In the January 2011 edition of the Harvard Business Review, Michael Porter and Mark Kramer called for a redesign of the existing business model and their role within society. Instead of simply embracing corporate responsibility and corporate giving, businesses should work to create shared value within their community by helping to support local clusters and institutions to address societal needs and issues. In the face of great uncertainty for the overall venture capital industry, it seems that some corporations might be heeding their advice. Over the last few years, there has been a rapid rise in the number of corporate-backed venture capital funds with long-term acquisition and absorption as the driving force. However, the lack of early stage capital in regions across the country also may be ushering in an era of public-private partnerships to create industry-led, locally focused venture capital funds.