Session 22 Venture Capital: Innovation, Issuance, and Leverage
This session will cover the latest trends in IPO issuance, including the latest innovations coming to market as well as the pros and cons of the issuance process. The Google IPO online auction will be discussed.
Sponsor: Financial Roundtable
Presentations
Links of Interest
Speakers
Brooks Robinson
Institute for Triple Helix Innovation
University of Hawaii
Dr. Brooks Robinson served as an economist with the U.S. Department of Commerce (USDOC) for nearly two decades. He was chief of the Government Division of the Bureau of Economic Analysis (BEA), directing over 30 economists in measuring federal and state and local government economic activity. In addition, he served as Chief of BEA’s Income Branch, directing the preparation of income measures for the U.S. economy. During his early years at BEA, he served as an expert on national investment in structures and on construction prices. He also spent two years of his USDOC career as Director of Market Research for the U.S. & Foreign Commercial Service (US&FCS) in New Delhi, India. The US&FCS facilitates international market access for U.S. businesses. During his second year in New Delhi, he also served as Acting Country Director for the U.S.-Asia Environmental Partnership (US-AEP). A collaborative effort between the USDOC and the U.S. Agency for International Development, US-AEP develops opportunities for U.S. firms to introduce environmental products and services into Asia.
As a member of the USDOC staff, Dr. Robinson represented the U.S. on an International Task Force on the Harmonization of Public Sector Accounting, which provided recommendations for improvements to a revised System of National Accounts, which is scheduled to be released in 2008. He also represented BEA on federal interagency committees on alternative measures of material well-being and on preparing the Construction Major Group for the 1997 North American Industrial Classification System.
Dr. Robinson has prepared scholarly articles, papers, and commentaries on a range of topics. He brings to the institute expertise in analyzing and measuring economic efficiencies, which will be used to explore the efficiency-enhancing properties of triple-helix innovation.
Nayantara Hensel
U.S. Naval Postgraduate School
Dr. Hensel is an Assistant Professor of Economics and Finance at the Graduate School of Business and Public Policy at the US Naval Postgraduate School. She has had an extensive background in industrial organization, antitrust, mergers and acquisitions, corporate finance, strategic valuation, and corporate strategy. Dr. Hensel received her B.A. in Economics, magna cum laude, from Harvard University, where she was a member of Phi Beta Kappa. She received her M. A. and Ph.D. in Business Economics (Applied Economics) from Harvard University. Prior to joining the faculty at the US Naval Postgraduate School, Dr. Hensel taught at Harvard University and the Stern School of Business at NYU, served as a Senior Manager at Ernst & Young and the primary economist for one of its units, was an economist for Marsh and McLennan (within NERA, the economic consulting arm), and served as a Post-Doctoral Research Fellow at the National Bureau of Economic Research. Dr. Hensel’s recent research has examined the impact of size and market structure on efficiency (economies of scale) in European and Japanese banks and on their tendency to open branches or merge, as well as the impact of contracting arrangements and mergers on the utilization of railroad and airline networks. Her most recent publications have been in the European Financial Management Journal and the Journal of Financial Transformation. She has given a number of seminars at institutions, including the Federal Reserve Bank of Chicago, the Federal Reserve Bank of Boston, London Business School, RAND, and Harvard University. Dr. Hensel’s litigation experience has included breach of contract cases, bankruptcies (especially in the energy sector), valuations, market efficiency cases, and various types of securities litigations, including 10b-5 damage analyses and event studies, IPO allocation cases, and market timing cases. Her litigation analyses have spanned a wide range of industries, including telecommunications, energy, manufacturing, and banking.
Jerome S. Engel
Lester Center for Entrepreneurship and Innovation
Mr. Engel joined the University of California at Berkeley in 1991 to found the Lester Center. He serves as both the Center's Executive Director and the Director of the Haas School's Entrepreneurship Program. He is responsible for the creation of an institution that coordinates all of the university's activities in the areas of entrepreneurship and innovation. Mr. Engel is an adjunct professor at the Haas School in Entrepreneurship and instructs in both the School's MBA and Executive Education programs specializing in Entrepreneurship, New Venture Finance, Corporate Innovation, Venture Capital and Private Equity (see schedule below).
Together with Prof. John Freeman, he developed the Venture Capital Executive Program (VCEP), which is taught through the Haas Center for Executive Development. He is also the faculty co-director of various exec ed programs based on VCEP.
Mr. Engel is also Co-Founder and General Partner of Monitor Ventures, LLC, a venture capital firm organized in collaboration with the Monitor Group, a global strategic consulting and private equity management firm founded by Prof. Michael Porter of Harvard.
From 1979 through 1990, Mr. Engel was the San Francisco Bay Area Director of Entrepreneurial Services for Ernst & Young. Promoted to Partner in 1982, Mr. Engel specialized in consulting on capital formation, corporate strategy and management organization of entrepreneurial ventures, with an emphasis in software and biotechnology. In 1990, Mr. Engel was appointed Ernst & Young's National Director of Capital Resources, where he directed the firms efforts in raising capital for its emerging business clients nationwide. During his career, Mr. Engel helped a number of entrepreneurial firms go public, including AutoDesk and Fair Isaac Companies.
From 1992-1995, Mr. Engel served as a member of the Board of Directors of Maxis Corporation, and oversaw the company's financing activities, which included venture capital and a successful initial public offering. In 1995, Mr. Engel was a founding General Partner of Kline Hawkes Capital, a venture capital firm based in Los Angeles. In 1998, Mr. Engel co-founded AllBusiness.com, which he grew to over 150 employees and successfully sold to NBCi in March 2000.
Current Board Positions include Adaptive Planning, Jupiter Systems, MedAmerica, ElectraScan and the Berkeley Entrepreneurship Laboratory. In addition to Mr. Engel's current positions, he has served on the Boards of a number of emerging companies including MicroNet Technology (recently acquired by Ampex), Transoft Inc., a rapidly growing provider of FiberChannel networking solutions, and Centric Software, a leader in 3-D visualization and virtual product prototyping. Mr. Engel serves as Faculty Co-Chair of the Global Social Venture Competition, The UC Berkeley Business Plan Competition, the International Berkeley-Intel Technology Challenge, on the Faculty Advisory Board of the Kauffman Fellows Program, on the editorial Board of the International Journal of Technoentrepreneurship, and previously served as Faculty Director of the Kauffman Foundation Lifelong Learning for Entrepreneurship Educators Program. He is a CPA and received his undergraduate degree at Penn State and his masters at the Wharton school.
In 2002 Mr. Engel was presented the Edwin M. and Gloria W. Appel Prize by Babson College at the Symposium for Entrepreneurial Education at Babson. The Appel Prize is presented to those individuals who bring "entrepreneurial vitality to academe in true spirit of the Price-Babson College Fellows Program."
