Lovepop

Ramana  Nanda; Robert F. White; Olivia  Hull

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Supplement | HBS Case Collection | July 2018

Lovepop

by Ramana Nanda, Robert F. White and Olivia Hull

Language: English

Format: Electronic

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Citation:

Nanda, Ramana, Robert F. White, and Olivia Hull. "Lovepop." Harvard Business School Spreadsheet Supplement 818-706, July 2018.

About the Authors

Ramana Nanda

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

Entrepreneurial Management

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Robert F. White

MBA Class of 1957 Senior Lecturer of Business Administration

Entrepreneurial Management

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Article | Journal of Financial Economics | July 2020

The Persistent Effect of Initial Success: Evidence from Venture Capital

Ramana Nanda, Sampsa Samila and Olav Sorenson

We use investment-level data to study performance persistence in venture capital (VC). Consistent with prior studies, we find that each additional IPO among a VC firm's first ten investments predicts as much as an 8% higher IPO rate on its subsequent investments, though this effect erodes with time. In exploring its sources, we document several additional facts: successful outcomes stem in large part from investing in the right places at the right times; VC firms do not persist in their ability to choose the right places and times to invest; but early success does lead to investing in later rounds and in larger syndicates. This pattern of results seems most consistent with the idea that initial success improves access to deal flow and that preferential access raises the quality of subsequent investments, perpetuating performance differences in initial investments.

Keywords: Performance; Monitoring; selection; Status; Venture Capital; Performance Consistency; Investment;

Citation:
Nanda, Ramana, Sampsa Samila, and Olav Sorenson. "The Persistent Effect of Initial Success: Evidence from Venture Capital." Journal of Financial Economics 137, no. 1 (July 2020): 231–248. View Details

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Case | HBS Case Collection | June 2020

In-housing Digital Marketing at Sprint Corp.

David E. Bell, Rajiv Lal and Olivia Hull

In the fall of 2019, Sprint’s Chief Digital Officer Rob Roy reflected on the telecom’s efforts to improve the effectiveness of its digital marketing campaigns. Digital media buying had long been handled by an outside agency, but in 2017, Sprint brought those functions in-house to enhance the company’s ability to respond to the market in real-time. Early results suggested the plan was working, but Sprint continued to face fierce competition from its rivals. Sprint’s subscriber losses mounted as it attempted to merge with T-Mobile. Could digital marketing stem the losses and win consumers’ hearts?

Keywords: Advertising; Online Advertising; Transformation; Talent and Talent Management; Marketing Strategy; Social Marketing; Telecommunications Industry; Electronics Industry; Web Services Industry; United States;

Citation:
Bell, David E., Rajiv Lal, and Olivia Hull. "In-housing Digital Marketing at Sprint Corp." Harvard Business School Case 520-026, June 2020. View Details

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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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