Your SlideShare is downloading. ×
Dr Simon Harris, University of Edinburgh Business School: Asset Backed Lending (26.11.12)
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Saving this for later?

Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime - even offline.

Text the download link to your phone

Standard text messaging rates apply

Dr Simon Harris, University of Edinburgh Business School: Asset Backed Lending (26.11.12)

317
views

Published on

A presentation delivered by Dr Simon Harris at a joint event between the University of Edinburgh Business School and ICAS on asset backed lending.

A presentation delivered by Dr Simon Harris at a joint event between the University of Edinburgh Business School and ICAS on asset backed lending.

Published in: Business

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
317
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide
  • HEADER DATE
  • HEADER DATE HEADER DATE
  • HEADER DATE HEADER DATE
  • HEADER DATE HEADER DATE
  • HEADER DATE HEADER DATE
  • HEADER DATE HEADER DATE
  • Transcript

    • 1. A lack of bank lending?Dr Simon Harris
    • 2. A new age? Twas ever thus Who wants a bank loan? Forwards to the past: the internet ageSimon Harris 2012
    • 3. A new age? Twas ever thus Who wants a bank loan? Forwards to the past: the internet ageSimon Harris 2012
    • 4. A new age: Manuel Castells
    • 5. The aftermath of the crisis A four-layer economy is emerging: 1. A public/ semi-public sector unable to generate jobs. 2. High employment in low skill activity, much informal. 3. A ‘social economy’ sector based on different life values. 4. Informational capitalist economy dominated by & benefitting the professional class, based on technological & organizational innovation. “People dont trust where they put their money … … if the financial institutions dont work, the power relations that exist in society change the financial system.”Manuel Castells, Joao Caraca, & Gustavo Cardoso (2012) The Cultures of the Economic Crisis Chicago IL: Univ. of Chicago Press.
    • 6. A new age? Twas ever thus Who wants a bank loan? Forwards to the past: the internet ageSimon Harris 2012
    • 7. Venice, 13th–16th Century
    • 8. James Watt: Scotland 18th C
    • 9. Watt’s networked value circleBorn 1736, Presbyterian Covenanter parents1754: to London to train in instruments1757: Instrument workshop at the U of Glasgow1759: commercial partnership to manufacture1765: idea of a way to improve the steam enginePartnership with Roebuck; Roebuck bankrupted Mathew Boulton of Birmingham buys assets 1776: first commercial engines
    • 10. A new age? Twas ever thus Who wants a bank loan? Forwards to the past: the internet ageSimon Harris 2012
    • 11. Growth without Debt Strategy Formation in Three European Simon Nations Harris October 2003Simon Harris (2003) Strategy formation in three European nations University of Leeds; Stockholm School of Economics
    • 12. Global networked value circles Simon Harris Nick Gill Brad MacKay Floyd Dcosta April 2009Manuel Castells, Joao Caraca, & Gustavo Cardoso (2012) The Cultures of the Economic Crisis Chicago IL: Univ. of Chicago Press.
    • 13. CEO, NL, 2001“One thing I learned in my first business was not to borrow from a bank. Sure I made money, lots of it, but there could have been a better way. If you borrow from a bank there is some wanker there with your nuts in his fingers. Even if he is smiling you have to be careful.You might get on with him, but he is like a puppet: you do not know what strings he has on him, and nor might he. If his boss, who he may not know, says squeeze, he squeezes.So when I bought out this business I worked with my friends. There are three of us, with another in less. We are all engineers. We were all at Utrecht, but we have made good business. We all put in a lot of money, but the land is on a mortgage. I know what is pulling their strings and I have got my fingers on their nuts also.We will not develop so quick but it will be better, it will be good. I can spend time here kicking ass and with customers and getting margin out instead of talking to the wankers. Once the cash flow is good, we can enjoy it.”
    • 14. CEO, NL, 1999WHAT HAS MADE THE BUSINESS SUCH A SUCCESS?“I have been lucky, and I have many thankfulnesses“First, I thank God who helped me keep my strength.“Second, I thank my wife who never lost faith in me or our business.“Third, I thank my colleagues and friends in the business who stood by me where they could.“Fourth, I am thankful that I never borrowed one guilder in my life.”WHY?“You should never do business, any kind of business, with someone you do not trust. That is bad business and bad business will kill you, one way or another. And you can never trust a bank”
    • 15. CEO, SCO, 2002“Our first business looks like a success, but for me, it was a disaster. We formed the business in the normal way, VC finance from Scottish Enterprise and 3i, bank finance from RBS.The business model was that we developed the product, made it, marketed it, serviced it. We worked like dogs for 15 years and made 4% net return on sales, a bit of money, and no hair.That’s why I got out. Sure, we were Scottish Enterprise golden boys. But for me, it was rubbish.I now have about 15% of the sales revenue, but make 70% return on sales. I work 3 days a week on the business and I own it all. I only talk to the distributor, who develops new products with me, to some of the end customers, and to my engineers. I have the distributor here to stay in my house and I stay with him when I am in the US. He sorts out the manufacture, and if I needed any outside finance, he would provide it.
    • 16. A new age? Twas ever thus Who wants a bank loan? Forwards to the past: the internet ageSimon Harris 2012
    • 17. Finding trust relationships Web-sourced relationships can fast-track access to people who have the resources you need…. … and the public profile involved can reduce the risk of distrust FACEBOOK LINKEDIN CROWD SOURCING
    • 18. Trust from the WEB Hi … Good to connect again via LinkedIn. It has been a long time! Hope youre well. I actually moved back to (city) last year to begin life as a Canadian again. Good fun. Im working on a new tech idea and if you had a minute I would be keen to hear your thoughts… Þór Sigfússon starting LinkedIn communication to software Entrepreneur, 2010. Founder CEO Led to a $3.4m investment. Now sold out for Iceland Ocean Cluster $38m.Sigfusson, T. & Harris, S. (2013) The relationship formation paths of international entrepreneurs Jrnl of InternationalEntrepreneurship
    • 19. Finding trusted finance relationships on the WEB EMB TRUST EDD EDN E SS COMMITMENTSigfusson, T. & Harris, S. (2013) The relationship formation paths of international entrepreneurs Jrnl of InternationalEntrepreneurship