Developing a Shared Vision for the Future

67
Developing a Shared SESI Vision for the Future mediaX at Stanford University Martha G Russell David A. Evans July 2014

description

Presentation by Martha G Russell and David A. Evans, mediaX at Stanford University, for SESI, Santa Catarina, Brazil, to launch planning of SESI Innovation Research Center on Occupational Health and Safety for Brazilian workers and businesses, to support the Health Safety and Environment objectives of SESI, part of Brazil's CNI and its industry system.

Transcript of Developing a Shared Vision for the Future

Page 1: Developing a Shared Vision for the Future

Developing  a  Shared  SESI  Vision  for  the  Future    

 mediaX  at  Stanford  University  

Martha  G  Russell  David  A.  Evans  

 July  2014  

Page 2: Developing a Shared Vision for the Future

mediaX at Stanford University

Page 3: Developing a Shared Vision for the Future

Memberships  for  Discovery  CollaboraEons  

Page 4: Developing a Shared Vision for the Future

Alumni  Leadership  Networks  

Page 5: Developing a Shared Vision for the Future

•  Abrizio  •  ASK  Computer  systems  •  Cisco  Systems,  Inc.  •  Dolby  Systems  •  eBay  •  E*Trade  •  Electronic  Arts  •  Excite,  Inc.  •  Gap  •  Google  •  HewleI-­‐Packard  •  IDEO  •  Intuit,  Inc.  •  Learning  Company  •  Linked-­‐In  •  Logitech  •  Mathworks  •  MIPS  Technologies,  Inc.  •  Nike  •  NeQlix  

•  NVIDIA  •  Orbitz  •  Octel  CommunicaRons  Corp.  •  Odwalla  •  ONI  Systems  •  PayPal  •  Pure  SoSware,  Inc.  •  Rambus,  Inc.  •  RaRonal  SoSware  •  Silicon  Graphics,  Inc.  •  Sun  Microsystems  •  Tandem  Computers,  Inc.  •  Taiwan  Semiconductor  •  Tensillica  •  Tesla  Motors  •  Trilogy  •  Varian  Associates,  Inc.  •  Vmware  •  Whole  Earth  Catalog  •  Yahoo!  Inc.  

Stanford  spin-­‐offs  Over  2000  companies  started  by  faculty  students  and  alumni  

Page 6: Developing a Shared Vision for the Future

•  Iterate  quickly  –  If  it  doesn’t  work,  change  something  –  ASAP  

•  Take  personal  responsibility  – Don’t  blame  anyone  

•  Share  what  you  learned  –  Each  failure  includes  lessons  for  success  

•  Start  again    –  Immediately!  

•  Don’t  do  it  alone  –  Know,  culEvate  and  orchestrate  your  network  

Lessons  from  Silicon  Valley  Five  Rules  for  Successful  Failure  

Page 7: Developing a Shared Vision for the Future

ParRcipate  in  the  Media  X  HSTAR  Community  

at S T A N F O R D U N I V E R S I T Y

RelaRonships  based  on  Mutual  respect  for  the  strengths  of  the  other  SynergisEc  inspiraEon  for  new  quesEons  and  new  results    ConnecEng    Stanford  to  business    on  people  and  tech    AGENTS  OF  TRANSFORMATION    Using  technology  to  improve  the  human  experience          

Memberships and Strategic Partnership

SESI Santa Catarina  

Page 8: Developing a Shared Vision for the Future

What  can  we  do  together    that  neither  of  us    can  do  alone?  

Stanford University

The  use  of  technology  to  improve  the  human  experience  

Page 9: Developing a Shared Vision for the Future

We  are  in  a  period  of  massive  disrupEon  

Page 10: Developing a Shared Vision for the Future

“No Rocking Chair for Me!”

http://www.nytimes.com/2010/10/19/health/19brody.html 10  

Page 11: Developing a Shared Vision for the Future

http://www.google.com/imgres?q=smart+machine+systems&hl=en&biw=1024&bih=596&gbv=2&tbm=isch&tbnid=z2rAm1CwHXFDMM:&imgrefurl=http://www.globalequipmentandfinance.com/M16_Cat_Grader.htm&docid=x0ICnDqhnRdjaM&w=458&h=307&ei=FXyDTqjvA83Rsgb998i6Dg&zoom=1&iact=hc&vpx=427&vpy=300&dur=275&hovh=184&hovw=274&tx=129&ty=161&page=3&tbnh=122&tbnw=163&start=34&ndsp=16&ved=1t:429,r:8,s:34

Tools As Social Actors

Page 12: Developing a Shared Vision for the Future

Microsensors Drive Macro Impacts Drone  journalism  and  CiEzen  science  –  or  ciEzen  sensors

h^p://www.autodeskresearch.com/projects/biocompevoluEon  

Page 13: Developing a Shared Vision for the Future

Talk to Me – Singing Chair

http://inhabitat.com/nyc/wp-content/blogs.dir/2/files/2011/07/talk-to-me-singing-chair.jpg 13  

Page 14: Developing a Shared Vision for the Future

New organizational structures

Page 15: Developing a Shared Vision for the Future

Personal is Global

Page 16: Developing a Shared Vision for the Future

A Revolution is Coming In Work Productivity

Page 17: Developing a Shared Vision for the Future
Page 18: Developing a Shared Vision for the Future

This  is  not  the  first  transformaEon  we’ve  seen  

   

We’ve  covered  this  ground  before  

Page 19: Developing a Shared Vision for the Future

PrinEng  

. . . to this. From this . . .

Page 20: Developing a Shared Vision for the Future

Medicine  

Page 21: Developing a Shared Vision for the Future

Manufacturing  

Page 22: Developing a Shared Vision for the Future

Sensor  Technology  Ecosystem  

 CompuEng  Infrastructure  h^p://www.vaqueronet.com/colocaEng.php   h^p://www.alpheuscommunicaEons.com  

Service Operations

Social Network

Technology Infrastructure and Support

Device  components  and  design,  compuEng  placorm,  service  operaEons,  human  behavior,  and  content  

 

  Users  and  content  

Knowledge Worker Productivity

Page 23: Developing a Shared Vision for the Future

What  Lies  Ahead  Has  Already  Happened  

Microsoe  CEO  Satya  Nadella  in  his  recent  memo  to  all  MS  employees,  charEng  the  new  direcEons  for  the  company,  writes:    “Rainer  Maria  Rilke’s  words  say  it  best:  ‘The  future  enters  into  us,  in  order  to  transform  itself  in  us,  long  before  it  happens.’  ”  

23  

Nadella  Memo:  h^p://www.microsoe.com/en-­‐us/news/ceo/index.html      Full  context  for  Rilke  (from  Le^ers  to  a  Young  Poet,  August  12,  1904):  h^p://www.carrothers.com/rilke8.htm      

Page 24: Developing a Shared Vision for the Future

More  from  Nardella…  “We  will  reinvent  producCvity  for  people  who  are  swimming  in  a  growing  sea  of  devices,  apps,  data  and  social  networks.    We  will  build  the  soluCons  that  address  the  producCvity  needs  of  groups  and  enCre  organizaCons  as  well  as  individuals  by  puEng  them  at  the  center  of  their  compuCng  experiences.    We  will  shiG  the  meaning  of  producCvity  beyond  solely  producing  something  to  include  empowering  people  with  new  insights.    We  will  build  tools  to  be  more  predicCve,  personal  and  helpful.    We  will  enable  organizaCons  to  move  from  automated  business  processes  to  intelligent  business  processes.    Every  experience  MicrosoG  builds  will  understand  the  rich  context  of  an  individual  at  work  and  in  life  to  help  them  organize  and  accomplish  things  with  ease.”      

24  

Nadella  Memo:  h^p://www.microsoe.com/en-­‐us/news/ceo/index.html    

Page 25: Developing a Shared Vision for the Future

The  Global  “Brain”  

25  h^p://www.glif.is/publicaEons/maps/  

Page 26: Developing a Shared Vision for the Future

The  Global  “Brain”  –  North  America  

26  

h^p://www.glif.is/publicaEons/maps/  

Page 27: Developing a Shared Vision for the Future

The  Global  “Brain”  –  South  America  

27  h^p://www.glif.is/publicaEons/maps/  

Page 28: Developing a Shared Vision for the Future

Augmenting the Brain

28

Page 29: Developing a Shared Vision for the Future

Michael  Bernstein  Expert  Flash  Teams  for  elasEcity  &  pipelining  

h^p://www.youtube.com/watch?v=teOBdtZR5uQ&list=PL2rro4X-­‐RbDFWjQV_-­‐XlHklj2bD3aNAr5#t=37    

Knowledge Worker Productivity

Page 30: Developing a Shared Vision for the Future

January 22, 2012 30 © 2012 by Reid Senescu

Premise  team  interacEons  with  files  reveal  workflows    

Knowledge Worker Productivity

InvesRgators:  Reid  Senescu,  Ben  Schwegler,  and  MarEn  Fischer,  Civil  &  Environmental  Engineering,  MarEn  Steinert  and  Larry  Leifer,  Mechanical  Engineering;  Austen  Head,  StaEsEcs    

Page 31: Developing a Shared Vision for the Future

When  People  Become  the  Content  of  Media  

ParEcipaEon,  PersonalizaEon  and  EmoEon        for  Persuasion,  Risk,  and  Reward  

Infinite  Reality  

Future of Content is Personalized

Page 32: Developing a Shared Vision for the Future

DetecRng  States  of  Mind  Through  Nonverbal  Behavior  

•  Impact:  Gesture  can  predict  the  quality  of  a  two-­‐person,  face-­‐to  face-­‐interacEon,  team  roles  and  individual’s  mind  states  –  and  used  to  support  producEvity  of  the  individual  or  team    

Enhancing Worker Productivity

Page 33: Developing a Shared Vision for the Future

Total  Engagement  

Page 34: Developing a Shared Vision for the Future

Shared  A^enEon  

CogniEve  and  AffecEve  Load  

Page 35: Developing a Shared Vision for the Future

Augmented  decision  systems  are  hybrid  of    AI  and  human  judgment  

Page 36: Developing a Shared Vision for the Future

Leo  Yeykelis,  James  J.  Cummings  and  Byron  Reeves,  “MulEtasking  on  a  Single  Device:  Arousal  and  the  Frequency,  AnEcipaEon  and  PredicEon  of  Switching  Between  Media  Content  on  a  Computer,”  Journal  of  CommunicaCon,  64:1    pp  167–192,  February  2014.  

MulEtasking  on  a  Single  Device  Future of Content

Page 37: Developing a Shared Vision for the Future

Leo  Yeykelis,  James  J.  Cummings  and  Byron  Reeves,  “MulEtasking  on  a  Single  Device:  Arousal  and  the  Frequency,  AnEcipaEon  and  PredicEon  of  Switching  Between  Media  Content  on  a  Computer,”  Journal  of  CommunicaCon,  64:1    pp  167–192,  February  2014.  

MulEtasking  on  a  Single  Device  Future of Content

Page 38: Developing a Shared Vision for the Future

Knowledge Worker Productivity

Page 39: Developing a Shared Vision for the Future
Page 40: Developing a Shared Vision for the Future

RelaEonships  Ma^er  

Employee  ExecuRve  Advisor  Founder  Investor  

 

AcquisiRon  Deal  

Alliance  

Financing  Investor  Angel  

Page 41: Developing a Shared Vision for the Future

Soccer  

InnovaEon  is  a  team  sport  You  can’t  score  without  a  ball  There  are  winners  AND  losers  

Page 42: Developing a Shared Vision for the Future

Who  Are  Your  Teams?  What  Is  Your  Game?  

 An  Example    

Mobile  Phone  Industry  

Page 43: Developing a Shared Vision for the Future

Source:  iPhone  3G  Teardown  -­‐  Semiconductor  Insights  (2011)  

Page 44: Developing a Shared Vision for the Future

Mobile  Device  Ecosystem  Deals  and  Alliances  

Basole,  Russell,  Huhtamäki,  SEll  and  Rubens,  “Understanding  Mobile  Ecosystem  Dynamics:  A  Data-­‐Driven  Approach,”  Presented  at  ICMB  June  2012  

Page 45: Developing a Shared Vision for the Future

Mobile  Device  Ecosystem  ExecuEve  and  Finance  RelaEonships  

Basole,  Russell,  Huhtamäki,  SEll  and  Rubens,  “Understanding  Mobile  Ecosystem  Dynamics:  A  Data-­‐Driven  Approach,”  Presented  at  ICMB  June  2012  

Page 46: Developing a Shared Vision for the Future

Apple-­‐Samsung    Co-­‐opeEEon  

Deal  &  Alliance  RelaEonships   Financial  &  ExecuEve  RelaEonships  

Basole,  Russell,  Huhtamäki,  SEll  and  Rubens,  “Understanding  Mobile  Ecosystem  Dynamics:  A  Data-­‐Driven  Approach,”  Presented  at  ICMB  June  2012.  

Page 47: Developing a Shared Vision for the Future

Microsoe  -­‐  Nokia    Alliance  

Deal  &  Alliance  RelaEonships   Financial  &  ExecuEve  RelaEonships  

Basole,  Russell,  Huhtamäki,  SEll  and  Rubens,  “Understanding  Mobile  Ecosystem  Dynamics:  A  Data-­‐Driven  Approach,”  Presented  at  ICMB  June  2012  

Page 48: Developing a Shared Vision for the Future

What’s  the  Pa^ern  of  an  Emergent  Industry?  

 An  Example    

EducaConal  Tech  

Page 49: Developing a Shared Vision for the Future

“Ed  Tech”  Growth  companies  ExecuEves  and  Finance  RelaEonships  

2014 2011 (companies  and  investors)    

2480  nodes  

Martha  Russell,  Jukka  Huhtamäki,  Kaisa  SEll,  Rahul  Basole,  Jiafeng  Yu,  Neil  Rubens,  “RelaEonal  Networks  for  InnovaEon  Ecosystems  of  EducaEonal  Technologies,”  edMedia  2014.  

1774  nodes  

Page 50: Developing a Shared Vision for the Future

What  Do  Regional  InnovaEon  Ecosystems  

Look  Like?    

Examples    From  3  Regions  

Page 51: Developing a Shared Vision for the Future
Page 52: Developing a Shared Vision for the Future

���$"%"�&��"$#

�" ��$����"�&)�$��!�

��##�!��"�!&�����!"�"���%�!�

�&�"��!�

����!�

��(�%�&�����!"�"���%�!�

�"&"$"���!�

�����!�

�����"$#

����!�

�$��%������� ��"!�'�&"$�!�

�" #'&�$�����!��%��"$#

!�"�������"�&)�$���"$#

��!�"$� �*�"$��!�

��$�"$ �!����&����!�

��&�$�"�!&�!�

�"$��!���"�&)�$���"$#

�����"�&)�$��!�

���!�&&���"$#

����&$"!�����&���+%&� %��"$#

��(�!�������$"���(���%�!�

!��!�"!�����!"�"���%���

�$��!���������!"�"���%��"$#

��%& �!�"�����"

�' �!�*��"$#

��� �����!�

����"$#

�'!����$"%+%&� %�!�

AusEn  Ecosystem    Enterprises,  Deals  &  Alliances  

678  companies  and  498  interconnecEons  

Russell,  Huhtamäki,  Basole,  SEll,  Yu  &  Rubens,  IC2  InsEtute  Global  Fellows  MeeEng,  April,  2013  

Page 53: Developing a Shared Vision for the Future

AusRn’s  Young  Growth  Companies  Primary  Office  in  AusRn  

Companies  =  801  Investors  –  286  Leadership  Indiv’s  =  1355    

IEN  Dataset,  March,  2013  Russell,  Huhtamäki,  Basole,  SEll,  Yu  &  Rubens,  IC2  InsEtute  Global  Fellows  MeeEng,  April,  2013  

Page 54: Developing a Shared Vision for the Future

.DOOL�'RXEOHGD\

-XOLDQ�/LOO\

-RVKXD�%DHU

.HQQ\�9DQ�=DQW

.LS�0F&ODQDKDQ

0LFKDHO�5RVHQIHOW

-DVRQ�&RKHQ

6DP�'HFNHU

0HOOLH�3ULFH

*DU\�&KRX

-LP�<DQJ

5XG\�*DU]D

%LOO�%RHEHO

1HHODQ�&KRNVL

$]L]�*LODQL

-RHO�7UDPPHOO

-XVWLQ

<YRQQH�7RFTXLJQ\

0DWWKHZ�6XOOLYDQ

5LFN�:LWWHQEUDNHU

5HQȷj�3LQQHOO

-RVK�-RQHV�'LOZRUWK

'DYLG�+DXVHU

1HDO�5DSRSRUW

7LP�*DVSHU

6WXDUW�5HQFK

5RGQH\�*LEEV

%UDG�:LOVRQ

6WHYH�6PDKD

&DSLWDO�)DFWRU\

%LOO�&ODUN

-RKQ�0LFKDHO�'DYLV

-RKQ�3DXORV

-LP�(QJODQG

%UDGOH\�&��+DUULVRQ6KDXQ�6LPV

%ULDQ�/DQG

0DUN�:HVWHUEXUJ

0LFKDHO�0DQLVFDOFR

3DWULFN�'UHZ�

'DYLG�&URZ

0LFKDHO�%UHHQ

9DPVL�0RKXQ

%RE�:HVVRQ

-HIIUH\�&KDPEHUV

0DVRQ�$UQROG

7RGG�+DQVHQ

&RG\�3RZHOO

'RQDOG�3DUN

0LFKDHO�%DLUG

&KULV�%ULVVRQ

$QXUDJ�.XPDU

FKULV�GXQQ

1LFKRODV�:KLWH

%UDQGRQ�.QLFHO\

'DQLHO�/RZGHQ

3DXO�+XJJLQV

-HE�%R\W

0DUN�6FRODUR

3UDYHHQ

.DUHQ�%DQWXYHULV

5RM�1L\RJL

:HVOH\�7DQVH\

6FRWW�2ZHQV

'DQLHO�.HHODQ

+R\W�3ULVRFN

+DVVDQ�)��-RKQVRQ

6DWLVK�.RGXNXOD

%ULDQ�/DQG

5RQ\�.DKDQ

1LFKRODV�/RQJ

$UWKXU�(GVWURP0LFKHOH�6NHOGLQJ

0RUJDQ�:DUVWOHU

6FRWW�6DJH

%ULDQ�6RXOH

0DGLVRQ�:LFNKDP

'DQ�'RPDQ

.\OH�%XQFK

-LP�+LOOKRXVH

&KULV�0XUSK\

0LFKDHO�7RZQVHQG

3DXO�2%ULHQ

'HDQ�&UXVH

&UDLJ�6WHLQIHOG

-DVRQ�6HLGHQ

.HYLQ�%UDG\

*XQHU�$UVODQ

1LFKRODV�7HU]R

&KULV�$QGHUVRQ

'DQLHO�*RHW]

-RQDWKDQ�5RPOH\

3DXO�$QXQGD

6WHYH�:DWHUV

/DZUHQFH�.LUE\

6

6DW\D�3UDEKDNDU

-RKQ�7KRUQWRQ

$GDP�'HOO

+DUYH\�5LQJ

-RVK�5DELQRZLW]

3KLO�3RPSD

5RQ�:LNVR

'DYLG�+REHLFK

-DYLG�-DPDH

1DP�7UDQ

6WHYH�%ODFNPRQ

3DVFDO�1LFRODV

-DVRQ�1RYHN

5LFKDUG�6SLHJHO

-RVHSK�'H6HWWR

0LNDHO�6RORPRQ5LFN�7LPPLQV

7RQ\�%��/XPSNLQ�,,,

+HFWRU�5XL]�&DUGHQDV

7KRPDV�%DOO

6HDQ�0F&OHDU\

-DVRQ�5HQHDX

&KULV�3RUFK

0DVRQ�+DOH

%LOO�&ODUN

$DURQ�%UD]HOO

'DYLG�:HVVRQ

6WHYHQ��0LFN��*LOHV

/OR\G�$UPEUXVW

.D\YRQ�2ORPL

-DPHV�:HGGOH

-HIIUH\�)U\

*ODG\V�6��)U\

%DUU\�7KRUQWRQ

-HIIUH\�)U\

-HIIUH\�)U\

0DWW�+DZNLQV

6FRWW�/HHVH

5DMLY�%DOD

5REHUW�$IVKDU

-RVK�:LOOLDPV

'DQD�6HYHUVRQ

.HYLQ�.R\P

%UHQW�:HEHU

-RKQ�:ROSHUW

'DQ�6WUHHW

0DUN�&DVWOHPDQ

&KULVWRSKHU�6KHUPDQ

$OOHQ�:DONHU

)UDQN�0DVWURQX]]L

5RE�1HYLOOH

$YHU\�.DGLVRQ$URQ�%HLHUVFKPLWW

6DPXHO�&DVVLED

0LFKDHO�'HOO

/DPDU�5RPHUR

5DXO�7UHYLQR

%U\DQ�*XLGR�+DVVLQ

&KULV�*LOODQ

$QG\�3DOPHU

+LJLQLR�2��0D\FRWWH

6FRWW�/HLVN

$OH[�0DQHOLV

7D\ORU�%URRNV

5RJHU�&DVWLOOR7RP�:HVW

'U��0-*

5RVD�/��0F&RUPLFN

0RUJDQ�)ODJHU

-RVKXD�6KLSVH\

0LFKDHO�.RHWWLQJ

*DXUDY�6DQJKDQL

6LG�8SDGK\D\

:LOO�6WURQJ

5\DQ�<RXQJ

'DYLG�0DWWKHZV

5DOVWRQ�&ODUNH

0DUF�6PRRNOHU

0DUF�0DSHV

-RVKXD�&KRGQLHZLF]

6DUDQ\DQ�9LJUDKDP

5RE�7D\ORU

-RKQ�(QJOHU

&DQGLFH�5RPD

6KDVKL�8SDGK\D\

%HQ�&DOGHU

6FRWW�0LOOHU

-RQ�.RONR

.LUN�%URZQ

%ULDQ�.USHF

%URRNH�%�)DUUHOO

:LOO�)RVWHU7KDQDVLV�,DWURX

-RQDWKDQ�6SLOOPDQ

-RKQ�(ULN�0HWFDOI

7D\ORU�+DZHV

-DPHV�+LJJLQERWKDP

7ULVWDQ�*DWVE\�0DFH

1RDP�5HLQLQJHU

0HUHGLWK�0D\FRWWH

0LFKDHO�%UDVVILHOG

/RXLV�0DUDVFLR

(WKDQ�-RQHV

3KLOLS�/DUPRQ

&O��$OH[��&KLHQ

-DFN�+ROW��)RXQGHU�2I�:KLW�OL

+HFWRU�7RUUHV

$GDP�$OH[DQGHU�6DODPRQ

.LUWXV�'L[RQ

-DFTXHOLQH�+XJKHV

.ULVWLDQ�5XVVHOO

3-�&KULVWLH

7KRPDV�,QFH

'UHZ�0R\QLKDQ

'DYH�'H0LQN

-DNH�0RLODQHQ

%HQ�6WDQGHIHU

7RP�.LHOH\

'XVWLQ�%R]DUWK

%UDQGRQ�0DUNHU

0LNH�)LVKHU

$ULDQH�)LVKHU

6FRWW�:ULJKW7LP�+D\GHQ

.HLWK�&DVH\

-RQDWKDQ�+DUWPDQ

$-�$UFKLEDOG

-DPHV�/HGRX[

0LVW\�*LEEV

'DYLG�,VTXLFN

'DYLG�5\DQ

'\ODQ�5DPVH\

-RH�0ROLQHOOL

+RRQ�3DUN

5XVVHOO�+LQGV

%U\FH�%HQWRQ5XVW\�%HWWLV

1HYLO�0HJKDQL

(YDQ�%DHKU

*D\DWKUL�5DGKDNULVKQDQ

.HYLQ�7DQJ

'HYLQ�)HH

'DQ�'H)HOLSSL

-DFN�0F*DU\

=D]�)ORUHDQL

-RHO�.RUSL

-HVVH�'\HU

&KULV�0F.LQ]LH

6KXMD�5DKPDQ

(ULF�6XQJ

6WHYH�*UHHQ

1LFN�*RJJDQV

(ULF�.QLWWHO

/L]�%OXPHQIHOG

3DXO�.UDVLQVNL

5��&��%HQNHQGRUI

0DUVKDOO�6WRNHV

'DPRQ�&OLQNVFDOHV

%ULDQ�20DOOH\

0DWW�/\RQV

%DUW�%RKQ

-RQ�$OOHQ

-HUHP\�.LPEDOO

-DVRQ�%RQKDP%LOO�&RQQRUV

%UXFH�&DOOHQ

$OOHQ�:HLQHU

0DUN�+LFNV

%ULO�)OLQW

&RXUWQH\�3RZHOO

0LFKDHO�(ULF�1RUGVWURP

7UDF\�$XVHNOLV

0LQVRN�3DN

5LFDUGR�'��6DQFKH]

-RHO�)RQWHQRW

+XGVRQ�%DLUG

6WHSKHQ�1HZPDQ

.HYLQ�+HQU\

0LFKDHO�'��0RIILWW

1HHUDM�%DQVDO

&RQQRU�+RRG

0RQHHW�6LQJK

-HDQHWWH�&DMLGH

$QGUHZ�.RSHUZDV

1DWH�6KRFNH\

$PHHQ�+DVKLPL

-RQDV�/DPLV

-'�9DOGH]

-5�*DUFLD

%UDQQRQ�+DUULV

1HOVRQ�:HOOV

7LJHUDQGVQDNH

$QGUHD�.DOPDQV

7RP�'LFNH\

-RVK�.HUU

%RJGDQ�5HQWHD

3DWULFN�6WRQH

.HUHQ�.DQJ

%ULDQ�7UDXGW

5DYL�5DR

6HDQ�&XQQLQJKDP

6WHSKDQLH�:RQGHUOLQ

/RULQ�5LYHUV

%RE�0HWFDOIH

6DP�*RVOLQJ

7RPP\�*UDVSR

��6HPHVWHU�6WDUWXS

'DYLG�%UXEDNHU

3UDQDY�'HVDL

%-�+HLQOH\

-XVWLQ�.YDVQLFND

%U\FH�+ROODQG

)DUDD]�,VPDLO

6WXDUW�7KRPDMDQ

/DXUHQFH�3DWULFN�1RRQDQ

%LOO�0RRUH

6WHSKHQ�6WUDXV

&KULVWLQH�/HH

0LNH�.XU\DN

-RQ�:HLVEODWW

:LOOLDP�7��(GZDUGV

0LFKDHO�0LOOHU

5DM�0LVWU\

7LP�3KDP

/DQFH�9DXJKQ

.\OH�+XIIVWHWOHU

%ULDQ�*ULJVE\

7RQ\�+ROPHV

0D[�/RXNLDQRY

%UDQGRQ�.QLFHO\

:LOO�5RPDQ

'HQQLV�%R\HU

0DWWKHZ�)RVWHU

,VDDF�/HY\

/RUHQ�3DUNHU

0LFKDHO�0F'DQLHO

0LODQ�9DVLF

'DQ�)HXHU

&HVDU�7RUUHV

7UH\�3KLOLSV

6FRWW�0LOOHU

7D\ORU�0F.QLJKW

'DYLG�:LVH

-RQDWKDQ�+XDQJ�9DQ

-RQDWKDQ�:DVVHUVWUXP

&KULV�/DPSUHFKW

%DUU\�.DKQ

0,&+$(/�%8516

3HUI�&RYHU

/DUU\�:DONHU

-HII�'\FN

%U\DQ�0HQHOO

%UDGOH\�0DUNKDP

$XVWLQ�&DPHURQ

0DUF�<DJMLDQ

'HDQ�.DNULGDV

0RKLW�7DQHMD

0LFKDHO�0D\

3HWHU�.HOOHU

7D\ORU�:HVW

&DUULH�:HVW

*DU\�*ODVV

5\DQ�6SUDHW]

0LWFKHOO�+DUSHU

%ULDQ�&XUOLVV

5\DQ�&KDYH]

,[

'DQ�/XVVLHU

5XE\�.X

6HWK�%ODFN

6HDQ�6WUDQGH

(EHQ�*HHU

6LGGKDUWKD�6KDUPD

$UXQ�3UDNDVK

(KUHQ�)RVV

'DQLHO�*DUFLD

<VPD\

$PPRQ�)LIH

*UHJ�:HKPH\HU

-RKQ�&ROHV

6DUDK�3HUH]

3ODQ�6;6:

KDOOPDUWLQ

'XVWLQ�0D[H\

-HVVH�$WZHOO

'LUN�9DQ�6O\NH

1HLO�6PLWK

%UDQGRQ�*RWWHVPDQ

(ODLQD�)DUQVZRUWK

'DQLHO�6HQ\DUG

7UXRQJ�$Q�7KDL

&KULV�&DUWHU

*UHJRU\�7�%HFNHU

-XVWLQ�'H/D&UX]

1DGHHP�5DMDQL

9LF�5DPRQ

-HIIUH\�6FKZDUW]

7DU]DQ�6KDULI

%U\DQ�*RLQHV��d¸

-RH�:XU]EXUJHU

.\OH�3��0D\��06�3K'

$XVWLQ�+DOORFN

-RQDWKDQ�.DQDUHN

$ODQ�&ROH

'HH�+DOOLGD\

-RQ�DWKDQ��,]TXLHUGR

(ULF�'DQ]LJHU

&KULV�6ZDLP

EH'-

&KDG�+XVWRQ

-XQ�;LDR

0LFKDHO�'HOODQRFH

6FRWW�6SDQQ

-DUHG�)UDQNOLQ

5DQGL�+LPHOIDUE

-RVK�$OH[DQGHU��&)$

$DURQ

:LOOLDP�*ULJJV

%UDQGRQ�)XOOHU

SDXO

&KDUOLH�3ODXFKH

-RVKXD�3LHUFH

/DUU\�9DXJKQ�

,QGUDQLO�%DQG\RSDGK\D\

$UL�)UDQNOLQ

&KULV�3RUFK

-DPHV�1RUULV

&DVH\&-RQHV

-DPHV�(YDQV

&KULVWLDQ�+XQWHU

0LWFK�-RKQVRQ

%UXFH

'DYLG�5HQFK

7RUL�%UHLWOLQJ

$XVWLQ�7HFKQRORJ\�,QFXEDWRU

$QGUHZ�&KRZ

-RQDWKDQ�%HUNRZLW]

(ULF�<DQJ

5\DQ�'HLVV

6HDQ�&OLIIRUG

*UHJRU\�2��:HOFK

7HG�)LIH

+RZDUG�5

0DU\�+DVNHWW

0LJXHO�+DGHOLFK

%UDG�)XOWV

$O�3DUN

$OH[�.LOSDWULFN

-XVWLQ�%ULWWHQ

-RVK�5LFNHO

-HVVLFD�0H\HU

$ULDP�0DFLDV

FRQFHSW��

1DWH�0F*XLUH

6KDZQ�-RKQVRQ

1DWKDQ�1LHKXXV

-RH�(OOLV

.LUN�'RULXV

:LOO�-RKQVRQ

0LFKDHO�/XENHU

&RWWHU�&XQQLQJKDP

$ODQ�6FKRHQEDXP

.DVH\�*RXUOH\

'DYLG�/DFNH\

&ROE\�:LOVRQ

%UD[WRQ�%H\HU

+HDWK�0F%XUQHWW

-RKQ�&XUWLV

-XG\�:X

7RP�%DOODUG

*RUGRQ�'DXJKHUW\

6KDQH�)DXONQHU

1DWKDQLHO�5RELQVRQ5REHUW�.QRUU

%HQ�:LOEDQNV

6DUDK�(YDQV

.\OH�0LWFKHOO 0LFKDHO�-XGNLQV

$DURQ�6DQFKH]

.HYLQ�.HQ\RQ

&KULV�(WFKHYHUU\

6DP�)UHHG

6FRWW�6XOOLYDQ

-RKQ�6PDUW

)UDQN�(GZDUGV

,UHQH�0ZDWKL

-DJDWK�1DUD\DQ

7RQ\�)UH\

(OOLRWW�&RXQWV

)ORULQ�0DWHL

$UMXQ�%DQNHU

&KHVWHU�%DLOH\

3DEOR�*RQ]DOH]

$OH[DQGHU�=XERY

2PDU�+DNLP

*DQHVK�6KHQR\

'DPLDQ�0F&DEH

-DVRQ�6WHHOH

%U\DQ�6KHSDUG

&KULV�1DJ\

$OHF�:LOVRQ

-XDQ�0RQWHPD\RU

$OOLH�'DQ]LJHU

-RH�3XWPDQ

'DYLG�+HQGHUVRQ

-RKQ�3KDQ

(ULF�%U\QVYROG

3HWHU�6WURSOH

-DPHV�5HJJLR

'DULH�'UHSWDWH

6HDQ�/DQH

'RXJ�<HDJHU

&KULVWLDQ�5H\HV

5\DQ�/LSSV

95�%XVLQHVV�6DOHV���$XVWLQ

$QGUHZ�(\H

$UPDQGR�.LUZLQ

$QHWW�3DSSDV

:DGH�)OR\G

3DUQHOO�6SULQJPH\HU

)UHG�3LHUFH

'DVWDQ�$LW]KDQRY

<XHQ�<XQJ

3DWULFN�3HUOPXWWHU

0DWW�+DUULV

6DUD�0LWUDQ

&RULH�-RKQVRQ

&��(QULTXH�2UWL]

/XNH�&DUULHUH

-DVRQ�%DOGULGJH

-RVKXD�%XWQHU

,UO�1DWKDQ

$GDP�7KRPSVRQ

0DWW�*UHJRU\

(YDQ�:HEE

*DU\�+XVVH\

'HQQLV�(XVHELR

$GDP�%HVW

5REHUW�(LQVSUXFK

7RP�*LHVEHUJ

7HG�-�+DUULHV

$QWKRQ\�(ULFNVRQ

0DUF�%U\QF]ND

6FRWW�$NHUV

.HQQ\�4XLQODQ

%XUDN�6$+,1

.HOO\�&RSSRFN

6HWK�3DJH

$XVWLQ�*XQWHU

3DWULFN�+LWFKLQV

'DYLG�$��%U\DQ

&KDUOHV�+��'XJJDQ

0LFKDHO�9DQ�6WHHQEXUJ

5\DQ�&XVK

-RKQ�0F,QWRVK

0DQXHO�5RVVR

0DWWKHZ�+DOO

$�/��-RKQVRQ

-RKQ�+DPOLQ

5RE�&DQDOHV

(ULF�3HDUVRQ

'DQLHO�3DULVK

-DVRQ�*LQGHOH

'$YLG�3HUURQL

6KDQQRQ�6ZHQVRQ

'DQ�%UD]LHU

%ULDQ�5RPDQNR

-RQDK�0DQQLQJ

0LNH�0F1HLO

-RVK�+XFN

/\OH�3UDWW

(ULF�9DQ�+HQVEHUJHQ

$GDP�+LOVV

'RQRYDQ�&URZOH\

-HUHP\�7UR\

'HQQLV�&DUSHQWHU

&KRR�.LP�,VJLWW

6WHYH�.LHO

=DFK�'H[WHU

/LQQLH�3KHEXV

0LFKDHO�%UDLWKZDLWH

<XULM�%U\QG]LD

0DWW�+DZNLQV

%ULDQ�0DORQH\

0FNHQ]LH�/RFN

'DUUHQ�'DYLOD

6WHSKDQLH�)DOFRQ

%ODLQH�1LHOVHQ &RU\�6WRXW

6KDXQ�6KHLNK

-RKQ�.HVWQHU

5RKLW�6KDUPD

&DURO\Q�+DUUROG

5DQG\�6FRWW

&KDUOHV�:LOVRQ

$DURQ�/RQJQLRQ

$XVWLQ�0HUULWW

$GULDQ�%UHWDGR��0%$

-DFN�.HUQ

1DYHHG�/DODQL

0DUN�'HFNHU

$XVWLQ�/RXGHQ

4XDUHVVR�6RIWZDUH

/RPEDUGL�6RIWZDUH

&RQMXQFWXUHG

1HW4R6

+DUWH�+DQNV

X6WXGLR

2Q�1HWZRUNV

8YXPL

$OOLDQFH�7HFK7HUHV�6ROXWLRQV

7DEEHG2XW

032:(5�0RELOH

3HUFHSWLRQ�6RIWZDUH

7DQJR�+HDOWK

:KLWHJORYH�+HDOWK

3ROVHQVH

7HFK�5DQFK�$XVWLQ

7URX[�7HFKQRORJLHV

$OHUHRQ

0DFKHHQ

3URVS;

8SORJL[

6WUHDPVWHS

$FWLYHUVH

-$0�7HFKQRORJLHV

,GHQW\[

%OXH/LQH�6WUDWHJLHV

.LPELD

6WRUHIURQW�6RFLDO

3OXFN

$VFHQGDQW�7HFKQRORJ\

6PLOH\�0HGLD

5HIOH[�'HVLJQ

6WRUHG,4

5HWDLO0H1RW

7HQGXLW�6RIWZDUH

9LJLO�*DPHV

2UWKR�.LQHPDWLFV

7RRSKHU

=HOOR

)UHHVFDOH�6HPLFRQGXFWRU

8SJUDGH86$

2YHU(FKR)RXQGHUV%R[

([DFW�'ULYH

%�6LGH�(QWHUWDLQPHQW

$XVWLQ�9HQWXUHV

(VFDODWLRQ�3RLQW

0DVV�5HOHYDQFH

�67$5

2UGRUR

FOD\�LR

*UDG0DJV

3UHILQHU\

/RFDWH�6SHFLDO�'LHW

$WWHQWLRQ�6FLHQFHV

'ZLQ'HDO

3KRWR:KRD

���GHVLJQV

:7)"

-RXUQ\[

6LPSO�I\

$VS\U�0HGLD

LFDQPDNHLWEHWWHU

6RFLDO6PDFN

&RQIRUPLW\

$XGLRWRQLT

1HZJLVWLFV

ZDQW$1'IRXQG�FRP

5HDFK�&RQVHQVXV

&KDQFHV�0HGLD�(QWHUWDLQPHQW

*DPDJL

VHPLSUHFLRXVFRP

3RO\JUDSK�0HGLD

7RXU*URRYH

HDWRQRP\

,V6RPHWKLQJ*RLQJ$URXQG"

7UHDVXUH�/LVWLQJV

1DWXUDO1XW�6RDSQXWV

1DWXUDO1XW�6RDSQXWV

WUDGLILHG

0\/HDG&RQYHUWHU

7H[DL

3KRHQL[$UWLVWU\

0LQLFRUH�6WXGLRV

6WDUW�8S�.DWDO\VW

.DPSILUH3HUVRQDEO\

9=$==

GJHR

7XJJ

$XVWLQ�(DVWFLGHUV

.RW�LQ�$FWLRQ�&UHDWLYH�$UWHO

7KH�7XWRULQJ�&HQWHU

6N\HQFH

3UDJPD

5DFN)R[

&RPSRXQG�3URGXFWLRQV

7HMDV�6HFXULWLHV�*URXS�

6XQ0DWK

6WLUUDEOHV�6WUDZV

2NXGRV

64026

&URVV0\3DWK

/DWHU��'RJ

-RLQ$6WDUWXS�RUJ

7H[DV�%%4�LQ�)UDQFH

5HYR6WDUV

&DUH)ODVK

%ODFNDFUH�/DEV

%RRPHUDQJ

P\+ROLVWLF6HUYLFHV

6LPSO\WDSS

.QRZ�<RXU�-RH

$ELLH

5DZ�6WDUWXS

6WRU\ERDUGHU

:KRRVK�7UDIILF

/HHG6HHG

KRZ�GR�\RX�UROO"��WKH�FXVWRP�VXVKL�VKRS

8UEHH

&XSLG.LW

LQFXODU

&DSLWDO�)DFWRU\�)XQG

7HFK�+XVWOHUV

5DVSZLUH

NLVV4XHVW

7UDLOHU4

5HI\QU

0\%L]�&HQWUDO

,V6RPHWKLQJ*RLQJ$URXQG"

7RR�0XFK�6HQVH�3URGXFWLRQV

0DHVWUR�*DPHV

)LUVW�(DUWK

.LQ�9DOOH\

&DE�+RXQG

%HYL

3OXWRSLD�3URGXFWLRQV

(QO\WRQ

)DQ6LGHG

/DZ7KUX

6KLIWW

(\H�LQ�WKH�6N\�&ROOHFWLYH

3UHGLFWDEOH�'DWD

7DSGR[

0RGHUQ�3LFWXUHV

<VSHU

)RUFDVWL[

;6(2

$ZHVRPH5RER

&URVV�6\VWHPV�&RQVXOWLQJ

'H]]LH�'RXJK

*OXX

0XQFK\0DUW

$QYLO

(=�%�6HHQ

XEŀ¬

-DFNUDEELW�0RELOH

%DOGHUGDVK

)R7DFWV

/LVWDORZ

5HSHWXDO

0RELOH&KHFNRXW�FRP

$SROOR�9LEHV

3LS&RLQ

*XQ6DIH

&RPSRXQG�3URGXFWLRQV

EH'-

/LYH�)DVW�6RFFHU�&HQWHU

([SRQFKDO

*UHHQVWDU�*RRGV

5HI\QU

1DYHHG�/DODQL

3ODQ6;6:

3DUWLQJ2XW

6WRUPSXOVH

)DPLJR

6PDFNDJHV

)RUHFDVW

.HHSVWUHDP

LKLML

5LFRFKHW�/DEV

.DPELW��,QF�

6ODWH&DVW

$SS6XPR

&RXUVH�*OXH��'LJLWDO�3URFWRU�

&DP�O\

N�3RZHU

(QWUHDYH

9RL=DSS

3URSHUW\�0DSV

*UHHQOLQJ

%HWWHU�7KDQ�7KH�9DQ

D'HDOLR

$SSQDPL

8&DPSXV

6SDUH)RRW

+HOS-XLFH

%2198

7KD7UXQN

0RRGILVK

1DE7KH'HDO

7UDLWZLVH

7RWDO�)UDW�0RYH

(WXYLDQ

9LWUHQR

$PSOLILHUm�

7ZLWU3L[

�1HLJKERUV

XVDELOL7(67

3ROLWLFDO�)25&(

-DFNVRQ�(OHFWURQLFV

'HDOXY

$UWLFXODWH�/DEV

ODWDNRR�

6WUHDP9LQH

&URZG7RJHWKHU

),7���&+((5

&RPSDUH�0HWULFV

/XFLG�+ROGLQJV

&RPPRQ�7DVWHV

:3�(QJLQH

6ZLP7RSLD

5HDO�*RRG�7HFKQRORJLHV

%DW�%ULGJH�,QWHUDFWLYH

2ZQ/RFDO

3RFNHW�+RWOLQH

5HWKLQN

$UH�<RX�:DWFKLQJ�7KLV"�

6ROYDWH:H7LTXH

EDTSDN

0DQH*DLQ

7ULSHH]\

��/DXQFKHV

)URQWLHU�1DQR6\VWHPV

&XWWLQJ�(GJH�*DPHU

%DOORW%RRN

3%;�&HQWUDO

6FKRR;

XU\DHQ

8PEHO

3UHVHQWLVWD

2WKHU,QER[

+RRW�0H

,QQRYDWH�:LUHOHVV�+HDOWK

6SHDNHU0L[

'R6WXII�0HGLD

6DOHV9X

&OXEKRXVH

%DUNU

%ORRPILUH

WULSJDWKHU

6DYDUD

3ULVWD

-XPS8SRQ

(0XVH�&UHDWLYH�6RFLDO�/XEH

5HWLUHG�$VWURQDXW�&ROOHFWLYH

95�%XVLQHVV�6DOHV��0HUJHUV��$TXLVLWLRQV

+RPH&KHFNV�+RPHPLQGHUV

&RQGXLW

:KLW�OL

*URXS&KDUJHU

&UDIW/DXQFK

.H\�,QJUHGLHQW

ZPEO\

&RPPRQ

$,56+3

,QIRFKLPSV

9REL

(PSRZHU�/RXQJH

5DFH7HFKV

$JHQW�$TXDULXP

)OLFN)LUH

$PSHG�$VLD

%ODFN/RFXV

5RFNLI\

��)URJV�6WXGLRV

)ODVK�9DOHW

6SDQQLQJ

��'RRUV

5HYLHZ3XVK

%DVWURS�7H[DV�2SU\

/)�7HFK

9ROXQWHHU6SRW

QHZ�HDUWK

1;73DVV1RWL�)Lȋ�c

+RP4L

-HUQLH�*URXS

0RERVFRSH

6RXOH�0RELOH

%XOO7LJHU�3URGXFWLRQV

%OXUWW

&RQWDLQHU+RPHV�1HW

D.WLYLWL=

&ORXGPDVRQV

*222+

7H[W850LQG

%X\V)RU%ULGHV

6LOLFRQ+LOOV1HZV

7UDGH6WRQH�4$

'LJLWDO�+DUPRQ\�*DPHV

$[HOR�

HVL�7HFKQRORJLHV

*RDW�0DQV�+LOO

%HQ&R�9DOHW�7UDVK�6HUYLFH

3LORW�&UHGHQWLDOV

,QWHJUDWHG�,QWHUQDWLRQDO�6XSSO\�&KDLQ

$XVWLQ�7H[DV�2SU\

7KH�7UXVW�1H[XV

*DPH8S

%LG$QVZHU�&RUS�

&'(

3XUSOH6LJKW

�:�6HDUFK

&RXUVH6WUHHW

&DU�(�'LDJQRVWLFV

'D%/

:HLUG�&RXSRQV

PRZJRR

$NLPER�&DUG

=LQJ&KHFNRXW

&XUYLR

&/($5�7HFKQRORJ\�6\VWHPV

6SDURYH

$GYDQFH&ODLP

6NLOORZ

5HDFWLRQ�6\VWHPV

9LVXDO.LWH

5HG�5DEELW�&RRSHUDWLYH�%DNHU\

X7KLQN7DQN

$SSWLYH

7XWRUDU\

'HMD6HW

WZHHW79

+XPRU4���$Q�,4�6FRUH�IRU�+XPRU

3RZHU�6PDUW�/DEV

0\7HQQLV/HVVRQV

%RG\�/LQJR

5HG�7DJ ),7���&+((5

3$/2�6RIWZDUH

%RRNHGG

:DLWLQJ�5RRP

+RS�,Q�XV

3HUNO\

'HWDQJO

6ROVSRW�6\VWHPV

+HOS$WWDFN�

0HWUR6HHNHU

)ORZ%HORZ

$FFHOHURV�/DEV

3ODQ6;6:

&RYHU�0H���$XVWLQ�0XVLF�5HDOLW\�6KRZ�

$SDUWPHQW)HWFK

*URXS:LQN

$GYDQFHG�+\GUR

3URSRVDOZDUH

6SURFNVWHU

3HUIHFWO\127

2W2PRGHDO

YLYRJLJ

2XWER[

0HWKRG�DQG�&UDIW

HGX0DUNHW

1H[W�2QHV�2Q�0H

&ULSSOHG�6KDUN�+ROGLQJV�

-LJ]OH

7HFK�+XVWOHUV

*$5'&RQQHFW

*</2��*HW<D�/HDUQ�2Q�

%ULGHWDE

&RPPXQLW\�&DUV�

6HDUFKLI\

%D]DDUYRLFH*RZDOOD

2QH6SRW

6RFLDO:DUH

6RODUZLQGV

6.</,67

&XELW�3ODQQLQJ

X&RQWURO

&KDOOHQJH�*DPHV

8QERXQG,'

=LOOLDQW

&DOOYLQH

0RWLRQ�&RPSXWLQJ

&6,GHQWLW\

&ROOLGHU�0HGLD

3KXUQDFH�6RIWZDUH

&RQYLR

1RWLFH�7HFKQRORJLHV

+RPH$ZD\

$IILQHJ\

2SHQ�/DEV 5HDFK)RUFH

6SLFHZRUNV

'HEL[

6XUJLHQW

'DFKLV�*URXS

)DPH&DVW

3RZHUHG

:KDOH6KDUN�0HGLD

0\(GX

1HW6SHQG

+HOLR9ROW

'LJE\

,OOXPLWH[

0HVVDJH2QH

6HQVRU7UDQ

6RODUEULGJH�7HFKQRORJLHV

6SUHGIDVW

0DSP\ILWQHVV

5DSLG�,R

$GRPHWU\

%RXQGOHVV�1HWZRUN*D]]DQJ

1HZFRPOLQN

:RUNVWUHDPHU

=HEUD�,PDJLQJ

$FWDFHOO

6QREDOO

+\SHU�

*DPHVDODG

0LFURYHQWXUH�0DUNHWSODFH

0\WXUI

1H[WLR

,QYRGR

/LEUHGLJLWDO

=HKLFOH

'DWDVWD[

8QLWHG�'HYLFHV

&DSLWDO�)DFWRU\

9DQLW\�5RFNV�1HWZRUN

<(7,�&RROHUV

8QVXEFHQWUDO

3URILWIXHO

9LJQHWWH

1H[WDQFH

$OWHU3RLQW

6DYDUD�3KDUPDFHXWLFDOV

%RUODQG

-DYHOLQ�6HPLFRQGXFWRU

6DLOSRLQW�7HFKQRORJLHV

%HGDQG%UHDNIDVW�FRP

5H]2YDWLRQ

9DFDWLRQ5HQWDOV)RU6DOH�FRP

0RWLYH

$OO�:HE�/HDGV

7KLQNWLY

%XLOG)RUJH

$SSFRQRP\

3HUILFLHQW

:KROH�)RRGV�0DUNHW

4LN&RP

L7DJJLW$XJPHQWL[6KDQJE\

0HWUHRV�&RUSRUDWLRQ

/XJ,URQ�6RIWZDUH

Q*HQHUD�&RUSRUDWLRQ

1DWLRQDO�,QVWUXPHQWV

3KXQZDUH

1DWLRQDO�6XUJHU\�1HWZRUN

8SUL]HU�/DEV

7KRRI

6��0DWFKLQJ�7HFKQRORJLHV

,QIRJOLGH�6RIWZDUH�&RUSRUDWLRQ

8Q:LUHG�1DWLRQ

%LJFRPPHUFH

)URQW�*DWH�7LFNHWV

0ER

8II

+LW

Network  of  AusEn  Start-­‐ups,    Founders  &  Angels   IEN  Dataset,  March,  2013  

692  companies  3500+  investors    

Russell,  Huhtamäki,  Basole,  SEll,  Yu  &  Rubens,  IC2  InsEtute  Global  Fellows  MeeEng,  April,  2013  

Page 55: Developing a Shared Vision for the Future

AusEn  ICT  InnovaEon  Ecosystem    at  a  Glance  

.DOOL�'RXEOHGD\

-XOLDQ�/LOO\

-RVKXD�%DHU

.HQQ\�9DQ�=DQW

.LS�0F&ODQDKDQ

0LFKDHO�5RVHQIHOW

-DVRQ�&RKHQ

6DP�'HFNHU

0HOOLH�3ULFH

*DU\�&KRX

-LP�<DQJ

5XG\�*DU]D

%LOO�%RHEHO

1HHODQ�&KRNVL

$]L]�*LODQL

-RHO�7UDPPHOO

-XVWLQ

<YRQQH�7RFTXLJQ\

0DWWKHZ�6XOOLYDQ

5LFN�:LWWHQEUDNHU

5HQȷj�3LQQHOO

-RVK�-RQHV�'LOZRUWK

'DYLG�+DXVHU

1HDO�5DSRSRUW

7LP�*DVSHU

6WXDUW�5HQFK

5RGQH\�*LEEV

%UDG�:LOVRQ

6WHYH�6PDKD

&DSLWDO�)DFWRU\

%LOO�&ODUN

-RKQ�0LFKDHO�'DYLV

-RKQ�3DXORV

-LP�(QJODQG

%UDGOH\�&��+DUULVRQ6KDXQ�6LPV

%ULDQ�/DQG

0DUN�:HVWHUEXUJ

0LFKDHO�0DQLVFDOFR

3DWULFN�'UHZ�

'DYLG�&URZ

0LFKDHO�%UHHQ

9DPVL�0RKXQ

%RE�:HVVRQ

-HIIUH\�&KDPEHUV

0DVRQ�$UQROG

7RGG�+DQVHQ

&RG\�3RZHOO

'RQDOG�3DUN

0LFKDHO�%DLUG

&KULV�%ULVVRQ

$QXUDJ�.XPDU

FKULV�GXQQ

1LFKRODV�:KLWH

%UDQGRQ�.QLFHO\

'DQLHO�/RZGHQ

3DXO�+XJJLQV

-HE�%R\W

0DUN�6FRODUR

3UDYHHQ

.DUHQ�%DQWXYHULV

5RM�1L\RJL

:HVOH\�7DQVH\

6FRWW�2ZHQV

'DQLHO�.HHODQ

+R\W�3ULVRFN

+DVVDQ�)��-RKQVRQ

6DWLVK�.RGXNXOD

%ULDQ�/DQG

5RQ\�.DKDQ

1LFKRODV�/RQJ

$UWKXU�(GVWURP0LFKHOH�6NHOGLQJ

0RUJDQ�:DUVWOHU

6FRWW�6DJH

%ULDQ�6RXOH

0DGLVRQ�:LFNKDP

'DQ�'RPDQ

.\OH�%XQFK

-LP�+LOOKRXVH

&KULV�0XUSK\

0LFKDHO�7RZQVHQG

3DXO�2%ULHQ

'HDQ�&UXVH

&UDLJ�6WHLQIHOG

-DVRQ�6HLGHQ

.HYLQ�%UDG\

*XQHU�$UVODQ

1LFKRODV�7HU]R

&KULV�$QGHUVRQ

'DQLHO�*RHW]

-RQDWKDQ�5RPOH\

3DXO�$QXQGD

6WHYH�:DWHUV

/DZUHQFH�.LUE\

6

6DW\D�3UDEKDNDU

-RKQ�7KRUQWRQ

$GDP�'HOO

+DUYH\�5LQJ

-RVK�5DELQRZLW]

3KLO�3RPSD

5RQ�:LNVR

'DYLG�+REHLFK

-DYLG�-DPDH

1DP�7UDQ

6WHYH�%ODFNPRQ

3DVFDO�1LFRODV

-DVRQ�1RYHN

5LFKDUG�6SLHJHO

-RVHSK�'H6HWWR

0LNDHO�6RORPRQ5LFN�7LPPLQV

7RQ\�%��/XPSNLQ�,,,

+HFWRU�5XL]�&DUGHQDV

7KRPDV�%DOO

6HDQ�0F&OHDU\

-DVRQ�5HQHDX

&KULV�3RUFK

0DVRQ�+DOH

%LOO�&ODUN

$DURQ�%UD]HOO

'DYLG�:HVVRQ

6WHYHQ��0LFN��*LOHV

/OR\G�$UPEUXVW

.D\YRQ�2ORPL

-DPHV�:HGGOH

-HIIUH\�)U\

*ODG\V�6��)U\

%DUU\�7KRUQWRQ

-HIIUH\�)U\

-HIIUH\�)U\

0DWW�+DZNLQV

6FRWW�/HHVH

5DMLY�%DOD

5REHUW�$IVKDU

-RVK�:LOOLDPV

'DQD�6HYHUVRQ

.HYLQ�.R\P

%UHQW�:HEHU

-RKQ�:ROSHUW

'DQ�6WUHHW

0DUN�&DVWOHPDQ

&KULVWRSKHU�6KHUPDQ

$OOHQ�:DONHU

)UDQN�0DVWURQX]]L

5RE�1HYLOOH

$YHU\�.DGLVRQ$URQ�%HLHUVFKPLWW

6DPXHO�&DVVLED

0LFKDHO�'HOO

/DPDU�5RPHUR

5DXO�7UHYLQR

%U\DQ�*XLGR�+DVVLQ

&KULV�*LOODQ

$QG\�3DOPHU

+LJLQLR�2��0D\FRWWH

6FRWW�/HLVN

$OH[�0DQHOLV

7D\ORU�%URRNV

5RJHU�&DVWLOOR7RP�:HVW

'U��0-*

5RVD�/��0F&RUPLFN

0RUJDQ�)ODJHU

-RVKXD�6KLSVH\

0LFKDHO�.RHWWLQJ

*DXUDY�6DQJKDQL

6LG�8SDGK\D\

:LOO�6WURQJ

5\DQ�<RXQJ

'DYLG�0DWWKHZV

5DOVWRQ�&ODUNH

0DUF�6PRRNOHU

0DUF�0DSHV

-RVKXD�&KRGQLHZLF]

6DUDQ\DQ�9LJUDKDP

5RE�7D\ORU

-RKQ�(QJOHU

&DQGLFH�5RPD

6KDVKL�8SDGK\D\

%HQ�&DOGHU

6FRWW�0LOOHU

-RQ�.RONR

.LUN�%URZQ

%ULDQ�.USHF

%URRNH�%�)DUUHOO

:LOO�)RVWHU7KDQDVLV�,DWURX

-RQDWKDQ�6SLOOPDQ

-RKQ�(ULN�0HWFDOI

7D\ORU�+DZHV

-DPHV�+LJJLQERWKDP

7ULVWDQ�*DWVE\�0DFH

1RDP�5HLQLQJHU

0HUHGLWK�0D\FRWWH

0LFKDHO�%UDVVILHOG

/RXLV�0DUDVFLR

(WKDQ�-RQHV

3KLOLS�/DUPRQ

&O��$OH[��&KLHQ

-DFN�+ROW��)RXQGHU�2I�:KLW�OL

+HFWRU�7RUUHV

$GDP�$OH[DQGHU�6DODPRQ

.LUWXV�'L[RQ

-DFTXHOLQH�+XJKHV

.ULVWLDQ�5XVVHOO

3-�&KULVWLH

7KRPDV�,QFH

'UHZ�0R\QLKDQ

'DYH�'H0LQN

-DNH�0RLODQHQ

%HQ�6WDQGHIHU

7RP�.LHOH\

'XVWLQ�%R]DUWK

%UDQGRQ�0DUNHU

0LNH�)LVKHU

$ULDQH�)LVKHU

6FRWW�:ULJKW7LP�+D\GHQ

.HLWK�&DVH\

-RQDWKDQ�+DUWPDQ

$-�$UFKLEDOG

-DPHV�/HGRX[

0LVW\�*LEEV

'DYLG�,VTXLFN

'DYLG�5\DQ

'\ODQ�5DPVH\

-RH�0ROLQHOOL

+RRQ�3DUN

5XVVHOO�+LQGV

%U\FH�%HQWRQ5XVW\�%HWWLV

1HYLO�0HJKDQL

(YDQ�%DHKU

*D\DWKUL�5DGKDNULVKQDQ

.HYLQ�7DQJ

'HYLQ�)HH

'DQ�'H)HOLSSL

-DFN�0F*DU\

=D]�)ORUHDQL

-RHO�.RUSL

-HVVH�'\HU

&KULV�0F.LQ]LH

6KXMD�5DKPDQ

(ULF�6XQJ

6WHYH�*UHHQ

1LFN�*RJJDQV

(ULF�.QLWWHO

/L]�%OXPHQIHOG

3DXO�.UDVLQVNL

5��&��%HQNHQGRUI

0DUVKDOO�6WRNHV

'DPRQ�&OLQNVFDOHV

%ULDQ�20DOOH\

0DWW�/\RQV

%DUW�%RKQ

-RQ�$OOHQ

-HUHP\�.LPEDOO

-DVRQ�%RQKDP%LOO�&RQQRUV

%UXFH�&DOOHQ

$OOHQ�:HLQHU

0DUN�+LFNV

%ULO�)OLQW

&RXUWQH\�3RZHOO

0LFKDHO�(ULF�1RUGVWURP

7UDF\�$XVHNOLV

0LQVRN�3DN

5LFDUGR�'��6DQFKH]

-RHO�)RQWHQRW

+XGVRQ�%DLUG

6WHSKHQ�1HZPDQ

.HYLQ�+HQU\

0LFKDHO�'��0RIILWW

1HHUDM�%DQVDO

&RQQRU�+RRG

0RQHHW�6LQJK

-HDQHWWH�&DMLGH

$QGUHZ�.RSHUZDV

1DWH�6KRFNH\

$PHHQ�+DVKLPL

-RQDV�/DPLV

-'�9DOGH]

-5�*DUFLD

%UDQQRQ�+DUULV

1HOVRQ�:HOOV

7LJHUDQGVQDNH

$QGUHD�.DOPDQV

7RP�'LFNH\

-RVK�.HUU

%RJGDQ�5HQWHD

3DWULFN�6WRQH

.HUHQ�.DQJ

%ULDQ�7UDXGW

5DYL�5DR

6HDQ�&XQQLQJKDP

6WHSKDQLH�:RQGHUOLQ

/RULQ�5LYHUV

%RE�0HWFDOIH

6DP�*RVOLQJ

7RPP\�*UDVSR

��6HPHVWHU�6WDUWXS

'DYLG�%UXEDNHU

3UDQDY�'HVDL

%-�+HLQOH\

-XVWLQ�.YDVQLFND

%U\FH�+ROODQG

)DUDD]�,VPDLO

6WXDUW�7KRPDMDQ

/DXUHQFH�3DWULFN�1RRQDQ

%LOO�0RRUH

6WHSKHQ�6WUDXV

&KULVWLQH�/HH

0LNH�.XU\DN

-RQ�:HLVEODWW

:LOOLDP�7��(GZDUGV

0LFKDHO�0LOOHU

5DM�0LVWU\

7LP�3KDP

/DQFH�9DXJKQ

.\OH�+XIIVWHWOHU

%ULDQ�*ULJVE\

7RQ\�+ROPHV

0D[�/RXNLDQRY

%UDQGRQ�.QLFHO\

:LOO�5RPDQ

'HQQLV�%R\HU

0DWWKHZ�)RVWHU

,VDDF�/HY\

/RUHQ�3DUNHU

0LFKDHO�0F'DQLHO

0LODQ�9DVLF

'DQ�)HXHU

&HVDU�7RUUHV

7UH\�3KLOLSV

6FRWW�0LOOHU

7D\ORU�0F.QLJKW

'DYLG�:LVH

-RQDWKDQ�+XDQJ�9DQ

-RQDWKDQ�:DVVHUVWUXP

&KULV�/DPSUHFKW

%DUU\�.DKQ

0,&+$(/�%8516

3HUI�&RYHU

/DUU\�:DONHU

-HII�'\FN

%U\DQ�0HQHOO

%UDGOH\�0DUNKDP

$XVWLQ�&DPHURQ

0DUF�<DJMLDQ

'HDQ�.DNULGDV

0RKLW�7DQHMD

0LFKDHO�0D\

3HWHU�.HOOHU

7D\ORU�:HVW

&DUULH�:HVW

*DU\�*ODVV

5\DQ�6SUDHW]

0LWFKHOO�+DUSHU

%ULDQ�&XUOLVV

5\DQ�&KDYH]

,[

'DQ�/XVVLHU

5XE\�.X

6HWK�%ODFN

6HDQ�6WUDQGH

(EHQ�*HHU

6LGGKDUWKD�6KDUPD

$UXQ�3UDNDVK

(KUHQ�)RVV

'DQLHO�*DUFLD

<VPD\

$PPRQ�)LIH

*UHJ�:HKPH\HU

-RKQ�&ROHV

6DUDK�3HUH]

3ODQ�6;6:

KDOOPDUWLQ

'XVWLQ�0D[H\

-HVVH�$WZHOO

'LUN�9DQ�6O\NH

1HLO�6PLWK

%UDQGRQ�*RWWHVPDQ

(ODLQD�)DUQVZRUWK

'DQLHO�6HQ\DUG

7UXRQJ�$Q�7KDL

&KULV�&DUWHU

*UHJRU\�7�%HFNHU

-XVWLQ�'H/D&UX]

1DGHHP�5DMDQL

9LF�5DPRQ

-HIIUH\�6FKZDUW]

7DU]DQ�6KDULI

%U\DQ�*RLQHV��d¸

-RH�:XU]EXUJHU

.\OH�3��0D\��06�3K'

$XVWLQ�+DOORFN

-RQDWKDQ�.DQDUHN

$ODQ�&ROH

'HH�+DOOLGD\

-RQ�DWKDQ��,]TXLHUGR

(ULF�'DQ]LJHU

&KULV�6ZDLP

EH'-

&KDG�+XVWRQ

-XQ�;LDR

0LFKDHO�'HOODQRFH

6FRWW�6SDQQ

-DUHG�)UDQNOLQ

5DQGL�+LPHOIDUE

-RVK�$OH[DQGHU��&)$

$DURQ

:LOOLDP�*ULJJV

%UDQGRQ�)XOOHU

SDXO

&KDUOLH�3ODXFKH

-RVKXD�3LHUFH

/DUU\�9DXJKQ�

,QGUDQLO�%DQG\RSDGK\D\

$UL�)UDQNOLQ

&KULV�3RUFK

-DPHV�1RUULV

&DVH\&-RQHV

-DPHV�(YDQV

&KULVWLDQ�+XQWHU

0LWFK�-RKQVRQ

%UXFH

'DYLG�5HQFK

7RUL�%UHLWOLQJ

$XVWLQ�7HFKQRORJ\�,QFXEDWRU

$QGUHZ�&KRZ

-RQDWKDQ�%HUNRZLW]

(ULF�<DQJ

5\DQ�'HLVV

6HDQ�&OLIIRUG

*UHJRU\�2��:HOFK

7HG�)LIH

+RZDUG�5

0DU\�+DVNHWW

0LJXHO�+DGHOLFK

%UDG�)XOWV

$O�3DUN

$OH[�.LOSDWULFN

-XVWLQ�%ULWWHQ

-RVK�5LFNHO

-HVVLFD�0H\HU

$ULDP�0DFLDV

FRQFHSW��

1DWH�0F*XLUH

6KDZQ�-RKQVRQ

1DWKDQ�1LHKXXV

-RH�(OOLV

.LUN�'RULXV

:LOO�-RKQVRQ

0LFKDHO�/XENHU

&RWWHU�&XQQLQJKDP

$ODQ�6FKRHQEDXP

.DVH\�*RXUOH\

'DYLG�/DFNH\

&ROE\�:LOVRQ

%UD[WRQ�%H\HU

+HDWK�0F%XUQHWW

-RKQ�&XUWLV

-XG\�:X

7RP�%DOODUG

*RUGRQ�'DXJKHUW\

6KDQH�)DXONQHU

1DWKDQLHO�5RELQVRQ5REHUW�.QRUU

%HQ�:LOEDQNV

6DUDK�(YDQV

.\OH�0LWFKHOO 0LFKDHO�-XGNLQV

$DURQ�6DQFKH]

.HYLQ�.HQ\RQ

&KULV�(WFKHYHUU\

6DP�)UHHG

6FRWW�6XOOLYDQ

-RKQ�6PDUW

)UDQN�(GZDUGV

,UHQH�0ZDWKL

-DJDWK�1DUD\DQ

7RQ\�)UH\

(OOLRWW�&RXQWV

)ORULQ�0DWHL

$UMXQ�%DQNHU

&KHVWHU�%DLOH\

3DEOR�*RQ]DOH]

$OH[DQGHU�=XERY

2PDU�+DNLP

*DQHVK�6KHQR\

'DPLDQ�0F&DEH

-DVRQ�6WHHOH

%U\DQ�6KHSDUG

&KULV�1DJ\

$OHF�:LOVRQ

-XDQ�0RQWHPD\RU

$OOLH�'DQ]LJHU

-RH�3XWPDQ

'DYLG�+HQGHUVRQ

-RKQ�3KDQ

(ULF�%U\QVYROG

3HWHU�6WURSOH

-DPHV�5HJJLR

'DULH�'UHSWDWH

6HDQ�/DQH

'RXJ�<HDJHU

&KULVWLDQ�5H\HV

5\DQ�/LSSV

95�%XVLQHVV�6DOHV���$XVWLQ

$QGUHZ�(\H

$UPDQGR�.LUZLQ

$QHWW�3DSSDV

:DGH�)OR\G

3DUQHOO�6SULQJPH\HU

)UHG�3LHUFH

'DVWDQ�$LW]KDQRY

<XHQ�<XQJ

3DWULFN�3HUOPXWWHU

0DWW�+DUULV

6DUD�0LWUDQ

&RULH�-RKQVRQ

&��(QULTXH�2UWL]

/XNH�&DUULHUH

-DVRQ�%DOGULGJH

-RVKXD�%XWQHU

,UO�1DWKDQ

$GDP�7KRPSVRQ

0DWW�*UHJRU\

(YDQ�:HEE

*DU\�+XVVH\

'HQQLV�(XVHELR

$GDP�%HVW

5REHUW�(LQVSUXFK

7RP�*LHVEHUJ

7HG�-�+DUULHV

$QWKRQ\�(ULFNVRQ

0DUF�%U\QF]ND

6FRWW�$NHUV

.HQQ\�4XLQODQ

%XUDN�6$+,1

.HOO\�&RSSRFN

6HWK�3DJH

$XVWLQ�*XQWHU

3DWULFN�+LWFKLQV

'DYLG�$��%U\DQ

&KDUOHV�+��'XJJDQ

0LFKDHO�9DQ�6WHHQEXUJ

5\DQ�&XVK

-RKQ�0F,QWRVK

0DQXHO�5RVVR

0DWWKHZ�+DOO

$�/��-RKQVRQ

-RKQ�+DPOLQ

5RE�&DQDOHV

(ULF�3HDUVRQ

'DQLHO�3DULVK

-DVRQ�*LQGHOH

'$YLG�3HUURQL

6KDQQRQ�6ZHQVRQ

'DQ�%UD]LHU

%ULDQ�5RPDQNR

-RQDK�0DQQLQJ

0LNH�0F1HLO

-RVK�+XFN

/\OH�3UDWW

(ULF�9DQ�+HQVEHUJHQ

$GDP�+LOVV

'RQRYDQ�&URZOH\

-HUHP\�7UR\

'HQQLV�&DUSHQWHU

&KRR�.LP�,VJLWW

6WHYH�.LHO

=DFK�'H[WHU

/LQQLH�3KHEXV

0LFKDHO�%UDLWKZDLWH

<XULM�%U\QG]LD

0DWW�+DZNLQV

%ULDQ�0DORQH\

0FNHQ]LH�/RFN

'DUUHQ�'DYLOD

6WHSKDQLH�)DOFRQ

%ODLQH�1LHOVHQ &RU\�6WRXW

6KDXQ�6KHLNK

-RKQ�.HVWQHU

5RKLW�6KDUPD

&DURO\Q�+DUUROG

5DQG\�6FRWW

&KDUOHV�:LOVRQ

$DURQ�/RQJQLRQ

$XVWLQ�0HUULWW

$GULDQ�%UHWDGR��0%$

-DFN�.HUQ

1DYHHG�/DODQL

0DUN�'HFNHU

$XVWLQ�/RXGHQ

4XDUHVVR�6RIWZDUH

/RPEDUGL�6RIWZDUH

&RQMXQFWXUHG

1HW4R6

+DUWH�+DQNV

X6WXGLR

2Q�1HWZRUNV

8YXPL

$OOLDQFH�7HFK7HUHV�6ROXWLRQV

7DEEHG2XW

032:(5�0RELOH

3HUFHSWLRQ�6RIWZDUH

7DQJR�+HDOWK

:KLWHJORYH�+HDOWK

3ROVHQVH

7HFK�5DQFK�$XVWLQ

7URX[�7HFKQRORJLHV

$OHUHRQ

0DFKHHQ

3URVS;

8SORJL[

6WUHDPVWHS

$FWLYHUVH

-$0�7HFKQRORJLHV

,GHQW\[

%OXH/LQH�6WUDWHJLHV

.LPELD

6WRUHIURQW�6RFLDO

3OXFN

$VFHQGDQW�7HFKQRORJ\

6PLOH\�0HGLD

5HIOH[�'HVLJQ

6WRUHG,4

5HWDLO0H1RW

7HQGXLW�6RIWZDUH

9LJLO�*DPHV

2UWKR�.LQHPDWLFV

7RRSKHU

=HOOR

)UHHVFDOH�6HPLFRQGXFWRU

8SJUDGH86$

2YHU(FKR)RXQGHUV%R[

([DFW�'ULYH

%�6LGH�(QWHUWDLQPHQW

$XVWLQ�9HQWXUHV

(VFDODWLRQ�3RLQW

0DVV�5HOHYDQFH

�67$5

2UGRUR

FOD\�LR

*UDG0DJV

3UHILQHU\

/RFDWH�6SHFLDO�'LHW

$WWHQWLRQ�6FLHQFHV

'ZLQ'HDO

3KRWR:KRD

���GHVLJQV

:7)"

-RXUQ\[

6LPSO�I\

$VS\U�0HGLD

LFDQPDNHLWEHWWHU

6RFLDO6PDFN

&RQIRUPLW\

$XGLRWRQLT

1HZJLVWLFV

ZDQW$1'IRXQG�FRP

5HDFK�&RQVHQVXV

&KDQFHV�0HGLD�(QWHUWDLQPHQW

*DPDJL

VHPLSUHFLRXVFRP

3RO\JUDSK�0HGLD

7RXU*URRYH

HDWRQRP\

,V6RPHWKLQJ*RLQJ$URXQG"

7UHDVXUH�/LVWLQJV

1DWXUDO1XW�6RDSQXWV

1DWXUDO1XW�6RDSQXWV

WUDGLILHG

0\/HDG&RQYHUWHU

7H[DL

3KRHQL[$UWLVWU\

0LQLFRUH�6WXGLRV

6WDUW�8S�.DWDO\VW

.DPSILUH3HUVRQDEO\

9=$==

GJHR

7XJJ

$XVWLQ�(DVWFLGHUV

.RW�LQ�$FWLRQ�&UHDWLYH�$UWHO

7KH�7XWRULQJ�&HQWHU

6N\HQFH

3UDJPD

5DFN)R[

&RPSRXQG�3URGXFWLRQV

7HMDV�6HFXULWLHV�*URXS�

6XQ0DWK

6WLUUDEOHV�6WUDZV

2NXGRV

64026

&URVV0\3DWK

/DWHU��'RJ

-RLQ$6WDUWXS�RUJ

7H[DV�%%4�LQ�)UDQFH

5HYR6WDUV

&DUH)ODVK

%ODFNDFUH�/DEV

%RRPHUDQJ

P\+ROLVWLF6HUYLFHV

6LPSO\WDSS

.QRZ�<RXU�-RH

$ELLH

5DZ�6WDUWXS

6WRU\ERDUGHU

:KRRVK�7UDIILF

/HHG6HHG

KRZ�GR�\RX�UROO"��WKH�FXVWRP�VXVKL�VKRS

8UEHH

&XSLG.LW

LQFXODU

&DSLWDO�)DFWRU\�)XQG

7HFK�+XVWOHUV

5DVSZLUH

NLVV4XHVW

7UDLOHU4

5HI\QU

0\%L]�&HQWUDO

,V6RPHWKLQJ*RLQJ$URXQG"

7RR�0XFK�6HQVH�3URGXFWLRQV

0DHVWUR�*DPHV

)LUVW�(DUWK

.LQ�9DOOH\

&DE�+RXQG

%HYL

3OXWRSLD�3URGXFWLRQV

(QO\WRQ

)DQ6LGHG

/DZ7KUX

6KLIWW

(\H�LQ�WKH�6N\�&ROOHFWLYH

3UHGLFWDEOH�'DWD

7DSGR[

0RGHUQ�3LFWXUHV

<VSHU

)RUFDVWL[

;6(2

$ZHVRPH5RER

&URVV�6\VWHPV�&RQVXOWLQJ

'H]]LH�'RXJK

*OXX

0XQFK\0DUW

$QYLO

(=�%�6HHQ

XEŀ¬

-DFNUDEELW�0RELOH

%DOGHUGDVK

)R7DFWV

/LVWDORZ

5HSHWXDO

0RELOH&KHFNRXW�FRP

$SROOR�9LEHV

3LS&RLQ

*XQ6DIH

&RPSRXQG�3URGXFWLRQV

EH'-

/LYH�)DVW�6RFFHU�&HQWHU

([SRQFKDO

*UHHQVWDU�*RRGV

5HI\QU

1DYHHG�/DODQL

3ODQ6;6:

3DUWLQJ2XW

6WRUPSXOVH

)DPLJR

6PDFNDJHV

)RUHFDVW

.HHSVWUHDP

LKLML

5LFRFKHW�/DEV

.DPELW��,QF�

6ODWH&DVW

$SS6XPR

&RXUVH�*OXH��'LJLWDO�3URFWRU�

&DP�O\

N�3RZHU

(QWUHDYH

9RL=DSS

3URSHUW\�0DSV

*UHHQOLQJ

%HWWHU�7KDQ�7KH�9DQ

D'HDOLR

$SSQDPL

8&DPSXV

6SDUH)RRW

+HOS-XLFH

%2198

7KD7UXQN

0RRGILVK

1DE7KH'HDO

7UDLWZLVH

7RWDO�)UDW�0RYH

(WXYLDQ

9LWUHQR

$PSOLILHUm�

7ZLWU3L[

�1HLJKERUV

XVDELOL7(67

3ROLWLFDO�)25&(

-DFNVRQ�(OHFWURQLFV

'HDOXY

$UWLFXODWH�/DEV

ODWDNRR�

6WUHDP9LQH

&URZG7RJHWKHU

),7���&+((5

&RPSDUH�0HWULFV

/XFLG�+ROGLQJV

&RPPRQ�7DVWHV

:3�(QJLQH

6ZLP7RSLD

5HDO�*RRG�7HFKQRORJLHV

%DW�%ULGJH�,QWHUDFWLYH

2ZQ/RFDO

3RFNHW�+RWOLQH

5HWKLQN

$UH�<RX�:DWFKLQJ�7KLV"�

6ROYDWH:H7LTXH

EDTSDN

0DQH*DLQ

7ULSHH]\

��/DXQFKHV

)URQWLHU�1DQR6\VWHPV

&XWWLQJ�(GJH�*DPHU

%DOORW%RRN

3%;�&HQWUDO

6FKRR;

XU\DHQ

8PEHO

3UHVHQWLVWD

2WKHU,QER[

+RRW�0H

,QQRYDWH�:LUHOHVV�+HDOWK

6SHDNHU0L[

'R6WXII�0HGLD

6DOHV9X

&OXEKRXVH

%DUNU

%ORRPILUH

WULSJDWKHU

6DYDUD

3ULVWD

-XPS8SRQ

(0XVH�&UHDWLYH�6RFLDO�/XEH

5HWLUHG�$VWURQDXW�&ROOHFWLYH

95�%XVLQHVV�6DOHV��0HUJHUV��$TXLVLWLRQV

+RPH&KHFNV�+RPHPLQGHUV

&RQGXLW

:KLW�OL

*URXS&KDUJHU

&UDIW/DXQFK

.H\�,QJUHGLHQW

ZPEO\

&RPPRQ

$,56+3

,QIRFKLPSV

9REL

(PSRZHU�/RXQJH

5DFH7HFKV

$JHQW�$TXDULXP

)OLFN)LUH

$PSHG�$VLD

%ODFN/RFXV

5RFNLI\

��)URJV�6WXGLRV

)ODVK�9DOHW

6SDQQLQJ

��'RRUV

5HYLHZ3XVK

%DVWURS�7H[DV�2SU\

/)�7HFK

9ROXQWHHU6SRW

QHZ�HDUWK

1;73DVV1RWL�)Lȋ�c

+RP4L

-HUQLH�*URXS

0RERVFRSH

6RXOH�0RELOH

%XOO7LJHU�3URGXFWLRQV

%OXUWW

&RQWDLQHU+RPHV�1HW

D.WLYLWL=

&ORXGPDVRQV

*222+

7H[W850LQG

%X\V)RU%ULGHV

6LOLFRQ+LOOV1HZV

7UDGH6WRQH�4$

'LJLWDO�+DUPRQ\�*DPHV

$[HOR�

HVL�7HFKQRORJLHV

*RDW�0DQV�+LOO

%HQ&R�9DOHW�7UDVK�6HUYLFH

3LORW�&UHGHQWLDOV

,QWHJUDWHG�,QWHUQDWLRQDO�6XSSO\�&KDLQ

$XVWLQ�7H[DV�2SU\

7KH�7UXVW�1H[XV

*DPH8S

%LG$QVZHU�&RUS�

&'(

3XUSOH6LJKW

�:�6HDUFK

&RXUVH6WUHHW

&DU�(�'LDJQRVWLFV

'D%/

:HLUG�&RXSRQV

PRZJRR

$NLPER�&DUG

=LQJ&KHFNRXW

&XUYLR

&/($5�7HFKQRORJ\�6\VWHPV

6SDURYH

$GYDQFH&ODLP

6NLOORZ

5HDFWLRQ�6\VWHPV

9LVXDO.LWH

5HG�5DEELW�&RRSHUDWLYH�%DNHU\

X7KLQN7DQN

$SSWLYH

7XWRUDU\

'HMD6HW

WZHHW79

+XPRU4���$Q�,4�6FRUH�IRU�+XPRU

3RZHU�6PDUW�/DEV

0\7HQQLV/HVVRQV

%RG\�/LQJR

5HG�7DJ ),7���&+((5

3$/2�6RIWZDUH

%RRNHGG

:DLWLQJ�5RRP

+RS�,Q�XV

3HUNO\

'HWDQJO

6ROVSRW�6\VWHPV

+HOS$WWDFN�

0HWUR6HHNHU

)ORZ%HORZ

$FFHOHURV�/DEV

3ODQ6;6:

&RYHU�0H���$XVWLQ�0XVLF�5HDOLW\�6KRZ�

$SDUWPHQW)HWFK

*URXS:LQN

$GYDQFHG�+\GUR

3URSRVDOZDUH

6SURFNVWHU

3HUIHFWO\127

2W2PRGHDO

YLYRJLJ

2XWER[

0HWKRG�DQG�&UDIW

HGX0DUNHW

1H[W�2QHV�2Q�0H

&ULSSOHG�6KDUN�+ROGLQJV�

-LJ]OH

7HFK�+XVWOHUV

*$5'&RQQHFW

*</2��*HW<D�/HDUQ�2Q�

%ULGHWDE

&RPPXQLW\�&DUV�

6HDUFKLI\

%D]DDUYRLFH*RZDOOD

2QH6SRW

6RFLDO:DUH

6RODUZLQGV

6.</,67

&XELW�3ODQQLQJ

X&RQWURO

&KDOOHQJH�*DPHV

8QERXQG,'

=LOOLDQW

&DOOYLQH

0RWLRQ�&RPSXWLQJ

&6,GHQWLW\

&ROOLGHU�0HGLD

3KXUQDFH�6RIWZDUH

&RQYLR

1RWLFH�7HFKQRORJLHV

+RPH$ZD\

$IILQHJ\

2SHQ�/DEV 5HDFK)RUFH

6SLFHZRUNV

'HEL[

6XUJLHQW

'DFKLV�*URXS

)DPH&DVW

3RZHUHG

:KDOH6KDUN�0HGLD

0\(GX

1HW6SHQG

+HOLR9ROW

'LJE\

,OOXPLWH[

0HVVDJH2QH

6HQVRU7UDQ

6RODUEULGJH�7HFKQRORJLHV

6SUHGIDVW

0DSP\ILWQHVV

5DSLG�,R

$GRPHWU\

%RXQGOHVV�1HWZRUN*D]]DQJ

1HZFRPOLQN

:RUNVWUHDPHU

=HEUD�,PDJLQJ

$FWDFHOO

6QREDOO

+\SHU�

*DPHVDODG

0LFURYHQWXUH�0DUNHWSODFH

0\WXUI

1H[WLR

,QYRGR

/LEUHGLJLWDO

=HKLFOH

'DWDVWD[

8QLWHG�'HYLFHV

&DSLWDO�)DFWRU\

9DQLW\�5RFNV�1HWZRUN

<(7,�&RROHUV

8QVXEFHQWUDO

3URILWIXHO

9LJQHWWH

1H[WDQFH

$OWHU3RLQW

6DYDUD�3KDUPDFHXWLFDOV

%RUODQG

-DYHOLQ�6HPLFRQGXFWRU

6DLOSRLQW�7HFKQRORJLHV

%HGDQG%UHDNIDVW�FRP

5H]2YDWLRQ

9DFDWLRQ5HQWDOV)RU6DOH�FRP

0RWLYH

$OO�:HE�/HDGV

7KLQNWLY

%XLOG)RUJH

$SSFRQRP\

3HUILFLHQW

:KROH�)RRGV�0DUNHW

4LN&RP

L7DJJLW$XJPHQWL[6KDQJE\

0HWUHRV�&RUSRUDWLRQ

/XJ,URQ�6RIWZDUH

Q*HQHUD�&RUSRUDWLRQ

1DWLRQDO�,QVWUXPHQWV

3KXQZDUH

1DWLRQDO�6XUJHU\�1HWZRUN

8SUL]HU�/DEV

7KRRI

6��0DWFKLQJ�7HFKQRORJLHV

,QIRJOLGH�6RIWZDUH�&RUSRUDWLRQ

8Q:LUHG�1DWLRQ

%LJFRPPHUFH

)URQW�*DWH�7LFNHWV

0ER

8II

+LW

���$"%"�&��"$#

�" ��$����"�&)�$��!�

��##�!��"�!&�����!"�"���%�!�

�&�"��!�

����!�

��(�%�&�����!"�"���%�!�

�"&"$"���!�

�����!�

�����"$#

����!�

�$��%������� ��"!�'�&"$�!�

�" #'&�$�����!��%��"$#

!�"�������"�&)�$���"$#

��!�"$� �*�"$��!�

��$�"$ �!����&����!�

��&�$�"�!&�!�

�"$��!���"�&)�$���"$#

�����"�&)�$��!�

���!�&&���"$#

����&$"!�����&���+%&� %��"$#

��(�!�������$"���(���%�!�

!��!�"!�����!"�"���%���

�$��!���������!"�"���%��"$#

��%& �!�"�����"

�' �!�*��"$#

��� �����!�

����"$#

�'!����$"%+%&� %�!�

Russell,  Huhtamäki,  Basole,  SEll,  Yu  &  Rubens,  IC2  InsEtute  Global  Fellows  MeeEng,  April,  2013  

GDYLG�ZLVH

7H[DV�9HQWXUHV

VWDUYHVW�SDUWQHUV

5LSH9LQHV

ORX�FKDXPS

9LGDYHH

MD\�KDOOEHUJ

VXQHHW�SDXO

PDWW�GHQQLV

DEGXO�NDULP

JX\�ZHVWODNH

SHWHU�QRUZRRG��

JHPYHQWXUHV

EODFNEHUU\�SDUWQHUV�IXQG

&OHDU�7HFKQRORJ\

WHQD\D�FDSLWDO

NHQQHWK�FKR

2Q�7KH�&ORFN�&DWHULQJ

&DUH)ODVK

YHQN\�JDQHVDQ��

)DKUHQKHLW�0DUNHWLQJ

9DOXH:HE

E\URQ�ZHEVWHU

:LQFRU�1L[GRUI�86$

3DSHUPXG

SDXO�SHOOPDQ

'HOO

FKULV�WUHDGDZD\

FKULVWRSKHU�KHVWHU

UDM�SUDEKX

DQG\�JRQ]DOH]

JX\�PD\HU

MRVK�JROGPDQ

UREHUW�KRQLJEHUJ

PDWW�PFFOXUH

HO�GRUDGR�YHQWXUHV

7DOHQW�$OOLDQFH

6RXUFH&RDVW

ORX�FHOO

OOR\G�DUPEUXVW

SXUX�DJUDZDO

GDYH�NDPPH\HU

MLP�HYHULQJKDP

VLGGKDUWKD�SXURKLW

OLJKWVSHHG�YHQWXUH�SDUWQHUV

O\OH�SUDWW

FURVVOLQN�FDSLWDO

UDQG\�FODUNH

VLPRQ�FODUN

7HOH6SDFH

&RVHQWLDO

DXVWLQ�YHQWXUHV

MDVRQ�KRRWHQ

3HWV0'

ULFKDUG�EDJGRQDV

NHQQ\�YDQ�]DQW

8&DPSXV

MHQ�JURJRQR

EUDQGRQ�VPLWK

$SRJHH�6HDUFK

<RXUYLOOH

=LOOLDQW

9LVLEOH�3DWK

PDU\�ILUPH

DFFHVV�YHQWXUH�SDUWQHUV

7HFK6NLOOV

EU\DQ�EDUNVGDOH

FKULVWLQH�KDUPHO

6DOWOLFN�/DEV

3RLQW%ULGJH�6ROXWLRQV

HULF�JROGUH\HU��

HULF�JROGUH\HU��

M�S�PRUJDQ�SDUWQHUV

DGDP�WHUU\

1HZJLVWLFV

GDYLG�FUDPHU

ZLOOLDP�U�NDQH

EULDQ�EXVHU

6WRUPSXOVH

PDGLVRQ�ZLFNKDP

QDWKDQ�ZLQJDWH

8SJUDGH86$

MRQDWKDQ�KD\V

MRKQ�DPXQGVRQ

PDW�KDUULV

FKULV�QH\

PDVRQ�KDOH

SHWHU�QRUZRRG

9DFDWLRQ5HQWDOV)RU6DOH�FRP

ODQD�PRRUH

QHLO�VPLWK2PQL�:DWHU�6ROXWLRQV

3DQJHD�6RIWZDUH

MRH�NDOID

,QIRUPDWLRQ�(YROXWLRQIUDQN�FRSSHUVPLWK

JUHJ�YHUGLQR

VHWK�FDOO

6RODU%ULGJH�7HFKQRORJLHV

7KXQGHU7L[

H[D�YHQWXUHV

FKDUOHV�GRZGLQJ

ULFN�ZLWWHQEUDNHU

JUHJ�NDWWDZDU

*LEUDOWDU�$GYLVRUV

,Q[HUR

6KDQJE\

EUXFH�WDWH��

OXNH�LVHPDQ

JHQH�DXVWLQ

%HHU*UDP

=HOOR

VWHYH�WHVWRQH

1RPDGHVN

GDYH�SDQRV

8YXPL

3RO\FRP

MDPHV�WUXPEO\

0HUOLQ&U\SWLRQ

$77

EU\FH�KROODQG

WHFKQRORJ\�DVVRFLDWHV�PDQDJHPHQW

&RXQW\�6FDQV

*DPH%XLOGHU�6WXGLR

$GYLVRU�0DUNHWLQJ�6HUYLFHV*URXS

URKLW�QDPMRVKL

IRXQGHUV�IXQG

RVDJH�XQLYHUVLW\�SDUWQHUV

WKRPDV�RHUWOL

NHQ�HULFNVRQ

::$�*URXS

DPLU�HODJXL]\

4XLFNVKLIW

NXED�W\PXOD

7DUJHWHG�0ROHFXODU�'LDJQRVWLFV

%ODFN�6DQG�7HFKQRORJLHV

6DLO3RLQW�7HFKQRORJLHV

GDQ�FRUQLVK

$EVRUEHQW��,QN�

&LQVD\

PDUWLQ�IUHGULFNVRQ

+ROLGD\�5HQWDOV�FR�XN

WLP�OXFDV��

JOREDO�DVVHW�FDSLWDO

(7,�,QWHUQDWLRQDO

\YHV�PLFKDOL

6LPLQDUV

KDUYH\�ULQJ

$UWHPLV�,QWHUQDWLRQDO

(QHUJ\�;WUHPH

ELOO�FXQQLQJKDP

0739

U\�ZDONHU

%XOOGRJ�6ROXWLRQV

VFRWW�IUDQFLV

HGGLH�JDUFLD

PRELXV�YHQWXUH�FDSLWDO

PLNH�ZHMURZVNL

WRP�JLOOH\

DUPLQ�JXW]PHU

MRVHSK�J�EHUWL

/HIW�%HKLQG�*DPHV

0\WXUI

WRGG�PD\EHUU\

LQWHUZHVW�SDUWQHUV

FKULV�ODFDYD

DZHLGD�YHQWXUH�SDUWQHUV

PDUN�PFFODLQ

0RWLYH

NODXV�WKXHUEDFK

FLWLJURXS

GDYH�VLNRUD

EMRUQ�ELOOKDUGW

SKLO�PLDQR*R79�1HWZRUNV

6RODU:LQGV

UREE�JD\QRU

MRHO�IRQWHQRW

UDQGDOO�PLQLFN

NULVK�VDLODP

U\DQ�KRZDUG��

DMLW�GVD

GXQFDQ�YDQ�GXVHQ

0DUNHW=HUR

NDQQDQ�NDOL\XU

5LFRFKHW�/DEV

X6KLS

EUHQW�EHOOP

ULFK�SXVDWHUL

FKULV�FROOLQV��

PDU\EHWK�WD\ORU

VDS�YHQWXUHV

EHQ�DOYHV

PDUN�WKDPHV

FDUO�W\VRQ

6HFUHW:HDSRQ�6\VWHPV

MHII�HUZLQ

UHPEUDQW�YHQWXUH�SDUWQHUV

6RXUFH)RXQG

7HDP�3ULFH�5HDO�(VWDWH

7KH�5XQQLQJ�&RPSDQ\

MRKQ�PDUVWDOO

0DQDJH�0\�3URSHUW\

$�9DFDWLRQV

MRKQ�EDOHQD

NHYLQ�PFNHDQG

FDWK\�WKRPSVRQ

UREHUW�RVZDOG

TXHVWPDUN

MRH�KHLOHU

ELOO�KDUYH\

SDXO�SLHVNH

SDXO�MDQRZLW]

MDPHV�EXUURZ

FXUWLV�UDWLFD

DQGUHZ�SULFH

MHDQHWWH�FDMLGH

&DUH�FRP

PLFKDHO�RVERUQH��

EHQ�ILQNOHD

GKDUPHVK�VKDK

5DSLG�4XHXH

PRKU�GDYLGRZ�YHQWXUHV

ULFN�FKDSPDQ

QRUZHVW�YHQWXUH�SDUWQHUV

IRUZDUG�YHQWXUHV

7LOWHG�&KDLU�&UHDWLYH

WRP�ELVKRS��

*URXSH�6(%

JDEULHO�NUDMLFHN

GDQ�SHUOPDQ

EDPV�DQJHO�IXQG

WDU]DQ�VKDULI��

WDUR�QDUXVH

MLOO�MRKQVWRQH

EULDQ�IU\HU

FDUVRQ�EDUNHU

3URSHUW\0DSV�FRP

(RQ�&RUSRUDWLRQ

0HWUHRV�&RUSRUDWLRQ

2UGRUR

%OXUWW

+DUW�,QWHU&LYLF

VWHYHQ�SUHVWUHOVNL

MHVVH�MDFN

GRQ�VKDIHU

DOOHJUR�LQYHVWPHQW�IXQG

6HDUFKLI\

HULQ�QHOVRQ

DODQ�ODQH

OL]�RJLOYLH

QHZ�HQWHUSULVH�DVVRFLDWHV

WKRPDV�EDOO

5RFNLI\

ULFK�ZDUZLFN

GDQQ\�SLDQJHUHOOL

PDWW�EHQWOH\

SDODGLQ�FDSLWDO�JURXS

ELOO�RWW

HDVWHUQ�DGYLVRUV

KXE�DQJHOV�LQYHVWPHQW�JURXS

0DODX]DL�6RIWZDUH

3RVVLELOLW\�6SDFH

SDXO�GRGG

PDUVKDOO�VPLWK

URE�O\QFK

KLJLQLR�PD\FRWWH

VHDQ�KDUSHU

U\DQ�KRYHQZHHS

$QRYD6WRUP

%R[E\

DQG\�PHDGRZV

KLOGD�SHUH]

PDWWKHZ�FODUN

NHHJDQ�MRQHV

UREHUW�VWDUHN

$SDUWPHQW�1LQMDV

JRRG�HQHUJLHV

MDOHK�UH]DHL

SDXO�JXQQRH

PLJXHO�GH�EXI

1HW6SHQG

5HIOH[�'HVLJQ

5DYHQ�9HQWXUH�3DUWQHUV

*UHDW�6WXII��,QF�

WKH�VRXWKHUQ�DSSDODFKLDQ�IXQG

GKUXY�EDQVDO

HG�SHUU\

SKLO�VLHJHO

GDYLG�PLW]HQPDFKHU

IUHGGLH�EDLUG

NZDEHQD�NRE\�DFNLH

MHIIUH\�V�GDYLV

SDWULFN�PL]HU

NQLJKW�IRXQGDWLRQ

VWHYH�EUHHQ

7UDQVYHUVH

3HUILFLHQW

$EVROXWH�9DULHW\

ODXUD�IR[

MXVWLQ�WKLHOH

PDWW�FROOLHU

MLP�HZHO

+DNXWR�&R��/WG�

ILUVW�URXQG�FDSLWDO

SDXO�NUDVLQVNL

NHOO\�EDUQHV

VDUD�URGHOO

6SLQDO�5HVWRUDWLRQ

JDUUHWW�FR[

YHURQLND�]DVODYVND\D

FKULV�PLWFKHOO��

MDVRQ�QRYHN

,QGX6RIW

PHOLVVD�VLPSOHU

URE�VRORPRQ

LQYHVWFRUS�WHFKQRORJ\�YHQWXUHV

PRZJRR

MDFNLH�JLOEHUW

3URILW)XHO

DUMXQ�VHWKL

M�U�NUDIW

MRVHSK�NHOO\

6HLOHYHO

5HGGZHUNV�&RUSRUDWLRQ

MRHO�WUDPPHOO

FKULVWRSKHU�GRUDQ

UDQGDOO�MDFRSV��

6HPL6RXWK�/DERUDWRULHV

UDXO�FDOYR]

PDWW�GHHJOHU

+HDWZDYH�,QWHUDFWLYH

PDUN�GDYLHV

6XUJLHQW

ODUU\�XSWRQ

3KDVH�0DWUL[

5LJKW��

3UR$FH�7HFKQRORJ\�6HUYLFHV

/DXQFK3DG�&RZRUNLQJ

VFRWW�FDUOWRQ

PDUN�GHFNHU

%�6LGH�(QWHUWDLQPHQW

QHHGKDP�FDSLWDO�SDUWQHUV

SLQQDFOH�YHQWXUHV

FKULV�ODPSUHFKW

VUL�VRQWL��

OXFD�ORLRGLFH

3RZHU5HYLHZV

0DLO4XDWUR

MHII�EURG\��

JUHJRU�IUHXQG

(QWKRXJKW

EUHWW�KXUW

PHOLVVD�\RXQJ

<RRKRRW

SDXO�WURZH

HULF�PRQWDQGRQ

*OREDO�6HFXUH�6\VWHPV

N\OH�ZLOG

PRUJDQ�VWDQOH\�YHQWXUH�SDUWQHUV

ZRRG\�PDUVKDOO

UM�EULGHDX

L*5

MDJ�EDWK

'DWD�0DUNHWSODFH

+RZ�,W�:RUNV�0HGLD

MDGH�NXULDQ

HUQHVW�URODQG

WRP�IUDQFHVH

PDUN�VFKQXJ

9HULWDV�7UDQVODWRUV

WUR\�PXWWHU

PDUN�KHSEXUQ

ILGHOLW\�YHQWXUHV

5DSLG�,2

II�DQJHO�OOF

WHFK[DV�YHQWXUHV

$G9HUYH

PDUVKDOO�K�JOHQQ

&DSLWDO�6SRUWV��(QWHUWDLQPHQW

:RUN7KLQN

3DWLHQW�&RQYHUVDWLRQ�0HGLD 5LJ7RUUHQW

FKULVWLDQ�EULJJV

$OHQWXV�&RUSRUDWLRQ

VKRQ�ED\HU

PHWDPRUSKLF�YHQWXUHV�OOF

KXQWHU�KDVWLQJV

VLHPHQV�YHQWXUH�FDSLWDO

GHOILQR�JDOLQGR

&ODULW\�9HQWXUHV��,QF�

7KLQNVSHHG

6.</,67

OHUHU�YHQWXUHV

$WHDPR

LFDQPDNHLWEHWWHU

IORRGJDWH

FKULV�EHOHZ

FRUUHODWLRQ�YHQWXUHV

NHLWK�]RHOOQHU

EULO�IOLQW

DJDYH�FDSLWDO

MRQDWKDQ�GXUNHH

MRH�GHYLQH

DDURQ�UREHUW�KDOO

ODWWHUHOO�YHQWXUH�SDUWQHUV

'\QDVS\

NHQ�KXQWVPDQ

6SDUH)RRW

IRXQGU\�JURXS

ODXUD�MHQVHQ�JXUDVLFK

1LFKH�6WRUHV

PDWW�FUDLJKHDG

D�W�IRXW\

HQKDQFHG�FDSLWDO�SDUWQHUV

2IIHUV�FRP

MRH�KDOORXP

6LWH�&RQWUROV

0DJQD4XHVW

MLP�GHWHUV

ULFKDUG�ZLOVRQ

MRKQVWRQ�D\DOD

DOH[�EURHNHU

DUXQL�JXQDVHJDUDP

*ROIVPLWK

,QWHUQHW�%UDQGV

EDQ�YODDQGHUHQ

MDPHV�SHWW\

HG�LUHVRQ

PDWW�IODNH

.H\�,QJUHGLHQW

5H]2YDWLRQ

MRVHSK�VKXOW]

MD\�RWWHUEHLQ

SDW�JRHSHO

DQJHOD�PFPXUUD\

DP\�FDUSHQWHU

ROLYLHU�FRXVWRQ

$SS8VHIXO

PDUN�G]ZRQF]\N

/XJ,URQ�6RIWZDUH

VFKQHLGHU�HOHFWULF�YHQWXUHV

UREHUW�EDODVFLR

SUHVWRQ�KROODQG

MRQ�DUPVWURQJ

GRXJ�ZRRG

$]WHF�6\VWHPV

EUDQGRQ�KXGJHRQV

GDZDQH�ZDQHN

$OHUHRQ

3KXUQDFH�6RIWZDUH

SRZHUVKLIW�YHQWXUHV

MLP�ZKLWH��

3:5)

FOLQW�PLOOHU

DQGUHZ�WHPSOHWRQ

NLS�PFFODQDKDQ��

6FDODEOH�6RIWZDUH

ULFN�WLPPLQV

ELOO�ZLHPDQQ��

8QVXE&HQWUDO

IUHG�VFKPLGW

.HHSVWUHDP

SKLOLSSH�WXOXOD

5HQHZ'DWD

RSHQYLHZ�YHQWXUH�SDUWQHUV

FULVWL�MDNXELN

*LUO�*DPHV��

PLNH�IURVW

%3�

PLFKDHO�FURVQR

MRKQ�YULRQLV

JRRJOH�YHQWXUHV

7DFWLFDO�,QIRUPDWLRQ�6\VWHPV

$OWHU3RLQW

*</2��*HW<D�/HDUQ�2Q��//&�

=\QJD

1HYHUIDLO

GDUUDQ�UROOV

GDYLG�VXQJ

%X]]6WUHDP

0LFURVWDT

VULQL�JXUUDSX��

UHKPL�SRVW

PLFKDHO�ZHLU

S7UDFNHU

FKULVWLDQ�RNRQVN\

]DFN�DQJHOR

MRH�EXOJHU

6RXUFH�6SULQJ

MDVRQ�HUYLQ

6N\�6RFLDO�0HGLD

ZDGH�VLNNLQN

JDU\�VHHJHU

MHIIU\�F�MDFNVRQ

*XVK�FRP

MHII�FURZH

*D]]DQJ

WKLUWHHQ��

MRH�OLHPDQGW

MRKQ�GLHW]

GRXJ�]LHZDF]

FODUN�NRWKORZ

4�HEDQNLQJ

VDP�IDWLJDWR

DGDP�SULFH��

Q*HQHUD�&RUSRUDWLRQ

6QDS3DJHV

3D\ERRN

DGREH�YHQWXUHV

HULF�FKDYH]

PRUJDQ�FUHHN�FDSLWDO�PDQDJHPHQW

VWHYHQ�Z�URGULJXH]

MHVVH�GHPPHO

HOL]DEHWK�GDYLV��

NHYDQ�PFFRUPDFN

TFXH

WRP�VKHQ

&\IHRQ�6ROXWLRQV

,QIRJOLGH�6RIWZDUH�&RUSRUDWLRQ

FKULV�FRXFK

<RGOH

*UHHQ�0RXQWDLQ�(QHUJ\

3KRWR�%RPEHU��,QF�

U\DQ�GRZQV

$7;�,QQRYDWLRQ

VDML�VHQJXSWD

DQG\�VDOR

WULGHQW�FDSLWDO

SDXO�GDUF\

MRKQ�EDQF]DN��

DQG\�PLOHV

MLP�SLFNHULQJ

SDROD�IUHFFHUR

MDPHV�U�RIIHUGDKO

MHVVLFD�PH\HU

HULF�NDWHUPDQ

LQVLJKW�YHQWXUH�SDUWQHUV

VXWWHU�KLOO�YHQWXUHV

WKRU�DQGHUVHQ

%DOGHUGDVK

PLFKDHO�GDYLG��

VLOYHUWRQ�SDUWQHUV

5DGLROLFLRXV

ORXLV�VFDOSDWL

JUHJ�FKDEULHU

DP\�ODYHUHQW]

DQG\�FRFNEXUQ

MRQ�SDUNHU

DSSOLHG�YHQWXUHV

DQGUHZ�PLOOV

DO�VFKXHOH

%RXQGOHVV�1HWZRUN

MRQ�KROPTXLVW��

,GHQWLSKL

1RUWKULGJH

DVK�SDWHO

DOIUHGR�UDPLUH]

6RFLDOZDUH

MRH�GDYLG�MRQHV

4�0HGLD

PLFKDHO�VKXOW]

WKH�FDSVWUHHW�JURXS

$:5�&RUSRUDWLRQ

%HWWHU�9RLFHPDLO

;HULV�3KDUPDFHXWLFDOV

PLNH�GDQVE\

GDOODV�VQHOO

EDUU\�HYDQV

WLPRWK\�VXOOLYDQ��

JHRYXH

DOH[�EUDEHUV

VWHYH�VFKDIIHU

DGDP�PFPDQXV

VDQWH�YHQWXUHV

NHYLQ�FKHZ

KRXVWRQ�IURVW

VROXFDU�HQHUJLD

7ULSOH�3RLQW�7HFKQRORJ\

JURZWK�FDSLWDO�IXQG

NHLWK�JDGGLV

WKH�ODPEGD�IXQGV

,QWULQVLW\

JHUDUGR�WUHYLR

GHQQLV�ER\HU

:H7LTXH

EDUU\�KDINLQ

GXVWLQ�NLUNODQG

6D\�*2

+HDGVKLIW

SHWHU�\RGHU

GRXJODV�GDLJOH

UDQG\�FRKHQ

PLNH�VXEHOVN\

UREHUW�SHUULHU

EODNH�ERUJHVRQ

MRKQ�KLPH

PLWFK�EDGHU

6SHDN�6RFLDO

SKLOOLS�EHDQH

7UL*HR�1HWZRUN�6HFXULW\

MXVWLQ�\RVKLPXUD

HULN�VWHQVRQ��

VKDXQ�VLPV

,WUDQVLWLRQ

&KDOOHQJH�*DPHV

DQGUHZ�ZHVWPRUHODQG

7KRRI

$XWRPDWWLF

JUDQLWH�YHQWXUHV

5('�0HWKRG��,QF�

VPLWKFR�LQYHVWPHQWV

PLFKDHO�ZLOVRQ

SUL\D�VDQMD\

SDXO�EXFKKHLW

&R9L�7HFKQRORJLHV

NHYLQ�UHLQLV

VHDQ�GHPSVH\

HG�JDUQHU

%ODFN/RFXV

GHDQ�G]XULOOD

ERE�ULD]]L

GRQ�VDQGHUV

:KLWH*ORYH�+HDOWK

NHQ�ULOH\

&OXWFK�&UHDWLYH

WRP�DOLRWWL

GDYLG�PDWKHU

FKULV�GLOOLH

%DLJHQW�'LJLWDO

FKULV�KHLOHU��

PDQGHOEURW�YHQWXUHV

4XLFN*LIWV

GDQLHO�ZLOVRQ

(YHQW6OLFH

KHPDQW�WDQHMD

MRQ�DJXLODU

EDVHOLQH�YHQWXUHV

RQVHW�YHQWXUHV

URGULJR�FDUYDOKR��

DQQH�EDUWOHWW�EUDJJ

FKULV�NLWH

ERE�PDUWLQ

EUDQGRQ�EURZQ

DDURQ�VFUXJJV

,QWUDGR

GDYLG�DOWRXQLDQ��

WKRQ�PRUVH

6LOYHU�2DN�6HUYLFHV�3DUWQHUV

,OOXPLWH[

]DFN�OLQIRUG

6WDUPRXQW

SDXO�ZLOFRFN

MRKQ�IDUU

MN�E�FDSLWDO

$QWV�(\H�9LHZ

7DQJR�+HDOWK

NHYLQ�FDOODKDQ

ZDQW$1'IRXQG�FRP

ORXLV�PDUDVFLR

7HUD9LFWD�7HFKQRORJLHV

%H�-DQH

UDFKHO�GHQJ

VWHSKHQ�VKRDII

(WXYLDQ

3DWHQW�&DOOV

5XOHV�%DVHG�0HGLFLQH

6ZLP7RSLD

/RFDWH�6SHFLDO�'LHW

F�OD\QH�IRQWHQRW�SKG

JLOOLDQ�IHOL[

SDQRUDPD�FDSLWDO

DPHULFDQ�FDSLWDO

'RRUV�+RPH�FRP

$XJPHQWL[

3LFWXUHV�WR�3DLQWLQJV

JLPY�DUNLY�LFW�IXQG

SDUNHU�SULFH�YHQWXUH�FDSLWDO

P��FDSLWDO

VWHYH�VFKDIIHU��

QRUWK�EULGJH�YHQWXUH�SDUWQHUV

&RPSXWHUV�,Q�0RWLRQ

7KLQNWLY

VWXDUW�KLVHURGW

PE�YHQWXUH�SDUWQHUV��

MLP�URXQGWUHH

'LVFR�1HWZRUNV

5HDO�+4

0DVVDJH&50

MXOLH�JRPROO

ULFKDUG�PFFOHOODQ

JUHJ�UDX

FXUW�ELOE\

OLYLR�KXJKHV

GU�MDVRQ�JOD]LHU

6WUHDP6WHS

.LPELD

ELOO�FODUN��

WKRPDV�LQFH

(TXLSKRQ

PLFKDHO�ZLWEURFN

VHQYH\�OL

MRVK�EXWWV

&RQWUDFWRU�0DUNHWLQJ�3URV�FRP

GDZVRQ�WRWK

GDYLG�NDXIPDQ

'RF)RUFH

FRQVWHOODWLRQ�YHQWXUHV

LQWHO�FDSLWDO

\DPLOD�VRODUL

UR\�NLSS

.LQQVHU�6RIWZDUH

FKULV�JORGH��

GDQ�JUDKDP

)LYH5XQV

ULFKDUG�VFKZDUW]

7KH�+RPH�'HSRW

,%0

DYUDP�GRGVRQ

VWDUWHFK�HDUO\�YHQWXUHV

:KDOH6KDUN�0HGLD

FROLQ�DQDZDW\

ROLYHU�PHHN

G\ODQ�UDPVH\

HULF�QHZPDQ

IRXQGDWLRQ�FDSLWDO

GRXJ�FRRN

4XDUHVVR�6RIWZDUH

PLNH�PFDXOLIIH

KR\W�SULVRFN

URQ�FRQZD\

0LQG4XLOW

QDWKDQLHO�URELQVRQ

NHYLQ�HYDQV

'DWLFDO

+LJKOLQH�)LQDQFLDO

MRQDWKDQ�FDUUROO

PDUVKDOO�VWRNHV

(DV\�&DQYDV�3ULQWV

NHYLQ�E�WKRPSVRQ

PDWW�KRYLV

VFRWW�PFFDVNLOO

+\SHU�

0RYD\D

FDVH\�ZDVVHUPDQ

ILOLS�WDFN

EUDQQGRQ�VWHZDUW

./'�(QHUJ\�7HFKQRORJLHV

%UHHGORYH��$VVRFLDWHV

1HZ�(UD�3RUWIROLR

������7KHUDSLVW

SDXO�HOOXO

6DSOLQJ�/HDUQLQJ

XVDELOL7(67

ERE�KRRYHU

FRPHULFD�EDQN

VKHUYLQ�SLVKHYDU

SDXO�URJHUV��

$SROOR�(QGRVXUJHU\

ULFN�RUU��

GRPLQLF�]XFFDULQL��

SHUIRUPDQFHHGJH�SDUWQHUV

EDUW�ERKQ

URG�IDYDURQ

MRVK�DOH[DQGHU

PLFKDHO�FODUN��

WRGG�FKDIIHH

PLFKDHO�GXQKDP

MD\�YDODQMX

HQV\V�FDSLWDO

ELOO�SDDSH

ERE�TXLOOLQ

,FRQL[[�6RIWZDUH

GHDQ�YLJOLRQH

URE�WKRPDV

FDWWHUWRQ�SDUWQHUV

UVO�YHQWXUH�SDUWQHUV

GIM�WDPLU�ILVKPDQ�YHQWXUHV

1DWLRQDO�,QVWLWXWH�RI�(QYLURQPHQWDO�+HDOWK�DQG�6DIHW\

PDWW�FRKHQ

MDVRQ�FUXVH

QLFN�JRJJDQV

&RQIRUPDWLYH�6\VWHPV

NHYLQ�JDOODJKHU

.(//�3DUWQHUV

KDUULVV�W�FXUULH

PLNH�KLOO

ELOO�DSIHOEDXP��

PDU\�KDVNHWW

$OO�:HE�/HDGV

PDWUL[�SDUWQHUV

'HDO%N

*RZDOOD

$QXH�6\VWHPV

VRILQQRYD�YHQWXUHV

9ROXVLRQ

EUDQW�EDUWRQ

/XPHQVLRQ

,GHQW\[

FHQWHQQLDO�YHQWXUHV

PDUN�VSDQJOHU

4LN&RP

VHWK�JROGVWHLQ

$*%HDW

WRU\�XSFKXUFK

5'&�$QDO\WLFV

/RQJERDUG�0HGLD

WRGG�JUHHU

MXVWLQ�WRWK

WUHERU�FDUSHQWHU

7RRSKHU

:L�)L�$OOLDQFH

/RRS1HW

DQGUHZ�ZDOGUXS

WRP�FDURWKHUV

HOOLH�ZKHHOHU

MDFNLH�]KDQJ

HULF�FRVZD\

YHUGDQH�FDSLWDO

PDWW�FKDVHQ

QLFN�JDOODUGR

6SDUN��

6RFLDO6PDFN

KRUL]RQ�WHFKQRORJ\�ILQDQFH

%HZRRS

GDYH�URVHQEHUJ

FHVDU�WRUUHV

GHQLVH�DUFKHU

MOD�YHQWXUHV

3ULQW*OREH

4YLQFL

MDQXV�DQGHUVRQ

KHDWKHU�ZKLWH

2Q3RVLWLYH

:KLWWOH

GDYLG�ERZHQ

DLNPHQJ�NXDK

3URVS;

MDVRQ�SHUNLQV

PHOLVVD�DQGUHDH

3DLG�6FULEH��//&

VWHSKDQ�SDKONH

MLPP\�WUH\ELJ

DEV�YHQWXUHV

IUDQN�EXUQV

DOH[�PRRUH

$SSFRQRP\H&RQYHUVLRQV

$FWLYH+LUH

NHYLQ�VSUROHV

PDULR�IHJKDOL

&5L)

6HFXUH&DUH�7HFKQRORJLHV�

+HOLXP�6\VWHPV

=LIWHQ�7HFKQRORJLHV

UHG�PFFRPEV

([SHUW6SHDNHUV�QHW

0LQFR�7HFKQRORJ\�/DEVDOH[�NXWLNRY

DOH[�DQGUHDH

79$�0HGLFDO

2ZQHUV'LUHFW�FR�XN

&RPPXQLW\�7HFK.QRZOHGJH

MRQ�ZHLVEODWW

VKDZQ�ERVH

DFFHO�SDUWQHUV

NH\�YHQWXUH�SDUWQHUV

PDWW�E\UQH

PDWWKHZ�NHOO\��

SDP�NHOO\

%UHDNLQJ3RLQW�6\VWHPV

DQGUHZ�EXVH\

VWHYH�SDSHUPDVWHU

OHDVLQJ�WHFKQRORJLHV�LQWHUQDWLRQDO

MDVRQ�IRUG��

MRKQ�KLPH��

),567�52,

+RPHOLGD\V

GDQ�VWHLQERUQ

0LVVLRQ�,�7�

ED\�SDUWQHUV

1H[W�2QHV�2Q�0H��1220�

MRKQ�ER\G��

7KH�6HDUFK�(QJLQH�*X\V

DQGUHZ�WD\ORU

GU�FDWK\�IXOWRQ

7UL$FWLYH

9REL

:3�(QJLQH

GDYLG�DURQRII

)DQ7UDLO

VFRWW�EDQLVWHU

EULDQ�GDYLV

4XDOLW\�6\VWHPV

3(,�6HUYLFHV

6LOYHUEDFN�$FTXLVLWLRQV

KLJKODQG�FDSLWDO�SDUWQHUV

7UHQGOLQH�,QWHUDFWLYH

VHUJHL�VP\FKNRYLFK

)LVRF

6RFLDO�'LVWLOOHU\

GDYLG�JRRGPDQ

EHQ�VFKLSSHUV

1LWHUR

JUHJ�PLOOHU��

VFRWW�FUXLFNVKDQN

EULDQ�ELJHORZ��

EUXFH�WDWH

URG�WD\ORU��

PDUN�SHWHUV

ELOO�ZRRG

8SORJL[

*UHDW5HQWDOV�FRP

VDP�SXOODUD

ODUU\�ZDUQRFN

GHOWD�FDSLWDO�PDQDJHPHQW

VFRWW�WHLJHQ

MHII�VFKQHLGHU

9DOHQFH�7HFKQRORJ\

0RELOH&KHFNRXW

GDYLG�UXELQ

JHQHVLV�FDPSXV

RVSUH\�YHQWXUHV

KXQW�YHQWXUHV

0RWLRQ�&RPSXWLQJ

6FLR�&RQVXOWLQJ

KR�QDP��

MHUXVDOHP�YHQWXUH�SDUWQHUV

DODQ�EHUH]LQ

DP\�EU\DQW

7RFTXLJQ\�$GYHUWLVLQJ��,QWHUDFWLYH\YRQQH�WRFTXLJQ\��

FKLVKROP�SULYDWH�FDSLWDO�SDUWQHUV

9HUWLYH��2IIHUV�FRP�

ZDUUHQ�VXPQHU

PLFKDHO�DPHQG

%XLOGHU�+RPHVLWH

NDWK\�ZDUUHQ

ODQL�URVDOHV

MDVRQ�ZHVEHFKHU

VXDDG�VDLW

*HW�6PDUW�&RQWHQW

DOH[�NLOSDWULFN

1HW4R6

PLFKHOH�VRXGHU��

$SDUWPHQW5DWLQJV

RULJLQ�SDUWQHUV

SHGUR�DOYHV

'HDOXY

,QRYD�/DEV

FRQ�RFRQQHOO

/XPLQDU\�0LFUR

FOD\�ROLYLHU

/X[WHUD

LQILQLW\�FDSLWDO

NDWLH�EHQFNHQ

QOP�FDSLWDO�SDUWQHUV

GRQDOG�KDFNHWW

FHDVDU�YHUGHOOL

SKLOOLS�UDWKHU

EDUU\�VSHQFHU

%DQGL]H

ORUL�ORZH

ELOO�ZLHPDQQ

3XUFKDVLQJ1HW

0DS0\)LWQHVV

ELOO�PRRUH��

1HZ&RP/LQN

&KDQFHV�0HGLD�(QWHUWDLQPHQW

032:(5�0RELOH

PDWWW�WKRPSVRQ

NHOOL�EHRXJKHU

$SSWLYH

GRQ�ORHE

([FHO�(QHUJ\

HYDQ�JULP

6WRUHG,4

FDUO�EHUJ

6SHHG0HQX��,QF�

VFRWW�ZDWWHQEHUJ

8PEHO

DQQD�ERVDGD

MRKQ�U�RVERUQH

FKULV�SDFLWWL

3OXFN

MRQ�SUDWW�SK�G

WKH�LQVWLWXWH�IRU�WKH�SURPRWLRQ�RI�LQQRYDWLRQ�E\�VFLHQFH�DQG�WHFKQRORJ\�LQ�IODQGHUV

PDWW�RPDOOH\

ULFDUGR�FDVDV��

YR\DJHU�FDSLWDO

6SHDNHU0DWFK

\DVK�VDEKDUZDO

NHQW�ODQFH

VWHSKHQ�EHOO

WRP�FXWKEHUW

4XLFN,QVHUW

DVK�PDXU\D

URELQ�WKXUVWRQ��

GDQ�EX]DLG

7KH�%XLOGLQJ�1HWZRUN

PLNH�KHXPDQQ

EULDQ�SKLOSRWW

:KROH�)RRGV�0DUNHW

%HGDQG%UHDNIDVW�FRP

EODNH�EXVK

GDYLG�EXUURZV��

,;,$

WUH\�LNDUG

6WRUVSHHG

FKULVWLDQ�ODYHQGHU

KHDWKHU�EUXQQHU

MRH�MDIIH

VKDXQD�RVERUQH

JRRJOH�RUJ

PLNH�EXWOHU��

3RZHU�,QWHJUDWLRQV

&\EHU5HQWDOV

)LUVW�$QDO\VLV�&RUSRUDWLRQ

6PLOH\�0HGLD

O\QQ�\HOGHOO

U\DQ�\RXQJ��

DSULO�GRZQLQJ

:KRRVK�7UDIILF

HG�PFFUDFNHQ

EHQFKPDUN�FDSLWDO

MRVK�ZLQJVWURP��

$UFKULYDO

GDYH�GXQKDP

EULDQ�PDJLHUVNL

9DQLW\�5RFNV�1HWZRUN

ZDOGHQ�LQWHUQDWLRQDO

SKDURV�FDSLWDO�SDUWQHUV

MLP�FXUWLQ

QRUWKZDWHU�FDSLWDO

GRXJ�KDUU

+RPH3URV

0HWDWRPL[

%LJ�5RFN

ULFN�PDXOH

K�L�J�YHQWXUHV

QRUR�PRVHOH\�SDUWQHUV

'ULOOLQJ�,QIR

GDQLHO�QHOVRQ

JHILQRU�YHQWXUHV

MXVWLQ�NLWFK

6SDFH�&KLPS�0HGLD

EU\DQ�PHQHOO��

&RQWRXU�(QHUJ\�6\VWHPV

ODWDNRR

ODUD�VKDFNHOIRUG

WKH�WH[DV�HPHUJLQJ�WHFKQRORJ\�IXQG

MHIIUH\�GDFKLVHULN�KXGGOHVWRQ

5HWXUQ�3DWK

3XUH:DWHU+4

'DFKLV�*URXS

6��0DWFKLQJ�7HFKQRORJLHV

&RSSHU(JJ�&RUSRUDWLRQ

3ODVWL3XUH

HULF�URWKIXV

PDUN�GH�YLVVHU

ELOO�VLOO

.HUGRFN�&RQVXOWLQJ

MHQV�ERKOHQ

JHQHVLV�FDSLWDO

GXVWLQ�GHYULHV

ULFKDUG�P�EH\HU

]DFN�IXHQWHV

JUHJ�SHWHUVHQ

ZHQG\�SUDEKX

LQQRYDFRP

OHKPDQ�EURWKHUV�YHQWXUH�SDUWQHUV

GDJ�YHQWXUHV

FKULV�SRUWVFKHOOHU

URVV�EXKUGRUI��

FDUGLQDO�YHQWXUH�FDSLWDO

NHQQHWK�HDVW

NHYLQ�KDUZRRG

DOH[�PRRUH��

V\QFRP�YHQWXUH�SDUWQHUV

1HXVRIW�*URXS

P\6SRRQIXO

0LUQD�7KHUDSHXWLFV

QHEUDVND�DQJHO�QHWZRUN

ELOO�GRODQ

WL�YHQWXUHV

���6HFRQG�6RIWZDUH

VWHYHQ�NQDSS

-RE&DQQRQ

$G5HYROXWLRQ

PN�FDSLWDO

YLUJR�FDSLWDO

PLNH�ZLOOLDPV��

DGDP�DQGHUVRQ��

MRKQ�NLQ]HOO

QRUWK�KLOO�YHQWXUHV

SDEOR�ORSH]

DHJLV�FDSLWDO�JURXS

VWHZDUW�ZKLFNHU

DSH[�YHQWXUH�SDUWQHUV

FKDVH�FXUWLQ

DWLU�MDYLG

VHYLQ�URVHQ�IXQGV

5)�&RGH

GUDSHU�ILVKHU�MXUYHWVRQ

JXOIVRXWK�FDSLWDO

WLP�UKRDGV

JDU\�FRKHQ

1HW$SS

FOLI�KDOH\

VLJPD�SDUWQHUV

QDWKDQ�MRQHV

DWD�YHQWXUHV

VWDU�YHQWXUHV

+HDOWK7URQLFV

UREELH�KXWWHQKRZHU

MRVHSK�WLQQHUHOOR

3XVKVWDUW�&UHDWLYH

VPUXWL�PRGL

MRVK�EHDU

6RXOH�0RELOH

DQQH�PDULH�FXUULH

,QWHO

VFRWW�DEHO

ERE�MRKQVWRQ

DXVWLQ�JXQWHU

&LVFR

DOH[�VPLWK

WKRPDV�P�FRUQLVK

DVDG�NKDQ

$VWRXQG�&RPPHUFH

UHGSRLQW�YHQWXUHV

GDYLG�DOOH\

MHIIUH\�VFKZDUW]��

PLFKDHO�FDPSEHOO��

SDWULFN�VHDPDQ

PLNH�WXUQHU

VWHSKHQ�KXHUWD

MHII�HUUDPRXVSH��

'HEL[

FDUO\OH�JURXS

,QWRWR

EUDG�IOXNH

OXLV�VDOD

6ODWH&DVW

'UHVGHQ

QHYDQ�HODP

6N\RQLF

MLP�WURWWHU

MRVKXD�JOLFN

ODQFH�ZDUH

PDUFRV�FDQFKROD

FKDQFH�FREOH

YDOHULH�UDZOLQJV

VWDJH�RQH�FDSLWDO

0LQHFRU

PHOOLH�SULFH��

JUHJ�QHLFKLQ

LYDQ�HOLDV

OXLV�DEXUWR

EUHQW�DOPRQG

JHQHVLV�SDUWQHUV

%+9

1DWLRQDO�7UDQVFULSW�&HQWHU

MRKQ�VFDULVEULFN

6ZHOO�6RIWZDUH

)DPH&DVW

PLNH�LKQDW

QLU�OHLERYLFK

MRKQ�ZDXSVK

MLP�QROHQ

\DOHWRZQ�YHQWXUH�SDUWQHUV

VWHYHQ�EUHVODZVNL

HXJHQH�P\PULQ

DOYLQ�FKHXQJ

FRQYHUJHQW�LQYHVWRUV

$UFKLPHGHV�/DEV

WD\ORU�VFKDHIIHU

VDP�KH\ZRRG

DPRV�VFKZDUW]IDUE

PLNH�PDSOHV�VU

MHII�SHWU\

&RQWHQW5HDOWLPH

�'ULOOLQJLQIR

OHH�EU\DQW

GDYLG�ZHLVHU

QDWKDQ�NUDFNODXHU

HG�JURVV

MRVKXD�PFFOXUH

ZLOOLDP�WUDQ

PDWW�EXFKDQDQ

ULFN\�MRVKL

EULDQ�VLPPRQV��

1RF3ODFH

JUHJ�MDQHFHN

URE�VSDUNV

FKULV�HLJQHU

DQDQG�FKDPDUWK\

7ULS+RPHV

VKHHUD]�KDML

HODLQH�JRUGRQ

7HFK�5DQFK�$XVWLQ

FROLQ�EXHFKOHU

PDWW�SIHLO

9RWHUV�$FW

NHQW�IXND

1HW6WUHDPV

9DFDWLRQ5HQWDOV�FRP

OHR�UHLWHU

7UDQVFHQG�&RPSXWLQJ

ODUU\�SHUXIIR

YHQWXUHWHFK�DOOLDQFH

&6,GHQWLW\

PDUN�VFRODUR��

*URXS&KDUJHU

VSLQQDNHU�FDSLWDO�SDUWQHUV�OOF

UDQMLW�QD\DN

GXVW\�UHDJDQ

&DSLWRO�6FLHQWLILF

7KH�3DZQVKRSSHU�&RP��//&

1HYHUIDLO

2QH6SRW

WKH�KRXVWRQ�DQJHO�QHWZRUN

+HOLR9ROW

/RPEDUGL�6RIWZDUH

VFRWW�MRKQVRQ

DODQ�FDPSEHOO

MRH�JDUEHU

1H[WDQFH

$OOXUH�(QHUJ\

KRZDUG�VPLWK��

MRKQ�GRJJHWW

EDVLO�KRUDQJLF

PLFNH\�ULVWURSK

DQQD�WXPPDGRWWLU

WH[DV�SDFLILF�JURXS

8QLWHG�'HYLFHV

FDVH\�FXQQLQJKDP

MLP�FRPHDX[

YHQURFN

URFNZRRG�HTXLW\�SDUWQHUV

7HUDSLR

GDQLHO�KDUUHOO

+LOO&DVW�7HFKQRORJLHV�

RVZDOG�EHFFD

5DFNVSDFH

DOH[H\�JDYULORY

]HHVKDQ�UDKLP

JROGPDQ�VDFKV

DQGUHZ�PDUFXV

039

EUDGOH\�PDUNKDP

MHUHP\�EHFN

ERE�GLPDWWHR

7HN�7RROV�6RIWZDUH

MRVK�OLWWOH

NULVWHQ�VXVVPDQ

&DQ:H1HWZRUN

DQG\�PDDJ

PDUN�HOOLRWW

GDQLHO�NLP

5LJKW*LIW

MDVRQ�ZDQJ

$VXUDJHQ

NDWKOHHQ�PFNHQQD

DODQ�V�NQLWRZVNL

-DYHOLQ�6HPLFRQGXFWRU

F\DQ�EDQLVWHU

FKULV�SHWWH\

ULFN�MDFNVRQ

MRKQ�GXUUHWW

$OHUW6LWH

6XPPLW�'LJLWDO

1HW6ROYH

JHQHVLV�LQYHQWLRQV�O�S

PDWW�KDZNLQV

QLFKRODV�ZDONHU

SHWHU�NLP

FKULV�FDUWHU��

RZHQ�UREHUWV

DPDG�ILGD

VWHYH�GDUQHOO

FKDU�URE\

1DWLRQDO�,QVWUXPHQWV

-RXUQ\[

LDQ�FODUNH

DQQH�EXUJRW

MRVK�NHUU

VWHYH�NOHLQEHUJ

URE�IHUEHU

MDFN�KROW��

PDUN�GHZH\

PLNH�SDY

GHDQ�MXWLOOD

URGQH\�JLEEV

+3,�*URXS

EHQ�ZHUWKHU

VDOO\�ORKU

7UDGH2QH�0DUNHWLQJ

0ROHFXODU�7HPSODWHV

SDXO�DQXQGD

6DWRULV

7UDLOV�E\

QLNKLO�GDIWDU\

PDUN�ULJJV

'HDO�/LQNHU QHHUDM�EDQVDO

1LFH.LFNV�FRP

GDYLG�ERVDGD

MDPHV�VFKHOOKDVH

;3/$1(

'DWD6WD[

VLOYHU�FUHHN�YHQWXUHV

(06\VWHPV

VDQGHHS�NXPDU

VDLF�YHQWXUH�FDSLWDO

0LFURYHQWXUH�0DUNHWSODFH

KXGVRQ�EDLUG

5HWDLO0H1RW

DQGUHZ�FODUN��

VWHYH�ERRWK��

:LUHG5HDFK

&OHDU&XEH

DSSLDQ�YHQWXUHV

/LPHULFN�'HVLJQ

NHYLQ�REULHQ

5HI\QU�FRP

GDYLG�VFRJOLR

0HVVDJH2QH

MHIIUH\�NDOLNVWHLQ

N\OH�OHDFK

O\QQ�DWFKLVRQ

9LVLEOH�+HDOWK�

JLVHOD�ERODQG��

SDXO�VWDQILHOG

VDWKHHVK�NXQGDUDSX

6WUDWIRU

QXHYR�SULYDWH�HTXLWLHV

-ZDDOD

VY�OLIH�VFLHQFHV

GDYH�OHPOH\

&OHDQWHFK35�$JHQF\

UEF�YHQWXUH�SDUWQHUV

6SDQQLQJ�&ORXG�$SSV

&/($5HVXOW�&RQVXOWLQJ

FODLUH�FDPSEHOO�VHHJHU

/LEUH'LJLWDO

*UHHQOHDI�%RRN�*URXS

VHUJH\�VXQGXNRYVNL\

VHDQ�IDOORQ

PLFKDHO�MRKQVRQ

PHODQLH�UXVWHQEHFN

1HW(IIHFW

%RQHV�LQ�0RWLRQ

ILOLSSR�GLRWDOHYL

PDWW�WKXUVWRQ

SURYLGHU�YHQWXUH�SDUWQHUV

KXQW�YHQWXUHV��

��'D\�6WDUWXS��,QF�

%LGWHFWLYH

FKDG�HOURG

JUHJRU\�VKHUULOO

UL]ZDQ�MDEEDU

VWDQIRUG�XQLYHUVLW\

IORXUQR\�KHQU\

HULFD�GRXJODVV

GDYH�SLHWUXV]\QVNL

$GOXFHQW

GDYLG�RVRZVNL

(SLFRP�&RUSRUDWLRQ

5HXWHUV

PDGKX�YHQWDNHVDQ

��3KDVHV

%ULGJH3RVH

JUHJ�ULFKDUGVRQ��

EKDYLQ�WXUDNKLD��

WRP�FKDUYHW

6PRRWK�6WRQH

K�L�J�FDSLWDO

GRXJODV�OHQDW��

SDUQHOO�VSULQJPH\HU

WKRPDV�PDUULRWW

WLP�SIOXJUDGW

FKULV�KDUPDQ

$FWDFHOO

SHWHU�JHOGKRI

\RQ�GDYLV��

GIM�PHUFXU\

VFRWW�VDQGHOO

,QQRYDWH�:LUHOHVV�+HDOWK

.DFH�QHWZRUNV

MLP�HXVWDFH

ZHQG\�WKRPDV

MXVWLQ�HQJODQG��

PXUUD\�PFNHUOLH

6DYDUD�3KDUPDFHXWLFDOV

)LUH)O\�/('�/LJKWLQJ

(QVSLUH�/HDUQLQJ

'DPH:DUH�'HYHORSPHQW

/DQGVRI$PHULFD�FRP

MLP�PFJRYHUQ

MDQ�IDUTXKDU

NDWKU\Q�HQJHOKDUGW�FURQN

VWHYHQ�ERFKFR

ER\G�KHPSKLOO

J����FDSLWDO

MRVK�ZLOOLDPV

PDUN�FUHVVZHOO

ELOO�PRRUH

LW]ELJ

KDQN�VWULQJHU

EHQ�ZDGH

MHII�PRVOHU

VHWK�ZHLVIHOG

8Q:LUHG�%X\HU

MDLPH�HGZDUGV

YDOKDOOD�SDUWQHUV

SKLOLS�V�VDVVRZHU

MRKQ�UHHFH

EUDQGRQ�SKLSSV

DQGUHZ�VWRQH

&$�7HFKQRORJLHV

QHLO�ZLOVRQ��

N\OH�OHDFK��

PLFKDHO�EDLUG

0LFUR�)RFXV

3KXQZDUH

7ZHHW5LYHU

2Q)LEHU�&RPPXQLFDWLRQV

MDPHV�ZDOOH\

PDUFLD�JDGERLV

(OGHY

DQQD�DQGHUVHQ

PHJDQ�QHHO\

GDYH�KHQGUL[

(YROXWLRQDU\�7HFKQRORJLHV�,QWHUQDWLRQDO

MXVWLQ�EULWWHQ

MRHO�NRUSL

+DQGVKDNH]

SDXO�DGULDQ

EHQ�EUDGOH\��

DVKZDQL�GKDU

VFRWW�UD\PRQG

EDUW�OX\WHQ

QDWDQ\D�DQGHUVRQ

PLNH�IUDQN

0RRGILVK

VXVDQQH�SDXOHFHQWXU\�FDSLWDO�SDUWQHUV

VRQLD�JURYHU

VHTXRLD�FDSLWDO

%\SDVV�/DQH

$3363,5(

&RQRFR3KLOOLSV

P\URVODY�P\NKDOFKXN

PDUWLQ�PDFND\

6WX]R

0RYH2S

WLQD�URVHQ]ZHLJ

FKULV�SHWWH\��

1DXWLFDO�0RQNH\

$UH�<RX�:DWFKLQJ�7KLV"�

)UHHVFDOH�6HPLFRQGXFWRU

&DOOYLQH

MRKQ�KD\HV��

SHWHU�QXHUQEHUJ

JHRUJH�JLDQQXNRV

MRVKXD�VFKDFKWHU

YDVDQW�KRQDYDU�SKG

EUDG�ERJXV��

DDURQ�VWURXW

-$0�7HFKQRORJLHV

JRUGRQ�SDGGLVRQEUXFH�ZLOOLDPV

PLVVLVVLSSL�DQJHO�IXQG

WRGG�EDUU

MRKQ�FULW]

VYRERGD�FDSLWDO

EHQ�ZHUGPXOOHU

YXOFDQ�FDSLWDO

NHOO\�KDUSHU

JXJJHQKHLP�YHQWXUH�SDUWQHUV

NHQQ\�FOHPHQW

&KDQQH/LQ[

GDYLG�OHPOH\

DGYDQFHG�WHFKQRORJ\�YHQWXUHV

)DQ6LGHG

PDUF�\DJMLDQ

5HG�0F&RPEV�0HGLD

GDYH�KDPSWRQ

URG�WD\ORU

HULF�DQGHUVRQ

1DWXUDOO\&XUO\�1HWZRUN

OHLJK�SDQNRQLHQ

DQGUHZ�NRUGHN��

MDFN�KROW

7KLQNZHOO

1XYHQWL[

VFRWW�U�EULWWDLQ

3ROVHQVH

WUR\�ZLOOLDPV

8QLYD�8'

FDVH\�NLQJ

KXQWHU�KDVWLQJV��

8FDUHHU

,QWHJUD�/LIH6FLHQFHV�+ROGLQJV

N�F�PXUSK\

5HG�7DJ�0HGLD

PDWW�SULFH��

$QYLO

MDPHV�PHVVHU

8QERXQG,'

HGJDU�ILJXHURD

VWHYH�EODFNPRQ

2WKHU,QER[

PLNH�W\V]NLHZLF]

VFRWW�VFKDHIHU

7HOH)RUFH

(=&RUS

ULFKDUG�VFKQHHPDQ��

7RS�RI�WKH�%DUUHO

'HPDQG�0HGLD

DODQ�UHQ

L&RQWURO�1HWZRUNV

WLP�FRVWHOOR

/DWDNRR��,QF

URVV�EXKUGRUI

PD\ILHOG�IXQG

,QYHQWHF�$SSOLDQFHV

MHYRQ�PDFGRQDOG

EHQMDPLQ�WURWWHU

MHII�UDFKR

7RWDO�)UDW�0RYH

GUDSHU�ULFKDUGV

FUXQFKIXQG

VWHYH�PROQDU

0DQWLFRUH�7HFKQRORJ\

DQJHO�V\QGLFDWH

WULEHFD�YHQWXUH�SDUWQHUV��

PLNH�XVH\

'LJLWDO�3URFWRU

PLNH�PDSOHV

VWHSKHQ�PHDGH

MHII�HUUDPRXVSH

JDWHEULGJH�LQYHVWPHQWV

,QJ=&RUR�+HDOWK

DOOR\�YHQWXUHV

MRQDWKDQ�KDOOLJDQ

MLP�NDVNVDGH

=LOOR3D\

WULDQJOH�SHDN�SDUWQHUV��

7KH�/DZ�2IILFH�RI�0DWWKHZ�/��%\UQH

IO\EULGJH�FDSLWDO

VTXDUH���EDQN

MRQDWKDQ�DGDPV

VWHYH�RKDUD

GHDQ�FUXVH

VDP�GHFNHU

MLNNX�YHQNDW

6.�*URXS

WHFKQRORJ\�FURVVRYHU�YHQWXUHV

MR\�EHDWW\

MRKQ�ILOXW

PHHWHVK�NDULD

UREHUW�EDUNHU

MDPHV�UXGGHQ

'LJE\

,QVWDQW�6RIWZDUH

UHQ�SLQQHOO

=HKLFOH

URVV�URXQWUHH

EULDQ�VRXOH

+RPH$ZD\

56+�9HQWXUHV

&RPSHWLWRU�*URXS

FRWWHU�FXQLQJKDP

%DOFRQHV�5HVRXUFHV

GDYLG�KXJKHQ

UXG\�SULQFH

&\FRUS

UDQGDOO�MDFRSV

WD\ORU�KRX

Q7$*�,QWHUDFWLYH

PDWW�JUHJRU\

EHVVHPHU�YHQWXUH�SDUWQHUV

UKR�FDSLWDO�YHQWXUHV

OLDP�HJDQ

MHII�NUHLQLN

GHEELH�JXUOH\

SDXO�ODPPHUV

/LJKWLQJ&LW\

PLFKDHO�EULQNPDQ

3URPR�5HVRXUFHV

0ROHFXODU�,PSULQWV

SDOR�DOWR�YHQWXUH�SDUWQHUV

UREHUW�UHHYHV

EHQQ�URVDOHV

FDUH�FDSLWDO

$',�7LPH

GHERUDK�VREHO

ZHVWHUQ�WHFKQRORJ\�LQYHVWPHQW

(VFDSLD

DOOHQ�JLOPHU

EULDQ�EUDVKHU

GDQ�LVVDFV

FXOOHQ�ZLOVRQ

SDXO�G�WKRPDV

1DWLRQDO�6XUJHU\�1HWZRUN

FKULV�JLOODQ

EUHQW�KROOLQVHDG

WRP�KXGVRQ

FKULV�KROOHQEHFN

GDQLHO�JLOOHWW

JLPY

/XPLQH[

HULF�IDOFDR

&ORXG6073

)LQGHUV&KHDSHUV

$UW�RI�6RXO�3KRWRJUDSK\

MDJDWK�QDUD\DQ

SDORPDU�YHQWXUHV

/LIH6L]H�&RPPXQLFDWLRQV

GRXJ�PLOOHU

PDWW�SDNHV

PLNH�KRVNLQV

MDFN�O\QFK

&DFKH�,4

$VFHQVLRQ�2UWKRSHGLFV

/HDQ�6WUHDP

$VXUH�6RIWZDUH

UDIDHO�ULYDV

NHYLQ�IULFNH

VXVDQ�EUDWWRQ

GDQLHO�UXGLFK

HFRV\VWHP�YHQWXUHV

VDPL�VXWHULD

$XVWLQ�/RJLVWLFV�,QFRUSRUDWHG

ODQQ\�EDNHU

520(�&RUSRUDWLRQ

JH�HQHUJ\�ILQDQFLDO�VHUYLFHV

EXUULOO�FR

NHYLQ�URVH

%ULWHVWUHDP�1HWZRUNV

MRQDWKDQ�EHUNRZLW]

6LHPHQV

ORXD\�HOGDGD

+\SHUIRUPL[

EULDQ�EDLOH\

PDUN�D�PHUROOL

VKDVWD�YHQWXUHV

1DVFHQWULF

,QYRGR

WRE\�VFKZDUW]

QRYHQWL�YHQWXUHV

&RQLIHU�6\VWHPV

DQGUHZ�KDUULV

GDUUHQ�WUXPHWHU

URE�WD\ORU��

MXVWLQ�SHWUR

DUW�ODQFDVWHU

ULFN�RUU

SHWH�SLFNHULOO

HULF�ULHV

)DFWRU\�/RJLF

OXNH�VWDQILHOG

EUDG�ZLHPHUVODJH

2SHQ�/DEV

P�F�YHQWXUH�SDUWQHUV

DXUHQ�KRIIPDQ��

UDM�PLVWU\

ZHEE�LQYHVWPHQW�QHWZRUN

WUHOOLV�SDUWQHUV

PLFKDHO�EUHHQ��

HGXDUGR�DOH[DQGHU

ODQFH�REHUPH\HU

:��*URXS

PRUU\�EHONLQ

MRKQ�GXERLV

(VFDSH+RPHV

PDWW�QHDO

MDPLH�URGULJXH]

EUHQW�JDVNDPS

VWHYH�ZDWHUV

)URQW�*DWH�7LFNHWV

UDIDHO�IRQJ

ULFN�OHXQJ

5HDOKROLGD\V�FRP�DX

MDVRQ�GRPDQJXH

PDUWLQ�IORUHDQL

GXFKRVVRLV�WHFKQRORJ\�SDUWQHUV

NULVKQD�PXUWK\

6SULQJER[

GDQLHO�QHOVRQ��

PLNH�PFQHLO

EULDQ�GDLQWRQ

MRVKXD�EDHU

PLNH�VYDWHN

JHUU\�JROGVWHLQ

GDYLG�ZLOVRQ

$FFHQW�)RRG�6HUYLFHV

GDYLG�VLNRUD

H9DSW

&ORXG���*DPHV

5�5��'RQQHOOH\��6RQV

%X\3OD\7L[

FUHVFHQGR�YHQWXUHV

ZHV�VFKLHV]

MRKQ�FR[

JUH\ORFN

MDVRQ�SRZHOO

SDOR�FKDOXSND

/DWHU�'RJ

MRKQ�W�MDFN�PFGRQDOG

ELOO�ERHEHO

MDFTXL�FUX]

VWHYHQ�JUH\

UXVVHOO�EX\VH

JH�HTXLW\

/DQGVFDSH�/HDGHUVKLS

IUDQFLVFR�XULEH

MDVRQ�FDODFDQLV

MHVVH�ORYHODFH

MDPHV�MLP�MRKQVRQ

W\URQ�VWDGLQJ

&XELW�3ODQQLQJ

4XDUUL�7HFKQRORJLHV

0LQJJO

NHQ�QLFROVRQ

,QQRJUDSK\

JUHJ�KDUOH\

FKDUOHV�KDJJDV

ZLOOLDP�PXHOOHU

EUDQGRQ�KXQW

SDGG\�IDOOV

7HUHV�6ROXWLRQV

MRKQ�HQJOHU

NHF�KROGLQJV

ZDOGHQ�LVUDHO�YHQWXUH�FDSLWDO

ULFKDUG�MDOLFKDQGUD

VWHYH�VDQGHUVRQ

3RO\JRQ�*URXS

YDXJKDQ�VWDQIRUG

:K\�6SDP�0H

3HUYDVLYH�6RIWZDUH

MDFN�PFFDUW\

,QIRFKLPSV

PLFKHOOH�ROLYLD�UREELQV

RULJLQ�YHQWXUHV

WD\ORU�ZRRGZDUG

ULFKDUG�JDUULRWW

VFDQGLQDYLDQ�LQYHVWRUV

GHZH\�JDHGFNH

DQGUHZ�SULFH��

URHORI�ERWKD

9LUDO�,QGXVWULHV

DQJHO�OLVW

L7DJJLW

VHDQ�IDOORQ��

NULVWHQ�FDUQH\

MLP�WUDFH\

EUXFH�FDOOHQ

GDYLG�ZDONHU

7LFNHWEXG

EULDQ�DEHUQHWK\

URGQH\�RUJDQ

QLNKLO�VHWKL

.DUPDEDFN��,QF�

&ORFNZRUN�6ROXWLRQV

0XWXDO�0RELOH

]DFK�ULFKDUGVRQ��

NOHLQHU�SHUNLQV�FDXILHOG�E\HUV

VLHPHU�YHQWXUHV

URQ�XOLFK

VDQGL�ZHOGRQ

PLQG\�MDFNVRQ

D]XUH�FDSLWDO�SDUWQHUV

PLFKDHO�OREHO

6HPDQWLF�$GYDQWDJH

UDOSK�PDFN

MRUJH�DEXOODUDGH

FKULVWLDQ�SULPR]LFK

WZHHW79

F�HULF�]HQQHU

0XPERH

W\�EDUKR SDXO�FURVV

WHOHJUDSK�KLOO

]DFKDU\�VPLWK

ELOO�ERFN

6WDQILHOG�+LVHURGW

WRP�PHUHGLWK

0LZLP

ODQD�PFJLOYUD\

U\DQ�YDQDOVWLQH

PRQHHW�VLQJK

JXWKULH�EXQQ

SLD�EXURQH�DUWKXU

&URZG7RUFK

$IILQLXP�3KDUPDFHXWLFDOV

URJHU�MLSS

RWKPDQ�ODUDNL

3RLQW*UDE�/WG�

]YL�EDQG

M�S�PRUJDQ

)ODVK�9DOHW

$OFDWHO�/XFHQW

X�V�GHSDUWPHQW�RI�HQHUJ\

H&RQQHFW�(PDLO

SLORW�KRXVH�YHQWXUHV

OXNDV�ILWWO

PDWWKHZ�EH\

(YLZDUH

0LFURVRIW

MHQQLIHU�JURJRQR

MDVRQ�PRULR

MRKQ�IRZOHU��

RDN�LQYHVWPHQW�SDUWQHUV

2UDFOH�&RUSRUDWLRQ

)H:R�GLUHNW�GH

GDYH�QDND\DPD

GHUULN�GH\KLPL

=XPEXD

DOLVH�PXOOLQV

PDWW�ZLQNOHU

FKDUOLH�QLFKROV�EURZQLQJ

GDYH�SRZHOO

$PSOLILHU

QHHUDM�EDQVDO��

KHQU\�FKHQ

1HZ�0HGLD�/HDUQLQJ

EUXFH�MDFNVRQ��

EDWWHU\�YHQWXUHV

VKHOE\�VWHYHQV

YHVEULGJH�SDUWQHUV

EUDG�ILGOHU

WRP�VHUUHV

UXVVHOO�EHOORZ

EDLQ�FDSLWDO�YHQWXUHV

PDUN�ULFKDUGV

VWHYH�JXHQJHULFK

VFRWW�KHVWHU

)DFHERRN

9\RSWD

V\QJHQWD�YHQWXUHV

ULFK�FRKHQ

GHDWRQ�EHGQDU

8SUL]HU�/DEV

DGDPV�FDSLWDO�PDQDJHPHQW

PLOHVWRQH�YHQWXUH�SDUWQHUV

9ROXQWHHU6SRW

9RODFFL

$OOLDQFH�7HFK

1RWLFH�7HFKQRORJLHV

%L]*UHHW

MLP�QDLO

PRUJDQ�VWDQOH\�H[SDQVLRQ�FDSLWDO

MRKQ�IDLWK

FOHDUPHDGRZ�SDUWQHUV

VKDZQ�PFEULGH

DOH[�ZLOOLDPV��

PDUNXV�UHPDUN

JHRUJH�VRURV

PRXVVH�SDUWQHUV

'DWUDQ�0HGLD

6\FKURQ�$GYDQFHG�7HFKQRORJLHV

PDXULFLR�SLQD

&ROOLGHU�0HGLD

VFRWW�OXPLVK

VFRWW�KDUPRQ

$FXPHQ�30

%DEEOH�6RIW

*DPH:DJHU

PLFKDHO�XPDQVN\

+HDOWKFDUH�6XSSO\�3URV

2QH�6RXUFH�1HWZRUNV

MLWHQ�GDOYL

EULDQ�ELJHORZ

KLJ�YHQWXUHV

HTYLWHF�SDUWQHUV�R\

MRKQ�DUURZ

-RUGDQ�9DOOH\�6HPLFRQGXFWRUV

FRQVWDQWLQ�SDUWQHUV

EHQ�PHWFDOIH

'LVSOHW

0RELOH�+HDOWK�$VVRFLDWLRQ

PHULWHFK�FDSLWDO�SDUWQHUV

WDUXQ�QLPPDJDGGD

%ULQTD

%D]DDUYRLFH

SKLOOLS�ERZGHQ

DOH[�HFNHOEHUU\

H&DUH6RIW

MRHO�DGDPV

VWHSKHQ�FROOLQV��

SDXO�EXUNH

PLFKDHO�M�EHUU\

QRVRQ�ODZHQ�SDUWQHUV

SDXO�SHOOPDQ��

EOXHVWUHDP�YHQWXUHV

PRUJDQ�VWDQOH\

$SSOH

PLFKDHO�JULIILQ

PDU\�PDOWELH

SDW�KRUQHU

NHYLQ�EHQQHWW

2UWKR�.LQHPDWLFV

%OXH/LQH�6WUDWHJLHV

PDUFXV�LUYHQ

JVD�YHQWXUH�SDUWQHUV

%LG0RGR

MRKQ�GDYLV

MLP�NLWFKHQ

MHIIUH\�WDQJ

&LYLWDV�/HDUQLQJ

SKLOLSSRV�QLNLIRURX

VWHZDUW�QROO

HULN�VPLWK

VDPPL�IU\H

3HRSOH3DG�

UREHUW�PDUVD

URVV�EROHQ

OOR\G�ZLQWHU

KDULVK�VKHWW\

2EVLGLDQ�6RIWZDUH

,GHDIIHFW

&RVPHWRORJ\FDPSXV�FRP

5HSOD\�*DPHV

7DEEHG2XW

DORUD�FKLVWLDNRII

9R\DQW

SDWWL�VRFK��

UREHUW�NXPPHU

VHHG�FDSLWDO�SDUWQHUV

MRUGDQ�PXHOD

)HHG0DJQHW

NHYLQ�EUHVVHU

&RQIRUPLW\

DQGL�JLOOHQWLQH

WO�YHQWXUHV

��%LOOLRQ�3HRSOH

WRP�KDOH��

U\DQ�PDUWLQ��

EDUU\�FR[

15*�(QHUJ\

EUDG�ZLOOLDPV

5HDFK)RUFH

FKULV�K\DPV

2ZQ/RFDO

9',ZRUNV

SDXO�PD\

VWHSKHQ�EDUFLN�DPVWHO

GXVWLQ�VZLQW

MDVRQ�FRKHQ

WLP�NHOO\

SDWULFN�M�EDOWKURS�VU

ELQLWKD�VXUHQGUDQ

%XLOG$6LJQ�FRP

+XUULFDQH�3DUW\

VXQDLQD�UDMDQL

ROLYLHU�WKLHUU\

5HG�+DW

:HELI\�6ROXWLRQV

MDVRQ�MD\QHV

PLFKDHO�ZKLWZRUWK

MRKQ�GLHKO

%XG85/

PRUJDQ�VWHZDUW��

FKULV�IUHGHULFNV

7$3�0DQDJHPHQW

JDUG�PD\HU

ZDGH�FRKQ

WLP�FHGHUPDQ�KD\VRP

QLFROH�IRUEHV��

PHOLVVD�PRUPDQ

VDP�KXOHDWW

FKULV�VDFFD

9HLRVRIW

6HFRQG�3RUFK

DUWKXU�ZDONHU

���GHVLJQV

EDLUG�YHQWXUH�SDUWQHUV

NH\QRWH�YHQWXUHV

MDFRE�GDQWH�OHIIOHU

0LWVXL��&R

.%0D[�3URGXFW�&RQILJXUDWRU�6RIWZDUH

II�DVVHW�PDQDJHPHQW

7KH�%ODNH�/DZ�)LUP

VJ�DVVHW�PDQDJHPHQW�SULYDWH�HTXLW\��

EULDQ�URFN

JOREHVSDQ�FDSLWDO�SDUWQHUV

DDURQ�EUD]HOO

T�PDQQLQJ

MXVWLQ�KDOORUDQ

0DFKHHQ

HULF�FKLQ��

UREELH�GRGG

WRP�ELVKRS

SWY�VFLHQFHV

OXNH�VQHHULQJHU

MLP�HYHUHWW

VWDUNYLOOH�WHFKQRORJ\�LQYHVWPHQWV

:DYHFDWLRQ

X&RQWURO

VFRWW�GLHGULFN

Y&RQVWUXFW

$FFHSW�6RIWZDUH

ODXQFKSDG�YHQWXUH�JURXS

PLQG:LUHOHVV

X6WXGLR

KXPPHU�ZLQEODG�YHQWXUH�SDUWQHUV

VDPVXQJ�YHQWXUHV

VVP�SDUWQHUV

MDUHG�VORVEHUJ

WRP�VPLWK

PDUN�G�MRKQVRQ

GDQ�KHQU\

M�EDUWRQ�NDOVX

VWDQOH\�ZRRGZDUG

1DYVSRUWV

VPK�SULYDWH�HTXLW\�JURXS

HQULTXH�UDQJHO

FKULVWRSKHU�KROPRN

$IILQHJ\

6WRUHIURQW�6RFLDO

PDWW�ZDOWRQ��

GLOORQ�FKHYHUHUH

FKULV�DQGHUVRQ��

6LDQR

FKDUOH\�GHDQ

H&DPSXV�5HDOW\

DPDQGD�DQGHUVRQ

%XLOG)RUJH

NHYLQ�WDWH

PDWWKHZ�ZHQVLQJ

(62�6ROXWLRQV

DUW�PDUNV

6SLFHZRUNV

2Q�1HWZRUNV

JHRUJH�ELWWQHU

=HEUD�,PDJLQJ

FHQWHUSRLQW�YHQWXUHV

PDUWLQ�YDQ�U\VZ\N

0LPLUDQ

VWHSKDQLH�ERJXV

GD\OLJKW�YHQWXUHV

*DPH8S

QRODQ�EXVKQHOO

*HRNL

DOH[DQGHU�YLQRJUDGRY

GRQ�ERZHQ

)ORFDVWV

&RPSXOVLYR

FHQWUDO�WH[DV�DQJHO�QHWZRUN

0LQRU0RQLWRU

PDWW�GHFNHU

GDQ�MDQMLJLDQ

NULVWLQ�NDUQHV

VWHSKHQ�PRUULV WLP�KDFNEDUWK��

EULDQ�VKDUSOHV

KDQN�ZHJKRUVW

QDWH�VWHZDUW

MLP�\DQJ

SDXO�SUHP�VREHO

MHUHP\�EHQFNHQ

3RUWDODULXP

SDWULFN�QDYDUUR

DGDP�SULFH��

MRQDVODPLV

DGDPV�VWUHHW�SDUWQHUV

5ROO\3ROO\

MDPHV�EHDUG

VXVTXHKDQQD�JURZWK�HTXLW\

/DQFH�$UPVWURQJ�)RXQGDWLRQ

E�M�VWDQEHU\

$GRPHWU\��,QF�

PDUN�IORUHDQL

FDUROLQH�HGPRQGVRQ

6WRU\0L[�0HGLD

.�3RNHU

HUZLQ�PD]DULHJRV

HULN�FRWWUHOO

&RQYLR

KDUULV�KDUULV�JURXS

GDQLHO�QHOVRQ��

ORUL�FKHH

7ZLVWHG�3L[HO�*DPHV

LQVWLWXWLRQDO�YHQWXUH�SDUWQHUV

URELQ�VFKXPDFKHU

'DL�1LSSRQ�3ULQWLQJ

NULVWL�KDGL[

���&RPPHUFH

3HRSOH&XEH

GDPRQ�FDOL

6PDUW%HDU�6RIWZDUH

OXDQ�GDQJ

EUDQGRQ�KDUULV

HGEY�PDQDJHPHQW��

FKDUOLH�ZRRG��

TLPLQJ�YHQWXUH�SDUWQHUV

\YDQ�PRUHO�GH�ZHVWJDYHU

NHQ�NLHOH\

MRH�ZHOOERUQ

6RDU�&RQVXOWLQJ

MHII�PRRQ

JXVWDYR�DEGDOD

PDWW�JHQRYHVH

/DE1RZ

MDUHG�VORVEHUJ��

2XWHU1HW

FKULVWRSKHU�EHUNRPSDV

&RUH7UDFH

GDQ�KLFNR[

7LFNHW&LW\

FKULVWRSKHU�VPLWK��

4XHVW�6RIWZDUH

$VS\U�0HGLD

PDU\�VKHSDUG

7DVW\3ODFHPHQW

H'RRUZD\V�,QWHUQDWLRQDO

PDUN�KROOHUDQ

'RF%RRN0'

/RJLWHFK

:RUNVWUHDPHU

ODQFH�JLEEV

EUXQR�VHJHUV

PLWFKHOO�VFKHUU

FKDUOHV�]KDQJ

FKDUOHV�KDJJDV��

7[WVWDWLRQMDVRQ�UHQHDX

WLP�JXHUDP\

PLNH�GRUVH\��

EDUU\�NDKQ

&DULQJR

/HJLDQW

F�M�VDQGHUV

GHQLVH�FRXUW

DQGUHZ�HFNHUPDQ

MDVRQ�PFJZLHU

FDURO\Q�MHQNLQV

OHVOLH�JUXYHU

,PSULYDWD

)DPLO\PDWLF

0DVV�5HOHYDQFH

GDYH�NXUDN

MRH�SULFH

PLFKDHO�VKDOHU

VWHYHQ�ODPPHQV

EHDPHU�ZLONLQV

MRKQ�WXUSLQ

EUXFH�PFIDUODQG

DDURQ�ORQJQLRQ

MDVRQ�VXJDZD��

([SHUW�9LOODJH

WRGG�SUDLVQHU

PDUN�FDVWOHPDQ

ELOO�FXOZHOO

$NLPER�)LQDQFLDO

IUDQFLV�VXOOLYDQ

FRG\�\RXQJ

$FDGHPLF:RUNV

FROLQ�RVEXUQ

,QWHJR

0HUFRP�&DSLWDO�*URXS

NHQW�VDYDJH

ZLOOLDP�U�OHDNH

2XWERXQG(QJLQH

(YHUHVW�6RIWZDUH

'DWDEDVH�%URWKHUV�

WLQD�FDQQRQ

OLYH�RDN�EDQNLQJ�FRPSDQ\

([HUYLR

PHUXV�FDSLWDO

MRQ�DOOHQ

RULJR�VLQR�LQGLD

9HUVDWD�(QWHUSULVHV

6XUH*ULG

5D\PHGV�2QOLQH

4XLFN$UURZ

MDWRWHFK�YHQWXUHV

VKHD�YHQWXUHV

0RQVWURXV

NXPDU�VULQLYDVDQ��

(QGR�3KDUPDFHXWLFDOV

VFRWW�ELOV

&OHDU2QH

UHGG\�WHUD

&RQMXQFWXUHG

:KLW�OL

WUXH�YHQWXUHV

VHUJLR�SRVDGDV

WRP�NLHOH\

MRKQ�HULN�PHWFDOI

:KLQGR

NDWH�QLHGHUKRIIHU

SHWHU�NODQWH

5RFNVDXFH�6WXGLRV

ERE�SHWULH

WHUUHQFH�VSHQFHU

$VFHQGDQW�7HFKQRORJ\

VKDZQ�JURQD

1X$UWLVDQ

MRVK�EDHU

:LOVRQ�6RQVLQL�*RRGULFK��5RVDWL

0RYHUR�7HFKQRORJ\

$SS6XPR

MD\�PDQLFNDP

,GHQWLW\7UXWK

9LUWXDO�%ULGJHV

WRP�ZHVW

DQWRQ�JHWKLQJ

WLP�FRVWHOOR��

4XLQWLOHV

EU\DQ�FDSORYLW]

GRXJ�SHSSHU

VXPDQ�FKLUDOD

3RZHUHG

:HE�6LWH�6RXUFH

6PDFNGDE

URQ�JUHHQ

6QREDOO�,QF�

7H[DV�,QVWUXPHQWV

,QWXYL

7L(�$XVWLQ

EDUU\�EHYHUO\

WHG�VKHOWRQ

0REL7;

%0&�6RIWZDUH

HULF�ZLQFKHVWHU

SKLOLS�IOLS�NURPHU�LY

GDYH�KLOGHEUDQG

0\0HG/HDGV�FRP

&$1:(�678',26

MXDQ�URGULJXH]

GDQLHO�NLP��

EUDQGRQ�KDUULV��

MD\�GUD\HU

PDUN�VWHSKHQV

JDU\�YD\QHUFKXN

NULV�EURZHU��

EHWKDQ\�QDJHO

PDUN�SKLOOLS��

MHII�UDFKR��

YLQD\�EKDJDW

IUHG�EHFN

PDWWKHZ�WKRPDV

LJD�KDOOEHUJ

N\OH�QHOVRQ

MDVRQ�EODFN

2SHQ$LU

GDQ�FRKHQ

+HDW*HQLH

SHWHU�ZDJQHU

DOVRS�ORXLH�SDUWQHUV

PLFKDHO�KDUSHU

$WWHQWLRQ�6FLHQFHV

VLHUUD�YHQWXUHV

PLNH�PFFRZQ

PLFKDHO�VFKZDUW]

NDPDO�WD\ORU

GDYLG�PFFDQQ

&RQWDFW�2QH

MXOLDQ�IUDFKWPDQ

6XSHU�&KHDS�6LJQV

MDFN�PFGRQDOG

MLP�QRKUGHQ

GDYLG�VFKZDE

3HUFHSWLRQ�6RIWZDUH

8QZLUHG�1DWLRQ

FDSLWDO�IDFWRU\

VDPPRQV�HQWHUSULVHV

WRGG�O�\RXQJ

/,1�79

VFRWW�EULWWDLQ

'LYH,QWR7KH3RRO�FRP

MDPHV�NUHZVRQ

VWHYH�REULHQ

MHUHP\�PLPV

396�&KHPLFDOV

0\7HQQLV/HVVRQV

SHWHU�GHPLWU\�PG�PSD

2SXV�+HDOWKFDUH�6ROXWLRQV

ULFN�VSLW]

SHWHU�GHPLWU\�PG�PSK

GXQGHH�YHQWXUH�FDSLWDO

QRDK�NDJDQ

MHVVH�VLONRII

*OXX

����VWDUWXSV

EUDG�ERJXV

SDFLILF�SDUWQHUV

/OHVLDQW

1H[W,2

HULF�YDXJKQ

HULN�KDUWRJ

%ORRPILUH

&DO[HGD

FKULV�ULFKDUGV

DFFHQW�FDSLWDO

EULDQ�WDQLV

ZHQG\�FKHQ

WUH\�VZDLQ

DODQ�KDJHGRUQ

DQWKRQ\�PRUDOHV

ULFN�UHLFKDUG

UD\�ZROI

5LYHUVLGH�&RPSDQ\

5DYHO

DGDP�GROFK��

GLYDNDU�MDQGK\DOD

GDQ�SULFH

MD\QH�ZDOWHUV

GDUUHQ�WD\ORU

DQJHOD�QDWLYLGDG

DQGUHZ�ODWLPHU

URE�DGDPV

GDYLG�RUODQGHOOD

&ROODERUDWLYH�+HDOWK�6ROXWLRQV

MRH�GDOWRQ

N�3RZHU�

6PDOO�:RUOG�/DEV

WRGG�PRUJDQ

GDYLG�NDPPH\HU

PLFKDHO�DUULJR

PIL�FDSLWDO

DQGUHZ�VDQGHUVRQ

DQGUHZ�FKHQ

YLQFHQW�JUDQYLOOH

ZLOOLDP�ODWWLQ

VX]\�EDORJK

*OREDO6&$3(

%RUODQG

URG�DEXUWR

SDWWL�VRFK

VWHYH�GDPPDQ

9LJLO�*DPHV

=LONHU�/DEV

&RQIHUHQFH�&DOO�1RWHV

M�FKULV�DQGHUVRQ��

(UD*HQ�%LRVFLHQFHV

MRVH�PHOHQGH]

PLFKDHO�SULQFH

DGDP�NH\V

7HFK7XUQ

+LQFKFOLIIH��&RPSDQ\

$GRPHWU\

JLOEHUW�YDQ�FXWVHP

GDQ�JLOOHWW

=LQJ&KHFNRXW

DQWKRQ\�FKHQ��

WRQ\�WRYDU

PLFKDHO�RVERUQH

VXVDQ�VLHURWD

VXVDQ�ZRMFLFNL

URELQ�WKXUVWRQ

DQG\�MRQHV��

�L3URILOH

MDFN�ORQJ

FKDUOHV�QDJHO

KDQV�HULFNVRQ

+RRYHUV

UXVV�VRPHUV

DODQ�P�NDQH

QHPR�FKX

JUH\FURIW�SDUWQHUV

DOH[DQGHU�ELELJKDXV

DOH[�VFKOLNHU

;SORUH�7HFKQRORJLHV

DJI�SULYDWH�HTXLW\

3ULQFLSOH�'DWD�6\VWHPV

FUDLJ�PDOOR\MDPLH�ODJDUGH

'HSRVLW*XDUG

]DFK�DQGHUVRQ

MHVVLFD�FKDSPDQ

FKXFN�JRUGRQ

MHQ�YDQ�GHU�PHHU

FUDLJ�ZD[

LRQDGDV�ORFDO

NHYLQ�FXQQLQJKDP

MDPHV�FURZH

ED\ORU�DQJHO�QHWZRUN

EUDHPDU�HQHUJ\�YHQWXUHV

GDYLG�VHWWOH

+LUH:LUHG

7URX[�7HFKQRORJLHV

ELOO\�ERVZRUWK

5DLO�<DUG

FKULVWL�VFRYHO

&HQRSOH[

WRWDO�WHFKQRORJ\�YHQWXUHV

HPLOLDQR�YLOODUHDO

GDYLG�HO\

6SUHGIDVW

0\(GX

VWHYH�FXQQLQJKDP

2SHQ7H[W

PHUFKDQW�EDQNLQJ�GHYLVLRQ

NHOO\�GRZHOO*RW6WDWXV

YSVD

3HW5HORFDWLRQ�FRP

KRZDUG�VFKDIIHU

MRQDWKDQ�HOOLV

4XDQWXP'LJLWDO

DUXQ�SUDNDVK��

DQGUHD�VDQFKH]

SIL]HU�YHQWXUH�LQYHVWPHQWV

,QWHJUDO�:DYH�7HFKQRORJLHV

DLN�GHYHQHLMQV

3UR'DWD�&RQVXOWLQJ

GDYH�FHSUDQR

EUHWW�SDQWHU

WLP�R]RU

V��YHQWXUHV

7KH�����$GRSWLRQ�&RXQFLO

GU�MLP�FODUN

GDQ�GDPLDQ

KDUODQ�EHYHUO\

NULV�JROGKDLU

MD\�JDUGQHU

MRKQ�ODQJGRQ

FDUO�VKHSKHUG

MHII�FKDPEHUV

*HQQRYDFDS�7HFKQRORJ\�6HUYLFHV

PDVGDU�FOHDQ�WHFK�IXQG

9LJQHWWH

*'��7HVW�6HUYLFHV

QDYDO�UDYLNDQW

JDXWKDP�YLVZDQDWKDQ

GDYLG�VWHDNOH\

HOL]DEHWK�GDYLV

9RXFKHU&RGHV�FR�XN

PRWRUROD�YHQWXUHV

UDYL�PKDWUH

QLFN�GXFRII

ID\H]�VDURILP�FR

8S6SULQJ

%DQF9XH

LPSHULDO�EDQN

Startups  &  Angels                  ExecuEves  &  Finance                      Deals  &  Alliances    

SDC  Data  2013.  AusEn  companies  With  Deals  &  Alliances  Nodes  =  678  Edges  =  498  

IEN  Data  2013.    AusEn  companies  Linked  people  &  venture/financing  enEEes  Nodes=  2442;  Companies=802;  Edges=2136  

Startup/Angel  Data  2013.    Selected  AusEn  companies  

Nodes=  5062;  Startups=2200;  Edges=11837  

Page 56: Developing a Shared Vision for the Future

Twin  CiEes  Minnesota  

Page 57: Developing a Shared Vision for the Future

Twin  CiEes/MN  ICT  InnovaEon  Ecosystem  at  a  Glance  

SDC  Data  2013.  Selected  MN  companies  With  Deals  &  Alliances  

Nodes  =  1406;  Edges  =  1226  

IEN  Data  2013.  Selected  MN  companies  Linked  people  &  venture/financing  enEEes  

Nodes=  1358;  Edges=978  

Startup/Angel  Data  2013.    Selected  Minnesota  companies  Nodes=  885;  Edges  =  1185  

Startups  &  Angels                  ExecuEves  &  Finance                      Deals  &  Alliances    

Page 58: Developing a Shared Vision for the Future

   

InnovaEon  Ecosystems  of    Paris  

Page 59: Developing a Shared Vision for the Future

Paris  ICT  InnovaEon  Ecosystem    at  a  Glance  

0D[�1LHGHUKRIHU

$\GLQ�6HQNXW

'DYLG�&RKHQ

-HII�&ODYLHU

7DULN�$QVDUL

)UHG�'HVWLQ

0DUF�$QGUHHVVHQ

)ORULDQ�6HURXVVL

-HURPH�&DPEODLQ

-HUHPLH�%HUUHEL*DHO�'XYDO

2OHJ�7VFKHOW]RII

/XF�'XUDQG

'HQQLV�9DQ�'HU�+HLMGHQ

$PLU�%DQLIDWHPL

-RQDWKDQ�%HQDVVD\D

'RURWK\�3ULFH�+LOO�

,ODQ�$EHKDVVHUD

-RUGDQ�&RRSHU

.HLWK�7HDUH

2OLYLHU�5LHX

$PLOFDU�%$7,67$

6DEEDQ

)DEULFH�*ULQGD

/RLF�/H�0HXU

'HY�&KDWWHUMHH

0DUWLQ�/H%ODQF�(LJWYHG

0LFKDHO�&RKHQ

'DYLG�3DNPDQ

-HDQ�-DFTXHV�*RY

3KLOLSSH�/DYDO

-XOLHQ�0DFKRW

-HVVH�7KRPDV

0RMGHK�(VNDQGDUL

/DXUHQW�%DOD\UH

/XF�+DUG\

0LFKDHO�&RKHQ

)RXQGHU�,QVWLWXWH

0U��-DUL�5ȋ ¶ȋ�cJOXQG

/RLF�/HFKHOOH

$QWRLQH�/HFOHUFT

2OLYLHU�3RXSHQH\

3KLOLSS�0RHKULQJ

6DDGLT�5RGJHUV�.LQJ

5RGULJR�6HSXOYHGD�6FKXO]

3KLO�-HXG\

6XVDQ�+DLPHW

7HZILT�)HUDKL

&OHPHQW�$OWHUHVFR

0LFKD�%HQROLHO

$OH[�*DEHU

%RUD

1LVDQ

3LHUUH�+��5HPH

&KULV�'DUN

5RE�+XQWHU

/DXUHQW�)HUDO�3LHUVVHQV

-XOLHQ�+XJRQ

1LFRODV�$XWUHW

5HVKPD�6RKRQL

)UDQFHVFR�0DLR

(PPDQXHO�%HOOLW\

1LOV�+XHEQHU

-XOLHQ�$QGUȋ ¶mj

<DQQ�%LHQYHQX

-RKQ�0XVVHU

6FRWW�6DJH

3DVFDO�5RVVLQL

/DXUHQW�+RUZLW]

6LPRQ�'DZODW

7LPRWKȋ ¶mjH�'H�/DLWUH

<RXVVHI�5DKRXL

$QWRQ�%HUQVWHLQ

2WWR�7LPPRQV

/XGRYLF�6LPRQ

'DUUHQ�-�3ROODUG

0DUN�=DOHVNL

'�;

.DULP�5LDFKL

'DQLHO�=XPLQR

0DUWLQ�3DQQLHU

-ȋ ¶mjUȋ ¶mjP\�'RXVVRQ

%HQMDPLQ�5DQFN

1DWH�'L1LUR

&KLSSHU�%RXODV

1LFROH�7��3RUWHU

/RULQ�'DYLG�.DOLVN\

$UQDXG�/H\PHW

&KULVWRSKHU�4XHLWVFK

0LFKHO�/(9<�3529(1&$/

&KULVWRSKHU�&RXUWQH\

'LGLHU�7UDQFKLHU

-XOLHQ�'HFRW

0XQLVKN�*XSWD

'DYLG�.OLQJEHLO

$OH[DQGUH�/��6ROOHLUR

'DYLG�/DYDO

/81*��6YHQ�

<DQQ�0DXFKDPS

-RL�,WR

%HUQDUG�'HVDUQDXWV

*ZHQGDOO�(VQDXOW

-HDQ�0DULH�+XOORW

%DUU\�0H]H\

/RLF�'XSRQW

(ULF�WDLQVK

3LHUUH�%H\VVDF

0DUFXV�7RQQGRUI

'DQLHO�'H�6HJRYLD�*URVV

+HQUL�*DQDQFLD

3DWULFN�.ZLDWNRZVNL

<DQQLFN�,UFKD

5LFKDUG�&DHWDQR

3KLOLSSH�&XEHOOV

.ULVWMDQ�/DDQHPDD

6WDQLVODV�1LR[�&KDWHDX

/DXUHQW�$VVFKHU

%HQ�/DQJ

-HUHP\�8]DQ

6HEDVWLHQ�9DQDFNHUH

6WDUWXS�:HHNHQG

7DRXILN�=$*'28'

'DYLG�%HUUHEL

0DULQH�'HVEDQV

<YHV�<RQ

6DDG�-DEUDQH

3LHUUH�<YHV�3ODWLQL

.LUWL�'HVKSDQGH�&KLWQLV

0LFKDHO�6LGOHU

1HLO�0RUHFUDIW

-HDQ�%DSWLVWH�7KHDUG

0D[LP�*XUYLWV

3KLOLSSH�-�'(:267

'RPLQLF�%HFRWWH

-HURPH�7HUQ\QFN

7RP�1RUD

&\ULOOH�9LQFH\

%UXQR�%HQVDLG

0LFKDHO�-DFNVRQ

2XULHO�2KD\RQ

1DWKDOLH�2KDQD

VULQLYDV�UDPDOLQJDP

1LFRODV�32//(7

-XOLHQ�6RUQD\

)ORUHQFH�&ORW

'DYLG�2SRORQ

5RFK�'HOVDOOH

6DO�0DWWHLV

-HDQ�%DSWLVWH�'XPRQW

/DXUHQW�0DLVRQQDYH

+DGULHQ�.XOLN

=RXKDLU�0$-=28%

.ULVWRSKHU�:RQJ

'MDPHO�*DVEDNLG

$OLFH�+XD

'8&$03�'20,1,48(

&ȋ ¶mjGULF�'HOIRVVH

&DUORV�'LD]

-HDQ�%ULFH�0RXWRXW

$FKLOOH�3LQVRQ

6DFKD�*UHLI

6RXKHLO�0HGDJKUL

-XOLH�/HWLHUFH

-HUHPLH�0RULW]

(ULN�-RQDVRQ

6\OYDLQ�*LXOLDQL

$UQDXG�)HUUHUL

0DULH�&KULVWLQH�/(9(7

&KDUOHV�+HQU\�75$1,(

9LQFHQW�%DVWLHQ

2OLYLHU�5LFRX

.ODXV�3HWHU�6SHLGHO

1LFRODV�0HW]NH

6HUJXHL�1HWHVVLQH

0DWWKLHX�5RXLI

/H�&DPSLQJ�

3DXO�+H\GRQ

<DQQ

0DQRM�0RKDQ

1RVKD

-HDQ�3DWULFH�$QFLDX[

7DWVXR�6DWR

2OLYLHU�0HYHO

6DQD�&KHEDUR

&KULVWRSKH�/HJUDQG

1LFRODV�/H�'RXDUHF

$OH[�'H�&DUYDOKR

3KLOLSSH�2UYDLQ�

9DQ�:LWWHQEHUJKH

(PPDQXHO�&DVWDLQJ

(PPDQXHOOH�/H�-HPWHO

3DWULFN�0LQRW

0DWWKHZ�$QGHUVRQ

/XGRYLF�%X

5RQDQ�$PLFHO

*HUDOG�+H\GHQUHLFK

7LPRWK\�%RYDUG

<DQQ�/HFKHOOH,O\D�.KDPXVKNLQ

0LUDQGD�%RWKH

-\UL�(QJHVWURP

0DWKLHX�/H�5RX[

0DUN�/XGZLJ

'DQLND�/DQGHUV�

6DPXHO�-2&+,0(.

:LOKHP�38-$5

-RDQ�%XUNRYLF

6WHUHQ�*LDQQLQL

&\ULO�'RUVD]

/DXUD�(ERD�6RQJXH

0DQRM�0RKDQ3KLOLSS�9RQ�+DPPHUVWHLQ (ULF�1HXPDQQ

5LFKDUG�)LHOGLQJ

0DUF�&KDUH\URQ

7KLHUU\�*RLJRX[

0DUF�%UDQGVPD

)UHG�.UDQLFK

*XLOODXPH�:ROI

6LGQH\�%XUNV��3K�'

$QGUHZ�/DF\

'XUUHOO�%LVKRS

(OL�&XUHWWL

*XLOODXPH�9DQNHUUHEURHFN

0DUN�+VX

*LOOHV�3RXSDUGLQ

$QFD�)LOLELX

&KDUOHV�/RUHQFHDX

-HDQ�'DYLG�%HQLFKRX

1LFRODV�6WHHJPDQQ

)Uȋ ¶mjGȋ ¶mjULF�$VVȋ ¶mjPDW

*XLOKHP�%HUWKROHW

.DPHO�=HURXDO

5HEHFFD�:RRGFRFN

&KULVWRSKH�%DFRQ

-HDQ�/XF�/HOHX

+XEHUW�0LFKDX[

-ȋ ¶mjUȋ ¶mȒPH�'HUR]DUG

-'&�$W�,6$,�'RW�)5

-RQDWKDQ�5DRXOW

&DVLQR�(Q�/LJQH

0DF�+DUPDQ

)ORUHQW�7LVVLHU

&DUROLQD�0XUSK\

*XLOODXPH�0DUWLQ

0D\HO�GH�%RUQLRO

7RELDV�1HYLQ

&\Eȋ ¶m�OH�3ȋ ¶mjURX

)DXVWR�%RQL

+DUU\�'RXOO

6Wȋ ¶mjSKDQH�*RPHV

7KLEDXOW�/RXJQRQ

/25,*�%HUQDUG

*XLOODXPH�+XUEDXOW

*RQ]DJXH�*UDQGYDO

3RRM�3UHHQD

%UXQR�)RXFDXOW

/(�0LQK�7ULHW

9LFWRU�3DJȋ ¶m�V

0DWKLHX�$VWLHU

-HDQ�(XGHV�-RKQ�4XHIIȋ ¶mjOHF�1HVWDGLR�&DSLWDO

-HURPH�'LORX\D

-HVVH�%LOVWHQ

1LFRODV�$UERJDVW

0RRGL�0DKPRXGL

5DOSK�%DGGRXU

'DQLHOH�%HFFDUL

0DWKLHX�5DPDJH

'DQ�3RGDUX

-HDQ�%DSWLVWH�&ODUDPRQWH

6DPDQWKD�-HUXVDOP\

(PPDQXHO�1RLUKRPPH

0LODQ�6WDQNRYLF

3LHUUH�3DVWHDX

'HQLV�:RGUDVFND

'DYLG�/XERZD

(G�6LPQHWW

*UHGHQ�5RJHU

*DHOOH�5HFRXUFȋ ¶mj

5R\�,QJOH

5DSKDHO�$UEX]

-HDQ�'DQLHO�*X\RW

*UDQW�+DOO

-RKDQQHV�+DXV

.Dȋ ¶ȷ²V�0LOHG

-HIIUH\�%DXPJDUWQHU

3DXO�$UWKXU�3DWDULQ

$QGUH\�=KXNRY

&KULVWRSKH�'DOLJDXOW

<DQQLFN�.DPJD

$GULHQ�-RO\

2PDU�1DWKDQLHO�(O\

3KLOLSSH�5RFKDL[

-HOOH�YDQ�*HXQV

0�/HERUJQH

-HII�%RXGLHU

)UDQȋ ¶ȷ¼RLV�/DJXQDV

5RELQ�'DX]RQ

-RKQ�/HZLV

*XLOODXPH�3ORWRQ

'DYLG�6DEEDWLQL

-XQLRU�-RDQLV

+HUYȋ ¶mj�6848(7

$DURQ�2+HDUQ

)ORULDQ�&DILHUR6LPRQH�'H�/LEHUDWR

3L\XVK�6RRQHH

%HQFKRXIL�0HKGL

0DU\�&URVVH

,VDEHOOH�.DOL

'DQLHO�-RQHV

-XOLHQ�&KDXPRQG

(GRXDUG�*DVVHU

0LFKDHOD�:RRG

)UDQȋ ¶ȷ¼RLV�=,6(50$1

&KULVWRSKH�5$<021'

*LOOHV�3RXSDUGLQ-LH�0HQJ�*ȋ ¶mjUDUG

$QWRLQH�$XERLV

%RE�'DOP

)ORUHQW�%LYLOOH

6DPXHO�-DPLHU

;DYLHU�$QWRYLDTXH

/LRQHO�7UHVVHQV0DWKLHX�3ROOHW

6RLQ\�'XYDO

(OVD�3ULHWR

7DPHU�+DVVDQHLQ

3KLOLSSH�*XHOWRQ

-HDQ�0D\QLHU

6HHGFDPS

-HII�7KRPSVRQ

7RPDV�3DXODXVNDV

6WHYHQ�*XWHQWDJ

)Uȋ ¶mjGȋ ¶mjULF�0HXQLHU

%HUWUDQG�/HY\

*XLOODXPH�'H�/D�6HUUH

$QQH�6RSKLH�'XWDW

$UWKXU�*UDPPDWLFRSRXORV

7KRPDV�5LFRXDUG

%DSWLVWHB,QILQLW

2XVVDPD�$PPDU

6DUDK�$ULII

5LFKDUG�)UDQFLV

)UHGHULF�'H�7RGDUR

'HQLV�/HRQDUG

$OH[DQGHU�9HOLNL\

-XOLHQ�/D]

0DWWKLHX�9LQFHQW-ȋ ¶mjUȋ ¶mjPLH�3URXWHDX

(OVD�6DLG�$UPDQHW

0DUFHOOR�3DJLQ

'DYLG�%ODQFKDUG

0DWMD]�*UHJRULF

$GROIR�%UDQGHV

1LQR

5DM�5DPDQDQGL

6RQLD�&DOOLHU�7D\ORU

)UHG�&KDXGLHUH

/XNDV]�*DGRZVNL

1LFRODV�:HHJHU

2OLYLHU�&DKDQH

0RUHO�-XOLHQ

-RQDWKDQ�<RXQHV

OOR\GJSULFH��

+DQV�/HPXHW

1HQDG�&HWNRYLF

$QGUHZ�-�6FRWW

-HUURO�6SLHU

*HRUJH�(LG

,DQ�7KLHO

1H]DU�.DGKHP

)UDQFR�&DSXUUR�6ROHU

0RXUDG�'H�&OHUFN

-HDQ�%DSWLVWH�$PH\

7HOPR�0HQH]HV

.HOO\�0DJXLUH

'HOO(UD

-RKQ�0DJOLR

+HU\�5DPLKDMDPDODOD

0DWWKLHX�/HSHOOH\

%HQRLW�/DP\�GH�OD�&KDSHOOH

3RXLOOLHXWH�/DXUHQW

$OH[LV�+XOWLQH

7RIIHQH�NDPD

5ȋ ¶mjJLV�%HUQDUG

1DELO�+LUHFKH5RE�:LOVRQ

7DRXILN

5XG\�9LDUG

+HUYH�+

-RFHO\Q�0RFTXDQW

-RKQ�&XQQLQJKDP

%HQ��%HQRLW��%HUJHUHW

'DYLG�+DJHJH

3KLOLSSH�2YHUKRII

3KLOLSSH�+RQLJPDQ

1DG\D�-DKDQ

.KDOHG�+HOLRXL

6\OYDLQ�&KHYHW

&KULVWRSKH�&KDXVVRQ

&Oȋ ¶mjPHQW�'HODQJXH

0DUWLQ�9DUVDYVN\

$.,26

*RQ]DJXH�'H�/D�7RXUQHOOH

$GULHQ�0DJGHODLQH

6LPRQ�,VWRODLQHQ

'DYLGH�%HUUHWWD

,/+(�$ODLQ

-XOLHQ�5XEDW

6WDQLVODV�3ROX

$UPHOOH�3KDȋ ¶mfWRQ

0DUWLQ�6WRHY

%HQMDPLQ�+DUG\

0RUWHQ�/XQG

1HLO�5LPHU

-RQDWKDQ�6LELOLD

-RQDWKDQ�(KUOLFK

$OL[�7DIIOH

2OLYLHU�+RU\

.HPDO�(O�0RXMDKLG

-XOLHQ�'XSȋ ¶mj

GRWOXQJ

*LOOHV�0RUJHQWKDO

+XJR�'RXFKHW

VRKUDE

*HRIIUR\�GH�/D�7RXUQHOOH

/RXLV�5DYHQHW

6\OYDLQ�=LPPHU

$QWRLQH�/HYȋ ¶ȋ�cTXH

$OH[DQGUH�*LQGUH

0DQXHO�0RQWDOEDQ

3DXO�'HJXHXVH

/DXUHQW�GH�9LWWRQ

$QGULL�*DNKRY

-RQDWKDQ�%HVQDȋ ¶ȷ²QRX

7KRPDV�*XLOODXPLQ

%HQMDPLQ�&DKHQ

-HUHP\�&KDUR\

-XOLHQ�)DOWRW

)DELHQ�&KDUELW

$OH[LV�0XUUD\�-RQHV

2OLYLHU�5RXVVHDX

$QGUH�'DUPRQ

5ȋ ¶mjPL�5DKHU

3HGMD�3XVHOMD

6HUJH�$]L]D

7DULT�.ULP

-HQQLH�5LFKDUGV

(PLOH�3DUWH

$Gȋ ¶m�OH�+XUEDXOW

)ORULDQ�0HWWHWDO

4XHQWLQ�GH�&KLYUȋ ¶mj

*XLOODXPH�0XOWULHU

6Wȋ ¶mjSKDQH�6ROHU

3LHUUH�$QWRLQH�3DVVHW

*Uȋ ¶mjJRU\�+HUEȋ ¶mj

&KULVWRSKH�6SRHUU\%DSWLVWH�/DFURL[

$QPRO�1D\\DU

*DEULHO�+XEHUW

0DWWKHZ�7LQGDOO

&DUORV�(GXDUGR�(VSLQDO

0LFNDHO�0(6(5(

0LFKDHO�3KLOOLSV�0RVNRZLW]

$QQH�0XLJDL

$ODLQ�GH�9HUD

*LDFRPR�%DVWLDQHOOL

-XOLH�/DVQH

<DQ�$EDVKLQ

(XJHQH�(UQRXOW

-HURPH�&ROORPE

/HRQDUGR�$S�,ZDQ

XPDQOLIH

FJUHQWH

5DII\�.D]DQGMLDQ�

1LFRODV�)RQURVH

6WDQLVODV�1LR[�&KDWHDX

$ONLV�9D]DFRSRXORV

5LFKDUG�0ȋ ¶mjULO

3DVFDO�%RUGDW

0HUOLQ�6XQ

<RDQQ�%RKERW

MSHUOD

3DXO�%HQLJHUL

6DPXHO�0HUOHW

6\OYLH�&KLQ

/HZQLV�%RXGDRXL

$OH[LV�$JDKL

%ULDQ�']LQJDL

'LGLHU�7UDQFKLHU

6LJEMȋ ¶ȋ ¨UQ�'\EGDKO

0R]LOOD�:HE):'�$FFHOHUDWRU

%UDKLP�+DPGRXQL

1HQDG�5$.2&(9,&

6K\�6KULTXL

3()

;DYLHU�%ULQJXH

(WKDQ�%HDUGVOH\

2VPDQ�<D\FLRJOX

5RGROIR�%DJJLR

1LFROD�0DQFLQR*DEULHOH�5HQ]LQL

'DQ�3XOOPDQ

-RKQ�5LGHU

)DWLK�7XUNHQ

ȋ ¶ȷcPLOLHQ�(GPRQG

<DQQLFN�7KLULRQ

$QWRLQH�0DUJXHULH

(PHULF�(UQRXOW

&HGULF�&RKHQ�/HPEHUJ

/XGRYLF�0$8;

7KRPDV

(WLHQQH�$OEHUW

6ȋ ¶mjEDVWLHQ�3ȋ ¶mjULHU

*XLOODXPH�2XOHV

<RDQQ�0DLQJRQ

3DXO�<DQJH

(PDQXHOH�*KHYUH

/XFD�%LORWWD

$QWKRQ\�0RL

&DOHE�$GDP�+D\H

9DOHQWLQ�6TXLUHOR

6\OYDLQ�/H�*ULOO

-XOLXV�/LVDXVNDV

+HGL�6PLGD

3RQWKLHX�0DUF�$OEDQ

)UDQFN�*8,*$1

0,48(/

$PLHO

5LNX�6HSSȋ ¶m�Oȋ ¶m�

9DOHQWLQ�)DJH

3LHUUH�0DQLȋ ¶m�UH

.ULV�7XWWOH

'DKLPHQH�5\DGK)UHGHULFR�0RUHLUD

3DWULFN�%/$1&+(721

)Uȋ ¶mjGȋ ¶mjULF�6LPRQV

3LHUUH�/DQYLQ

'HQLV�/DIRQW�7UHYLVDQ

&KDNLE�%HQ]LDQH

)Uȋ ¶mjGȋ ¶mjULF�3/$,6

7KLHUU\�7KHYHQHW

&ȋ ¶mjGULF�1LFRODV

6Wȋ ¶mjSKDQ�$QJRXOYDQW

5LFKDUG�-XKHO

$[HO�/DQJ

*XLOODXPH

5RPDLQ�'DYLG

%HUWUDQG�%HVVH4XHQWLQ�1LFNPDQV

$GULHQ�GH�0DOKHUEH

)ORULDQ�$XULDX

)UDQȋ ¶ȷ¼RLV�7LVRQ2OLYLHU�=LHU

*HUVHQGH�&+(55,(5

)UDQFN�3DWWH

'DYLGH�%DOOHVWUD

7KLEDXOW�6DORX

&KULVWRI�%DXPEDFK

&+5,67,$1�/,76&+

5\DQ�6]UDPD

MDPHV�HULF�MRQHV

/L]�$OPDJXHU

/XF�'XPRQW

$OH[H\�2UDS

-XOLHQ�&RXORQ

-HURPH�*DQJQHX[

-HUHP\�%HQPRXVVD

&ȋ ¶mjGULF�*LRUJL

%UXQR�6RXOH]

1LFRODV�*XLOODXPH

%UXQR�)ULGODQVN\

$OH[DQGUH�,FKDȋ ¶ȷ²

ROLYLHU

$UQDXG�5RVVL

/XGRYLF�6DXVVLQDQ

&DUOR�$EL�&KDKLQH

0DWKLHX�*RXGRW

$OH[LV�'XIȋ ¶mjWHO

3LHUUH�'XFKDWHDX

QLZDW�FKDURHQORHW

-XOLHQ�'(65(80$8;

6WHIDQR�%LDQFKL6WHIDQR�%LDQFKL

&KULVWRSKH�$0$/5,&

$OH[DQGUH�6WHLQHU

0LQ�.LP

-XOLHQ�&+$%(

3LHUUH�1RL]DW

&KULVWRSKH�&RXUWRLV

'DYLG�)5$1&2,6

0DULR

1LOXIHU�6DWRULXV

1LFRODV�7URQFKRQ�3UR

3DROR�5XEDWWR

$URXQG&DVDQRYD(QLRWQD��

<RODQGD�+%�+DOVWRQ

0DUF�&

$OEDQ�'HQR\HO

&\SULHQ�'(&287<

-HDQ�0DULH�9DOOHW

&DWH�5XEHQVWHLQ

6WHYH�&�$

$OH[DQGUH�3HLVVH

0DWWKLHX�'HMDUGLQV

5HPL�3KLOLSSH

:LOO�+DWILHOG

DQWRDPLHO

-XOLHQ�&RPEHDX

5REHUW�+XUVW

,DLQ�(YDQV

&KULV�5DYHQVFURIW

&RQQLH�1DP

&KULVWLDQ�7RVW

3LHUUH�0DJH

$UELD�60,7,

*XLOODXPH�GH�%HDXYRLU

$\PHULF�*DOOLVVRW

0D[LPH�%RXURXPHDX�)XVHDX

3UDWLNVKD�'DNH

3DWULFN�62128

/DUD�5RX\UHV

)UDQȋ ¶ȷ¼RLV�6RXODUG

5HGJ�6QRGJUDVV

3DWULFN�3HUOPXWWHU

9LFWRU�ȋ�¶ȷȿȷ¢

-DPHV�$ELQJHU

ZLOIULHG�GXUDQG

7KLEDXOW�&RXUDXG

7KLEDXG�(O]LHUH-XOLHQ�7DUWDULQ

-RQDWKDQ

$GULHQ�2OF]DN

$UQDXG�%5(721

'DQLHO�.HUVKDZ

HOLH�FKHYLJQDUG

&HGULF�3LQVRQ

)UDQȋ ¶ȷ¼RLV�3DXOXV

/XGRYLF�'DKDQ

<DQQ�.DQGHOPDQ

$OH[�6KHYHOHQNR

3DXO�/HSUȋ ¶mjYRVW

$XGUH\�6RXVVDQ

*LRUJLR�/XFKHWWL

-HII�0DURLV

&KULVWRSKHU�0DUWLQ�

0DUWKH�6HJXLQ

SKRQREODVWHU'DPLHQ�'HWFKHUU\

$KPHG�%RXVVDGLD

)ORULDQ�0RQIULQL

&KULVWRSKH�5D\QDXG

6LPRQH�'H�%DWWLVWL

&DPLOOH�5RX[

0DWKLHX�9DORDWWR

$OH[DQGUH�+DMMDU

5RPDLQ�*RE\

&Oȋ ¶mjPHQW�5RXVVHDX

-XOLHQ�4XLQWDUG

-ȋ ¶mjUȋ ¶mȒPH�%DOGXFFL

-HUU\�1LHXYLDUWV

0DPRXGRX�7UDRUH��303��&5,6&

/XF�)DOHPSLQ

%HQRLW�)HURQ

9LFWRU�&HUXWWL

)ORULDQ�3RXOOLQ

%DVWLHQ�/DEHOOH

2OLYLHU�'XYLJQDF

-XOLHQ�9HUGLHU

7DKHU�$/$0,��67$5�

+DPDGL�/$128$5

1LFRODV�5266(7

6WHYH�&DVK

-DPHV�-RQHV

1LFRODV�%URXVVH

2OLYLHU�3LFKRX

%UDG�3DWWHUVRQ

6HUJH�$//(<1(

3KLOLSSH�&KDVVDQ\

)ORUHQW�&KDXYHDX

(PPDQXHO�'DUPRQ

&UDLJ�*UHHQ

9LFWRU�1LFROOHW

-RDFKLP

(ULF�+DXWHPRQW

2OLYLHU�2QJRWKD

-HDQ�&KULVWRSKH�&DULXV

)HUQDQGR�+HUUHULDV

3DXO�6LWERQ

6DQGUD�$OEHUWROOL

=DLVWH�

-RDNLP�1LOVVRQ

&Oȋ ¶mjPHQW�&D]DORW

6ȋ ¶mjEDVWLHQ�/RX\RW

-XOLHQ�0DFKRW��06F��0$

)UHGHULF�1JX\HQ

'DQ

$OH[�1HJUHD

-RQDWKDQ�*RVSHU

$QWRLQH�/ORUFD

6DUDK�-��%DUQHV

$QWKRQ\�6LPRQ

-DFN�$0%(5*

.XQDO�.DSRRU

2OLYLHU�/H�)ORFK7KRPDV�2OLYLHU

-HDQ�)UDQȋ ¶ȷ¼RLV�&KLDQHWWD

0LFNDȋ ¶mfO�-RUGDQ

6DPXHO�.R]D

0LFKDHO�*DQWQHU

5LFKDUG�%UDQFR

6Wȋ ¶mjSKDQH�3LQDWWRQ

$UWKXU�3UDW�&DUUDELQ

0RUJDQ�*LUDXG

$ODLQ�+DQDVK

1LFRODV�'DYRXVW

+HOLQD�0DUN

%HWK�&RPVWRFN

&KULVWRSKH�3RSRY

7RPHN�.XNOLV

'DYLG�&KRXUDTXL

+HQU\�*OXFURIW

��VHHG

1LFRODV�$ELE

-ȋ ¶mjUȋ ¶mȒPH�6ȋ ¶mjQDLOODW

*LOOHV�%DUELHU

'HQLV�3��%RHKULQJHU

-RVVHOLQ�'HODURXVVH

0LNH�6HUUDQR

+XJR�$PVHOOHP

/DXUHQW�3DQWDQDFFH

3LHUUH�(PPDQXHO�)HUQDQGHV

+XEHUW�'XEUXOH

(GXDUGR�&KRQJNDQ

%LOO\�*HUDUG�)UDQN

-XOLHQ�'HYHDX[

$QQD�6(//(0

5XSHUW�6FKLHVVO

&KDUOHV�GX�-HX

9DOWHFK

3UHVWDVKRS

6\OODEV

%,�6$0�7HFKQRORJLHV

'LJLFRPSDQLRQ

(QWURS\6RIW

0DNH0H5HDFK

0HLOOHXUV$JHQWV�FRP0RELOH7DJ

0RE3DUWQHU 3ODQHWYHR

4RVPRV

4XHOOH�(QHUJLH

1RZIDVKLRQ

0\WUDQVODWLRQ�FRP

9LDGHR

6RJHWL

$XGLRQDPL[

7HOLVPD

*DPH7XEH

6PDUWGDWH

'HDOLVVLPH

0RRGVWRFNV

%LRQHVW�3DUWQHUV

0REVKRS

,PLQHQW

6N\5HFRQ�6\VWHPV

,ORJ

/90+

$SSVLI\�PH

7UDYHOOXWLRQ

&RPSDULR

9HQWHFK

&OHDU.DUPD�*URXS�6$6

6RIWLQQRY

L)HHO6PDUW

4UDWRUV

0\-RE&RPSDQ\

0RRYHPHQW

5(81,.

$*(1&(6�6$%67(1,5

%DKX

,YHHP

3RSLPV&RGH

7ULYRS

(EX]]LQJ

$VSHFWL]H

*HRGUXLG�

&KDOD�OD

7DJ�&RPPDQGHU7KLQN�,7

*522372:1

&RPPHUFH�*X\V

9LOOH�)OXLGH

-RVKILUH

%DOORRQ

0X[L0DLOMHW

0HGLDOHH

4DSD

75$9(/52$'

&LWURRQ

8S���6RFLDO

7KH�7$+�3URMHFW

:RUN�%DQGLWV

/LYH0LQXWHV

1HH[HU

&URZGERRNV

&URZGERRNV

IRFXV�LR

3$<0,80

6*2

7UDQV:D\

<52=�IU

6NHWFKIDE

8PDQ/LIH

:LPL

0RRQVKLQHG�'HVLJQV

:RQWDQDUD

$QJOR%XGG\

/HHDDUQ

=LUUN

'URSGRFN

&$51(7�'(�02'(

7507<

1DMD

/R\DOL]WH

)UHQFK&RQQHFWLRQ�IU

*LVWLHV

$�0XVLF�(85/

3ODFHORRS

7+(&$//5

3KRQREODVWHU

+XPDQ�&RGHUV

&XULRRV8SRQ-RE

=HQZHJR

+HOORFRWRQ

SRVLWLSV

0RGL]\

$G\RXOLNH

P\)UHQFK6WDUWXS

7XUQ�$URXQG���VKRUW�ILOP

5XQ2UJ

7UDYHODYHQXH

3OD\HP

6LLQDSVH

0%$�&HQWHU�3DULV

0LQRULW\�5HSRUW

3HDON

9,&6*$0(6

([SOHH

$XJPHQW

:KDOH�6WUHHW

5HI$URXQG

3DUIXP

6OLFHFRRN

&ORVLQJ�&LUFOH

.H\GUD

$SHULWHX

-ROLFKDUWV

%OLSVSRUW

.ZDJD

'UHDP)DFH�,QWHUDFWLYH

=LIL]

0\GGLD

+HUH:H'DWH

6KRS:L]

3LFXRXV

6XSHUVWDU�0DQDJHPHQW�*URXS

+\SLRV

+*3UR�6$6

<RXVSHDNLW

7KH�*UHHQ��%OXH�9HGD

=HQOLVW

TXQE

$SSVILUH

)DVKLRQEDVH

:DW]DWVRQJ

6)(�$57

7DONEHH

$OWULEH

6KLURXEH

'L]LJRW

8EL4����

&LW\]HQ&DU

%DQNHHQ��H[�3HUVSHFWHHY�

%HDQVLJKW

3UHS0\)XWXUH

UHD',<PDWH

L�*XDUG

/LIH6KRZ

3LFWDULQH

1'�,QWHUDFWLYH

7KH�:DOO�0DFKLQH

*URREOLQ

3HH[WHU

6WXSHIOL[

3URGFDVW

:K\G

$.2<$�&RQVXOWLQJ

HVSRU[�WY

/RXQJH8S

%DEEOH�3ODQHW

7KH�*UHDW�)DFWRU\

,QILQLW

)LQG�D�5RRPLH

&,7<=(80

:H&RRN�IU

)DUVLGHV

H&2�PDUNHW

3ULPDJRUD

&KDPSDJQH0H

:HH]LF

([SHUW3OXJ

$LUVRIW�6TXDUHG

0H�6SRUW

8QL6KDUHG

$.,26�)5

:DPL]

.DZHW

$*(1&(6�6$%67(1,5

0RUQLQJ&URLVVDQW

(DUOL]

-RVKILUH

\RXPDJ

,QWHU&ORXG

2KP\GHDO

DUFKLYPH

*UHHQ5HSXEOLF�IU

*HRNLZL

/LPLWHGSL[

%DQNH[DP�IU

6RIDPRXV

'DLO\PRWLRQ

3O\FH

0DQGULYD

3OD\OLVWQRZ�IP

6LQHTXD

$OOP\DSSV

1HWYLEHV

-ROLFORXG

7ZHQJD

$/(17<

7HOOPHZKHUH

1RYD6SDUNV

'ULPNL

/RRNLQJR�FRP

3DWKPRWLRQ

.HZHJR

$XJXUH

$I��

(FRYDGLV

)RWRSHGLD

7LNLODEV

/DWHOLHU�%QS�3DULEDV

$V�DSS

%OXHNLZL�6RIWZDUH

6DQRIL�$YHQWLV

'LJLWUDG�&RPPXQLFDWLRQV

3XEOLFLV�*URXSH

$OFDWHO�/XFHQW

/RXLV�9XLWWRQ

9LROHW

*UHHQH[W

6FUHHQ7RDVWHU3ULFH0LQLVWHU

<RX)RRW

0DUNHWVKRW

,SVRV

*ORZULD

9SRG�WY

/HHWFKL

9HUWHHJR��(PHUDOG�9LVLRQ�

=OLR

6WULEH

,',QYHVW�3DUWQHUV

$OORSDVV

%OXH7HDFK

0HWDEROL

$QWYRLFH

<NRQH

&OLPSDFW2SHQWUXVW

2UFKHVWUD�1HWZRUNV

%HOLHYH�'LJLWDO

$JHQFH�)UDQFH�3UHVVH

'HFOLFPHGLD

$GHOLW

SDC  Data  2013.  Selected  French  companies  With  Deals  &  Alliances,  Highlight  CapDigital    

Nodes  =  3192;  Edges  =  3441  

IEN  Data  2013.  Selected  FRENCH  companies  Linked  people  &  venture/financing  enEEes  

Nodes=  2858;  Edges=2333  

Startup/Angel  Data  2013.  Selected  French  companies  Highlight  CapDigital  Members  Nodes=  990;  Edges  =  530  

Startups  &  Angels                      ExecuEves  &  Finance                  Deals  &  Alliances    

Russell,  Huhtamaki,  SEll,  Basole,  and  Reubens,  “OrchestraEng  Ecosystem  TransformaEons  with  Data-­‐Driven    Network  VisualizaEons,”Keynote  PresentaEon,  Futur  en  Seine,  June  14,  2013.  

Page 60: Developing a Shared Vision for the Future

Comparing  RelaEonal  Capital  of  InnovaEon  Ecosystem  in  3  Regions  

raEo  of  edges|nodes  

AusRn   Twin  CiRes     Paris    Startups  &  Angels  

 2.34  

 1.34  

 .54  

 ExecuEves  &  Finance  

 .88  

 .72  

 .82  

 Deals  &    Alliances  

 .73  

 .87  

 1.08  

Page 61: Developing a Shared Vision for the Future

What  Is  the  Impact    of  Global  Value  Chains?  

     

Example  EU  EIT  ICT  Labs  

Page 62: Developing a Shared Vision for the Future

Analysis  of  EIT  ICT  Labs:  Trento  included  as  the  sixth  node,  more  ciEes  connected  to  colocaEon  centers,  updated  data  and  transformaEon  in  place    

SEll,  Huhtamäki,  Russell,  Rubens  (2013)  ”Transforming  InnovaEon  Ecosystems  Through  Network  OrchestraEon:  Case  EIT  ICT  Labs,”  IJTM  Special  Issue.  

Page 63: Developing a Shared Vision for the Future

Adding  San  Francisco  Bay  Area  as  “the  seventh  EIT  ICT  Labs  node”  for  contrast,  interconnecEons,  comparison  and  benchmark  

SEll,  Huhtamäki,  Russell,  Rubens  (2013).  Transforming  InnovaCon  Ecosystems  Through  Network  OrchestraCon:  Case  EIT  ICT  Labs  

Page 64: Developing a Shared Vision for the Future

Reinventing Workflow

64

Page 65: Developing a Shared Vision for the Future

Agile Optmized Networks

65

Page 66: Developing a Shared Vision for the Future

What  is  needed  to  remove  the  barriers  for  Brazilian  businesses  and  workers  

realize  their  full  potenEal?  

Strategic Partnership

at S T A N F O R D U N I V E R S I T Y

Page 67: Developing a Shared Vision for the Future

Successful Discovery Collaborations Build on What Can We Do Together That

Neither of Us Could Do Alone

Thank You [email protected]

[email protected]

http://mediax.stanford.edu