Endeavor: Miami Heats Up

William A. Sahlman; Ramana  Nanda; David  Lane; Lisa  Mazzanti

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Teaching Plan | HBS Case Collection | February 2014

Endeavor: Miami Heats Up

by William A. Sahlman, Ramana Nanda, David Lane and Lisa Mazzanti

Language: English

Format: Print

7 pages

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Citation:

Sahlman, William A., Ramana Nanda, David Lane, and Lisa Mazzanti. "Endeavor: Miami Heats Up." Harvard Business School Teaching Plan 814-071, February 2014.

About the Authors

William A. Sahlman

Baker Foundation Professor, Dimitri V. D'Arbeloff - MBA Class of 1955 Professor of Business Administration, Emeritus

Entrepreneurial Management

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Ramana Nanda

Sarofim-Rock Professor of Business Administration (Leave of Absence)

Entrepreneurial Management

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Working Paper | HBS Working Paper Series | 2020

The Evolution of CEO Compensation in Venture Capital Backed Startups

Michael Ewens, Ramana Nanda and Christopher Stanton

We use individual-level data to shed light on the evolution of founder-CEO compensation in venture capital-backed startups. We document that having a tangible, marketable product is a fundamental milestone in CEOs' compensation contracts, marking the point at which liquid cash compensation begins to increase significantly – well before a liquidity event. “Product market fit” also coincides with key human capital in the startup becoming more replaceable, marking an apparent transition in the firm's lifecycle from differentiation to standardization. Although substantial increases in cash compensation for founder-CEOs in response to milestones improves the certainty equivalent of attempting entrepreneurship relative to flat pay, low cash compensation in the very early years can still deter entrepreneurship for potential entrants. We characterize the types of individuals most likely to be impacted by this constraint and hence those whose ideas are unlikely to be commercialized through VC-backed entrepreneurship.

Keywords: entrepreneurship; venture capital; Executive Compensation;

Citation:
Ewens, Michael, Ramana Nanda, and Christopher Stanton. "The Evolution of CEO Compensation in Venture Capital Backed Startups." Harvard Business School Working Paper, No. 20-119, May 2020. View Details

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Working Paper | HBS Working Paper Series | 2020

Financial Distancing: How Venture Capital Follows the Economy Down and Curtails Innovation

Sabrina T. Howell, Josh Lerner, Ramana Nanda and Richard Townsend

Although late-stage venture capital (VC) activity did not change dramatically in the first two months after the COVID-19 pandemic reached the U.S., early-stage VC activity declined by 38%. The particular sensitivity of early-stage VC investment to market conditions—which we show to be common across recessions spanning four decades from 1976 to 2017—raises questions about the pro-cyclicality of VC and its implications for innovation, especially in light of the common narrative that VC is relatively insulated from public markets. We find that the implications for innovation are not benign: innovation conducted by VC-backed firms in recessions is less highly cited, less original, less general, and less closely related to fundamental science. These effects are more pronounced for startups financed by early-stage venture funds. Given the important role that VC plays in financing breakthrough innovations in the economy, our findings have implications for the broader discussion on the nature of innovation across business cycles.

Keywords: venture capital; innovation; patents; business cycles; recessions;

Citation:
Howell, Sabrina T., Josh Lerner, Ramana Nanda, and Richard Townsend. "Financial Distancing: How Venture Capital Follows the Economy Down and Curtails Innovation." Harvard Business School Working Paper, No. 20-115, May 2020. View Details

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Case | HBS Case Collection | December 2018 (Revised April 2020)

Fluidity: The Tokenization of Real Estate Assets

Marco Di Maggio, David Lane and Susie Ma

In December 2018, the blockchain startup Fluidity was about to participate in its first tokenization deal, which would create digital access to property rights in a 12-unit Manhattan condominium complex. The deal was proof-of-concept for Fluidity, which hoped to develop a business digitizing securities issuance for other real estate assets on the basis of its technical facility with blockchain technology, and in conjunction with its broker-dealer partner, Propellr. A successful transaction would only prompt larger and more urgent strategic questions, however. Among them was the appropriate revenue model for Fluidity—whether to grow by providing its technical services to broker-dealers, by going into tokenized securities issuance, or by harnessing its trading technology to facilitate a secondary market in tokenized securities.

Keywords: Blockchain; tokenization; data security; revenue model; Finance; Technological Innovation; Strategy;

Citation:
Di Maggio, Marco, David Lane, and Susie Ma. "Fluidity: The Tokenization of Real Estate Assets." Harvard Business School Case 219-057, December 2018. (Revised April 2020.) View Details

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Endeavor: Miami Heats Up

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