DOCSLIB.ORG

Venture Capital and High Technology Entrepreneurship

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Venture Capital and High Technology Entrepreneurship VENTI]RE CAPITAL AND HIGH TECIINOLOGY RICHARD FLORIDA Carnegie Mellon University MARTIN KENNEY Ohio State University Venture capital clearly plays an important role in high technology entre- EXECUTIVE preneurship. Thep urpose of this article is to explain the differencesa mong SUMMARY various venture capital complexesf ocusing on where venture capital is important ta innovation and entrepreneurshipa nd conversely where it is not. We do so through an empirical and historical examination of the seven most important venture capito.l complexes: California (San Franciscol Siliccrn Valley), Massachusetts( Boston), New York, Illinois (Chicago), Texas, Connecticut, and Min- nesota (Minneapolis). We establish a three-part tripartite typologyf or explaining the differencesb etweent hesev enture capital complexes: I) technology-oriented complexes are located close to concentrations of high technology intensive businesses,i nvest most of their funds locally, and are net attractors of capital; 2)finance-oriented complexesa re located aroundfinancial institutions and export their capital; and 3) hybrid complexesm ix characteristics of both technology andfinance-oriented venturing. Our findings have a series of important practical implications. Although venture capital is not absolutely necessary to lacilirate high technology entepreneurship, well-developed venture capitaL networks provide tremendous incentivesf or entrepreneurshipb y lowering the dfficulties of entering an industry. Venture capitalists use both their experiencea nd their contacts to reduce many of the information and opportunity costs associatedw ith new businessfo rmation. The importance of contact networksa nd information to both dealflow and investmentm onitoring goesa low way toward explaining why venture capitalists cluster tightly together. The availability of venture capital also attracts entre- preneurs and high quality personnel to a region creating a virtuous circle of new enterprisef ormation, innovation, and economic development. We gratefully acknowledge financial assistancep rovided by the Economic Development Administration, Ohio State University Urban Affairs Committee 4nd the Ohio Board of Regents. Thanks are due Harvey Brooks, Cordon Clark, Sam Cole, Marshall Feldman, Bennett Harrison, Ian MacMillan, and three anonymous reviewers for their comments and assistance. Address correspondencet o ProfessorR ichard Florida, School of Urban and Public Affairs, Carnegie Mellon University, Pittsburgh, PA t5213. Joumalo f BusinessV enturing3 , 301-319 0883-9026/88/$530 @ 1988E lsevierS cienceP ublishingC o , Inc., 655 Avenueo f the Americas,N ew York, NY 10010 301 342 R. L. FLoRTDAA ND M KENNEY Private, nonproft, and subsidizedp ublic efforts aimed at providing venture capital and stim- and Connectic ulating high technology entrepreneurship must confront the fact that venture capital alone will not running from 1 magically generate enftepreneurship and economic development. It is important that such efforts Our rese recognize the nonfinancial side of venture investing and attract experiencedp ersonnel who can tap various centerl into established entrepreneurial nenvorks and secure coinvestors. More significantly, establishing oriented financ public venture in an area lacking the requisite entrepreneurial climate or technology infra- funding nology-oriente structu'ie ma/- crea.tea "catch 22" situation where locally orientedfunds invest in bad deals or where capital and rei venture capital is simply exported to establishedh igh technology regions. t potential inves 1 This pap INTRODUCTIONl 1 The datab asep and participant There is little doubt that venturec apital plays a critical role in high technologye ntepreneurship f Capital Journt and economicc hange.C learly, the vibrancea nd rapid growth of California's Silicon Valley firm level data and Boston-Route 128 areao we much to the significant amountso f venture capital available { industry, it en there. The successs tories of high flying start-ups like Fairchild, Intel, Digital Equipment patternso f the Corporation( DEC), Apple Computer,C ray Computer,S un Microsystems,G enentech,a nd 1 of leading com countless others stand in sharp contrast to the stagnationa nd decline found in older man- The remi ufacturing sectors. Thus, it is not surprising that both private and public sector actors have typology of ler becomee namoredw ith venturec apitala s a mechanismfo r incubatingt echnologyb usinesses torical evolutic and generatinge conomicg rowth. their implicatic Despite its importance in premier high technology regions, the availability of venture capital does not necessarily translate into high technology entrepreneurship.T wo of the nation's foremost locations of venture capital, New York and Chicago, are quite laggard in TYPOLOGY terms of new businessf ormation, innovation, and technology-basedg rowth. These areas Although ventu serve simply to collect venture capital which they then export to a variety of locations. to more than $2 The way that venture capital complexes arise and how they effect high technology Economics1 98. entrepreneurshipa re the major themes of this paper. We explore the origins and evolution and Kenney 19 of seven important venture capital complexes and suggesta three part typology for under- venturec apital I standingt hem.2T echnology-orientedco mplexes,s uch as San Francisco/SiliconV alley, are and Massachust locateda roundc oncentrationos f technologyi rrtensiveb usinessesa, ssumea local investment is tightly cluste focus, and attracts ignificanta mountso f outsidec apital.F inance-basecdo mplexes,I ike New Surprisinl York and Chicago, are located in areasw here financial institutions are highly concentrated, clusters.T he lit contain a high proportion of venture capital subsidiarieso f financial colporations, and are Schiffel andM o export-oriented. Hybrids mix characteristicso f both financial and technology-orientedv en- the most recent turing. This does not imply, however, that all hybrids are alike. Boston, Minneapolis, Texas, 1987)m akesn r Yanousv enture 'We wculd like to acknowledge the information and assistancep rovided by the following venture capitalists technologye ntrr in the Midwest, northern Califomia and Boston. David Morgenthaler and Charles James, who are headquartered well 1985;F ree in Cleveland and Columbus, Ohio respectively, gave us an invaluable assistancein launching our research.V enture capitalists we interviewed in northern Califomia include: David Arscott, James Balderston, Frank Chambers, kusen, Hall and William Chandler, Thomas Davis, Wallace Davis, Reid Dennis, John Dougery, William Edwards, Mary Jane types of ventu( Elmore, Frankiin Johnson, Eugene Kleiner, Bu(on McMurtry, Steve Menill, Arthur Rock, Peter Roshko, Craig Table l sh Taylor, Donald Valentine, David Wegmann, and Paul Wythes, as well as Henry Riggs of Stanford University. Those interviewed in Boston were: Peter Brooke, William Burgin, Richard Bumes, Craig Bun, Thomas Claflan, complexesi n te Daniel Gregory, Harry Heeler, Paul Hogan, JosephP owell, Patrick Sansonetti,J ohn Shane, and Courtney Whiten. dollar volume c 'Venture capital firms are financial intermediariest hat collect capita! from a variety of sourcesa nd redistribute it via their investments. The precise origin of the funds that are collected and deployed by venture capitalists is cisco), New Yr difficult to specify. While it is possible to examine the investors in venture capital partnerships,s uch as an endeavor Minnesota (Mir is problematic since large financial corporations and other institutional investors mobilize funds in national and gregates,t he an global markets. It is thus impossible to ascertaint he precise origin of funds being supplied to venture capital firms. However, examining the distinct clusters or complexes of venture capital activity remains important since venture activity. Ventur capitalists play a central role in collecting and mobilizing funds for high technology businessf ormations. pages. VENTUREC APITALA ND HIGHT ECHNOLOGY 303 and Connecticutc an be bettert houghto f as representingp rogressivep oints on a continuum running from predominantly technology-orientedt o predominantly finance-basedv enturing. Our researchf urther suggestst hat coinvestment forms an important link between the various centerso f venture capital activity. It allows venture capital firms located in export- oriented financial complexes to participate in deals originated by venture capitalists in tech- nology-orientedc omplexes.E xtensivec oinvestingf acilitatesl ong distancef lows of venture capital and reinforces the flow of venture capital toward locations that generate the best potentiali nvestmento pportunities. This paperp resentsfi ndingsf rom a firm level datab aseo n the venturec apitali ndustry. The datab asep rovidesd iscretei nformationo n venturec apitali nvestors,p ortfolio companies, and participantsi n investments yndications.I t has been compiled from reportsi n Venture Capital Journal that focus on venture capital investmentsi n various areas.A lthough the firm level data based oes not comprisea fully representatives ampleo f the venturec apital industry, it enablesu s to approximatem ore accuratelyt he investmenta nd coinvestment patternso f the variousc omplexes,a nd as such, allows us to understandb ettert he evolution of leading complexes. The remaindero f this paper proceedsa s follows. The first section summarizeso ur typology of leading venturec apital centers.T he following sectionst hen explore their
Load more

Recommended publications
  • Our Place in the Urban Age Summary Report
    Cleveland State University EngagedScholarship@CSU Maxine Goodman Levin College of Urban Urban Publications Affairs 1-1-2008 Our Place in the Urban Age Summary Report Kathryn W. Hexter Cleveland State University, [email protected] Molly Schnoke Cleveland State University, [email protected] Cathryn Greenwald Follow this and additional works at: https://engagedscholarship.csuohio.edu/urban_facpub How does access to this work benefit ou?y Let us know! Repository Citation Hexter, Kathryn W.; Schnoke, Molly; and Greenwald, Cathryn, "Our Place in the Urban Age Summary Report" (2008). Urban Publications. 0 1 2 3 80. https://engagedscholarship.csuohio.edu/urban_facpub/80 This Report is brought to you for free and open access by the Maxine Goodman Levin College of Urban Affairs at EngagedScholarship@CSU. It has been accepted for inclusion in Urban Publications by an authorized administrator of EngagedScholarship@CSU. For more information, please contact [email protected]. Our Place in the Urban Age The Levin College of Urban Affairs 30th Anniversary Forum Series Summary Report March 2007–March 2008 Cuyahoga County Public Library The George Gund Foundation Envisioning Cleveland Submission: Crossroads by Gregory M. Tkachyk Our Place in the Urban Age Table of contents Page I. Executive Summary 3 II. Forums in the Series • David Morgenthaler, A Perspective on the Future of Cities 7 March 22, 2007 http://urban.csuohio.edu/forum/events/03_22_07_urban_age.html David Morgenthaler, founding partner of Morgenthaler Ventures • The Downtown Comeback:
    [Show full text]
  • Copyrighted Material
    pter O ha n C e An Historic Overview of Venture Capitalism • Those who cannot remember the past are condemned to repeat it. —George Santayana Why is an historical overview of VC important? Because history does in fact repeat itself, and a study of history allows us to frame an ­understanding of the present and the future. The playersCOPYRIGHTED and the investment climate MATERIAL change, but the entrepreneur’s innate instinct to risk capital for a return is no different today from what it was when John D. Rockefeller became America’s first billionaire in 1900. When Andrew c01.indd 1 10-12-2013 8:50:11 [2] The Little Book of Venture Capital Investing Carnegie joined forces with his childhood friend, Henry Phipps, to form Carnegie Steel in 1892, they were driven by the same conviction to improve the status quo as are the idealistic dream chasers of the twenty-first century. It was these early trailblazers who paved the way and developed the techniques that have laid the foundation for VC as we know it today. Arguably, historians will debate the nature of history and its usefulness. This includes using the discipline as a way of providing perspective on the problems and opportu- nities of the present. I believe it to be an important tool in providing a systematic account and window to the future. It is patently dishonest and irresponsible to perpetuate the popular mythology that those who created great wealth in America are to be despised and that there are no useful les- sons to be learned from an objective, historical review of their contributions to the subject at hand.
    [Show full text]
  • CCLB 10-06-08 a 1 CCLB.Qxd
    CCLB 10-06-08 A 1 CCLB 10/3/2008 3:44 PM Page 1 $1.50/OCTOBER 6 - 12, 2008 Community STRIKINGLY SIMILAR banks see Three men alive during the traffic push Depression have faith in the As big institutions falter, local little current economy, yet see familiar guys experiencing uptick in business trends in today’s troubles By ARIELLE KASS [email protected] By DAN SHINGLER [email protected] The country’s financial crisis is producing a steady stream of patrons — and questions — at community o most people, the Great Depression is SPECIAL COLLECTIONS, CLEVELAND STATE UNIVERSITY LIBRARY banks in Northeast Ohio. a large but distant specter from the lives ABOVE: Clevelanders line up for relief orders and surplus commodities on With large banks such as Wachovia and Washington of their parents or grandparents. But to Professor Avenue in what is now Tremont, in 1933. (Photo by James Meli). Mutual biting the dust and local giants such as KeyCorp people in their 80s or 90s, it is an event BELOW: Cleveland's unemployed gather at Public Square in 1930 to receive and National City Corp. posting huge losses, leaders at Tthat shaped their lives — and one they hope the hot coffee and rolls. (Photographer unknown.) some community banks said they’ve seen more deposits nation can avoid repeating. coming through their doors from customers who are Omer Blodgett was about to turn 11 when the nervous about the status of their accounts at other banks stock market crashed in October 1929. His family and are looking for a safe haven.
    [Show full text]
  • David Morgenthaler, One of Venture Capital's Founding Fathers, Dies at 96
    • PRO VC INDUSTRY NEWS David Morgenthaler, One of Venture Capital’s Founding Fathers, Dies at 96 David Morgenthaler PHOTO: GARY MORGENTHALER By DEBORAH GAGE June 20, 2016 3:52 p.m. ET David T. Morgenthaler, who in 1968 used his own capital to start one of the nation’s first venture-capital firms and would go on to raise more than $3 billion in financing over his career, has died at the age of 96. He built Morgenthaler Ventures in Cleveland into a firm that invested in more than 325 startups in areas ranging from information technology to life sciences, an investment focus that was inspired in part by one of his son’s battles with cancer. Mr. Morgenthaler was also an early leader who shaped the venture capital industry and its policy agenda. He was one of the founding directors of the National Venture Capital Association, which started as “an old boys’ club” of about 20 firms that got together to pitch deals, his son Gary said. As NVCA president, Mr. Morgenthaler oversaw the group’s move from Chicago to Washington, hired permanent staff and set a legislative agenda that resulted in rolling back the capital gains tax from 49% to 28% as an incentive to create entrepreneurial companies. In 1979 Mr. Morgenthaler led the industry’s successful effort to amend legislation that would allow pension funds to invest in private-equity and venture-capital firms, boosting the amount of money flowing into venture capital. He was recognized for work on that issue in 1996 when he was awarded the NVCA’s first lifetime achievement honors.
    [Show full text]
  • The Importance of Entrepreneurship to Economic Growth, Job Creation and Wealth Creation Introduction – Dr
    Canada•United States LAW INSTITUTE Volume Thirty-Three, No. 1 2007 Case Western Reserve University School of Law 1 Cite as: CAN-U.S. L.J. The Canada-United States Law Journal (ISSN 0163-6391) is published by the Case Western Reserve University School of Law twice annually on behalf of the Canada-United States Law Institute. Annual subscription rates are $66.00 per volume ($68.00 foreign). Single issues are $34.00 each (plus shipping & handling). Subscriptions are payable in advance. Subscriptions are renewed automatically unless timely notice of cancellation is received. Back volumes may be purchased by contacting William S. Hein & Co., Inc., 1285 Main Street, Buffalo, New York 14290 or online through HeinOnline at http://www.heinonline.org. The Journal is indexed in the Index to Legal Periodicals and is available on Westlaw™ and LEXIS™. The Journal’s policy requires that, unless a claim for nonreceipt of a journal is received within three months after the mailing date, the Journal cannot be held responsible for supplying that issue without charge. Address all correspondence and submissions to the Canada-United States Law Journal, 11075 East Boulevard, Cleveland, Ohio 44106. In addition to articles and discussions compiled from the transcripts of the Canada-United States Law Institute’s Annual Conference, the Journal also welcomes the submission of articles on topics in international and comparative law, especially those that relate to Canada-United States issues and relations. Submissions and manuscripts should be submitted in duplicate and should conform to the Chicago Manual of Style (15th ed.). Footnotes should conform to The Bluebook: A Uniform System of Citation (18th ed.).
    [Show full text]
  • Dennis Reid.Pdf
    Regional Oral History Office University of California The Bancroft Library Berkeley, California REID DENNIS EARLY BAY AREA VENTURE CAPITALISTS: SHAPING THE ECONOMIC AND BUSINESS LANDSCAPE Interviews conducted by Sally Smith Hughes in 2009 Copyright © 2009 by The Regents of the University of California ii Since 1954 the Regional Oral History Office has been interviewing leading participants in or well-placed witnesses to major events in the development of Northern California, the West, and the nation. Oral History is a method of collecting historical information through tape-recorded interviews between a narrator with firsthand knowledge of historically significant events and a well-informed interviewer, with the goal of preserving substantive additions to the historical record. The tape recording is transcribed, lightly edited for continuity and clarity, and reviewed by the interviewee. The corrected manuscript is bound with photographs and illustrative materials and placed in The Bancroft Library at the University of California, Berkeley, and in other research collections for scholarly use. Because it is primary material, oral history is not intended to present the final, verified, or complete narrative of events. It is a spoken account, offered by the interviewee in response to questioning, and as such it is reflective, partisan, deeply involved, and irreplaceable. ********************************* All uses of this manuscript are covered by a legal agreement between The Regents of the University of California and Reid Dennis, dated April 6, 2009. The manuscript is thereby made available for research purposes. All literary rights in the manuscript, including the right to publish, are reserved to The Bancroft Library of the University of California, Berkeley.
    [Show full text]
  • Discussion Papers on Entrepreneurship, Growth and Public Policy
    Discussion Papers on Entrepreneurship, Growth and Public Policy # 4604 Entrepreneurship and the Innovation Ecosystem Policy Lessons from the United States by Charles W. Wessner U.S. National Academies and Max Planck Institute for Research into Economic Systems Number of Pages: 24 The Papers on Entrepreneurship, Growth and Public Policy are edited by the Max Planck Institute for Group Entrepreneurship, Growth and Public Policy, MPI Jena. Research into Economic Systems For editorial correspondence, Group Entrepreneurship, Growth and please contact: [email protected] Public Policy Kahlaische Str. 10 ISSN 1613-8333 07745 Jena, Germany © by the author Fax: ++49-3641-686710 Discussion Papers on Entrepreneurship, Growth and 1 Public Policy CHAPTER 5: ENTREPRENEURSHIP AND THE INNOVATION ECOSYSTEM POLICY LESSONS FROM THE UNITED STATES Charles W. Wessner, PhD1 U. S. National Academies 1. INTRODUCTION Germany and the United States face a common challenge in promoting innovation and entrepreneurship to maintain their leadership in global markets, with the economic growth and employment both societies seek. To this end, innovative policies at national and regional level are needed so that entrepreneurs—our local heroes—can be more successful in bringing the fruits of innovation to commercial reality. There is no prescribed formula to respond to this challenge. To foster the innovation process, public policies have to recognize and facilitate entrepreneurship within the multiple local contexts within which innovation takes place. For policies to be effective, they must focus less on aggregate input measures such as R&D percentages and more on the problems and incentives facing innovative entrepreneurs. The United States is widely seen as one of the world’s most innovative economies.
    [Show full text]
  • Regional Oral History Office University of California the Bancroft Library Berkeley, California
    Regional Oral History Office University of California The Bancroft Library Berkeley, California Sanford R. Robertson EARLY BAY AREA VENTURE CAPITALISTS: SHAPING THE ECONOMIC AND BUSINESS LANDSCAPE Interviews conducted by Sally Smith Hughes, PhD in 2010 Copyright © 2011 by The Regents of the University of California ii Since 1954 the Regional Oral History Office has been interviewing leading participants in or well-placed witnesses to major events in the development of Northern California, the West, and the nation. Oral History is a method of collecting historical information through tape-recorded interviews between a narrator with firsthand knowledge of historically significant events and a well-informed interviewer, with the goal of preserving substantive additions to the historical record. The tape recording is transcribed, lightly edited for continuity and clarity, and reviewed by the interviewee. The corrected manuscript is bound with photographs and illustrative materials and placed in The Bancroft Library at the University of California, Berkeley, and in other research collections for scholarly use. Because it is primary material, oral history is not intended to present the final, verified, or complete narrative of events. It is a spoken account, offered by the interviewee in response to questioning, and as such it is reflective, partisan, deeply involved, and irreplaceable. ********************************* All uses of this manuscript are covered by a legal agreement between The Regents of the University of California and Sanford R. Robertson dated April 2, 2011. The manuscript is thereby made available for research purposes. All literary rights in the manuscript, including the right to publish, are reserved to The Bancroft Library of the University of California, Berkeley.
    [Show full text]
  • Volume 33 Issue 1 Article 46
    Canada-United States Law Journal Volume 33 Issue 1 Article 46 2007 Volume 33 Issue 1 Canada-United States Law Journal Follow this and additional works at: https://scholarlycommons.law.case.edu/cuslj Part of the Transnational Law Commons Recommended Citation Canada-United States Law Journal, Volume 33 Issue 1, 33 Can.-U.S. L.J. Iss. 1 (2007) Available at: https://scholarlycommons.law.case.edu/cuslj/vol33/iss1/46 This Front Matter is brought to you for free and open access by the Student Journals at Case Western Reserve University School of Law Scholarly Commons. It has been accepted for inclusion in Canada-United States Law Journal by an authorized administrator of Case Western Reserve University School of Law Scholarly Commons. ~ 3 ;9'18 Canada·United States e.( LAW INSTITUTE anada-United States awJournal Conducted Under the Auspices of The Canada-United States Law Institute and Case Western Reserve University School of Law Cleveland, Ohio April13-14, 2007 Conference Chair Dr. Henry T. King, Jr. CAsE WESTERN ~\!:SERVE u N I v E R s I T Y Volume 33 No. 1 2007 II SCHOOL OF lAW ' MAY 0 6 2008 Canada·United States LAW INSTITUTE Volume Thirty-Three, No. 1 2007 Case Western Reserve University School of Law ~121~-o~~~ i Cite as: CAN-U$. L,J. The Canada-United States Law Journal (ISSN 0163-6391) is published by the Case Western Reserve University School of Law twice annually on behalf of the Canada-United States Law Institute. Annual subscription rates are $66.00 per volume ($68.00 foreign).
    [Show full text]
  • Ecorvomrc Polrcy
    BoenD oN SctEnNCE, TncHlNoLoGy, Ar.{D EcorvoMrc PoLrcY 50t" MnnuNG oF'Tr{E Bo¿,nu May 7-8,2009 lVesruNctoN, DC $ \ IË ti ti Ii: lrl¡\t-lol\lAt A(_ADiM\lis Advisers to tfte Natlon on Science, Englneeilng, and Mediúne National Academy ol Sciences National Academy of Engineering lnstitute of Medicine Nat¡onal Research Council April30o 2009 STEP MEMORANDUM TO: Members of the STEP Board FROM: Steve Merrill SUBJECT: 50th Meeting of the STEP Board, Washington, DC, May 7-8, 2009 To mark this STEP milestone and the advent of the Obama Administration, we have invited two senior White House advisers to join us for dinner on Thursdayo May 7 - Tom Kalilo senior adviser to OSTP Director John Holden (he played a similar key role in the Clinton White House) and Susan Crawford, special assistant to the President for science, technolory and innovation policy in the National Economic Council. Time and location: 6:30 PM.701 RestauranL 701 Pennsvlvania Avenue. NW. As background to this discussion, we have prepared a rough summary of the status of innovation-related Academy recommendations from STEP and other committees. For the President's April 27 rousing address to the annual meeting of the National Academy of Sciences, go to: http ://www.nationalacademies.ors/morenews/2 0090428. html. Three new initiatives and an ongoing project recently assigned to STEP are on , in Room Stn Street. N.W. Short- ønd long-term economíc ímpøcts of S&T Investments. Shortly after passage of the stimulus bilt with its $22 billion for a wide range of R&D activities, Congressman Rush Holt asked the Academy to address what that investment will buy in employment and other economic benefits.
    [Show full text]
  • Requirements of Purchase Accounting
    20130128-NEWS--17-NAT-CCI-CL_-- 1/22/2013 1:13 PM Page 1 20130128-NEWS--18-NAT-CCI-CL_-- 1/22/2013 1:13 PM Page 1 S-2 JANUARY 28 - FEBRUARY 3, 2013 CORPORATE GROWTH & M&A Advertisement LETTER FROM THE PRESIDENT table of ACG: What’s in a name? contents By SEAN MCCAULEY land include investment bankers, munity leaders. Twice a year, corporate M&A officers, private ACG Cleveland hosts workshop ften I am asked, “What equity, “C” level corporate offi- events that bring together a pan- does Association for cers, senior asset based/corporate el of industry experts to explore a Corporate Growth lenders, junior/mezzanine lenders, specific business trend, issue, in- actually mean?” Whose transaction attorneys, tax/assur- dustry or community project. Ogrowth? Is it the companies, the ance accounting professionals and The Great Lakes ACG Capital corporate officers or the other service providers. Connection is a two-day event financial professionals Earlier this year ACG for capital providers and deal who support businesses? Cleveland was recognized makers that attracts more than The short answer is yes, as 2012 ACG Large Chap- 700 M&A professionals. ACG yes and yes. ter of Year. We are proud Cleveland hosted the event in its To be successful you to be honored ahead of first two years and we supported must always be looking to chapters in New York, successful events in Indianapolis develop new relationships. Chicago, Los Angeles, and Detroit in 2011 and 2012. A strategy to consistently Boston and Dallas. This Over the years ACG Cleveland connect with deal makers SEAN MCCAULEY achievement would not has evolved its programming and and shapers will always ACG president have been possible with- expanded its mission to address result in new business op- out the significant efforts the needs of future leaders, con- portunities.
    [Show full text]
  • Richard Ryan Williams MIT CSAIL, 32 Vassar St., Cambridge, MA 02139 Email: [email protected]
    Richard Ryan Williams MIT CSAIL, 32 Vassar St., Cambridge, MA 02139 Email: [email protected] POSITIONS Massachusetts Institute of Technology (Cambridge, MA) Professor of Electrical Engineering and Computer Science, July 2020 – present. Associate Professor (with tenure) of EECS, Jan. 2017 – Jun. 2020. University of California, Berkeley Visiting Professor of EECS, Aug. 2018 – Dec. 2018. Visiting Scientist at the Simons Institute, Aug. 2014 – Dec. 2014 and Aug. 2015 – Dec. 2015. Stanford University (Stanford, CA) Assistant Professor of Computer Science, Sept. 2011 – Dec. 2016. IBM Almaden Research Center (San Jose, CA) Josef Raviv Postdoctoral Fellow, Sept. 2009 – Sept. 2011. Managers: T. S. Jayram and Ken Clarkson. Institute for Advanced Study (Princeton, NJ) Member of the School of Mathematics, Sept. 2008 – Sept. 2009. Mentor: Avi Wigderson. Carnegie Mellon University (Pittsburgh, PA) Postdoctoral Research Fellow, Sept. 2007 – August 2008. Mentor: Manuel Blum. EDUCATION Carnegie Mellon University (Pittsburgh, PA) Ph.D. in Computer Science, August 2007. Thesis Title: Algorithms and Resource Requirements for Fundamental Problems Advisor: Manuel Blum Cornell University (Ithaca, NY) Master of Engineering in Computer Science, 2002 Bachelor of Arts in Computer Science and Mathematics with Honors, 2001. SELECTED • Best Paper Award, 22nd Conference on Satisfiability Testing (SAT), 2019. HONORS • Google Faculty Research Award, 2019. • NSF CAREER Award, 2015. • Invited speaker, International Congress of Mathematicians (ICM), 2014. • Microsoft Research Faculty Fellow, 2013. • Alfred P. Sloan Research Fellow, 2013-2015. • Notable Article of 2013 by ACM Computing Reviews. • US Junior Oberwolfach Fellow, 2013. • David Morgenthaler II Faculty Fellow, School of Engineering, Stanford, 2011. • Best Paper Award from the IEEE Conf. on Computational Complexity (CCC), 2011.
    [Show full text]