During a recent webcast on venture capital and initial public offerings, KPMG conducted a poll to gauge market sentiment among venture capitalists, investors and entrepreneurs. When asked which investment stage will be most promising in 2013, 40% said the expansion stage is most attractive, indicating they are looking to see more "proof of concept" and a customer base before investing. Early stage investing was next with 35% of responses, while only 14% indicated the startup stage provides the best outlook for the coming year.