Global Technology Symposium is the leading investment conference on venture capital, technology and entrepreneurship. Each year since 2004, the Symposium has brought more than 300 selected leaders in business, finance, technology, and policymaking in Silicon Valley, where they share insights with each other.
“Entrepreneurship in a Global Market” was this year’s motto and the official opening speech was made by Lorraine Hariton, a special representative for Commercial and Business Affairs, State Department, who confirmed that entrepreneurs have a big chance to innovate the economy and gain access to emerging markets.
Steve Jurvetson, managing director of Draper Fisher, a leading venture capital firm, discussed how IT innervates multiple cozy industries and brings them to a Moore’s Law-like pace of change. His memorable statements: If you don’t have people who think it’s absurd, it’s not bold enough. No idea that changes the world is generally regarded, on average, as a good idea [at the time].” or “Scientists don’t sleep in recessions. They just keep going. The economic reaping of that value goes through all kinds of oscillations.“. Steve Jurvetson was the founding VC investor in Hotmail, Interwoven, Kana, and NeoPhotonics. He also led the firm’s investments in other companies which were then acquired for $12 billion in aggregate.
Claudia Fan Munce, Managing Director of the IBM Venture Capital Group since March 2004 in Fireside Chat with Greg Becker, President and CEO of Silicon Valley Bank was talking about Accelerating Innovation. Silicon Valley Bank is a unique bank serving the innovation industry and helping young startups to became global company. SVB has 26 offices nationwide and 6 international: in Israel, India and China. Greg Becker convinced that the way to increase clients’ probability to success is through: building deep relationships, giving advice, making it easy to do business with bank and solving problems of their clientele.
Craig Barrett, former Intel Chairman and CEO, discussed the role of government in venture capital and the importance of American research universities in the battle for international competitiveness.“It always comes down to the simplest possible model: education, smart ideas and the right environment.”- he said.
Steve Blank is a retired eight-time serial entrepreneur, professor at Stanford University and management guru. Steve’s insight that startups are not small versions of large companies is reshaping the way startups are built and how entrepreneurship is taught. His observation that large companies execute business models, but startups search for them, led him to realize that startups need their own tools, different than those used to manage existing companies. There is many type of startups such as: Lifestyle startups, Small Business startups, Social Entrepreneurship startups, Scalable startups and Buyable startups.
Moderator Lorraine Hariton of the U.S. State Department and panelists Dave Geary of Endeavor Global, Craig Hanson of Next World Capital, Leslie Jump of Cazeema Partners, Bahadir Kuru of P.I. Works and Microsoft’s Dan’l Lewin discussed the countries with not-so-famous growth markets at the panel Growth Market Beyond BRIC Countries (Brazil, Russia, India and China).
Pitch Johnson, legendary venture capitalist of Silicon Valley, co-founder of Drapper and Johnson venture firm, founder of Asset Management Company, was presenting his insight on Democracy and Entrepreneurship. Entrepreneurs are revolutionaries – he explained – because they use economic freedom to challenge existing economic, social, and political structures. Creating the entrepreneur friendly environment and broad acceptance for the entrepreneurs is the main factor for innovation.
There was also Global Innovator Competition where 13 entrepreneurs chosen from more than two thousand competitors pitched their companies to a panel of experienced entrepreneurs and venture capitalists to prove why they are the next big startup from today’s emerging Silicon Valleys.
There were many panels and presentations delivering extensive knowledge on entrepreneurship during the three days at Global Technology Symposium 2012.
Text and photos: Lidia Thompson