DOCSLIB.ORG

The Entrepreneurship Issue

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Entrepreneurship Issue University of California, Berkeley Nonprofit Organization THE MAGAZINE OF THE HAAS SCHOOL OF BUSINESS AT THE UNIVERSITY OF CALIFORNIA, BERKELEY Haas School of Business US Postage 545 Student Services #1900 PAID Berkeley, CA 94720-1900 Portland, OR Permit NO. 2917 BerkeleyHaasWinter 2013 12 GET OUT OF THE BUILDING 14 RISK TAKERS 16 THE ACCIDENTAL SPY Lecturer Steve Blank pioneers a new model for Tips from top VCs and entrepreneurs on Alum Kenneth Taylor plays a major role in the teaching entrepreneurship navigating startup challenges Iran hostage crisis and Oscar-winner Argo First-time @cal Login: Your PIN is the number above your name on your address label. Strengthen • Rekindle relationships Your • Jump-start your future job search Network • Be there for others Visit the new @cal Alumni Directory Update your and take 3 Display your employment Upload a photo email address crucial steps: 1 information2 3 Goodbye Business Plan, Hello Lean LaunchPad Rewriting the Rules of Entrepreneurship cal.berkeley.edu great minds online The Berkeley-Haas Advantage Step outside of your day-to-day and return to one of the most stimulating business environments in the world. Winter 2013 FEATURES AND DEPARTMENTS The Entrepreneurship Issue Editor IN CHIEF Ronna Kelly, BS 92 UP FRONT EXECUTIVE EDITORS Richard Kurovsky Ute Frey Design UPCOMING PROGRAMS Cuttriss & Hambleton, Berkeley Staff WRITERS The Women’s Executive Valerie Gilbert, Kent Sumrall, Pamela Tom Leadership Program CONTRIBUTING WRITERS April 8-11, 2013 Michael Benson, 2 Haas List Laura Counts, Sean Elder, Finance Prof. Ulrike Mike Elkin, Mandy Erickson, Malmendier wins the Kim Girard, Martin Haro, New Manager Boot Camp 2013 Fischer Black Prize. Martin Mevious, Dan Mitchell, Bill Snyder April 22-24, 2013 5 Haas News Dean Rich Lyons on Photographers catching the Haas Noah Berger, Jim Block, culture wave. Milena Carranza, Karl High-Impact Leadership Nielsen, Ronen Goldman, 6 Power of Ideas Genevieve Shiffrar Prof. Ross Levine April 30-May 2, 2013 Illustrators on teens and entrepreneurship. Harry Campbell, Carl DeTorres, Thomas Porostocky Financial Analysis for Berkeley-Haas magazine is published by the Haas School Non-Financial Executives IN THE BACK of Business, University of California, Berkeley. For May 6-10, 2013 further information, contact: A team at Skydeck, Berkeley’s startup incubator, during a recent health care hackathon. page 8 Berkeley-Haas Magazine Editor Venture Capital Executive Program Haas School of Business University of California May 6-10, 2013 8 Goodbye Business Plan, Berkeley, CA 94720-1900 510-643-0259 Hello Lean LaunchPad [email protected] Strategy in Competitive Markets Rewriting the rules of entrepreneurship. Berkeley-Haas Winter 2013, 18 Haas Network Number 82. Profiles of alumni in June 3-7, 2013 For change of address, email South America, [email protected]. 11 Building a Startup Ecosystem Tel Aviv, Amsterdam, How Haas, the university, and the East Bay can support entrepreneurship. and San Francisco. 22 Campaign for Haas Vic Trione, MBA 70, 12 Get Out of the Building blends grapes, real estate, and banking into Haas Lecturer Steve Blank pioneers a new model for teaching All Berkeley-Haas alumni enjoy special pricing for open-enrollment programs. a successful career. entrepreneurship. 24 Worldwide Events To find the right opportunity for you, contact: The Cal Band celebrates Kristina Susac, Director of Marketing and Open Programs 14 Risk Takers at the Gala. +1.510.642.9167 | [email protected] Haas entrepreneurs and VCs share insights on navigating risk. 26 Alumni Notes 39 In Memory 40 Personal View 16 The Accidental Spy Haas culture transcends Alum Kenneth Taylor plays a major role in the Iran hostage crisis and generations. the Oscar-winning movie Argo. www.executive.berkeley.edu Winter 2013 1 Cover illustration by Carl DeTorres Up Front Interested in bringing Haas@Work students to your company? Haas List Visit haasatwork.berkeley.edu. Financial Rankings Engineering Rising in Morgan 3 Stanley 5 The FT Faculty Prize Winner The full-time Berkeley MBA Program climbed to Alfred Yuan, MFE 13, #12 this year from #14 a won the $5,000 Morgan Top Finance year ago in the Financial Stanley Prize for Times global MBA Excellence in Financial ranking. Among U.S. 8 Markets for a paper Students Scholar Prof. Ulrike Malmendier schools, Haas held its focused on designing #7 spot from last year. and implementing an The program ranked 1 algorithm to accelerate the Shopping Science #3 again worldwide computations of complex in faculty research One morning last fall, 17 MBA students traded statistics financial systems. and #6 worldwide in for…shopping. Their tours of local Target and Safeway Yuan competed against quality of PhD graduate stores were part of a retail trek led by Haas career more than 100 financial placements. adviser Wendy Pratt. engineering and PhD Pratt, who has more than 12 years of experience students around the building brands and launching new consumer packaged country. The prize also goods (CPG), guided students through the aisles while includes a summer Students sharing her knowledge on how products get developed, internship with Morgan 4 Reaching packaged, discounted, and placed on store shelves. “The Stanley and interview for a Executive Education for the Stars best way to learn the basics of marketing and discuss full-time position. Inspiring consumer behavior trends is to see how CPG companies Yuan’s paper outlines Poland’s Top handle the marketing mix on the ‘front line’ as consumers an algorithm to more see it,” she says. quickly complete complex Innovators Perfect test subjects, the students also found financial calculations themselves unable to resist the lure of well-presented that have been enabled Forty Polish scientists, scholars, and business merchandise. Eliza Rosenbaum, MBA 14, left with a Cal by improvements in Soyeon Yi, MBA 14 innovators learned from hoodie. “There was just no time to shop in Fall A, and I computing. Before coming really needed something for Big Game,” she explains. to Haas, Yuan earned the Haas School’s top a bachelor’s degree in professors and visited statistics and actuarial Silicon Valley’s most Finance innovative companies science from Renmin Launching Alumni University of China. as part of a program Investment 7Viewing Earth from the International developed by the UC Banking on Berkeley-Haas Finance Professor Management Space Station, Soyeon Yi, MBA 14, had Berkeley Center for 6 Careers Ulrike Malmendier was awarded the Executive Education. an epiphany. “You realize Korea is such a Haas@Work 2013 Fischer Black Prize from the The nine-week, This year Haas small part of the world,” she says. 9 When Amir Zelazny, customized program selected five first- MBA 09, applied to the Haas@Work American Finance Association in was funded by the year full-time MBA She understood then how lucky she Program for spring 2009, he was a student uncertain January. The prize honors the top finance Faculty Polish government and students to inaugurate was to have been born in South Korea. of his future in the thick of the recession. Little did he scholar under the age of 40 and is mod- Trio Garner Honors European Union. “Poland a new Investment And that’s part of the reason she came know that he would go on to work for his Haas@Work client, building the kernel of an idea from the program eled after the Fields Medal in mathemat- is full of bright people, Management Fellowship to Haas: to find the best, most innovative 2Professors David Teece, Nicolae Gârleanu, and but they don’t know Program: Felipe into a major new strategy for Wells Fargo Bank. ics and the Clark Medal in economics. Adair Morse have been honored for their research how to commercialize Gonzalez, Andrew way to help others on Earth. Zelazny was on a student team asked to advise Wells The award cited Malmendier’s work and scholarly service. Teece received the Royal their discoveries,” Krowne, Nick Shea, South Korea’s first astronaut, Yi Fargo on helping customers better save for their sunset in corporate finance, behavioral econom- Honour of Companion of the New Zealand Order Lukasz Kutrzeba, a Bryan Wong, and Eric launched into the sky on April 8, 2008, years. After the project ended, Wells hired Zelazny as of Merit for his services to New Zealand/United technology broker at the Yanagi, all MBA 14. a contractor and then employee to shepherd a new ics and finance, contract theory, and the States relations. Gârleanu has won two awards: Jagiellonian Center of The fellows receive and spent 10 days at the space station. proprietary retirement tool through a complex design history of the firm, noting the originality the Journal of Finance Smith Breeden Prize for a Innovation in Krakow, a one-time $5,000 After a whirlwind few years of speak- process. The “My Retirement Plan” tool launched in and creativity of her research. co-authored paper titled “Technological Growth said during his Berkeley scholarship, preference ing engagements, Yi, 34, decided to add an December. and Asset Pricing” and the Review for Financial visit. “At Haas, we are in finance electives, Once an extracurricular program, Haas@Work is now a Malmendier holds a joint appoint- Studies’ Barclays Global Investors Michael Brennan learning to take our and matching with a MBA to her PhD in biotech systems. She course that satisfies MBA students’ experiential learning ment at Haas and Berkeley’s Economics Award for his paper “Margin-Based Asset Pricing scientific knowledge to mentor in the field. The chose Haas because of its proximity to Sili- requirement. Each semester, student teams advise Department. She has long been inter- and Deviations from the Law of One Price.” Morse, market. It’s a contagious program is modeled con Valley and distance from Korea, where companies on innovation challenges.
Load more

Recommended publications
  • New Appointments (India) S
    GK POWER CAPSULE FOR IBPS CLERK MAINS 2015-16 government has approved the company’s raising Rs. 1,000 crore through tax free bonds, including Rs. 700 crore through public issue. 25) Current a/c deficit narrows to 1.2% of GDP in April-June. 26) The Employees Provident Fund Organisation (EPFO) increased the life insurance cover of its subscribers from 3.6 lakh to 6 lakh rupees. 27) The banks in Dakshina Kannada district conducted a mega credit camp to disburse loans under the MUDRA scheme of the Centre on September 28. 28) The World Bank has promised $30 billion financial assistance to the Railways. NEW APPOINTMENTS (INDIA) S. no Newly Appointed Post & Company 1. Subir Vithal Gokarn Executive Director on the board of the International Monetary Fund (IMF) 2. Justice Ajit Prakash Shah Ethics officer (ombudsman) at Board of Control for Cricket in India (BCCI). 3. Navtej Singh Sarna Indian High Commissioner to United Kingdom (UK) 4. V-Sivaramakrishnan (Siva) Managing Director, Oxford University Press India (OUPI) 5. Justice T S Thakur 43rd Chief Justice of India 6. Anil Kumar Jha Chairman-cum-Managing Director of Mahanadi Coalfields Ltd (MCL) 7. Deepak Singhal Executive Director of Reserve Bank of India. 8. Virender Mohan Khanna Maintenance Head of IAF 9. Harshavardhan Neotia President of FICCI. Note: He will succeed Jyotsna Suri 10. Nitish Kumar Chief Minister of Bihar (Fifth Time) 11. V Raja Vice-Chairman and Managing Director, Philips India 12. Vijay Keshav Gokhale India’s Ambassador to China. Note: He will replace Ashok Kantha 13. Zarin Daruwala India’s Chief Executive Officer at Standard Chartered Bank 14.
    [Show full text]
  • New Orleans Ranks 12Th Among U.S. Cities for Infrastructure Jobs, Report Finds
    New Orleans ranks 12th among U.S. cities for infrastructure jobs, report finds TED JACKSON / THE TIMES-PICAYUNEThe U.S. Army Corps of Engineers dredge Wheeler works near head of passes in the lower Mississippi River, along with 5 other dredges keeping the channel open for shipping traffic, Tuesday, March 20, 2012. In the foreground is a river pilot boat headed downriver (and past the Wheeler) to pilot town. Print By Katherine Sayre, NOLA.com | The Times-Picayune Email the author | Follow on Twitter on May 09, 2014 at 7:20 AM, updated May 09, 2014 at 7:21 AM Workers operating refineries, engineering bridges, hauling containers and performing other labor focused on the nation's infrastructure make up nearly 13 percent of the New Orleans metro area workforce, one of the highest rates of infrastructure jobs in the country, according to a report released Friday. In total, infrastructure jobs -- defined as supporting the nation's assets in energy, trade, transportation, public works and other sectors -- make up 11 percent of the U.S. workforce, more than previously thought, according to the report from The Brookings Institution. Over the next decade, infrastructure jobs will grow by more than 9 percent, the report said, and 2.7 million workers will be needed to fill open positions from turnover and aging workers retiring. Researchers with Brookings' Metropolitan Policy Program took stock of the nation's infrastructure jobs, defining 95 occupations in 42 industries from civil engineers and urban planners to river pilots and and petroleum pump operators, calling it the first report of its kind.
    [Show full text]
  • TWITTER, INC. (Name of Registrant As Specified in Its Charter)
    Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☒ Definitive Proxy Statement ☐ Definitive Additional Materials ☐ Soliciting Material Pursuant to §240.14a-11(c) or §240.14a-2 TWITTER, INC. (Name of Registrant as Specified In Its Charter) Payment of Filing Fee (Check the appropriate box): ☒ No fee required. ☐ Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: ☐ Fee paid previously with preliminary materials. ☐ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: (2) Form, Schedule or Registration Statement No.: (3) Filing Party: (4) Date Filed: Table of Contents Table of Contents TWITTER, INC.
    [Show full text]
  • Teneros Series A
    PRESS RELEASE Press Contacts: Cynthia Harris (650) 520-8343 [email protected] TENEROS SECURES $7 MILLION IN SERIES A FUNDING FROM NEW ENTERPRISE ASSOCIATES AND SEVIN ROSEN FUNDS General Partners Join Board to Counsel Development and Growth MOUNTAIN VIEW, Calif. – July 12, 2004 – Teneros, Inc., developers of the first application continuity appliance addressing the need for zero-downtime of mission critical applications, announced today that it has closed Series A funding of $7 million from New Enterprise Associates (NEA) and Sevin Rosen Funds. "We are very pleased to have NEA and Sevin Rosin as investors and advisors in the development of our vision for application continuity solutions," said Steve Lewis, CEO of Teneros. "This funding is an important step in the timely delivery of products addressing a huge market need.” In addition, the company announced that partners from NEA and Sevin Rosin have taken board of director seats. Scott D. Sandell joined the Teneros board from NEA. He is currently a general partner at NEA and sits on the boards of Actional, Agami Systems, CenterBeam, Data Domain, Ensim, FineGround Networks, Foveon, and Spreadtrum Communications. Sandell formerly served on the boards of Amplitude Software (acquired by Critical Path), Neoteris (acquired by Juniper Networks, (NASDAQ: JNPR), NetIQ (NASDAQ: NTIQ) and WebEx (NASDAQ: WEBX). Nick Sturiale comes to the Teneros board from Sevin Rosen Funds where he serves as a general partner and sits on the boards of Chutney, NeoScale, RouteScience, SolidCore and Westbridge. Prior to Sevin Rosen, Sturiale spent many years as an entrepreneur in the enterprise software, flat panel display, and semiconductor industries.
    [Show full text]
  • Richey-Mixon Building Will Think Outside the Box Engineering The
    Richey-Mixon Building Engineering the Future Will Think Outside the Box Business strategist makes a $2 million investment $5 million commitment supports “think box” approach to innovation When 1949 Case Institute of Technology alumnus Charles Phipps imparts advice to current engineering students, he focuses on an ever-changing future: “Commit to continuous learning. Take courses. Be adaptable. Learn to sell your The recipe for starting a successful new business is simple, according to Joseph B. “J.B.” ideas to those around you.” Richey II (CIT ’62) and A. Malachi Mixon III: Take one part technology, mix it with one part Above all else, he says, “Think ahead several years about what you want to business plan and add a few generous helpings of chicken wings. accomplish and what it will take to get there.” “We used to go to a place that had free chicken wings and plot how some day we’d have As a leadership donor, Phipps already has thought ahead about the tools a business together,” Mixon recalls. the Case School of Engineering will need to take electrical engineering and It was during one of those wistful conversations that he and Richey—whose adaptation computer science to the next level. Through a $2 million commitment, Phipps of X-ray tube and electronics technology created the first full-body CAT scan—began to will create an endowment that will help support the department’s needs as discuss a struggling wheelchair manufacturing company. The two co-led the leveraged they emerge. buyout of the company in 1979. Mixon turned to Richey to capitalize on the engineer’s Adaptability has been critical for his career, which has spanned six decades, talent for seeing the product potential in new technologies.
    [Show full text]
  • PDF: 300 Pages, 5.2 MB
    The Bay Area Council Economic Institute wishes to thank the sponsors of this report, whose support was critical to its production: The Economic Institute also wishes to acknowledge the valuable project support provided in India by: The Bay Area Council Economic Institute wishes to thank the sponsors of this report, whose support was critical to its production: The Economic Institute also wishes to acknowledge the valuable project support provided in India by: Global Reach Emerging Ties Between the San Francisco Bay Area and India A Bay Area Council Economic Institute Report by R. Sean Randolph President & CEO Bay Area Council Economic Institute and Niels Erich Global Business/Transportation Consulting November 2009 Bay Area Council Economic Institute 201 California Street, Suite 1450 San Francisco, CA 94111 (415) 981-7117 (415) 981-6408 Fax [email protected] www.bayareaeconomy.org Rangoli Designs Note The geometric drawings used in the pages of this report, as decorations at the beginnings of paragraphs and repeated in side panels, are grayscale examples of rangoli, an Indian folk art. Traditional rangoli designs are often created on the ground in front of the entrances to homes, using finely ground powders in vivid colors. This ancient art form is believed to have originated from the Indian state of Maharashtra, and it is known by different names, such as kolam or aripana, in other states. Rangoli de- signs are considered to be symbols of good luck and welcome, and are created, usually by women, for special occasions such as festivals (espe- cially Diwali), marriages, and birth ceremonies. Cover Note The cover photo collage depicts the view through a “doorway” defined by the section of a carved doorframe from a Hindu temple that appears on the left.
    [Show full text]
  • Office of Career Services Venture Capital Firms In
    OFFICE OF CAREER SERVICES VENTURE CAPITAL FIRMS IN NEW YORK CITY Apax Partners Apax Partners is one of the world’s leading private equity investment groups, operating across the United States, Europe, Israel, and Asia. Apax identifies long term investments in growth companies in the tech & telecom, retail and consumer, media, healthcare and financial and business services sectors. Its success is built upon its deep, international sector expertise. www.apax.com Bessemer Venture Partners Bessemer Venture Partners, one of the oldest venture capital firms in the country, works to identify new markets most fertile for disruption for startup. Currently these industries include, but are not limited to, clean tech, financial services, and cloud computing. Bessemer Venture Partners currently manages $1.6 billion with approximately 50 investment professionals. www.bvp.com Canaan Partners Canaan Partners, with $3.5 billion under management and with nine funds, invests primarily in small and mid- sized companies in the technology, enterprise, clean tech, telecommunications, and healthcare sectors. www.canaan.com JPMorgan Partners, LLC (JPMP) JPMorgan Partners, LLC, a private equity division of JPMorgan Chase & Co., has invested over $15 billion worldwide in consumer, media, energy, industrial, financial services, healthcare and technology companies since its inception in 1984. Currently, the fund is managed by CCMP Capital Advisors, LLC and Panorama Capital, LLC. www.jpmorganpartners.com Mitsui Global Investment Mitsui is a provider of early stage venture capital for various types of US technology firms with a special expertise in helping to build their businesses globally. With offices in New York, Silicon Valley, and Tokyo, Mitsui currently has investments in China, Japan and the USA in the IT, healthcare, retail, and clean tech sectors.
    [Show full text]
  • GESCHÄFTSBERICHT 2007 ANNUAL REPORT 2007 GB P3 07.Qxp:GB P3 18.3.2008 16:15 Uhr Seite 2
    GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 1 GESCHÄFTSBERICHT 2007 ANNUAL REPORT 2007 GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 2 GESCHÄFTSBERICHT 2007 ÜBERBLICK 2007 OVERVIEW 2007 ENTWICKLUNG DES BÖRSENKURSES UND DES INNEREN WERTES 01.01.2007 BIS 31.12.2007 PRICE AND NAV DEVELOPMENT 01.01.2007 UNTIL 31.12.2007 1’600 1’500 1’400 1’300 EUR in 1’200 1’100 1’000 900 12.06 01.07 02.07 03.07 04.07 05.07 06.07 07.07 08.07 09.07 10.07 11.07 12.07 Innerer Wert pro Zertifikat / Net Asset Value (NAV) per certificate Preis / Price 2 GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 3 ANNUAL REPORT 2007 Firmenprofil Company Profile Die Partners Group Private Equity Performance Holding Partners Group Private Equity Performance Holding Limited Limited («P3 Holding», «P3») ist eine nach dem Recht von (“P3 Holding”, “P3”) is a limited liability company, which was Guernsey gegründete Gesellschaft mit beschränkter Haftung incorporated under the laws of Guernsey and is domiciled in mit Sitz in St. Peter Port, Guernsey. Der Zweck der Gesell- St. Peter Port, Guernsey. The objective of the company is to schaft ist die Verwaltung und Betreuung eines Portfolios aus professionally manage a portfolio of investments in private Beteiligungen an Private Equity-Zielfonds, börsennotierten equity partnerships, listed private equity vehicles and direct Private Equity-Gesellschaften und Direktinvestitionen. P3 investments. P3 is supported in its activities by the Invest- wird in dieser Tätigkeit durch ihren Anlageberater Partners ment Advisor, Partners Group, which is a global alternative Group beraten.
    [Show full text]
  • Final Rule: Exemptions for Advisers to Venture Capital Funds, Private
    39646 Federal Register / Vol. 76, No. 129 / Wednesday, July 6, 2011 / Rules and Regulations SECURITIES AND EXCHANGE 6. No Redemption Rights The primary purpose of Congress in COMMISSION 7. Represents Itself as Pursuing a Venture repealing section 203(b)(3) was to Capital Strategy require advisers to ‘‘private funds’’ to 17 CFR Part 275 8. Is a Private Fund register under the Advisers Act.6 Private 9. Application to Non-U.S. Advisers [Release No. IA–3222; File No. S7–37–10] 10. Grandfathering Provision funds include hedge funds, private B. Exemption for Investment Advisers equity funds and other types of pooled RIN 3235–AK81 Solely to Private Funds With Less Than investment vehicles that are excluded $150 Million in Assets Under from the definition of ‘‘investment Exemptions for Advisers to Venture Management company’’ under the Investment Capital Funds, Private Fund Advisers 1. Advises Solely Private Funds Company Act of 1940 7 (‘‘Investment With Less Than $150 Million in Assets 2. Private Fund Assets Company Act’’) by reason of section Under Management, and Foreign 3. Assets Managed in the United States 3(c)(1) or 3(c)(7) of such Act.8 Section Private Advisers 4. United States Person 3(c)(1) is available to a fund that does C. Foreign Private Advisers AGENCY: Securities and Exchange 1. Clients not publicly offer the securities it 9 Commission. 2. Private Fund Investor issues and has 100 or fewer beneficial 10 ACTION: Final rule. 3. In the United States owners of its outstanding securities. A 4. Place of Business fund relying on section 3(c)(7) cannot SUMMARY: The Securities and Exchange 5.
    [Show full text]
  • Know Your Private Equity Strategy How to Distinguish Between Growth Equity and Late-Stage Venture Capital
    Research April 2019 Know Your Private Equity Strategy How to Distinguish Between Growth Equity and Late-Stage Venture Capital KEY ELEMENTS Growth equity and late-stage venture capital (VC) are both growth-oriented private equity strategies, but they have significantly different characteristics. Late-stage VC companies have high revenue growth rates and demonstrated viability by virtue of user-adoption or sales, with a strong shot at an IPO. Growth equity companies have comparatively lower revenue growth rates but a more established market presence, and are further along in achieving profitability. Late-stage venture capital typically comes in organized funding rounds with multiple general partners taking small minority stakes. Growth equity investors also take minority stakes, though typically for at least 25% ownership. Late-stage venture capital managers generally target riskier investments and higher returns than growth equity managers, but historically neither strategy, in the aggregate, has hit its return objectives for vintage years 2000-14, and late-stage VC especially has underperformed. For purposes of portfolio construction and strategy selection, late-stage venture capital and growth equity strategies should be treated as separate and distinct, with different return and risk profiles. “Understanding the difference is vital for both manager selection and in structuring an existing private equity portfolio.” Ashley DeLuce Private Equity Consulting Group “Know what you own” is a fundamental tenet for institutional investors. Fund sponsors should understand the characteristics of the assets in which they are invested and are evaluating as possible investments. This better positions them to make informed judgments about their long-term strategies and the construction of their portfolios.
    [Show full text]
  • College Awards Silicon Valley Engineering Scholarships
    Newsletter for Alumni, Friends and Silicon Valley Industry I Summer 2005 Google and Atmel Execs Honored at Engineering Awards Banquet t was a full house in the Imperial Kordestani and Perlegos, this year’s ambassadors, linking the College with IBallroom at the downtown San José banquet, the College’s 25th, recognized industry. They are our benefactors, Fairmont Hotel last April when the 56 previous winners. providing our students and faculty with College of Engineering recognized many opportunities. We are honored “This is a very special night,” said two of its outstanding alumni for their to call them our own, and grateful for Dean Belle Wei to the some 500 dinner achievements in the field of engineer- the many ways in which they support guests. “Special, because gathered ing—Omid Kordestani (B.S. EE ’84), the College.” here are the key contributors to the senior vice president of Global Sales College of Engineering—friends from The dinner was supported in part by and Business Development at Google, industry, our alumni, our students, our the generous sponsorship of Platinum and Gust Perlegos (B.S. EE ’69), faculty and our staff. Tonight is also Sponsors Atmel, Cisco Systems, co-founder and executive vice president special because this year marks the Hewlett-Packard, Lockheed Martin, of Atmel Corporation (see page 4). 25th anniversary of the engineering Philips, and Rockwell Collins; Gold Since 1980, the College has honored awards banquet. Sponsors Applied Materials and outstanding engineers, business Marvell; and Silver Sponsors IBM, “Our alumni have built a reputation for executives and educators for their Intel, Lam Research and Novellus.
    [Show full text]
  • Final Rule: Exemptions for Advisers to Venture Capital Funds
    SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 275 Release No. IA-3222; File No. S7-37-10 RIN 3235-AK81 Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets Under Management, and Foreign Private Advisers AGENCY: Securities and Exchange Commission. ACTION: Final rule. SUMMARY: The Securities and Exchange Commission (the ―Commission‖) is adopting rules to implement new exemptions from the registration requirements of the Investment Advisers Act of 1940 for advisers to certain privately offered investment funds; these exemptions were enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ―Dodd- Frank Act‖). As required by Title IV of the Dodd-Frank Act – the Private Fund Investment Advisers Registration Act of 2010 – the new rules define ―venture capital fund‖ and provide an exemption from registration for advisers with less than $150 million in private fund assets under management in the United States. The new rules also clarify the meaning of certain terms included in a new exemption from registration for ―foreign private advisers.‖ DATES: Effective Date: July 21, 2011. FOR FURTHER INFORMATION CONTACT: Brian McLaughlin Johnson, Tram N. Nguyen or David A. Vaughan, at (202) 551-6787 or <[email protected]>, Division of Investment Management, U.S. Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-8549. SUPPLEMENTARY INFORMATION: The Commission is adopting rules 203(l)-1, 203(m)-1 and 202(a)(30)-1 (17 CFR 275.203(l)-1, 275.203(m)-1 and 275.202(a)(30)-1) under the - 2 - Investment Advisers Act of 1940 (15 U.S.C.
    [Show full text]