Attended: Venture Capital Lunch Club 2010

Here are a couple of notes from yesterday’s VC Lunch at Fish & Richardson:

• Charles Scott of Intel Capital was extremely bullish about mobile applications. In general the panel gushed about mobile. If we were watching The Graduate (or were updating the movie for 2010), we’d substitute the word “mobile” for the “one word: plastics.”
• Among other things, Steve Brotman of Greenhill SAVP noted healthcare is a difficult investment. He was talking about the IT of healthcare – things like Personal Healthcare Records, Electronic Healthcare Records, etc. Why? Because of how heavily regulated the industry is in general. He complained that his doctor can’t even email him because of regulatory (HIPAA, specifically).
• On the other hand, nanotech über-God, Josh Wolfe of Lux Capital, was bullish on VC investments. Lux invests in cleantech, nanotech and the life sciences and he mentioned seeing some positives in those sectors.
• At the same time, the panelists seemed in agreement that cleantech is currently in a bubble. Without mentioning names, Wolfe described seeing companies with ridiculous valuations. He also predicted a rise in nuclear energy (which is something I’ve been waiting for. Whatever happened to that million pounds of uranium that one of the I-banks was selling? Also, will that rise in nuclear include liquid fluoride thorium reactors?)
• Owen Davis of NYC Seed mentioned activity in the early-stage NYC technology scene has never been stronger. He said they’ve never seen more high quality companies before. NY tech is exploding! He also said big venture funds like Polaris Ventures are moving downstream, meaning, they’re more willing to look at earlier stage companies.
• All panelists noted (and once again confirmed to this writer), one of the primary reasons to go out and talk to VCs is their contacts. And if you’re going to enter into that type of relationship, it will be more like a marriage than a friendship.

As always, it was great to get out of the office for a few hours. Thanks to FR’s Jorge Torres for inviting me.