Lead Change Blog

JANUARY 11, 2018

I spent almost 30 years as a lawyer in private practice, advising business leaders on Delaware corporate law issues – addressing matters like preferred stock financings, IPOs, mergers, hostile takeovers, proxy contests, corporate governance and fiduciary issues. My own story is an interesting backdrop.

Hostile Takeover 191

Hostile Takeover IPO Short-term Committee 191

Harvard Business Review

JANUARY 21, 2014

Generating over $80 billion in sales in 2013, Amazon’s business model, with its ability to capture growth through disruption of retail stores, has proven to be very successful. However, the ultimate test for a business model comes not from being the disruptor but from how resilient it is to disruption itself.

Business Model 8

Business Model Advertising Retail Disruptive Innovation 8

Harvard Business Review

FEBRUARY 26, 2018

On February 13, 2018, the New York Times reported that Uber is planning an IPO. Twitter reported a loss of $79 million before its IPO, yet it commanded a valuation of $24 billion on its IPO date in 2013. Uber’s value is estimated between $48 and $70 billion, despite reporting losses over the last two years.

Company 8

Company Intangible Assets Depreciation IPO 8

Harvard Business Review

OCTOBER 16, 2014

In August 2013, Icahn bought more than $1 billion worth of Apple shares. As I explain in my recent Harvard Business Review article, “Profits Without Prosperity,” open-market repurchases that represent the vast majority of buybacks in the United States reward value extraction and undermine value creation.

Safe Harbor 9

Safe Harbor Hedge EPS Price 9

Harvard Business Review

AUGUST 5, 2014

2013 had all the signs of being a comeback year for venture capital. Booming public equities and a recovered IPO market generated record portfolio company exits and distributions from VC funds. The business model and economic structure of the VC partnership has remained stagnant for the past two decades.

Venture Capitalist 16

Venture Capitalist Asset Management Rate of Return Industry 16

Harvard Business Review

AUGUST 6, 2015

As Diane Mulcahy explained in a 2013 Harvard Business Review article : ”Angel investors — affluent individuals who invest smaller amounts of capital at an earlier stage than VCs do — fund more than 16 times as many companies as VCs do,” she wrote, “and their share is growing.” Steven Moore.

Long-term 8

Long-term IPO Human Capital Finance 8

Harvard Business Review

MARCH 24, 2017

ICOs present both benefits and disadvantages, as well as threats and opportunities, to the traditional venture capital business model. Most made their money early on by buying or mining bitcoin when it was still under $10 (in the early days of 2011-2013). It’s now worth approximately $1,1200 per bitcoin.

Venture Capitalist 11

Venture Capitalist Due Diligence Finance Long-term 11