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  "documentTitle": "Assessing the Impact of Big Tech on Venture Investment",
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      "text": "There is no evidence in the data to suggest that the decline in deal numbers is fuelled by systemic imbalances in the market, but rather points to an evolving market where fewer but larger funding rounds are completed.",
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      "text": "Total deal value: $150 billion",
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      "text": "The global venture-investing market has seen broadly uninterrupted growth in total deal value since the dot-com crisis. The market is at record levels, with about $150 billion of venture investment in 2017, compared to about $55 billion prior to the dot-com crisis. Growth has come from both technology and other sectors, with technology experiencing marginally higher growth in recent years. As of 2017, technology accounted for an estimated 35% of global venture investing deal value. The observed growth is predominantly driven by an increase in larger and later-stage deals. While the technological costs of start-ups have declined, the costs associated with companies’ go-to-market strategies continue to require ever-multiplying marketing budgets to cut through the noise and rise to the top amidst greater competition at the early stage from ease of entry. Human capital costs are additionally increasing, as growth in demand has outpaced the availability of employees with the appropriate skillset, which is largely constrained by more structural factors.",
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      "text": "A further segmentation of the technology sector reveals a high correlation among constituent subsectors during both up- and down-cycles. This allays concerns around the nature of this decline being tied to activities in specific subsectors of the market and instead supports the view that the recent decline in deal numbers was systemic across the technology sector. There is no evidence in the data to suggest that the decline in deal numbers is fuelled by systemic imbalances in the market, but rather points to an evolving market where fewer but larger funding rounds are completed. This is perhaps a symptom of the changing requirements of startups as they adapt to the evolving technological and commercial landscape.",
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      "text": "While the market has continued to enjoy strong growth in deal value, the number of technology deals in the past two years has contracted, with the decline particularly steep in early-stage funding. Despite the decline, the number of deals are still at 2013/2014 levels which were historically high at the time and the share of deals in the technology sector remains within the historically observed range.",
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      "text": "In summary, while the market has seen shifts in region, sector, and investment round mix, overall deal value is at record levels and deal volume data remains within the range of volatility to be expected for an opportunistic sector such as venture investing.",
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