From Netscape and Amazon to Facebook and Alibaba: The Golden

From Netscape and Amazon
to Facebook and Alibaba:
The Golden Age of company formation and
how it is transforming our society
Bill Brady
Chairman, Global Technology Group
December 2014
Alibaba Group – Largest IPO in history!
Company Description

Alibaba is the largest online and mobile commerce company in the
world in terms of gross merchandise volume (GMV) in 2013,
operating Taobao Marketplace, Tmall, Juhuasuan, Alibaba.com and
other platforms
US$296 billion
(RMB1,833 billion)
Total GMV
279 million
Annual active buyers
8.5 million
“To make it easy to do business anywhere”
Transaction Structure
Ticker / exchange:
Pricing date:
Deal size:
Offer price:
14.5 billion
Annual orders
32.8%
US$71 billion
Of total GMV from
mobile transactions(1)
(RMB442 billion)
Mobile GMV
190+
86.1%
Countries where buyers
are located(2)
Of total mobile retail GMV
in China(1)
BABA / NYSE

Largest IPO in history
September 18, 2014

Nine day two-team roadshow, covering Asia, the US and London,
meeting over 2,000 investors

Price range was revised to $66 – 68 from $60 – 66, given
overwhelming demand and priced at $68

Heavily subscribed book of demand with high quality long-only,
sovereign wealth fund, and hedge fund investors

Strong aftermarket performance: stock opened / closed at
US$92.70 / US$93.89 on the 1st day of trading, up 36.3% / 38.1%
from the IPO price, reaching an intra-day high of US$99.70
(up 46.6%)
US$25,032 MM
(14% of enlarged share capital, 41% primary)
US$68.0 per ADS
US$60.0 – 66.0 per ADS
Revised price range:
US$66.0 – 68.0 per ADS
1
Packages generated on Alibaba’s
China retail marketplaces
Offering Highlights
Initial price range:
FD market cap:
Annual active sellers
6.1 billion
US$176,806 MM
The evolution of computing environments over
time and subsequent company formations
Each new computing cycle offers larger opportunities than the
previous one
(Devices or users in millions; logarithmic scale)
Mobile
Internet
1,000,000
100,000
Desktop
Internet
10,000
10BN+ Units?
1,000
PC
1BN+
Units / Users
100
Minicomputer
100MM+
Units
10
Mainframe
10MM+ Units
1
1MM+ Units
0
1960
1970
Source: Morgan Stanley Mobile Internet Report (12/09).
3
1980
1990
2000
2010
2020
A history lesson: 28 years of innovative companies which have
changed the way we live
6,000
Mainframe
PC
Client Server
Internet
Web
SaaS
Social
Big Data
Mobile
Cloud
5,000
/
/
4,000
3,000
2,000
/
1,000
(1)
0
'87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
Nasdaq
(1)
4
NASDAQ down 11% in 1 day on Oct. 19, 1987.
Amazon Roadshow slides
5
5
Amazon Roadshow slides (cont’d)
6
6
Amazon Roadshow slides (cont’d)
7
7
Amazon Roadshow slides (cont’d)
8
8
Amazon Roadshow slides (cont’d)
9
9
A history lesson: 28 years of innovative companies which have
changed the way we live
6,000
Mainframe
PC
Client Server
Internet
Web
SaaS
Social
Big Data
Mobile
Cloud
5,000
/
/
4,000
3,000
2,000
/
1,000
(1)
0
'87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
Nasdaq
(1)
10
NASDAQ down 11% in 1 day on Oct. 19, 1987.
So where are we now?
Disruptive themes in the Technology and Internet sectors
8 disruptive themes in Internet
12
1
Golden age of company formation
2
eCommerce is transforming society / marketplaces
3
Sharing economy creates massive public infrastructure at no marginal cost
4
Educational system is broken resulting in shortage of skilled workers
5
Healthcare and wearables represent a massive opportunity
6
Peer to peer lending is a no brainer for borrowers and investors / Lending Club
7
Online video / OTT content threatening the traditional entertainment model
8
App proliferation and the re-imagination of our lives
1
Internet and mobile makes connection between people
more seamless
Smartphone shipments
WW Internet usage & mobile penetration
1,296
Number of Internet users
(BN)
% mobile penetration of total
Internet usage
978
Mobile
penetration
CAGR
’14 – ’18:
CAGR ’09 – ’17:
28%
25%
Internet users
CAGR ’00 – ’18:
14%
4.0 175
2.9 61%
2009
2014
2017
Tablet shipments
398
271
CAGR ’10 – ’17:
53%
25%
20
0.4 0%
2000
2014
2018
Source: Statista 2014, Cisco Visual Networking Index, Portio Research.
13
2010
2014
2017
1
New age unicorns are created over-night
$200K
seed funding
Aug 2009
expansion round
valuation
Jun 2014
valuation
Aug 2013
$250K seed funding
$170MM
(Oct 2009)
revenue 2012
vs.
vs.
$19BN
$1.9BN
acquisition by Facebook
(Feb 2014)
revenue 2013
Source: Thomson Reuters, Wall Street Journal, TechCrunch, Forbes, entrepreneur.com.
14
$18BN
$3.5BN
$800MM
early stage valuation Jun 2013
vs.
$10BN
est. valuation in next round
Jul 2014
$1BN
valuation Jul 2011
vs.
$10BN
valuation Apr 2014
1
Golden age of company formation on the back of shrinking
technology costs
$1,197
$569
$222
1992
2012
1992
Computing
1/10
15
1992
2012
Digital Storage
Bringing startup costs down to
2002
$23
$0.03
$0.06
th
2012
Bandwidth
where they were a decade ago
2012
Source: Deloitte, Forbes.
Note: Computing represents dollars per million transistors; digital storage represents dollars per gigabyte; bandwidth represents dollars per
1,000 Mbps.
1
Slashing ownership costs for enterprise-grade software
Legacy
Cloud
~77%
reduction in TCO
for ITSM software
~50%
reduction in TCO
for ERP
Source: Servicenow.com, Hurwitz & Associates.
16
Retail
infrastructure
GDP
(% consumption)
Demographics
Emerging markets present massive opportunity
Disposable
income
growth
1
Population:
1,347MM
317MM
192MM
143MM
27
31
39
$1.9TN
$2.2TN
$2.1TN
62%
63%
52%
Median age:
38
37
$16.8TN
$9.2TN
69%
34%
Strong
Weak
Weak
Moderate
Moderate
Low
High
High
High
High
Source: CIA world factbook, World Bank data, Euromonitor and OECD data.
17
1,211MM
1
Internet leaders are using their currency to expand outside the box
October 2014
$200MM+
October 2014(1)
$1,600MM
October 2014
$725MM
(Connected home)
(Content)
(Online video advertising)
August 2014
$842MM
July 2014
$500MM
(Gaming)
(Online video advertising)
July 2014
$300MM
June 2014
$555MM
(Analytics)
(Monitoring & security)
June 2014
$500MM
May 2014
$3,000MM
April 2014
$60MM
March 2014
$20MM
March 2014
$2,181MM
18
(Satellites)
February 2014
$637MM
January 2014
$500MM
January 2014
$3,200MM
December 2013
$200MM
November 2013
$345MM
July 2013
$1,848MM
May 2013
$1,100MM
May 2013
$370MM
July 2012
$334MM
(Music)
(Drones)
(Drones)
(Virtual reality)
March 2012
$775MM
January 2012
$492MM
August 2011
$9,121MM
Source: FactSet, company press releases, news.
Note: Transaction date based on announcement date.
(1)
Alibaba rumored to be acquiring a 37.4% minority stake in Lions Gate Entertainment in a deal worth up to $1.6bn.
(Digital map & navigation)
DEEPMIND
(Artificial intelligence)
(Connected home)
(Search & analytics)
(3D sensor)
(Mobile)
(blogging)
(Video streaming)
(Semiconductor)
(Robotics)
(Semiconductor)
(Mobile)
2
eCommerce is transforming society / marketplaces
A vicious cycle: The Circuit City bankruptcy
41,495
(% Online penetration)
25.0%
total jobs
displaced
Feb 2007
(Stock price)
$35.00
553 stores
2003
22.5%

623 stores
Plan to close 70
international stores
$30.00
Nov 3, 2008
$25.00
398 stores
20.0%

Plan to liquidate and
close 155 stores
$20.00
17.5%
$15.00
15.0%
Nov 10, 2008

$10.00
File for Chapter
11 Bankruptcy
12.5%
$5.00
10.0%
2003
–
2004
2005
2006
2007
2008
Consumer electronics online penetration
19
Source: Wall Street research, Reuters, FactSet, Daily Finance.
Note: Total jobs displaced represents number of jobs cut since peak.
2009
2010
2011
Circuit City stock price
2012
2013
2
eCommerce is transforming society / marketplaces
A vicious cycle: Blockbuster bust
60,000
(% Online penetration)
total jobs
displaced
Sep 15, 2009
40.0%
4,356 stores

Announces closure
of 960 stores
(Stock price)
$1.80
$1.60
$1.40
30.0%
$1.20
Sep 23, 2010

20.0%
$1.00
Files for Chapter
11 Bankruptcy
$0.80
April 6, 2011
 Dish Network
acquires Blockbuster
for $233MM
10.0%
$0.60

0.0%
2008
2009
2010
Netflix US household penetration
20
Source: Wall Street research, Reuters, FactSet, news.
Note: Total jobs displaced represents number of jobs cut since peak.
2011
Blockbuster stock price
2012
Nov, 2013
$0.40
Closes remaining
300 stores
$0.20
$0.00
2013
3
Sharing economy creates massive public infrastructure at no
marginal cost
$160BN
$21BN
in construction costs(2)
in construction
costs(1)
19,521
unique listings in NYC
56.6
hotels(1)
12
countries covered
by Bla Bla Car
21
Source:
(1)
(2)
(3)
Recode, Company websites, Google.com, Railway Technical, Skift, Crains New York.
Based on equivalent number of rooms and residences and construction costs of the Park Hyatt Hotel in 2010.
Construction costs based on cost per km for constructing a non-high speed, double-track line in France in 2010.
Represents the distance across continental Europe from Lisbon, Portugal to Moscow, Russia.
4,564
km(3)
of railroads
3
Airbnb: disrupting the hospitality industry
Airbnb is the #1 hospitality provider in the world
(Number of listings / available rooms, in thousands)
800
687
676
672
645
346
Source: Fast Company, Airbnb.
22
4
Online education models are democratizing and innovating the
learning experience / MOOCs
Stanford “Intro to AI” class demonstrates massive impact
Classroom
version
MOOC
version
200
students
160,000
students
Reaching
3x the entire Ivy League
student body
Source: US News, CNN.
23
Engaging education experiences





Access to high quality education
Anywhere, anytime
Asynchronous / learn at your own pace
Free-to-learn
Individualized, 1-to-1 engagement
Source: Euromonitor Report.
24
Personal care
Alcohol
Communications
Education
Recreation / culture
Clothing & footware
Household goods
Hospitality
Food & beverage
Leisure
Transport
Goods / services
Housing
Healthcare
5
Healthcare is a massive problem
#1 cost of the US economy
(% of GDP)
20%
$3TN
annual US
healthcare spend
5
Digital health will drive efficiencies and improvements in
healthcare / wearables
Big Data
Global wearable device data traffic
(Petabytes per month)
98%
61
CAGR
2
2013
2018
$300–$450BN
cost savings
Changing behavior
User
43%
Takes
more
steps taken per day
Pervasiveness of sensors
10x–40x
Micro sensor
25
cost savings compared to
CT scan
Source: McKinsey & Co, 2013; entrepreneur.com; CBS News; Concord Imaging; Statistica.
(1)
Deloitte, 2014. Figure represents percent of problems that could be solved by an “eVisit” in the US and Canada.
50%
fewer in-person
doctor visits(1)
6
Peer to peer lending is a no brainer for borrowers and investors
Lower costs for borrowers
Higher returns for investors
29%
F
E
D
C
decrease in rates
on average
B
A
7.5x–18.5x
better returns
Direct end-to-end
lending platform
Credit card
Acquire
Price
Underwrite
7.4%
Originate
1.0%
0.4%
2yr Tsy
Source: Bankrate, Credit Suisse and Lending Club.
26
2yr CD
P2P
6
Disrupting a massive $1.1TN US credit card and SMB loan market
Case study: Total loans issued for Lending Club skyrocketing
($ in billions)
Next $2bn
5.5
(6 months)
5.0
4.5
4.0
3.5
2nd $1bn
(9 months)
3.0
2.5
1st $1bn
2.0
(67 months)
1.5
1.0
0.5
0.0
Jan 09
Source: Lending Club.
27
Jan 10
Jan 11
Jan 12
Jan 13
Jan 14
7
All-access Hollywood: disruptive online content shift
Traditional studio model
A boy + computer + Internet
Development
Louisiana
Screenwriter
Financing
Pre-production

Director

Manager

Casting

Sound
Talent Agency
<1%
make it
Production
Post-production
<1%
make it
# of views:
Distribution
Source: YouTube, Yahoo.
28
815,881,104
7
Driving online players to create their own content
Wonderly
Big Frame
Fullscreen
29
7
And content owners to create their own online platforms
Subscription
30
Transactional
Ad supported
7
Global OTT (Over-the-Top) messaging services taking over
>1B users in less than 5 years
Global Messaging Ecosystem – Select Players 2013
31
WhatsApp (USA), 4+ Years
Tencent WeChat (China), 3+ Years
MAUs = 400MM, +100% Y/Y
Messages / Day = 50B, +178% Y/Y
MAUs = 355MM, +125% Y/Y
Line (Japan), 2+ Years
KakaoTalk (Korea), 3+ Years
MAUs = 280MM
Messages / Day = 10B
Revenue= $388MM, +5x Y/Y (Q4:13)
Messages / Day = 5.2B, +24% Y/Y
Revenue= $203MM, +4x Y/Y
Snapchat (USA), 2+ Years
Viber (Israel), 3+ Years
Messages / Day = 1.2B
MAUs = 100MM
Source: Publicly disclosed company data for 2013.
Note: Snapchat messages / day comprises number of snaps sent per day and number of stories viewed per day.
8
Evolution of apps  Internet unbundling
First, multi-purpose web apps...
...now, single-purpose = 'there's an app for that... '
Source: Megan Quinn, KPCB Partner.
32
... then, multi-purpose mobile apps...
8
Re-imagining life through apps
Pinterest



750MM+ cumulative Boards
(4/14)
30B+ cumulative Pins
+50% Pin growth vs. 10/13
IMGUR



130MM MAUs (3/14)
3B page views per month
1.5MM images uploaded & 1.3B
images viewed per day
MyFitnessPal


65MM registered users (+50% Y/Y, 5/14)
100MM+ pounds lost by users since
inception
Source: Company data.
33
Fitbit

47B  2.4T steps (2011 
2013)... Distance = Earth to
Saturn
Eventbrite



Tinder
$1B gross ticket sales in 2013 (+60% Y/Y)
58MM tickets sold (+61% Y/Y)
1MM events in 187 countries


800MM swipes per day (+21x
Y/Y, 5/14)
11MM matches per day (+21x
Y/Y)
Github


13MM repositories in 2013 (+100% Y/Y)
10K users added per weekday
8
Re-imagining Snapchat…
34
China: Mobile commerce innovation leader
Tencent WeChat = 400MM Mobile Active Chat Users…
Increasingly Using Payments + Commerce
WeChat 'My Bank Card' Page
Manage money / invest in
money market funds via WeChat
Payment
Order taxi – powered by Didi – pay
via WeChat Payment
New Year Lucky Money –
fun / social game to
incentivize users to link
bank cards to WeChat
Payment... 5MM users used on Chinese
New Year Eve, 2014
Find restaurants / daily
group buy deals –
powered by Dianping and
pay via WeChat Payment
Source: Tencent, Liang Wu (Hillhouse Captial).
36
Tencent WeChat Services = Virtual Assistant
Personal Banker
Shopping Assistant
Private Chef
Grocery Getter
China Merchant Bank allows
customers to check & repay
balances and ask live questions
via WeChat
Mogujie / Meilishuo (fashion
discovery & shopping sites) give
customers tailored suggestions
via WeChat
Hahajing (a chain deli restaurant)
allows customers to order &
deliver food via WeChat
Xiaonongnv (a grocery delivery
startup) prepares fresh groceries
& delivers to your address via
WeChat
WeChat Service Accounts = Interactive Accounts with Communication / CRM / Ordering Capability
Source: Liang Wu (Hillhouse Captial).
37
Didi Taxi – 100MM+ Users = 5MM+ Daily Rides, +15x in 77
Days... Driven by WeChat Payment Integration & Subsidy(1)
Didi Taxi, Daily Taxi Trips Booked, 1/10/2014 – 3/27/2014
38
Source: Didi, Liang Wu (Hillhouse Captial).
(1)
Subsidy ranges from $1-3 per ride. Estimated total subsidy during this period was ~$233MM.
Alipay Yu’E Bao – Mobile Money Market Fund Launch...
Drove $89B AUM(1) in 10 Months



Simple, fun-to-use mobile product
Built on top of Alipay – the most popular online payment platform in
China with 160MM+ accounts
Technology enables same-day settlement


$0  $89B asset under management in 10 months
Top 3 global money market fund by assets under
management (AUM)
Alipay Yu'E Bao Assets Under Management, 5/13 to C1:14
($ in billions)
Asset Under Management
$89
$31
$9
$1
Launch
(5/29/13)
39
Source: Alipay, Liang Wu (Hillhouse Capital).
(1)
AUM is asset under management, Fidelity and Vanguard manage more assets than Alipay’s Yu’E Bao.
3Q13
4Q13
1Q14
Case Study of Alibaba Group
Company highlights and key investor feedback
Alibaba’s track record of growth

Year and
China
Internet
population(1)
Alibaba founded in
Jack Ma’s apartment
in Hangzhou

Alibaba.com launched

1688.com (formerly
known as
Alibaba.com.cn)
launched
9MM
1999


80MM
2003
Aliwangwang
instant messenger
launched on
Taobao Marketplace
Alipay launched
94MM
2004

210MM
2007
TMall
launched
298MM
2008
384MM
2009

Juhuasuan launched

AliExpress
launched

Mobile Taobao
App launched
457MM
2010
513MM
2011
618MM
2013

Alimama monetization
platform launched
 Taobao Marketplace
started to monetize


(1)
41
Source: CNNIC.
Taobao
Marketplace launched


Alibaba Cloud
Computing
founded
Alipay
separated
from the
Company
Singles Day
promotion recorded
GMV settled
through Alipay
of RMB36.2 billion
(US$5.8 billion)
Major marketplaces and services
China retail marketplaces
Taobao Marketplace
(Online shopping destination)
Tmall.com
(Brands and retail platform)
Juhuasuan
(Group buying marketplace)
AliExpress
(Global consumer marketplace)
Alibaba.com
(Global wholesale marketplace)
1688.com
(China wholesale marketplace)
Alipay (Payment services)(1)
China Smart Logistics (Logistics information system)(2)
Alimama (Online marketing services)
Data Platform
Alibaba Cloud Computing (Platform for internal and third-party use)
42
(1)
(2)
Through contractual arrangements.
Alibaba’s 48% owned affiliate.
Key investment highlights
43
1
Large China commerce opportunity
2
Scale and market leadership
3
Thriving marketplaces, platform and ecosystem
4
Unrivaled leadership in mobile commerce
5
Clear growth strategies
6
Proven management team and strong culture
7
Strong revenue growth, profitability and cash flow
After Alibaba, where do we go from here?
The future is brighter than ever
Tech investment (both public and private) soaring, companies
changing the world
On track for 284 tech IPOs raising $92B in total since 2008
S&P 500 Information Technology Index continues to climb
70
658
56
48
45
44
402
$37
100
2008
2009
2010
2011
2012
2013
2014YTD
$11
4
$1
$6
$6
2008
2009
2010
* 3/9/2009: 199
BABA
$21
17
2011
FB
$16B
2012
$22B
$10
2013
2014 E
Technology has become ingrained in our daily lives
Over 300K listings
Over 70MM active users
Over 20MM songs available
for free
100K new thermostats
sold each month
100s of thousands new
cameras sold annually
20K new drivers added
per month
15MM devices shipped
450MM active users
>100MM monthly
active users
Markets reflect excitement and appetite for tech in our daily lives
45
300K
estimated owners
Access to capital shifting to earlier in the lifecycle
Market capitalization of selected tech leaders at IPO
($in billions)



$167
$16.7
<50 tech IPOs
a year
More “large” IPOs
Avg. age ~8
years old



Hundreds of tech IPOs
a year
Most raising <$50MM
Avg. age <5 years old
$81
$11.5
$25
$9.0
$14
$8.0
$0.5
Alibaba
Google
Microsoft
$0.5
$0.2
Cisco
Capital coming from unconventional global sources
46

Outsized returns have shifted to the
private market

There have been 53 private placements for
technology companies over $1B in value

Companies are waiting longer to go public

Without public scrutiny, companies can focus
on growth at the expense of profitability

Well-managed visionary companies will
continue to drive innovation in
our ecosystem
Bigger and bolder companies as well as valuations
Private Tech companies with valuations > $1BN
Uber
$41,200 Airbnb
$10,000 Xiaomi
$10,000 Dropbox
$2,800 $800 $347 $10,000 Snapchat
$507 $10,000 Palantir
$150 $9,300 Theranos
$900 $9,000 Square
$91 $6,000 Pinterest
$5,000 SpaceX
$4,800 Cloudera
$495 Funding
rounds
Dec. 2014
2009
6
Apr. 2014
2008
7
Aug. 2013
Jan. 2014
2010
2007
4
5
5
$1,100 2003
Bloom Energy
$2,900 $600 Powa
$2,700 Box
$2,400 Houzz
$2,300 Dianping.com
$2,000 Trendy Group
$2,000 Nutanix
$2,000 Magic Leap
$2,000 Intarcia
$1,800 DocuSign $1,600 Jun. 2013
2009
6
Oct. 2013
2007
6
Aug. 2014
2007
6
Sep. 2013
2004
2
Jun. 2014
2001
8
Mar. 2014
2009
5
3
LaShou Group
$1,100 $166 Mar. 2011
2009
$115 Dec. 2012
2002
4
Slack
$1,100 $180 Oct. 2014
2009
4
$1,200 Mar. 2014
2008
7
Gilt Groupe
$1,100 Apr. 2011
2007
3
Apr. 2013
1996
14
Sep. 2014
2010
7
Aug. 2014
2011
4
Aug. 2014
2010
4
Sep. 2014
2007
3
Jul. 2014
2008
5
Oct. 2014
1998
2
Aug. 2014
2007
7
Jul. 2014
2006
6
Jun. 2014
2011
4
Apr. 2014
2004
4
Mar. 2014
2009
5
Dec. 2014
$531 $320 $472 $1,100 $156 $543 $200 $312 $592 5
Latest valuation
Source: Wall Street Journal.
Total equity funding
Honest Co.
$1,000 JustFab
$1,000 Credit Karma
$1,000 AppDynamics
$1,000 1999
10
2
Dec. 2011
2005
7
Dec. 2012
2005
7
Apr. 2014
2009
6
Razer
$1,000 Sep. 2011
2001
6
Lookout
$1,000 Nov. 2014
2007
2
Kabam
$1,000 Jun. 2013
2005
10
Mogujie
$1,000 2009
2003
4
5
Feb. 2012
1999
1
Aug. 2014
2009
5
Oct. 2014
2010
2
Mar. 2014
1995
10
InsideSales.c…
$1,000 TangoMe
$1,000 $221 $467 $600 $122 $300 $193 $157 $50 $284 $245 $200 $139 $367 New Relic
$1,000 $217 $1,000 $197 Apr. 2014
2008
6
Mar. 2014
2006
6
Qualtrics
$1,000 $220 Sep. 2014
2002
2
Evernote
$1,000 $242 May 2012
2005
4
Dec. 2012
2009
3
Apr. 2011
2003
5
2004
9
Apr. 2014
2004
7
CloudFlare
$1,000 12
Xunlei
$1,000 1999
$207 Eventbrite
Mar. 2014
Sep. 2011
$424 $1,000 1995
$598 $207 $1,000 Jun. 2013
Feb. 2014
$569 2009
Good Tech.
Delivery Hero
Feb. 2014
Jun. 2014
$215 Jasper $1,400 $205 Deem $1,400 3
7
$200 $470 $302 $1,100 2
2005
8
6
$3,000 $496 2004
May 2014
2009
6
Pure Storage
$200 Sept. 2013
2008
2006
$3,000 $231 Funding
rounds
May 2014
2006
Legendary Ent.
$335 Year
founded
Oct. 2014
Apr. 2014
$3,000 $1,200 Proteus Dig.
Nov. 2013
VANCL
$1,200 Sogou
Jun. 2014
$190 $1,200 AppNexus
7
$521 $3,300 $1,200 3
$155 $3,100 $1,200 Fab
2004
$4,000 Fanatics
Automattic
MongoDB
$290 $1,300 2012
$3,800 Jawbone
Sunrun
Sep. 2013
Spotify
$3,600 Latest
valuation
Nov. 2013
Lending Club
Stripe
47
Year
founded
Actifio
$800 $4,100 Latest
valuation
Latest valuation
$72 $111 Total equity funding
Transformational companies are bigger and bolder
Mobile
Cloud
services
Content
Alt.
energy
Video
Next gen.
transport
E-comm
Elon Musk
(SolarCity et al)
Advertising
Mobile
Payments
Email
Cloud
services
Content
Cloud
services
Maps
IoT
Retail
Social
Payments
~1997
Visionary companies create ecosystems and empower future entrepreneurs
48
Wholesale E-comm
2014
The future looks brighter than ever
Elon Musk
(SolarCity et al)
Connectivity
OS
Project Loon
Energy
Transport
Hyperloop
Self‐driving cars
Smart home
Biometrics
Electric airplanes
Proprietary WiFi
Set‐top boxes
IoT sensors
Rumored wearables projects
Chromecast
Smart TVs
Smart lenses
AI
Robotics
DEEPMIND
2014
These companies will continue to innovate how we interact with technology everyday
49
2024

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