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Next Wednesday night, I'm hosting a roundtable discussion between Brooklyn innovation community stakeholders on how to make this side of the river a better place to create, build businesses and grow. What kind of real estate will be available for innovative companies and where? At the time, though, we didn't know what we know now.
In the first post in this three part series I described why I believe the VC market froze between September 2008 – April 2009. Unemployment continues to rise – Unemployment as of September 2009 is 9.7% I believe that innovation will be part of what drives us out of the recession / long-recovery eventually.
I''ve always believed that investors make great community glue because they have a huge incentive for their local communities to thrive as places of innovation. Existing businesses need to understand the mutual benefit of innovation happening around them. They also have reason to connect to a wide variety of people.
Argument two says, “big companies can’t innovate anymore so Google, Apple, Microsoft, etc. If the “forever ramen profitable&# or “startups as a source of M&A innovation&# arguments don’t hold then we’re likely headed for one big brick wall. I was very active in 2009 / early 2010.
Closing a VC fund in 2009/10 is a major achievement in and of itself. We also talked about the emergence of New York City as the “hot” new area of entrepreneurship, VC and innovation driven by the quantification of the online advertising industry. Total raised: $83mm; Series B round (July 2009 for $43mm) valued company at $400mm.
As an active investor in the Los Angeles technology market we’re always seeking to better understand the data and trends of why our market has grown so rapidly since 2009. We look for pockets of excellence where we may have skills that aren’t native in other markets or where our home town may have some unique skills or talents.
Our investment in Kickstarter back in 2009 is an excellent example of that. Our interest in web3 which started back in 2011 was also grounded in the idea that new forms of funding are necessary to finance innovation and creative work. That has led to all sorts of interesting projects which are too numerous to mention here.
Since 2009 we’ve been in an unequivocal bull market. It’s where the truly innovative separate themselves from the pack. And what’s worse is that when you have shelfware you often gear your organization around selling the same s**t at scale and your innovation pipeline slows down leaving you doubly vulnerable.
The last closed market we had was from about September 2008 until June 2009--10 months. These closed periods have more to do with trends in other markets or macro fears than they have anything to do with prospects for innovation. After that, we were pretty much back on track, growing every year.
Venture capital is in the process of its own creative destruction with new market entrants and new models of innovation at the precise moment that our industry itself is contracting. A 90% disruption in cost spawns innovation – believe me. I believe the changes to the industry will be lasting rather than temporal change.
We need to get millions of American kids, not just the geniuses, excited about innovation and entrepreneurship again. We need to make 2010 what Obama should have made 2009: the year of innovation, the year of making our pie bigger, the year of “Start-Up America.”. via www.nytimes.com.
In the book Alien Thinking , three innovation professors at IMD Business School argue that people who generate truly breakthrough ideas look at their world like aliens–outsiders unburdened by the assumptions, biases and conventional thinking that constrain imagination. Two types of breaks can foster innovation.
In my previous post, The VC Ice Age is Thawing (for now) I wrote about the reasons why the VC market came to a screeching halt in September 2008 and remained largely shut until at least April 2009. As of near the end of September 2009, we’re up 46% since the March 9th nadir (yes, I need to find a way to use one of my SAT words ; – ).
Imagine if, say, Autodesk had purchased it in 2009 for $100 million? Of the first four investments I made as a VC in 2009, two have exited and two (Invoca & GumGum) still are independent and likely to produce $billion++ outcomes . Case in point, Procore just went public and is trading at an $11 billion valuation. Maker Studios?—?sold
As a technologist he felt the US was “ground zero&# for technology innovation. January 2009 where he said in a column on Tax Cuts for Teachers : “One of the smartest stimulus moves we could make would be to eliminate federal income taxes on all public schoolteachers so more talented people would choose these careers.
In 2009, I was introduced to Havi Hoffman. It’d be great to get a mention in NYC Innovation. Later in 2010, I was introduced by Fabian to Andres Wuerfel , who was leading Deustche Telekom''s Innovation Group. It''s super interesting to go back and trace connections and relationships that led to new opportunities.
Register FunP Innovation Group, a Taiwan-based digital advertising sales and advertising technology conglomerate, announced that it has secured $3.12 Established in 2009, FunP Innovation Group (BVI) controls cacafly.com, a leading digital advertising sales, consulting agency and Tenmax.io, an advertising technology development.
Come laugh and learn as we dissect the twelve worst social media campaigns of 2009. RSVP: [link] 6:30PM SUXORZ: the worst social media campaigns of '09 Think you know everything about social media? Amid tales of genius and triumph during #SMWNYC, the SUXORZ panel will be the Greek chorus. The Suxorz occurs in four rounds.
In this episode, the two discussed how you can effectively sell in an environment where budgets are being cut, executive decision-makers are distracted with other priorities, and companies are less inclined to invest in innovation. His strategy for selling in 2009 is relevant to any economic downturn.
Berlin is a great place to be full of fantastic people--with a serious dedication to building an innovation community. That's what will attract the best entrepreneurs here--an opportunity to push limits and explore the future of innovation. I don't think the Valley really took New York seriously until Foursquare rose up in 2009.
It’s been high tide since 2009 so an entire batch of entrepreneurs don’t know what low tide even looks like. Business that are innovative. Neither achieved the kind of growth rates associated with Silicon Valley but both grew significantly faster than traditional industries and both were innovative.
Example: In 2009, Southwest Airlines decided to go against industry standards that were shifting toward fees for checked luggage. Driven primarily by service to the firm’s purpose, rather than by power or money, conscious leaders inspire, foster innovation and transformation, and bring out the best in those around them.
I think that’s the beauty of both capitalism and innovation. And even the best teams combined to create big innovations sometimes don’t time markets well, are surprised by unexpected technology breakthroughs by competitors or just don’t find the magic the leads to mass customer adoption. So which is it?
First, I’d like to quote (paraphrase) Brad Feld speaking at Twiistup in LA in 2009, “I keep hearing people in LA talking with a chip on their shoulders about building a tech business here relative to Silicon Valley. The result is that we’ve had a lot of innovation coming from LA in terms of monetization.
Early stage VC’s are also aligned around turning over every rock when it comes to finding innovation hubs and being the connectors between them and the rest of the community. It wasn’t until I helped Foursquare raise their seed round in 2009 that many outside VCs even took notice of NYC. Angels can’t do it alone.
Register MoveinSync, an innovative Indian startup specializing in workplace commute solutions, is currently in discussions with investors for a new round of funding. Bookmark ( 0 ) Please login to bookmark Username or Email Address Password Remember Me No account yet? They aim to secure between $50 to $60 million.
It seemed that Google was being out innovated by another Silicon Valley technical leader, Mark Zuckerberg. Bringing back Larry seemed an effort to streamline, to innovate, to compete. I remain as childishly giddy at Nick’s vision as I did in our conference hangout we had in 2009. and Microsoft had become.
If one entered between 2009-2015 he or she is no doubt in the “hazard” phase where one need to be careful about thinking he know more about the industry than perhaps he do. It forces innovation. It’s kind of a truism for life and certainly our industry. I see it in many young pups. Same as I felt.
Today, they’re on track to surpass half a billion rides globally by 2021, far outpacing early growth in the carbon-heavy ride-hailing industry founded by Uber in 2009. Four years ago, shared e-scooters didn’t exist. 1: Shared scooters launched (fall 2017). Shared micromobility’s first Warm Up Mode feature to assist new riders. . #5:
Here are four startup myths that hold innovation back. According to a recent Crunchbase study , the number of companies founded by women doubled from 10 percent of global startups in 2009 to 20 percent in 2019. Diverse startups are the key to innovation, creative thinking and growth, which is now more critical than ever before.
In the early spring of 2009, the fundraising nuclear winter of the previous year hadn't yet thawed. In a environment that is constantly innovating, the best ones realize that they have to out-execute the next firm with a higher quality product if they're going to stay in business.
But knowing the right people and knowing a market only works well for angel investors in bullish tech markets in which IPO’s happen quickly (97-99) or where larger companies are actively scooping up little tiny companies at sub $50 million valuations to drive innovation (05-08, 10-?).
6:30PM New York Video January Meetup A new decade is in front of us and as we tip our hats to 5min for winning our top honor of 2009, we're looking forward to big things from all our members in the year ahead. RSVP: [link] Wednesday, January 27th. We're kicking off 2010 with demos from four exciting new local startups.
When Marc and I started the firm in 2009, the conventional wisdom in Venture Capital was that in any given year, only 15 companies would ever generate $100M in revenue and those 15 companies would drive almost all of VC returns. I am pleased to announce that we have just raised $7.2B This marks an important milestone for us.
i2E made a concept investment through the OCAST Technology Business Finance Program (which iThryv repaid) early in the company’s life, and then in June of 2009, we invested again from the Oklahoma Seed Capital Fund (OSCF). Alkami Technology was founded (as iThryv) by serial entrepreneur Gary Nelson more than 10 years ago in Oklahoma City.
We talked about the negative effect of Apple’s closed system attitude but how that will be a gift to the market because Apple’s cracking of the operator hegemony has forced the industry to innovate. Self-reported 60mm daily unique as of Dec 2009, games played by 250mm people a month (AppData). We talked about Facebook.
These days that’s not the case and it’s a great outcome for entrepreneurs and for innovation. We picked up activity aggressively in 2009. So what took me $2 million at my first company now takes $20,000. So in the past we needed VC to really get a startup going. That’s awesome. VC is different.
As AI continues to expand from the cloud to edge devices, EnCharge AIs innovations stand to make AI more accessible, scalable, and energy-efficient, tackling some of the most pressing challenges faced by the tech industry today.
Just two years later, in 2009, we worked out a deal to create the Techstars Seattle program, with our first program running in 2010. The next logical step was to go up-market and look for financial “partners” among the many corporations struggling to keep up with the pace of technological innovation during the go-go ZIRP years.
This fund’s vision is to offer financial support, build investment connections, share knowledge, and facilitate networking opportunities between Southeast Asian and Korean businesses for the growth and innovation of both regions’ tech landscapes. In 2022 alone, East Ventures disbursed capital over 80 times yearly.
In fact, according to a 2009 study by Dane Stangler for the Ewing Marion Kauffman Foundation , more than half of Fortune 500 companies were started during a recession. There’s more innovation opportunity. Because companies typically tighten spending during recessions, innovation from the top is generally low.
In mature Western economies (the US, UK, Canada, for example), it’s almost twice as costly to operate a business in 2019 as it was in 2009. And there has never been such a pronounced talent shortage in the world. Consider this: Talent is expensive. Wages constitute the majority of that expense. Talent is scarce.
As you can see below, investments have skyrocketed – up 300% since 2009. The increase in entrepreneurs often brings in many people not in the system to “innovate” but rather to make a quick buck. Most smart VCs (again, privately) think it is not.
In the last US economic downturn in 2008-2009, my Forum and EO taught me that the keys to surviving are being the first to respond, taking quick decisive action and being agile. We also utilized a no-limit credit card to buy US$200,000 more plexiglass from another vendor. .
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