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Download Issue As Coller Venture Review Review Coller Venture Coller | 2020 Venture Review 2020 Coller School of Management Tel Aviv University Venture Policy and Management Are IP Restrictions Killing the Venture Economy? Deep Innovation Is AI more Artificial than Intelligent? Virtual Roundtable The COVID-19 Crisis for VC – Death Knell or Springboard? Bridging Theory and Practice Trends in Venture What are the Entrepreneurship Myths in Venture that Deter Entrepreneurs? Industry Analysis A Shot in the Arm for Digital Health Innovation Venture Digest Some of the Year’s Best Reads Letter from the Editor oller Venture Review, the flagship Over the last year, our Editorial Board has journal of the Coller Institute of become more involved and we are grateful that Venture at Tel Aviv University, they have contributed to our Venture Digest, C continues its mission to help highlighting some of the year’s best reads in areas bridge theory with practice in the areas of ranging from entrepreneurial team formation venture, innovation, and entrepreneurship. to social entrepreneurship. Many thanks to Prof. Shai Bernstein in particular for his leadership In this issue, we draw on the insights and of our virtual roundtable with VC investors. expertise of a range of contributors across Many thanks as well to Dr. Leslie Broudo, our changing technology paradigms and industries. Managing Editor. We appreciate the input of all Our articles continue to articulate emerging our contributors, colleagues, and collaborators trends, extract generalizable themes, and lend worldwide for their dedication and vision. insights associated with the codification of new ways of thinking linked to action in the We invite our colleagues to continue to conceptualization, financing, and execution follow us. As always, we remain focused on of innovation and new venture creation. our mission bridging theory and practice in venture in service of a shared and bright future As 2020 ends, I write with profound recognition ahead. While the results of our work will not of the challenges that the COVID-19 pandemic be measurable in weeks or months, we hope has brought. Consequently, the articles included this first step can help guide our future. We in this issue of the Coller Venture Review indeed welcome any comments and suggestions from reflect the global challenges and opportunities our readers that will help us improve the value across the changing venture landscape. We have of the Coller Venture Review to its readership. attempted to address the profound changes we have absorbed globally in every aspect of our lives, from digital health to fintech in a post- Sincerely, COVID-19 world. For entrepreneurs, investors, academic leaders, and CEOs the impact will transcend how we invest, what we invest in, how we work together, and the impact we can reasonably expect. We know that the choices will necessarily be practical as well as moral. Moshe Zviran Editor-in-Chief 01 Coller 4 36 70 Venture Policy and Management Virtual Roundtable Industry Analysis Venture Are IP Restrictions Killing the The COVID-19 Crisis for VC – A Shot in the Arm for Digital Review Venture Economy? Death Knell or Springboard? Health Innovation 7 IP, Power, and the Pandemic 39 How the COVID-19 Crisis Ignited 72 Leading Transformative Change in Joseph E. Stiglitz and Accelerated Venture Capital Digital Health – Lessons from Practice University Professor, Columbia University Fiona Darmon Lilach Weisz Nobel Memorial Prize Laureate in Economic Sciences General Partner, Head of Innovation and Tech Transfer, Jerusalem Venture Partners Tel-Aviv Sourasky Medical Center Arjun Jayadev Associate Professor of Economics, Felda Hardymon Tamar Many University of Massachusetts, Boston Partner, Bessemer Venture Partners, Co-founder, MindState Professor of Management Practice, Senior Design Lecturer, Achal Prabhala Harvard Business School Shenkar College of Engineering, Design and Art Fellow, Shuttleworth Foundation Shai Bernstein Associate Professor in Entrepreneurial Management, 13 The Curious Case of Patent Harvard Business School Balance Sheet Invisibility John A. Squires, Esq. 46 Partner, Dilworth Paxson, LLC; A New VC Fund Rides former Head of Intellectual Property, Goldman Sachs & Co. the Silver Tsunami Abby Levy David N. Lawrence, Esq. Managing Partner & Co-Founder, Founder, Risk Assistance Network + Exchange; PrimeTime Partners Former Managing Director, Business Intelligence, Goldman Sachs & Co. 18 56 78 Deep Innovation Trends in Venture Venture Digest Is AI more Artificial than Intelligent? What are the Entrepreneurship Myths Some of the Year’s Best Reads that Deter Entrepreneurs? 21 Artificial Intelligence: Sifting the Facts Aya Soffer 59 Shifting the Entrepreneurial Paradigm VP, AI Technology, IBM Global Research to a Data-Driven View 84 Kartik Hosanagar Ethan Mollick Professor of Marketing, Associate Professor of Management, John C. Hower Professor of Technology and Digital Business, Ralph J. Roberts Distinguished Faculty Scholar, Advisory Board Wharton School of the University of Pennsylvania Wharton School of the University of Pennsylvania 32 The Surprising Role that 67 FinTech and the Future of Banking AI Plays in Management Xavier Vives Professor of Economics and Finance, Lior Zalmanson IESE Business School Senior Lecturer of Technology and Information Management, Coller School of Management, Tel Aviv University Gal Oestreicher-Singer Coller School of Management Professor of Technology and Information Management, Tel Aviv University Coller School of Management, Tel Aviv University 03 Overview i ur Venture Policy and Management section 7 frames questions at the intersection of new venture creation and policy globally. In IP, Power, and the Pandemic Othis issue, we address some of the questions Professor Joseph E. Stiglitz surrounding intellectual property, including those brought University Professor, Columbia University about by COVID-19. Nobel Memorial Prize Laureate in Economic Sciences Joseph Stiglitz and his co-authors, Arjun Jayadev and Achal Prabhala, address the potential benefits of patent Dr. Arjun Jayadev pooling to support the more efficient development and Associate Professor of Economics, delivery of vaccines. University of Massachusetts, Boston Venture Policy and John A. Squires and David N. Lawrence, formerly of Mr. Achal Prabhala Goldman Sachs, address the non-systematic valuation Fellow, Shuttleworth Foundation of patents on the balance sheets of technology startups. Together, these articles combine theory and practice to help Management us consider how seeming individual-level changes become aggregated and amplified. They suggest both promise and 13 shifts in policy and regulation to ensure the distribution of The Curious Case of Patent benefits. From the perspective of both public health and global Are IP Restrictions Killing Balance Sheet Invisibility M&A, it appears clear that intellectual property measures of efficacy call for a systematic revaluation across current John A. Squires, Esq. geographic, demographic, and economic boundaries. Partner, Chairman of Emerging Company Practice, Looking forward, future discussions in the Venture Policy the Venture Economy? Dilworth, Paxson LLC and Management section will continue to raise important Former Head of Intellectual policy questions in keeping with trends in innovation and Property at Goldman Sachs & Co. new venture creation globally. David N. Lawrence, Esq. Founder and Chief Collaborative Officer, Risk Assistance Network + Exchange (RANE) Former Associate General Counsel, Managing Director, and Head of Business Intelligence, Goldman Sachs & Co. 04 COLLER VENTURE REVIEW 05 IP, Power, and the Pandemic Professor Joseph E. Stiglitz Mr. Achal Prabhala University Professor, Fellow, Shuttleworth Foundation Columbia University Nobel Memorial Prize Laureate in Economic Sciences Dr. Arjun Jayadev Associate Professor of Economics, University of Massachusetts, Boston magine a world in which a global discuss the latest data on emerging flu network of medical professionals strains, and to decide which strains monitored for emerging strains should be included in each year’s Iof a contagious virus, periodically vaccine. As a network of laboratories updated an established formula spanning 110 countries, funded almost for vaccinating against it, and then entirely by governments (and partly made that information available to by foundations), GISRS epitomizes companies and countries around the what Amy Kapczynski of Yale Law world. Moreover, imagine if this work School calls2 “open science.” were done without any intellectual- Because GISRS is focused solely property (IP) considerations, on protecting human lives, rather and without pharmaceutical than turning a profit, it is uniquely monopolies exploiting a desperate capable of gathering, interpreting, and public to maximize their profits. distributing actionable knowledge for Imagine too a world in which a the development of vaccines. While global network of scientists searched this approach may have been taken for vaccines and therapeutics to for granted in the past, its advantages combat COVID-19, with only an are quickly becoming clear. ambition of getting the medicines The world has changed a lot since Jonas to as many people as cheaply and Salk’s polio vaccine, which was made as quickly as possible—a world freely available immediately. Today in which the drug companies see most vaccines that come to market COVID-19 not as an opportunity are patented. For example, PCV13, for unprecedented profits, but as one
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