I met the Godfather of New York Venture capital a few weeks ago and I was talking about an arbitrage opportunity of a lifetime in the communications sector. I started talking about the lack of competition and resulting high prices (which I highlighted last week) brought about by bandwidth being 20-150x overpriced. He just looked at me and said, “bandwidth issue? What bandwidth issue!” It just so happens that his current prize investment is an IPTV application. I just rolled my eyes thinking, “if he only knew!”, remembering what happened to all the web 1.0 companies that ran into the broadband brick wall in 2000.
This statement is symptomatic of the complacency amongst the venture community; those investing billions in the upper layers of the stack. Yet people on Main Street, as evidenced by the Kansas City Fiber video on the Fiber To The Home Council website indicating that 1,000 communities had responded to the contest with over 200,000 people directly involved, know otherwise.
The numbers tell a worse story. Because of the CLEC boom-bust 10-15 years ago, rescission of equal access, failure of muni-WiFi and Wimax and BTOP crowding-out Telecom spending has disconnected from other venture spending over the past decade. Based on overall VC spending telecom spending should be 2-3x greater than it is. Instead it stands 70% below where it was from 1995-2005. It took a while for competition to die, but now it is official!
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)
Venture spending today for the sector, which used to average 15-20% of total VC spending is now down below 5% over the past 3 years. All the other TMT sectors have held nearly constant with overall VC spending.
![](data:image/png;base64,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)
Everyone should look at these numbers with alarm and reach out to policy makers, academics, trade folks, the venture community and capital markets to make them aware of the dearth of investment as a result of the lack of competition. Now, more than ever contrarian investors should look at the monopoly pricing and realize there is significant profits to be made at all layers of the stack.