2013.",
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      "text": "Early-stage investing as a proportion of the market has increased substantially since 2005, with about 86 percent of the deals conducted in the market channeled to early stage startups in 2012. As mentioned earlier, this sharp growth in investment rounds was buoyed by the emergence of Amazon Web Services and other technologies that dramatically reduced startup costs for software and mobile businesses, as well as the emergence of large and well organized accelerators in the ecosystem. The recent pullback in the market particularly among early-stage investors has, however, seen it decline back to about 76 percent of total deals conducted in 2017. The number of early stage deals as a proportion of total deals conducted however remains in line with the longer term historical trend",
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      "text": "Number of deals split by investment round (in % terms), 1998–2017",
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      "text": "Deal volume percentage: 86%",
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      "text": "Early stage: Seed, Angel, and Series A; Late stage: Series B&C and secondary market transactions; Other: Initial coin offerings, crowdfunding and undisclosed rounds",
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      "text": "Note: Non-funding rounds include initial coin offerings, crowdfunding and undisclosed rounds\nSource: Crunchbase (http://www.crunchbase.com), Oliver Wyman analysis",
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      "text": "While there has been a shift towards later-stage funding, this seems to be consistent with the longer-term cycle",
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      "text": "Venture investing market: Technology",
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