Some of the most interesting startups and entrepreneurs I’ve spoken with came out of leads from Twitter and LinkedIn. But venture firms are recognizing there’s plenty to be gained from using these social media channels, too, according to a new report. In fact, LinkedIn is their channel of choice, according to a new report from Zeno Group.
Among the most interesting findings of the report are:
- LinkedIn is considered the most popular social media channel for keeping up to date on the startup ecosystem followed by Twitter.
- 95 percent of the technology venture capital firms listed in Forbes Midas list are on LinkedIn.
- Three quarters of VCs contacted a startup after reading about it in the news.
- About 30 percent invested in a startup they discovered after reading about it.
Not surprisingly this is driving a demand for ways startups can boost their profile. “One of the top requests we get from startups is for help in generating visibility in the media that venture capitalists consume in order to help raise the next round of investment,” said Todd Irwin, managing director of Zeno’s technology practice. “Rapid changes in social networking, the tech media and even the venture industry itself prompted us to take a closer look at the influencers and media who reach venture capitalists.”
Among the biggest media influencers are from Forbes Midas List are Kara Swisher (@KaraSwisher) co-executive director of AllThingsD (@allthingsD). Also on the list are Walt Mossberg (@waltmossberg) of The Wall Street Journal; Dan Primack (@danprimack) of Fortune’s Term Sheet (@TermSheet) Sarah Lacy of PandoDaily; and Adam Lashinsky (@adamlashinsky)of Fortune.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
LinkedIn’s evolution has included adding focused channels like healthcare as well as advice for investors and entrepreneurs. It’s particularly useful for getting a better understanding of a startup management team’s background and doing the sort of preliminary due diligence you’d expect venture firms to do.
Jennifer James is a vice president of marketing and investor relations at Sofinnova Ventures, a firm that tends to be the first institutional investor in life science companies, who was recently promoted to partner. She agreed that LinkedIn is far more widely used than Twitter in the venture world. It’s especially useful as business tool for building relationships and leveraging networks.
