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[Music] venture capital is the dominant force in the financing of innovative startups it is considered patient capital due to deep engagements with investees in the shared pursuit of long-term growth however more entrepreneurs describe venture capital as impatient and toxic what drives the two opposite assessments the central issue is the limited life cycle of venture capital funds typically 10 years while the relatively long fund lifetime allows venture capitalists or vcs to be patient initially this patients wanes as the fund ages vcs face increasing exit pressure because they need to return capital to their limited partners at the end of the fun so how will vcs exit pressure influence startups exit the startup board makes the exit decision vcs influence startup business through their board positions focusing on startup boards researchers from the university of wisconsin and the university of north carolina investigated the relationships between exit pressure from vcs on board and