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Preface Patrick Besha, Editor Alexander Macdonald, Editor in The
EARLY DRAFT - NASAWATCH.COM/SPACEREF.COM Preface Patrick Besha, Editor Alexander MacDonald, Editor In the next decade, NASA will seek to expand humanity’s presence in space beyond the International Space Station in low-Earth orbit to a new habitation platform orbiting the moon. By the late 2020’s, astronauts will live and work far deeper in space than ever before. The push to cis-lunar orbit is part of a stepping-stone approach to extend our reach to Mars and beyond. This decision to explore ever farther destinations is a familiar pattern in the history of American space exploration. Another major pattern with historical precedent is the transition from public sector exploration to private sector commercialization. After the government has developed and demonstrated a capability in space, whether it be space-based communications or remote sensing, the private sector has realized its market potential. As new companies establish a presence, the government withdraws from the market. In 2015, we are once again at a critical stage in the development of space. The most successful long-term human habitation in space, orbiting the Earth continuously since 1998, is the International Space Station. Currently at the apex of its capabilities and the pinnacle of state-of-the-art space systems, it was developed through the investments and labors of over a dozen nations and is regularly re-supplied by cargo delivery services. Its occupants include six astronauts and numerous other organisms from Earth’s ecosystems from bacteria to plants to rats. Research is conducted on the spacecraft from hundreds of organizations worldwide ranging from academic institutions to large industrial companies and from high-tech start-ups to high-school science classes. -
Mutual Funds As Venture Capitalists? Evidence from Unicorns1
Mutual Funds as Venture Capitalists? Evidence from Unicorns1 Sergey Chernenko Josh Lerner Yao Zeng Purdue University Harvard University University of Washington and NBER December 2018 Abstract Using novel contract-level data, we study open-end mutual funds investing in unicorns—highly valued, privately held start-ups—and their association with corporate governance provisions. Larger funds and those with more stable funding are more likely to invest in unicorns. Both mutual fund participation and the mutual fund share of the financing round are strongly correlated with the round’s contractual provisions. Compared to venture capital groups, mutual funds are underrepresented on boards of directors, suggesting less direct monitoring. However, rounds with mutual fund participation have stronger redemption and IPO-related rights, consistent with mutual funds’ liquidity needs and vulnerability to down-valuation IPOs. 1 We thank Francesca Cornelli, Slava Fos, Jesse Fried, Will Gornall, Jarrad Harford, Michelle Lowry, William Mann, John Morley, Ramana Nanda, Clemens Sialm, Morten Sorensen, Ilya Strebulaev, Xiaoyun Yu, and conference and seminar participants at the 2017 LBS Private Equity Symposium, the 2018 NYU/Penn Conference on Law and Finance, the 2017 Southern California Private Equity Conference, the 2018 Stanford Financing of Innovation Summit, the 2018 UNC Private Capital Spring Research Symposium, and the 2018 Western Finance Association meetings. We thank Michael Ostendorff for access to the certificates of incorporation collected by VCExperts. We are grateful to Jennifer Fan for constantly helping us better interpret and code the certificates of incorporation. We thank Quentin Dupont, Luna Qin, Kathleen Ryan, Michael Sibbett, Bingyu Yan, and Wyatt Zimbelman for excellent research assistance. -
Profiles in Innovation: Artificial Intelligence
EQUITY RESEARCH | November 14, 2016 Artificial intelligence is the apex technology of the information era. In the latest in our Profiles in Innovation Heath P. Terry, CFA series, we examine how (212) 357-1849 advances in machine [email protected] learning and deep learning Goldman, Sachs & Co. have combined with more Jesse Hulsing powerful computing and an (415) 249-7464 ever-expanding pool of data [email protected] to bring AI within reach for Goldman, Sachs & Co. companies across Mark Grant industries. The development (212) 357-4475 [email protected] of AI-as-a-service has the Goldman, Sachs & Co. potential to open new markets and disrupt the Daniel Powell (917) 343-4120 playing field in cloud [email protected] computing. We believe the Goldman, Sachs & Co. ability to leverage AI will Piyush Mubayi become a defining attribute (852) 2978-1677 of competitive advantage [email protected] for companies in coming Goldman Sachs (Asia) L.L.C. years and will usher in a Waqar Syed resurgence in productivity. (212) 357-1804 [email protected] Goldman, Sachs & Co. PROFILESIN INNOVATION Artificial Intelligence AI, Machine Learning and Data Fuel the Future of Productivity Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. -
View July 2014 Report
MOBILE SMART FUNDAMENTALS MMA MEMBERS EDITION JULY 2014 messaging . advertising . apps . mcommerce www.mmaglobal.com NEW YORK • LONDON • SINGAPORE • SÃO PAULO MOBILE MARKETING ASSOCIATION JULY 2014 REPORT The Playbook Over the last few months we’ve been building a unique resource that will help our brand marketer members successfully develop and execute a mobile strategy, allowing them to deliver a consistent mobile brand experience on a global scale. Enter our Mobile Marketing Playbook (Press Release). Launched last week and created in partnership with global sporting goods giant, adidas, it aims to explain when, where and how companies can use mobile as core to their marketing efforts. Whilst we’ve seen some incredible work this year, as evidenced by the many great mobile campaigns submitted to our 2014 Smarties Awards Program (currently in pre-screening), one of the challenges marketers still face is how to make mobile an integral part of their mix. The Playbook takes marketers through the process of mobile strategy development from start to finish. It provides best practices around mobile executions, ways to leverage the myriad mobile vehicles, insights into mobile creative effectiveness and how companies can effectively measure and optimize mobile. To address the ever changing needs of and challenges faced by marketers, the Playbook will be regularly updated to reflect shifts in consumer behavior, mobile trends as they are introduced, and innovations that are continuously being developed through and with mobile. This will be accomplished in part by the annual addition of well over 500 case studies into our Case Study Hub, helping to define best practice and to serve as a source of inspiration to our marketer members Members can access the entire Playbook by logging in using your member login and password where directed. -
Interview with Alfred Lin from Zappos
Interview with Alfred Lin from Zappos Adrian Bye: Today, I am talking with Alfred. Alfred is the COO of Zappos and we’re going to have, I think, an interesting conversation with Alfred. There’re a couple of topics I’d like to talk with him about. Alfred, thanks for joining us. Alfred Lin: No problem. Thank you. Thanks for having me. Adrian Bye: You want to tell us a little bit about who you are, your background and where you come from? Alfred Lin: Sure. I’m Alfred Lin. I’m currently COO of Zappos.com. We are one of the largest if not the largest retailer of shoes, handbags and apparel on the internet. We really think of ourselves as first and foremost a service company and then a service company that just happens to sell these products. My background – I was born in Taiwan, raised mostly in New York City, went off to college in the Boston Area and came out of the Bay Area for graduate school and then over time, got sucked into a bunch of internet companies. I first met our CEO, Tony Hsieh in college. He was running a pizza business in our dormitory. I used to go down to his pizzeria and basically buy lots of pies, take it upstairs and sold it off by the slice. That’s how we met. After we left college, he came out to the Bay Area and started Link Exchange. I joined about a year after. Seventeen months later after I joined, we sold the company to Microsoft for $265 million and then after that, we raised a small fund from friends and family of Link Exchange, and started investing in a bunch of internet start‐ups. -
Innovation - Technology & Intellectual Property Hardware • Software • Telecoms • Internet • Media • Ip • Life Sciences
2017 EDITION INNOVATION - TECHNOLOGY & INTELLECTUAL PROPERTY HARDWARE • SOFTWARE • TELECOMS • INTERNET • MEDIA • IP • LIFE SCIENCES Alexander Ramsay Unified Patent Court (UPC) P. 31 Joseph Ferretti INTA & PepsiCo P. 32 Donald Rosenberg Qualcomm P. 37 Thibaud Simphal Uber P. 39 Osvaldo Bruno Cavalcante Caxia P. 54 Jean-Michel Malbrancq GE Healthcare Europe P. 52 Francisco Marín Eureka P. 57 Melissa Yang Tujia P. 47 Karl Iagnemma Nutonomy RANKINGS P. 48 EXECUTIVE SUMMARY AMERICAS P.61 EXTERNAL CONTRIBUTORS FROM THE WILD WEST EUROPE P.140 EXPERT VIEWS P.248 ASIA P.231 TO WESTWORLD P.10 Shigeru Miyamoto Argentina, Brazil, Canada, Chile, Colombia, DIRECTORY Nintendo LEADERS Ecuador, Mexico, Peru, Uruguay, USA, FINANCIAL ADVISORS P.265 THE 50 PEOPLE OF THE YEAR Belgium, France, Germany, Italy, Luxembourg, STRATEGY & MANAGEMENT ADVISORS P.267 P. 38 IN IP & IT P.28 Netherlands, Portugal, Russia, Spain, PATENT & TRADEMARK ATTORNEYS P.269 Switzerland, Turkey, UK, China, India, Japan LAW FIRMS P.284 JANUARY 25TH, 2018 PARIS - FRANCE Meet, learn & celebrate the best IP & IT professionals, with unique, international awards ceremony, one to one meetings and conferences. 500 HIGH LEVEL ATTENDEES INCLUDING IP DIRECTORS, GENERAL COUNSEL, IP ADVISORS (LAWYERS AND AGENTS) IN-HOUSE AND IT IN-HOUSE LAWYERS EXPECTED SPEAKERS FOR 2018 METTE ANDERSEN, HEAD OF IP, LEGO JEAN-MARC BRUNEL, IP DIRECTOR, SNECMA GROUPE SAFRAN PHILIPPE CASSAGNE, VP IP & LICENSING, GEMALTO DELPHINE DE CHALVRON, GENERAL COUNSEL IP, L’OREAL CHARLOTTA LJUNGDAHL, GROUP IP DIRECTOR, AIR LIQUIDE PHILIPPE LUCET, VP GENERAL COUNSEL R&D AND IP, NESTLE CONTACTS US www.innovation-ip-forum.com INFORMATION & REGISTRATION Justine Testard [email protected] +33 1 45 02 25 88 EDITO JANDIRA SALGADO JEANNE YIZHEN YIN EXECUTIVE EDITOR MANAGING EDITOR & CO-HEAD OF AMERICAS THE FUTURE IS NOW “We are called to be the architects of the future, not its victims.” - Robert Buckminster Fuller A new era that isn’t really new at all New York, May 3rd 1997. -
Do Interest Rates Affect VC Fundraising and Investments?
Do Interest Rates Affect VC Fundraising and Investments? CRISTIANO BELLAVITIS1 and NATALIA MATANOVA2 Abstract We examine whether interest rates affect venture capital (VC) fundraising, demand and investments. Lower interest rates fuel VC fundraising by making VC funds more attractive to limited partners (LPs) such as pension funds compared to alternative asset classes (e.g. bonds). We present evidence that higher interest rates make venture capital “cheaper” compared to bank loans and, consequently, boost VC demand from entrepreneurs. VC investment activity is influenced by supply and demand dynamics. Investments increase at high interest rates especially when VC supply is commensurate or higher than VC demand. These results are statistically significant and economically meaningful. Key Words: Venture Capital, VC, Fundraising, Demand, Investments, Interest Rates 1 The University of Auckland, Auckland Business School, Private Bag 92019, Auckland 1142, New Zealand. Phone: +64-9-923-9902. Email: [email protected] 2 The Pennsylvania State University, 1600 Woodland Road, Abington, PA 19001, USA. Phone: +1-267-633-3319. Email: [email protected] 1 1. Introduction Venture Capital (VC) generates economic prosperity by financing young, high growth firms and providing value-adding activities (Sorensen, 2007). The extant literature theorized a strong link between a thriving VC industry and economic growth (Gompers and Lerner, 2001; Kortun and Lerner, 2000; Samila and Sorenson, 2011). Entrepreneurship is commonly considered a key determinant of an economy’s capacity for wealth creation, job growth, and competitiveness (Hochberg, Ljungqvist and Lu, 2010), as well as the driving force behind some of the most vibrant entrepreneurial sectors of the global economy over the past decades (Jeng and Wells, 2000). -
Mohammadreza Farahi About Me
Startup-Investor Negotiations MohammadReza Farahi About me MohammadReza Farahi Finance Advisor at Rahnema Ventures Besides academic education in finance in France and Spain, he has a great experience of valuation and investment affairs with tens of startups in Rahnema ventures. Notice All rights reserved. This document is an exclusive property of Charkh Academy . No part of it may be reproduced or quoted, in any form or by any means, electronic or mechanical, without the prior written permission of the owner. Copyright © 2018. For a list of references, you can contact the author via [email protected] or [email protected] Investment • How people manage their wealth? 3 Investment history • Code of Hammurabi(1700 BC) provided a legal framework for investment by codifying debtor and creditor rights. • First venture investors: maritime expeditions were first case; navigators were the most adventurous entrepreneurs, and ship owners were first VCs. • Why investment emerged? Because of specialization; some people have expertise without capital. Some other people have capital, but not enough time or expertise in lucrative fields 4 Traditional Investment vs. VC • The main difference is between Risk & Reward • Risk factors in ventures are: • Innovation risk • Business model risk • Operation and scale up risk • +90% of Ventures have no earning for investor • VC is a Knowledge-base investor, you need to be expert in some fields. • So, you can help out and control management. • Also, you are doing something unique, so it has social impacts and personal identity 5 Risk in traditional company vs. digital company Relative weight of technological risk and marketing risk, as company grows 6 Why VC emerged in 20 century • In the past, Information from inside company could not effectively communicate to outside; so investors didn’t know what they are investing in. -
The VPN Debate: Ipsec Vs SSL
ISPCON: Faculty List Page 1 of 25 Co- Home » Attend » The Conference » Faculty List Interested in Speaking? Visit Session View All Sessions View All Sessions View the Faculty Search by Day/Date by Track Conference Grid List for Papers and submit your proposal. Faculty List Search the Site: ATTEND Printer Friendly Sessions: » by Day/Date » by Track EXHIBIT SPEAK CONTACT Alan Clark, CEO and President, Telchemy Incorporated August 11, 2003 Alan Clark is the founder and President of Telchemy, the leading DIRECWAY Touts WISP Alliances provider of fault/ performance management technology for VoIP. He was previously the CTO of Hayes, and System Architect with August 11, 2003 British Telecom. A New Way to Compete with Dr Clark was the inventor of the V.42bis data compression Cable algorithm widely used in modems, and has nine granted patents. August 11, 2003 He is a recognized authority on Voice over IP management and EarthLink Offers Opt-Out quality, and is a regular speaker at Voice over IP conferences. SPEAKER: Session #ISP -111: Voice over IP: Overcoming August 05, 2003 ENDORSING FCC Goes WiFi ASSOCIATIONS: Barriers to Successful Deployment August 11, 2003 ISPs Hit Back at Record Industry Alan Menezes, Vice President, Marketing, Aperto Networks Voice over IP goes mainstream Alan Menezes is vice president of marketing for Aperto Networks. Advancing the ISP conversation MEDIA PARTNERS: He is responsible for leading the company's worldwide marketing initiatives, including product management and corporate 10 ways to save your ISP marketing. Prior to joining Aperto, Mr. Menezes was vice president of marketing at AccessLan Communications, a DSL solutions Idiots delight on the animal farm company. -
HUMAN CAPITAL MANAGEMENT: SPECIAL FOCUS on HR TECHNOLOGY Your Single Source for “All Things Human Capital®”
HUMAN CAPITAL MANAGEMENT: SPECIAL FOCUS ON HR TECHNOLOGY Your Single Source For “All Things Human Capital®” Mergers & Acquisitions | Strategic Advisory & Growth Capital October 2019 www.delanceystreetpartners.com Five Tower Bridge | Suite 420 | 300 Barr Harbor Drive | West Conshohocken | PA | 19428 HR Technology Sector Review As part of our Human Capital Management sub- sector research, Delancey Street Partners (“DSP”) is pleased to present this HR Technology Edition. This HR Technology Sector Review provides an overview of the current HR Technology market as well as a look into recent M&A transactions and private equity financings. We also provide special commentary on two key subsectors, the video interviewing/assessment space, and the programmatic recruitment space. We also provide our DSP perspective on the Rule of 40 for SaaS businesses. Delancey Street Partners Delancey Street Partners is an independent, industry-focused investment bank. We serve CEOs, Entrepreneurs, Shareholders and Boards of Directors of high growth and middle market private and public companies. Our services include strategic advisory, capital raising and independent board advice. We advise on sell-side and buy-side M&A, growth capital financings and recapitalizations. Bill Filip leads DSP’s Business Services & Technology practice, which includes a strong focus on the Human Capital Management marketplace. Additional DSP sectors include Healthcare, Industrial & Industrial Technology, and Infrastructure. We form long-term partnerships with our clients and commit -
The Separation of Platforms and Commerce
THE SEPARATION OF PLATFORMS AND COMMERCE Lina M. Khan* A handful of digital platforms mediate a growing share of online commerce and communications. By structuring access to markets, these firms function as gatekeepers for billions of dollars in economic activity. One feature dominant digital platforms share is that they have inte- grated across business lines such that they both operate a platform and market their own goods and services on it. This structure places domi- nant platforms in direct competition with some of the businesses that de- pend on them, creating a conflict of interest that platforms can exploit to further entrench their dominance, thwart competition, and stifle innovation. This Article argues that the potential hazards of integration by dominant tech platforms invite recovering structural separations. Separations regimes limit the lines of business in which a firm can engage, either by proscribing entry in certain markets or by requiring that distinct lines of business be operated through separate affiliates. Previously implemented both as a standard regulatory intervention and key antitrust remedy in network industries, structural separations have been largely abandoned. At the same time that lawmakers have weak- ened or eliminated sector-specific regulatory regimes, judicial interpre- tation of antitrust law has drastically narrowed the forms of vertical conduct and structures that register as anticompetitive. And when antitrust enforcers have targeted these forms of conduct and structures, they have applied remedies that generally (1) fail to target the under- lying source of the problem and (2) overwhelm the institutional capacities of the actors assigned to oversee them. Neglecting struc- tural remedies results in both substantive harms and institutional * Academic Fellow, Columbia Law School. -
Zappos: Delivering Happiness to Stakeholders
Center for Ethical Organizational Cultures Auburn University http://harbert.auburn.edu Zappos: Delivering Happiness to Stakeholders INTRODUCTION Can a company focused on happiness be successful? Zappos, an online retailer, is proving that it can. The company’s revenue grew from $1.6 million in 2000 to $1.64 billion in 2010. Tony Hsieh, Zappos’ CEO says, “It’s a brand about happiness, whether to customers or employees or even vendors.” Zappos’ zany corporate culture and focus on customer satisfaction has made it both successful and a model for other companies. This case examines how Zappos’ focus on stakeholder happiness has contributed to its success. First, we examine the history of Zappos, its core values, and its unique business model. Next, we analyze the company’s corporate culture and how it influences its relationships with employees, customers, the environment, and communities. We then look at some of the challenges the company has faced and how it plans to move into the future. HISTORY Nick Swinmurn founded Zappos in 1999 after a fruitless day spent shopping for shoes in San Francisco. After looking online, Swinmurn decided to quit his job and start a shoe website that offered the best selection and best service. Originally called ShoeSite.com, the company started as a middleman, transferring orders between customers and suppliers but not holding any inventory (a “drop ship” strategy). The website was soon renamed Zappos, after the Spanish word for shoes (zapatos). In 2000, entrepreneur Tony Hsieh became the company’s CEO. Hsieh, 26 at the time, was an early investor in Zappos, having made $265 million selling his startup company to Mic rosoft in 1998.