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Venture envy was a pernicious disease while it raged. Inside the technology bubble, venture capitalists exuded confidence. Leading US firms turned investments of a few million into multi-billions, and even the average venture
fund was showing annual returns of more than 100 per cent. So everyone - old economy buy-out houses, companies, investment banks,
consultancies - wanted part of the action. Europe's underdeveloped venture scene awoke with a start.
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