part 5: Global entrepreneurship class


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part 5: Global entrepreneurship class

  1. 1. Global Entrepreneurship Developing Global Mindset for Entrepreneurs
  2. 2. Brian David Butler Teaching: Brian Butler is currently a professor with Forum- Nexus, which is co-sponsored by the IQS Business School of the Ramon Llull University in Barcelona, and the Catholic University of Milan. He teaches classes on International Finance and Global Entrepreneurship in Europe every July and January. LinkedIn/briandbutler Skype: briandbutler In Miami, Brian has taught Finance, Economics and Global Trade at Thunderbird’s Global MBA program in Miami. He previously worked as a research analyst at the Columbia University Business School in New York City.
  3. 3. Brian David Butler International: A global citizen, Brian was born in Canada, raised in Switzerland (where he attended international British school), educated through university in the U.S., started his career with a Japanese company, moved to New York to work as an analyst, married a Brazilian, and has traveled extensively in Latin America, Asia, Europe and North LinkedIn/briandbutler America. Skype: briandbutler Brian currently lives in Recife, Brazil where he is teaching classes on “Global Entrepreneurship” at the university “Faculdade Boa Viagem”.
  4. 4. KookyPlan – wiki for Entrepreneurs
  5. 5. Global Entrepreneurship: developing the global mindset for entrepreneurs Class #5 Saturday April 24th, 2010
  6. 6. Schedule for today 1. First ½ - Finance 2. After break ▫ Discussion about Group Projects ▫ Presentation of homework – transferrable ideas (Funded) + dream companies (lottery winners) 3. Continue - Finance of startups (part A) 4. Discuss Exam (next class)
  7. 7. Finance: Types of funding sources available to global entrepreneurs
  8. 8. Common Sources of Financial Capital for startups:  Angel investor  Bootstrap funding -  bank loans -  Equity line of credit  Factoring - accounts receivable financing -  Mezzanine financing: While there are many  peer-to-peer lending - sources, we are going to  Private equity - talk about the ones in  Public funding - IPO - BOLD (in this class)  Personal equity -  Venture Capital -  venture capital loan - Links on :
  9. 9. Two basic categories: • (a) Equity finance: shareholders – give capital in exchange for hope of benefiting if company is profitable later. Think “shares” of company • (b) debt finance: think “bank loans” – money plus interest is owed (monthly payments). Note: banker does not become part owner of company
  10. 10. Two basic categories: • Equity v. Debt financing… • Which do you think is more “expensive” • i.e. : who demands a higher % interest return on money? (the banker who lends money, or the investor in shares of a company)??
  11. 11. Equity finance is more “expensive” • The rate of return that an equity investors expects is (of course) higher than that of a debt financer. ▫ This makes sense: a banker that lends you money under strict terms, and expects payments every month in interest (perhaps with assets such as inventory as security) should feel safer, and demand less of a return on his investment than an equity investor that will only profit if the business is a success. • Based on this logic: equity capital should be the most "expensive", and debt capital should be the least expensive
  12. 12. Funding Startups • Normally done with equity financing, because debt financing (bank loans) are typically not available to young startups • Why? Why are bank loans not available? ▫ Class discuss…
  13. 13. Funding Startups • Answer: banks are CONSERVATIVE ▫ They require at least 3-5 years of proven results (income statements, balance sheets, etc) with clear profits BEFORE they are willing to invest ▫ So, that typically leaves the more EXPENSIVE form of Equity financing (for startups)
  14. 14. Finance: Typical “rounds” of funding for high- growth entrepreneur
  15. 15. Rounds of funding Risk and return demanded diminishes from one round to the next.
  16. 16. Rounds of funding • Typical rounds might look like this: • Seed - <$500k • Angel - <$2M • Venture Capital ▫ Series A - $1 -$10M ▫ Series B - <$25M ▫ Series C - <$50M
  17. 17. The stages of venture capital investment • Seed ▫ is an investment of between $1,000 and $500,000 made when a company is just a few people and/or an idea. • Start-up ▫ is an investment of between $50,000 and $1 million in private companies that are completing product development and beginning initial marketing. • First stage (or early stage) ▫ denotes an investment of between $500,000 and $15 million made when a company has completed its product but has no, or little, revenues. • Second stage (or later stage) ▫ is an investment of between $2 million and $15 million when a firm has product and revenues and has often already taken money from other institutional investors. • Third stage (or mezzanine) ▫ investments range from $2 million to $20 million, often invested in a profitable company for a major expansion generally leading to an IPO in three to eighteen months. Note that some of these terms overlap.
  18. 18. Who remembers… • What is the difference between: ▫ Private Equity  And ▫ Venture Capital  And ▫ Angel Investors ▫ ????
  19. 19. Common Types of Private Equity: “Private Equity” Industry Angel Venture Private Equity Investors Capital funds
  20. 20. Angel investor: • An angel investor (business angel in Europe, or simply angel) is an affluent individual who provides capital for a business start-up, usually in exchange for ownership equity.
  21. 21. Angel investor: • Unlike venture capitalists, angels typically do not manage the pooled money of others in a professionally-managed fund. However, angel investors often organize themselves into angel networks or angel groups to share research and pool their own investment capital.
  22. 22. Angel investor: • Who do they invest in:? • Invest in promising startups too young and raw to attract the attention and money of professional venture capitalists.
  23. 23. Angel investor: • Angel capital fills the gap in start-up financing between the "three F"s (friends, family and fools) and venture capital. • While it is usually difficult to raise more than US$100,000 - US$200,000 from friends and family, most venture capital funds will not consider investments under US$1 - 2 million.
  24. 24. Rounds of funding Angels invest HERE
  25. 25. Angel investor: • Thus, angel investment is a common second round of financing for high-growth start-ups • First = seed funding, self-funding, friends, family, home loans, etc
  26. 26. Angel investor: Very Popular: • and accounts in total for more money invested annually than all venture capital funds combined (US$24 billion vs. $22 billion in the US in 2004, according the University of New Hampshire's Center for Venture Research).
  27. 27. Angel investor: • Angel investments bear extremely high risk, and thus require a very high return on investment. • Some angel investors seek a return of at least 10- 20 times their original investment within 5 years, through a defined exit strategy, such as plans for an initial public offering or an acquisition. • Angel financing can thus be an expensive source of funds. However, cheaper sources of capital, such as bank financing, are usually not available for most early-stage ventures.
  28. 28. Angel investor: • Deal Size: • In comparison to VC deals...which start around 6.0 M$ (in 2006) • ....Angel deals may be as low as $100,000
  29. 29. Angel investor: • But, how much should Angels invest? • Angel Investor method of Valuation ▫ Later today, we will cover “valuations”, and how much % shares to offer an investor …
  30. 30. Common Sources of Financial Capital: • Venture Capital - ▫ is a type of private equity capital typically provided by outside investors for financing new, growing, or struggling businesses. ▫ Venture capital investments are generally high- risk investments but offer the potential for above- average returns and/or a percentage of ownership of the company. ▫ A venture capitalist (VC) is a person who makes such investments.
  31. 31. Common Sources of Financial Capital: • Venture Capital - ▫ A venture capital fund is a pooled investment vehicle (often a partnership) that primarily invests the financial capital of third-party investors in enterprises that are too risky for the standard capital markets or bank loans
  32. 32. Companies with the most VC funding (as of 09/2008): • a list of all the technology startups that have raised at least $25 million over the past two years, according to CrunchBase. The ~160 startups to stockpile that much capital recently are listed below. • • Facebook - $455M • ZeniMax - $310M • Nanosolar - $300M • OverSee - $210M • OANDA - $200M • Kayak - $196M • GridPoint - $167M • Plastic Logic - $150M • eSolar - $140M • Demand Media - $135M Capital
  33. 33. What is Venture Capital? • Venture Capital companies raise money from institutional investors, and invest that money for them in other companies.
  34. 34. What is Venture Capital? • VC business model in a nutshell: ▫ VCs goal is to make a large investment, receive a high return, and do that quickly in order to have a liquidity event ▫ Note: companies are not LIQUID (not easy to sell shares on stock exchange)
  35. 35. What is Venture Capital? • Exit Strategy: why is it important? • In the traditional early-stage venture capital investment model, a vibrant IPO market is necessary for success. • Backing early-stage companies is risky and, in any venture capital fund portfolio, the anticipation is that a number of investments will end up being written down or written off. • Traditionally, the large return multiples available by taking a high-growth company public were necessary to cover the losses generated on these investments and to build an attractive return on the overall portfolio.
  36. 36. What is Venture Capital? • Venture Capital Math Problem: • Recommended reading: "A venture capital Math problem" from Fred Wilson, a VC and principal of Union Square Ventures.
  37. 37. Venture Capital - summary • Invest in high-risk, high-return investments, with horizon of five or 6 years. • Exit strategy: Goal is to either go public or sell to a competitor.
  38. 38. Venture Capital - summary • To manage risk, VC’s typically make staged investments in which the company must meet stated business milestones before qualifying of next financing round. • VCs typically specialize in one stage (startup, early stage or mezzanine). • Risk and return demanded diminishes from one round to the next.
  39. 39. Break… 10 minute break 
  40. 40. Homework review + group projects Presentations from last weeks homework
  41. 41. Homework for this week • One group assignment – cancelled. Will re-assign this task next week (this week) • 2 individual assignments • Due Dates: ▫ If you want feedback PRIOR to next class… you must email me the homework before WEDNESDAY at midnight (before next class) ▫ Otherwise, all homework is due at the start of our next class, Saturday
  42. 42. Group Project • Seeking investors: ▫ Next step: assume that you would really consider doing this project, and assume that I am a Finance professional with money to potentially invest in your project. Your job is to convince me to invest in your project. ▫ Create a viable marketing and business plan for this market-entry project into the USA. Careful analysis needs to be made to see if it would work before I would be willing to invest in your idea. ▫ Make sure to read CH 4 from the book (digital sent by email)
  43. 43. Group Project Assignment • #1. Form Group • Please divide up the project among your team, ▫ and email me back (by next WEDNESDAY) outlining who is going to work on which part of this project (who is going to research what?) ▫ Note: you don’t have to do the actual research all by next class, but you MUST have met with your group, discussed the case, and divided the task of who will research what…
  44. 44. Group Project - proposals • Group 1 • Group 2 • Group 3 • Roberta • Diogo • Pedro • Luiza • Rodrigo • Carol • Arthur • Augusto • Ana Maria • Juliana • Italo • Emanuel • Transferrable Idea: • Transferrable Idea: Clube de Estrelinha • Transferrable Idea: assigned: TIVO assigned: NET FLIX • Countries: • Countries: ▫ USA to Brazil ▫ Brazil to USA • Countries: ▫ USA to Brazil ▫ Tivo ▫ Clube Estrelinha ▫ Or shopping cart, ▫ Other ideas? ▫ Or others?
  45. 45. • NET FLIX • TIVO • • • Netflix (NASDAQ: NFLX) is a service offering online flat rate DVD • TiVo is a brand and model of digital and Blu-ray disc rental-by-mail and video recorder (DVR). TiVo was video streaming in the United introduced in the United States and States. is now available in New Zealand, Canada, Mexico, Australia, Taiwan, and the UK. TiVo DVRs provide an electronic television programming schedule, whose features include Season Pass recordings which record every episode of a series, and WishList searches which allow the user to find and record shows that match their interests by title, actor, director, category, or keyword.
  46. 46. Individual presentations • Each student is to present their “transferrable idea” to the class (of a company funded abroad), with PEST analysis
  47. 47. Homework #1 • Find company abroad that has raised money ▫ What problem are they addressing? How solving? ▫ What trend are they getting in front of? ▫ If you were to localize that business to Brazil, would the same problem exist? Same solution be appropriate? Are the same trends important in Brazil? (Include a PEST analysis.) • Plan on taking that business model to Brazil (creating a similar business in Brazil) ▫ You will need to raise money (either in Brazil or from foreign sources of capital) ▫ I will be the VC (venture capitalist) ▫ Your job; convince me to invest – in 5 minutes To turn in: ▫ Maximum 1 page – word document – submit by email to : Be prepared to present your analysis in Class (with class review) To present in class: ▫ 5 minutes to convince class to invest in your project
  48. 48. Be inspired – see what kinds of companies are getting $$ funded Key source of inspiration… if you see how much $$ is being raised each week!
  49. 49. Be inspired – see what kinds of companies are getting $$ funded Sign up for the weekly newsletter email!!
  50. 50. Homework #2 • Dream Company: • What would you do if you won the lottery? But, you could only spend the money on creating a business… what business would you create? ▫ Tell me 1-3 ideas ▫ What if I told you the $$ would only be available to “high growth” business, but if you had an idea with big enough growth potential, then UNLIMITED money was available To turn in: ▫ Maximum 1 page – word document – submit by email to :
  51. 51. Finance: Valuations How much is your startup worth? How many shares should you offer?
  52. 52. Valuing a startup • This is the most difficult part. • Determining how much your startup idea is worth, • Deciding how many shares (% ownership) should you trade to an investor (in exchange for his capital)? • How do you value a company that might not have cash flows yet? (no revenues… so what is the value?)
  53. 53. Valuing a startup – why its difficult: • Normal ways of financial “valuation” do not apply (do not work) ▫ Example: the DCF ( discounted cash flow) technique does not work well for VC’s because the cash is intended to cover near-term, negative free cash flows. ▫ But more importantly, the standard techniques of discounting cash flows does not take into consideration the multiple financing rounds at different required rates of return.
  54. 54. Simplified model • To give you an idea of how to value your startup, I have created the following model. 1. Assume you will be cash-flow positive in 5 years (assume positive income) 1 2 3 4 5
  55. 55. Simplified model • To give you an idea of how to value your startup, I have created the following model. 2. Look online for similar PUBLIC company (as close as you can find) and get their PE ratio (price to earnings).  This will indicate the “multiple” on earnings that public companies are valued.  Multiply to get your “value” in 5 years
  56. 56. Simplified model • To find PE ratios:  See:  Sites such as Reuters offer these comparisons in one table. Example of RHT
  57. 57. Simplified model 3. Take that future value, and “discount” it to the present, using your (estimated) WACC… which in this case is = VC target rate of return (60% per year, for example) 4. Discounting will give you the “Present Value” of your company (before investment)
  58. 58. Simplified model • To give you an idea of how to value your startup, I have created the following model. 5. Take this present value (before investment) and call it “pre-money valuation” (lets assume $20 million) 6. If you are asking for $5 million investment, then add $20+ $5 and get $25 million (call this “post- money” valuation
  59. 59. Simplified model • Pre-money valuation (of company) = $20mm • Investment = $5mm • Post-money valuation (of company) = $25mm ▫ Question: what % of shares should the investor get?
  60. 60. Simplified model • Did it make sense? • Question: what % shares of your company would you give this investor?? • (do you remember the class last week about “dividing the pie”?)
  61. 61. Dividing the (shares) “pie” Sales partner 1 10% partner 2 10% Keep in Treasury partner 3 49% 10% You keep 21% • Question: what % shares of your company would you give this investor??
  62. 62. Dividing the (shares) “pie” Sales partner 1 10% partner 2 10% Keep in Treasury partner 3 49% 10% You keep 21% • If you are asking for $5 million • Question: what % shares of your investment, then add $20+ $5 company would you give this and get $25 million (call this investor?? “post-money” valuation
  63. 63. Answer • If you are asking for $5 million investment, then add $20+ $5 and get $25 million (call this “post- money” valuation • Pre-money = 20 • Money = 5 • Post-money = 25 • So, the investor would own 5/25 = 1/5th of your company, and should demand 20% of the shares
  64. 64. Dividing the (shares) “pie” Sales partner 1 10% partner 2 10% Keep in Treasury 29% partner 3 10% Angel Investor $5mm You keep 20% 21%
  65. 65. New Question: • But, what if the “value of the company” were calculated at only 10 million, and he offered $5 million…. What % of the shares should you offer? • A) 50% • B) other… ? Why?
  66. 66. New Question: • Pre-money = $10 • Money = $5 • Post-money = $15 • Value of investment = $5/15 = 1/3 = 33% • So, NO, you should NOT offer 50% of the shares! • Follow up question: how many shares will be left in your “Treasury” after this “round” of financing? And, do you think you will have enough shares left for another “round”?
  67. 67. Dividing the (shares) “pie” Sales partner 1 10% partner 2 Keep in 10% Treasury 16% partner 3 Angel Investor 10% $5mm 33% You keep • 49% - 33 % = 16% 21% remaining • Probably NOT enough for further rounds of financing!!
  68. 68. Valuing a startup – getting help: • Online software tools can help: • Liquid Scenarios provides software that estimates valuations of private companies, and determines the benefits or outcomes of liquidation events versus financings for all parties involved.
  69. 69. Valuing a startup – getting help:
  70. 70. Valuing a startup – getting help:
  71. 71. Rounds of funding - calculator
  72. 72. Valuations • See links from KookyPlan ▫ Venture Capital Method of Valuation ▫ business valuation ▫ Financial modeling ▫ Valuations and internet companies ▫ and Angel investor valuation method
  73. 73. Resources from • Funding ▫ Raising capital - ideas for the entrepreneur ▫ Investing ▫ Venture Capital ▫ Project Finance: capital budgeting • Valuations ▫ Venture Capital Method of Valuation ▫ business valuation ▫ Financial modeling ▫ Valuations and internet companies
  74. 74. more: • See for more info on: ▫ Investing ▫ issuing shares ▫ Abiding by Securities Laws ▫ Presenting your plan to Venture Capitalists
  75. 75. • Valuation tools for investors and Entrepreneurs • • Angel investor valuation method • Venture Capital Method of Valuation • more... • Accounting • business valuation • Choosing which venture capital firm to send your plan • Finance • Financial markets • issuing shares • List of VC deals from 2007 • Options • Options valuations with Black-Scholes • P-E ratio • Presenting your plan to VC's- tips for entrepreneurs • Price term sheet • PE and venture capital in Emerging Markets • Private equity • Public funding - IPO • Securities Laws • Silicon Valley • Valuations and internet companies • Venture Capital Fund Raising • Venture Capital • WACC Capital-Method-of-Valuation
  76. 76. Tips for dealing with investors Advice:
  77. 77. NOT to do: • Don’t conceal, lie, or exaggerate about the investment opportunity. Always provide potential investors with everything that is available for them to make a knowledgeable decision. When in doubt, disclose, disclose, disclose. and
  78. 78. NOT to do: • Don’t make public advertisements of your investment opportunity. • Don’t accept investments (or any payment for interest in your invention) unless the transaction is exempt from security registration requirements. If in doubt, speak with an attorney. and
  79. 79. To do: • Do include the following notice on all solicitations, business proposals, and business plans: ▫ “Investing in this enterprise involves considerable risk and should not be done unless you are prepared to lose the complete investment. Estimates of projected income or revenue are speculative, and this company does not presently have the capital required to meet such projections.” and
  80. 80. Venture Capital Finance in Brazil: VC funds in Brazil
  81. 81. Venture Capital activity in Brazil • Bigger funds: ▫ 5 times bigger today than five years ago ▫ "The average venture capital fund now being set up in Brazil seeks to raise 80 million - 100 million reais while ▫ Five years ago it could only raise 20 million reais,“
  82. 82. What is PE and what is VC? • Hard to tell exactly how much is PE and how much is VC • “it is hard to distinguish the exact sum of money that has been raised for VC from the amount secured for private equity (PE). • Often the lines between the two are blurred, but VC investment tends to be smaller in size and at a much earlier stage in a company's formation than PE.
  83. 83. “Private Equity” Industry Angel Venture Private Equity Investors Capital funds
  84. 84. Venture Capital activity in Brazil • Who invests in Private Equity funds? ▫ Rich individuals ▫ Rich families ▫ And … professional investors ▫ And other funds • Figueiredo says that around 2% of Brazil's pension fund assets – which exceed $275 billion, according to ABRAP, the Brazilian Association of Pension Funds – is allocated to VC and PE today, up from only 1% a year ago. • However, this proportion is still much lower than in the US, where pension funds allocate 6% to VC and a further 8% to PE.
  85. 85. Venture Capital: Where in Brazil?: • The country is seeing clusters of technology companies set up around the best universities, • particularly in ▫ São Paulo, ▫ Rio de Janeiro and ▫ Belo Horizonte. • Brazil's equivalent of Silicon Valley will take shape in these geographic areas, says Wood. • He adds that its most innovative firms leverage Brazil's strength in agriculture and are often found in the bio-technology and ethanol technology sectors.
  86. 86. Example: Fir Capital • Fir Capital, the Belo Horizonte-based venture capitalist with $150 million in assets under management, ▫ has invested in a business called Safetrace, which has developed a pioneering platform to track animals' involvement in the food chain. • The typical size of Fir's VC investments is $1-$10 million equivalent, and its main exit strategy is through strategic sale.
  87. 87. Example: Fir Capital • "We have a time horizon of three to five years and often earn double-digit multiples on the original investment we make – • “Sometimes we get up to 30 times of our initial investment back," says Fir's president Marcus Regueira.
  88. 88. Angel Network in Brazil: • Lupatech, LatAm's biggest valve producer and leader in precision casting, is a good example of a Brazilian enterprise that has reaped the rewards of VC. • Founded in 1980 by CEO Nestor Perini and called Micro Inox, the company first received VC backing from CRP, the Brazilian VC group, in 1987. • The business – headquartered in Rio Grande do Sul state – also secured rounds of PE investment in 1995, 2003 and 2005.
  89. 89. Angel Network in Brazil: • "Venture capital was vital for the development of the business," says CFO Thiago Alonso de Oliveira. • "The most important factor for us was the management assistance and support that our VC backers gave us.”
  90. 90. Value of VC’s to entrepreneurs • “During that time, I’ve come to appreciate the real value that great venture capitalists provide: ▫ amazing informational awareness, ▫ comprehensive business networks, ▫ providing brand cover for companies so that they can recruit and raise more money effectively, and more. • Ben Horowitz | Apr. 14, 2010
  91. 91. Angel Network: in Brazil • In parallel with the evolution of VC in the country, an angel network of investors has sprung up throughout Brazil. • Many of these have themselves created businesses and know the benefits of receiving a loan or equity investment when starting a company.
  92. 92. Angel Network: in Brazil • The angels have set up their own websites, work with incubators and universities, and provide entrepreneurs with capital from 100,000 to a million reais. • "We provide an incubator, an accelerator so that companies can grow really quickly. Some 40,000 business people in Brazil benefit from all the incubators in the country and the number of them is growing exponentially," says José Alberto Aranha, president of the Genesis Institute.
  93. 93. Angel Network: • Some 80% of the companies in incubators turn out to be successes, says Aranha. • One of the main exit strategies for the angel investors is via mergers of several incubated companies.
  94. 94. 4. Venture Capital Finance in Brazil: continued… Why now?
  95. 95. Why Brazil, why now? • “the venture capital market in Brazil has reached an extraordinary moment. I compare it to the US in 1994 – an inflection point where a critical mass of startups in certain markets will grow exponentially. • Like the US in 1994, a healthy balance exists between the number of startups and the market for their products and services. With proper execution and sufficient capital, Brazilian entrepreneurs have the potential to build the next generation of great companies.”
  96. 96. Why Brazil, why now? • “For both multinational strategic investors and private equity firms, Brazil has become a place where you have to have exposure going forward,”  Nick Wollak, who oversees $150 million in private equity for Axxon Group in Rio de Janeiro
  97. 97. Why Brazil, why now? • “In sum, the technology that is required for a boom is present in Brazil: broadband and great software development. What will spark the boom going forward is the confluence of other factors, • Trends including but not limited to ▫ demographics (emerging middle class, consumers), ▫ the economic environment (lower interest rates, fiscal stability) ▫ culture (entrepreneurship, high wireless and internet usage).
  98. 98. Reasons the private VC industry has not (yet) taken off in Brazil • A. Pessimist: Interest rates, while falling, remain high enough to compete for investor dollars – why invest in a high-risk startup when you can earn 11% a year buying a low-risk bond? • B. Response: Certainly interest rates must continue to fall or, at least, not rise, in order for the venture capital ecosystem to flourish.
  99. 99. Reasons the private VC industry has not (yet) taken off in Brazil • Indeed, why has most of the venture capital in Brazil come from government sources (FINEP, BNDES, etc.) up to this point? Because private investors have had no incentive to take the huge risks involved in venture capital investing. They could get great returns from bonds or, if they wanted to dabble in alternative investments, private equity.
  100. 100. Incubators in Brazil Incubating companies of the future
  101. 101. Incubators in Brazil • Incubator: buildings or studios set up for budding entrepreneurs, often linked to universities • Trends in Brazil ▫ Early 2000’s - just 135 incubators had been set up in Brazil ▫ Today - more than 400 exist today Source: Brazilian Venture Capital and Private Equity Association (ABVCAP).
  102. 102. Incubators in Brazil • Today, the incubators are home to some 4,000 start-ups, Source: Genesis Institute, an incubator attached to Rio de Janeiro's Catholic University.
  103. 103. Entrepreneurship in Brazil • Segundo relatório do GEM, o ▫ Brasil está entre os sete países empreendedores, ▫ com mais de 200 incubadoras, ▫ 3.000 companhias, ▫ mais de 15 milhões de empreendedores ▫ e mais de 450,00 novas empresas estabelecidas no país a cada ano.
  104. 104. International IQ moment Inspiration from global travels
  105. 105. Raratonga, Cook Islands – my favorite travel spot.
  106. 106. Mid-term Exam – May 8th, 2010 -- 830 am-10am • 1.5 to take exam • Mixture of ▫ Multiple choice ▫ Short answer (15 words max) ▫ Essay (half page max) • How to prepare ▫ Study all slides from my lectures