Tag: 夜上海论坛LQ

Joseph Mariathasan: How to make European venture capital grow

first_imgFor European VC to truly flourish, private sector funding must increase, argues Joseph MariathasanWhether European venture capital is falling behind the US or Asia is of importance for more than just venture capital investors. New companies at the forefront of innovation can act as catalysts for stimulating economies way beyond the immediate returns for the investors – the rise of the internet economy is testament to that.There is an opinion that Europe is falling behind in one key area – investing in big ideas, the breakthrough innovations and highly disruptive companies most talked about in the media. I wrote about this a few months ago. Joe Schorge, founder and managing partner of Isomer Capital, has come back to me rebutting this view, and his arguments certainly deserve a hearing.Schorge says much of the analysis and negative perceptions of European venture are based on outdated data. He argues that the way innovative companies are built and financed has changed since the financial crisis, driven largely by the rise of smart phones, app stores and cloud-based computing, yet it takes years for such results to be reflected in backward-looking performance indices. Meanwhile, he sees a great investment opportunity in funding the future, today. More recent analysis by the likes of the Boston Consulting Group in a 2015 report suggests VC performance is trending upwards, driven by high US investments in Europe. What is a worry, though, is that the average fund size of the more than 800 VCs is small, and small, nationally focused funds have often underperformed. What is very positive is the development of venture hubs in Europe, with Schorge seeing London, Paris, Berlin and Stockholm leading, and a range of other cities following closely.Where Schorge differs from others is in the view that Europe is falling behind in ground-breaking innovation. As he rightly points out, in recent years, European companies have led the way in areas such as gaming, music streaming, blockchain and smart cities, among others. A good example is the British artificial intelligence company Google Deepmind, which is at the forefront of artificial intelligence. It made global headlines earlier this year when its programme beat a human professional at the game Go, which has never been done before.But perhaps the flip-side of that is that the company was acquired by Google in 2014, its biggest acquisition in Europe to date. How effective can European innovation be at the creation of unicorns (private companies valued at more than $1bn) if any potential contenders are rapidly acquired by the US mega companies? There may be some hope in that BCG does estimate that, as of August last year, 13 of the 129 global unicorns were based in Europe, including global names such as Shazam and Spotify.Other reports claim even larger numbers, with GP Bullhound identifying 40 in Europe. The UK is by far the leading creator, with Germany some distance behind. What is interesting, they find that the vast majority of new additions are consumer-focused, with all new unicorns in Germany being consumer-orientated. The mix in the UK, they find, is more diversified, with software companies dominating the new additions. The strongest sectors are e-commerce, software and marketplace, with each representing 20% of the total number of European unicorns. The fintech share is growing the fastest, with seven companies, and more than half of the fintech companies are UK-based. As GP Bullhound points out, London’s unique position in global finance is driving this growth. Schorge sees London as being on track to earn the title Fintech Capital of the World, given its strong growth as a start-up hub, wide talent pool of finance industry executives and the presence of all the large global financial intuitions. A key issue, of course, will be the potential impact of a Brexit. Proponents of Brexit will argue there will be no detrimental impact, but, the truth is, no one knows.So, should we be complacent about the strength of European venture? GP Bullhound reports that the new generation of European unicorns has raised significantly more capital than in the past but adds that now it is more important than ever to keep momentum in “winner takes all” sectors. Yet, despite the glowing reports that they, Schorge and others are reporting on European venture, the fact remains that it is difficult to get private sector funding from large institutions such as European pension funds. There are many reasons for that, including the fact small fund sizes preclude many large institutional investors from taking stakes, given the amount of due diligence required for relatively small investments. Not surprisingly, as BCG reports, the absence of private investors has led to governments becoming the largest LPs in Europe, with 35% of the market. For European venture to truly flourish, that figure has to be reduced through increased private sector funding, rather than reduced government investment. And in the UK, a possible Brexit may very well become the more important issue.Joseph Mariathasan is a contributing editor at IPElast_img read more

Angels’ Griffin Canning set for MRI to check on elbow issue

first_img“The kid is nice,” Maddon said. “We’ve been talking about his athleticism. He’s got a fabulous arm. He’s got a great future. We want him well.”Canning, the Angels’ second-round pick in 2017 out of UCLA, debuted in the big leagues last year, posting a 4.58 ERA in 18 games and 90-1/3 innings.He was penciled in for one of the top four spots in the rotation to open the 2020 season, along with Andrew Heaney, Dylan Bundy and Julio Teheran. Shohei Ohtani is not expected to pitch until mid-May, as the Angels manage his innings in his return from Tommy John surgery.Patrick Sandoval, Jaime Barria, Jose Suarez, Dillon Peters and Matt Andriese are the top candidates to fill out the rest of the rotation.BALDING ALL ANGELSMaddon announced that he will be getting his head shaved as part of an event supporting pediatric cancer patients before the Angels’ March 9 Cactus League game at Tempe Diablo Stadium.Related Articles “I think it’s just kind of something we need to monitor,” Canning said two weeks ago. “I need to watch my throwing program, even if I’m feeling good, knowing when to tone it down a little bit.”Canning pitched two scoreless, hitless innings against the Dodgers in his spring debut on Wednesday, and afterward gave no indication of any issues when talking to reporters.Apparently, though, Canning had a different story when talking to the team. Maddon said he learned after Canning’s outing on Wednesday that he didn’t feel right.Maddon said Canning was scheduled for an MRI, but he wasn’t sure exactly when the test would take place.In the meantime, the Angels have to hope that a pitcher who is expected to be a key member of their rotation for years to come does not have any serious issue. Angels offense breaks out to split doubleheader with Astros Maddon’s charitable organization, Respect90, will hold an event called “Balding All Angels,” in which Maddon and any fans who donate funds will have their heads shaved.Maddon has hosted similar events over the previous eight years, raising more than $350,000 for the cause, according to the organizers.ALSOJulio Teheran continued to improve from the hamstring strain that kept him from making his first scheduled start of the spring, Maddon said Thursday. Maddon said Teheran is expected to pitch in a game early next week, perhaps as soon as Monday. …Ty Buttrey threw his first bullpen session since being shut down with a strained intercostal muscle earlier this spring. “It felt really really good, no pain, pretty awesome honestly,” Buttrey said. He threw just fastballs at about 60 percent effort. He said he’s scheduled for two more bullpen sessions in the next week and then a live batting practice session next weekend. That would leave him time for six or seven outings in Cactus League games, which he said is sufficient to be ready for Opening Day. …Pitcher Justin Anderson, who had a more serious intercostal strain than Buttrey, had an ultrasound on Thursday morning that showed the inflammation is gone, he said. He is still not able to do baseball activity, though. He is expected to start the season on the Injured List, although he could be ready sometime in April. Angels’ Shohei Ohtani spending downtime working in outfield Jose Suarez’s rocky start sinks Angels in loss to Astros center_img Angels’ Mike Trout working on his defense, thanks to Twitter Angels’ poor pitching spoils an Albert Pujols milestone TEMPE, Ariz. — Griffin Canning, the Angels’ prized young pitcher, came up with an elbow issue during his first outing of the spring, sending him into an MRI tube as the team and fans hold their breath.As of late Thursday afternoon, General Manager Billy Eppler said the Angels still had not received results of the MRI.Asked on Thursday morning if he’s concerned, Manager Joe Maddon said: “Yep. He’s had a history, so of course you’re concerned.”Canning, 23, had missed the end of the 2019 season with elbow inflammation, but he had described it as strictly precautionary. He said he had been fine by October and had a normal, uneventful winter. He said at the start of spring that he felt 100 percent. Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more