tag:blogger.com,1999:blog-49663632953703334952024-02-02T07:45:43.749-08:00rafstartRaffaele Mauro
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Finance, technology & policyAnonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.comBlogger107125tag:blogger.com,1999:blog-4966363295370333495.post-28518927682848167662017-12-21T07:10:00.005-08:002017-12-21T07:13:30.520-08:00Quantum Computing: Technology, Market and Ecosystem Overview <iframe allowfullscreen="" frameborder="0" height="485" marginheight="0" marginwidth="0" scrolling="no" src="//www.slideshare.net/slideshow/embed_code/key/hIVlXh3I10a7hH" style="border-width: 1px; border: 1px solid #CCC; margin-bottom: 5px; max-width: 100%;" width="595"> </iframe> <div style="margin-bottom: 5px;">
<strong> <a href="https://www.slideshare.net/raffaele.mauro/quantum-computing-technology-market-and-ecosystem-overview" target="_blank" title="Quantum Computing: Technology, Market and Ecosystem Overview">Quantum Computing: Technology, Market and Ecosystem Overview</a> </strong> from <strong><a href="https://www.slideshare.net/raffaele.mauro" target="_blank">Raffaele Mauro</a></strong> </div>
Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-76591583447295637432017-09-06T02:09:00.001-07:002017-09-06T02:09:14.064-07:00Introduction to Artificial Intelligence and Machine Learning for policy makers <br /><iframe allowfullscreen="" frameborder="0" height="485" marginheight="0" marginwidth="0" scrolling="no" src="//www.slideshare.net/slideshow/embed_code/key/CC6d5pewipMO14" style="border-width: 1px; border: 1px solid #CCC; margin-bottom: 5px; max-width: 100%;" width="595"> </iframe> <div style="margin-bottom: 5px;">
<strong> <a href="https://www.slideshare.net/raffaele.mauro/introduction-to-artificial-intelligence-and-machine-learning-for-policy-makers" target="_blank" title="Introduction to Artificial Intelligence and Machine Learning for policy makers">Introduction to Artificial Intelligence and Machine Learning for policy makers</a> </strong> from <strong><a href="https://www.slideshare.net/raffaele.mauro" target="_blank">Raffaele Mauro</a></strong> </div>
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<a href="https://www.slideshare.net/raffaele.mauro/introduction-to-artificial-intelligence-and-machine-learning-for-policy-makers">https://www.slideshare.net/raffaele.mauro/introduction-to-artificial-intelligence-and-machine-learning-for-policy-makers</a>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-16498808385280386662017-04-09T01:14:00.003-07:002017-04-26T03:09:00.223-07:00I libri della vita<span style="font-family: "verdana" , sans-serif;">Di recente ho assistito a una bella vittoria dell'intelligenza collettiva. </span><br />
<span style="font-family: "verdana" , sans-serif;">Nel Marzo 2017 ho pubblicato su Facebook questa domanda:</span><br />
<i><span style="font-family: "verdana" , sans-serif;"><br /></span></i>
<i><span style="font-family: "verdana" , sans-serif;"><span style="background-color: white; color: #1d2129; letter-spacing: -0.24px;">"Quale singolo libro è stato per voi maggiormente trasformativo ? </span></span></i><br />
<span style="background-color: white; color: #1d2129; letter-spacing: -0.24px;"><i><span style="font-family: "verdana" , sans-serif;">Esempio di tipologie: cambiamento di prospettiva sul mondo o sulla propria auto-percezione, ispirazione generale, informazioni / consigli eseguibili"</span></i></span><br />
<span style="background-color: white; color: #1d2129; letter-spacing: -0.24px;"><span style="font-family: "verdana" , sans-serif;"><br /></span></span>
<span style="color: #1d2129; font-family: "verdana" , sans-serif;"><span style="background-color: white; letter-spacing: -0.24px;">Il post ha generato un livello di partecipazione inaspettato e mi ha colpito per i numerosi e bellissimi commenti. Sono state toccate alcune corde emotive e con esse la voglia di condividere idee ed esperienze sui "Libri trasformativi".</span></span><br />
<span style="color: #1d2129; font-family: "verdana" , sans-serif;"><span style="background-color: white; letter-spacing: -0.24px;">Grazie all'aiuto di molti, in particolare di Cecilia Spanu che ha svolto un grande lavoro di trasposizione dati, i 250 libri suggeriti dai lettori sono stati raccolti in un Google Doc tuttora compilabile per chi voglia aggiungere titoli e autori.</span></span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<a href="https://docs.google.com/spreadsheets/d/1bi0kFR0OTqdLfbyFIOQkZXOhQmg6Dwk9H1BR414A5sU/edit?usp=sharing" style="letter-spacing: -0.24px;"><span style="font-family: "verdana" , sans-serif;">Qui potete trovare il link </span></a><br />
<span style="color: #1d2129; font-family: "verdana" , sans-serif;"><span style="background-color: white; letter-spacing: -0.24px;"><br /></span></span>
<span style="color: #1d2129; font-family: "verdana" , sans-serif;"><span style="background-color: white; letter-spacing: -0.24px;">Anche alcuni gruppi e associazioni, come ad esempio RENA, hanno condiviso la lista sul web. </span></span><br />
<span style="color: #1d2129; font-family: "verdana" , sans-serif;"><span style="background-color: white; letter-spacing: -0.24px;">Sono felice di aver dato un un piccolo contributo agli amanti della lettura e, grazie allo sforzo comune, nel diffondere quei testi e quegli autori che hanno avuto il potere di modificare le idee, muovere le emozioni e - talvolta - cambiare la vita. </span></span><br />
<span style="color: #1d2129; font-family: "verdana" , sans-serif;"><span style="background-color: white; letter-spacing: -0.24px;"><br /></span></span>
<span style="color: #1d2129; font-family: "verdana" , sans-serif;"><span style="background-color: white; letter-spacing: -0.24px;">Buona lettura a tutti ! </span></span><br />
<span style="color: #1d2129; font-family: "verdana" , sans-serif;"><span style="background-color: white; letter-spacing: -0.24px;">Raffaele </span></span>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-12714142606022963542016-02-01T23:08:00.002-08:002016-02-02T10:13:56.062-08:00An Introduction to CryptocurrencyMy <a href="https://www.linkedin.com/pulse/cryptocurrency-new-way-we-buy-sell-questions-perth-global-carlo-guaia">last interview </a>about Cryptocurrencies & Blockchain applications - Perth Global Shapers Hub<br />
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1. <strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">What is cryptocurrency? </strong>A Cryptocurrency is a “mathematical” form of money: a tool used – in various degrees - as unit of account, medium of exchange and store of value. We speak about “crypto” because stable and secure mathematical currencies are mostly structured through advanced cryptographic techniques.</div>
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2.<strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> Who uses cryptocurrency? Where can it be used?</strong><br />
Cryptocurrencies are used by different kind of users, the core group of users is mostly tech-savy and demographically is similar to other early adopters of innovations. Anyhow, the popularity of the most important Cryptocurrency, Bitcoin, is spreading across geographical, cultural and age segments.<br />
Cryptocurrencies are generally not-territorial and global in nature, most of them could be used anywhere in the world.</div>
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3. <strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">How did you become interested in cryptocurrency?</strong><br />
I was always interested in technological innovation and its social and political implications. In the 90s I was also involved interested in cryptography and the hacker culture, meaning the curiosity and cultural attitude aimed at “opening the box” of technologies and discover unexpected potentialities.<br />
I discovered Bitcoin in 2011, I was initially sceptical because the economic history is full of failed experiments of complementary and digital currencies. When I was at the NASA Ames Research Park in Mountain View for the Singularity University Graduate Studies program I had a series of conversations that make me understand better the core technology – the blockchain – and the technological discontinuity. The Bitcoin network was a true innovation in comparison with other weak and unstable virtual currencies.</div>
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4. <strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">What are the advantages of cryptocurrency?</strong><br />
There are hundreds of cryptocurrencies, each with its specific set of pros and cons.<br />
Broadly speaking, the most interesting Cryptocurrencies are radically decentralized and do not require – at least in theory – a centralized “ruler” (a central bank or a single centralized “trusted” database) to validate transactions. They are global in nature and generally operate trough Internet based peer to peer networks, some cryptocurrencies promoted diverse gradients of anonymity or pseudonymity. Good cryptocurrencies are secure, enable transaction between parties without previous trust and are generally based on open source code. Bitcoin, the most important Cryptocurrency as today, also demonstrated an enormous resilience / antifragility and survived shocks (price fluctuations, crash of the most important exchanges and marketplaces) that could have killed most of the other digital currencies.</div>
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5. <strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">What are the most popular forms of cryptocurrency? What are the most valuable?</strong><br />
The most important is Bitcoin, now showing ad total market capitalization of $ 6 Billion.<br />
Other very promising projects are: Ehtereum, a universal platform for running decentralized applications on the blockchain; Ripple, a payment protocol and settlement system targeting the major financial institutions; Litecoin, a project derived from Bitcoin that improves several aspects of the system with a lean approach; Dash, a new cryptocurrency focused on radical privacy/anonymity.<br />
You can compare cryptocurrencies with this website, Coinmarketcap:<a href="http://coinmarketcap.com/" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: #8c68cb; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; outline: none; padding: 0px; text-decoration: none; vertical-align: baseline;" target="_blank">http://coinmarketcap.com/</a></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; font-family: Georgia, serif; font-stretch: inherit; margin-bottom: 32px; outline: 0px; padding: 0px; text-align: start; vertical-align: baseline;">
6. <strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Why in the last year a fair share of professionals in mainstream finance are making the move into the cryptocurrency industry?</strong><br />
Because the potential is enormous. There is a broader fintech revolution going on, based on the 3 “D”s of digitalization, disintermediation and decentralization. But the blockchain and cryptocurrencies are adding a new layer of disruption. We could see in financial services the same thing that happened to the publishing and the music industry, a radical change in business models and industry players.</div>
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7. <strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Should governments treat Bitcoin as money?</strong><br />
Treating Bitcoin like traditional money will impose a draconian set of regulations and will decrease the rate of innovation. Legislation for cryptocurrencies/blockchain technologies should be lean and allow space for experimentation.</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; font-family: Georgia, serif; font-stretch: inherit; margin-bottom: 32px; outline: 0px; padding: 0px; text-align: start; vertical-align: baseline;">
8. <strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Should it be regulated under standard money services and financial crimes laws?</strong><br />
Yes and no. Companies managing financial services related to cryptocurrencies will probably have to obey some adaptation of existing regulatory frameworks, such as the know your customer and anti-money laundering regulation. For instance, this is happening now in New York through the “Bitlicense” legislative framework. Nevertheless, it will be wise for policymakers to implement very lean regulations in order to allow the startups and developer communities to innovate and explore this new technological paradigm.</div>
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9. <strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">What's the future of Bitcoin and Crypto Finance? And what kind of threats will it face?</strong><br />
It is not possible to give exact prediction, we are still inside an “infrastructure building” phase with different paradigms and no clear winners. Despite the constant criticism and periodic announcements of its death, the Bitcoin network is still extremely robust and effective. New paradigms are emerging, for instance Ethereum is the more promising one. In 2014-15 there was a shift from the traditional cryptocurrency services – miners, exchanges, etc. – to the more general space of decentralized applications through the blockchains – prediction markets, decentralized ecommerce, decentralized messaging platforms, decentralized collaboration softwares, etc. For those applications there are still several paradigms (for instance, sidechains on the Bitcoin blockchain or the Ethereum network.).<br />
Regarding the threats for the Bitcoin network there are several critical areas: new forms of “recentralization”, deep disagreements in the community about the future of the project, concentration of miners in a single country, inequality and path dependence and much more. On the other hand, Bitcoin is evolving and improving over time, it could experience radical forms of morphing or gemmate new projects with improved scalability potential or better decentralized infrastructure.<br />
The future is still open and dynamic, anyone with enough passion and intellectual curiosity could contribute.</div>
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10. <strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">What advice would you give to young start-uppers who want to venture in this new field?</strong><br />
At first, I will give the advice that I could provide to all people launching startups: choose the right co-founders, focus on users, iterate quickly. In the specific cryptocurrency space, be aware of the huge potential regulatory and legal implications of anything involving finance and financial markets. If you are working in the Bitcoin space, don’t get involved in the flames and “holy wars” among paradigms (like the last one regarding the block size) and try to evaluate dispassionately the technical options. Remember that the rate of innovation in this space is super-fast and that it is much more multi-polar in comparison with other startup segments (such as the consumer internet one, where most innovations can scale effectively only from the Silicon Valley). Look at the stars: cryptocurrencies and the blockchain could reshape the world for the long run, the financial system is now hackable and you could be part of that change.</div>
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<strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><br /></strong>
<strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Raffaele Mauro, Ph.D.</strong></div>
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Raffaele Mauro is passionate about technology, policy and global finance. He is Head of Finance for Innovation and Entrepreneurship at Intesa Sanpaolo, focusing on high-tech startups and Bitcoin / blockchain technologies. Previously he was Senior Associate at Annapurna Ventures, Venture Strategist at P101 Ventures and Advisor at OltreVenture, the leading Italian impact investing fund. Raffaele holds an MPA from Harvard University, a Ph.D. from Bocconi and attended the Singularity University Graduate Studies Program at NASA Ames. He is also advisor at the Harvard Innovation Lab, Junior Fellow at the Aspen Institute and member of the executive committee at the Global Shapers Hub - Milano, a World Economic Forum community.</div>
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<a href="http://perth.globalshapers.org.au/an-introduction-to-cryptocurrency/" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: #8c68cb; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; outline: none; padding: 0px; text-decoration: none; vertical-align: baseline;" target="_blank">An Introduction to Cryptocurrency</a></div>
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Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-68946207422387639912016-01-09T06:31:00.001-08:002016-01-09T06:49:39.790-08:00Innovazione e decentralizzazione nella finanza<span style="color: #3b3835; font-family: Helvetica Neue, Helvetica, Roboto, Arial, sans-serif;"><span style="font-size: 14px; line-height: 14.9333px;"><b>Innovazione e decentralizzazione nella finanza</b></span></span><br />
<span style="color: #3b3835; font-family: 'Helvetica Neue', Helvetica, Roboto, Arial, sans-serif; font-size: 14px; line-height: 14.9333px;">27 Dicembre 2015 </span><br />
<span style="color: #3b3835; font-family: Helvetica Neue, Helvetica, Roboto, Arial, sans-serif;"><span style="font-size: 14px; line-height: 14.9333px;"><br /></span></span>
<span style="color: #3b3835; font-family: Helvetica Neue, Helvetica, Roboto, Arial, sans-serif;"><span style="font-size: 14px; line-height: 14.9333px;">Intervento presso il Future Fest di Pescara </span></span><br />
<span style="color: #3b3835; font-family: Helvetica Neue, Helvetica, Roboto, Arial, sans-serif;"><span style="font-size: 14px; line-height: 14.9333px;">Tavola rotonda su Innovazione Finanziaria</span></span><br />
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<iframe allowfullscreen="" frameborder="0" height="420" marginheight="0" marginwidth="0" scrolling="no" src="//www.slideshare.net/slideshow/embed_code/key/1HhyNeqJooKTS" style="border-width: 1px; border: 1px solid #CCC; margin-bottom: 5px; max-width: 100%;" width="510"> </iframe> <div style="margin-bottom: 5px;">
<strong> <a href="https://www.slideshare.net/raffaele.mauro/innovazione-e-decentralizzazione-nella-finanza" target="_blank" title="Innovazione e decentralizzazione nella finanza">Innovazione e decentralizzazione nella finanza</a> </strong> from <strong><a href="https://www.slideshare.net/raffaele.mauro" target="_blank">Raffaele Mauro</a></strong> </div>
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<br />Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-37229683182662166202015-11-23T06:37:00.000-08:002016-01-09T06:48:28.091-08:00Cryptocurrencies, Blockchain & Smart Contracts: The New Wave of Decentralization<b>Cryptocurrencies, Blockchain & Smart Contracts: The New Wave of Decentralization</b><br />
November 2015<br />
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<span style="color: #3b3835; font-family: Helvetica Neue, Helvetica, Roboto, Arial, sans-serif;"><span style="font-size: 14px; line-height: 17.92px;">"Exponential Talk" at Business Integration Partners, Milan</span></span><br />
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<iframe allowfullscreen="" frameborder="0" height="420" marginheight="0" marginwidth="0" scrolling="no" src="//www.slideshare.net/slideshow/embed_code/key/IPf0ZcfDuwt1ts" style="border-width: 1px; border: 1px solid #CCC; margin-bottom: 5px; max-width: 100%;" width="510"> </iframe> <div style="margin-bottom: 5px;">
<strong> <a href="https://www.slideshare.net/raffaele.mauro/cryptocurrencies-blockchain-smart-contracts-the-new-wave-of-decentralization" target="_blank" title="Cryptocurrencies, Blockchain & Smart Contracts: The New Wave of Decentralization">Cryptocurrencies, Blockchain & Smart Contracts: The New Wave of Decentralization</a> </strong> from <strong><a href="https://www.slideshare.net/raffaele.mauro" target="_blank">Raffaele Mauro</a></strong> </div>
Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-51710949939003311782015-02-01T06:57:00.000-08:002016-01-09T06:58:13.621-08:00From Cryptoequity to Cryptocommons<span style="background-color: white; color: #3b3835; font-family: 'Helvetica Neue', Helvetica, Roboto, Arial, sans-serif; font-size: 14px; line-height: 17.92px;"><b>From Crypto Equity to Crypto Commons </b></span><br />
<span style="background-color: white; color: #3b3835; font-family: 'Helvetica Neue', Helvetica, Roboto, Arial, sans-serif; font-size: 14px; line-height: 17.92px;">January 2015</span><br />
<span style="background-color: white;"><br /></span>
<span style="background-color: white;"><span style="color: #3b3835; font-family: 'Helvetica Neue', Helvetica, Roboto, Arial, sans-serif; font-size: 14px; line-height: 17.92px;">Conference Presentation at the P2P Financial Systems Workshop </span><br style="box-sizing: inherit; color: #3b3835; font-family: 'Helvetica Neue', Helvetica, Roboto, Arial, sans-serif; font-size: 14px; line-height: 17.92px;" /><span style="color: #3b3835; font-family: 'Helvetica Neue', Helvetica, Roboto, Arial, sans-serif; font-size: 14px; line-height: 17.92px;">Bundesbank, Frankfurt</span><br style="box-sizing: inherit; color: #3b3835; font-family: 'Helvetica Neue', Helvetica, Roboto, Arial, sans-serif; font-size: 14px; line-height: 17.92px;" /><span style="color: #3b3835; font-family: 'Helvetica Neue', Helvetica, Roboto, Arial, sans-serif; font-size: 14px; line-height: 17.92px;">https://www.ecurex.com/p2pfisy/</span></span><br />
<span style="background-color: white;"><span style="color: #3b3835; font-family: 'Helvetica Neue', Helvetica, Roboto, Arial, sans-serif; font-size: 14px; line-height: 17.92px;"><br /></span></span>
<span style="background-color: white; font-size: 14px; line-height: 17.92px;"><span style="color: #3b3835; font-family: Helvetica Neue, Helvetica, Roboto, Arial, sans-serif;"><iframe allowfullscreen="" frameborder="0" height="420" marginheight="0" marginwidth="0" scrolling="no" src="//www.slideshare.net/slideshow/embed_code/key/DmIE8hlXT9YCYJ" style="border-width: 1px; border: 1px solid #CCC; margin-bottom: 5px; max-width: 100%;" width="510"> </iframe> </span></span><br />
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<span style="background-color: white; font-size: 14px; line-height: 17.92px;"><span style="color: #3b3835; font-family: Helvetica Neue, Helvetica, Roboto, Arial, sans-serif;"><strong> <a href="https://www.slideshare.net/raffaele.mauro/from-cryptoequity-to-cryptocommons" target="_blank" title="From Cryptoequity to Cryptocommons">From Cryptoequity to Cryptocommons</a> </strong> from <strong><a href="https://www.slideshare.net/raffaele.mauro" target="_blank">Raffaele Mauro</a></strong> </span></span></div>
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</span></span>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-67641210221440839082014-09-29T06:53:00.000-07:002016-01-09T06:53:42.904-08:00Food Startup Ecosystems<span style="color: #3b3835; font-family: Helvetica Neue, Helvetica, Roboto, Arial, sans-serif;"><span style="background-color: white; font-size: 14px; line-height: 17.92px;"><b>Food Startup Ecosystems</b></span></span><br />
<span style="color: #3b3835; font-family: Helvetica Neue, Helvetica, Roboto, Arial, sans-serif;"><span style="background-color: white; font-size: 14px; line-height: 17.92px;">June / September 2014</span></span><br />
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<iframe allowfullscreen="" frameborder="0" height="420" marginheight="0" marginwidth="0" scrolling="no" src="//www.slideshare.net/slideshow/embed_code/key/h2A2AA2Zw2Iaem" style="border-width: 1px; border: 1px solid #CCC; margin-bottom: 5px; max-width: 100%;" width="510"> </iframe> <br />
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<strong> <a href="https://www.slideshare.net/raffaele.mauro/food-startups-ecosystem-10-settembre" target="_blank" title="Food Startups Ecosystem ">Food Startups Ecosystem </a> </strong> from <strong><a href="https://www.slideshare.net/raffaele.mauro" target="_blank">Raffaele Mauro</a></strong> </div>
Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-87058931213839083152014-08-29T23:42:00.003-07:002014-08-29T23:42:38.776-07:00Ethereum: the decentralised platform that might displace today’s institutions<div>
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Originally published on <a href="http://policyreview.info/articles/news/ethereum-decentralised-platform-might-displace-todays-institutions/318">Internet Policy Review</a> - Written with <a href="https://cyber.law.harvard.edu/people/pdefilippi">Primavera De Filippi</a></div>
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Cryptocurrencies have now become commonplace in the online world. Although most of the media attention is focused on Bitcoin, Litecoin, Dogecoin, or other decentralised payment systems, the true revolution is happening at a much deeper level, one that does not involve only money. Bitcoin’s underlying technology - the “block chain” - has been adopted by many other applications with projects such as Maidsafe for distributed file storage, Twister or Bit-messaging for decentralised online communications, etc.</div>
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On 22 July 2014, a new cryptocurrency has become available on the market. After many months of preparation, Ethereum finally launched the pre-sale of its very own cryptocurrency - <em style="border: 0px; box-sizing: border-box; margin: 0px; padding: 0px; vertical-align: baseline;">Ether</em> - raising over 25.000 Bitcoin (approximatively $15.000.000) in less than two weeks. But what distinguishes Ethereum from other (more traditional) cryptocurrencies is that it provides a platform for the deployment of decentralised applications which have the potential to disrupt some of the most powerful organisations in advanced societies: those who instantiate financial and governmental institutions.</div>
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THE ROLE OF INSTITUTIONS</h2>
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An <em style="border: 0px; box-sizing: border-box; margin: 0px; padding: 0px; vertical-align: baseline;">institution</em> refers to any social structure in charge of governing the behaviour of individuals within a given community - such as law, money, religion, education, etc (Durkheim, 1985). This is generally achieved by means of formalised mechanisms of social order known as <em style="border: 0px; box-sizing: border-box; margin: 0px; padding: 0px; vertical-align: baseline;">organisations</em> - such as the government, the bank, the church, and so forth.</div>
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Institutions are needed to coordinate actions and stabilise expectations amongst a disparate set of individuals - two objectives that could, historically, only be achieved through hierarchical organisations and centralised forms of control.</div>
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The former (<em style="border: 0px; box-sizing: border-box; margin: 0px; padding: 0px; vertical-align: baseline;">coordination</em>) is achieved when there are efficient and effective interactions amongst a non-coordinated group of individuals - just like banks coordinate the savings and investments of multiple individuals and organisations.</div>
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The latter (<em style="border: 0px; box-sizing: border-box; margin: 0px; padding: 0px; vertical-align: baseline;">trust</em>) requires an organisation to be both accountable and sustainable over time. For instance, we expect banks to be responsible, and to operate with relatively predictable patterns over a long period of time.</div>
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The problem with institutions is not their function, but rather the centralised structure of the organisations that subtend them. Centralisation is costly because it relies on the aggregation of information for decision-making, which reduces the ability of such organisations to react promptly to their changing environment. Moreover, centralisation encourages the accumulation of resources and power in the hands of a few individuals, at the expense of less privileged groups.</div>
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<em style="border: 0px; box-sizing: border-box; margin: 0px; padding: 0px; vertical-align: baseline;">Can the core functions of institutions - coordination and trust - be achieved by means of decentralised applications, thus avoiding the costs of centralised control?</em></div>
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BITCOIN - DISRUPTING THE FINANCIAL INSTITUTION</h2>
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Let us take a look at how the financial system is affected by modern decentralised technologies. There has been a long history of pre-digital complementary currencies, such as the Bavarian “wära” and other Gesellian currencies, and multiple experiments were made during the 1990s and the early 2000s with new digital currencies, such as E-gold and the Liberty Dollar. Most of them failed because of scams, instability and scalability problems, some were even involved with massive money laundering regimes and eventually were shut down and/or seized.</div>
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Learning from previous failures, Bitcoin, as a decentralised cryptocurrency, represents a true discontinuity from the rest.</div>
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Created by the fictional character Satoshi Nakamoto, the Bitcoin network relies on basic cryptographic tools (such as public/private key encryption and digital signatures) to produce and maintain a decentralised public ledger (or “blockchain”) recording all transactions that have been made (and will be made) on the network. The validity and legitimacy of these transactions is verified through the process of “mining” - a process that relies on full transparency and peer-to-peer collaboration to overcome the coordination problems that are typical of decentralised networks (Nakamoto, 2008).</div>
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Contrarily to other virtual currencies, Bitcoin overcame several scams and attacks. In spite of the various incidents of theft due to the so-called <a href="https://freedom-to-tinker.com/blog/felten/understanding-bitcoins-transaction-malleability-problem/" style="border: 0px; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; vertical-align: baseline;">transaction malleability</a> (allowing for the unique ID of a Bitcoin transaction to be modified before it is confirmed on the Bitcoin network) and the recent <a href="http://www.wired.com/2014/08/isp-bitcoin-theft/" style="border: 0px; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; vertical-align: baseline;">BGP hack</a> (exploiting the Internet Border Gateway Protocol to redirect mining traffic to a malicious server), Bitcoin is still strong and alive. Indeed, most of these attacks are due not to a flaw in the Bitcoin protocol, but rather to a lack of understanding and poor security measures taken by Bitcoin users or exchanges.</div>
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Facing dramatic price swings and hostile regulatory environments (De Filippi, 2014a), the Bitcoin network coordinates today over tens of thousands of transactions per day, in a relatively efficient manner. The network reflects within its own system the qualities of coordination and trust: two features which are key to the success of many financial organisations and monetary systems.</div>
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Yet, Bitcoin constitutes a major change in comparison with previous payment systems to the extent that it enables true independence from centralised forms of control. By creating a trustless system (where strangers can interact without having to trust each other), Bitcoin shifted the focus of trust away from the financial institution, towards the technology underlying the network. In this way, Bitcoin has proven that it is possible to implement a working decentralised currency system that remains independent from governments and corporations.</div>
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But Bitcoin’s real innovation is not the currency itself. The Bitcoin blockchain can extend beyond the monetary realm, to support all forms of social, legal and political transactions (De Filippi, 2014b).</div>
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ETHEREUM - DISRUPTING SOCIAL AND POLITICAL INSTITUTIONS</h2>
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Thus far the most powerful example of blockchain-based application is Ethereum, an innovative platform that implements a turing complete scripting language (i.e., one that can solve any possible computational problem) on top of a decentralised cryptocurrency.</div>
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Ethereum builds upon the technology of Bitcoin to manage and coordinate different kinds of transactions in a trustless and distributed fashion (Buterin, 2014). While Bitcoin is limited to financial transactions, Ethereum can cover different types of transactions, provided that these can be ‘encoded’ into the blockchain. Financial instruments - such as insurance contracts or derivatives - can be translated into code so as to be understood and automatically enforced by the platform. Physical assets - such as smart phones or smart cars - can be linked to one or more cryptographic tokens that will determine both who owns them and who is entitled to use them. More generally, and perhaps most importantly, Ethereum can be used to regulate social interactions between individuals - such as an employer and its employees, or a licensor and its licensees - through a series of electronic agreements (i.e., smart-contracts) whose provisions can be automatically enforced by the underlying code of the platform; the mechanism by which the contract is defined (i.e., the code) is the same mechanism through which the contract is enforced.</div>
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As a result, Ethereum eliminates the need for trust between parties as well as the need for a centralised entity coordinating these parties. People can thus coordinate themselves, in a trustless (since the trust has been shifted onto the technology) and decentralised manner, without having to rely on the services of any third party institution - be it a corporate body or public institution.</div>
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Hence, what Bitcoin did to the financial system, Ethereum could do to the political system as a whole. In other words, if Bitcoin was designed as a decentralised alternative to counteract the corruption and inefficiency of the monetary system, Ethereum constitutes a decentralised alternative to the notion of the<em style="border: 0px; box-sizing: border-box; margin: 0px; padding: 0px; vertical-align: baseline;"> organisation</em> per se.</div>
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Through its decentralised application platform, Ethereum eliminates the need for people to rely on centralised authorities and traditional, top-down governance models, to experiment instead with novel forms of distributed governance where decision-making occurs at the edges of the network. In this sense<a href="http://en.wikipedia.org/wiki/Individual" style="border: 0px; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; vertical-align: baseline;">, E</a>thereum could contribute to supplanting centralised and hierarchical organisations with more decentralised (autonomous) organisations relying on contract-based coordination.</div>
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Today, Ethereum already appears to be a promising technology, at least considering the hype that has built up around it. Following the first two weeks of pre-sale, over 54.000.000 Ether have already been sold (worth almost $16.000.000 as of 1 August 2014). But the most interesting part has yet to come, as Ethereum’s official release will only happen during the last quarter of 2014. We are just witnessing today the emergence of new opportunities for individual emancipation and self-coordination.</div>
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Ethereum facilitates a new form of distributed private ordering between a decentralised network of peers, which significantly differs from the traditional regulatory mechanisms employed by centralised organisations and public authorities. In the future, we might be able to build decentralised organisations with distributed models of governance, independent legal systems, or perhaps even autonomously governed communities that would compete with both governments and corporations.</div>
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References</h2>
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Buterin, V. (2014). White Paper: A Next-Generation Smart Contract and Decentralized Application Platform. (Self-published). Available online at <a href="https://github.com/ethereum/wiki/wiki/%5BEnglish%5D-White-Paper" style="border: 0px; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; vertical-align: baseline;">https://github.com/ethereum/wiki/wiki/%5BEnglish%5D-White-Paper</a></div>
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De Filippi, P. (2014). Bitcoin: a regulatory nightmare to a libertarian dream. Internet Policy Review, 3(2). DOI: 10.14763/2014.2.286</div>
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De Filippi, P. (2014b). Tomorrow’s Apps Will Come From Brilliant (And Risky) Bitcoin Code. Wired, at<a href="http://www.wired.com/2014/03/decentralized-applications-built-bitcoin-great-except-whos-responsible-outcomes/" style="border: 0px; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; vertical-align: baseline;">http://www.wired.com/2014/03/decentralized-applications-built-bitcoin-great-except-whos-responsible-outcomes/</a></div>
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Durkheim, E. (1895). The Rules of Sociological Method. <em style="border: 0px; box-sizing: border-box; margin: 0px; padding: 0px; vertical-align: baseline;">Durkheim: The Rules of Sociological Method and Selected Texts on Sociology and Its Method</em>, 31-163. (1982).</div>
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Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. (Self-published). Available online at<a href="http://nakamotoinstitute.org/static/docs/bitcoin.pdf" style="border: 0px; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; vertical-align: baseline;">http://nakamotoinstitute.org/static/docs/bitcoin.pdf</a></div>
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Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-64355590019413020652014-01-12T09:24:00.001-08:002014-01-12T11:31:30.829-08:00The Y-Combinator model: High-potential accelerators and innovation ecosystems<div align="center" class="MsoNormal" style="text-align: center;">
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<span lang="EN-US" style="mso-ansi-language: EN-US;">Raffaele Mauro </span><a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftn1" name="_ftnref1" style="mso-footnote-id: ftn1;" title=""><b style="mso-bidi-font-weight: normal;"><sup><span lang="EN-US" style="font-family: Symbol; font-size: 16.0pt; mso-ansi-language: EN-US; mso-ascii-font-family: Cambria; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Cambria; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">*</span></span></sup></b></a><span lang="EN-US" style="mso-ansi-language: EN-US;"><o:p></o:p></span></div>
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<span lang="EN-US" style="mso-ansi-language: EN-US;">December 2013 - B</span>eta version</div>
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<span lang="EN-US" style="mso-ansi-language: EN-US;">Business accelerators are playing an
increasing role in the creation and growth of innovative companies. Y
Combinator, since its creation in 2005, emerged as the most successful
accelerator and launched billion-dollar valuation companies such as Dropbox or
Airbnb.<span style="mso-spacerun: yes;"> </span>The business history of Y
Combinator highlights the role of the surrounding ecosystem and the marked need
that was addressed by this typology of investor. Different accelerator models
are tailored to the maturity of the surrounding environment and the network
effects between local venture capital funds, angel investors, startups, public
and private R&D programs, universities, incubators and corporate
development policies. The paper explores Y Combinator’s history, specific
strategies and, from the evolutionary point of view, what components of its
model can be replicated in other innovation ecosystems.<o:p></o:p></span></div>
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<br /></div>
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<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="mso-ansi-language: EN-US;">JEL Classification: </span></b><span lang="EN-US" style="mso-ansi-language: EN-US;">L26, M13, G24, O31<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="mso-ansi-language: EN-US;">Keywords: </span></b><span lang="EN-US" style="mso-ansi-language: EN-US;">business accelerators, venture capital, innovation ecosystems.<o:p></o:p></span></div>
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<br /></div>
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<div class="MsoNormal" style="margin-bottom: 2.0pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="mso-ansi-language: EN-US;">Contents <o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 2.0pt;">
<span lang="EN-US" style="mso-ansi-language: EN-US;">1 - Introduction<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 2.0pt;">
<span lang="EN-US" style="mso-ansi-language: EN-US;">2 - Business case<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 2.0pt; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="mso-ansi-language: EN-US;">3 - Y Combinator
and the Silicon Valley ecosystem<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 2.0pt; text-align: justify; text-indent: 35.4pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="mso-ansi-language: EN-US;">3.1 History and Structure<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 2.0pt; text-indent: 35.4pt;">
<span lang="EN-US" style="mso-ansi-language: EN-US;">3.2 The role of the ecosystem and
the success factors<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 2.0pt; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="mso-ansi-language: EN-US;">4 – Entrepreneurship
Policy, Incubators and Ecosystems<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 2.0pt; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="mso-ansi-language: EN-US;">5- Conclusion<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 2.0pt; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="mso-ansi-language: EN-US;">References<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 2.0pt; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="mso-ansi-language: EN-US;">Appendix<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 2.0pt; margin-left: 35.4pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="mso-ansi-language: EN-US;">-Databases <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 2.0pt; margin-left: 35.4pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="mso-ansi-language: EN-US;">- Tables and Figures<o:p></o:p></span></div>
<br />
<span style="font-size: x-small;"><span class="MsoFootnoteReference" style="text-align: justify;"><span lang="EN-AU" style="font-family: Symbol;"><a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftnref1" name="_ftn1" title="">*</a></span></span><span lang="EN-AU" style="text-align: justify;"> Empedocle Maffia Fellow and MPA candidate at the Harvard Kennedy School, 79 JFK St., Cambridge MA 02139. Email: </span><a href="mailto:raffaele_mauro@hks14.harvard.edu" style="text-align: justify;"><span lang="EN-AU">raffaele_mauro@hks14.harvard.edu</span></a><span lang="EN-AU" style="text-align: justify;">. </span><span lang="EN-US" style="text-align: justify;">I thank Professor Calestous Juma for advice and support. </span></span><br />
<b><span lang="EN-US" style="font-family: Cambria; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;"><br /></span></b>
<b><span lang="EN-US" style="font-family: Cambria; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;"><br /></span></b>
<br />
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 2.0pt;">
<b><span lang="EN-US">1- Introduction<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">The aim of
this work is to show Y Combinator's business case and its relation with the surrounding ecosystem. This is intended as policy paper, with the objective of
informing public decision makers about the options to improve entrepreneurship
and innovation in their areas of operation. The methodological lens are the
ones of business history, structuring facts and narratives to make them
understandable with the contemporary theoretical debate. Y Combinator was
chosen because it is the most successful among the existing accelerators, the
model is therefore analyzed in its structure and evolution. Then, the findings
are applied to a broader context of other acceleration programs and policy
experiments. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">After the
burst of the dot-com bubble, and especially after the following years of
recovery, there was a new wave of accelerator programs in both advanced
economies and emerging markets. Business accelerators took advantage of the
reduced costs to create technology companies and approached the “lean startup”
model, with a focus on fast learning cycles and the quick delivery of minimum
viable products<a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftn2" name="_ftnref2" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Cambria; font-size: 12.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">[1]</span></span><!--[endif]--></span></a>. The most
effective programs addressed the specific difficulties of their economic
environments and innovation ecosystems.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">According to
the literature (Miller and Bound, 2011), accelerator programs are now a
fundamental part of developed innovation ecosystems. This is occurring because
the declining costs for building a startup, especially in the internet
industry, pressures investors to grasp market cycles that are faster in
comparison with the past. Most of the
incubators that were developed after 2005 have some key element in common with
the Y Combinator model (Gilani and Dettori, 2011), with average deals of $ 35k
to $ 50k, 6-10% equity stakes, 3 to 6 months programs, demo days and hands-on
support. It is now estimated the existence of 200 seed accelerators program worldwide
(Gilani and Dettori, 2011), including some of the traditional incubation
programs, but only 38 true and relevant acceleration programs.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">Y Combinator
qualifies as a "Model 2" incubator (Grimaldi and Grandi, 2005), with
a strong emphasis on mentorship and networking: this is an approach that it is
different in comparison with traditional incubations benefits related to real
estate and business services. “Model 1” incubators are aimed to strengthen the
perspectives for businesses focused on the local economy and with moderate
growth potential. This typology of incubators provide many forms of cost
reduction and the solution of logistical problems. On the contrary, “Model 2”
incubators are focused on high growth companies and are aimed at attracting
significant venture investments in a fast way. The latter typology, as Y
Combinator does, prepares the companies to deal with significant capital
injections and to solve scalability issues. More generally, there was a debate
related to the significance of the distinction between “incubators” and
“accelerators”, and the findings tend to go in the direction of a real
differentiation (</span>Van Huijgevoort, 2012).<span lang="EN-US"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">The
literature related to incubation programs is vast but the number of studies
specifically related to accelerator programs is not yet at this level. After
the classical papers (Cooper, 1985; Merrifield, 1987; Mian, 1996) and the work
made in the wake of new economy during the late ‘90s (Sherman 1999; Hansen et
al, 2000) a new wave of academic interest rose from 2009-10 onward. On the other hand, the fact that the majority
of the programs are focused on high potential startups allowed major news
coverage; some of the information is now aggregated in databases such as Crunch
Base, Seed-DB and CB Insights.<o:p></o:p></span></div>
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<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">2 - Business case<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Y Combinator
is one of the most successful acceleration programs in the world: it has the
most robust metrics in terms of funding, exits and company valuations (Table 4 and
Table 6 in the Appendix show respectively the YC’s aggregate performance and
the compared performance with other accelerators). In 2012 Forbes placed it first in its ranking of business
acceleration and incubation programs<a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftn3" name="_ftnref3" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria; font-size: 12.0pt; mso-ansi-language: EN-AU; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">[2]</span></span><!--[endif]--></span></a>. The initiative was created in 2005 by Paul
Graham, Jessica Livingston, Robert Morris and Trevor Blackwell. Since then Y
Combinator invested in 566 companies in the very early stage of their lifecycle
(Table 10 in the Appendix shows the complete list of YC companies from 2005
onward). The accelerator invested since 2005 over 9 million dollars in 17
semi-annual rounds; the target companies are mainly internet and mobile
companies, with over 40 sub-industries covered, with occasional investments in
other areas such as robotics, health and life sciences<a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftn4" name="_ftnref4" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria; font-size: 12.0pt; mso-ansi-language: EN-AU; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">[3]</span></span><!--[endif]--></span></a>.
The aggregate portfolio reached, according to the information disclosed by the
accelerator, a total valuation of $13.7 billion at the end of October 2013. The
estimates are calculated for the 306 companies with an assigned valuation, with
a $2 billion increase since June 2013. The growth in aggregate valuation is
mainly due to late stage fundraising of the most mature companies, with a
limited impact from the eight acquisitions that happened in same time range.
The $13.7 billion figure is almost doubled in comparison with the 2012 total
valuation of $7.78 billion.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">The average
valuation of Y Combinator startups is close to $45 million per company, but the
information is distorted by the “black swans” such as Airbnb. It is estimated
that 37 of over 500 start ups have a valuation of over $40 million. </span><span lang="EN-AU">According to the online accelerator database Seed-DB, Y Combinator
companies have collected over $1.65 billion in venture capital funding and
realized 73 exits, with a total cash value of $1.2 billion. In fact, according
to the own words of YC founder Pual Graham, their intention is to scale a
“black swan farming”, identifying teams with the potential for hyper-growth
when they have no metrics and are in the very early stage.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">As shown in Table
4 and Table 6 in the Appendix, this performance is remarkable and uncommon among
incubation programs, even considering the fact that the number is distorted by
the top two cases, Dropbox and Airbnb. Dropbox raised $250 million in venture
capital funding at a $4 billion valuation and Airbnb raised $113 million at a
$1.3 billion valuation (Table 8 in the Appendix lists the top 25 Y Combinator
companies in term of subsequent funding). In November 2013 the former was close
to a new valuation of $8 billion for his late stage round and also Airbnb is
now valued in the $2.5 billion range, with potential for future increase over
$10 billion in case of IPO. In comparison with other business accelerators and
incubators, Y Combinator demonstrated a unique capacity to generate “black
swans”, companies that generate extremely high returns in comparison with the
industry average, and what in the jargon are called “unicorns”, companies with
a valuation higher than $1 billion. Other companies are less popular but
successful, such as Stripe, Scribid, Posterious and Reddit, and some of them
had interesting exits such as Heroku, acquired by Saleforce for $212 million (Table
9 in the Appendix lists the top 25 Y Combinator companies in term of exit
value).<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US">3 - Y Combinator and the Silicon Valley
ecosystem<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US">3.1 History and Structure<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">Y Combinator
had different phases in its development and was itself a startup. As shown in
Table 1, YC evolved over time and aligned itself with the changes of the
surrounding ecosystem. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US">Table 1: Y Combinator’s growth phases and pivots, 2005-13. <o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div align="center">
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 137.65pt;" valign="top" width="138"><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Phase 1: <o:p></o:p></span></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Startup<o:p></o:p></span></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 153.8pt;" valign="top" width="154"><div align="center" class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: center;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">2005<o:p></o:p></span></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 164.95pt;" valign="top" width="165"><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Creation
of the program and first batch in Cambridge, MA.<o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 137.65pt;" valign="top" width="138"><div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Phase 2: <o:p></o:p></span></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Proof
of concept, <o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">first
growth curve<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 153.8pt;" valign="top" width="154"><div align="center" class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: center;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">2005-2008<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 164.95pt;" valign="top" width="165"><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Expansion
to Silicon Valley and growth, first successful exits.<o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 137.65pt;" valign="top" width="138"><div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Phase 3:<o:p></o:p></span></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">First
pivoting<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 153.8pt;" valign="top" width="154"><div align="center" class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: center;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">2009-2010<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 164.95pt;" valign="top" width="165"><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Partnership
with Sequoia Capital and restriction of the program only at the Silicon
Valley.<o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 137.65pt;" valign="top" width="138"><div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Phase 4: <o:p></o:p></span></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Second
growth curve<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 153.8pt;" valign="top" width="154"><div align="center" class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: center;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">2011-12<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 164.95pt;" valign="top" width="165"><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">The
Start Fund, led by Ron Conway and Yuri Milner, allowed in 2011 all of the
admitted companies to access $150,000 in convertible note at favorable
conditions. <o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 137.65pt;" valign="top" width="138"><div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Phase 5: <o:p></o:p></span></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Second
pivoting<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 153.8pt;" valign="top" width="154"><div align="center" class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: center;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">2012-onward<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 164.95pt;" valign="top" width="165"><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-left: 0cm; mso-add-space: auto; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Increased
selectivity and reduction of the additional funding to $80,000.<o:p></o:p></span></span></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Source:
Personal elaboration based on Y Combinator historical data, bibliography and YC
partners official communications. </span><span style="font-size: 11pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">The actual
form of Y Combinator is deeply rooted in the resources and constraints of the
Silicon Valley. That was not always case: the program started in Cambridge, one
of the initial labels was "Cambridge Seed", but then moved
permanently to Mountain View, California, with a greater focus on Silicon
Valley. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">Y
Combinator's ability to enable startups to grow very fast is a mixture of
several elements: personal reputation of the founders, serendipity
opportunities during the program, deep relations with top venture capital firms
such as Sequoia Capital, creation of an "hacker friendly" culture<a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftn5" name="_ftnref5" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Cambria; font-size: 12.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">[4]</span></span><!--[endif]--></span></a>,
proximity with all the resources of the Silicon Valley such as corporations
ready to make acquisitions, VC funds, specialized law firms and early adopters.
These elements increased in effectiveness over time and the accelerator
accumulated credibility with both entrepreneurs and investors. When there was a
manifestation of scalability problems, Y Combinator partners were effective in
resetting the direction and maintained the sustainability of the organization.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">During Phase
1, in 2005, the first batch consisted in only 8 startups, while in summer 2012
only the summer batch consisted in 80 startups. Up until 2012 Y Combinator was
funding 100+ startups per year, with a track record of 395 teams accepted in
the program since its inception. To address the growth in scale the original
partners, Paul Graham, Trevor Blackwell, Robert Morris and Jessica Livingston,
accepted new collaborators and extended the partnership to Geoff Ralston, Harj
Taggar and Paul Buchheit. When the accelerator reached a robust maturity stage,
in the 2011-12 phase, the biggest issue was the scalability of the program. Then,
in Phase 5, it was recognized an over-growth phenomenon, with decreased effectiveness
in supporting deals; therefore in </span><span lang="EN-AU">2012 the additional funding level was reduced from $150,000 to $80,000. Moreover,
the partners pushed for and increased selectivity rate: 47 companies were
accepted in the Summer 2013 batch in comparison with the 75 of the Winter 2013
batch. The selectivity rate has now
settled t at 2% level. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">In October
2013 Y Combinator opened a second office</span><span lang="EN-US"> in San Francisco and added new part-time
partners to its structure, reaching a total of 10 full time partners and 8
part-time partners. The partnership structure differentiates Y Combinator from
other institutions and generate a network of “employed mentors”. There was also
a change in the composition of the admitted companies: in the summer of 2013 Y
Combinator started backing no-profits, with an initial investment in Watsi, a
crowdfunding platform for medical are, and opening a specific application for
no-profit projects in Winter 2013. In
the same period, the accelerator replaced the Start Fund with a new vehicle,
the YC VC, backed by investors such as Yuri Milner and Andreesen Horowitz.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">From the
point of view of the acceleration package, Y Combinator offers to the founders
strong networking and mentoring resources, optimizing the program with standard
contractual terms, acceleration lifecycle and "graduation" with the </span><span lang="EN-AU">Demo Day. The initiative is
structured as a three months program, with a seed investment of $5,000 plus an
average additional $5,000 per founder, generally with an equity request from 2%
to 10%. The total investment is typically from $14,000 to $20,000 in exchange
for 6% of equity.</span><o:p></o:p></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">The
admission process at Y Combinator it is structured in two phases. The first one
is an application form with traditional questions about the startup project,
such as the description of the underlying customer pain and the existing
solutions, and some non-traditional ones focused on understanding team member’s
personalities and cultural fit. Emphasis is given to the "hacking"
mentality of the founders and their strength as a group. The second phase is an
interview: only 4% of the applicants reach this stage and then only half of the
respondents are admitted to the accelerator program. The interviews are short
in time, only 15 minutes, and are organized as a test of "fluid
intelligence", with the aim to understand if the entrepreneurial team will
be resilient when facing the frequent pivots that are likely in the first
phases of a startup life. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">After the
admission, the Y Combinator experience is organized around weekly meetings with
entrepreneurs, office hours with the partners and a constant pressure to
deliver the best presentations and products, with strong user growth metrics,
at the Demo Day<a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftn6" name="_ftnref6" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Cambria; font-size: 12.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">[5]</span></span><!--[endif]--></span></a>. The
latter occurrence is now one of the most important events in the Silicon Valley
and all major </span><span lang="EN-AU">investors
and observers of the Internet startup scene attend it.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US">3.2 The role of the ecosystem and the success
factors<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">Y Combinator
is part of the Silicon Valley's ecosystem, a "rain forest" that
provides fertile ground for company formation and scaling<a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftn7" name="_ftnref7" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Cambria; font-size: 12.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">[6]</span></span><!--[endif]--></span></a>.
The concept of ecosystem is fundamental to understand the positive
externalities that are available to investment firms and incubators. Several
operations of the venture investment cycle are easier within an highly
effective ecosystem: from due diligence to fundraising, from knowledge gathering
to exiting investments. For instance, research shows (</span>Hochberg et al.,
2007) <span lang="EN-AU">that there is a
significant network effect among investors and that better networked firms
perform syndicate investments with a superior performance.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">The role of
an accelerator within an ecosystem is twofold: first, from the investor side,
it provides a pipeline of high quality projects to venture capital funds,
reducing their due diligence costs and creating new opportunities for
investment. Second, from the entrepreneur side, it is a way to reduce the risk
of starting a business and turning an idea into a company. Moreover, the
"class experience" of the accelerator reduces both the transaction
costs, with the pre-structured deals, and reduces the risk in the case of the
startup failure, because the teams have not yet fully committed their careers
to the new venture. In the specific case of Y Combinator some of the biggest
venture capital funds, such as Sequoia Capital, integrated their dealflow
process with the accelerator and invested on a regular basis in the startups
presented in each batch. Moreover, Sequoia invested $2 million in 2009 in Y
Combinator itself, allowing the accelerator to increase significantly the
number of funded companies for each year. In 2010 the accelerator raised a
second $ 8.25 million from other partners with Sequoia Capital as lead
investor. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">There are
several reasons that are related to Y.C. outcomes and successes, some of them
are schematized in Table 2.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US">Table 2: Y Combinator’s success factors<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.3pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Reputation of the partners<o:p></o:p></span></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.35pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Most of the founders and partners of Y Combinator
have remarkable backgrounds and are on a recognizable position in their
domain of activity. Graham, Blackwell and Morris founded in the past Viaweb,
a company that was acquired by Yahoo in 1998. Graham was a reputed scholar in
the programming language Lisp, Morris crated the first Internet
"worm" and was the founder of the low cost robotics firm Anybot. <u><o:p></o:p></u></span></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.3pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Selection focused on high-scalability startups<o:p></o:p></span></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.35pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Most of the project accepted on Y Combinator have in
common a strong scalability potential, with the aim to reach big markets and
high growth rates. This qualifies Y Combinator as an extreme version of
"Model 2" incubators, according to the classification of Grimaldi
and Grandi<a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftn8" name="_ftnref8" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Cambria;">[7]</span></span><!--[endif]--></span></a>.<o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.3pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Proximity to Silicon Valley<o:p></o:p></span></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.35pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Y Combinator cannotbe conceived without the Silicon
Valley and the close relationship with universities, angel investors, venture
capitalists and specialized professional service firms. All the enablers are
in close proximity, for instance many Y.C. startups were acquired by Google,
which has the headquarter only 3.5 miles away.<o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.3pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Power of the alumni network<o:p></o:p></span></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.35pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Former Y Combinator attendees created a powerful
network that acts as a mentorship hub and, in some cases, supports new
companies with angel investments. The entrepreneurship cycle is therefore
accelerated with both knowledge transfer and a reduction of both cost and
time constraints to raise seed capital.<o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.3pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Engineered serendipity<o:p></o:p></span></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.35pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">One of the key elements of the innovation processes
is the random exchange and recombination of perspectives that occurs in
special places. The Y Combinator program is set to maximize the productivity
of the three months, creating an environment where the team are encouraged to
exchange ideas and change radically their projects during the work in
progress. <o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.3pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Hacker friendly environment<o:p></o:p></span></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.35pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">The focus of Y Combinator is placed in building
products and there is a culture that is appealing to engineers, where part of
the company creation has external help and it is heavily coached. The average
age of the founders is lower in comparison with other programs and the
interaction style is direct and informal.</span><u style="font-size: 11pt;"><o:p></o:p></u></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">One relevant
element from the ecosystem is that big players such as Google and Apple are
acquiring an increasing number of companies both for technology and talent
acquisition. They have now an open innovation strategy and are aware that most
of the technical talent and potential for disruption is located outside the
walls of their organizations. Some of them are pursuing aggressively these
opportunities: for instance Google acquired 131 companies from February 2001 to
November 2013. The process significantly increased during the last years and 73
out of 131 companies were acquired from 2010 onward. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Y Combinator
responded to a clear marked need from both venture capital firms and IT
companies involved in corporate development trough acquisitions. As shown in Table 5 in the Appendix, between
the companies funded by Y Combinator, 9 startups were acquired by Google, 7 by
Facebook, 4 by Twitter, 2 by Motorola, 2 by Apple and several other by the
other big players of the information technology industry such as Amazon,
Likedin, Zynga, Groupon and Yahoo. In fact, often the high growth layer of Y
Combinator-backed companies served as acquirer for the younger ones in the deal
pipeline, with companies such as Dropbox and Reddit beginning to acquire new
startups such as Snapjoy and TapEngage, in the case of the former, or Infogami,
in the case of the latter. Sometimes big companies outside the tech industry
acquired Y Combinator companies in order to be better positioned in the digital
industry, one example is the Reddit acquisition from the media group Condé
Nast. The large number of acquisitions
and the limited role for IPO’s is a long standing inheritance of the dotcom
bubble, according to some observers Silicon Valley has not yet completely
recovered and the investor community remains cautious in front of new public
offerings (Beltramini, 2013).<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US">4 - Entrepreneurship Policy, Incubators and
Ecosystems<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">There is a growing
interest in entrepreneurship policy and the creation of accelerators as a tool
to foster innovation and economic growth. Technological innovation and entrepreneurship
are now largely considered as crucial elements for the competitiveness and
prosperity of nations. Since the Schumpeter’s early reflections on economic
cycles, high potential ventures and the underlying process of marked disruption
were placed at the center of the economic growth in modern economies.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Venture investments
impact both the macro scale, in terms of job creation and economic growth, and
the micro-economic level, increasing the profitability of backed companies.
Moreover, a mature venture capital industry has significant spill over in terms
of increasing the skill premium and helping to create incentives for
technological innovation.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">In the US, from 1970 to
2008, each dollar invested in venture capital created 6.36$ of revenue, venture
backed companies generated 21% of US GDP and contributed to 11% of the total
employment in the private sector (NVCA – HIS Global Insight, 2009). The
Kauffman Foundation studies show that the top 1% high growth companies created
40% of the new jobs in the American economy (Stangler, 2010). Before the global financial crisis, 6-7
billion Euros were invested in VC each year in Europe. It is estimated that in
Europe more than one million people were employed in venture backed companies
and the compounded growth of employment, from 1997 to 2004, in European
VC-backed companies reached 2.4%,
compared to 0.7% in other companies</span><span class="MsoFootnoteReference"><span lang="EN-US"> </span></span><span lang="EN-US"> (EVCA, 2005 and 2002). Even if the effect of VC funds on company
innovation levels on the post-investment stage is questioned (Caselli, Gatti
and Perrini, 2009), the impact on performance is robust and measured in several
markets.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">These scenarios
attracted the interest of policy makers and created the case for governmental
intervention. Past cases of positive public programs that created successful
innovation ecosystems were, in different time phases and with different
industry specialization, the Silicon Valley, Singapore, Tel Aviv-Wadi cluster
in Israel, Bangalore and the </span>Zhongguancun <span lang="EN-US">cluster. Nevertheless, </span><span lang="EN-US">most of the attempts to replicate the success
of the Silicon Valley had limited performance. </span><span lang="EN-US">There are several cases with mixed evidence there are “horror stories”,
such as Kansas Investment Fund and the KPERS (Kansas Public Employees
Retirement Fund) activities, where public or citizen’s money was wasted and
there was a clear misallocation of capital.</span><o:p></o:p></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">From the
policy side, in order to replicate the success of accelerator programs such as
Y Combinator, the major challenge is the absence or immaturity of some
components of the surrounding ecosystem. As pointed in the literature<a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftn9" name="_ftnref9" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Cambria; font-size: 12.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">[8]</span></span><!--[endif]--></span></a>,
the vast majority of public efforts to promote venture capital and
entrepreneurship had poor results: the most common error is the combination of
a lack of acknowledgement of the specific characteristics of the target regions
and an excessive distortion of market mechanisms, for instance with geographic
restrictions in fundraising an hiring. </span><span lang="EN-US">Another significant element is the need to develop the whole financial
systems, empowering all the financial institutions needed in the company
lifecycle<a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftn10" name="_ftnref10" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Cambria; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast;">[9]</span></span><!--[endif]--></span></a>. One
of the most successful models of government intervention, designed to develop
the capitalization of venture capital funds without distorting market
incentives, is the creation of “hybrid funds”, government backed funds of funds
(FoFs) that invest in venture capital funds<a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftn11" name="_ftnref11" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Cambria; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast;">[10]</span></span><!--[endif]--></span></a>.</span><span lang="EN-US"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">An
additional challenge is the fact that the availability of technical talent,
capital, tacit knowledge and potential buyers in Silicon Valley is not common
in other parts of the world, even within the United States. Therefore policy
challenges will be different for each innovation ecosystem and the Y Combinator
model cannot be copied in its original form. On the other hand, from the point
of view of human capital, the "war for talent" in the second part of
the 2000's decade expanded significantly for software engineering roles. Even
with a weak macroeconomic context, due to the financial crisis and the
following slow recovery, the compensation for these positions is driven up by
the very high demand from technology companies and the expanded number of
Internet startups. Therefore, high
quality talent is often wiped out of the market and some of the best people, in
terms of a combination of up to date technical talent and pro-active mindset,
are “acqui-hired” trough the acquisition of startups. This is also an
opportunity for other areas of the world where technical talent can be involved
at low cost.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">There are
several cases of acceleration programs that are trying to model part of Y
Combinator success and some example are discussed here. The cases presented in
Table 3 are not reflective of the whole accelerator/incubator landscape in
general, but they have in common the focus on startups with high-scalability
potential and are considered among the most successful ones. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US">Table 3: Examples of successful accelerators<o:p></o:p></span></b></div>
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.3pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Techstars<o:p></o:p></span></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.35pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Acceleration program with multiple locations:
Boulder, New York, San Antonio, Seattle, Boston. The essential elements are
the mentorship support and a $ 100,000 convertible note given to each startup
from a syndicate of VCs. The initiative is very selective, with 1% acceptance
rate, and in comparison with other incubators publish publicly its metrics:
among the 137 companies admitted to the program from 2007 to 2012, 90%
received funding, 16 failed, 18 were acquired and 98 are alive. <o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.3pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Seedcamp<o:p></o:p></span></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.35pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">It is considered the major European accelerator
program, based in London but with a strong international focus. It has a
structure more suited to less developed ecosystems, it has a rolling
application process and provides €50,000, office space and mentoring in
exchange for 8-10% equity stakes. From 2007 to 2012 73 companies were
accepted and 80% received funding after the program, <o:p></o:p></span></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.3pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Startup
Chile<o:p></o:p></span></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 244.35pt;" valign="top" width="244"><div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Six-month program created by the Chilean government
that provides funding to approximately 100 startups each year. It is aimed to
attract foreign entrepreneurs; the teams that pass the selection are awarded
with $40,000 of funding, a networking program and a one-year visa. The
program is based on a strong connection with the Silicon Valley ecosystem and
has both the objective to promote innovation internally and build links with
the world markets.</span><u style="font-size: 11pt;"><o:p></o:p></u></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US" style="line-height: 150%;"><span style="font-size: x-small;">Sources:
Techstars, Seedcamp and Startup Chile datasets.</span><span style="font-size: 11pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<span lang="EN-US">The top business
accelerators add value to their companies in a measurable way (Hoffman, R</span>adojevich-Kelley,
<span lang="EN-AU">2012): accelerator-backed
companies tend to acquire subsequent funding rounds much earlier than other
companies and, on the same time, have an higher risk/return profile with an
higher probability of a successful exit. On the other hand, the same companies
have concurrently an higher probability of failure (Smith t al, 2013), putting
the accelerated startups in a “high success or failure” track.</span><span lang="EN-AU"> </span><span lang="EN-AU">O</span><span lang="EN-US">ne of the most common criticism is also
that accelerator programs had often poor performance in their aggregate
portfolios and only few, such as Y Combinator, fulfilled the promise of
building companies with valuations greater than $1 billion. None of them was
able to generate, up until now and including Y Combinator, “super-unicorns"<a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftn12" name="_ftnref12" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Cambria; font-size: 12.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">[11]</span></span><!--[endif]--></span></a>,
technology companies with valuations greater than $100 billion such as Google,
Facebook, Apple and Microsoft. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<span lang="EN-US">One of the reasons for
the success of the Y Combinator model is shown in historical structure based
subsequent pivots and adaptations: the constant evolution of the incubator
helped its performance and was aligned with the rapid changing structure of the
Silicon Valley ecosystem. For instance, in the most recent pivots in 2012 and
2013 involved the adaptation of the program to the new Silicon Valley landscape:
the new context is characterized by a limited number of series A rounds in
comparison with the number of companies funded per year, especially in the
consumer internet area, with on the same time an increase of the average
valuations that doubled from 2010 to 2013<a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftn13" name="_ftnref13" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Cambria; font-size: 12.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">[12]</span></span><!--[endif]--></span></a>.
<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">As shown in
Table 7 and Figure 1 in the Appendix, from 2003 to 2013, in the USA 39
companies reached a $1 billion dollar valuation. The figure could be larger,
given the fact that recently founded companies will often need a five year
window in order to develop fully their potential<a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftn14" name="_ftnref14" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Cambria; font-size: 12.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">[13]</span></span><!--[endif]--></span></a>.
Y Combinator produced 2 out of these 39 companies: Dorpbox, from the summer
2007 batch, and Airbnb, from the Winter 2009 batch. Other companies, such as Stripe, from the
Summer 2010 batch, are likely to join the club of the companies valued over $1
billion (Table 7 and Figure 1 in the Appendix list the US software companies
founded between 2003 and 2013 with valuation higher than $1 billion).<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">The
performance of the Y Combinator model does not imply that it must be copied
completely. Incubators in aggregate demonstrated the skewed return distribution
and time consistency that is typical of VC funds (Kaplan, Schoar 2005), leaving
space for new players mainly if specialized in market niches or if associated with
highly differentiated investment strategies. Moreover, new experiments such as
funding platform like AngelList and the crowdfunding regulation related to the
JOBS Act in 2012-13 are changing the landscape and will potentially disrupt
low-tier investors. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<span lang="EN-US">On one hand, most of the
modern accelerators were born after 2005 and it is still to early to drive
conclusions, on the other hand there is enough empirical evidence to </span><span lang="EN-AU">say that most of these structures
will not generate big hits. The first element is that several highly successful
companies, such as Square, Quora, Palantir, Zynga and Evernote, were created by
serial entrepreneurs. These actors have
a higher probability to build successful companies (Gompers et al., 2006) and,
by definition, they do not need the help of an accelerator. Moreover, the
network effects and the location effects are extremely powerful factors in the
growth of technology companies. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<span lang="EN-AU">In the accelerator</span><span lang="EN-US"> space there are the same Paretian distributions
and power law typical of the venture capital industry: the top 1% incubators,
such as TechStars and Y Combinator, are attracting most of the high-quality
dealflow, leveraging their capacity to attract the best entrepreneurs (Isabelle
D. 2013) and letting few space for the new incubators. The latter tend do be successful when they
specialize in industry verticals, such as medical technology in the case of
RockHealth or hardware in the case of Lemnos Labs, of for specific
underrepresented demographics, such as women or minorities such as NewME. A new
wave of accelerators related to social business and impact investing is also
confirming some of the key characteristics of the YC model, such as the key
role of partner selection and selectivity (Barn et al, 2013). It is also shown from most of the datasets
that top accelerators are generating most of the new job positions, and also
for this metric Y Combinator is placed at the first position among similar
programs<a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftn15" name="_ftnref15" title=""><span class="MsoFootnoteReference"><!--[if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-US" style="font-family: Cambria; font-size: 12.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">[14]</span></span><!--[endif]--></span></a>. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">Public sponsored
programs often demonstrated difficulties in their implementation and promoted
distorted incentives: one of the most common errors is to replicate practices
that worked in other areas without taking account the local market needs. </span><span lang="EN-US">One of the best cases of public funded acceleration programs is Startup
Chile. One of the key ideas of the program is related to the creation of hubs
of talented entrepreneurs with a global mind set, an approach aimed to create
the minimum critical mass for the creation of a private innovation ecosystem.
Therefore, the Startup Chile attempted to attract 1,000 high-tech startups in
four years with an overall cost of $40 million. The impact was significant: a
country that was known for traditional industries or for its troublesome
political history is now considered one of the hubs of global entrepreneurship.
It is too early to wholly assess the performance of the program, we know that
from the first year batch 55% of the startups are now profitable or were able
to raise funding. If this performance will be consistent in the future, it will
be a remarkable result for a government sponsored program, even if the outcomes
will be lower in comparison with the top private incubators. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">Startup
Chile is an interesting example of global talent pooling, a mechanism were a
country was able to attract people that otherwise would have been
under-utilized in their respective countries or would have migrated to the
traditional innovation hubs. Startup Chile attracted human capital and build an
investment hub, something very similar to the Y Combinator key elements, but
generated a longer and more structured program that was tailored to the
specific characteristics of the local business environment.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US">5 - Conclusion <o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">From the
business history perspective, the Y Combinator model succeeded thanks to its
capacity to evolve rapidly and change its strategic direction in at least two
phases of its development. Moreover, Y Combinator integrated effectively with
the surrounding environment because not only leveraged its existing strengths
but compensated the scarce elements in its ecosystem. In particular, the
market, in this case VC funds and corporate development offices of big IT
players, needed an high quality dealflow of small companies with proven metrics
and robust growth rates. These elements
are easy to build in the Silicon Valley ecosystem, but in other environments
there are additional challenges to be addressed. The policy maker must accept
the fact that longer programs, different acceleration packages and training are
fundamental elements in less mature ecosystems.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">Successful
examples around the world, such as Techstars, Seedcamp and Startup Chile have
elements in common with the YC model but they are structured with their own
DNA. In particular, the key similarity
between Startup Chile and Y Combinator is the extreme focus on attracting the
best human capital on a global scale and the design of the program, structured
to combine the best elements of the local ecosystem and supplying the missing
ones externally. It is too early to see if Startup Chile, as a government
program, will show the same evolutionary properties of Y Combinator. The dynamic
approach should be a key element of the structure of future incubator programs:
the ability to pivot and to maintain complementarity with the surrounding
ecosystem are fundamental aspects to
reach success.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">It is
debated if the role of public policy should be to create “black swans” with
disproportionate returns in comparison with average deals. The alternative view
stands for the public as the catalyzer to the creation for average, but
sustainable, companies. From this point of view, the search for
disproportionate returns should be left to private investors. Moreover, the
chances for the creation of very high growth companies are higher in the
ecosystems where the hubs of technical talent and capital are already formed.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">There are
also other limitations to the startup enhancing programs: they can accelerate
investments bubbles and distort incentives, for instance deviating resources
from other industries were a specific country can benefit most. But, on the
other hand, the positive externalities for the creation of entrepreneurial hubs
are significant and seed accelerators are increasingly considered part of mature
innovation systems. Moreover, even if most of the accelerators are unable to
systematically build $1 billion companies, they can became the focal point for
the evolution of local innovation ecosystems and add significant value.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">Successful
entrepreneurship policies should acknowledge that the most successful startup
and teams are "born global" and that there is the need to compensate
the specific limitations of the target region of the program. The experience of
private accelerators such as Y Combinator and public seed programs such as
Startup Chile tells us that it is possible to create new institutions to
promote innovation in a relatively fast way. They are experiments, some of them
will fail, but this exploration process will provide guidance for the evolution
of innovation ecosystems in other geographical areas.<o:p></o:p></span></div>
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<br /></div>
<br />
<div id="ftn2">
<div class="MsoNormal" style="text-align: justify;">
<a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftnref2" name="_ftn2" title=""><span class="MsoFootnoteReference"><span lang="EN-AU"><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria;"><span style="font-size: x-small;">[1]</span></span></span></span></span></a><span style="font-size: x-small;"><span lang="EN-AU"> The popularization of the lean start-up concept has its most significant example with Reis Eric, <i>The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses, </i></span><span lang="EN-AU" style="background-color: white; color: #333333;">Crown Business, 2011.</span></span></div>
</div>
<div id="ftn3">
<div class="MsoFootnoteText" style="text-align: justify;">
<span style="font-size: x-small;"><a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftnref3" name="_ftn3" title=""><span class="MsoFootnoteReference"><span lang="EN-AU"><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria;">[2]</span></span></span></span></a><span lang="EN-AU"> VV.AA., "The Mida's List - 2012" Top Tech Investors, <i>Forbes</i>, May 2012.<o:p></o:p></span></span></div>
</div>
<div id="ftn4">
<div class="MsoFootnoteText" style="text-align: justify;">
<span style="font-size: x-small;"><a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftnref4" name="_ftn4" title=""><span class="MsoFootnoteReference"><span lang="EN-AU"><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria;">[3]</span></span></span></span></a><span lang="EN-AU"> Data are available from Y Combinator, CrunchBase, YC Universe, CB Insights and Seed-DB.<o:p></o:p></span></span></div>
</div>
<div id="ftn5">
<div class="MsoFootnoteText" style="text-align: justify;">
<span style="font-size: x-small;"><a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftnref5" name="_ftn5" title=""><span class="MsoFootnoteReference"><span lang="EN-AU"><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria;">[4]</span></span></span></span></a><span lang="EN-AU"> Meaning that YC partners pushed for a culture focused on engineering and experimentation, with the aim to build product and services with strong growth metrics and fast iteration cycles.<o:p></o:p></span></span></div>
</div>
<div id="ftn6">
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: x-small;"><a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftnref6" name="_ftn6" title=""><span class="MsoFootnoteReference"><span lang="EN-AU"><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria;">[5]</span></span></span></span></a><span lang="EN-AU"> There are very good narrative accounts of the YC experience, such as Randall's <i>Inside Y Combinator, Silicon Valley's Most Exclusive School for Startups</i>, and some attempts to systematize the fragmented sources of information, as Jed Christiansen work. The founders of Y Combinator are themselves prolific bloggers and many of the companies that participated at the program released accounts of their experience.<o:p></o:p></span></span></div>
</div>
<div id="ftn7">
<div class="MsoFootnoteText" style="text-align: justify;">
<span style="font-size: x-small;"><a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftnref7" name="_ftn7" title=""><span class="MsoFootnoteReference"><span lang="EN-AU"><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria;">[6]</span></span></span></span></a><span lang="EN-AU"> Hwang Victor W., Horowitt Greg, <i>The Rainforest: The Secret to Building the Next Silicon Valley</i>, Regenwald, 2012, pp.31-33.<o:p></o:p></span></span></div>
</div>
<div id="ftn8">
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: x-small;"><a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftnref8" name="_ftn8" title=""><span class="MsoFootnoteReference"><span lang="EN-AU"><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria;">[7]</span></span></span></span></a><span lang="EN-AU"> Grimaldi Rosa, Grandi Alessandro, "Business Incubation and New Venture Creation", <i>Technovation, </i>n°25, 2005, pp. 111-121.<i><u><o:p></o:p></u></i></span></span></div>
</div>
<div id="ftn9">
<div class="MsoFootnoteText" style="text-align: justify;">
<span style="font-size: x-small;"><a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftnref9" name="_ftn9" title=""><span class="MsoFootnoteReference"><span lang="EN-AU"><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria;">[8]</span></span></span></span></a><span lang="EN-AU"> Lerner Josh, <i>Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed--and What to Do About It</i>, Princeton University Press, 2009.<o:p></o:p></span></span></div>
</div>
<div id="ftn10">
<div class="MsoFootnoteText" style="text-align: justify;">
<span style="font-size: x-small;"><a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftnref10" name="_ftn10" title=""><span class="MsoFootnoteReference"><span lang="EN-AU"><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria;">[9]</span></span></span></span></a><span lang="EN-AU"> For a description of the Italian Case, see Gervasoni Anna, Bollazzi Francesco, “Developing venture capital activity to promote entrepreneurial competitiveness: Italy’s case history”<i>, Sinergie</i> Nr. 87, January-April 2012.<i><o:p></o:p></i></span></span></div>
</div>
<div id="ftn11">
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: x-small;"><a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftnref11" name="_ftn11" title=""><span class="MsoFootnoteReference"><span lang="EN-AU"><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria;">[10]</span></span></span></span></a><span lang="EN-AU"> For a comprehensive assessment, Murray G., Cowling M, Liu W., Kalinowska-Beszcynska O., <i>Government co-financed ‘Hybrid’ Venture Capital programmes: generalizing developed economy experience and its relevance to emerging nations, </i>Kauffman International Research and Policy Roundtable, Liverpool, 11-12 March 2012.<i> </i> Look also Feola Rosangela, <i>I fondi misti di venture capital</i>, Convegno Aidea Giovani - “L’Innovazione nella Pubblica Amministrazione: Teoria e Prassi”, Università di Roma Tor Vergata, 15 July 2005. For a discussion of the recent Italian experiment with the Fondo Italiano di Investimento, look at Montanino Andrea, Sattin Fabio, <i>Il nuovo Fondo Italiano di Investimento per le PMI: una riflessione generale</i>, EntER - Centre for research on Entrepreneurship and Entrepreneurs, Università Bocconi, WP n°1, 2010.</span></span></div>
</div>
<div id="ftn12">
<div class="MsoFootnoteText" style="text-align: justify;">
<span style="font-size: x-small;"><a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftnref12" name="_ftn12" title=""><span class="MsoFootnoteReference"><span lang="EN-AU"><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria;">[11]</span></span></span></span></a><span lang="EN-AU"> The expression was coined by Lee Ailen, <i>Welcome To The Unicorn Club: Learning From A-Dollar Startups, </i>TechCrunch, 2 November 2013.<o:p></o:p></span></span></div>
</div>
<div id="ftn13">
<div class="MsoFootnoteText" style="text-align: justify;">
<span style="font-size: x-small;"><a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftnref13" name="_ftn13" title=""><span class="MsoFootnoteReference"><span lang="EN-AU"><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria;">[12]</span></span></span></span></a><span lang="EN-AU"> PitchBook, Venture Capital Database.<o:p></o:p></span></span></div>
</div>
<div id="ftn14">
<div class="MsoFootnoteText" style="text-align: justify;">
<span style="font-size: x-small;"><a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftnref14" name="_ftn14" title=""><span class="MsoFootnoteReference"><span lang="EN-AU"><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria;">[13]</span></span></span></span></a><span lang="EN-AU"> Wilson Fred, <i>The Billion Dollar Valuation Club</i>, AVC blog, 3 November 2013.<i><u><o:p></o:p></u></i></span></span></div>
</div>
<span style="font-size: x-small;"><span lang="EN-US" style="font-family: Cambria; line-height: 150%;"></span></span><br />
<div id="ftn15">
<div class="MsoFootnoteText" style="text-align: justify;">
<span style="font-size: x-small;"><a href="https://www.blogger.com/blogger.g?blogID=4966363295370333495#_ftnref15" name="_ftn15" title=""><span class="MsoFootnoteReference"><span lang="EN-AU"><span class="MsoFootnoteReference"><span lang="EN-AU" style="font-family: Cambria;">[14]</span></span></span></span></a><span lang="EN-AU"> Seed-DB collects information on start-up employment, but data related to the workforce levels in new companies are hard to collect and often not reliable.</span></span></div>
</div>
<span lang="EN-US" style="font-family: Cambria; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;"><br /></span>
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<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US">References<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 17.85pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">VV.AA., <i>Accelerating Success: A Study of Seed Accelerators and Their Defining
Characteristics</i>, Chalmers Institute of Technology, 2012.<i><o:p></o:p></i></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">VV.AA., "The Mida's List -
2012" Top Tech Investors, <i>Forbes</i>,
May 2012.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 21.25pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">A.A.V.V., <i>Venture Impact: The Economic Importance
of Venture Capital-Backed Companies to the U.S. Economy, </i>National Venture
Capital Association - IHS Global Insight, 2009.<o:p></o:p></span></div>
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<span lang="EN-US">VV.AA., <i>Employment contribution of Private Equity
and Venture Capital and Europe</i>, EVCA Research Paper, November, 2005.<o:p></o:p></span></div>
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<span lang="EN-US">VV.AA., <i>Survey of the Economic and Social Impact of
Venture Capital in Europe</i>, EVCA Research Paper, June 2002.<o:p></o:p></span></div>
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<span lang="EN-AU">Baird Ross, Bowles Lily, Lall
Saurabh, <i>Bridging the “Pioneer Gap”: The
Role of Accelerators in Launching High-Impact Enterprises, </i>Village Capital,
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<span lang="EN-AU">Ben-Ari Guy, Vonortas S. Nicholas,
"Risk financing for knowledge-based enterprises: mechanisms and policy
options", <i>Science and Public Policy</i>,
34(7), August 2007, pp. 475–488.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Barrehag Lisa, Fornell Alexander,
Larsson Gustav, Mårdström Viktor, Westergård Victor, Wrackefeldt Samuel, <i>Accelerating Success: A Study of Seed
Accelerators and Their Defining Characteristics, </i>Chalmers University of
Technology.<o:p></o:p></span></div>
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<span lang="EN-AU">Beltramini Enrico, “Tech Entrepreneurship in the Post-dotcom Bubble Era.
The Case of Early Stage Start-ups in Silicon Valley”<i>, Journal of Economic Philosophy</i>, 2013, 1(2), </span><span lang="EN-AU" style="font-family: "Times New Roman"; mso-ansi-language: EN-AU;">24-3.</span><span lang="EN-AU"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Bugamelli Matteo, Cannari Luigi, Lotti Francesca,
Magri Silvia, <i>Radici e possibili rimedi
del gap innovative del sistema produttivo Italiano</i>, Banca d’Italia, Aprile
2011.</span><span lang="EN-AU"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Caselli Stefano, Gatti Stefano,
Perrini Francesco, “Are Venture Capitalists a Catalyst for Innovation?”, <i>European Financial Management</i>, Vol. 15,
No. 1, 2009, 92–111.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Christensen L. Jesper, "The
Development of Geographical Specialization of Venture Capital", <i>European Planning Studies</i> Vol. 15, No.
6, July 2007.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Christiansen Jed D., <i>Copying Y Combinator: A Framework For
Developing Seed Acceleration Programs, </i>Copenhagen Business School,<i> </i>2009.<i><o:p></o:p></i></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Cooper Arnold C.,</span><span lang="EN-AU"> </span>“<span lang="EN-AU">The role
of incubator organizations in the founding of growth-oriented firms”, <i>Journal of Business Venturing</i>, Volume 1,
Issue 1, Winter 1985, Pages 75–86.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Hochberg Yael V. and Kamath Kristen,
<i>U.S. Seed Accelerator Rankings</i>,
Kellogg School of Management, Northwestern University, 2012.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Hoffman David Lynn,
Radojevich-Kelley Nina, “Analysis of
Accelerator Companies: An Exploratory Case Study of Their Programs, Processes,
and Early Results”, <i>Small Business Institute
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<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Hwang Victor W., Horowitt Greg, <i>The Rainforest: The Secret to Building the
Next Silicon Valley</i>, Regenwald, 2012.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Feola Rosangela, <i>I fondi misti di venture capital</i>,
Convegno Aidea Giovani - “L’Innovazione nella Pubblica Amministrazione: Teoria
e Prassi”, Università di Roma Tor Vergata, 15 July 2005.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Gervasoni Anna, Bollazzi Francesco, “Developing
venture capital activity to promote entrepreneurial competitiveness: Italy’s
case history”<i>, Sinergie </i>Nr. 87,
January-April 2012.<i><o:p></o:p></i></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Gilani Aziz, Dettori Gianluca, <i>Incubators in US and Europe - Speed and
Scale in Capital Formation</i>, Kauffman Fellows Program, 2011. <i><u><o:p></o:p></u></i></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Gompers Paul, Kovner Anna, Lerner
Josh, Scharfstein David, “Skill vs. Luck in Entrepreneurship and Venture Capital:
Evidence from Serial Entrepreneurs”<i>, Journal
of Financial Economics</i> 96, 2010, 18-32.</span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span style="text-indent: 18pt;">Graham Paul,</span><i style="text-indent: 18pt;"> How Y Combinator
started,</i><span style="text-indent: 18pt;"> March 2012. </span><span style="text-indent: 18pt;">http://ycombinator.com/start.html</span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; text-align: justify; text-indent: 18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US">Graham Paul, <i>Y Combinator Numbers</i>,
June 2011. http://ycombinator.com/nums.html<u><o:p></o:p></u></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Grimaldi Rosa, Grandi Alessandro,
"Business Incubaton and New Venture Creation", <i>Technovation, </i>n°25, 2005, 111-121.<i><u><o:p></o:p></u></i></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
Grimaldi
Rosa e Sobrero Maurizio (2000), "Le strutture a supporto della creazione
di nuove imprese", in Lipparini, A. e Lorenzoni, G. (eds.), <i>Imprenditori </i>e <i>Imprese, </i>Il Mulino, Bologna (Bologna, ISBN 88-15-07422-8). <o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Hansen, M.T., H.W. Chesbrough, N.
Nohria, and D.N. Sull (2000). “Networked Incubators: Hothouses of the New
Economy,” <i>Harvard Business Review</i>, 78
(5), 74-84. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Hochberg Yael, Ljungqvist Alexander,
Lu Yang, “Whom You Know Matters: Venture Capital Networks and Investment
Performance”, <i>Journal of Finance</i>, 62,
2007, 251–302.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Isabelle Diane A., “Key Factors Affecting a Technology
Entrepreneur's Choice of Incubator
or Accelerator”, <i>Technology Innovation Management Review</i>, February 2013, 16-22.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Kaplan Steven, Schoar Antoniette, “Private
Equity Performance: Returns, Persistence, and Capital Flows”, <i>Journal of Finance</i>, vol. 60(4), pages
1791-1823, 08.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Lee Ailen, <i>Welcome To The Unicorn Club: Learning From Billion-Dollar Startups, </i>TechCrunch,
2 November 2013.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Lerner Josh, <i>Boulevard of Broken Dreams: Why Public Efforts to Boost
Entrepreneurship and Venture Capital Have Failed--and What to Do About It</i>, Princeton
University Press, 2009.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Merrifield Bruce, “New Business
Incubators”, <i>Journal of Business
Venturing</i>, Volume 2, Issue 4, Autumn 1987, Pages 277–284.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Mian Sarfranz A., “US
university-sponsored technology incubators: an overview of management, policies
and performance”, <i>Technovation</i>, Volume
14, Issue 8, October 1994, Pages 515–528.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Miller Paul, <i>The Startup Factories: the Rise of Accelerator Programmes to support
new Technology Ventures</i>, NESTA discussion paper, June 2011.<i><u><o:p></o:p></u></i></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Montanino Andrea, Sattin Fabio, <i>Il nuovo Fondo Italiano di Investimento per
le PMI: una riflessione generale</i>, EntER - Centre for research on
Entrepreneurship and Entrepreneurs, Università Bocconi, WP n°1, 2010. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Murray G., Cowling M, Liu W.,
Kalinowska-Beszcynska O., <i>Government
co-financed ‘Hybrid’ Venture Capital programmes: generalizing developed economy
experience and its relevance to emerging nations, </i>Kauffman International
Research and Policy Roundtable, Liverpool, 11-12 March 2012.<i> </i> <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Reis Eric, </span><i>The
Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create
Radically Successful Businesses, </i><span lang="EN-AU">Crown Business, 2011.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Sherman, H.,“Assessing the
Intervention Effectiveness of Business Incubation Programs on New Business
Start-Ups,” <i>Journal of Developmental
Entrepreneurship</i>, 4 (2), 117-133. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Smith Sherley, Hannigan T.J.,
Gasiorowski Laura, <i>Accelerators and Crowdfunding:
Complementarity, Competition, or Convergence in the Earliest Stages of
Financing New Ventures?</i>, University of Colorado-Kauffman Foundation
Crowd-Funding Conference, Boulder, CO, July 12-13, 2013. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">Stangler Dane, <i>High Gowth Firms
and the Future of American Economy</i>, Kauffman Foundation Research Series,
Firm Formation and Economic Growth, March 2010.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Stross Randall, <i>The Launch Pad: Inside Y Combinator, Silicon Valley's Most Exclusive
School for Startups, </i>Portfolio, 2012.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-AU">Van Huijgevoort Thomas, <i>The ‘Business Accelerator’: Just a Different
Name for a Business Incubator?, </i>Utrecht School of Economics, 2012.<i><o:p></o:p></i></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">Wilson Fred, <i>The Billion Dollar Valuation Club</i>, AVC blog, 3 November 2013. <i><u><o:p></o:p></u></i></span></div>
<br />
<div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US">Appendix<o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US">Databases</span></b><b><span lang="EN-US"> </span></b></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">AngelList https://angel.co/<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">CB Insights http://www.cbinsights.com/<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">CrunchBase: The Free Tech Company
Database http://www.crunchbase.com/<u><o:p></o:p></u></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">Statwing Blog, <i>A Statistical Portrait of a Y Combinator Batch, </i>August 2012.<u><o:p></o:p></u></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">http://blog.statwing.com/a-statistical-portrait-of-a-y-combinator-batch/<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">PitchBook –
http://pitchbook.com/Venture_Capital_Database.html<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">Seed-DB http://www.seed-db.com/<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 10.0pt; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-justify: inter-ideograph;">
<span lang="EN-US">Y Combinator Universe http://ycuniverse.com/ycombinator-companies<o:p></o:p></span></div>
<b><span lang="EN-US" style="font-family: Cambria; font-size: 12.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span></b>
<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">
<b><span lang="EN-US">Tables and Figures<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">Table 4: Y Combinator
investments, exits and returns organized by batch, 2005-13.<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
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<span style="font-size: 11pt; text-align: center;"><br /></span></div>
<div class="MsoNormal">
<span style="text-align: center;"><span style="font-size: x-small;">Source: Personal elaboration,
data from Y Combinator CrunchBase, TechCrunch, Y Combinator Universe and
Seed-DB.com.</span></span></div>
<span lang="EN-US" style="font-family: Cambria; font-size: 11.0pt; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: IT; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
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<div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">Table 5: Major
acquirers of Y Combinator companies<o:p></o:p></span></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US"><br /></span></b></div>
<div class="MsoNormal">
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<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
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<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
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<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
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<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
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<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
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<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
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<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
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<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
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<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
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<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
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<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: x-small;">Source: Personal elaboration,
data from Y Combinator CrunchBase, TechCrunch, Y Combinator Universe and
Seed-DB.com.</span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
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<br /></div>
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<b><span lang="EN-US">Table
6: Comparison of the top 30 business accelerators worldwide.</span></b><span lang="EN-US"> </span><o:p></o:p></div>
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<b><span lang="EN-US"><br /></span></b></div>
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</v:shape><![endif]--><!--[if !vml]--><img align="left" height="517" hspace="9" src="file://localhost/Users/macbookpro/Library/Caches/TemporaryItems/msoclip/0/clip_image006.png" v:shapes="Immagine_x0020_1" width="517" /><!--[endif]--><span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: x-small;">Source: Personal elaboration on Seed-DB
data.</span><br />
<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div class="MsoNormal">
<o:p> </o:p> </div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">Table 7: Valuations of software companies founded
between 2003 and 2013 with at least $ 1 billion in valuation. YC companies are highlighted.<o:p></o:p></span></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 106.35pt;">
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</span><o:p></o:p></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US"><br /></span></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: x-small;">Source: Personal elaboration from NYSE, NASDAQ, CrunchBase and Cowboy Ventures dataset.</span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US"><br /></span></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US"><br /></span></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">Table
8: Top 25 Y Combinator companies by subsequent funding.</span></b><o:p></o:p></div>
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<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
<div align="center" class="MsoNormal" style="tab-stops: 296.35pt; text-align: center;">
<span style="font-size: x-small;">Source: Personal elaboration on Seed-DB
data.</span><span lang="EN-US"><o:p></o:p></span></div>
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<b><span lang="EN-US">Table
9: Top 25 Y Combinator companies by exit value.</span></b><o:p></o:p></div>
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<br /></div>
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<span style="font-size: x-small;">Source: Personal elaboration on Seed-DB
data.</span><span lang="EN-US"><o:p></o:p></span></div>
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<b><span lang="EN-US">Table
10: Complete list of Y Combinator’s investments, 2005-13.</span></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 11.0pt; mso-no-proof: yes;"><br /></span></div>
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<b><span lang="EN-US"><br /></span></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: x-small;">Source: Personal elaboration on Seed-DB data.</span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US"><br /></span></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">Figure
1: Valuations of </span></b><b><span lang="EN-US">software companies founded between
2003 and 2013 with at least $ 1 billion in valuation.</span></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="EN-US" style="font-size: 11.0pt; mso-ansi-language: EN-US;"><br /></span></div>
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Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-6594532329967249782013-07-18T02:17:00.001-07:002013-07-18T02:17:01.898-07:00Quale incontro tra venture capital e makers?<div style="color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 24px; margin-bottom: 1.625em;">
(pubblicato originariamente su<a data-mce-href="http://www.lospaziodellapolitica.com/2013/07/quale-incontro-tra-venture-capital-e-makers/" href="http://www.lospaziodellapolitica.com/2013/07/quale-incontro-tra-venture-capital-e-makers/" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;"> Lo Spazio della Politica</a>, articolo scritto a quattro mani con Andrea Danielli)</div>
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Il movimento dei makers negli ultimi anni ha continuato ad evolvere in nuove direzioni. Parte di questo processo è la creazione di un modello di finanziamento per i progetti hardware low-cost e di artigianato innovativo, un tipo di schema dotato di analogie con quello delle startup digitali ma con significative caratteristiche peculiari. </div>
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La creazione di incubatori focalizzati su startup hardware, come <a data-mce-href="mailto:http://lemnoslabs.com/" href="mailto:http://lemnoslabs.com/" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;">Lemnos Labs</a> a San Francisco e <a data-mce-href="mailto:http://www.haxlr8r.com/" href="mailto:http://www.haxlr8r.com/" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;">HAXLR8R</a> in Cina, sta accompagnando un interesse crescente interesse da parte di investitori e programmi di accelerazione per questo spazio operativo. Ad, esempio tra le notizie recenti si possono citare la presenza crescente di startup hardware negli ultimi batch di Y Combinator, una delle strutture di maggiore successo che vanta l’accelerazione di iniziative come Dropbox e Airbnb. Si iniziano a contare anche deal sempre più importanti, si pensi ai 10 milioni di Makerbot (che oggi è valutata 300) o al recente investimento di 10,7 milioni di dollari in <a data-mce-href="mailto:http://www.airware.com/" href="mailto:http://www.airware.com/" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;">Airware</a>, società che sviluppa sistemi di guida per droni prima incubata da Lemnos Labs, da parte di investitori come Andreessen Horowitz e Google Ventures. Si pensi anche alla recente acquisizione di <a data-mce-href="mailto:http://www.makerbot.com/" href="mailto:http://www.makerbot.com/" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;">Makerbot</a>, il principale produttore di stampanti 3D con ottica consumer, per 600 milioni di dollari da parte di <a data-mce-href="mailto:http://www.makerbot.com/" href="mailto:http://www.makerbot.com/" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;">Stratasys</a>, operatore focalizzato sul segmento professionale. Infine, sta raggiungendo un nuovo livello di maturità l’utilizzo di strumenti di crowdfounding: sono sempre di più i progetti che grazie a piattaforme come <a data-mce-href="mailto:http://www.kickstarter.com/" href="mailto:http://www.kickstarter.com/" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;">Kickstarter</a> riescono a raccogliere risorse significative, si pensi al caso dello smartwatch <a data-mce-href="mailto:http://getpebble.com/" href="mailto:http://getpebble.com/" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;">Pebble</a>, prima incubato da Y Combinator, che nel 2012 ha raccolto più di dieci milioni di dollari tramite la sua campagna.</div>
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Anche se c’è molto entusiasmo a riguardo, non sperimentiamo ancora una “bolla” di startup hardware, simile a quella di fine anni ’90 per le società dot-com, come ipotizzato nel romanzo <a data-mce-href="mailto:http://www.amazon.com/exec/obidos/ASIN/0765312794/downandoutint-20" href="mailto:http://www.amazon.com/exec/obidos/ASIN/0765312794/downandoutint-20" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;">Makers</a> di Cory Doctorow. Infatti, nonostante il dinamismo attuale, permangono molte reticenze da parte di fondi di venture capital e investitori tradizionali nel supportare iniziative di questa natura. Anche se i beni fisici sono accompagnati, per via della “tangibilità” dei prodotti, da una maggiore propensione alla spesa da parte di utenti e consumatori, ci sono dei colli di bottiglia rilevanti. In particolare, rispetto alle startup digitali, i progetti di hardware hanno significativi problemi di scalabilità legati alla distribuzione, il rischio di avere bassi margini e costi fissi legati alla produzione in volumi elevati. Gli investimenti presentano quindi rischi potenzialmente elevati. Inoltre bisogna ricordarsi che non tutti i progetti generati dal movimento maker saranno aziende in senso stretto, allo stesso modo in cui solo una parte infinitesimale dei siti web e delle applicazioni sono delle startup. Se guardiamo ai prodotti che emergono nel mondo dei makers, la maggior parte sono gadget, versioni open di originali chiusi, nuovi design più intuitivi, soluzioni a tratti geniali pronte per la vita quotidiana. A volte non si tratta di ricerca <em style="color: inherit; line-height: 1.625;">disruptive</em>, ma di innovazione incrementale: gli strumenti a disposizione degli smanettoni al momento attuale non consentono di manipolare la materia al livello nanometrico né di creare organismi geneticamente modificati, i megacomputer da qualche petaflop sono ancora in mano a poche case produttrici.</div>
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In parte questo ci riporta alle origini del venture capital, ai tempi dei primi investimenti in semiconduttori e tecnologie elettroniche negli anni ’60 e ‘70. Dall’altro lato, oggi abbiamo delle leve innovative importanti: le tecnologie di prototipazione e produzione hanno un costo molto minore rispetto a prima, inoltre la struttura della catena del valore è cambiata radicalmente tramite l’apertura delle reti produttive globali. Oggi è possibile innovare anche solo hackerando l’esistente prodotto in Cina.</div>
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Nell’identificare il nuovo modello di finanziamento un altro elemento fondamentale è legato al non snaturare l’essenza dell’approccio open-source: senza di esso non ci sarebbe l’enorme capacità di sperimentazione che caratterizza il movimento maker, un flusso di creatività che è intimamente legato alla costruzione di comunità e allo scambio orizzontale di idee. Senza il modello open-source iniziative come Arduino non avrebbero mai raggiunto la scala attuale, che vive grazie alla collaborazione e all’intelligenza collettiva della comunità di riferimento.</div>
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Eppure l’open-source risveglia il terrore della <em style="color: inherit; line-height: 1.625;">commodity trap</em> che colpisce la maggior parte delle imprese high-tech impantanate in virulente guerre di brevetti. E sfida alcune prassi dei venture capital, se è vero che gli investimenti in aziende innovative che hanno un brevetto sono il 43% del totale. La sensazione è che l’open-source sia una scelta quasi obbligata per prodotti che migliorano l’esistente, e allora i VC dovranno imparare a valutare correttamente nuove metriche come ampiezza, affidabilità, e motivazione della comunità degli sviluppatori. Il tutto senza dimenticare che i progetti hardware, nelle fasi iniziali e per i prodotti immediatamente commerciabili, possono anche sopravvivere con modalità di bootstrapping senza richiedere l’intervento di operatori esterni.</div>
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Sotto questo punto di vista servirebbe trovare un modo per “smontare e semplificare” il ciclo di finanziamento, in modo da trovare delle scatole appropriate per tutte le fasi: una prima fase di apprendimento e sperimentazione, dove dovrebbero essere dominanti grants e donazioni, potrebbe avere luogo all’interno di luoghi come i fablab o gli hackerspace, finanziati da sinergie pubblico-privato. Avrebbe poi luogo una seconda fase di prototipazione, dove strumenti come il crowdfunding e la microfinanza potrebbero essere determinanti, misurando per l’appunto la solidità della comunità che accoglie e nutre l’invenzione.</div>
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Infine, arriverebbe il momento per i venture capital. Pensare che possano semplicemente immettere denaro per consolidare il business ci porta fuori strada. Diventa complesso trovare la formula della sostenibilità, a fronte di costi fissi da soddisfare, si tratti di magazzini, impianti produttivi, anche solo di anticipi sulla fornitura del terzista cinese. Ecco allora che non conviene unicamente investire nella struttura dell’impresa finanziata, nelle risorse umane, nel sito di e-commerce. Conviene fornire servizi in outsourcing, appoggiandosi a realtà già esistenti o creando quelle che mancano, magari attraverso un pool di investitori.</div>
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Il problema dei makers non è solo inventare o produrre: è vendere. Diventa pertanto fondamentale avere, ad esempio, un sito multilingue e negozi situati in aree strategiche, vere vetrine per l’e-commerce. Una volta creata questa infrastruttura di vendita, i VC possono investire in nuove società cifre più contenute aggiungendo nel deal dei voucher da spendere nell’ecosistema commerciale precostituito. Identificare quali canali possano essere utili per facilitare la scalabilità dei progetti creati dal movimento maker è una sfida intellettuale aperta. Se risolta con i modi corretti, si potrebbe aumentare notevolmente il potenziale di trasformazione legato alla nuova ondata creativa legata all’artigianato e alle nuove tecnologie hardware.</div>
Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-68933612133730926132013-06-03T23:46:00.001-07:002013-06-03T23:56:16.817-07:00Recensione: “Blitzkrieg Tweet” di Francesco de Collibus, Agenzia X, 2013<div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">
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L’ultimo saggio di Francesco de Collibus rispecchia la doppia natura dell’autore, laureato sia in filosofia che in informatica e da tempo interessato all’impatto sociale delle tecnologie. <a href="http://www.blitzkriegtweet.com/">Blitzkrieg Tweet</a>, tramite un uso intelligente dell’ironia e tramite l’intersezione tra piani analitici eterogenei, ci racconta quali sono le strategie con cui gestire la logica delle conversazioni online. Lo fa con un approccio originale, basato su metafore azzeccate tratte dalla storia militare, dal classico caso della linea Maginot alle tecniche di guerra aerea.</div>
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Tramite una serie di casi studio azzeccati, dalla famosa gaffe di <a href="mailto:http://www.ilpost.it/2011/05/23/letizia-moratti-twitter-sucate/" style="border: 0px; color: #1982d1; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">“Sucate”</a> della campagna Moratti fino alla rappresentazione su Twitter del conflitto tra Israele e Palestina, De Collibus cerca di comprendere come “messaggi pompati con investimenti miliardari vengono ignorati (o peggio ancora derisi), mentre input anonimi si staccano dalla massa”. Questo manuale di guerriglia digitale cerca quindi di raccontare come gestire la difesa e l’attacco delle conversazioni in rete e come alcuni memi, virtuosi o patologici, riescano a farsi strada. Questo viaggio viene fatto attraversando i più importanti dibattiti avvenuti di recente, come ad esempio il caso del suicidio dell’attivista digitale Aaron Schwartz.</div>
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In Blitzgrieg Tweet abbiamo mille stimoli di riflessione: da come l’identità individuale si stia strutturando tramite la condivisione di contenuti online al dibattito sul “recentismo” su Wikipedia, dalla descrizione delle reazioni isteriche alla satira in rete fino alla necessità di una nuova percezione del tempo legato all’uso delle tecnologie digitali. Uno dei temi più interessanti è inoltre quello delle “antinarrative”, i virus cognitivi che riescono a distruggere rapidamente la reputazione di organizzazioni o personaggi pubblici rovesciandone l’immagine dominante, come ad esempio è accaduto di recente nel caso di Luttazzi.</div>
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Nel testo è evidente il coinvolgimento diretto dell’autore, che ha studiato le dinamiche della società in rete non solo da un punto di vista teorico ma tramite un coinvolgimento sul campo. Si pensi, ad esempio, alla descrizione dei meccanismi della satira su Spinoza, di cui De Collibus è uno dei contributori principali, o del lancio del fortunato hashtag<a href="mailto:http://www.linkiesta.it/montifacts" style="border: 0px; color: #1982d1; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">#Montifacts</a>, con una serie di battute basate sul meccanismo dell’iperbole (“Monti è talmente sobrio che lo usano per calibrare gli alcoltest”, “Monti regala la gioia di vivere agli emo”, etc.) che l’autore ha costruito assieme a Giuseppe Torri nel 2011.</div>
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L’autore sostiene che “la metà dei lettori di questo libro non ha né un lavoro né la speranza di poterlo trovare”. Espressione ironica e chiaramente esagerata … ma non troppo. Il libro infatti è un ottimo squarcio di ciò che accade nel mondo attuale e trasuda consapevolezza sulla dinamica della nostra fase storica, dove la rete riesce ad amplificare sia l’intelligenza che la stupidità collettiva. Utilizzando le parole del libro: “Ricordate che oggi nulla impedisce né alla vostra genialità né alla vostra mediocrità di palesarsi come tali.” Per impedire alla mediocrità di prevalere, bisogna addestrarsi nell’arte della guerriglia in rete. Grazie a questo <em style="border: 0px; font-family: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">ninjutsu</em> digitale potrà essere possibile costruire comunità aperte a stimoli esterni, in grado di sorpassare i meri meccanismi di reazione fisiologica e capaci di espandere costantemente la propria intelligenza.</div>
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Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-31373793899258334412012-07-28T03:20:00.003-07:002012-07-29T12:02:08.186-07:00Machine Learning and Public Policy<br />
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The realm of policy and politics is considered to be distant from the latest findings in computer science. Nevertheless, this is no more true. We are now experiencing exciting developments in the subset of artificial intelligence called “<a data-mce-href="#http://en.wikipedia.org/wiki/Machine_learning" href="http://www.raffaelemauro.com/wp-admin/post-new.php#http://en.wikipedia.org/wiki/Machine_learning" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">machine learning</a>”, the engineering of algorithms aimed at identifying patterns in large and complex datasets. For instance, anti-spam filters are machine learning algorithms that are trained in identifying and filtering emails that can be labeled as malicious or trivial. High quality results are achievable because machine learning software is trained with “examples” in order to learn how to identify specific characteristics in the underlying data, then it is exposed to real data with the aim to label them and separate those with the desired qualities.</div>
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There are different paradigms of machine learning, such as <a data-mce-href="http://en.wikipedia.org/wiki/Bayesian_network" href="http://en.wikipedia.org/wiki/Bayesian_network" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">Bayesian networks</a> and reinforcement learning, and some of them are mimicking biological processes, as in the case of <a data-mce-href="http://en.wikipedia.org/wiki/Neural_network" href="http://en.wikipedia.org/wiki/Neural_network" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">neural networks</a> and <a data-mce-href="http://en.wikipedia.org/wiki/Genetic_algorithm" href="http://en.wikipedia.org/wiki/Genetic_algorithm" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">genetic algorithms.</a> There are broad applications, from speech recognition to game playing, and the policy implications are huge.</div>
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One of the frontiers of this field is “unsupervised learning”, the development of algorithms able to deliver good results without the prior exposure to a training data set. Few weeks ago, in June 2012, a <a data-mce-href="http://googleblog.blogspot.it/2012/06/using-large-scale-brain-simulations-for.html" href="http://googleblog.blogspot.it/2012/06/using-large-scale-brain-simulations-for.html" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">major development</a> was in this discipline: a group of researchers, based at Google and Stanford University, developed a strong advancement in “deep learning” techniques, creating a neural network able to identify high-level features in a very complex dataset. Specifically, they developed a <a data-mce-href="http://arxiv.org/abs/1112.6209" href="http://arxiv.org/abs/1112.6209" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">large-scale neural network with 16.000 processors</a> and 1 billion connections that was capable of identifying very complex structures, such as cat profiles, in YouTube videos.</div>
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The evolution of machine learning is coupling itself with the more broader <a data-mce-href="http://www.amazon.com/Super-Crunchers-Thinking-Numbers-Smart/dp/0739354728" href="http://www.amazon.com/Super-Crunchers-Thinking-Numbers-Smart/dp/0739354728" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">“big data” revolution</a> that is now affecting business and the academia. Harvard University has recently announced a new <a data-mce-href="http://iacs.seas.harvard.edu/master-of-science-in-cse/" href="http://iacs.seas.harvard.edu/master-of-science-in-cse/" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">Master in Computational Science and Engineering</a>, Stanford University has a <a data-mce-href="http://scpd.stanford.edu/public/category/courseCategoryCertificateProfile.do?method=load&certificateId=1209602" href="http://scpd.stanford.edu/public/category/courseCategoryCertificateProfile.do?method=load&certificateId=1209602" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">certificate in Data Science</a> and there are also new tailored programs, such as the joint <a data-mce-href="http://www.ml.cmu.edu/prospective-students/joint-phd-mlheinz.html" href="http://www.ml.cmu.edu/prospective-students/joint-phd-mlheinz.html" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">Ph.D. program in Machine Learning and Public Policy</a> at Carnegie Mellon.</div>
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Most of the applications of these techniques for government and policy are yet to discover: a lot of them will be in the realm of national security and military science. For instance, intelligence, counterintelligence, antiterrorism and cryptography will be enriched with new methods to extract information and meaningful patterns from an increasing amount of data collected from both open and confidential sources. Smart algorithms will be able to analyze log files and find cyber-intrusions, detect fraudulent financial transactions and spot potential pandemics in a very early stage. In the governmental area, data from the public administration, the environment agencies and the municipalities have the potential to be processed in smart ways, increasing the potential for high-impact and tailored public policies based on empirical evidence.</div>
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It is highly probable that machine learning tools will have an increasing impact because of the scientific research, that is empowering algorithms and their efficiency, and the increased available computational power, based on technological trends such as the <a data-mce-href="http://en.wikipedia.org/wiki/Moore's_law" href="http://en.wikipedia.org/wiki/Moore's_law" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">Moore’s law</a> and the new large data centers with parallel computing that are the technological base of Google, Amazon and other internet businesses. Moreover, the widespread diffusion of sensors and input devices is going to expand dramatically the amount of available data.</div>
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Our world of chaotic and unstructured data may change soon, the ability of computer algorithms to extract meaning from them is already affecting the way in with we live and work.</div>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-74658662634883787472012-07-28T03:20:00.001-07:002012-07-28T03:20:08.409-07:00Verso Harvard: né cervello né fuga<br />
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Sto partendo per gli Stati Uniti, andrò due anni alla <a data-mce-href="http://www.hks.harvard.edu/" href="http://www.hks.harvard.edu/" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">Harvard Kennedy School</a> dove mi occuperò di policy, finanza ed innovazione. Continuerò a scrivere a distanza, cercando di raccogliere e trasmettere stimoli ed osservazioni. Ci tengo però a sottolineare una cosa: <strong style="color: inherit; font-size: 15px; font-style: inherit; line-height: 1.625;">non sono un cervello in fuga</strong>.</div>
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Partiamo dalla prima parte: <strong style="color: inherit; font-size: 15px; font-style: inherit; line-height: 1.625;">non sono un cervello.</strong></div>
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L’esperienza che sto per fare deriva in parte da circostanze fuori dal mio controllo, in parte da una continua iterazione e tentativo di miglioramento che è alla portata di tutti.</div>
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Non ho avuto un percorso lineare, ho cambiato spesso traiettoria ed ho vissuto in sei città diverse in pochi anni. Sono nato in una città di provincia, Pescara. Ho avuto un importante vantaggio iniziale, vale a dire due genitori intelligenti che, provenendo entrambi da background economici svantaggiati ed essendosi successivamente fatti strada nella vita, hanno attribuito grande importanza all’impegno nello studio e nel lavoro. Pescara è bella quando si è piccoli ma successivamente, se si hanno ambizioni culturali, scientifiche o creative, diventa stretta. Paradossalmente questo è stato un punto di forza: da allora ho capito quanto un contesto, il frame cognitivo dei tuoi conoscenti, può determinare la tua vita, i tuoi pensieri, i tuoi standard di ambizione. In città avevo costruito un micro-mondo difensivo per acquisire stimoli, un interesse per le <a data-mce-href="http://it.wikipedia.org/wiki/Bulletin_board_system" href="http://it.wikipedia.org/wiki/Bulletin_board_system" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">bbs</a> e poi per internet, per le controculture, per alcune forme di attivismo sociale. Tutto questo dopo non ha retto. Dopo la laurea e un’esperienza di lavoro di sei mesi in Confindustria, a contatto con le imprese del territorio, sono approdato a Milano per il dottorato di ricerca in Bocconi. Questo percorso, unito al Collegio di Milano, mi ha cambiato prospettiva, anche se già avevo effettuato alcune esperienze prolungate all’estero. Parte dei miei interessi e attività, che nella mia città di origine erano considerati solo cose bizzarre o perdite di tempo, per le quali di fatto mi sentivo in colpa, a Milano erano utili, talvolta creavano opportunità di crescita professionale e di reddito. <strong style="color: inherit; font-size: 15px; font-style: inherit; line-height: 1.625;">Avere interessi divergenti (tecnologie informatiche, macroeconomia, politica) poteva essere un pregio e non un limite</strong>. Un mix di stimoli, dalle persone di talento del Collegio, alla ricerca di dottorato sul caso Olivetti al riaccendersi di un vecchio interesse personale per le tecnologie in rete mi ha fatto avvicinare al mondo delle startup. Dopo il Ph.D. sono andato a lavorare di nuovo in Confindustria per un anno, prima a Varese e poi a Roma. Mentre ero alle prese con la parte più “old” del nostro mondo imprenditoriale, visitando decine di capannoni nel varesotto e nel gallaratese, parlando con gli imprenditori, analizzando decine di bilanci e valutandone il merito di credito ho iniziato a lavorare a diversi progetti digitali, di notte e nei weekend. Alcuni hanno avuto successo, altri meno. Il mio contributo a Lo Spazio della Politica ha iniziato ad espandersi durante questo periodo, poi culminato con l’organizzazione di <a data-mce-href="http://googleitalia.blogspot.it/2010/06/butterfly-web-e-la-rivoluzione-di.html" href="http://googleitalia.blogspot.it/2010/06/butterfly-web-e-la-rivoluzione-di.html" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">Butterfly Web</a>. Sono anni caratterizzati da mille tentativi e fallimenti, in cui ho fatto una moltitudine di errori. Decine di volte ho detto o scritto cose sbagliate o inappropriate nel corso di incontri con potenziali investitori, colloqui di lavoro, application per grant di ricerca o simili. Poi alcune sono andate bene, dai premi alle esperienze di lavoro gratificanti. Ma per ogni successo c’è stato un cimitero sterminato di tentativi.</div>
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Tutto questo ci porta al punto successivo: <strong style="color: inherit; font-size: 15px; font-style: inherit; line-height: 1.625;">non sono in fuga.</strong></div>
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Negli ultimi due anni ho fatto un lavoro fantastico, occupandomi di gestione degli investimenti in un fondo di venture capital, Annapurna Ventures. Ho avuto la fortuna di lavorare con l’ex country manager di Google Italia, e con decine di imprenditori intelligenti. Ho avuto anche la possibilità di collaborare come docente per il Collegio di Milano, dove ho strutturato un corso sul tema imprenditorialità e tecnologie in rete, e come advisor per l’American Chamber of Commerce. Sostanzialmente non sto fuggendo, perché sono e sarò coinvolto con l’Italia con vari progetti, da <a data-mce-href="http://www.progetto-rena.it/" href="http://www.progetto-rena.it/" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">RENA</a> a <a data-mce-href="http://www.lospaziodellapolitica.com/" href="http://www.lospaziodellapolitica.com/" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">LSDP</a>, e perché mi lascio alle spalle qualcosa di positivo. Ha però prevalso la voglia di esplorare e di realizzare un sogno che avevo da molti anni. <strong style="color: inherit; font-size: 15px; font-style: inherit; line-height: 1.625;">Ho fatto application solo per Harvard, one shot.</strong> E’ andata meglio del previsto, oltre all’ammissione un finanziamento completo, con la possibilità di mantenermi in modo dignitoso. Ho una dolcissima compagna che mi sta supportando, e sopportando, e che non è intimorita dalla prospettiva di cambiamenti radicali, nell’incertezza se riusciremo a riunirci negli Stati Uniti, in Italia o altrove.</div>
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Tutto ciò avviene dopo un retroterra di false partenze, tentativi abortiti, varie esperienze che hanno lasciato con l’amaro in bocca. Con il senno di poi molte di queste hanno portato le lezioni e le decisioni migliori. Ad esempio, ricordo che la decisione di tentare Harvard è “arrivata” dopo un’importante stangata. Avevo appena fallito l’ultimo colloquio con i partner di Y Combinator, un acceleratore d’impresa americano, dove avevo presentato un progetto con due amici. Penso quindi che porsi obiettivi elevati, talvolta irrealistici, sia molto utile e consenta di raggiungere altre mete e successi non previsti.</div>
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Sottolineo anche il fatto che “<strong style="color: inherit; font-size: 15px; font-style: inherit; line-height: 1.625;">noi siamo rete</strong>”: i nostri pensieri, ambizioni e decisioni sono fortemente determinati dal contesto, che non scegliamo, ma la buona notizia è che almeno in parte c’è la possibilità di creare il nostro mondo e di agganciarci a contesti positivi e persone proattive. Oggi, con le tecnologie in rete, è molto più facile che nel passato. Interagire costantemente con individui che intendono migliorare il proprio paese (come i ragazzi di LSDP, RENA o <a data-mce-href="http://milan.the-hub.net/" href="http://milan.the-hub.net/" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">The Hub</a>), che magari vogliono cambiare il mondo (come la rete di startup italiane o gli alumni della <a data-mce-href="http://www.singularityu.org/" href="http://www.singularityu.org/" style="color: #1b8be0; font-size: 15px; font-style: inherit; line-height: 1.625; text-decoration: none;">Singularity University</a>) o che vogliono avere un impatto rilevante in ambito professionale e accademico (dal Collegio di Milano alla Bocconi), ha cambiato profondamente anche me. Inoltre, è bello vedere quando si genera una spirale positiva, quando all’interno di una rete si riesce anche a distribuire energia e stimoli, oltre che a riceverli. Ha sempre meno senso parlare di fuga in senso stringente: so che nei prossimi anni, in Italia o all’estero, sarò sempre “connesso” a queste reti ed avrò modo sia di contribuire che di attingere ad esse. Sia individualmente che collettivamente ci saranno possibilità di sperimentazione, apprendimento ed evoluzione, occasioni con cui riusciremo a cambiare sia noi stessi che il mondo attorno a noi.</div>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com3tag:blogger.com,1999:blog-4966363295370333495.post-8433011304031245322012-05-27T06:53:00.001-07:002012-05-27T07:03:39.170-07:00The Future of Money in the Information Age<span style="color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 24px;">Sometimes the products of intellect are best appreciated several years after their first appearance, their anticipatory power becomes clear with the passage of time</span><span style="background-color: white; color: #373737; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 24px;">. It is the case of </span><a href="http://www.cato.org/pubs/books/money/tableof.html" style="background-color: white; border: 0px; color: #1982d1; font-family: inherit; font-size: 15px; font-style: inherit; line-height: 24px; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">“<strong style="border: 0px; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">The Future of Money in the Information Age”</strong></a><span style="background-color: white; color: #373737; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 24px;">, a collection of essays produced by several authors and scholars. The publication was issued in 1997 by the Cato Institute, an influential libertarian think tank, and was edited by James A. Dorn.</span><br />
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The book explores the potential transformations of money, banking, financial regulation, taxation and trade generated by the evolution of digital technology and the explosion of the internet. There are contributions from both academics and practitioners, representing different perspectives, including a short essay by Alan Greenenspan, former Chairman of the Federal Reserve. In 2012 the issues analysed in The Future of Money are vivid and actual: the number of Internet users reached the level of 2,26 Billion and the amount of computing power commercially available is growing exponentially, creating the conditions for a further digitalization of financial services and institutions. Moreover, a global financial crisis weakened the faith in the ability of the existing financial architecture to promote stability and growth. This is probably the time were financial services, like other industries such as media and publishing, are most likely to be disrupted by digital innovation.</div>
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Even if the technological paradigm was different, during the 90’s social networks, cloud computing and smartphones were only in their embryonic form, The Future of Money identifies in a clear way some of the key drivers issues that are now disrupting the financial landscape. First of all ecommerce: after the internet bubble of the 90’s, electronic commerce is now an established reality and produces a significant slice of revenue in many industries. Secondly, financial innovation: established companies, like PayPal, or emerging ones, like <a href="https://squareup.com/" style="border: 0px; color: #1982d1; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">Square</a>, are disrupting the payment arena and new startups, like the one the are presented periodically in the <a href="http://finovate.com/" style="border: 0px; color: #1982d1; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">Finovate Conferences</a>, are innovating other areas such as personal finance, trading and investment management. Finally banking and monetary policy: besides the operational impact of information technology, related to an increase of speed, efficiency and computability of financial transactions, there is a more radical transformation that will potentially change the fundamental elements of the economic system. The creation of reliable forms of virtual currency will change dramatically the way in which political institutions govern the economy, such as taxation and regulatory authorities, and will probably transform central banking and the related monetary policy techniques. Virtual currencies will be harder to tax and control, will open the possibility of monetary experiments that, until now, were reacheable only at the local level, as in the case of <a href="http://en.wikipedia.org/wiki/Silvio_Gesell" style="border: 0px; color: #1982d1; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">Gesellian currencies</a> that devalue with time. Most of all, virtual currencies will provide a potential new landscape of monetary competition and massive experimentation, something impossible in a system when currency emission and control are prerogatives of nation states and central banks.</div>
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The first two elements that we mentioned, ecommerce and operational financial innovation, are now fully unfolding: they are disrupting the business models of entire industries, such as the music industry, and are changing the landscape of market dynamics, as in the case of high frequency trading. Besides that, the impact of virtual currencies is still in its infancy. There are several experiments of virtual or quasi-virtual monetary systems, such as tokens, credits and game scoring tools, and sometimes there is a burst of media attention to specific currency systems, such as the <a href="http://en.wikipedia.org/wiki/Bitcoin" style="border: 0px; color: #1982d1; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">Bitcoin</a>. Moreover, there are several experiments of complimentary currencies and local currencies that are based on digital platforms, such as the <a href="http://www.sardex.net/" style="border: 0px; color: #1982d1; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">Sardex</a>, a commercial credit system now diffused in the Italian island “Sardegna”. The bottom line is that now there is not a single dominant system or a set of universal principles that can create the “perfect” virtual currency, rather we have a coevolution of different models and tools that are specialized to address the needs of single communities and ecological niches.</div>
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The challenges related to the creation of virtual currency systems are still huge: cybersecurity, the need for effective encryption and protection of transactions and wallets, regulation, the fact that monetary systems are heavily regulated with different approaches in each country, stability, the problem that controlling inflationary and deflationary dynamics is not easy and that design of institution and rules is a key element. This issues are a limit but, in them, there is the seed of the future relevance of virtual currencies: they have the potential to overcome the limitations and burdens of traditional forms of monetary regulation. There is a big, open space to produce new platforms for currency creation ad management, the money in the information age is still in its infancy.</div>
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Raffaele Mauro</div>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-50447530830034491442012-05-09T07:03:00.001-07:002012-05-09T07:05:42.308-07:00Evento Singularity e intervista<span style="font-family: Arial, Helvetica, sans-serif;">Lo scorso 3 Maggio c'è stato un evento molto interessante <strong style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #525252; line-height: 19px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Our Future Is Now. How Exponential Technologies Impact Our Lives, </strong><span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #525252; line-height: 19px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">organizzato congiuntamente dal team della Singularity University e da Intesa San Paolo. </span>Nel corso dell'iniziativa sono stato intervistato da Vodafone News, qui il <a href="http://lab.vodafone.it/news/2012/05/04/raffaele-mauro-alla-singularity-university-ho-studiato-come-cambieranno-le-nostre-vite-nei-prossimi-5-anni/">link</a>.</span>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-6577333578445866622012-04-30T07:55:00.002-07:002012-04-30T07:55:56.361-07:00Peter Thiel, l'intellettuale delle startup<br />
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Un imprenditore ed investitore specializzato nell’alta tecnologia può essere un intellettuale? A questa domanda dobbiamo rispondere positivamente, se analizziamo <a href="http://www.lospaziodellapolitica.com/2011/02/next-round-7-peter-thiel-il-visionario/" style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #e0001a; font-family: inherit; font-style: inherit; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">il caso di Peter Thiel</a>, fondatore di PayPal, noto venture capitalist e angel investor con <a href="http://www.foundersfund.com/" style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #e0001a; font-family: inherit; font-style: inherit; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">The Founders Fund</a>.</div>
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L’eco di Thiel, che per il suo investimento in Facebook compare in una scena di “The Social Network”, è giunto anche sui media italiani non specializzati. È stato recentemente nominato a “Otto e mezzo”, in una puntata dedicata alle polemiche sulle espressioni del viceministro Michel Martone, per il suo controverso<a href="http://www.thielfellowship.org/" style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #e0001a; font-family: inherit; font-style: inherit; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">programma</a> di supporto delle iniziative imprenditoriali di giovanissimi studenti, lanciato con il vessillo di Mark Twain “I have never let my schooling interfere with my education”. Thiel ritiene infatti che il sistema educativo americano si basi su una <strong>bolla speculativa</strong>, in cui famiglie già pesantemente indebitate si accollano ancor più ingenti debiti per il college dei figli, che fornisce un titolo che genera aspettative irrealistiche sulle possibilità occupazionali.</div>
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Negli ultimi anni, Thiel è diventato <strong>un personaggio pubblico che cerca di interpretare il suo tempo</strong>, attraverso idee visionarie e polemiche, senza paura di muoversi nello “spazio della politica”. In alcune interessanti conversazioni con Niall Ferguson a Harvard e con Francis Fukuyama sulla rivista “The American Interest”, sintetizza la sua visione del mondo.</div>
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Thiel, a cui l’economista Tyler Cowen ha dedicato il libro <em style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><a href="http://www.amazon.com/Great-Stagnation-Low-Hanging-Eventually-ebook/dp/B004H0M8QS" style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #e0001a; font-family: inherit; font-style: inherit; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">The Great Stagnation</a></em>, descrive la condizione del cosiddetto mondo sviluppato come <strong>“il luogo dove ci aspettiamo che non succeda più niente”</strong>. Nel recente passato, lo scetticismo sull’intervento dell’uomo sull’ambiente ha portato alla <strong>“proibizione per gli scienziati di sperimentare con le cose, permettendo loro di sperimentare solo coi bit”</strong>. Da ciò deriva da un lato la stagnazione relativa di molte discipline, dall’altra parte l’innovazione sempre più pervasiva e con maggiori ritorni economici che caratterizza l’informatica e la finanza. Le curve dell’innovazione e della stagnazione determinano le prospettive lavorative e le scelte degli studenti con maggiori capacità quantitative.</div>
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Contrariamente a quello che pensano in molti, <strong>Peter Thiel ritiene che il progresso tecnologico sia oggi<em style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">troppo lento</em></strong>. Secondo il suo punto di vista, la scienza e le imprese tecnologiche, pur procedendo rapidamente, non riescono a tenere il passo con le sfide globali. Per questo, con una serie di inziative, come i<a href="http://www.breakoutlabs.org/" style="border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #e0001a; font-family: inherit; font-style: inherit; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; vertical-align: baseline;">Breakout Labs</a> e la sua attività di angel investor, Thiel sta cercando di <strong>rompere numerose barriere</strong>, investendo in progetti di ricerca scientifica e startup tecnologiche che difficilmente potrebbero nascere con i criteri di selezione prevalenti al momento attuale, legati ad una forte avversione al rischio ed alla prevalenza di un’ottica di breve termine.</div>
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In politica Thiel, che parte da posizioni libertarie, non è però contrario all’idea di una pianificazione di lungo termine. Il suo problema, nell’analisi dell’America di oggi e dei modelli prevalenti nelle nostre società, è proprio <strong>l’assenza di un piano</strong>. Gli Stati Uniti si ritrovano con un governo pesante, ma privo di un “piano quinquennale”, o meglio un piano di qualunque tipo, una prospettiva di lungo periodo, visionaria e ostinata, da perseguire al di là dei fattori contingenti che influenzano l’attività politica.</div>
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(scritto in collaborazione con Alessandro Aresu, articolo originale <a href="http://www.workingcapital.telecomitalia.it/2012/04/peter-thiel-lintellettuale-delle-startup/">qui</a>)</div>
</h1>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-43443563048442742932012-04-04T01:53:00.003-07:002012-04-15T11:45:56.159-07:00Gli algoritmi nel futuro della finanza<br />
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">
<span style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: x-small; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><em style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><span style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: x-small; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">La versione estesa di quest’articolo é pubblicata su la Rivista Limes, sul numero ”<a href="http://temi.repubblica.it/limes/anteprima-di-limes-212-aspettando-la-democrazia/33460?photo=1" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;">A che serve la Democrazia</a>?”</span></em></span></div>
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">
<span style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: x-small; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">L’evoluzione dei mercati finanziari, dopo la crisi globale, è sempre più al centro del dibattito sociale e politico. La finanza è infatti il sistema nervoso del capitalismo, una struttura estesa, astratta e dinamica che accompagna il funzionamento di un’economia mondiale sempre più interconnessa. Nonostante la grande attenzione dedicata al settore, nel dibattito attuale non sono messi in luce alcuni elementi fondamentali che ne stanno guidando l’evoluzione. <span id="more-17345" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"></span>In particolare, possiamo notare come oggi <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">le tecnologie informatiche non abbiano soltanto una valenza infrastrutturale, di supporto all’esecuzione delle decisioni di investimento</strong>, ma sono sempre più il centro della dinamica del settore. Algoritmi e agenti virtuali sono coinvolti nel trading, producendo ed eseguendo in modo autonomo importanti movimenti di titoli e di capitali.</span></div>
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">
<span style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: x-small; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Il trading algoritmico o “algotrading” è l’utilizzo evoluto di programmi e sistemi automatici per la definizione del prezzo, della quantità e del timing degli ordini. In misura crescente accade che tali operazioni siano svolte senza l’intervento umano, che spesso si riduce alla gestione delle emergenze e ad un potere di veto sulle posizioni più rischiose.</span></div>
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">
<span style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: x-small; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Un caso di successo esemplare è quello di Renaissance Technologies, il fondo creato dal leggendario <a href="http://en.wikipedia.org/wiki/James_Harris_Simons" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">Jim Simons</a>, che, con 23 miliardi di dollari di “assets under management”, vale a dire di fondi affidati da terzi, è uno dei principali hedge fund al mondo. In realtà, strutture come Renaissance Technologies non assomigliano tanto alle tradizionali istituzioni finanziarie, quanto a dei centri di ricerca: una porzione significativa dei dipendenti è infatti costituita da “quants”, persone con una formazione avanzata in matematica, fisica e metodi quantitativi che hanno l’obiettivo di costruire modelli e algoritmi sempre più avanzati, affrontando le tematiche finanziarie con modalità simili a quelle con cui si svolgono ricerche nell’ambito delle scienze naturali.</span></div>
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">
<span style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: x-small; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Negli ultimi anni ha assunto una particolare rilevanza l’high frequency trading, la negoziazione di operazioni ad alta frequenza, una forma particolare di trading algoritmico, legata alla capacità dei programmi automatizzati di produrre ed eseguire decisioni di investimento ad un ritmo molto superiore a quello umano. L’impatto di queste tecnologie è già molto importante: <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">soltanto dal 2005 al 2009, l’incidenza dell’HFT nei mercati azionari è cresciuta del 164% e, negli Stati Uniti, questa forma di gestione delle operazioni governa, in volume, oltre il 70% delle transazioni</strong>. Secondo delle stime recenti l’high frequency trading nel 2010 ha mosso il 56% del valore delle negoziazioni di titoli azionari negli Stati Uniti, il 38% in Europa e dal 10 al 30% in Asia. Singole aziende come Getco, fondata poco più di 10 anni fa, ora possono arrivare a gestire il 10% delle transazioni su alcune piazze.</span></div>
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">
<span style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: x-small; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">In particolare quest’ultimo trend sta modificando la configurazione dei mercati, causando mutamenti le cui conseguenze non sono ancora pienamente comprensibili. Ad esempio ci sono stati alcuni episodi, come il “flash crash” del 6 Maggio 2010, il più elevato crollo intra-day dell’indice Dow Jones mai verificatosi, nel corso del quale si è manifestata una discesa di 900 punti recuperata dopo pochi minuti. L’interpretazione di questo evento è tuttora controversa. Un’indagine della Securities and Exchange Commission e della Commodity Futures Trading Commission ha affermato alcune responsabilità degli attori legati all’high frequency trading nell’aumentare la volatilità. Numerosi studi empirici sono giunti a conclusioni diverse, ad esempio <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">uno studio della Kauffman Foundation, che ha attribuito la responsabilità sugli exchange traded funds</strong>. Alcuni sostengono anche che l’HFT abbia un ruolo principalmente sano dentro i mercati, dato che gli attori che utilizzano queste tecniche aggiungono liquidità e rendono più efficiente la struttura dei prezzi. Il dibattito è ancora aperto e, con il diffondersi di queste tecnologie, probabilmente si acuirà nei prossimo anni.</span></div>
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<span style="font-size: x-small;"><i><br /></i></span></div>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-41181413599880236672012-03-15T02:32:00.003-07:002012-03-15T02:32:42.646-07:00Anche in Italia la Global Impact Competition della Singularity University<br />
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<u>Segnalo con piacere questa interessante iniziativa:</u></div>
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<a data-mce-href="http://www.axelera.eu" href="http://www.axelera.eu/" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;"><span data-mce-style="text-decoration: underline;" style="color: inherit; font-style: inherit; line-height: 1.625; text-decoration: underline;">www.axelera.eu</span></a>– 8 marzo 2012 - Nel corso della storia e in tutto il mondo, milioni di vite umane sono state migliorate dalle idee innovative. Potrebbe essere la vostra la prossima grande idea? <strong style="color: inherit; font-style: inherit; font-weight: bold; line-height: 1.625;">La sfida lanciata da Axelera, in partnership con Singularity University, </strong> consiste nel proporre un’idea o progetto per rendere migliore la vita, aumentare la felicità, la salute, l’istruzione, la sicurezza, le opportunità per il futuro di <strong style="color: inherit; font-style: inherit; font-weight: bold; line-height: 1.625;">almeno 3 milioni di persone in Italia nei prossimi 3 anni</strong>, facendo leva sull’innovazione e sull’uso della tecnologia. Singularity University è un vero e proprio think-tank della Silicon Valley, che già svolge annualmente concorsi in USA, Canada, America Centrale, Brasile, Russia e Spagna. Dal 2012, grazie al contributo di Axelera, anche l’Italia partecipa organizzando il Singularity Contest per l’assegnazione di una borsa di studio per il Graduate Studies Program 2012.</div>
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“Axelera vuole mettere assieme talento, tecnologia e consapevolezza,” spiega Eric Ezechieli, Presidente dell’Associazione, “da questi elementi emerge il potenziale per creare anche in Italia un futuro radicalmente diverso e migliore del passato che abbiamo conosciuto. Questo concorso è solo il primo passo.”</div>
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<strong style="color: inherit; font-style: inherit; font-weight: bold; line-height: 1.625;">Il Premio</strong></div>
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Il primo classificato nel concorso <strong style="color: inherit; font-style: inherit; font-weight: bold; line-height: 1.625;">sarà ammesso come partecipante e riceverà una borsa di studio da USD $30.000</strong> (trentamila dollari) per il <a data-mce-href="http://singularityu.org/gsp/" href="http://singularityu.org/gsp/" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;"><span data-mce-style="text-decoration: underline;" style="color: inherit; font-style: inherit; line-height: 1.625; text-decoration: underline;">Graduate Studies Program</span></a> 2012 alla <a data-mce-href="http://singularityu.org/" href="http://singularityu.org/" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;"><span data-mce-style="text-decoration: underline;" style="color: inherit; font-style: inherit; line-height: 1.625; text-decoration: underline;">Singularity University</span></a>, presso il centro di ricerca <a data-mce-href="http://www.nasa.gov/centers/ames/home/index.html" href="http://www.nasa.gov/centers/ames/home/index.html" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;"><span data-mce-style="text-decoration: underline;" style="color: inherit; font-style: inherit; line-height: 1.625; text-decoration: underline;">NASA Ames in California</span></a>, durante l’estate 2012. Questo programma interdisciplinare di 10 settimane unisce eccezionali leader imprenditoriali ed accademici provenienti da tutto il mondo per sviluppare soluzioni volte a risolvere le più grandi sfide dell’umanità.</div>
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<strong style="color: inherit; font-style: inherit; font-weight: bold; line-height: 1.625;">Cos’è Singularity University?</strong></div>
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Singularity University è stata fondata congiuntamente da Peter Diamandis e Ray Kurzweil, che nel settembre 2008 hanno proposto un nuovo tipo di università, volta a sfruttare la potenza delle tecnologie esponenziali per risolvere le grandi sfide dell’umanità. Nel 2009 è stata istituita la sede della Singularity University presso il NASA Research Park nel cuore della Silicon Valley che da allora organizza ed ospita gli Executive Programs ed il Graduate Studies Program. La missione dell’Università è di riunire, educare e ispirare una nuova generazione di leader che si sforzino di comprendere e utilizzare le tecnologie in evoluzione esponenziale per affrontare grandi sfide dell’umanità.</div>
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“Da quattro anni Singularity University organizza i propri programmi d’eccellenza in California”, aggiunge David Orban, European Advisor di Singularity University e Founder di Axelera. “Con il concorso italiano le sue idee e i suoi metodi raggiungeranno un pubblico locale più ampio.”</div>
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Il concorso si è aperto l’8 marzo 2012 e terminerà l’8 aprile 2012. La comunicazione della selezione dei 15 migliori progetti avverrà entro il 20 aprile 2012 sul sito di Axelera e, successivamente, tra il 20 e il 30 aprile 2012 i 15 migliori progetti potranno essere contattati o convocati per approfondimenti, interviste o per ulteriori valutazioni.</div>
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I progetti saranno valutati da una commissione di esperti, composta da alumni di Singularity University, imprenditori e altri esperti nella valutazione di progetti imprenditoriali di innovazione.</div>
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Il regolamento completo è disponibile presso <a data-mce-href="http://axelera.eu/singularitycontest/regolamento/" href="http://axelera.eu/singularitycontest/regolamento/" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;">http://axelera.eu/singularitycontest/regolamento/</a><strong style="color: inherit; font-style: inherit; font-weight: bold; line-height: 1.625;"> </strong></div>
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<strong style="color: inherit; font-style: inherit; font-weight: bold; line-height: 1.625;">A proposito di Axelera</strong></div>
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Axelera è un’associazione il cui scopo è diffondere una chiara comprensione delle dinamiche e tecnologie esponenziali e aggregare, ispirare e favorire lo sviluppo di una nuova leadership che valorizzi il potenziale Italiano per affrontare le grandi sfide del nostro tempo.</div>
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Viviamo un’epoca caratterizzata da un’accelerazione tecnologica senza precedenti che si traduce nell’aumento esponenziale di conoscenza e potenzialità umane. Trend tecnologici, scientifici ambientali, economici, sociali e culturali convergono e si intrecciano creando uno scenario complesso, denso di sfide e opportunità. Sono richiesti un nuovo impegno e modi di pensare radicalmente diversi. Axelera vuole contribuire a migliorare la capacità del sistema economico, delle imprese, delle amministrazioni pubbliche e dei cittadini di affrontare e creare un futuro desiderabile e aiutare a creare un ponte di collaborazione, apprendimento e scambio tra l’Italia / il Mediterraneo / l’Europa e le più innovative realtà del pianeta.</div>
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Per informazioni <a data-mce-href="http://www.axelera.eu" href="http://www.axelera.eu/" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;"><span data-mce-style="text-decoration: underline;" style="color: inherit; font-style: inherit; line-height: 1.625; text-decoration: underline;">www.axelera.eu</span></a></div>
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<strong style="color: inherit; font-style: inherit; font-weight: bold; line-height: 1.625;">Ufficio stampa</strong></div>
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Elena Casalini @ Cosacome</div>
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<a data-mce-href="mailto:e.casalini@cosacome.com" href="mailto:e.casalini@cosacome.com" style="color: #1b8be0; font-style: inherit; line-height: 1.625; text-decoration: none;">e.casalini@cosacome.com</a></div>
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Tel. 335 6262985 – 02 6470383</div>
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Skype elena.casalini</div>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-70259564676317930402012-02-26T04:21:00.002-08:002012-02-26T04:21:34.736-08:0040 under 40: Ripensare l'Europa nella crisi<br />
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<span style="font-size: 14px; line-height: 1.7em;">Nel mese di dicembre una parte del gruppo Lo Spazio della Politica ha avuto modo di partecipare al primo incontro del programma “</span><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; line-height: 1.7em; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><a href="http://www.40under40.eu/overview.html" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">40 under 40: Young European Leaders</a></strong><span style="font-size: 14px; line-height: 1.7em;">”, un programma pensato da alcuni think tank, EuropaNova, Friends of Europe, e supportato dal Ministero degli Esteri Francese, dalla Commissione Europea e da altri sponsor.</span></div>
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<span id="more-16435" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"></span></div>
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">
<strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">L’iniziativa ha riunito un gruppo di professionisti tra i 30 ed i 40 anni provenienti dalle diverse nazioni dell’Unione e dai differenti ambiti professionali</strong>: parlamentari europei e nazionali, imprenditori, professori universitari, scrittori, etc. Un gruppo eterogeneo ed interessante, che includeva personaggi brillanti come il simpatico matematico <a href="http://www.youtube.com/watch?v=U3kKjGKp9rA" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">Cédric Villani</a>, vincitori della medaglia Fileds (l’equivalente del Nobel per la matematica). Qualcuno non ha avito modo di partecipare, in alcuni casi per motivi più che validi: due delle donne selezionate nel frattempo sono state nominate ministro nei rispettivi governi, Johanna Mucha in Polonia e Ida Auken in Danimarca. <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Tra gli altri italiani selezionati, oltre al sottoscritto, c’erano Elena Fenili, dirigente dell’area studi politici in Unicredit, Riccardo Maraga, sindaco di Amelia, e Matteo Renzi (che non si è presentato)</strong>.</div>
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">
<a href="http://www.lospaziodellapolitica.com/wp-content/uploads/2012/02/40under401.jpg" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;"><img alt="" class="aligncenter size-full wp-image-16466" data-lazy-loaded="true" height="500" src="http://www.lospaziodellapolitica.com/wp-content/uploads/2012/02/40under401.jpg" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; display: block; font-size: 14px; height: auto; margin-bottom: 0px; margin-left: auto; margin-right: auto; margin-top: 0px; max-width: 100%; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;" title="40under40" width="750" /></a></div>
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">
Nel corso delle conferenze, uno degli elementi più curiosi è stato l’<strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">ottimismo di molti sulle sorti dell’Europa</strong>. Come è noto, l’economia dell’Unione nel 2012 rischia di attraversa una crisi di natura macroscopica, anche gli scenari più cupi – default a catena degli stati più indebitati, uscita dall’Euro – sono presi in considerazione da molti osservatori. Tuttora non sappiamo se le politiche economiche messe in atto sia al livello continentale e nei singoli stati nazionali saranno in grado di invertire la spirale che collega il peggioramento della congiuntura economica con le aspettative negative. Sandro Gozi, politico con vocazione Europea <a href="http://www.lospaziodellapolitica.com/wp-includes/js/tinymce/plugins/paste/pasteword.htm?ver=345-20111127#http://www.lospaziodellapolitica.com/2009/11/un-italiano-a-washington-conversazione-con-sandro-gozi/" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">già noto agli amici di LSDP</a>, è intervenuto come ospite nel dibattito 40 under 40 lanciando la provocazione della “fine dell’Europa” o meglio della fine di “questa” Europa, sottolineando la necessità di un salto qualitativo (elezione diretta o indiretta di un primo ministro europeo, politiche fiscali comuni) per superare lo stallo attuale. La platea ha accolto la provocazione ed ha reagito dimostrando una fiducia inaspettata sulla visione e sull’importanza dell’Europa per il lungo termine, una configurazione di aspettative molto rilevante, dato che buona parte dei partecipanti era assolutamente consapevole della gravità della contingenza attuale.</div>
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Per il sottoscritto, che segue in modo indiretto le tematiche europee, la partecipazione al seminario è stata significativa. Uscire dalla “bolla” del dibattito italiano è sempre utile, come toccare con mano il fatto che buona parte dei fenomeni che viviamo attualmente nel nostro paese (crisi della politica, nuove forme di populismo, errori di policy, etc.) si stanno verificando, anche se in forme diverse, negli altri stati. <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Pur essendo consapevoli dei limiti strutturali del progetto europeo (relativi alla gestione della sovranità, della politica estera, della politica economica) è importante che la dimensione continentale del dibattito venga sempre tenuta a mente.</strong> E’ vero, esistono già gilde di “Euro-Nerd” – in parte lo siamo anche noi di LSDP – che seguono con dovizia l’evoluzione delle vicende dell’Unione. Tuttavia, nel prossimo anno far capire appieno la profondità delle interdipendenze tra gli stati Europei, sia in termini di cooperazione che di conflitto, sarà un “lavoro politico” importante. Elaborare in modo intelligente e chiaro i grandi temi europei, come fa ad esempio <a href="http://www.lospaziodellapolitica.com/wp-includes/js/tinymce/plugins/paste/pasteword.htm?ver=345-20111127#http://www.lospaziodellapolitica.com/2011/12/ricostruiamo-leuropa/" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;">Matteo Minchio</a>, o organizzare eventi di portata internazionale, come <a href="http://butterflyeurope.lospaziodellapolitica.com/?tag=lsdp" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">Butterfly Europe</a>, sarà fondamentale. <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Il prossimo incontro dei 40under40, che si terrà a Bruxelles nel 2012, sarà solo uno dei nuovi passi di LSDP in questa direzione.</strong></div>
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">
<em style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">(articolo da <a href="http://www.lospaziodellapolitica.com/2012/02/40-under-40-ripensare-leuropa-nella-crisi/">Lo Spazio della Politica</a>, foto di <a href="http://www.flickr.com/photos/friendsofeurope/6494918727/sizes/o/in/set-72157628363550443/" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">Friends of Europe</a>)</em></div>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-52970405253985853042012-02-14T10:49:00.001-08:002012-02-14T10:49:48.839-08:00I cinque livelli della crisi<br />
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: left; vertical-align: baseline;">
Stiamo affrontando un periodo storico molto interessante e molto pericoloso. La crisi, iniziata ormai cinque anni fa – nel 2007 – è ancora in corso e potrebbe portare mutamenti nella struttura dell’economia mondiale, <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">nelle nostre vite individuali</strong> e, forse, negli strumenti cognitivi con cui verrà letta la realtà economica nei prossimi anni. Se si cercano spiegazioni sulla crisi globale si trovano opinioni contrastanti, che leggono il fenomeno da prospettive teoriche, temporali e geografiche limitate. La realtà delle cose, come successe per la crisi del 1929 e la successiva “Grande Depressione”, è che <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">le forze in gioco sono molte, eterogenee ed interconnesse</strong>. Alcune di queste correnti storiche sono molto profonde e trascendono la capacità dei singoli di intervenire, altre invece sono legate a scelte umane e quindi evitabili. La loro convergenza ha creato la situazione attuale. Vediamo di riepilogarle, partendo dal “macro”.<span id="more-16119" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"></span></div>
<h2 style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 2.2em; font-weight: normal; line-height: 1.1em; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: center; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;">
<strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 31px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">1) </strong><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 31px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Lo spostamento dell’asse del potere globale</strong></h2>
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">
E’ in corso un processo secolare che sta colmando lo squilibrio nato alcune centinaia di anni fa, che ha lanciato l’Europa e successivamente gli Stati Uniti al centro dell’egemonia economica e politica globale. Non è stato così per sempre nella storia umana e non sarà così in futuro. <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Sta avvenendo un processo di convergenza, per quanto riguarda l’Asia, l’America del Sud e in misura minore l’Africa, che avrà delle conseguenze inaspettate, molte delle quali superano il nostro arco di vita</strong>. E’ un processo che non è di tipo deterministico, può essere modificato e formato da scelte umane: ad esempio, quello che si aspettano tutti, la futura egemonia economia e politica della Cina, non è affatto scontata e dipende dal verificarsi simultaneo di numerose circostanze. Nonostante ciò, il riequilibrio nell’asse del potere globale procede a ritmo sostenuto, costruendo fratture nella geofinanza, allo stesso tempo contribuendo ed alleviando ad alcuni aspetti della crisi.</div>
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">
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<h2 style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 2.2em; font-weight: normal; line-height: 1.1em; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: center; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;">
<strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 31px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">2) </strong><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 31px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Il ciclo del debito di lungo periodo</strong></h2>
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">
<strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"></strong>Come ha sottolineato magistralmente Ray Dalio, al vertice del fondo Bridgewater, stiamo assistendo ad un altro fenomeno storico di lungo periodo, anche se di ordine minore rispetto al precedente (decenni invece di secoli). Ci riferiamo al cosiddetto “<strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">deleveraging</strong>”, <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">al riequilibrio del livello di debito contratto nelle economi sviluppate</strong>. E’ una regolarità empirica che si verifica in diversi sistemi economici, dove negli anni di crescita c’è la tendenza ad una sovra esposizione al debito, per via delle aspettative di crescita futura eccessivamente positive, e – quando il sistema raggiunge un punto di rottura – lunghi periodi di riassestamento. E’ un fattore che è molto evidente per quanto riguarda il debito privato americano ma che risalta in misura ancora maggiore per quanto riguarda il debito sovrano dei paesi occidentali, Stati Uniti ed Europa, configurandosi come un fattore centrale per la nascita e lo sviluppo della crisi del 2007-12.</div>
<h2 style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 2.2em; font-weight: normal; line-height: 1.1em; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: center; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;">
<strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 31px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">3) </strong><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 31px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">L’interconnessione tra tecnologia e finanza</strong></h2>
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">
Un altro elemento causale di grande rilevanza è la crescente integrazione tra finanza e tecnologia. Si tratta di un processo intrinsecamente né positivo né negativo, che porta grandi opportunità e crea allo stesso tempo nuovi rischi. Uno di questi è<strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"> l’amplificazione delle interdipendenze tra settori e sistemi economici</strong>. Un crisi come quella dei “Saving and Loans” dei primi anni ’80 ebbe un impatto forte, ma non suscitò un effetto di contagio devastante al livello internazionale come nel caso degli ultimi shock finanziari. Inoltre l’innovazione tecnologica si sposa con l’innovazione degli strumenti finanziari, elemento che porta alla creazione di livelli di complessità crescenti che sono intrinsecamente fuori dalla portata delle istituzioni di regolazione.</div>
<h2 style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 2.2em; font-weight: normal; line-height: 1.1em; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: center; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;">
<strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 31px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">4) </strong><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 31px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">La cattiva regolamentazione e la politica economica distorta</strong></h2>
<div style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: 'Lucida Grande', 'Lucida Sans', 'Lucida Sans Unicode', sans-serif; font-size: 14px; line-height: 1.7em; margin-bottom: 1.714285em; margin-top: 1.714285em; orphans: 4; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: left; vertical-align: baseline;">
<strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"> </strong>Nel medio termine appare come in molti stati, in particolare nei paesi occidentali, si siano verificati fenomeni di cattiva regolazione dei sistemi finanziari. In particolare, è possibile identificare una proliferazione di conflitti di interesse e pressioni per creare forme di regolazione, così come politiche economiche e monetarie di breve termine, favorevoli ad alcuni attori particolarmente dotati di capacità di influenza sul sistema politico. E’ fuorviante, come fanno in molti, parlare di “finanza cattiva”, perché gli errori ed i vantaggi si sono verificati sia da parte dei decisori pubblici che da parte degli influencers. Inoltre non bisogna far di tutta l’erba un fascio: <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">lo sviluppo di istituzioni e mercati finanziari evoluti è la base del funzionamento delle economie avanzate, che non potrebbero sopravvivere senza</strong>. Detto questo, negli ultimi anni la regolamentazione è stata fallimentare, portando ad una proliferazione di pratiche scorrette nel settore. Il problema futuro è come produrre ad una regolazione efficace e flessibile che massimizzi il potenziale positivo delle istituzioni finanziarie sulla dinamica economica complessiva.</div>
<h2 style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 2.2em; font-weight: normal; line-height: 1.1em; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: center; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;">
<strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 31px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">5) </strong><strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 31px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">La crisi dei mutui subprime</strong></h2>
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Spesso la crisi globale è stata identificata, erroneamente, come la crisi dei mutui subprime. Si tratta di un fenomeno che ha fatto esplodere la situazione, ma la polveriera era già presente. Le contraddizioni nella finanza globale erano montanti e le conseguenze della crisi, che in questi mesi sta toccando il debito sovrano degli stati Europei, trascendono la questione del mercato dei mutui negli Stati Uniti. <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Il problema dei subprime è stato quindi un casus belli</strong>. Una vicenda fondamentale, che mostrato allo stesso tempo le patologie ed i conflitti di interesse nelle istituzioni finanziarie fossero pervasivi e, allo stesso tempo, come una parte del nostro sistema politico e legislativo fosse inadatto a gestire la situazione. Il tutto è stato aggravato dalla velocità di contagio inter-settoriale ed internazionale.</div>
<h2 style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 2.2em; font-weight: normal; line-height: 1.1em; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: center; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;">
Conclusioni</h2>
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Questa sintesi non pretende di essere esauriente, l’obiettivo è quello di tracciare solo le forze che in senso relativo hanno avuto l’impatto maggiore nella nascita e nell’evoluzione della crisi economica globale. Ci sono stati certamente altri elementi importanti, dal ciclo economico di breve termine all’irrazionalità umana in senso generale. Altri fattori, come il ruolo delle agenzie di rating o la politica monetaria della FED, assumono per alcuni una centralità rilevante. Tuttavia, nessuno dei singoli elementi, specialmente quelli contingenti e di breve periodo, può spiegare come la crisi economica internazionale abbia fatto esplodere le contraddizioni interne al sistema. Quello a cui stiamo assistendo non è la fine del capitalismo, ma non è nemmeno il risultato delle azioni di singoli individui avidi e corrotti. E’ possibile comprendere la situazione solo presentando attenzione alle interdipendenze tra i fattori di lungo periodo, le forze che stanno plasmando la discontinuità storica nella quale siamo immersi in questi anni.</div>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com1tag:blogger.com,1999:blog-4966363295370333495.post-21099057500933494752012-01-15T03:34:00.000-08:002012-01-15T03:34:22.479-08:002012, viaggio nel futuro della nuova finanza<br />
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Il 2012 si appresta ad essere un anno di importanza cruciale, dove verranno al pettine numerosi nodi relativi alla struttura dell’economia mondiale. Il quadro è piuttosto problematico da alcuni punti di vista, dalla crisi del debito sovrano alla turbolenza nei mercati finanziari, ma <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">non tutte le dinamiche in atto saranno negative</strong>: sono presenti in questa fase delle traiettorie di evoluzione tecnologica molto interessanti, che in alcuni casi potranno avere un impatto significativo anche nel breve termine. In questo contesto sono molte le scie di innovazione da seguire: dalle tecnologie mediche alla robotica low-cost, dall’esplosione delle applicazioni mobile al dinamismo dei paesi asiatici nel produrre ricerca e nello spingere la tecnologia applicata.<span id="more-15808" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"></span></div>
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Un’attenzione particolare, vista la congiuntura, merita di essere rivolta <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">al tema dell’interazione tra innovazione e finanza</strong>, con particolare riferimento alle tecnologie digitali. Infatti, la rivoluzione tecnologica legata alla diffusione di piattaforme on-line sempre più efficienti e a basso costo si sta combinando con la necessità di trovare nuove traiettorie di evoluzione per il sistema finanziario, che nel corso della crisi attuale sta mostrando numerosi punti di debolezza. Tra le dinamiche da osservare possiamo notare in particolare due filoni:</div>
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1) Il mutamento delle modalità di finanziamento della creatività tecnologica e sociale</h2>
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Assistiamo, ad esempio, all’impatto sempre maggiore degli acceleratori di startup e dei programmi di stimolo ai processi innovativi. Pensiamo in particolare a strutture come <a href="http://ycombinator.com/" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">Y Combinator</a> e <a href="http://www.techstars.com/" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">Techstars</a>, <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">capaci di trasformare in modo sistematico – quasi industriale – team e idee in società di successo</strong>, che, specialmente per quanto riguarda il primo, hanno avuto talvolta la possibilità di raggiungere valutazioni superiori al miliardo di dollari. Si badi bene: gli acceleratori di questo tipo sono entità giovanissime, in aggregato la loro performance non è brillante e solo alcuni sono in grado di produrre successi in modo sistematico. <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">La sperimentazione è ancora in corso</strong>. Tra le vie di esplorazione oggi in corso si possono segnalare dei programmi di finanziamento di startup estremamente originali come, ad esempio, <a href="http://genycap.com/" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">Gen Y Fund</a>, che oltre al capitale fornisce il pagamento del debito universitario per tre anni (un problema che impedisce a molti studenti, specialmente negli Stati Uniti, di seguire carriere più rischiose), o <a href="http://www.blueseed.co/" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">Blueseed</a>, un’iniziativa che ha l’obiettivo di aggirare le leggi relative all’immigrazione creando incubatori per società tecnologiche piazzati in acque internazionali. Altre strutture, come i <a href="http://breakoutlabs.org/" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">BreakoutLabs</a> di Peter Thiel, cercano invece di finanziare progetti di ricerca scientifici di natura iper-ambiziosa, che normalmente non sarebbero in grado di superare le maglie della burocrazia, che nel fundraising incentiva principalmente percorsi di ricerca dagli esiti relativamente prevedibili e a basso rischio. Lo spazio problematico del finanziamento dell’innovazione è quindi molto vasto, le carte da giocare sono parecchie e c’è molto da sperimentare.</div>
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<a href="http://www.lospaziodellapolitica.com/wp-content/uploads/2012/01/techstars..jpg" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;"><img alt="" class="aligncenter size-full wp-image-15809" data-lazy-loaded="true" height="307" src="http://www.lospaziodellapolitica.com/wp-content/uploads/2012/01/techstars..jpg" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; display: block; font-size: 14px; height: auto; margin-bottom: 0px; margin-left: auto; margin-right: auto; margin-top: 0px; max-width: 100%; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;" title="techstars." width="475" /></a></div>
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2) La compenetrazione sempre più forte tra finanza e tecnologia</h2>
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Partendo dalle piattaforme di peer to peer lending, prestito tra pari on-line, come<a href="http://www.prosper.com/" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">Prosper</a>, al crowdfunding, l’aggregazione efficiente di fondi da una moltitudine di soggetti tramite le tecnologie di rete, come nel caso di <a href="http://www.kickstarter.com/" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">Kickstarter</a>, ai modelli ibridi, come nel caso di <a href="http://www.kiva.org/" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">Kiva</a>. Alcune di queste tecnologie esistono da alcuni anni, ma anche in questo caso c’è molto da scoprire ed i temi sui cui lavorare sono molteplici, dall’abilitazione dei sistemi di pagamento, come nel caso di <a href="https://squareup.com/" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">Square</a>, alla costruzione di sistemi monetari complementari e di economie virtuali, come nel caso di <a href="http://en.wikipedia.org/wiki/Jambool" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">Jambool</a> e del suo “social gold”, fino alla gestione automatizzata del risparmio, dove anche gli italiani giocano un ruolo importante, come nel caso di<a href="http://www.moneyfarm.com/" style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #225e9b; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-shadow: rgb(255, 255, 255) 0px 1px 0px; vertical-align: baseline;" target="_blank">MoneyFarm</a> (n.d. per trasparenza segnalo che ho contatti diretti con quest’ultima società). Inoltre, è prevedibile che in futuro che ci sarà un’estensione ulteriore dell’utilizzo di agenti virtuali, algoritmi e varie forme di intelligenza artificiale nel trading e nella gestione dei patrimoni. Già ora una fetta importante dei mercati è mossa da sistemi automatizzati ed è ragionevole ipotizzare che, se non ci saranno scossoni regolativi pesanti su questo settore, <strong style="background-attachment: initial; background-clip: initial; background-color: transparent; background-image: initial; background-origin: initial; background-position: initial initial; background-repeat: initial initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 14px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">la disponibilità crescente di potenza computazionale e l’evoluzione dei software disponibili supporteranno in maniera crescente, ed in alcuni casi supereranno nettamente, l’operato di agenti umani nei mercati finanziari</strong>. Il futuro della finanza è meno prevedibile di quanto si pensi, le traiettorie di evoluzione sono molteplici e, se vogliamo plasmare invece che subire i mutamenti legati alla crisi mondiale, è utile affrontare in modo consapevole la sua interazione con la tecnologia.</div>
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Raffaele Mauro </div>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-63760341440757771382011-11-22T15:16:00.001-08:002011-11-22T15:16:56.616-08:00100 Global Thinkers of 2011 (English version)The think tank "Lo Spazio della Politica" releases the last editions of its "100 Global Thinkers" list.<br />
<a href="http://www.lospaziodellapolitica.com/2011/11/the-lsdp-top-100-global-thinkers-of-2011-english-version/">http://www.lospaziodellapolitica.com/2011/11/the-lsdp-top-100-global-thinkers-of-2011-english-version/</a>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-36387723598870101382011-11-22T02:59:00.001-08:002011-11-22T03:00:14.610-08:00100 Global Thinkers of 2011Ecco la nuova classifica dei Global Thinkers - 2011 - Lo Spazio della Politica<br />
<a href="http://www.lospaziodellapolitica.com/2011/11/the-lsdp-top-100-global-thinkers-of-2011/">http://www.lospaziodellapolitica.com/2011/11/the-lsdp-top-100-global-thinkers-of-2011/</a>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0tag:blogger.com,1999:blog-4966363295370333495.post-56704386345303095532011-11-17T13:39:00.001-08:002011-11-17T13:41:27.377-08:00Digital Advisory GroupSegnalo il Digital Advisory Group, iniziativa molto importante a favore dell'economia digitale:<br />
<a href="http://www.digitaladvisorygroup.it/it/">http://www.digitaladvisorygroup.it/it/</a>Anonymoushttp://www.blogger.com/profile/11913748674643057233noreply@blogger.com0