Great startups aren’t being founded like they were in the 1970s (Microsoft, Apple, Oracle, Genentech, Home Depot, EMC), 1980s (Cisco, Dell, Adobe, Qualcomm, Amgen, Gilead Sciences), and 1990s (Amazon, Google, Netflix, Salesforce.com, PayPal). All of these startups reached the top 100 for market capitalization, but Facebook is the only startup founded since 2000 which has entered the top 100. Tesla and Uber are often discussed as highly successful but they have many times higher cumulative losses than did Amazon at its time of peak losses and neither has had a profitable year despite being older than Amazon was when it achieved profits. Furthermore, few of the recent Unicorn IPOs have experienced shareprice increases greater than those of the Nasdaq (14 of 45), only 3 of these 14 have profits, and only six of them have a
market capitalization over $30 (Zoom), $20 (Square), and $10 billion (Twilio, DocuSign, Okta). America’s venture capital system isn’t working as well as it once did, and the coronavirus will make things worse before the VC system gets better.
Start-up losses are mounting and innovation is slowing, but venture capitalists, entrepreneurs, consultants, university researchers, and business schools are hyping new technologies more than ever before. This hype is facilitated by changes in online media, including the rise of social media. This paper describes how the professional incentives of experts and the changes in online media have increased hype and how this hype makes it harder for policy makers, managers, scientists, engineers, professors, and students to understand new technologies and make good decisions. We need less hype and more level-headed economic analysis and this paper describes how this economic analysis can be done. Here is a link to the journal, Issues in Science & Technology: www.issues.org
Irrational Exuberance: A Tech Crash is ComingJeffrey Funk
These slides apply Nobel Laureate Robert Schiller's concept of irrational exuberance (and a book) title to the current speculative bubble of 2019. Over investments in startups and a lack of profitability in them are finally starting to catch up with the venture capital industry and the tech sector that relies on it. Investments by US venture capitalists have risen about six times since 2001 causing the total invested in 2018 to exceed by 40% the peak of 2000, the last big year of the dotcom bubble. But the number of IPOs has never returned to the peak years of 1993 to 2000; only about 250 were carried out between 2015 and 2017 vs. about 1,200 between 1995 and 1997.
The reason is simple: startups are taking longer to go public because they are not profitable. Consider the data. The median time to IPO has risen from 2.8 years in 1998 to 7.7 years in 2016 and the ones going public are less profitable than they were in the past. Although only 22% of startups going public in 1980 were unprofitable, 82% were unprofitable in 2018. The same high percentages of unprofitability have only been achieved twice before, in 1998 and 1999 right before the dotcom bubble burst. Furthermore, startups that have recently done high profile IPOs such as Snap, Dropbox, Blue Apron, Fitbit, Trivago, Box, and Cloudera are still not profitable.
The Slow Growth of AI: The State of AI and Its ApplicationsJeffrey Funk
The failure of IBM Watson, disappointments of self-driving vehicles, slow diffusion of medical imaging, small markets for AI software, and scorching criticisms of Google’s research papers provide evidence for hype and disappointment in AI, which is consistent with negative social impact of Big Data and AI algorithms. There are some successes, but they are much smaller than the predictions, with virtual applications (advertising, news, retail sales, finance and e-commerce) having the largest success, building from previous Big Data usage in the past. Looking forward, AI will augment not replace workers just as past technologies did on farms, factories, and offices. Robotic process automation and natural language processing are likely to play important roles in this augmentation with RPA automating repetitive work, natural language processing summarizing information, and RPA also putting the information in the right bins for engineers, accountants, researchers, journalists, and lawyers. Big challenges include reductions in training time depending on faster computers, exponentially rising demands on computers for high accuracies in image recognition, a slowdown in supercomputer improvements, datasets riddled with errors, and reproducibility problems.
The Troubled Future of Startups and Innovation: Webinar for London FuturistsJeffrey Funk
These slides show how the most successful startups of today (Unicorns) are not doing as well as the most successful of 20 to 50 years ago. Today's startups are doing worse in terms of time to profitability and time to top 100 market capitalization status. Only one Unicorn founded since 2000 has achieved top 100 market capitalization status while six, nine, and eight from the 70s, 80s, and 90s did so. It is also unlikely that few or any of today's Unicorns will achieve this status because their market capitalizations are too low, share prices increases since IPO are too small, and profits remain elusive. Only 14 of 45 had share price increases greater than the Nasdaq and only 6 of 45 had profits in 2019. The reasons for the worse performance of today's Unicorns than those of 20 to 50 years ago include no breakthrough technologies, hyper-growth strategies, and the targeting of regulated industries. The slides conclude with speculations on why few breakthrough technologies, including science-based technologies from universities are emerging. We need to think back to the division of labor that existed a half a century ago.
Behind the Slow Growth of AI: Failed Moonshots, Unprofitable Startups, Error...Jeffrey Funk
Smaller than expected markets, money-losing startups, failure of Watson, slow-diffusion of self-driving vehicles and medical imaging, and scorching criticisms of Google’s research papers are some of the examples used to characterize the hype of AI. There are some successes, but they are much smaller than the predictions, with advertising, news, and e-commerce having the biggest success stories. Looking forward, #AI will augment not replace workers just as past technologies did on farms, factories, and offices. Robotic process automation and natural language processing are likely to play important roles in this augmentation with #RPA automating repetitive work, natural language processing categorizing information, and RPA also putting the information in the right bins for engineers, accountants, researchers, journalists, and lawyers. The big challenges include exponentially rising demands on computers for high accuracies in images, a slowdown in supercomputer improvements, datasets riddled with errors, and reproducibility problems. See either this podcast or my slides, whose URL is shown in comments. #technolgy #innovation #venturecapital #ipo #artificialintelligence
Solow's Computer Paradox and the Impact of AIJeffrey Funk
These slides show why IT has not delivered large improvements in productivity and why new forms of IT like AI will also not deliver large improvements, except in selected sectors. The main reason is that the improvements in AI are over-hyped and because most sectors do not have large inefficiencies in the organization of people, machinery, and materials.
http://blogs.sap.com/innovation/ - Business Innovation is the key ingredient for growth in the future of business. Changes in technology, new customer expectations, a re-defined contract between employees and employers, strained resources, and business and social networks are requiring businesses to become insight-driven businesses.
In this presentation, we have gathered 99 facts that represent the changes taking place in the world today. Each facts represents a key insight and suggests where we need to focus and change to become viable, sustainable and growing future businesses.
Start-up losses are mounting and innovation is slowing, but venture capitalists, entrepreneurs, consultants, university researchers, and business schools are hyping new technologies more than ever before. This hype is facilitated by changes in online media, including the rise of social media. This paper describes how the professional incentives of experts and the changes in online media have increased hype and how this hype makes it harder for policy makers, managers, scientists, engineers, professors, and students to understand new technologies and make good decisions. We need less hype and more level-headed economic analysis and this paper describes how this economic analysis can be done. Here is a link to the journal, Issues in Science & Technology: www.issues.org
Irrational Exuberance: A Tech Crash is ComingJeffrey Funk
These slides apply Nobel Laureate Robert Schiller's concept of irrational exuberance (and a book) title to the current speculative bubble of 2019. Over investments in startups and a lack of profitability in them are finally starting to catch up with the venture capital industry and the tech sector that relies on it. Investments by US venture capitalists have risen about six times since 2001 causing the total invested in 2018 to exceed by 40% the peak of 2000, the last big year of the dotcom bubble. But the number of IPOs has never returned to the peak years of 1993 to 2000; only about 250 were carried out between 2015 and 2017 vs. about 1,200 between 1995 and 1997.
The reason is simple: startups are taking longer to go public because they are not profitable. Consider the data. The median time to IPO has risen from 2.8 years in 1998 to 7.7 years in 2016 and the ones going public are less profitable than they were in the past. Although only 22% of startups going public in 1980 were unprofitable, 82% were unprofitable in 2018. The same high percentages of unprofitability have only been achieved twice before, in 1998 and 1999 right before the dotcom bubble burst. Furthermore, startups that have recently done high profile IPOs such as Snap, Dropbox, Blue Apron, Fitbit, Trivago, Box, and Cloudera are still not profitable.
The Slow Growth of AI: The State of AI and Its ApplicationsJeffrey Funk
The failure of IBM Watson, disappointments of self-driving vehicles, slow diffusion of medical imaging, small markets for AI software, and scorching criticisms of Google’s research papers provide evidence for hype and disappointment in AI, which is consistent with negative social impact of Big Data and AI algorithms. There are some successes, but they are much smaller than the predictions, with virtual applications (advertising, news, retail sales, finance and e-commerce) having the largest success, building from previous Big Data usage in the past. Looking forward, AI will augment not replace workers just as past technologies did on farms, factories, and offices. Robotic process automation and natural language processing are likely to play important roles in this augmentation with RPA automating repetitive work, natural language processing summarizing information, and RPA also putting the information in the right bins for engineers, accountants, researchers, journalists, and lawyers. Big challenges include reductions in training time depending on faster computers, exponentially rising demands on computers for high accuracies in image recognition, a slowdown in supercomputer improvements, datasets riddled with errors, and reproducibility problems.
The Troubled Future of Startups and Innovation: Webinar for London FuturistsJeffrey Funk
These slides show how the most successful startups of today (Unicorns) are not doing as well as the most successful of 20 to 50 years ago. Today's startups are doing worse in terms of time to profitability and time to top 100 market capitalization status. Only one Unicorn founded since 2000 has achieved top 100 market capitalization status while six, nine, and eight from the 70s, 80s, and 90s did so. It is also unlikely that few or any of today's Unicorns will achieve this status because their market capitalizations are too low, share prices increases since IPO are too small, and profits remain elusive. Only 14 of 45 had share price increases greater than the Nasdaq and only 6 of 45 had profits in 2019. The reasons for the worse performance of today's Unicorns than those of 20 to 50 years ago include no breakthrough technologies, hyper-growth strategies, and the targeting of regulated industries. The slides conclude with speculations on why few breakthrough technologies, including science-based technologies from universities are emerging. We need to think back to the division of labor that existed a half a century ago.
Behind the Slow Growth of AI: Failed Moonshots, Unprofitable Startups, Error...Jeffrey Funk
Smaller than expected markets, money-losing startups, failure of Watson, slow-diffusion of self-driving vehicles and medical imaging, and scorching criticisms of Google’s research papers are some of the examples used to characterize the hype of AI. There are some successes, but they are much smaller than the predictions, with advertising, news, and e-commerce having the biggest success stories. Looking forward, #AI will augment not replace workers just as past technologies did on farms, factories, and offices. Robotic process automation and natural language processing are likely to play important roles in this augmentation with #RPA automating repetitive work, natural language processing categorizing information, and RPA also putting the information in the right bins for engineers, accountants, researchers, journalists, and lawyers. The big challenges include exponentially rising demands on computers for high accuracies in images, a slowdown in supercomputer improvements, datasets riddled with errors, and reproducibility problems. See either this podcast or my slides, whose URL is shown in comments. #technolgy #innovation #venturecapital #ipo #artificialintelligence
Solow's Computer Paradox and the Impact of AIJeffrey Funk
These slides show why IT has not delivered large improvements in productivity and why new forms of IT like AI will also not deliver large improvements, except in selected sectors. The main reason is that the improvements in AI are over-hyped and because most sectors do not have large inefficiencies in the organization of people, machinery, and materials.
http://blogs.sap.com/innovation/ - Business Innovation is the key ingredient for growth in the future of business. Changes in technology, new customer expectations, a re-defined contract between employees and employers, strained resources, and business and social networks are requiring businesses to become insight-driven businesses.
In this presentation, we have gathered 99 facts that represent the changes taking place in the world today. Each facts represents a key insight and suggests where we need to focus and change to become viable, sustainable and growing future businesses.
A 2016 overview of the technology & venture capital industries in Los Angeles presented by Mark Suster, Managing Partner of Upfront Ventures for the Mayor's LP / VC Summit.
CES 2016 Recap: The Autonomous 4K VR 3D IoT Drone AwakensDavid Berkowitz
What were the most important trends, themes, and technologies at CES 2016? The Consumer Electronics Show this year featured massive partnership announcements from car brands, fast drones, immersive virtual reality experiences, and much more. See what matters most for technologists, marketers, and others in this roundup.
These slides show that the demand for most professions is growing steadily in spite of continued improvements in productivity enhancing tools for them. They also show that AI will have a largely incremental effect on the professions, in combination with Moore's Law, cloud computing, and Big Data. They do this accounting, legal, architects, journalists, and engineers.
Andreas Tschas - Pioneers - Building Startup Marketplaces in Europe & Asia - ...Burton Lee
Talk by Andreas Tschas, CEO & Co-Founder, Pioneers Festival, at Stanford on Feb 22 2016, in our session on 'Startup Marketplaces & AI FinTech Founders :: Vienna & Portugal'.
Website: http://www.StanfordEuropreneurs.org
YouTube Channel: https://www.youtube.com/user/StanfordEuropreneurs
Twitter: @Europreneurs
People are slowly beginning to realize that the times, they are a-changing. When it comes to the future of work and automation, it’s not a question of how, but when. We usually only react when it’s already too late. But this time, the writings on the wall are too overwhelming to just ignore them.
Now don’t get me wrong. I’m not saying that you should stock up on guns, build a shelter and prepare for Skynet. But it’s probably a good idea to at least start considering the idea that things might change faster than you think. And in the end, we would hate to say we told you so. So start preparing right now with these 6 crucial tips to survive the second machine age.
by Benedict Evans. Please see this link for full description, slides, AND version with talk track: http://a16z.com/2016/12/09/mobile-is-eating-the-world-outlook-2017/
A somewhat longer version of my Frontiers talk about technology and the future of the economy, with additional material pitched to an audience of Internet operators at Apricot 2017, in Ho Chi Minh City, Vietnam on February 27, 2017
What's Wrong with the Silicon Valley Growth Model (Extended UCL Lecture)Tim O'Reilly
A three part lecture for the Institute for Innovation and Public Purpose at University College London. I talk about how the Silicon Valley growth model is leading from value creation to rent extraction, then about how public policy shapes our markets and what public policy students can learn from technology platforms (both what they do right and how they go wrong), and finally, I touch on some of the great mission-driven goals that could replace "increasing corporate profits" as the guiding objective of our economy.
Global socio-economic, demographic and technological forces which HP calls Megatrends will have a sustained and transformative impact on businesses, societies, economies, cultures and our personal lives in unimaginable ways in the years to come.
Interested in learning more about Megatrends? Visit www.hpmegatrends.com.
Global Technology Trends & Top Ten Startup Hubs 2016Bernard Moon
Update report that provides an overview of general technology trends, global venture capital trends, and startup trends around the world. Snapshots of the top 10 startup hubs in the world: Silicon Valley, NYC, London, Stockholm, Berlin, Tel Aviv, Beijing, Seoul, Boston, and Los Angeles.
Our Guide to Digital disruption Update 2019John Ashcroft
A collection of our articles on Digital Disruption and Change Management updated for 2019.
Don't thumb your nose at Digital Disruption
So what do we mean by digital disruption
The six forces shaping digital disruption
Digital Disruption Industries of the future
Which jobs will be at risk in the years ahead
Digital Disruption and the UK Banking System
Horizon Scan: ICT and the Future of RetailEricsson
A research report from Ericsson and Imperial College London examines how near-ubiquitous access to ICT and information is transforming relationships between consumers and retailers.
Fundstrat Bitcoin & Blockchain presentation for Upfront SummitMark Suster
An equity analyst case for the value in cryptocurrencies. Thomas Lee of Fundstrat was lead equity researcher for JP Morgan before founding Fundstrat. He takes a market approach to valuing Bitcoin and other cryptocurrencies. Here is his presentation for the #UpfrontSummit 2018.
Internet Trends Report 2018 - KPCB - Mary Meeker - #CodeConIan Gertler
Technology analyst and venture capital icon Mary Meeker released the 2018 Internet Trends report at #CodeCon (the Recode Conference). The 294 page report covers a range of trends and topics including:
- Internet adoption
- Mobile usage
- Mobile ads
- Crypto/cryptocurrency/blockchain
- Voice/speech recognition
- Tech investment
- Ecommerce vs Brick & Mortar
- Subscription services
- Education
- Freelancing
- Transportation
- Enterprise
- China
- Immigration
Latest collection of things we (Atomico) found interesting and important in tech and VC land, but that didn’t necessarily get the attention they deserve. We think of them as our hidden little gems. We’ll add to the collection over time, so bookmark the page and keep coming back for updates or to dig into the archive.
A terrific thought-leadership piece on: The power of Silicon Valley's billion-dollar unicorns, and the shift to venture capitalists providing the main fuel for American innovation.
Go here for more: http://www.osvresearch.com/
InsureNXT-Unicorn session_Final 21 April 2021.pdfAlchemy Crew
These slides aim to share within our community the great achievements from unicorns.
The challenges to get there and the opportunities within our insurance world.
Deep analysis of the Martech's leading 1461 companies. This reports offers insights on:
- How big is the market
- Where are the investments made
- Who are the top performing companies
- What happened to the Unicorns
And much more.
A 2016 overview of the technology & venture capital industries in Los Angeles presented by Mark Suster, Managing Partner of Upfront Ventures for the Mayor's LP / VC Summit.
CES 2016 Recap: The Autonomous 4K VR 3D IoT Drone AwakensDavid Berkowitz
What were the most important trends, themes, and technologies at CES 2016? The Consumer Electronics Show this year featured massive partnership announcements from car brands, fast drones, immersive virtual reality experiences, and much more. See what matters most for technologists, marketers, and others in this roundup.
These slides show that the demand for most professions is growing steadily in spite of continued improvements in productivity enhancing tools for them. They also show that AI will have a largely incremental effect on the professions, in combination with Moore's Law, cloud computing, and Big Data. They do this accounting, legal, architects, journalists, and engineers.
Andreas Tschas - Pioneers - Building Startup Marketplaces in Europe & Asia - ...Burton Lee
Talk by Andreas Tschas, CEO & Co-Founder, Pioneers Festival, at Stanford on Feb 22 2016, in our session on 'Startup Marketplaces & AI FinTech Founders :: Vienna & Portugal'.
Website: http://www.StanfordEuropreneurs.org
YouTube Channel: https://www.youtube.com/user/StanfordEuropreneurs
Twitter: @Europreneurs
People are slowly beginning to realize that the times, they are a-changing. When it comes to the future of work and automation, it’s not a question of how, but when. We usually only react when it’s already too late. But this time, the writings on the wall are too overwhelming to just ignore them.
Now don’t get me wrong. I’m not saying that you should stock up on guns, build a shelter and prepare for Skynet. But it’s probably a good idea to at least start considering the idea that things might change faster than you think. And in the end, we would hate to say we told you so. So start preparing right now with these 6 crucial tips to survive the second machine age.
by Benedict Evans. Please see this link for full description, slides, AND version with talk track: http://a16z.com/2016/12/09/mobile-is-eating-the-world-outlook-2017/
A somewhat longer version of my Frontiers talk about technology and the future of the economy, with additional material pitched to an audience of Internet operators at Apricot 2017, in Ho Chi Minh City, Vietnam on February 27, 2017
What's Wrong with the Silicon Valley Growth Model (Extended UCL Lecture)Tim O'Reilly
A three part lecture for the Institute for Innovation and Public Purpose at University College London. I talk about how the Silicon Valley growth model is leading from value creation to rent extraction, then about how public policy shapes our markets and what public policy students can learn from technology platforms (both what they do right and how they go wrong), and finally, I touch on some of the great mission-driven goals that could replace "increasing corporate profits" as the guiding objective of our economy.
Global socio-economic, demographic and technological forces which HP calls Megatrends will have a sustained and transformative impact on businesses, societies, economies, cultures and our personal lives in unimaginable ways in the years to come.
Interested in learning more about Megatrends? Visit www.hpmegatrends.com.
Global Technology Trends & Top Ten Startup Hubs 2016Bernard Moon
Update report that provides an overview of general technology trends, global venture capital trends, and startup trends around the world. Snapshots of the top 10 startup hubs in the world: Silicon Valley, NYC, London, Stockholm, Berlin, Tel Aviv, Beijing, Seoul, Boston, and Los Angeles.
Our Guide to Digital disruption Update 2019John Ashcroft
A collection of our articles on Digital Disruption and Change Management updated for 2019.
Don't thumb your nose at Digital Disruption
So what do we mean by digital disruption
The six forces shaping digital disruption
Digital Disruption Industries of the future
Which jobs will be at risk in the years ahead
Digital Disruption and the UK Banking System
Horizon Scan: ICT and the Future of RetailEricsson
A research report from Ericsson and Imperial College London examines how near-ubiquitous access to ICT and information is transforming relationships between consumers and retailers.
Fundstrat Bitcoin & Blockchain presentation for Upfront SummitMark Suster
An equity analyst case for the value in cryptocurrencies. Thomas Lee of Fundstrat was lead equity researcher for JP Morgan before founding Fundstrat. He takes a market approach to valuing Bitcoin and other cryptocurrencies. Here is his presentation for the #UpfrontSummit 2018.
Internet Trends Report 2018 - KPCB - Mary Meeker - #CodeConIan Gertler
Technology analyst and venture capital icon Mary Meeker released the 2018 Internet Trends report at #CodeCon (the Recode Conference). The 294 page report covers a range of trends and topics including:
- Internet adoption
- Mobile usage
- Mobile ads
- Crypto/cryptocurrency/blockchain
- Voice/speech recognition
- Tech investment
- Ecommerce vs Brick & Mortar
- Subscription services
- Education
- Freelancing
- Transportation
- Enterprise
- China
- Immigration
Latest collection of things we (Atomico) found interesting and important in tech and VC land, but that didn’t necessarily get the attention they deserve. We think of them as our hidden little gems. We’ll add to the collection over time, so bookmark the page and keep coming back for updates or to dig into the archive.
A terrific thought-leadership piece on: The power of Silicon Valley's billion-dollar unicorns, and the shift to venture capitalists providing the main fuel for American innovation.
Go here for more: http://www.osvresearch.com/
InsureNXT-Unicorn session_Final 21 April 2021.pdfAlchemy Crew
These slides aim to share within our community the great achievements from unicorns.
The challenges to get there and the opportunities within our insurance world.
Deep analysis of the Martech's leading 1461 companies. This reports offers insights on:
- How big is the market
- Where are the investments made
- Who are the top performing companies
- What happened to the Unicorns
And much more.
Rory O’Driscoll - The war is over and the cloud won. What comes next?SaaStock
The COVID recession has not impacted the 20-year love affair investors have had with SaaS. But as the era of "SaaS for X" draws to a close, where are the next opportunities for today's cloud startups? Rory O’Driscoll, partner at Scale Venture Partners and early investor in SaaS pioneers like Box, Docusign, and Bill.com, takes a data-driven look at the evolution of the SaaS market then looks ahead to the next generation of enterprise software: the Intelligent Connected World.
DIGITAL LEADERSHIP: An interview with Saul Klein Partner with Index VenturesCapgemini
Saul Klein, Partner with Index Ventures
Saul Klein is a Partner with Index Ventures, one of the largest venture capital firms specializing in technology investments. Saul has 20 years of experience in building tech companies in both the US and Europe. He is the co-founder of Kano and Seedcamp; he also co-founded and was the original CEO of Lovefilm International, which was acquired by Amazon; and part of the original executive team at Skype, which was acquired by eBay. Capgemini Consulting spoke to Saul Klein to examine the disruptive impacts of startups and their implications for traditional incumbents.
SOSV 2019 Deep Tech Trends Report
A growing number of researchers, scientists and engineers
are starting companies. Many of them engage in ‘Deep Tech’,
the combination of software and science.
They solve problems of high complexity and high value
in sectors such as agriculture, energy, industry and health,
covering many of the UN Sustainable Development Goals.
At SOSV, our mission is to help solve the world’s most
pressing problems -- funding and mentoring startups that
bring positive change at a grand scale, tackling human and
planetary health, and improving the quality of life for all.
This document shows that solutions are on their way!
The "Unproductive Bubble:" Unprofitable startups, small markets for new digit...Jeffrey Funk
This article will show that the current bubble has produced few profitable startups and involved few if any new digital technologies, nor technologies involving recent scientific advances, and thus it is unlikely that much that is productive will be left once the dust settles. There is a growth in old technologies such as e-commerce but little in new technologies such as AI. The startup losses are also much larger than in the past suggesting that fewer of today’s startups will still exist in a few years than those of 20 years ago.
What Every Startup And Corporate Should Know About ExitsHAX
Startups: prepare -- Corporates: build your playbook!
Talk given at the Hello Tomorrow Summit in Paris in March 2019, inspired by the 50 speakers of the "Exit Masterclass" series we ran in 2018 in SF, NYC, London and Paris.
Internet Hall of Fame: Things to Know about the World of Internet CompaniesWorld Startup Report
World Startup Report research on the biggest Internet companies across 50 countries. The insights that will make you look outside Silicon Valley and the US.
Full research at: worldstartupwiki.org
Impact of COVID-19 on Data Centers and Network InfrastructureAsian Century Equity
A presentation exploring what new norms are being defined, as today’s massive escalation of digital infrastructure development creates complex new realities. This deck, presented by Bill Barney, shares insights on how we must strategically respond to major challenges and seize new opportunities in this next tidal wave of digital transformation.
ALPMA - Craig Rispin's Keynote & Workshop 18 Oct 2013
Australian Legal Practice Managers Association keynote presentation by Craig Rispin, CSP Business Futurist & Innovation Expert.
These exhibits from the second chapter of the 10th Bay Area Economic Profile, published in 2018, drill down into the specific assets of and advantages provided by the San Francisco-Silicon Valley Bay Area's innovation economy.
Similar to Where are the Next Googles and Amazons? They should be here by now (20)
Commercialization of Science: What has changed and what can be done to revit...Jeffrey Funk
This paper several changes that I believe may have reduced America’s ability to develop science-based technologies. I make no claims about the completeness. I begin with the growth of university research and then cover several changes it engendered, including an obsession with papers, hyper-specialization of researchers, and huge bureaucracies, also using the words of Nobel Laureates and other scientists to make my points.
2000, 2008, 2022: It is hard to avoid the parallels How Big Will the 2022 S...Jeffrey Funk
These slides summarize the recent share price declines for new startups, declines that are driven by huge annual and cumulative losses and it contrasts today's bubble with those of 2000 and 2008. It shows that today's bubble involves bigger startup losses than those of the 2000 bubble and that the markets of new technologies have not grown to the extent that those of past decades did. Many hedge funds, VCs, and pension funds are heavily invested in these startups. Some of them are also highly leveraged.
Ride Sharing, Congestion, and the Need for Real SharingJeffrey Funk
Current ride sharing services are not financially sustainable. Although they provide more convenience than do taxi services, they are experiencing massive losses because they have the same cost structure as do taxis and thus must compete through subsidies and lower wages. After all, they use the same vehicles, roads, and drivers, and only GPS algorithms and phones are new.
They also increase congestion. Just as more private vehicles or taxis on the road will increase congestion, more ride sharing vehicles also increase congestion.
These slides describe new ways to use the technologies of ride sharing to reduce congestion along with costs while at the same time keeping travel time low. This can be done through changing public transportation systems or allowing private companies to offer competing services. For instance, current bus services, whether they are private or public, need to use the algorithms, GPS, phones and other technologies of ride sharing to revise routes, schedules and the premises that currently underpin public transportation. There is no reason a bus should be certain size, stop every 200 meters, or follow the same route all day. Algorithms and phones enable new types of routes in which designers simultaneously minimize time travel and maximize number of passengers transported per vehicle.hour.
Using the percent of top managers in IPOs (initial public offering) as a proxy for an industry’s/technology’s scientific intensity, this paper shows that the percentage of IPOs and of venture capital financing for science-based technologies has been declining for decades. Second, the percentage of PhDs among the top managers in science intensive industries is also declining, suggesting that their scientific intensities are falling. Third, the age of these top managers rose during the same period suggesting that the importance of experiential knowledge has increased even as the importance of PhDs and thus educational knowledge has decreased. Fourth, the numbers of IPOs and of venture capital funding are not increasing for newer science-based industries such as superconductors, solar cells, nanotechnology, and GMOs. Fifth, there are extreme diseconomies of scale in the universities that produce the PhD-holding top managers, suggesting that universities are far less effective at doing research than are companies. These results provide a new understanding of science and technology, and they offer new prescriptions for reversing slowing productivity growth.
This paper addresses the types of knowledge that are needed in entrepreneurial firms using a unique data base of executives and directors for all IPOs filed between 1990 and 2010. Using highest educational degrees as a proxy for educational knowledge, it shows that 85% of those with PhDs are concentrated in the life sciences and ICT (information and communication technology) industries and second, that those in the ICT industries are concentrated at lower layers in a “digital stack” of industries, ranging from semiconductors and other electronics at the bottom layer to computing and Internet infrastructure at the middle layer and Internet content, commerce, and services in the top layer. Third, industries with fewer PhDs have more bachelor’s and MBA degrees suggesting that PhDs are being replaced by them and not M.S. degrees. Fourth, age is higher for industries with the most PhDs thus suggesting a greater need for experiential knowledge in industries with greater needs for educational knowledge. Fifth, the number of Nobel Prizes tracks industries with high fractions of PhDs.
beyond patents:scholars of innovation use patenting as an indicator of innova...Jeffrey Funk
This paper discusses the problems with using patents as a measure of innovation and papers as a measure of science. It also uses data to show the problems. for example, the number of patent applications and awards have grown by six times since 1984 while productivity growth has slowed.
These slides discuss how to put context back into learning. Farm and other work at home once provided a context for learning, but this context has become much weaker as work at home as mostly disappeared Students once learned mostly from parents because they worked on farms, fixed things at home, and prepared meals. These activities provided a "context" for school learning, a context that has been mostly lost. These slides discuss how this context can be put back into learning and the implications for the types of people best suited for teaching and the way to train them.
Technology Change, Creative Destruction, and Economic FeasibiltyJeffrey Funk
After showing that the costs of most electronic products are from electronic components, these slides show how the iPhone and iPad became economically feasible through improvements in microprocessors, flash memory, and displays.
What does innovation today tell us about tomorrow?Jeffrey Funk
This paper was published in Issues in Science and Technology. It distinguished between the Silicon Valley and science-based process of technology change. It shows that more new products and services are emerging from the latter than the former.
Creative destrution, Economic Feasibility, and Creative Destruction: The Case...Jeffrey Funk
This paper shows how new forms of electronic products and services such as smart phones, tablet computers and ride sharing become economically feasible and thus candidates for commercialization and creative destruction as improvements in standard electronic components such as microprocessors, memory, and displays occur. Unlike the predominant viewpoint in which commercialization is reached as advances in science facilitate design changes that enable improvements in performance and cost, most new forms of electronic products and services are not invented in a scientific sense and the cost and performance of them are primarily driven by improvements in standard components. They become candidates for commercialization as the cost and performance of standard components reach the levels necessary for the final products and services to have the required levels of performance and cost. This suggests that when managers, policy makers, engineers, and entrepreneurs consider the choice and timing of commercializing new electronic products and services, they should understand the composition of new technologies, the impact of components on a technology's cost, performance and design, and the rates of improvement in the components.
Designing Roads for AVs (autonomous vehicles)Jeffrey Funk
Autonomous vehicles (AVs) represent one of the most promising new technologies for smart cities and for humans in general. The problem is that cities will not realize the full benefits from AVs until roads are designed for them. Until this occurs, their main benefit will be the elimination of the driver and steering wheel, which will reduce the cost and increase the capacity of taxis; but even this impact will not occur for many years because of safety concerns. Thus, in the near term, the main benefit of AVs will be free time for the driver to do emails and other smart phone related tasks.
A better solution is to design roads for AVs or in other words, to constrain the environment for AVs in order to simplify the engineering problem for them. For example, designing roads so that all vehicles can be controlled by a combination of wireless communication, RFID tags, and magnets will reduce the cost of AVs and increase their benefits. Only AVs would be allowed on these roads, they are checked for autonomous capability at the entrance, and control is returned to the driver when an AV leaves the road. Existing cars can be retrofitted with wireless modules that enable cars to be controlled by a central system, thus enabling cars to travel closely together. The magnets and RFID tags create an invisible railway that keeps the AVs in their lanes while wireless communication is used for lane changing and exiting a highway (Chang et al, 2014; Le Quesne et al, 2014). These wireless modules, magnets and RFID tags will be much cheaper than the expensive LIDAR that is needed when AVs are mixed with conventional vehicles on a road.
The benefits from dedicating roads to AVs include higher vehicle densities, less congestion, faster travel times, and higher fuel efficiencies. These seemingly contradicting goals can be achieved because AVs can have shorter inter-vehicle distances even at high speeds thus enabling higher densities, lower congestion, and lower travel times. The less congestion and thus fewer instances of slow moving or stopped vehicles enable the vehicles to travel at those speeds at which higher fuel efficiencies can be achieved (Funk, 2015). In combination with new forms of multiple passenger ride sharing, the higher fuel efficiencies will also reduce carbon emissions and thus help fight climate change.
The challenge is to develop a robust system that can be easily deployed in various cities and that will be compatible with vehicles containing the proper subsystems. Such a system can be developed in much the same way that new cellular systems are developed and tested. Suppliers of mobile phone infrastructure, automobiles, sensors, LIDAR, 3D vision systems, and other components must work with city governments and universities to develop and test a robust architecture followed by the development of a detail design.
MIT's Poor Predictions About TechnologyJeffrey Funk
These slides analyze the 40 predictions of breakthrough technologies that were made betwee 2001 and 2005 by MIT’s Technology Review. Most of them are science-based technologies, and none of the science-based technologies predicted between 2001 and 2005 have markets larger than $10 billion. Among its 40 predictions, only four have markets larger than $10 billion and these technologies have little to do with recent advances in science and instead were enabled by Moore’s Law and improvements in Internet services. MIT also missed many technologies that have achieved market sales greater than $100 billion such as smart phones, cloud computing, and the Internet of Things and other technologies with sales greater than $50 billion such as e-commerce for apparel and tablet computers.
What enables improvements in cost and performance to occur?Jeffrey Funk
These slides discuss the design changes that enable improvements in cost and performance to occur. The main types of design changes that lead to improvements are: 1) reductions in scale (e.g., transistors and Moore's Law); 2) creation of new materials; 3) increases in scale (e.g., internal combustion engines, oil tankers, production equipment). Some technologies experience these improvements directly and some indirectly through the impact of components on higher-level systems.
How and When do New Technologies Become Economically FeasibleJeffrey Funk
These slides contrast two processes by which new technologies become economically feasible. Some technologies become economically feasible as advances in science facilitate the creation of new concepts and improvements in the resulting technologies. Other technologies become economically feasible as improvements in electronic components (e.g., Moore's Law), smart phones, and the Internet experience improvements.
Moore’s Law is slowing, but more importantly the world is changing from PCs to smart phones and cloud computing where improvements continue to occur. Improvements are still occurring in other types of ICs such as wireless, GPUs, and 3D camera chips because they lag microprocessors and parallel processing is easier on them than on microprocessors. Data centers are also experiencing rapid improvements as changes in architecture are made, particularly for analyzing unstructured data, i.e., Big Data. These slides discuss the implications for new services in areas such as smart phones, software, and Big Data. The last one-third of the slides summarize alternatives to silicon and von Neumann.
These slides discuss Robert Gordon's recent book, The Rise and Fall of American Growth. He argues that growth was faster between 1870 and 1940 than between 1940 and 2010. Simply put, an American in 1870 would not have recognized life in 1940 but an American in 1940 would recognize life today. These slides discuss what would be needed to change these results and thus make the improvements since 1940 equivalent to those between 1870 and 1940
These slides use concepts from my (Jeff Funk) course entitled analyzing hi-tech opportunities to show how the cost and performance of biometrics are improving rapidly, making many new applications possible, particularly for fingerprinting in phones. Improvements in cameras and other electronics are making optical, capacitive, and ultrasound sensors better. Improvements in microprocessors are making the matching algorithms operate faster and with higher accuracy. We expect biometrics to become widely used in the next few years beginning with smart phones and followed by automobiles, homes, and offices. Better biometrics in smart phones will promote security and mobile commerce.
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These slides use concepts from my (Jeff Funk) course entitled analyzing hi-tech opportunities to show how the cost and performance of gas sensors are improving rapidly, making many new applications possible.
Autonomous Vehicles: Technologies, Economics, and OpportunitiesJeffrey Funk
These slides use concepts from my (Jeff Funk) course entitled analyzing hi-tech opportunities to show how the cost and performance of autonomous vehicles are improving rapidly. LIDAR, other sensors, ICs, and wireless are experiencing rapid improvements that are enabling the overall cost of AVs to fall. For example, the latency of wireless systems is improving rapidly thus enabling vehicles to be controlled with wireless systems. This is also creating many new opportunities in the vehicle industry in the Internet of Things, data analytics, and logistics. The slides include a detailed discussion of AVs in Singapore, a likely early adopter.
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Where are the Next Googles and Amazons? They should be here by now
1. Where are
the Next
Googles and
Amazons?
They should be here by now
Jeffrey Funk, Retired Professor and Consultant, April 6, 2020
2. Great Startups Have Been Founded in Most
Decades, but not in Recent Ones…..
◦ 2010s ????
◦ 2000s Facebook
◦ 1990s: Amazon, Google, Netflix, Salesforce, Nvidia, Ebay, Yahoo, PayPal,
Booking.com
◦ 1980s: Cisco, Adobe, Dell, Qualcomm, Gilead Sciences, Amgen, Celgene,
Sun Microsystems, Compaq
◦ 1970s: Microsoft, Apple, Oracle, Genentech, Home Depot, EMC, 3com:
also Micron, Federal Express, LSI Logic, VLSI Tech, Western Digital, Seagate
◦ 1960s: Intel, AMD, Data General, Comcast
◦ 1950s: National Semiconductor, Fairchild, Wang, DEC, Analog Devices
3. Many Reached Top 100 for Market Capitalization
◦ 2010: Still far away (see later slides)
◦ 2000s: Facebook
◦ 1990s: Amazon, Google, Netflix, Salesforce, Nvidia, Ebay, Yahoo,
PayPal
◦ 1980s: Cisco, Adobe, Dell, Qualcomm, Gilead Sciences, Amgen,
Celgene, Sun Microsystems, Compaq
◦ 1970s: Microsoft, Apple, Oracle, Genentech, Home Depot, EMC
◦ 1960s: Intel, Comcast
4. Year to Make Top 100 for Market Cap
◦ 2000s: Facebook (11)
◦ 1990s: Yahoo (5), Google (8), Ebay (10), Amazon (16), Salesforce (19),
Netflix (21), PayPal (21), Nvidia (24)
◦ 1980s: Cisco (11), Dell (13), Compaq (13), Sun Microsystems (15),
Qualcomm (14), Amgen (19), Gilead Sciences (21), Celgene (28),
Adobe (35),
◦ 1970s: Microsoft (11), Home Depot (17), EMC (17), Oracle (19),
Genentech (27), Apple (28)
◦ Summary: <10 (2), >10 and < 15 (7), >15 and <20 (7), >20 (8)
5. Most of these Startups Created Huge Value for
Customers, Investors and Employees From Beginning
◦ Of 24 founded since 1970,
◦ 12 had profits before 5 years
◦ 10 had profits before 10 years
◦ Biotech startups are exceptions
◦ Gilead Sciences and Celgene weren’t profitable until 15 and 17
years respectively
◦ Biotech startups often take longer to get products approved and
thus to become profitable than do non-biotech startups
◦ But things have changed…..with most startups losing money
Profits Came
Very Fast!!!!
6. Early Profits No Longer
Common at IPO Time
◦ Percent profitable fell from
80% to 20%
◦ Despite median age (founding
to IPO) almost doubled
◦ But not anymore: Uber and
Tesla have record losses, much
higher than even Amazon
https://www.businessinsider.com/uber-lyft-ipo-trends-
money-losing-unicorns-could-cause-stock-market-issues-
7. Lack of VC Funding Isn’t Problem
◦ VC funding recovered a few years
after dotcom bubble burst
◦ Began to grow in 2010 reaching
record 5-year high (2015 – 2019)
◦ Many new Googles and Amazons
should have already succeeded
◦ Uber? $70 Billion Valuation with
expected IPO of $120 Billion as of
early 2019 , but huge losses
◦ Tesla? Market Cap briefly exceeded
$150 billion, but huge losses
8. Amazon had profits by Year
10, neither Uber nor Tesla
did. Amazon’s cumulative
losses didn’t reach $3B
while Uber’s exceeded
$20B and Tesla’s $6B. Latter
two losses still growing
Tesla’s Losses
(Year 11 to 17)
Amazon’s Net Profits
https://qz.com/1196256/it-took-amazon-amzn-14-years-to-make-as-
much-net-profit-as-it-did-in-the-fourth-quarter-of-2017/
https://promarket.org/the-uber-bubble-why-is-a-
company-that-lost-20-billion-claimed-to-be-successful/
https://www.statista.com/
statistics/272130/net-loss-
of-tesla/
9. Let’s try a different approach
◦ There must be some great startups among those created
in the last 10 to 20 years
◦ Consider Unicorns, startups valued at more than $1
Billion before doing IPOs
◦ Use the WSJ’s Billion Dollar Startup Club
◦ Many of them were founded before 2010, only some after
2010
11. What Happened to Unicorns That Did IPOs?
◦ Have Unicorn share prices gone up or down (as of March 9,
2020)?
◦ More recent data would show smaller price increases or
greater price decreases, due to market collapse
◦ Uber and Lyft dropped by 50% between March 9 and March 18
◦ If Unicorn share prices have gone up, did they go up further
than did the Nasdaq?
◦ 45 startups shown on three slides, presented in declining
order
12. Startup Year Founded Share Price Nasdaq Market Cap $B
Okta 2009 +351% +24% 13
Square 2009 +316% +41% 23.3
Mongo DB 2007 +264% + 9% 6.3
Twilio 2008 +198% +46% 10.9
Roku 2002 +197% + 4% 9.5
Coupa 2006 +153% +48% 7.4
Zoom 2011 +77% - 10% 30.2
DocuSign 2003 +73% +19% 12.3
Etsy 2005 +61% +46% 5.2
Zscaler 2008 +19.7% - 3.6% 5.1
Moderna 2010 +19.3% + 3.3% 8.2
Sunrun 2007 +16% +43% 1.4
Forescout 2000 +16% + 7.5% 1.5
New Relic 2008 +14% +48% 2.3
Beyond Meat 2009 +11% - 10% 4.6
All 15 have
share
price
increases,
But 2 are
smaller
than
Nasdaq
rises
13. Startup Year Founded Share
Price
Nasdaq Market
Cap $B
Cloudflare 2009 +6.7% - 12% 5.8
Wayfair 2002 +1.5% +48% 3.1
Lending Club 2006 -10% +48% 0.76
Sprout Social 2010 -13% - 17% 0.3
Nant Health 2010 -16.4% +47% 0.17
Opportun 2005 -19% - 9,3% 0.36
Grub Hub 2004 -20% +48% 3.2
Peloton 2012 -24% - 10% 5.5
Pure Storage 2009 -30% +49% 3.0
Lyft 2012 -35% - 8% 7.3
Quotient Technology 1998 -36% +48% 0.63
Crowdstrike 2011 -35% - 7% 8.0
Livongo 2008 -37% - 12% 2.3
Box 2005 -40% +48% 1.6
Slack 2009 -42% - 10% 11.8
Most of
These 15
Have Big
Share
Price
Declines
14. Startup Year Founded Share Price Nasdaq Market Cap $B
Plural Insight 2004 -42% - 2% 1.7
Pinterest 2009 -45% - 10% 7.6
Dropbox 2007 -45% + 3% 6.6
Uber 2010 -46% - 9% 38.9
Medallia 2001 -48% - 6% 2.4
Domo 2010 -57% - 4% 0.32
Cloudera 2008 -61% +19% 2.0
Snapchat 2011 -61% +23% 14
Casper 2014 -62% - 25% 0.2
Nutanix 2009 -64% +36% 2.6
Bloom Energy 2001 -71% - 7% 0.76
Green Sky 2006 -79% - 3% 0.93
Eventbrite 2006 -77% - 10% 0.7
GoPro 2002 -93% +48% 0.42
Blue Apron 2012 -98.5% +17% 0.035
Most of
These
15 Have
Huge
Share Price
Declines.
Will They
Go
Bankrupt
or Be
Acquired?
15. Which Startups are Doing the Best?
◦ 14 Startups have Share Price Rises Greater than Nasdaq Rises
◦ Okta, Square, , Mongo DB, Twilio, Roku, Coupa, Zoom, DocuSign, Etsy,
Zscaler, Moderna, Forescout, Beyond Meat, Cloudflare
◦ But only three are profitable (EBITDA)
◦ Square, Zoom, Etsy
◦ And only five have market capitalizations over $10 Billion
◦ > $30B: Zoom
◦ $20 to $30B: Square
◦ $10 to $20B: Twilio, DocuSign, Okta
◦ Only one of them was founded since 2010……
◦ Will some of these be the next Amazon, Google, or Facebook?
100th top market cap
company in 2019
had $98B Market Cap
16. Very Small Market Capitalizations
◦Only 5 of 14 have higher than $10 B and 1 greater than
$30B as of March 9, 2020
◦Long way to go before they reach top 100
◦ 100th Top Company had $98 Billion Market Cap in 2019
◦Yet they have reached age at which some should be in
Top 100, or at least close
◦ 13 of 14 founded more than 10 years ago
◦ In past decades 9 startups reached top 100 before year 10
and 16 before year 15
18. Who Has Best Chance of Becoming Next Google or Amazon?
◦ Zoom?
◦ Will video communication become huge, as airline travel declines
due to concerns about viruses and climate change?
◦ Square?
◦ Will payments have the biggest impact on business?
◦ Twilio, DocuSign, Okta?
◦ Or will a cloud platform, electronic agreement, or authentication
supplier have the biggest impact? Of which none have profits
◦ What about privately-held startups that have not yet done IPOs?
◦ WeWork, Juul, Stripe, Airbnb, SpaceX, Palantir have >$10B in
valuations, but are all losing money
◦ Plant-based meat or AI startups?
19. Disappointing
◦ None of these companies can compare to those listed on
the second slide
◦ Only one was founded after 2010 (Zoom in 2011)
◦ So the next Google or Amazon is supposed to come from a
group of startups founded 10 to 20 years ago that still
haven’t made a big name for themselves? (or profits)
20. Many Unintended Consequences
◦ Losses force companies to reduce wages and benefits because
that is their only path to profitability
◦ This didn’t happen in past decades
◦ Startups listed on second slide created huge amounts of value
for employees, not just investors,
◦ because they commercialized technologies with productivity
advantages
◦ productivity advantages enabled them to pay high wages to
engineers, scientists, factory and maintenance workers
◦ Today’s startups are creating part-time jobs, ones without
proper benefits
21. Bottom Line
◦ Successful startups aren’t being founded to the extent
they were founded 20 to 50 years ago
◦ Something is very wrong with America’s venture capital
and innovation systems
◦ And hype is blocking out any intelligent discussion of
possible reasons and solutions https://issues.org/behind-
technological-hype/
23. ◦ https://www.value.today/world/world-top-500-companies
◦ https://www.nvidia.com/object/IO_20010618_6259.html nvidia profits by 1999, 6 years after 1993
◦ https://investors.ebayinc.com/investor-news/press-release-details/2001/EBay-Inc-Announces-
Fourth-Quarter-and-Year-End-2000-Financial-Results/default.aspx ebay profits by 1999, 4 years
after founding
◦ http://getfilings.com/o0001193125-04-201626.html salesforce profitable in 2003, four years after
founding in 1999
◦ https://www.theguardian.com/business/1999/feb/14/observerbusiness.theobserver4 profits for
Cisco in 1993 or before, 9 years after founding
◦ https://en.wikipedia.org/wiki/Adobe_Inc. adobe profits in first year
◦ http://www.fundinguniverse.com/company-histories/dell-inc-history/ at least by year 6 (1990) for
dell
◦ https://en.wikipedia.org/wiki/Gilead_Sciences first profits in 2002, 15 years after founding
◦ https://www.latimes.com/archives/la-xpm-1991-09-17-fi-2845-story.html qualcomm didn’t have
profits in 1991, 6 years after founding
24. ◦ https://pink.pharmaintelligence.informa.com/PS017363/AMGEN-FIRST-YEAR-EPOGEN-SALES-BOOST-FY-
1990-REVENUES-155-TO-199-MIL amgen reported profits in 1989, 9 years after founding
◦ https://techcrunch.com/2017/08/08/a-look-back-in-ipo-microsoft-the-software-success/ profits every year for
microsoft
◦ https://www.semanticscholar.org/paper/Apple's-Changing-Business-Model%3A-What-Should-the-Do-Lazonick-
Mazzucato/6df79c3389e1d56be776bea613b385650300b197/figure/0 apple profitable from at least 1980, or 4 years
after founding
◦ https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-
occupations/oracle-corp profitable by 1980, 3 years after founding for oracle
◦ https://pink.pharmaintelligence.informa.com/PS009688/GENENTECH-PROTROPIN-SALES-TOP-5-MIL-IN-
1985-FOLLOWING-LATE-OCTOBER-LAUNCH-REVENUES-UP-43-TO-26-MIL-I profits by at least 1984, 8 years
after founding in 1976
◦ https://ddd.uab.cat/pub/infanu/46829/iaHOMEDEPOTa1985ieng.pdf home depot profits by 1981 or 3 years after
founding
◦ 3com profits achieved at least by 1985 or 6 years after founding in 1979. Computer world, June 30, 1986
◦ Computer associates reported profits in 1984 or 8 years after founding. Computer world Nov 5, 1985.
◦ Yahoo had profits by 1998, or four years after founding https://www.cnet.com/news/yahoo-beats-earnings-
estimates/
25. ◦ Paypal had profits in 2002: https://www.sec.gov/Archives/edgar/data/1103415/000091205702023923/a2082068zs-
1.htm
◦ Netflix year 5 https://www.statista.com/chart/12646/netflix-annual-profit-loss/
◦ Google year 3 or 5 https://techcrunch.com/2017/07/31/a-look-back-in-ipo-google-the-profit-machine/
◦ Amazon 6 to 10
◦ Intel, Why business leader fail to look to look facts in the face: year 3 profits
◦ Qualcomm was profitablein year 10. Network world, 24 April 2000
◦ Data general was profitable in 1972 Computer World,Nov 15, 1972 4th year from founding
◦ https://www.referenceforbusiness.com/history2/64/Sun-Microsystems-Inc.html sun was profitable within 6
months of incorporation
◦ https://www.latimes.com/archives/la-xpm-1988-02-02-fi-40143-story.htmlCompaq had profits by year 4
In the 1990s, Celgene formed the nonprofit organization Clean Sites, Inc. ... Celgene posted its first profit in 2003, which has largely contributed to the use of .
Celgene posted its first profit in 2003, which has largely contributed to the use of
.