Guardtime was founded in Estonia in 2007 by Märt Saarepera and Ahto Buldas to provide an infrastructure solution for proving the validity of digital data through electronic signatures. The company's technology generates tags for data that can confirm it has not been altered.
Guardtime has since expanded globally, with offices in several countries. It works with governments to apply its signature technology to areas like verifying election results and land titles. Notable projects include partnerships with the Chinese and Philippine governments.
The interview discusses Guardtime's technology, challenges of entering new markets, and the importance of innovation and allowing experimentation for a technology company and country like Estonia to remain at the forefront of their
CyberAgent is a Japanese internet conglomerate listed on the Tokyo Stock Exchange Mothers Market. It has over 2,000 employees and annual revenue of over 96 billion yen. CyberAgent's main businesses include being Japan's largest internet advertising agency, operating the #1 blogging platform Ameba, running various internet media properties, and investing in internet startups. It has had success taking 16 companies public and has over $100 million in assets under management across 120 portfolio companies globally.
Keynote - King's College London Entrepreneurship Reception (6 Feb 2013)Dr. Sanjeev B Ahuja
This document discusses structured enablement of entrepreneurship and outlines some challenges and opportunities. It notes that while entrepreneurship offers control over one's destiny, many lack the skills, confidence, and support systems needed. It argues that fostering entrepreneurship requires influencing aspirations, extending skills and networks, and delivering programs that help launch ventures. The goal is moving the UK closer to levels of entrepreneurial activity seen in countries like the US.
1. In 2004, China's Ministry of Industry and Information Technology (MII) proposed a joint venture between itself and iBIT Inc. to establish a platform to advance China's high-tech development and global business collaboration.
2. The proposal outlined creating a global holding company with three subsidiaries: one for broadband infrastructure, one for an e-business platform, and one for an international business park. This structure would consolidate resources and synergies between the businesses.
3. Details were provided on setting up and operating the holding company and subsidiaries, including capital raising strategies starting with government loans and moving to strategic investors and public offerings. The goal was to build broadband networks, facilitate business transactions, and commercial
Vietnam mobile day 2012 co hoi mobile tai vietnam - cyber agentQuang Anh Le
CyberAgent is a Japanese internet company listed on the Tokyo Stock Exchange Mothers Market. It is the largest internet advertising agency in Japan and operates many internet media services. It also has a successful venture investment business focusing on internet startups, with 16 of 120 investments successfully completing IPOs. CyberAgent has global operations including offices in Taiwan, Korea, China, the US, and Vietnam, and invests in and supports internet companies internationally including mixi, Tudou, Tokopedia and others. It sees great potential in the mobile social gaming market in Japan and globally.
Information to help SME's who may be thinking about looking at China as an opportunity to outsource, or to find partners to help them access the internal China market.
Indra Utoyo Building The Sustainable Ecosystem For Emerging Ict Creative Indu...Saiful Hidayat
Presented By Indra Utoyo Chariman of MIKTI (Masyarakat Industry Kreatif TIK Indonesia) ON PII (Persatuan Insinyur Indonesia) Conference : ICT for Partnership , Jakarta March 31 2009
Ready for Change? II. Get Ready for IT Big-BangJunichi Otagaki
This document discusses how the IT industry is changing and the need for IT professionals and vendors to adapt. It notes that IT markets in developed countries are slowing, IT innovation is leveling off, and competition is increasing globally. IT jobs that were once secure are now highly competitive. The document advises IT professionals to take action by going deeper into new technologies, expanding their markets, standing out from others, crossing borders, innovating, connecting, collaborating, and staying irreplaceable to survive the changing industry.
CyberAgent is a Japanese internet conglomerate listed on the Tokyo Stock Exchange Mothers Market. It has over 2,000 employees and annual revenue of over 96 billion yen. CyberAgent's main businesses include being Japan's largest internet advertising agency, operating the #1 blogging platform Ameba, running various internet media properties, and investing in internet startups. It has had success taking 16 companies public and has over $100 million in assets under management across 120 portfolio companies globally.
Keynote - King's College London Entrepreneurship Reception (6 Feb 2013)Dr. Sanjeev B Ahuja
This document discusses structured enablement of entrepreneurship and outlines some challenges and opportunities. It notes that while entrepreneurship offers control over one's destiny, many lack the skills, confidence, and support systems needed. It argues that fostering entrepreneurship requires influencing aspirations, extending skills and networks, and delivering programs that help launch ventures. The goal is moving the UK closer to levels of entrepreneurial activity seen in countries like the US.
1. In 2004, China's Ministry of Industry and Information Technology (MII) proposed a joint venture between itself and iBIT Inc. to establish a platform to advance China's high-tech development and global business collaboration.
2. The proposal outlined creating a global holding company with three subsidiaries: one for broadband infrastructure, one for an e-business platform, and one for an international business park. This structure would consolidate resources and synergies between the businesses.
3. Details were provided on setting up and operating the holding company and subsidiaries, including capital raising strategies starting with government loans and moving to strategic investors and public offerings. The goal was to build broadband networks, facilitate business transactions, and commercial
Vietnam mobile day 2012 co hoi mobile tai vietnam - cyber agentQuang Anh Le
CyberAgent is a Japanese internet company listed on the Tokyo Stock Exchange Mothers Market. It is the largest internet advertising agency in Japan and operates many internet media services. It also has a successful venture investment business focusing on internet startups, with 16 of 120 investments successfully completing IPOs. CyberAgent has global operations including offices in Taiwan, Korea, China, the US, and Vietnam, and invests in and supports internet companies internationally including mixi, Tudou, Tokopedia and others. It sees great potential in the mobile social gaming market in Japan and globally.
Information to help SME's who may be thinking about looking at China as an opportunity to outsource, or to find partners to help them access the internal China market.
Indra Utoyo Building The Sustainable Ecosystem For Emerging Ict Creative Indu...Saiful Hidayat
Presented By Indra Utoyo Chariman of MIKTI (Masyarakat Industry Kreatif TIK Indonesia) ON PII (Persatuan Insinyur Indonesia) Conference : ICT for Partnership , Jakarta March 31 2009
Ready for Change? II. Get Ready for IT Big-BangJunichi Otagaki
This document discusses how the IT industry is changing and the need for IT professionals and vendors to adapt. It notes that IT markets in developed countries are slowing, IT innovation is leveling off, and competition is increasing globally. IT jobs that were once secure are now highly competitive. The document advises IT professionals to take action by going deeper into new technologies, expanding their markets, standing out from others, crossing borders, innovating, connecting, collaborating, and staying irreplaceable to survive the changing industry.
This document discusses the development of financial schemes and infrastructure to support innovation in Ukraine. It outlines 10 seed and venture capital funds that have invested in Ukrainian startups since 2005. It also describes business incubators, angel investor groups, startup competitions, and organizations that support the ecosystem such as the Seed Forum. The role of the Ukrainian government is discussed, including recommendations to establish a fund of funds to invest in venture capital and develop intellectual property laws.
I presented this talk on September 23 to the Computer Science and Telecommunications Board of the National Academies in Washington DC. It has three parts
1) What is User Centric Digital Identity
2) What are the technologies that have been developed to date
3) Emerging work on developing a Personal Data Ecosystem.
Jamaica offers several advantages for businesses looking to outsource to a nearshore location. It has a large English-speaking workforce, lower operating costs than North America, and is within a 4 hour flight of the US and Canada. Jamaica has a well-developed infrastructure including extensive air, freight and road links, as well as submarine fiber optic cables providing strong global connectivity. The government provides incentives for investment and training support to help businesses access skilled labor.
2010 26 aprile_counterfeit_summary of myhrvold's idea_fullF i l Zanella
The document discusses intellectual property rights and technology transfer. It provides definitions and descriptions of various intellectual property instruments like patents, trademarks, copyright, and know-how. It discusses emerging trends like open innovation ecosystems and the role of technology transfer offices in bridging research and industry. It also notes structural weaknesses in European technology transfer like smaller scale and technology transfer sometimes being considered a marginal activity compared to education and research budgets.
The document provides an overview of Benjamin Joffe and his company Plus Eight Star Ltd, which provides consulting services on mobile and internet innovation and best practices from Asia. Joffe has experience in digital strategy, social games, and mobile communities. He is a regular speaker at technology events and his research has been cited in major publications. Plus Eight Star conducts benchmarking and strategic consulting for multinational companies seeking opportunities in Asia.
My presentation at Mindtrek 2007 in Tampere. Thanks to many contributors here, especially great thanks to Austria. Amazing how professionals can connect via their slides and thinking through these.
The IT startup industry in Indonesia has grown significantly in recent years. Some key points:
- Several major tech startups launched in Indonesia dating back to the 1990s, with the number of startups increasing since 2009. Notable early startups include the first ISP and largest online community.
- Indonesia has a large talent pool of IT professionals graduating from top universities, with lower living costs compared to Silicon Valley. However, the quality of computer science education is a concern.
- With a population of over 240 million and rising internet and smartphone penetration, Indonesia represents a huge emerging market opportunity. Its growing middle class and strong economic growth are driving demand for technology products and services.
Life in Estonia (Winter 2012/2013 issue)Martin Koch
Set Designer:
Costume Designer:
Lighting Designer:
Choreographer:
The Prince and the Pauper is a new opera based on Mark Twain’s classic novel of the same name. The story tells of two boys who are born on the same day in London – one a pauper named Tom Canty, the other the Prince of Wales. By a twist of fate they meet and decide to trade identities for a day, with unexpected and amusing consequences.
The opera is a co-production between the Estonian National Opera and the Latvian National Opera. It will receive its world premiere in Tallinn and then travel to Riga in March 2013. The music is composed
Estonia - Future Facing Financial CenterMartin Koch
With a total population of 1.3 million and a GDP of 17.4 billion euro, Estonia
is a relatively small Nordic country with outstanding economic freedom,
remarkable and rapid development, and a stable economy that implements
e-solutions. As it is for a smaller fish, the key to survival for a smaller country lies in
the ability to swim faster and adapt quickly to a changing environment.
Estonia has put notable effort into developing a competitive and stable
business environment. The outcomes of these endeavors is demonstrated
in numerous facts, figures, and global indices.
The Estonian economy rests upon a solid foundation, with the rule of law strongly
bolstered and enforced by an independent and efficient judicial system. A simplified
tax system with flat rates and low indirect taxation, a competitive banking sector,
openness to foreign investment, and a historically liberal trade regime all
support the resilient and well-functioning economy.
Find out more: www.businessinestonia.com
Indonesian Tech Ecosystem Report - Bits by BricksRama Manusama
Telkom Indonesia is committed to supporting Indonesia's growing startup ecosystem through its corporate venture arm, MDI Ventures. Historically, the telecommunications industry has been disrupted by new technologies like email replacing telegraphs. Telkom recognizes that digital revolution is ongoing and companies must evolve to stay ahead. This report discusses Indonesia's promising potential for tech startups due to factors like demographics and internet growth, but also notes barriers to startup growth in the country, including payments issues, consumer behavior challenges, and difficulties of doing business. The report argues that corporate involvement is crucial for startups to scale in Indonesia by providing infrastructure, market access, and strategic partnerships.
- Many startups and unicorns do not develop extensive patent portfolios, despite the importance of intellectual property protection. Failure to align IP strategy with long-term business objectives can cost companies millions in litigation and licensing fees later on.
- While some unicorns have grown their patent portfolios as they approach exits like IPOs or expand into new markets, many unicorns still own few or no patents. This leaves them vulnerable to litigation from assertive patent owners.
- Experts recommend that startups focus on obtaining baseline patent protection of core technologies early on. However, companies often overlook opportunities to further strengthen their portfolios through activities like patent monitoring and freedom-to-operate analyses that provide competitive advantages.
By 2020, 50 billion devices will be connected to the internet, creating $19 trillion in economic value. Organizations will need to undergo digital transformation to survive in this new digital world. The key is to start small with innovation labs and tiered investments to experiment with new technologies and business models while keeping the core business running smoothly. Only organizations that are willing to disrupt themselves will survive the wave of changes brought by digital transformation.
This document discusses the development of financial schemes and infrastructure to support innovation in Ukraine. It outlines 10 seed and venture capital funds that have invested in Ukrainian startups since 2005. It also describes business incubators, angel investor groups, startup competitions, and organizations that support the ecosystem such as the Seed Forum. The role of the Ukrainian government is discussed, including recommendations to establish a fund of funds to invest in venture capital and develop intellectual property laws.
I presented this talk on September 23 to the Computer Science and Telecommunications Board of the National Academies in Washington DC. It has three parts
1) What is User Centric Digital Identity
2) What are the technologies that have been developed to date
3) Emerging work on developing a Personal Data Ecosystem.
Jamaica offers several advantages for businesses looking to outsource to a nearshore location. It has a large English-speaking workforce, lower operating costs than North America, and is within a 4 hour flight of the US and Canada. Jamaica has a well-developed infrastructure including extensive air, freight and road links, as well as submarine fiber optic cables providing strong global connectivity. The government provides incentives for investment and training support to help businesses access skilled labor.
2010 26 aprile_counterfeit_summary of myhrvold's idea_fullF i l Zanella
The document discusses intellectual property rights and technology transfer. It provides definitions and descriptions of various intellectual property instruments like patents, trademarks, copyright, and know-how. It discusses emerging trends like open innovation ecosystems and the role of technology transfer offices in bridging research and industry. It also notes structural weaknesses in European technology transfer like smaller scale and technology transfer sometimes being considered a marginal activity compared to education and research budgets.
The document provides an overview of Benjamin Joffe and his company Plus Eight Star Ltd, which provides consulting services on mobile and internet innovation and best practices from Asia. Joffe has experience in digital strategy, social games, and mobile communities. He is a regular speaker at technology events and his research has been cited in major publications. Plus Eight Star conducts benchmarking and strategic consulting for multinational companies seeking opportunities in Asia.
My presentation at Mindtrek 2007 in Tampere. Thanks to many contributors here, especially great thanks to Austria. Amazing how professionals can connect via their slides and thinking through these.
The IT startup industry in Indonesia has grown significantly in recent years. Some key points:
- Several major tech startups launched in Indonesia dating back to the 1990s, with the number of startups increasing since 2009. Notable early startups include the first ISP and largest online community.
- Indonesia has a large talent pool of IT professionals graduating from top universities, with lower living costs compared to Silicon Valley. However, the quality of computer science education is a concern.
- With a population of over 240 million and rising internet and smartphone penetration, Indonesia represents a huge emerging market opportunity. Its growing middle class and strong economic growth are driving demand for technology products and services.
Life in Estonia (Winter 2012/2013 issue)Martin Koch
Set Designer:
Costume Designer:
Lighting Designer:
Choreographer:
The Prince and the Pauper is a new opera based on Mark Twain’s classic novel of the same name. The story tells of two boys who are born on the same day in London – one a pauper named Tom Canty, the other the Prince of Wales. By a twist of fate they meet and decide to trade identities for a day, with unexpected and amusing consequences.
The opera is a co-production between the Estonian National Opera and the Latvian National Opera. It will receive its world premiere in Tallinn and then travel to Riga in March 2013. The music is composed
Estonia - Future Facing Financial CenterMartin Koch
With a total population of 1.3 million and a GDP of 17.4 billion euro, Estonia
is a relatively small Nordic country with outstanding economic freedom,
remarkable and rapid development, and a stable economy that implements
e-solutions. As it is for a smaller fish, the key to survival for a smaller country lies in
the ability to swim faster and adapt quickly to a changing environment.
Estonia has put notable effort into developing a competitive and stable
business environment. The outcomes of these endeavors is demonstrated
in numerous facts, figures, and global indices.
The Estonian economy rests upon a solid foundation, with the rule of law strongly
bolstered and enforced by an independent and efficient judicial system. A simplified
tax system with flat rates and low indirect taxation, a competitive banking sector,
openness to foreign investment, and a historically liberal trade regime all
support the resilient and well-functioning economy.
Find out more: www.businessinestonia.com
Indonesian Tech Ecosystem Report - Bits by BricksRama Manusama
Telkom Indonesia is committed to supporting Indonesia's growing startup ecosystem through its corporate venture arm, MDI Ventures. Historically, the telecommunications industry has been disrupted by new technologies like email replacing telegraphs. Telkom recognizes that digital revolution is ongoing and companies must evolve to stay ahead. This report discusses Indonesia's promising potential for tech startups due to factors like demographics and internet growth, but also notes barriers to startup growth in the country, including payments issues, consumer behavior challenges, and difficulties of doing business. The report argues that corporate involvement is crucial for startups to scale in Indonesia by providing infrastructure, market access, and strategic partnerships.
- Many startups and unicorns do not develop extensive patent portfolios, despite the importance of intellectual property protection. Failure to align IP strategy with long-term business objectives can cost companies millions in litigation and licensing fees later on.
- While some unicorns have grown their patent portfolios as they approach exits like IPOs or expand into new markets, many unicorns still own few or no patents. This leaves them vulnerable to litigation from assertive patent owners.
- Experts recommend that startups focus on obtaining baseline patent protection of core technologies early on. However, companies often overlook opportunities to further strengthen their portfolios through activities like patent monitoring and freedom-to-operate analyses that provide competitive advantages.
By 2020, 50 billion devices will be connected to the internet, creating $19 trillion in economic value. Organizations will need to undergo digital transformation to survive in this new digital world. The key is to start small with innovation labs and tiered investments to experiment with new technologies and business models while keeping the core business running smoothly. Only organizations that are willing to disrupt themselves will survive the wave of changes brought by digital transformation.
The document provides an overview of recent news and developments in technology and venture capital. Key points include: community growth in cryptocurrency despite price fluctuations; improvements to core blockchain infrastructure and accessibility; and advances in oversight of the cryptocurrency space. It also notes the rise of live, communal interactions through apps like HQ Trivia despite the dominance of on-demand entertainment. Finally, it summarizes recent funding rounds, acquisitions, and other company news.
The document discusses recent market trends in blockchain technology. It notes that while blockchain promises great potential, many projects over-promise and under-deliver or are outright scams. Some key trends highlighted include the rise of large token generation events from big companies and exchanges, growth in decentralized applications and users, increasing mergers and acquisitions in the blockchain space, and the surge of cryptocurrency-focused investment funds. The document also examines problems in the industry like unclear regulations, the disconnect between tokens and real businesses, and inexperienced founders. Overall, it analyzes the current state of the blockchain market.
Nikit shingari talks about digital apps investmentsNikit Shingari
Day trading expert Nikit Shingari talks about investment and stock buying. An avid programmer, he has been trading and investing in the stock market for years now.
Nikit highlights some stocks that have increased investment in the digital media industry. They are Netflix, Twilio, and Zoom.
The document discusses how the cloud is changing the business ecosystem. It provides an overview of key topics such as the drivers and challenges of cloud adoption, the changing IT ecosystem, and the impact of cloud computing on different industries. Specifically, the cloud allows organizations to access computing resources on-demand in a flexible, scalable and cost-effective manner. However, security and regulatory issues present challenges. The cloud is transforming roles and processes within organizations and among IT vendors. Industries like government, healthcare and education are seen to benefit greatly from the capabilities of the cloud.
Intel Corporation (INTC) was founded in 1968 by Bob Noyce and Gordon Moore to produce semiconductor memory and microprocessors. Over time, Intel released pioneering processors like the Pentium that revolutionized computing and grew to dominate the PC market. The document discusses Intel's business history, expansion into new product areas and markets, and growth into a leading technology company through continuous innovation.
1. Fintech has transformed from a hypothetical sector to an actual one in 2015, with many unicorns and startups emerging. However, M&A is proving to be a more common exit strategy than IPO.
2. Asia is becoming a major player in fintech, driven by large populations, underdeveloped banking, and supportive government policies in countries like China, India, and Singapore. Mobile point-of-sale acquiring is booming in Asia.
3. Other trends in 2015 included the success of Stripe and other online payment acquirers, the growth of crowdfunding and crowdinvesting, potential applications of blockchain technology beyond bitcoin, and continued growth of online lending platforms.
Extreme Digital Ventures is an early stage venture capital fund focused on investing in companies working in augmented reality, virtual reality, artificial intelligence, robotics, and internet of things technologies. The fund aims to invest in approximately 20 companies, primarily providing seed and Series A funding. It will target raising $50 million Australian dollars and invest via convertible notes or equity. The fund is backed by an experienced team with deep expertise in technology industries and a global network to support portfolio companies.
If you are looking for the next startup capital in Finland, head to Tampere. The city is offering more and more valuable services for startups and startup communities. Tampere has highly supportive startup ecosystem. And the city invests in young entrepreneurs, helping them grow and prosper.
This document discusses the relationship between traditional financial services (finserv) and financial technology (fintech) companies. It argues that finserv companies must adopt technology-driven business models to remain competitive. While fintech startups currently have advantages in areas like user experience and costs, collaborations between fintech and finserv will allow each to leverage the other's strengths for mutual benefit. The document outlines opportunities for systems integrators and service providers like NTT DATA Italia to partner with fintechs and finservs on proof of concepts, use cases, and innovation projects in emerging areas like blockchain and open banking APIs.
As demand for digital talent reaches a crescendo, CIOs are increasingly embracing an Uber-like approach to filling key technical roles throughout their organizations.
In 2018, India emerged as a global development center for blockchain technology. While blockchain startups proliferated across India, regulators also increased scrutiny of cryptocurrency exchanges and ICOs. Institutional investors also entered the market, bringing more stringent KYC and AML requirements. Looking ahead to 2019, the document predicts further regulatory developments, technological advances that improve efficiency, and the first blockchain-related lawsuits in India.
Fabrizio Capobianco Funambol Stanford Apr2709Burton Lee
The document discusses Funambol, an open source mobile sync and push email company. It provides an overview of Funambol, including that it is the #1 cross-platform mobile open source project with 3 million downloads. It discusses how mobile sync and push email are growing in demand but difficult to deliver at scale. Funambol provides a carrier strength open source solution with the broadest device compatibility and diverse email support as the leading cross-platform mobile open source solution.
1. I ECONOMY AND BUSINESS
Interview with
Mike Gault –
CEO of Guardtime
Be On Guard -
Guardtime Is
Coming... Text: Toivo Tänavsuu
Photos: Atko Januson
In 1988, when the digital world was still in the who was studying quantum transistors. He then In autumn 2007, Ito visited Tallinn in order to
distant future, two young students of cybernet- found common ground with the well-known formalise his personal investment in Guardtime.
ics - Märt Saarepera and Ahto Buldas - met at the Japanese venture capitalist, technology guru, He visited the Skype team led by Toivo Annus,
Tallinn University of Technology. Some years later, DJ and writer Joichi Ito. Ito, the founder of the and in his subsequent blog post he had only
Saarepera travelled to Tokyo as an exchange stu- first ever Japanese website, invited Saarepera to good things to say about Estonians and the free
dent and dived into the world of applied infor- work in his business incubator, Neoteny Labs. wifi network of Tallinn. The quality of the lat-
mation security and cryptography, publishing ter supposedly surpassed the wifi of Frankfurt
in various scientific journals. At the same time, In the second half of the 1990s, Saarepera and Airport but not that of Ito’s own Tokyo office.
Buldas stayed in Tallinn, working on digital signa- Buldas made big plans. They discussed the nit- Guardtime received a new impetus. Ito became
tures, the latest rage all around the world. ty-gritty of the global information security sys- an important person in setting the direction of
tem. They looked for development funds. They the company. On the magic date of 07.07.07
At the Tokyo Institute of Technology, Saarep- attracted the interest of the Estonians who had the clock of the servers was started and the his-
era met two people who later became the key founded Skype and, together with some part- tory of Guardtime began. Now it was possible
figures behind Guardtime. First he struck up ners, Skype invested over 15 million Estonian to check and issue signatures.
a friendship with his course-mate Mike Gault, kroons (about 560,000 euros) in the enterprise.
24 LIFE IN ESTONIA I 2012 / 2013 WINTER
2. a lie detector; afterwards you can prove the What has been your biggest
data was created by a particular entity, when it challenge in China?
was created and that it hasn’t been changed.
The signature can be verified independently, Technology standards are completely differ-
without human involvement, as it is based on ent there. People do business by text mes-
mathematics, which is the core innovation. So saging, which is very different to how we do
verification doesn’t rely on trusting people. We business in the West. E-mail is not as popular
operate an infrastructure and, in every coun- as texting. That’s obviously quite a different
try we operate, we work with local partners approach to business. They have this concept
to allow them to distribute signatures in their of guanxi, which is about long term personal
jurisdiction. Typically those partners are telcos, relationships, and those are more important
such as China Telecom and, in Estonia, Levira. for business than say contracts, as in the US.
They are the distributors of the signatures. Guardtime’s technology helps to remove the
need for trust by providing an independ-
In 2010, Guardtime received a much-awaited ent record of everything that has happened
financial infusion. A group of investors in- on electronic networks. For example, we are
vested eight million dollars in the company. building a solution for SMS so you can have
Besides the founders, Joichi Ito and the Skype proof that you sent an SMS by having its au-
guys, the owners of Guardtime also include thentic content.
Li-Ka-shing’s Horizon Capital, the national in-
vestment company of Singapore, Infocomm The fact that you have
Investments, and FitOne Capital, which is established your company
owned by the Japanese venture capitalist Yuki- in the Chinese market –
hiro Kayama. what does that mean
financially, in the long term?
Let’s begin with the cooperation
between Guardtime and China. Firstly, we hope to list the company within the
What sort of milestone is this next few years in China. In terms of revenue,
for the whole company? a single project or a single customer can mean
millions of dollars a year and we have custom-
It is a very important milestone, but let me ers in the Philippines, Japan and Europe who
put it in context. Two years ago we received are using our service. The business model is
money from the venture capital fund of Mr Li that those partners will generate the revenue
ka-Shing, a Hong Kong financier. One of his and customers, and they will give us a per-
companies operates Skype in China, which is centage of their revenue. If you consider how
why they became aware of Guardtime and our much electronic data there is and how much
technology. They invested in our company and people care about it, you realise that the po-
made introductions for us in China. We are in- tential size of our business is huge.
volved in several projects in China. The biggest
one is still to be announced, but it is with the Do you have different projects
Chinese government. We’ve been building a in the pipeline simultaneously
solution for them for the last two years. for different customers?
The digitalised world screams Are you working directly with That’s right. A few years ago everybody
for technologies that will help to the Chinese government? laughed at us. Who are those crazy guys and
prove the validity of any digital what are they trying to do? That is always the
data. One such infrastructure Correct. Our company recently received an case when you bring a new technology to the
solution is provided by Guardtime, award from the government of China in the market. At first people ignore you because you
a company founded in Estonia. amount of 350,000 dollars, or two million are too small and then they ridicule you be-
What is the technology Guardtime Chinese RMB. That came with a five-year tax cause they see you as a threat. That’s the cycle
provides? break and free office space. We are the only we are going through. Now, for example, we
foreign company to ever have received such have about 17-18 projects ongoing with the
Mike Gault: Conceptually, Guardtime’s tech- an award, which puts us in a unique posi- government of the Philippines. The Philippines
nology is very simple to understand. Take tion in China, with both local investors and have electronic elections, slightly different to
some data, such as an e-mail or a document government support. Last week we also an- the elections in Estonia. Guardtime is involved
or a video — anything electronic. Guardtime nounced our partnership with China Telecom, in putting a tag on every single vote so that
generates an electronic tag or stamp for the which will be a distributor of our technology afterwards everybody can verify the integrity
data called a signature. The signature acts like in China. of the election.
WINTER 2012 / 2013 I LIFE IN ESTONIA 25
3. I ECONOMY AND BUSINESS
Can you give some more Has luck played a significant role? You are now working with
interesting examples? the Estonian government?
You want to be exposed to as much randomness
Another example is the digitisation of physi- as possible. If luck is just a random event with a Yes we are. Estonia is respected as one of the
cal paper: we call it dematerialisation. In the positive outcome, then the more exposure you most advanced e-government societies. We
Philippines, the central land registry authority have to random events, the more chances you are working with the government registries
has 25 million land titles, which are currently have of being lucky. That means getting out that are currently deploying Guardtime. It is an
stored in paper form. They want to digitise it there and meeting as many people as you can. incredible case study for us to take to govern-
all. If you convert from paper to electronic, it is So, two years ago I gave up my apartment and ments around the world. So, if you can get a
very easy to change electronic data. When you I’ve been on the road since then. case-study from the e-government in Estonia,
scan paper, it is a pdf, but anyone can change you can take it anywhere. If you present your
a pdf. You just change it, copy it or produce a You’re not a family guy? company as an Estonian company that builds
new one: there is no way to prove what’s hap- e-government solutions it gets instant credibil-
pened. So Guardtime goes in with a stamp on Not yet. Right now I have no home and eve- ity overseas, ironically more credibility than in
every land title to verify later that it is indeed rything I own fits into one suitcase. It’s not Estonia itself.
an authentic land title. a lifestyle for everyone, but with no ties you
have complete freedom – and nothing to lose. But is the development still here?
Let’s talk about the years
when you didn’t really have What is the main motivator for We have a development centre now in the
the business... you were trying you personally to travel around Philippines because we couldn’t fill the posi-
to validate your products. living out of your suitcase? tions in Estonia. It is very difficult to find talent-
What’s in it for you? ed developers in Estonia for obvious reasons:
How long did it take, how much Skype, Microsoft etc.
money was spent and was there The exciting thing about Guardtime and the
ever a time when you hesitated reason I think that people stay in the company Still, are you planning to maintain
seriously? is because they believe in a vision of the world the status quo in the sense that
where electronic data is more reliable than the headquarters will stay here?
I never personally had any doubts. When physical data. So it is the vision that drives
you have a vision for how the world can be people. For me personally, it is succeeding in Our corporate headquarters is outside Estonia
a better place, then as long as you believe this incredibly difficult challenge and getting but the core research and development is all
in that vision, no matter how many people the recognition for that as an entrepreneur. done here. We have invested about two mil-
tell you you’re an idiot (and it was everyone), lion euros a year in the team in Estonia. We
your conviction can remain strong. Take, for How do you evaluate Estonia as will do our best to hire more people in Estonia.
example, VMWare. They have 350,000 cus- an environment for incubating
tomers, a 30 billion dollar company that in- companies with such sophisti- What sort of challenges are
vented the modern version of virtualisation. cated technology? you facing in the future?
They started in 1998 and everybody back
then said “who wants to virtualise a server?” Estonia has the potential to be the innovation Guardtime started off as an international or-
It was the same way with Guardtime: peo- hub of Europe. It has brilliant engineers and ganisation. Originally we had markets in Ja-
ple said “who wants to sign data?” Almost inventors who are always coming up with new pan and the engineering was in Estonia. Now
all big innovations are ridiculed initially, then ideas. If they can continue and build an eco- we have offices in Manila, Singapore, Beijing,
something gets triggered and all of a sudden system of inventors, entrepreneurs, investors Tokyo and California. All around the world,
it is completely commonplace and everybody and innovators in government and business, communication is always a challenge. But we
accepts it. it would be tremendous for the country. I’ve have an education session for people who join
been fortunate enough to experience how in- the company on the Estonian “long silence”.
During these difficult years how novation is done all around the world – from When they have a conference call with Esto-
many changes in directions have the Silicon Valley to China to the Philippines, nians and the Estonians don’t answer, it is not
there been? Singapore, India, the Middle East and Europe because they’re not paying attention but be-
– and the one thing that I have noticed is that cause they are thinking.
We are running out of mistakes to make so we innovation is done by individuals, not by or-
are having to make the same mistakes twice. ganisations and certainly not by committees. Do you have a specific message
One of the biggest mistakes was to believe if The US is the strongest precisely because it is for the government of Estonia,
we built the technology it would sell itself. For- the culture of the individual. Giving freedom and the innovators of Estonia?
tunately, in the last few years more of a science to individuals in the public and private sectors
has developed around bringing a new technol- to experiment and fail is by far the best recipe Estonia has historically led in technology in-
ogy to the market, so you can basically study for long-term success. The more the bureau- novation. That’s because in 1991, when you
those techniques and then apply them to your cracy tries to lead or legislate, the less likely it is started the country, you had no legacy sys-
own situation. to come up with something original. tems, so you’re bound to be pretty innovative.
26 LIFE IN ESTONIA I 2012 / 2013 WINTER
4. Ahto Buldas and Mike Gault in the Tallinn office of Guardtime in winter 2012
The question is how to keep up that innova- their data in the cloud and run applications on A question about the intellec-
tion, because twenty years later Estonia has it there. The challenges, of course, of doing tual property of the company
its own legacy systems and vested interests. that relate to data security: how do you know – how many patents have you
How do you keep innovating? Otherwise, you you can access the data (Availability), how do registered?
will slowly see Estonia slip down the ranks of you know the data has not been modified (In-
e-government. One way to stay ahead is to tegrity) and how do you know that the data We have an incredible IP portfolio: our IP at-
create a culture of openness and allow people has not been accessed (Confidentiality)? Esto- torney did all the early patent work for VM-
to take risks and fail freely. If everything gets nia has a great track record in data security Ware and successfully defended them from
decided by a committee in a closed room, it is and it is there also that Estonian inventors and Microsoft when they sued the company. We
very hard to innovate. So, allow start-ups to entrepreneurs can thrive, helping solidify Esto- are creating a culture in which when engineers
try different ideas and allow individuals in the nia’s reputation as a technology hub. come up with a new idea, they automatically
government and private sector to try out those start to think about patenting.
ideas and see if they work. My advice would I wonder if a shift in economic
be to give people the freedom to experiment power globally will influence Do you have developers
and see what works. Guardtime. as shareholders?
Recently, President Ilves was I am really excited about all these markets. I Yes, not just developers, but everyone in the com-
invited to chair the Steering am excited about Europe, as this technology pany. We believe that everyone in the company
Board of the new European Cloud was born in Europe. The EU is now starting should have a stake in the company’s success
Partnership, which aims to de- to seriously think about cloud computing. Es-
velop cross-border digital public tonia is a leader in e-government, so there is How much do you pay people
services in the public and private a new technology – cloud computing – and on average, monthly salaries
sectors. What does cloud comput- Guardtime fits perfectly into that. In Asia – in of senior developers
ing mean for Estonia? emerging economies - they don’t have the for example.
legacy systems that the US has, so the compe-
Cloud computing is the biggest paradigm shift tition is very different. There are fewer vested I used to work for Credit Suisse Financial
in computing since the PC. Historically, people interests. In the US, it is about changing the Products, the derivatives arm of Credit Suisse,
have stored their data in-house and run appli- status quo. So each market represents very dif- and at one point they had the highest paid
cations on that data using their own comput- ferent challenges for us, but the end result is workforce in the world; it would be nice to
ing resources. Now they are starting to store the same. reach that level.
WINTER 2012 / 2013 I LIFE IN ESTONIA 27