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Chapter 9: Venture Capital > Preparing to Meet with Venture Capitalists - Pg. 182

182 Raising Capital The corporate venture capital divisions are among the fastest-growing seg- ments of the venture capital industry as the larger technology companies try to find more creative ways to engage in deals with their more nimble counterparts and deploy the nearly $2.1 trillion that was sitting on the sidelines as of the fall of 2011. In 1996, there were only 49 companies making venture capital in- vestments via formal "stand-alone" investment divisions; by 1999, there were nearly two hundred, accounting for more than 15 percent of all venture capital investments. However, by 2001, corporate venture capital funds had become much more cautious and focused on highly strategic deal flow and smaller in- vestment commitments. Many suffered painful write-offs of their investments in companies that had failed or had dropped significantly in value. For example, Intel's venture capital division invested $1.3 billion in 300 start-ups in 2000, but that figure had dropped by more than half in 2004. While not approaching the levels seen in 2000, from 2004 to 2008, corporate venture capital has rep- resented approximately 7 to 10 percent of all venture capital investments, with between $1.5 billion and $2.6 billion invested each year. In 2009, total corporate investment in venture capital fell to its lowest level since 2003 ($1.3 billion). In