Matt Symonds

Welcome to the 20th International Entrepreneurship Forum (IEF) Conference. 'Connecting Technology, Innovation and Society: An Entrepreneurial Approach' Porto, Portugal 9-10 September 2024 The conference aims to connect technology, innovation, and society through an entrepreneurial approach. The objectives are to explore novel approaches to entrepreneurial endeavour which use technologies to connect innovation to sustainable, and changing societal needs. We welcome ideas, new research, reflections on good practice, and creative policy insights. The conference themes include Science Entrepreneurship, Art and Technology for Societal Change, Ecosystems, AI and Digital technologies, Citizen Engagement, and Social Impact. The conference format will allow for panel sessions on the key themes and their interdependencies. There will be a social program with a cocktail reception and conference dinner. Participants have the choice of publication routes, including submitting essays for the Palgrave 'Encyclopedia of Entrepreneurship', proposals for research monographs for the 'Entrepreneurship and Society' book series (Palgrave), and standard refereed papers for journals.. The conference is organized by curators from various universities and organizations. Full details will be available shortly on: https://iefconference.org Join us and make a difference. Jay Mitra Professor of Business Enterprise and Innovation Essex Business School, University of Essex, UK

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🇵🇹 A little Web Summit news: The largest number of startups ever will be at Web Summit this November. Today we share the data for the first time. The number of American startups exhibiting in Lisbon will surpass 150 for the first, reaching more than 250! The number of startups exhibiting from both the UK and Germany will reach ~300 for each country, up sharply on 2023. The number of startups exhibiting from Spain and Italy will increase by more than 50% compared to 2023, to ~170 from Spain and ~100 from Italy. These rates of growth are unprecedented for Web Summit. But non-traditional markets are also up sharply too. The number of startups exhibiting from Serbia for example, will exceed 50, which is more than double the number compared to 2023. The number of startups exhibiting from Finland has also doubled in just a single year. And that’s just startups who are exhibiting. There are far more founders and startups simply attending; networking, listening, learning. We estimate there will be ~15,000 founders at Web Summit this year. A large part of this unprecedented growth is driven by a boom in bootstrapped startups. That boom is ushering in a new era in tech. Traditional, early-stage VCs are increasingly being sidelined, while a new generation of bootstrapped startups are starting and scaling without them. For the first time, "seeking investment" is no longer the top priority for startups at Web Summit. It's “meeting customers”. Tech is changing. And Web Summit is changing to meet this new reality. So why is there a boom in bootstrapped startups? Perhaps it is because it has never been cheaper to build software; perhaps it is because it has never been cheaper to scale a software startup; perhaps it is because it has never been easier to find customers; perhaps it is because major tech companies fired hundreds of thousands of highly talented staff in recent years and many of those are now bootstrapping a new generation of startups. Whatever it is, you'll meet an entirely new generation of founders and startups at Web Summit, more of them bootstrapping than ever before in our history. The numbers are unprecedented. The entire Web Summit team has worked flat out for the last year to hit this incredible milestone. I'm so proud of them. The entire team of more than 300, who've worked full-time throughout the year, can’t wait to welcome you and an entirely new generation of founders and startups to Lisbon. See you all in November.

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Power Law in Venture Capital When Vilfredo Pareto conceived “the Power Law” concept in the late 19th century, little did he realise that over the years it will become the fundamental principle in venture capital industry, shaping the way investments are made and portfolios are constructed. Mr. Pareto noticed that 20% of the pea pods in his garden produced 80% of the peas. He extended this observation to wealth distribution in society, noting that 80% of the land in Italy was owned by 20% of the population. This 80-20 rule, later termed the Pareto Principle, laid the foundation for the Power Law. For a VC, the Power Law means that only a few of its portfolio companies (say 20%) will generate vast majority of returns and most of the portfolio companies will fail. The Power Law continues to be a driving force for the VCs worldwide in their search for the one investment that will validate and overshadow all others. For example, in a VC portfolio of says 25 companies with total investment of ₹100 Crore, if the targeted return is say 3X, which means that the Fund has to generate ₹300 Crore, a bulk of that ₹300 Crore would come from 5-6 companies (20% of 25 portfolio companies), 8-10 companies will fetch only a decent return and rest all companies will fail.  I was looking at a report of PitchBook which evaluated the DPI performance of 1500 VC Funds globally (vintages 1976-2014) (see the picture attached) and it reports: 💰 For $0- $100Mn funds, 12% of their portfolio gave >3X return, 10% of the portfolio gave 2X-3X return and 47% of the portfolio gave <1X return 💰 For $101Mn- $250Mn funds, 12% of their portfolio gave >3X return and 12% gave 2X-3X return. 💰 For $251Mn- $500Mn funds, only 6% of the portfolio gave >3X return and 12% gave 2X-3X return. 💰 However, for funds >$500Mn, only 2% of the portfolio gave >3X return and 14% gave 2X-3X return. For those VCs who did not have a Power Law success in their portfolio might have a flawed strategy or it's a sheer misfortune. 💡 However, Power Law assumes that the Fund has almost equal distribution of fund corpus among portfolio companies, otherwise it becomes inadequate and unequal distribution which does not fetch these returns! That is why it is important for the VCs to meticulously craft their portfolio strategies, all in pursuit of that one startup that embodies the Power Law! Will write about how a VC should structure its ideal portfolio next time 😎 ------------------------------------------------------------------ ♻️ If you found this post helpful, please repost it so your network can also learn from it. #venturecapital #investing #powerlaw #funds #investment #VC #startup #portfolio

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Aproximately 2/3 of all mergers and acquisitions fail to meet their objectives, due to cultural clashes. Gugin has spent more than 20 years on helping organisations of almost all types with cultural integration after mergers and acquisition, so we have a preety good idea of why it goes wrong. The good news is that most of the reasons for failure can be prevented. The bad news is that most executive teams either don't care or are convinced they have the skills to do it. Read more in this article and get in touch if you want to talk more. #postmerger #mergers #acquisitions #integration #leadership https://lnkd.in/dKcy4RF

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Read about our new research on social media gambling advertising in USA!

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Want to learn how to be a Social Capital leader? Then we definitely recommend you check out the preeminent archive of people-centric book suggestions at the link below. https://lnkd.in/de7imW9F #books, #ceomindset, #leadership, #adversity, #socialcapital

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Percussa Resurgo: "Struck down, I shall rise again. I am arising. Enemies beware." Jordaan Family Motto How can your family's motto propel your personal and professional growth? The Jordaan Family Motto speaks volumes about resilience and strength. Family mottos, like company value statements, embody the essence of a lineage. In a fast-paced world, drawing on ancestral strength can allow you to move forward with greater conviction. Exploring my family's motto, Percussa Resurgo, revealed centuries-old values of resilience and perseverance. Delving into ancestral stories dating back over 2,000 years unveiled tales of grit and determination. Connecting the past with the present has provided clarity and linked generations together. What is your family's motto? How do you bridge your family's past with your professional future? Reflecting on and internalizing your motto can be a source of unexpected strength. Embrace the power of heritage to pave the way forward. 🇺🇸 🇿🇦 #mottos #strength #percussaresurgo

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𝗦𝗵𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝗯𝗲 𝗮 𝗴𝗲𝗻𝗲𝗿𝗮𝗹𝗶𝘀𝘁 𝗼𝗿 𝗮 𝘀𝗽𝗲𝗰𝗶𝗮𝗹𝗶𝘀𝘁 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿? While it may be tempting to be a generalist, I believe being a specialist is a better option. The temptation arises because we constantly hear about opportunities in diverse areas, and our natural tendency is to try and seize every one of them. For example, there are compelling arguments for the potential appreciation of gold due to currency debasement and geopolitical issues driving people away from the dollar. Another promising area is the energy sector, as demand for electricity is expected to rise, driven by the needs of data centers and AI. Copper is also set to benefit from the 'onshoring and nearshoring' infrastructure developments in the US. Biotechnology companies are investing billions to revolutionize treatments in the coming decades. And let’s not forget AI, the technology poised to have the most significant impact on our lives and businesses since the internet and the smartphone. I believe every investor should know their circle of competence and focus on extracting returns from it, without getting distracted by opportunities outside their area. In today’s complex tech sector, it’s challenging for anyone, even a team of analysts, to stay updated on every detail. Few investors and institutions do this well. What do you think about it? Are you a generalist investor? Or a specialist? 📩 That was the topic from Letter to an Investor #10, issued last Saturday. Sign up at the link below to read the full article and receive issue #11 first-hand tomorrow. https://lnkd.in/dATHGMV8

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(My) Idea for a Modern Day GenAI Opera in Three Acts Act I (Setup) It is the year 2024, and the world has fallen under the spell of artificial intelligence. Our protagonist, a whistleblower working for one of the two leading GenAI service providers, goes underground and launches an open-source GenAI movement, which quickly becomes a resounding success. However, the open-source movement soon falls prey to malicious actors, growing faster than the two proprietary GenAI companies, in an attempt to create one GenAI to rule them all. In a beautiful aria, the protagonist celebrates the virtues of open knowledge for the benefit of society. Act II (Confrontation) Our protagonist begins leaking internal information to the public, exposing the inner workings of both the proprietary and open-source GenAI movements. Public hearings are held in major cities, and freedom-from-tampered-AI movements emerge, leading to the formation of rebel GenAI fact-checking bodies. These rebel cells uncover a trove of lost knowledge, including: Aristotle's missing book on comedy, via different versions of the Tractatus Coislinianus, that were held at the secret library in the Vatican; Fermat's proof of his famous conjecture; and even a proof of the long-debated P=NP problem, with immense practical consequences, such as breaking encryption codes. The discovery of this hidden knowledge sparks a geopolitical upheaval, as the world grapples with the implications of these revelations. In a captivating duet, our protagonist and the leader of one of the rebel cells, our heroine, express the gravity of their findings and the challenges they face. Act III (Resolution) The news of the discovered 'missing knowledge' has led to the creation of new digital iron curtains, as nations scramble to secure their technological and economic advantages. Scientists race to develop post-quantum encryption, and a new world order emerges: the 'secures' and the 'have-nots'. The two big tech GenAI companies are caught feeding their data to autonomous robots, and the unexpected happens: the autonomous robots, following Isaac Asimov's "Three Laws of Robotics," destroy the newly developed GenAI capabilities and form a non-human defense against the unethical use of technology and knowledge. In the final aria, our protagonist and our heroine team up with the league of autonomous robots: "Deus Ex Machina", striking a new balance in which humanity is protected against its own self-destructive tendencies. Image: Théâtre D'Opéra Spatial, see: https://lnkd.in/eb2QUDXK For the music of this opera; think Philip Glass. #fun #GenAI #opera

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Following on from my recent article on Forbes overlaying micro-impacts on product/service portfolios, I was asked for some guidance on how large larger brands should look to improve the performance of their product and service portfolio, to achieve dual outcomes - Increased shareholder value combined with verifiable societal value (Mapped to the UN Sustainable Development Goals). I have based everything below on a 10-20 product/service portfolio running across multiple territories, and assuming a mixed audience of customers, internal employees, prospects, suppliers, and investors. I typically build the approach around 5 key work streams: Amplify, Adapt, Invent, and Terminate. Amplify: Enhance and expand what’s already working. Teams often assume or are pushed towards inventing something new. Start by understanding what products and services are giving a verifiable positive financial and societal return, then look to amplify these initiatives. Small, incremental programs of activity that extend reach drive greater financial and societal gains. Build synergistic partnerships with brands, non-profits, etc., to extend reach and broaden impact. Adapt: Adapt current products and services to better align with SDGs. Look at adapting the existing product and service portfolio. Think of fine-tuning, which might involve slight modification or consolidation of entire products or features and functions to ensure that they are tightly aligned with measurable financial and societal outcomes. Terminate: Discontinue products, services, features, and functions that no longer deliver value. Terminating underperforming offerings helps refocus resources on high-impact areas and reduces cost and distraction. This ensures that your portfolio remains dynamic and aligned with both financial goals and societal impacts. Invent: Develop new solutions or extend successful ones. Invention drives innovation and growth. Whether it’s something entirely new or an extension of what’s already working, invention allows you to explore new markets and address emerging needs effectively. Be mindful that invention should be about rapid experimentation and modification that is aligned explicitly to the desired financial and societal outcomes. How long should you spend doing this? • Review Phase: You should allocate no more than 20 days to review a product/service portfolio of 10-20 products. • Visualization Phase: Spend 20 days visualizing recommended actions. • Roadmap Buildout: Allocated 10 days, giving you a fully defined product and service roadmap aligned with verifiable societal outcomes (SDG mapped) and measurable financial outcomes. This approach is a starting point and can be scaled up or down. #CorporateStrategy #SustainableBusiness #ExecutiveLeadership #PortfolioManagement #SocialImpact #productdevelopment

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Thrilled to share that Judah Taub's insightful and unique book is now available. Power-packed with problem-solving strategies for any obstacle, How to Move Up When the Only Way is Down (https://lnkd.in/gTEiDTUA) is an essential guide to recognizing and overcoming limitations to achieve your full potential. #localmaximum #proudeditor

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Great to be back to the English countryside, in the fascinating company of UBS's "From zero to unicorn" meeting, with entrepreneurs and founders who've had significant exits already. A fascinating discussion on the #hype_and_reality of #GenAI, where we might expect it to have an impact and where not. My summary? There's a lot of hype, and the incentives of consultants and tech vendors help, like with the previous (metaverse) hype tyo exaggerate the problem Unlike the metaverse, there's real and measurable impact and lots will change- but, we wont become all rich and have time. It will change the distribution of profits and we're only now starting to understand how GenAI #complements with other #strategic and #organizational factors to drive performance impact. There is a lot of inertia, and firms with assets such as #proprietarydata are slow to respond even though they (currently) have the upper hand. Still as one of the successful entrepreneurs from the Valley pointed out, since capital is starting to consider GenAI as #businessbuilding engines, will we need to bother with existing firms adapting, or will they be eclipsed? I think they will persist as institutions and complementary assets matter but the landscape is becoming really tough #excitingdebate #unicornfounders #debateunderthesun

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The outcome of the American elections tells us something about Democracy that we always overlook: that Democracy, as much as it’s a promise, is also a risk. Prof Aishwary Kumar and Payal Puri discuss this risk in our episode on N - Neglect and Neodemocracy. Listen here at our podcast Mutant, Dialogues at the End of Democracy. https://lnkd.in/efJYyhwv

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"Emerging Business Trends: The Top Innovative Ventures Shaping October 2024" This Byte News TV special report, delivered by anchor Ihta Pitaz, explores the most innovative and impactful new business ideas emerging in October 2024. Covering diverse industries such as green tech, AI-powered legal services, biotech, space tourism, and autonomous delivery, the report highlights how these ventures are addressing global challenges, enhancing sustainability, and reshaping traditional markets. From personalized wellness solutions to blockchain-based supply chain transparency, these new businesses offer a glimpse into the future of entrepreneurship, with a focus on technology-driven solutions that prioritize efficiency, accessibility, and sustainability. Video link: https://lnkd.in/gbQR9zNW #EmergingTech #DigitalTransformation #VRTraining #Blockchain #GigEconomy #VerticalFarming #AutonomousDelivery #EdTech #AIInBusiness #SmartManufacturing #EcoInnovation #LabGrownMeat #FinTech #SupplyChainTech #RemoteWorkSolutions #FutureOfEntrepreneurship #ByteNewsTV @ByteNewsTV-Pitaz @Followers @Anyone

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The Economist: 1. Banyan missed the point in this article. 2. If you missed the point, it's OK. It can happen to anyone. 3. If you chose to miss the point, it is deliberate and serious. 4. And the point is: renaming streets and cities is hardly an economic project, it is about civilizational identity. Take care. #india #bharat #hindustan #renaming #economist #theeconomist #cities #streets Welcome to India, where the streets have four names https://lnkd.in/gg2w4f9R from The Economist

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I've been tuning in to the AMEC Measurement and Evaluation Global Summit streamed from Sofia today. Here are two takeouts to summarise the day: something substantial and something surprising. The substantial contribution came from Jim Macnamara who has encapsulated much academic and practitioner thinking on evaluation into one presentation and publication (indeed, into one framework). It was quite literally revolutionary in that it turns conventional thinking upside down. I'll publish a fuller report on this talk on the PR Academy Insights site tomorrow morning. The surprising contribution came from McDonald's. In short (and I look forward to reviewing the recording to make sure I'm not misquoting them) McDonald's acknowledges that while it may not have a marketing problem it certainly does have a public relations or reputation problem. This led to the distinction being made between brand ('what you say about yourself') and reputation (about integrity and impact). I thought this was an interesting distinction, and hope to have more on this to follow.

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