PitchBook：2026年现在在消费技术领域应该在哪里分配（英文版）

VCs should focus on where capital has actually returned: hardware, entertainment, and everyday utilities. The 2010-2017 first VC cohort produced the strongest aggregate exit multiples (realized exit value divided by capital raised at the segment level) in hardware (8.3x), entertainment (6x), everyday utilities (5.8x, almost entirely Zoom), and fintech (5 .7x). Health & wellness, at 2 .4x, is the only segment that systematically underperformed.Returns are more concentrated than standard