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The Entrepreneur's ROADMAP THE ENTREPRENEUR’S ROADMAP FROM CONCEPT TO IPO www.nyse.com/entrepreneur NYSE_EG-ch47.indd 1 25/05/17 9:36 AM THE ENTREPRENEUR’S ROADMAP From Concept to IPO Published by NYSE_EG-fm-i-xii.indd 1 18/05/17 3:31 PM The Entrepreneur’s Roadmap: From Concept to IPO Publisher: Tim Dempsey Project Manager: Matt Rosenquist Consulting Editor: Bonnie Hyun, New York Stock Exchange Design and Composition: Graphic World Inc. Printing and Binding: Transcontinental Printing www.nyse.com/entrepreneur The Entrepreneur’s Roadmap: From Concept to IPO is published by: Caxton Business & Legal, Inc. 27 North Wacker Drive, Suite 601 Chicago, IL 60606 Phone: +1 312 361 0821 Email: [email protected] Web: www.caxtoninc.com First published: 2017 ISBN: 978-0-9964982-2-7 The Entrepreneur’s Roadmap: From Concept to IPO © May 2017 Front-cover artwork: © New York Stock Exchange Copyright in individual chapters rests with the authors. No photocopying: copyright licenses do not apply. DISCLAIMER The Entrepreneur’s Roadmap: From Concept to IPO (the Book) contains summary information about business practices as well as legal and regulatory aspects of entrepreneurship. It is current as of the date of its initial publication (May 2017). Although the Book may be revised and updated at some time in the future, The New York Stock Exchange (NYSE), the publishers, and the authors disclaim any duty to update the information contained in the Book, and will not be liable for any failure to update such information. NYSE, the publishers, and the authors make no representation as to the completeness or accuracy of any information contained in the Book. This book is written as a general guide only. It should not be relied upon as a substitute for specific professional advice. Professional advice should always be sought before taking any action based on the information provided. Nothing in this book is legal advice, nor does it constitute the establishment of an attorney–client relationship. Every effort has been made to ensure that the information in this book is correct at the time of publication. The views expressed in this book are those of the authors. NYSE, the publishers, and the authors do not accept any responsibility for any errors or omissions contained herein. It is your responsibility to verify any information contained in the Book before relying upon it. www.nyse.com/entrepreneur NYSE_EG-fm-i-xii.indd 2 18/05/17 3:31 PM Introduction New York Stock Exchange Thomas Farley, President The New York Stock Exchange has been at the center of capitalism for over two centuries. While the world has changed dramatically during that time, our core mission has remained the same: to help great entrepreneurs raise capital so they can continue to innovate, inspire, and shape the future and in doing so, help the world become a better place by improving the overall quality of life. Our very history is paved by those inventors, entrepreneurs, and visionaries that have changed the course of history, from Thomas Edison to Jack Ma. Edison created the phonograph, the camera, and electric light bulbs. You may not know that during his early days, however, he supported himself as a telegraph operator at the New York Stock Exchange where he created his first commercially successful invention, a new iteration of the stock ticker. Years later when Edison needed financial backing, he again came to the NYSE where he, together with JP Morgan, listed General Electric, the NYSE’s ninth-longest listed company. We are proud of our role in helping entrepreneurs turn their dreams into realities. Every day—whether it’s Jack Ma from Alibaba, the world’s largest e-commerce company and its hundreds of thousands of jobs, or Adam Elsesser, cofounder of medical device and therapies company, Penumbra, which saves lives—we welcome captains of all industries to our historic 11 Wall Street building. In a very real sense we are the satellite offices for the most powerful and innovative companies in the world. Along with our community of listed companies, the entrepreneurial spirit is also part of our own DNA. Every member of our team is tasked with the goal of looking at new and better ways to do things every single day. Our own ability to evolve and adapt is the very reason we continue to be one of the world’s most iconic financial services brands and an enduring symbol of capitalism. So with this in mind, the NYSE is proud to bring you The Entrepreneur’s Roadmap: From Concept to IPO. We hope this guide provides a wealth of practical information and insights, but beyond that, we also hope it serves to empower and inspire you on your journey. iii NYSE_EG-fm-i-xii.indd 3 18/05/17 3:31 PM NYSE_EG-fm-i-xii.indd 4 18/05/17 3:31 PM ForeWord Revolution LLC Steve Case, Chairman and CEO, Revolution LLC; Co-Founder, America Online Entrepreneurship is vital to job creation, innovation, and economic growth. Across time and continents, entrepreneurs have contributed enormously to society by creating new products, improving existing concepts, and exploring new markets. Entrepreneurial activity drives the competition, productivity, and investment that fuel economies. Those of us who are entrepreneurs know that we are drawn to the idea of being one before we fully understand what the word means. We are a unique group of dreamers and doers, compelled to think of—and create—new businesses and technologies. Today, popular culture glamorizes the profession. But there is often very little glamour involved in building a startup. I like to say that AOL was an overnight success 10 years in the making. It is hard work, and success requires intense dedication to a precious idea that others may not fully understand or appreciate. Today, entrepreneurs face a challenging landscape, but one that offers the opportunity to dramatically change the way we live, work, and interact. In the First Wave of the Internet (late 1980s to 1990s), we saw companies like AOL and Cisco lay the foundation for people to connect to the Internet. In the Second Wave (roughly 2000 to the present), companies built on that foundation. Facebook and Google created social networks and search capabilities. Developers launched apps of every kind to meet a variety of needs. They acquired users rapidly and monetized. We are now entering what I call the “Third Wave,” a period in which entrepreneurs will leverage technology to disrupt major real-world sectors—transportation, energy, food, and health care. Building companies in this new era will require a new mindset and new playbook. It will require what I refer to as the three Ps: • First, entrepreneurs will have to focus on building constructive partnerships. There’s an African proverb I like to quote: “If you want to go fast, go alone; if you want to go far, go together.” This has never been more true. Companies in the Third Wave will need to forge relationships with organizations and individuals that have an intimate understanding of the industries that they seek to disrupt and that are connected to the industry gatekeepers they want—and need—to influence in order to succeed. Entrepreneurs also need the support of others in the ecosystem. The most successful entrepreneurs have many mentors and pay it forward by v NYSE_EG-fm-i-xii.indd 5 18/05/17 3:31 PM foreWord sharing expertise. This is particularly important toward disruptions that create value not just for a for young entrepreneurs who may be learning company, but for the global community. how to start and scale a business for the first Entrepreneurship may be at its cultural apex time. in this country, but it is actually on the decline. • Second, Third Wave companies seek to Between 1978 and 2012, the number of transform regulated industries, and so they companies less than one year old declined as a must have a fluent grasp of thepolicy issues share of all business by 44%. This has enormous they will encounter. They will also have to pay social and economic consequences. Startups attention to—and engage with—government account for nearly all net new job creation, officials and regulators. so we have much to gain by promoting their • Third, disruption in this new era will require development, not just in cities traditionally perseverance. Entrepreneurs will need to associated with startup activity, namely Silicon temper the desire to “move fast and break Valley, New York, and Boston, but in other things” with the recognition that Third Wave locales—what I call the Rise of the Rest. As we products present a number of critical and move into the Third Wave, I predict this will complex challenges that regulators will need start to happen naturally as startup ecosystems to work through. Similarly, the government take root in cities where specific industry will have to balance its desire to regulate our expertise exists. At its core, this movement is health and well-being, our security, and our about more than just geographic diversity; it is privacy with the enormous potential that the about stopping the flow of capital from going Third Wave represents. to the same people, in the same places, with the same ideas. By making entrepreneurship more That potential is about more than just making inclusive, we will produce a deeper and richer a great product. Because of the impact Third bench of products and services. We will also level Wave industries have on our lives, some of the the playing field so that more people in more most successful startups will consider social communities have a shot at the American dream: benefit as a core tenet of their missions.
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