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The Goal is ROI

Rather than start their own captive venture fund, Boston Scientific invested $20 million into The Spray Venture Fund, realizing that for a venture fund to work, the single goas has to be return on investment.

When former Boston Scientific Corp. executives Dale Spencer and Joe Ciffolillo asked Kevin Connors if he would run a captive venture fund for BSC, with the goal of making "strategic investments," the former CEO of Vesica Medical Inc. said no.

Says Connors, who has also worked at DSV Partners, "Trying to balance financial and strategic goals in the venture business doesn't work. For a venture fund to work, its single...

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