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November 03, 2011

A Top Tier Venture Capitalist is bullish on Entrpreneurs in China but the future elite entrepreneurs are still expected from the USA

Silicon Valley venture capitalist Jim Breyer made $5 billion for his firm Accel Partners and earned himself billionaire status by taking a risky bet on Facebook in 2004.

Breyer says that over the next decade “you will see at least half of the top 10 or 20 Internet companies come from China. China remains a phenomenal mobile Internet consumer market.” He added that the entrepreneurs in China “are a bit more mercenary” than in the U.S., discussing in their business pitches how much money they expect to make for themselves. But Breyer explained that it is part of the culture in a different way from Silicon Valley, where technological success is the primary aim, with the financial success the secondary bit.




Breyer predicts that the next Bill Gates or Steve Jobs or Jeff Bezos –“the top 1% of entrepreneurs” will still be from the U.S. Breyer only partially explained why—that it has more to do with the setting than the person, per se: “The portfolios are driven by 10x returns. Occasionally you get the 100x.” But for the 500x returns, VCs do better in the U.S. “The U.S. is the best place to go in the world for the grand slam [return].”

One challenge holding back venture-backed companies outside the U.S., said Breyer, was the ability to scale. “I wish we had a dozen Sheryl Sandbergs worldwide to help scale. She’s as rare as the great entrepreneurs,” he said, referring to Facebook’s chief operating officer.

Sheryl arrived from rival Google in 2008. Facebook's second-in-command has helped grow its 70 million user base into over 750 million active "friends" today, representing about 11% of the world's population. COO Sandberg also helped monetize them.

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