-----------------Aim for solid, not for SnapThe shortage is in entrepreneurs who have proven execution intelligence to deliver the expected returns------------The promise of rich rewards from early investment in technology startups was given a healthy boost at the beginning of March with the hugely successful listing of Snapchat’s parent company on the New York Stock Exchange.The listing was heralded as the largest IPO since Facebook. The share price rocketed by 44% on the opening day and rose another 10% the next day.These gains have helped to add fuel to the promise of outlandish returns from venture capital (VC) investments in Silicon Valley. For example, the listing handed the Saint Francis High School in Mountain View a $24m windfall when the school sold two-thirds of its investment in Snap.It is on the back of such success stories that SA’s tech-focused VC funds regulated by section 12J of the Income Tax Act may attract great interest. However, the SA market differs in fundame...

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