KFP Events, Opportunities & News
|
Kauffman Fellows Program eBulletin |
|
|
|
| CEO Recap Table
|
Whenever there is fear, you will get wrong figures.
-- W. Edwards Deming
I've been thinking about Professor Deming, the manufacturing
guru, quite a bit lately, especially in light of the flood of interest in
entrepreneurial capital formation this past year into CVE from countries like
Japan, Canada, China, Sweden, Mexico, Ireland and Jordan. What brings Dr.
Deming even more to mind is the parallel - and ironic - apathy from the very
Americans who possess most of the start-up investment expertise in the world.
Possess for now, at least.
I like the quote above because I find myself
frustrated by the panic that has overcome American society, and the resulting
inability to focus on the issues that matter.
For example, it has been unfortunate that returns of the bottom of the investor market have been lackluster. But if you've been involved with the
investment industry at all, you know that change has been happening in a big
way since 2002. (The recent acceleration has more to do with LP problems than
anything else.)
I do care about the part of the broad venture investor world
(angels, seed investors, venture capitalists) in the U.S. - like members
of the Society of Kauffman Fellows - who invest less than .1% of the GDP
annually but account for nearly 10% of the workforce and 17% of GDP. I do care
that there's a global explosion of innovation afoot, with corresponding new and
exciting markets, and we as a nation can't get our act together on basic
research, regulatory statutes, and tax and immigration policy.
We have a phenomenal opportunity
at CVE to help optimize global fluency in capital formation. We
had a Palestinian and an Israeli on stage at the Center last week, talking in
compelling details of their plan to build a software fund together serving the
West Bank. Senior METI officials are flying from Japan to announce their
intentions for a $1.8B strategic investment fund at our Affinity Conference. Unlike the manufacturing era of the 1960s, everything is now interconnected. If America neglects the role and strengths of our innovative capabilities, everyone will suffer.
- Phil
|
Join Us at Affinity Conference, July 15
|
Fellows, Mentors and Strategic Partners: you are invited to participate in this year's Affinity Conference on Wednesday, July 15. The Affinity Conference is the Kauffman Fellows' annual conclave. It is a day for coming together, networking with peers and meeting new people, taking stock of the year just past, and talking openly and energetically about the road ahead.
This conference is a great opportunity for you to invite a colleague who may not be familiar with the program. It will be a lively and friendly forum, and a chance to meet
and see the Society of Kauffman Fellows in action. Whether guests can
attend only the luncheon, the afternoon sessions, or just join for a cocktail, please take advantage of this event to welcome new people into our community.
The event will be held at the Four Seasons Hotel in East Palo Alto, CA. The agenda includes a kick-off luncheon with Randy Komisar of Kleiner Perkins Caufield & Byers. Randy's talk - moderated by Jen Fonstad, Class 3, of DFJ - will be followed-up by an afternoon of fast-paced, interactive sessions based largely on Kauffman Fellows Class 12 field research.
Please plan to join us and bring your ideas and perspective to share in this forum. The chance for networking and socializing continues at 5:30pm as we formally adjourn and enjoy a casual cocktail reception in true Four Seasons style.
In addition, we will be running a special Mentor Master Class in the morning. This session is a golden opportunity to join colleagues near and far in a structured discussion about the business of developing talent, tackling difficult issues, and generally building and replenishing strong, well-functioning teams. All mentors from the Charter Class through our incoming Class 14 are invited to participate.
If you think you or some of your colleagues might attend,
|
DowJones: Late-Stage Valuations Down
|
The financial crisis drove down the median
valuation for U.S. later-stage deals by 43% in the first quarter, according to
Dow Jones VentureSource. The median
pre-money valuation for later rounds in the first quarter of 2009 was $32
million compared with $56.1 million in the last quarter of 2008. The median hit a peak of $64 million in the
third quarter of 2008, the highest since $81 million in the fourth quarter of
2000.
Learn more about subscribing to DowJones Venturesource.
|
|
|
|
|
|
|
Kauffman Fellows Program | Town & Country Village | 855 El Camino Real, Suite 12 | Palo Alto | CA | 94301
|
|
|
|