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2024

  • in book
  • 1 min read

活在當下：發現生活的本質

大家好！歡迎返到我哋嘅頻道。今日，我哋會講一本好有智慧嘅書——《原來這才是生活的本質 - 觸動瑞典人 活出好日子的練習》，係由 Mats Billmark 寫嘅。呢本書教咗我哋點樣喺現代生活中搵到平衡同滿足。等我哋一齊嚟探索下其中嘅關鍵要點啦。

Mats 同 Susan Billmark 嘅旅程證明咗平衡同正念嘅力量。他們從一個充滿壓力同健康問題嘅生活，發現咗生活嘅真正本質。他們嘅故事好鼓舞人心亦都好有啟發性。

呢本書其中一個核心信息就係活喺當下嘅重要性。喺我哋呢個快節奏嘅世界，好容易陷入日常生活嘅匆忙，不斷諗緊下一個任務或者擔心未來。但係，真正嘅幸福係喺於享受當下嘅時刻。深吸一口氣，環顧四周，欣賞一下而家嘅美好。

Billmark 夫婦仲強調自我接納嘅重要性。呢即係話要接受自己嘅全部，包括所有嘅優點同缺點。自我接納係健康同平衡生活嘅基礎。佢讓我哋超越自我懷疑同批評，培養內心嘅平靜同自信。

管理壓力係另一個重要課題。壓力係生活中不可避免嘅一部分，但我哋點樣應對佢先係關鍵。Mats 同 Susan 提倡正念同放鬆練習，呢啲方法有助於有效咁管理壓力。學識放鬆壓力同擔憂，我哋可以過上更平靜同快樂嘅生活。

需要時尋求幫助都係重要嘅一點。喺我哋嘅社會中，自力更生往往被重視，但請求支援係應該嘅。承認自己喺困境中需要幫助，係邁向治癒同成長嘅一步，而唔係弱點嘅表現。

書中仲教導我哋要強化自尊。自尊唔係淨係感覺良好，而係認識到自己固有嘅價值同潛力。呢讓我哋可以以堅韌同樂觀嘅態度面對生活嘅挑戰。

克服恐懼同焦慮對於全面生活至關重要。承認我哋嘅恐懼並學習管理佢哋，我哋可以擺脫其束縛，以更勇敢嘅方式生活。

放下過去嘅懊悔都係關鍵教訓。緊抓住過去嘅錯誤同錯失嘅機會，只會將我哋錨定喺負面情緒中。相反，我哋應該從呢啲經歷中學習，並以目標同希望向前邁進。

最後，確定生活中真正重要嘅事。喺日常生活嘅喧囂中，我哋經常忽視咗核心價值同優先事項。花時間反思乜嘢對你最重要——無論係家庭、關係定係個人成長，呢會引導我哋走向更有意義同滿足嘅生活。

《原來這才是生活的本質》提供咗寶貴嘅生活教訓。通過活喺當下、接受自己、管理壓力、尋求幫助、強化自尊、克服恐懼、放下懊悔同專注於真正重要嘅事，我哋可以優雅咁應對現代生活嘅複雜性，過上更快樂嘅生活。

多謝大家收睇！如果你覺得呢條影片對你有幫助，請畀個讚、訂閱我哋嘅頻道以獲取更多有價值嘅內容，並喺下面留言分享你喺日常生活中點樣實踐正念。我哋下次見！

  • in academy
  • 3 min read

Welcome to today's lecture on Initial Public Offerings (IPOs). Our discussion will focus on why firms decide to go public, the costs and steps involved in the IPO process, and the empirical patterns observed in the IPO market. We'll also cover some of the criticisms of the traditional IPO process and explore alternatives like Open IPOs.

Why Do Firms Go Public?

Firms typically decide to go public for several key reasons:

  • Raise Capital: IPOs provide firms with access to significant capital, which can be used for expansion, R&D, or paying down debt.
  • Achieve Liquidity: Going public allows early investors, including venture capitalists, to liquidate their holdings. Additionally, publicly traded stock can be used as currency in mergers and acquisitions.
  • Regain Control: Entrepreneurs may regain control from venture capitalists as shares are distributed.
  • Signal Stability: Being publicly traded can signal stability and credibility to customers, suppliers, and partners.

Costs of Going Public

While going public has significant benefits, it also comes with substantial costs:

  • IPO Fees: Legal, accounting, and investment banking fees often total around 10% of the funds raised.
  • Increased Disclosure: Public companies are subject to greater scrutiny and must comply with the Sarbanes-Oxley Act, particularly Section 404, which requires an assessment of internal controls.
  • First-Day Underpricing: This is a common phenomenon where the IPO is priced below the market value, leading to significant potential losses for the firm.

The IPO Process

Step 1: Selecting an Underwriter

Choosing an underwriter is crucial. Key considerations include:

  • Valuation: Underwriters often use the "bait and switch" tactic by initially promising a high valuation to secure the deal.
  • Reputation: The reputation of the underwriter, especially the analyst covering the firm, is essential.
  • Performance History: Past performance of the underwriter in handling IPOs plays a significant role.
  • Fees: Typically around 7% of capital raised, though fees are not the primary consideration.
Step 2: Tasks of the Underwriter

The underwriter's role involves:

  • Due Diligence: Thorough evaluation of the company's financials and operations.
  • Determining Offering Size: Balancing company needs with market demand.
  • Preparing Marketing Materials: Crafting the prospectus and other investor materials.
  • Regulatory Filings: Assisting with SEC filings, particularly the S-1 form.
Step 3: Marketing the Offering

This phase includes:

  • Red Herring: Circulating a preliminary prospectus to gauge investor interest.
  • Road-Show: Presenting the company to potential investors.
  • Book-Building: Gathering information on investor demand to set the IPO price.
Step 4: The Offering

The underwriter buys shares at a fixed price from the company and sells them at the IPO price. Key features include:

  • Green Shoe Option: Allows underwriters to sell additional shares if demand is high, typically up to 15%.
Step 5: Aftermarket Activities

Post-IPO, underwriters may engage in:

  • Stabilization Bids: Supporting the stock price to avoid it falling below the offering price.
  • Penalty Bids: Discouraging "flipping" by penalizing investors who sell their shares quickly after the IPO.

Empirical Regularities in IPOs

IPOs exhibit several notable patterns:

  • Cyclical Nature: IPO markets are highly cyclical, often corresponding with "hot issue markets."
  • First-Day Underpricing: On average, stock prices jump on the first day of trading, leaving significant money "on the table."
  • Long-Run Underperformance: IPOs tend to underperform the market over the first five years.

Criticisms of the IPO Process

The traditional IPO process has faced several criticisms:

  • Underpricing: Significant capital is often left on the table.
  • Concentration of Power: A few large underwriters dominate the market, leading to potential conflicts of interest.
  • Lack of Access: Retail investors often lack access to IPO shares.
  • Potential Abuses: Cases like Frank Quattrone and Henry Blodget highlight potential abuses in the process.

Alternatives: Open IPO

Open IPOs, popularized by companies like Google, offer a more transparent and equitable approach:

  • Dutch Auction: Shares are allocated based on bids, with all investors paying the same price.
  • Benefits: Greater transparency, access for all investors, and lower fees.
  • Challenges: Resistance from traditional underwriters and institutional investors has limited widespread adoption.

Conclusion

IPOs are a critical milestone for companies but come with significant challenges and costs. Understanding the dynamics of the IPO process, including its empirical regularities and potential pitfalls, is essential for both investors and companies considering going public. While alternatives like Open IPOs offer promising improvements, their future adoption will depend on broader market trends and regulatory developments.

  • in book
  • 1 min read

學習新智慧：如何聰明學習

Hello 大家好，歡迎返到嚟！今日我哋有啲對所有學習者同教育者都非常有價值嘅內容。我哋會深入探討丹尼爾·威林漢姆嘅書《聰明學習：為什麼學習咁難同埋點樣令學習變得容易》嘅關鍵要點。即刻開始啦！

喺《聰明學習》呢本書入面，丹尼爾·威林漢姆探討咗點解傳統嘅學習方法經常效果唔好，仲有通過理解大腦嘅自然過程，我哋點樣可以提升學習效果。

首先，威林漢姆挑戰咗傳統學習方法好似劃重點同重讀嘅有效性。呢啲技術可能會令我哋覺得熟悉啲材料，但係唔一定可以帶嚟真正嘅理解或者長期記憶。

相反，威林漢姆提倡主動學習策略。舉個例，自我測試比簡單重讀筆記要有效好多。通過積極參與材料，測試我哋嘅知識，並識別我哋嘅理解缺口，我哋可以加強學習，令佢更加持久。

理解我哋大腦點樣處理同存儲信息係非常重要嘅。威林漢姆強調咗將我哋嘅學習方法同呢啲自然過程對齊嘅重要性。一個強大嘅技術就係分散學習。

與將所有學習集中喺一個會議中唔同，將學習會議分散喺時間上可以顯著增強長期記憶。

另一個關鍵要點係元認知嘅概念，即係思考我哋嘅思維。通過意識到我哋自己嘅學習過程並監控我哋嘅進展，我哋可以就如何學習同埋邊種策略最適合我哋個人做出更明智嘅決定。

對於教育者嚟講，《聰明學習》提供咗有價值嘅指導，幫助學生採用呢啲有效嘅學習策略。創造促進積極參與、批判性思維同自我評估嘅學習環境係至關重要嘅。

威林漢姆嘅書係對教師嘅呼籲，幫助學生理解學習嘅科學，並採用有效嘅學習策略。

總結來講，丹尼爾·威林漢姆嘅《聰明學習》係任何想要提升學習技巧嘅人嘅必讀之作。通過重新思考傳統學習習慣並採用基於研究嘅策略，我哋可以釋放我哋嘅全部學習潛力，實現更好嘅結果。

記住，唔係淨係更努力學習，而係更聰明地學習。多謝你嘅收睇，唔好忘記點贊、訂閱並且點擊鈴鐺圖標，以獲取更多有見地嘅內容。下次見，學習愉快！

  • in academy
  • 4 min read

Mastering Venture Capital Contracts - Key Terms Every Entrepreneur and Investor Must Know

Welcome to today's lecture on Venture Capital Contracts, where we will delve deeper into some of the crucial aspects of these contracts. Building on our previous discussion, we'll explore anti-dilution provisions, participation rights, control rights, milestone-based funding, and exit strategies. These elements are vital for both entrepreneurs and venture capitalists (VCs) as they navigate the complexities of financing high-growth startups.

Anti-Dilution Provisions

Definition: Anti-dilution provisions are mechanisms designed to protect investors from dilution in the value of their ownership when a company issues additional shares at a lower price than in prior rounds.

Key Concepts:

  • Full Ratchet Anti-Dilution: Adjusts the conversion price to the price of the new financing round, ensuring that early investors maintain their percentage ownership.
  • Weighted Average Anti-Dilution: Provides a more balanced approach by adjusting the conversion price based on the total number of shares before and after the new issuance.

Example: Consider a company with 2 million shares, half owned by founders and half by VCs. If the company issues 50,000 new shares at a lower price, full ratchet and weighted average methods will produce different outcomes for investor ownership percentages, significantly impacting the founders' equity stake.

Implications: These provisions incentivize founders to increase the company's value and align the interests of investors and entrepreneurs, reducing the risk of "wash out" financing.

Participation Rights

Types:

  • First Refusal Rights: Allow investors the first opportunity to purchase shares being sold by other shareholders.
  • Preemptive Rights: Enable investors to maintain their proportional ownership in subsequent financing rounds.

Current Trends: In today's market, it's common for investors to secure rights to purchase up to twice their pro-rata ownership in later rounds, ensuring they can maintain or increase their influence as the company grows.

Control Rights

Objective: Control rights are negotiated to determine who has the authority to make crucial decisions, especially when the company faces challenges or opportunities.

Key Components:

  • Voting Rights: Typically, preferred shareholders vote as if their shares had been converted to common stock. VCs often hold a majority of the voting power before a company goes public.
  • Board Representation: VCs usually occupy a significant portion of the board, ensuring they can influence strategic decisions, especially during tough times.

Protective Provisions: These provisions give investors veto power over critical decisions like mergers, charter amendments, or changes in senior management, allowing them to safeguard their investment against decisions that might increase the company's risk profile.

Milestone-Based Funding

Performance Contingencies: Milestones can be financial (e.g., revenue targets) or non-financial (e.g., FDA approval), triggering additional funding or shifts in control depending on whether these targets are met.

Current Environment: A majority of deals today include milestone-based tranches, meaning that funding is released in stages as the company meets specific goals, aligning the interests of both VCs and entrepreneurs.

Exit Provisions

Types of Exit Rights:

  • Tag-Along: If one shareholder sells, the offer must be extended to others, ensuring fair treatment for minority investors.
  • Drag-Along: Allows majority shareholders to force a sale of the company, ensuring a unified exit strategy.
  • Co-Sale Right: Ensures VCs can exit alongside founders at the same time and on the same terms, preventing scenarios where founders exit and leave VCs behind.

Employee Terms and Stock Restriction Agreements

Objective: To align employees' interests with the company's success by offering equity incentives, while also protecting the company's long-term interests through vesting schedules and non-compete clauses.

Vesting Schedules: Typically, stock vests over 3-4 years, creating "golden handcuffs" that encourage key employees to stay with the company.

Stock Restriction Agreements: These agreements allow the company to buy back unvested shares if an employee leaves, preventing significant equity from leaving the company prematurely.

Staged Capital Commitment (SCC)

Purpose: SCC acts as both a control mechanism and a signaling tool. By funding companies in stages, VCs can monitor progress and decide whether to continue investing, while entrepreneurs are incentivized to achieve milestones before raising more capital.

Example: In a scenario where a company needs $10M initially and $20M later, SCC allows the entrepreneur to raise funds incrementally, reducing dilution and allowing for better terms if the company performs well.

Conclusion

In summary, venture capital contracts are complex and carefully structured to balance risk and reward between entrepreneurs and investors. Understanding these elements—anti-dilution provisions, control rights, milestone funding, and exit strategies—is crucial for anyone involved in entrepreneurial finance. As we continue our exploration of venture capital, these concepts will provide a foundation for analyzing real-world investment scenarios and case studies.

  • in book
  • 1 min read

建立安全且可靠系統的最佳實踐

Hello，大家好！歡迎返嚟《持續改進》頻道，我係你嘅主持人梁維德。今日我哋會講一個非常重要嘅話題：點樣建立安全可靠嘅系統。呢個係根據Heather Adkins同佢團隊寫嘅《Building Secure and Reliable Systems》呢本書入面嘅見解。即刻開始啦！

喺今日呢個數碼世界，系統嘅安全性同可靠性係非常重要，唔係淨係可選功能，而係必需嘅。Heather Adkins同佢嘅團隊喺呢本書中提煉咗多年經驗，為我哋提供咗設計、實施同維護安全可靠系統嘅寶貴教訓。

首先，我哋講講設計策略。作者強調喺一開始就要將安全性同可靠性融入設計過程。透過將呢啲原則嵌入核心架構，我哋可以預防潛在嘅漏洞，確保系統能夠抵禦威脅。呢種主動嘅方法係有效系統設計嘅關鍵。

接住嚟，呢本書深入探討咗編碼、測試同調試嘅最佳實踐。書中強調需要採用安全嘅編碼標準、徹底嘅測試協議同健全嘅調試技術。呢啲實踐對於喺問題變成重大問題之前識別同減輕問題至關重要。

事故管理係書中涵蓋嘅另一個關鍵方面。喺我哋互聯嘅世界，事故係不可避免嘅。但係，我哋有效處理事故嘅能力可以產生重大差異。作者提供咗準備、應對同從事故中恢復嘅策略，確保我哋嘅系統保持其完整性同維持用戶嘅信任。

書中最有趣嘅觀點之一係對文化最佳實踐嘅強調。作者強調要培養支持安全性同可靠性嘅文化。呢包括鼓勵團隊之間嘅合作，確保每個人都了解呢啲原則嘅重要性，並創造一個優先考慮呢啲原則嘅環境。支持性嘅文化係建立安全同可靠系統嘅基礎。

呢本書仲包括嚟自Google工程師嘅真實世界示例同見解，展示咗呢啲最佳實踐如何喺大規模上成功實施。呢啲示例提供咗一個實際嘅藍圖，我哋可以從中學習並應用到自己嘅組織中。

總結嚟講，《Building Secure and Reliable Systems》係任何參與系統設計、實施同維護嘅人必讀嘅書。關鍵要點非常清晰：將安全性同可靠性整合到系統生命周期嘅每一個階段；採用編碼、測試同調試嘅最佳實踐；通過強大嘅管理策略準備事故；並培養支持呢啲努力嘅文化。

如果你想深入了解呢啲概念，我強烈建議你買本書嚟睇。你可以喺O'Reilly Media或者Google嘅存儲庫中搵到更多信息。

多謝收睇，唔好忘記點贊、評論同訂閱，以獲得更多有關技術同最佳實踐嘅見解。下次再見，保持持續改進！

  • in academy
  • 4 min read

Venture Capital Contracts Explained | Key Terms Every Entrepreneur & Investor Must Know!

Welcome to today's lecture on Venture Capital (VC) Contracts. In this session, we will explore the intricate mechanisms that underpin venture capital financing, focusing on the key elements that shape the relationships between entrepreneurs and venture capitalists (VCs). The understanding of these contracts is crucial for both parties to align their incentives and drive the success of a new venture.

1. Objectives of Entrepreneurs and Venture Capitalists
  • Entrepreneurs' Perspective:
  • Build a successful business.
  • Secure adequate funding to fuel growth.
  • Retain as much control and value of the company as possible.
  • Gain expertise and networks to grow the company.
  • Share risks with investors.

  • Realize financial returns from the venture.

  • Venture Capitalists' Perspective:

  • Maximize financial returns on their investments.
  • Ensure that portfolio companies make sound investment and management decisions.
  • Participate in later financing rounds if the venture is successful.
  • Achieve liquidity through IPO or mergers.
  • Build a strong reputation in the VC community.

Shared Concerns: Both parties care about the success of the venture, the allocation of control rights, the split of financial returns, and the eventual liquidation of their stake in the company.

Potential Conflicts: The inherent difference in priorities can lead to conflicts, particularly regarding control rights and financial returns.

2. Logic Behind VC Contracts

VC contracts are designed to balance the interests of both the entrepreneur and the VC. The key elements include:

  • Financial Returns: Contracts are structured to reward VCs for their investment and to incentivize entrepreneurs to maximize the company's value.
  • Dynamic Allocation of Control: This feature allows more control to be given to entrepreneurs when the venture performs well, and more control to VCs if the venture faces difficulties.
  • Incentives for Liquidity Events: The structure of these contracts often provides strong incentives for both parties to work towards an eventual liquidity event, such as an IPO or a sale.
3. Key Terms in Venture Capital Contracts

Preferred Stock:

  • Redeemable Preferred Stock: Offers downside protection without the potential for upside participation.
  • Convertible Preferred Stock: Can be converted into common stock, allowing for upside participation if the company performs well.
  • Participating Convertible Preferred Stock: Combines features of both redeemable preferred and convertible preferred, offering both downside protection and upside potential.

Anti-Dilution Provisions:

  • Full Ratchet: Protects investors by adjusting the conversion price of preferred stock if new shares are issued at a lower price.
  • Weighted Average: Provides a more moderate level of protection by adjusting the conversion price based on the average price of new shares issued.

Covenants and Control Terms:

  • These terms dictate the level of control VCs have over major business decisions, including the issuance of new equity, significant business changes, and executive hiring.

Employee Terms:

  • These include stock option plans, vesting schedules, and other terms that align the interests of employees with the long-term success of the company.
4. The Role and Evolution of Preferred Stock

Preferred stock plays a pivotal role in aligning the interests of entrepreneurs and VCs:

  • Liquidation Preference: Ensures that VCs recover their investment before common shareholders in the event of liquidation.
  • Redemption Rights: VCs can force the company to buy back their shares, ensuring liquidity.
  • Convertible Preferred Stock: Provides the option to convert into common stock, offering potential upside while still protecting the initial investment.

Historical Evolution:

  • 1970s: Redeemable preferred stock, combined with common stock, was the norm due to fewer IPOs.
  • 1980s: Convertible preferred stock became popular as the IPO market became more active.
  • 1990s: Participating convertible preferred stock emerged as the favored security, particularly in later-stage investments.
5. Analyzing Payoff Structures

The payoff structures in VC contracts are crucial as they directly impact the incentives of the entrepreneur:

  • Convertible Preferred: Provides the VC with the option to convert their preferred stock into common stock at a predetermined price, typically upon an IPO or sale of the company.
  • Participating Convertible Preferred: Offers both the liquidation preference and equity participation, making it highly advantageous in scenarios where the company is liquidated or sold.

Impact on Valuation:

  • VCs often determine the post-money and pre-money valuations of a company based on the terms of the convertible preferred contract, which can sometimes lead to an overstatement of the company’s value if the liquidation preferences are not adequately accounted for.
6. Conclusion

Understanding the terms and implications of venture capital contracts is essential for both entrepreneurs and VCs. These contracts are designed to align incentives, manage risks, and ensure that both parties are motivated to achieve the highest possible outcome for the venture. As we move forward, consider how these concepts apply to real-world scenarios and how they can be tailored to fit the specific needs of both entrepreneurs and investors.

This concludes today's lecture. In our next session, we will delve deeper into the mathematical modeling of these contracts and explore more case studies that highlight the practical implications of these terms. Please review the provided reading materials and come prepared for a discussion on the dynamics of VC-entrepreneur relationships.

  • in book
  • 1 min read

機器學習實戰指南：Scikit-Learn 與 TensorFlow 實用見解

大家好！歡迎返嚟！今日我哋會深入探討機器學習嘅世界，分享下Aurélien Géron嘅著名書籍《Hands-On Machine Learning with Scikit-Learn and TensorFlow》入面嘅見解。無論你係初學者定係有經驗嘅從業者，呢本書都充滿住寶貴嘅知識。咁我哋一齊嚟睇下啲主要嘅重點啦！

首先，講下機器學習嘅基本原理。Géron介紹咗基本概念，好似監督學習同非監督學習，仲解釋咗批量學習同在線學習嘅分別，仲有基於實例嘅學習同基於模型嘅學習之間嘅區別。呢啲基本主題對於任何啱啱開始學習嘅人嚟講都係好重要嘅。

呢本書嘅一個突出特點就係佢嘅實踐方法。Géron冇用太多抽象理論嚟壓倒讀者，反而係強調使用兩個關鍵嘅Python框架：Scikit-Learn同TensorFlow嚟進行實際操作。通過具體嘅例子，佢確保讀者唔止理解理論，仲學識點樣喺現實場景中應用呢啲概念。

深度學習愛好者會發現呢本書好有價值。第二部分專門介紹咗使用Keras同TensorFlow嘅高級方法。Géron會指導讀者理解同訓練深度神經網絡嘅複雜性。呢部分內容對於希望深入研究當今推動AI進步嘅前沿技術嘅人特別有幫助。

呢本書充滿住設計用於唔同領域嘅技術同練習。無論你係做簡單嘅線性回歸任務定係更複雜嘅深度學習項目，實踐練習都可以幫你強化學習同提供實際經驗。

另一個關鍵嘅收穫就係關於大規模訓練同部署機器學習模型嘅詳細指導。Géron涵蓋咗使用TensorFlow進行大規模訓練同喺Google Cloud AI等平台上部署模型嘅關鍵主題。呢啲知識喺而家呢個以數據為驅動力嘅世界中尤為重要。

數據處理同準備亦都係機器學習流程中至關重要嘅步驟。Géron討論咗清理數據、特徵工程同處理大數據集嘅重要性，以確保機器學習模型嘅質量同性能。呢啲見解對於構建健壯同可靠嘅模型至關重要。

總結嚟講，Aurélien Géron嘅《Hands-On Machine Learning with Scikit-Learn and TensorFlow》係任何希望喺機器學習領域取得成功嘅人必讀嘅資源。佢嘅實踐方法、對深度學習嘅全面覆蓋、對實際應用嘅關注同對模型訓練同部署嘅詳細指導，都使佢成為一本必讀之作。無論你係初學者定係有經驗嘅從業者，呢本書都提供咗你成功所需嘅工具同知識。

多謝大家收睇，如果你鍾意呢條影片，記得點贊、訂閱同開啟通知鈴鐺，咁你就唔會錯過我哋嘅最新更新啦！我哋下次再見！

  • in book
  • 1 min read

如何用更聰明嘅方法建立強大人際網絡

大家好！歡迎返到嚟，我哋會分享提升職業同個人生活嘅小貼士同策略。今日我哋會講下哈佛商業評論嘅《更聰明嘅網絡指南》嘅主要重點。開始啦！

網絡唔係淨係交換名片咁簡單，係要建立真誠同多元化嘅聯繫，推動你嘅職業生涯。根據《HBR指南》，留個好嘅第一印象好重要。無論係會議定係隨意嘅聚會，進行有意義嘅對話可以為你打開新嘅機會之門。

指南強調網絡係一個持續嘅努力。唔係淨係建立聯繫，仲要保持佢哋嘅長期價值。定期聯絡你嘅聯繫人，提供價值，並了解佢哋嘅需求同目標，有助於學習同成長，推出新嘅想法。

我哋都面對過網絡疲勞或者感到唔真實嘅挑戰。HBR指南提供咗保持網絡健康同有價值嘅策略。記住，網絡應該係愉快嘅。與嗰啲啟發你、挑戰你同埋同你嘅職業抱負一致嘅人交往。

保持你嘅網絡充滿活力同多樣性，可以成為支持同機會嘅源泉。指南教我哋，真誠嘅關係係成功網絡嘅關鍵，幫助我哋更快進步。

所以，如果你想建立高質素、策略性嘅網絡，今日就開始建立啲真誠嘅聯繫啦。記住，質素比數量更重要。多謝你哋收睇！唔好唔記得點贊、評論同訂閱，咁你可以獲得更多有見地嘅影片。下次見，祝你網絡愉快！

下條片再見啦！

  • 4 min read

Fostering a Culture of Continuous Learning

In today's competitive landscape of talent acquisition and retention, companies are heavily investing in digital learning platforms designed to offer personalized learning paths and continuous development opportunities for employees. However, despite the potential of these platforms, organizations often face challenges in driving adoption and engagement. Employees may resist new tools, fail to see their relevance, or simply lack the time to engage. Addressing these challenges requires strategies that encourage engagement while aligning with the broader organizational purpose and employee value proposition (EVP).

Good engagement with a learning platform means employees log in consistently, complete courses relevant to their roles and personal growth, actively participate in interactive elements, apply newly acquired skills in their daily tasks, and provide constructive feedback on courses. To turn these engagement metrics into reality, companies need to focus on personalized learning, career growth, creating a culture of continuous learning, leveraging internal mobility, building the employer brand, and evolving the recruitment process.

One of the biggest challenges in driving engagement is making learning relevant and aligned with employees' career aspirations. Digital nudges can help by offering personalized learning paths based on job roles, career goals, and past learning behaviors. However, to truly integrate learning into the job, organizations should weave it into career development discussions. For example, during performance reviews, managers can discuss the skills employees need to develop for their next role and how the learning platform can support this journey. Making learning a part of the job requires leadership to actively promote and participate in learning initiatives. The organization needs to embed learning into daily operations and decision-making processes, ensuring that employees see the value of continuous development. Leadership buy-in is crucial—leaders should not only promote learning but also demonstrate its importance through their actions.

Internal mobility is a powerful tool for retaining top talent and fostering growth. However, to make it effective, organizations need to ensure that the right opportunities are visible to employees and that decision-making around mobility is transparent and skill-based. Regularly updating skill profiles and creating pathways for employees to move into new roles based on their development is crucial. Maintaining up-to-date skill profiles for all employees helps identify potential candidates for internal roles, while clearly communicating how internal mobility decisions are made and the skills needed for different roles encourages employees to take on new challenges.

Your organization’s reputation and how it is perceived by current and potential employees play a significant role in talent acquisition and retention. The learning platform should be an extension of your EVP, showcasing the company’s commitment to employee growth and development. Ensuring that your EVP is consistently reflected in policies, promotion decisions, and daily operations helps build a strong employer brand. Consistent messaging of your EVP across all channels, aligned with your learning platform's goals, is essential. Continuous measurement and adjustment of engagement strategies ensure that they stay relevant, and showcasing employee success stories where learning has led to career growth or impactful contributions to the company can further enhance engagement.

The traditional interview process often fails to accurately assess a candidate’s skills or potential for growth within the company. Evolving the recruitment process to focus on skills and cultural fit, rather than just experience and credentials, can help attract candidates who are aligned with your organization’s purpose and values. This approach not only helps in hiring the right talent but also ensures that new hires are more likely to engage with the learning platform from the start. Skills-based recruitment, two-way interviews that ensure alignment with the company’s mission and EVP, and onboarding processes that introduce new hires to the learning platform and set expectations for continuous development are all key to evolving the recruitment process.

In today’s competitive talent market, the adoption of a new digital learning platform is not just about implementing technology—it’s about embedding a culture of continuous learning that aligns with your organization’s purpose and EVP. By focusing on personalized learning paths, internal mobility, leadership buy-in, and an evolved recruitment process, companies can drive meaningful engagement with their learning platforms and create a competitive advantage in talent acquisition and retention. The goal is not just to get employees to use the platform, but to create a culture where continuous learning is valued and integrated into everyday work. This approach will not only enhance employee engagement but also ensure that your organization remains agile, innovative, and ready to meet the challenges of the future.

  • in academy
  • 4 min read

New Venture Valuation Explained - Key Methods & Strategies for Startup Success | Entrepreneurial Finance

Welcome to our first lecture on Entrepreneurial Finance, where we'll focus on the valuation of new ventures. Unlike established companies, new ventures face unique challenges that require specialized valuation methods. Today, we’ll explore the differences in valuing new ventures, the methodologies used, and the rationale behind these approaches.

What Makes New Venture Valuation Different?

Valuing new ventures is distinct due to several factors:

  • Higher Risks and Uncertainty: New ventures typically carry higher risks and uncertainties compared to established firms. This is due to the unpredictability of their market success, product development, and financial sustainability.

  • Potential for Higher Rewards: While the risks are higher, the potential rewards can be significant. This introduces the concept of option values, where the possibility of exponential growth is a key consideration.

  • Importance of Exit and Liquidity: Unlike mature companies, where continuous operations and profitability are primary concerns, the exit strategy and liquidity events, such as IPOs or acquisitions, are crucial for new ventures. These factors greatly influence valuation.

  • Beyond Go/No-Go Decisions: The valuation process in new ventures is not just about deciding whether to proceed with an investment; it also involves continuous evaluation and adjustment as the venture develops.

Valuation Approaches for New Ventures

Several methodologies are employed in valuing new ventures, each with its strengths and weaknesses:

  1. Discounted Cash Flow (DCF)/Adjusted Present Value (APV)
  2. APV over WACC: Traditional methods like Weighted Average Cost of Capital (WACC) are less effective due to the complex capital structures of new ventures, which often involve hybrid securities. APV is preferred as it accounts for changing capital structures and tax shields.

  3. Steps in APV:

    • Calculate Free Cash Flows (FCFs) to an all-equity firm until the company reaches a "steady state."
    • Discount these FCFs at the discount rate of an all-equity firm.
    • Calculate the Terminal Value based on the perpetuity of FCFs.
    • Value tax shields separately and discount by an appropriate rate.
    • The sum of these gives the Enterprise Value, from which debt is subtracted to determine Equity Value.

  4. Venture Capital Method

  5. This method is more intuitive and is based on expected future sales or earnings. It involves estimating the exit value at a future date (e.g., at an IPO or sale) and discounting it back to the present to determine the venture's current value.

  6. Real Options

  7. Recognizes the value of flexibility in decision-making as new information becomes available, allowing for better risk management in dynamic environments.
Case Study: Medical Diagnostics, Inc.

Let's look at an example to better understand the APV approach:

  • Scenario: Medical Diagnostics, Inc. has a multi-year projection where revenue grows significantly, but the company incurs losses for the first few years. By year 5, the company turns profitable.
  • Valuation Process:
  • Calculate FCFs each year, discounting them at an appropriate rate (13% in this case).
  • Determine the Terminal Value based on a conservative growth rate (e.g., 3% or 7%).
  • Value tax shields separately due to early-year losses, impacting tax liabilities.

Key takeaways from this valuation include recognizing the importance of tax losses, the impact of terminal value on overall valuation, and the flexibility of the APV approach in handling complex scenarios.

Why Are Discount Rates So High in Venture Capital?

In venture capital, discount rates often range from 25% to 80%, much higher than what traditional financial models like the Capital Asset Pricing Model (CAPM) would suggest. The reasons include:

  • Illiquidity of Investments: Private equity investments are less liquid than publicly traded stocks, warranting a higher discount rate.
  • Value Addition by VCs: Venture capitalists (VCs) add value beyond capital by providing expertise, networks, and management support, which is often reflected in higher discount rates.
  • Optimistic Forecasts: The inherently optimistic nature of projections in new ventures is often adjusted by applying higher discount rates.
Alternative Approach: Scenario Analysis

An alternative to using high discount rates is scenario analysis, where you model cash flows under different scenarios. This allows for a more nuanced understanding of risk and value, reducing reliance on "guessing" terminal values and accounting for the flexibility in changing strategies as new information arises.

Conclusion

Valuing new ventures requires a deep understanding of the unique risks, rewards, and financial structures involved. Whether using APV, the Venture Capital Method, or Real Options, the key is to adapt traditional valuation techniques to the specific needs of high-risk, high-reward entrepreneurial settings.

In our next lecture, we’ll delve deeper into real-world examples and explore how these methods are applied in different industries. Prepare for some hands-on exercises that will solidify your understanding of these concepts.