From SuperReturnTV Phil Black (Co-Founder, True Ventures) interviewed by Mark O'Hare (CEO, Preqin) at SuperInvestor U.S. 2013 in San Francisco. Investment in early-stage venture capital - most interested in dynamic founders (usually 1-4 of them) who have a really interesting idea about a market of the near future. We are very interested in companies that are thinking about things that are going to become very important 1 to 3 years down the road and that allows us to be very long-term in nature and think about what the major trends are and how we can participate in areas with the founders that we invest with. Returns in the venture capital space: Our industry revolves around the investment vehicles that are 10-12 years in duration. Regarding the venture capital industry, everything boomed, then everything crashed and now we've come back into much more of a reality zone. The next few years will see a lot of good exits and good realisations for venture. Which areas do you see as having growth potential - what areas really excite you and your colleagues? We like to think about markets that will be really interesting and growing rapidly 1-3 years from now.