“It’s a great time” to be an entrepreneur, according to Alan Patricof, the co-founder of private equity firm Greycroft and one of the first investors in Apple.
“Honestly, I think if there is an entrepreneurial surge going on in this country -- that if you go to a business school, which I often do and make talks, and you see how many people are going to start your own business -- 90 percent of the class is about to start a business,” Patricof said to FOX Business’ Maria Bartiromo on Thursday, and he added that confidence is high.
“Why?” he asked. “They haven’t got a great concept, they are just excited about what they see the last guy did and someone they know who graduated three years ago that has to raise $50 million. And they just assume they can do it… And it’s across the boards.”
Even so, Patricof suggested that raising capital today isn’t a problem.
“What’s happened is that because of the success of the private equity and venture business we’ve all been able to raise money from institutions,” he said.
“And institutions are making at least a 5, 6 or 700 basis points or better improvement on their returns in the private area – so there’s been an enormous ground swell of money into this area and we have money.”