Venture dollars have shifted to early from late stage investing over the past several years. It is a shift that proved fastest in quick changing industry segments, such as the consumer Internet, and slowest in segments like semiconductor that are less dynamic.

Quarterly, 1-year, 3-year, 5-year and 10-year returns favored late and expansion stage investing over early stage, according to the study released by the National Venture Capital Association and Cambridge Associates.

“The health care sector is perceived as not being as sexy as Web 2.0, or even cloud computing, but that doesn’t mean you can’t build a health care company into something sexy and worthwhile,” says George Roberts, a partner at OpenView Venture Partners. The Boston-based firm obviously believes strongly in health care. The firm is [...]