The database VentureXpert, from Thomson Financial Venture Economics, categorizes U.S.-based VC deals that are entrepreneurial focused as ‘PWC’ (PricewaterhouseCoopers Money Tree) deals.13 In our benchmarking analysis, we include only PWC or angel deals. Of the firms that received funding, 16 do not meet this criterion, generally because they were either non U.S.-based firms or alternatively,because they were funded by non-U.S.-based venture funds.14 We report the results and details of this comparison in the Appendix