Angel Ventures Newsletter by fantina avila

Angel Ventures Newsletter Year 5, Vol. 9, September 2013

â&#x20AC;&#x153;Failure is simply the opportunity to begin again, this time more intelligentlyâ&#x20AC;? Henry Ford

Entrepreneurship in Mexico and Colombia in the global context. P. 2

What you did not know about Venture Capital. P. 10

The future of entertaiment. P. 4

AVM Events and Entrepreneur Ecosystem. P. 11 - 13

Focus Entrepreneurship Policy on Scale-Up, not Start-Up. P. 6 8 Qualities of Hearless Entrepreneurs. P. 8

Financial Vocabulary & recomendations. P. 14 & 15

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Entrepreneurship in Mexico and Colombia in the global context

By: Cristian Huertas, Director of Special Projects, AVM.

ntrepreneurship, more than a fad, has become a major issue on the agenda of many countries, thanks to the fact that the impact of strong entrepreneurial ecosystems is remarkable situation for all nations. A study conducted by the team of Angel Ventures Mexico shows that there is a negative correlation index between young unemployment rate1 and established business ownership2, the interesting thing is that the index remains when comparing youth unemployment with the percentage of population that owns new ventures3. The study also shows that by 2012, countries with high levels of inequality (measured by the Gini index 4) showed significant activity when it came to creating new businesses. We attribute this to the level of informality produced by the low supply of jobs.

60 50

40 30 30 20

Established Business Ownership Rate

Informal Investors Rate

New Business Ownership

TEA

Desemp Jov

Desemp

GINI

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The challenge for governments is to convert these new informal businesses into established businesses. This is only possible with strong support for entrepreneurs. Colombia took a long time to realize this, and it wasnâ&#x20AC;&#x2122;t until they received one of the best and worst awards at the same time: it was recognized as the country with the highest number of startups, and also the largest number of companies closed in the same year. These considerations led the Colombian government to create Innpulsa Colombia. Innpulsa is the equivalent to the newly created National Entrepreneur Institute. The reason for these institutions is simply to strengthen entrepreneurship in their countries, and ensure that companies receive funding, no matter the size or stage in which they are at the moment. The entire atmosphere, both in Colombia and in Mexico, related to entrepreneurship is quite promising, the initiative to undertake is greater than the average for other countries5, there is already a critical mass of entrepreneurs, but there is still a long way to go to reach successful ventures, and still more for these ventures to be sufficiently attractive for investment. One of the ways in which the Mexican government is addressing the problem is by attacking the early stages of entrepreneurship. Many of the reasons why very well prepared projects with high innovation factors are not investment in, is the inability to translate them into financial language and a structured plan of work. The solution is the association of people with expertise in areas such as engineering, computer science, medicine, biology, pharmacy, etc., to people with administrative, economic and / or financial knowledge. Therefore, the Mexican government, through Angel Ventures Mexico, and supported by Promotora Social de Mexico, are encouraging the creation of affinity clubs that include students from different professions, this with the objective that in these extracurricular activities, students will experience an exchange of knowledge and association of ideas that will translate into more robust ventures. The program is so promising that there is an initiative to bring this model to the Public Schools of Upper Education system. The efforts that both Colombia and Mexico have made in favor of entrepreneurship are important, but still, more support is needed. As the figures show, entrepreneurial activity in Mexico has to work harder to be above average and Colombia has to

enlarge the effort so that the trend of activity indicators is not only maintained, but keeps increasing. Not only are more resources needed, but they need to be effectively allocated through agents who have experience in selecting the most promising projects, so that these resources can be monitored and conveniently located. Also, there needs to be a better coordination between economic and educative agencies to maximize the results that have been obtained and minimize costs. Powerful winds are blowing to inflate the sails of Mexican and Colombian venture boats, hopefully, governments will take advantage of the momentum, to reach the port of prosperity.

1. CIA World Fact Book Data. 2. GEM (Global Entrepreneurship Monitor) data of 2012. Percentage of 18-64 population who are currently owner-manager of an established business, i.e., owning and managing a running business that has paid salaries, wages, or any other payments to the owners for more than 42 months 3. GEM (Global Entrepreneurship Monitor) data of 2012. Percentage of 18-64 population who are currently a owner-manager of a new business, i.e., owning and managing a running business that has paid salaries, wages, or any other payments to the owners for more than three months, but not more than 42 months 4. CIA World Fact Book Data 5. GEM (Global Entrepreneurship Monitor) data of 2012. Percentage of 18-64 population who are either a nascent entrepreneur or owner-manager of a new business

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The future of

entertainment Technological innovation is promoting changes in the industry of Entertainment and Media´s (E & M) infrastructure and in consumer demands. Which indicates the creation of new trends in the coming years, the impact is expected to vary depending on the market / segment in two key areas: substance and form.

he first has to do with the rise of middleclass consumers with a tendency to spend on experiences of E & M and the second with a better infrastructure in many markets with high potential. The industry should be responding quickly to react operationally and create new business models that users demand. Form and content are two factors intertwined together which represent a challenge to the industry. According to PwC’s annual report entitled “ Global Entertainment and Media Outlook 2013-2017 “ The answer lies in how you develop and distribute the content, so as to promote customer loyalty and through the ability to share this content to generate a string in favor of the company that produces them. The challenge is not easy in an environment that is constantly changes patterns of consumer behavior. In this new context the E & M companies of all kinds are evaluating their competitive edge and redefining their positions within an ecosystem with the support of a well-connected consumer. Successful companies must invest in continuous innovation of its products and services, operational and business models and the consumer experience.

According to PwC annual report, over the next five years (and beyond), all growing companies will seek a new substance and a consumer with different needs and expectations. This is not easy, in the last five years, consumers have witnessed an explosion of marketing and a bunch of option of the same product, which is creating confusion in their minds and put on the table a reality, is shifting from the “mass “ to “ my means.” This transition is because to the extent that media consumption is fragmented across devices, users increasingly want personalized experiences on the devices of their choice. The change to “ my media “ can be taken as a starting point in which customers leave their pay TV subscriptions and access the content they want through services cheaper online content. This transition requires content creators to have a better understanding of what consumers are willing to pay, which means a closer than ever look into their behaviors and needs through data collection in social media.

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To ensure relevant and valuable content is to create new models based on five imperatives: Los cambios en el consumo una nueva 1. Harnessing the power ofplantean second screens. Exploit the devices to deepen the relation de E&M. and access to main content. 2. Continue the development of windowing to meet the needs of consumers online. 3. Integrate suppliers, operators and users of content to add value through, for example, a discount rate. 4. Overcoming the challenges of personalization, understanding consumers while respecting their privacy. 5. Encourage and facilitate the discovery and recommendation of content as consumers need help navigating online and access the content they want.

Market participation

El gasto en E&M digital, impulsado por el alto nivel de adquisiciones de dispositivos inteligentes, constituirá el 44% de todo el gasto de los mercados maduros para 2017, casi el doble del nivel alcanzado en 2008 y más del 34% registrado en 2012.

Todos los territorios están mostrando un The transition from “mass“ to “ “my means“ is the key in the crecimiento de dos dígitos en la de TV online; los mercados change in the industry, while coveringcategoría 13 industry segments in maduros están a la cabeza, los cinco más 50 countries (TV subscriptions and licenses, advertising TV, importantes en 2012 fueron on EU, Reino Unido, Alemania, Francia y Canadá. internet access, radio, outdoor advertising, video games, audioSe espera que la publicidad móvil crezca visual entertainment, news publications, consumer magazines en todas las regiones durante los próximos cinco años; a una tasa de publications, business-to -business, Internet advertising, consucrecimiento anual compuesto de 27% lasthis ganancias superen mer book publishing , educational andasegurará music),quefor article welos 27 mil millones de dólares en 2017, will focus on digital media as it relates toincluyendo consumer spending and 15% de las ganancias de publicidad vía internet. China, Brasil, advertising to be the argument underlying the transformation of India, Rusia, Medio Oriente, África del Norte, México, substance and form. Some of the projections are:Indonesia y Argentina registrarán el mayor crecimiento y

• In 2014, mobile internet revenue of 259 billion will represent over 50 % of total internet access. 30 Visión Agosto 2013 • Spending on digital E & M, (driven by the high level of acquisitions of smart devices) will constitute 44% of all spending in mature markets by 2017, almost double the level in 2008 and over 34 % in 2012. • All areas are showing double-digit growth in online TV category; mature markets are at the top, the top five in 2012 were the U.S. , UK, Germany, France and Canada.

• It is expected that mobile advertising will grow in all regions over the next five years at a compound annual growth rate of 27 %, including 15 % of the advertising revenues via the Internet. China, Brazil, India, Russia, Middle East, North Africa, Mexico, La tasa compuesta de crecimiento anual Nuevo mapa de consumo para estos es más del doble and Indonesia and Argentina recorded themercados highest growth De acuerdo con el reporte, los cambios que la de la industria de E&M en en el consumothe plantean una nueva challenge current market ranking general,second por lo queincome. representará el 22%

configuración del mercado de E&M en el de los ingresos totales globales de E&M que China subirá de la quinta posición en 2017, casi el doble del 12% registrado que ostentaba en 2012 a la tercera en en 2008. Además, el impacto de una 2017, superando al Reino Unido en 2013 creciente clase media y una mayor y a Alemania en 2016. Brasil también urbanización en estos mercados ayudará crecerá y estará arriba de Canadá en a revertir la suerte de algunos 2014 y de Corea del Sur e Italia en 2016 segmentos de la industria. para llegar a la séptima posición. India Los mercados más maduros y rebasará a Australia en 2014, pero tecnológicamente avanzados de quedará fuera de los 10 mercados con According to the report, changes in consumption a new América del Norte, Europa pose Occidental y gastos de consumo más altos. Asia Pacífico, serán esenciales en la market configuration of E & M in which China will rise from the China, Brasil, India, Rusia, Medio promoción del cambio global hacia el Oriente, África del México, consumo digital de servicios de fifth position it Norte, held in 2012 to third in 2017, surpassing theE&M. United Indonesia y Argentina registrarán el Durante el periodo pronosticado, el mayor crecimiento dentroand de la Germanyauge Kingdom in 2013 in detrás 2016del . Brazil will generará grow also gasto digital industria en general, prácticamente importantes momentos clave en muchos and will reach the seventh India will overtake Australia duplicando su participación en los position. de estos mercados en los que la consigna ingresos totales durante el periodo será tener respuestas ágiles para in 2014, but left out of the 10 markets with higher consumer 2013-2017. responder operativamente y crear los spending. China, Brazil, India, Russia, MiddledeEast, North Africa, nuevos modelos negocio que demandan los usuarios.

New consumption map

Mexico, Indonesia and Argentina recorded the highest growth in the Industry will nearly double its total revenues during 20132017.

The annual compound growth rate for these markets is more than double that of the E & M in general, which will represent 22% of total revenues global E & M in 2017, nearly double the 12 % recorded in 2008. Moreover, the impact of a growing middle class and increased urbanization in these markets will help reverse the fortunes of some segments of the industry. More mature markets technologically advanced in North America, Western Europe and Asia Pacific, will be essential in promoting the global shift to digital consumption E & M services. Only the companies that have speed, flexibility and perspective to adapt to the new situation by offering personalized content experiences, relevant and indispensable will achieve a profitable position.

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Focus Entrepreneurship Policy on Scale-Up, Not Start-Up Source: Daniel Isenberg

ould you allocate more of society’s resources to giving birth to more babies or to raising children well? Now, think about enterprise crea-tion and the challenge of economic growth. Societies’ leaders need to rebalance entrepreneurship policy towards scale, not start.

In recent years, we have been witnessing a significant global shift in attitudes towards entrepreneurship in countries around the globe. This is reflected in the dramatic proliferation of start-up programs: Start-up America, Start-up Chile, Start-up Russia, Start-up Britain, Start-up Weekend, and dozens of others. “Start-up” has replaced “Silicon” as the reigning entrepreneurship buzzword: There is hardly a country or city that is lacking a start-up program. Unfortunately, this is being guided almost exclusively by a narrow conception of entrepreneurship as consisting primarily in the starting-up of an enterprise. Equating entrepreneurship with start-up is not wrong; it is just very incomplete. It is also problematic because of two flawed implied messages: The first is that the most difficult and important task of the entrepreneur is launching his or her venture. The second is a notion we might call “the more the merrier” — i.e., the more start-ups, the more successful the program. Quantity of start implicitly trumps quality of scale.

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Both of these messages are doubtful. If we look at entrepreneurship in terms of extraordinary value creation and capture, which I do, then it is clear that value can be created and captured in a large variety of ways, and there is no a priori reason to think doing this from scratch via a start-up is the only or even the best way. Extraordinary value creation may involve acquiring, re-purposing, spinning off, or recombining underutilized or undervalued assets, or what my Stanford colleague George Foster calls “re-starts.” The Kaspersky’s, for example, founded their leading anti-virus company by spinning it out from a struggling Russian institute they worked for. Over the past decade or so, search funds have become an effective vehicle for acquiring undervalued companies to infuse with capital, management and growth. Family businesses, large corporations, R&D centers and universities — any of these can be essential in creating or freeing up assets rich with untapped potential. And yet. Extraordinary value creation cannot occur without growth, and entrepreneurial growth post start-up has numerous challenges which can be an order of magnitude more difficult than simply starting a venture. Growth entails developing a powerful sales and marketing machine, building an organization by hiring and managing diverse groups of people, and knowing how to acquire strategic inputs such as the right kinds of capital and suppliers. Growth requires amazing amounts of energy and dedication, not to mention smarts. Forward-looking policy, as well as culture and the private sector, must support all these skills and resources more than it does at present. Indeed, when I dig into examples of start-up programs, ranging from Scandinavia to the Middle East to both North and South America, scale-up is the far bigger challenge: After two years and $12 million, Start-up Chile’s largest resident start-up employs three people, according to Horacio Melo, the CEO. A comprehensive set of start-up programs and policy reforms in Denmark in the early 2000s led to a dramatic increase in the numbers of ventures formed, but when analyzed five years later, the vast majority had plateaued at a few employees, and fewer than 1% met the fairly modest criteria set to be considered “growth” ventures. Chile and Denmark’s policies are not “wrong” (in fact, in Denmark this finding has provided policy makers additional impetus to strengthen efforts to crack the code of scale). The lesson is: scaleup is so much harder than start-up entrepreneurs (and policy leaders) realize. As one of my successful entrepreneur friends warns, “This is tough bloody s[***].” We need to turn the focus on growth-after-start: growth will not somehow take care of itself. To return to the imperfect analogy of my lede above, anyone who has been a parent knows that the long and complicated job of growing a healthy, educated and moral child is vastly more

challenging than giving birth. I vividly remember how our first birthing class spent hours on breathing and epidurals, yet I had no clue about how to change a diaper or deal with a rash let alone be a father of teenagers! And societal resources required to formally and informally prepare parents for and support them in parenthood are immeasurably greater than for the birth process itself. So it is just now dawning on many in business and government that when these start-up programs are successful in stimulating venture birth rather than venture scale, the tremendous challenges of growth may paradoxically become worse, not better, and can leave many stagnant or overvalued ventures that may have little real prospect of growth. We can refocus policy on scale-up in a number of ways. One is structural: stop treating venture survival as an indicator of policy success and start looking at those that grow. It is also necessary for policy to facilitate extremely high levels of venture death and recycling in order to avoid a plethora of valueless start-ups. Focus much more attention on enriching the local labor pool, an essential aspect of an effective ecosystem. Entrepreneurs I meet with from Boston to Bangalore to Barcelona who have succeeded in obtaining market traction almost universally complain about the paucity of appropriately skilled people and managers to hire. Entrepreneurial ventures can never grow without talent, and the two basic types of talent needed — new employers and new employees — must evolve together. Furthermore (and here is where the parenting analogy breaks down), experience and the existing data suggest that a very small number of high-growth ventures may be sufficient to generate almost all of the social and economic benefits of entrepreneurship. One venture which grows to 100 people in five years is probably more beneficial (to entrepreneurs, shareholders, employees, and governments alike) than 50 which stagnate at two. Endeavor has recently shown that just two or three unusually scaling ventures can have an utterly disproportionate impact on dozens of successors, and impact the entrepreneurship culture in a region. Which is more important, giving birth or raising children? Obviously, birth is necessary, but it is greatly insufficient. In focusing entrepreneurship policy almost exclusively on start-ups we are favoring quantity of start-up at the expense of quality of scale-up.

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Qualities of Hearless

Entrepreneurs Source: Jeff Haden

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ou know the type: They do things other business owners only dream of doing and usually succeed. Here’s what sets them apart.

“In my office, the term badass is thrown around a lot,” says Dr. Shelley Provost, a partner and director of happiness of the venture incubator Lamp Post Group. “We use it to describe many things: a person’s performance or accomplishments or ability to close a sale or turn a profit, or how well they ask someone out on a date basically their overall potential for awesomeness.” These are the qualities that Provost says set true business badasses apart:

1. They say yes first, then figure out how to deliver. Badasses are incredibly confident, with good reason. If a job is anywhere near their wheelhouse, they will find a way to get it done or die trying. Why? They trust their own abilities, but they trust the people around them just as much. If you’re a true badass, you think there’s a way to solve every problem. All you have to do is find it.

2. They think differently than everyone else. Most business problems aren’t new. Badasses tackle old problems with a variety of creative solutions. Instead of designing a corporate newsletter that no one will read to “improve communication,” a badass will create a holograph of the CEO that welcomes you to work and gives you the latest news. And a true badass would wear a flowing gown like the one in this video of a Kate Moss hologram. Tell me that wouldn’t improve communication.

3. They speak up. When badasses have a different opinion, they share it. But they aren’t argumentative--because that would just make them asses.

4. They enthusiastically share their awesonme skills. Badasses never shy away from teaching others. Inject energy and innovation into your teaching method, and people will flock to learn from you. High Skill + High Confidence + Sharing With Others = True Business Badass.

5. They live by their own code. They respect authority, but not too much. Whether their code is to be a creative force in the world, to disrupt technologies, or to challenge others to examine their lives, badasses are unwilling to compromise their principles and beliefs for the comfort or approval of others. If you’re a true badass, you answer to a power deep within you.

6. They do what others only wish they could do. One of my favorite quotes is, “The Wright brothers never had a pilot’s license.” Rather than look around for permission or approval, badasses are courageous. They’re initiators. They have an idea and they act. Rather than research and dwell on and discuss a problem to death, badasses find a solution by actually doing things.

7. They never, ever, ever give up. Malcolm Gladwell popularized the idea that it takes 10,000 hours master a complex skill. But the real key to mastering a complex skill is grit-the ability to stick with something long enough to log those 10,000 hours. People with grit are like antidilettantes. Rather than flit from thing to thing, gritty people pick something and stick with it. They’re tenacious, dogged, persevering, and they absolutely refuse to give up. The grittiest people don’t just work longer and harder, although that is part of the equation. They keep a laser focus on their goal and say, “No, thanks,” to anything that gets in their way.

8. They ignore the haters. There are many reasons to listen to the haters: to save face, to remain comfortable, to be secure, to not look like the fool. But as Dale Carnegie, the badass of winning friends and influencing people, said, “The person who goes farthest is generally the one who is willing to do and dare. The sure-thing boat never gets far from shore.” Haters try to talk you into - or even scare you into - sticking with the status quo. Be a true business badass. Don’t listen.

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What you did not know about

Venture Capital

Excerpt obtained from Enrique Wiencke’s study, Added Value? Venture Capitalist Contributions to Finance Companies

The high-impact entrepreneur in Mexico: Is male, has an approximate age of 40.7 years, he has a bachelor’s degree, but no post-graduate studies, and the project represents his first effort at entrepreneurship.

The venture capitalist México: Is male, has an approximate age of 42.7 years, He has a bachelor’s degree and post-graduate studies, He has been investing in companies for 2.8 years.

The company funded by venture capital in Mexico: Has been in operation for 5.3 years, Has operated with venture capital for the past 2.9 years, Employs 122 people, Has annual sales of $76.9 million pesos, Received $33.2 millon pesos in venture capital.

The venture capital fund in Mexico: Has been in operation for 2.6 years, It is managed by 2.7 venture capitalists, It has 8.8 employees, It has a size of $ 457 million, And has invested in 3.7 companies.

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AVM Events And Entrepreneur Ecosystem

Startup Drinks MX The place to be! By: Emma L. Cruz, Regional Relations Manager of AVM

n the 10th consecutive time Angel Ventures Mexico-USA organized “StartupdrinksMx”. This time the venue was Piola restaurant located in “Paseo Chapultepec”, the new spot in Tijuana.

The amazing atmosphere framed talks between entrepreneurs, investors and mentors who gathered to share ideas and experiences in the entrepreneurial ecosystem. We thank all who joined us and especially Piola restaurant to host this month’s event. Twitter- @avm_us Facebook: /AngelVenturesUSA Link: tijuana.startupdrinks.mx

e v a h u o r, y e b m e nt e Rem m t n i an appoext month! n with us

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AVM Events And Entrepreneur Ecosystem

• Arturo Rodriguez, Director of the “La Caja Galería”. A space to promote local artists. • Jorge Serrano, CEO of Das Cortez. Focused on specialty and premium coffee.

Fun

Nights

By: Emma L. Cruz, Regional Public Relations Manager of AVM. Collaboration: Pedro J. Trujillo Stefanow, Project Analyst of AVM.

he first edition of FUN Nights occurred in Mexico City in September 2012 with the objective of teaching entrepreneurs not to fear failure when trying to create any Project, to be persistent facing difficulties and to face failure as a positive lesson, just a part of the path to success.

A group of five friends came up with the idea of FUN Nights, when having some drinks talked about their failed projects, then they realize that talking about this can be more productive than talking about successful ones. They were convinced that failure could become a key to learn from mistakes and success. It’s normal to occasionally fail, even famous entrepreneurs failed several times before success, but those stories are not published in books or magazines business, or are exposed to business forums, so the idea “Lets talk about failure” was born. The first edition of FUN Nights in Tijuana happened last Thursday August 15th at Bar Technique, located in the famous Revolution Avenue. We had the participation of two entrepreneurs of the region:

Both entrepreneurs captivated the audience with their stories of failure. Arturo who lived through the tragedy of seeing one of his business and all the effort he put into it, literally burn to ashes when facing one of the less prevented risks by several such as fires. Jorge Serrano in the other hand saw his first project fail (also a coffee shop) mainly due to the lack of a market study, despite its failure, he decided to open another coffee shop learning from the mistakes of his first attempt. After both entrepreneurs shared their stories a atmosphere of trust and interest from the audience was created, every one was involved, asking questions and talking with Arturo and Jorge. We would like to thank our generous sponsors: The Bar Technique, Cucapa Beer, Vitamin Water and Komala Films for their support in the event. Angel Ventures Mexico-USA will continue doing this type of events in order to motivate entrepreneurs not to get discouraged when something does not go as expected and continue with their projects and with this to improve the entrepreneurial ecosystem in the region.

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AVM Events And Entrepreneur Ecosystem

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Financial Vocabulary CONVERTIBLE BOND In finance, a convertible bond or convertible note (or a convertible debenture if it has a maturity of greater than 10 years) is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value. It is a hybrid security with debt- and equity-like features. It originated in the mid-19th century, and was used by early speculators such as Jacob Little and Daniel Drew to counter market cornering. Convertible bonds are most often issued by companies with a low credit rating and high growth potential. COLLECTIVE INVESTMENT SCHEME A collective investment scheme is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group. These advantages include an ability to hire a professional investment manager, which theoretically offers the prospects of better returns and/or risk management benefit from economies of scale - cost sharing among others diversify more than would be feasible for most individual investors which, theoretically, reduces risk. DUTCH AUCTION A Dutch auction is a type of auction in which the auctioneer begins with a high asking price which is lowered until some participant is willing to accept the auctioneerâ&#x20AC;&#x2122;s price, or a predetermined reserve price (the sellerâ&#x20AC;&#x2122;s minimum acceptable price) is reached. The winning participant pays the last announced price. This is also known as a clock auction or an open-outcry descendingprice auction.

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Book The Growth Map Autor: Jim O’Neill Portafolio Penguin Cost: 17 dlls. In 2001, Jim O’Neill predicted the fastest growing economies of the past decade. Now he’s back to explore the new growth markets we should all be watching closely today. It’s been ten years since Jim O’Neill conceived of the BRIC acronym. He and his team made a startling prediction: Four developing nations- Brazil, Russia, India, and China (the BRICs)-would overtake the six largest Western economies within forty years. The BRIC analysis permanently changed the world of global investing, and its accuracy has stood the test of time. The Growth Map features O’Neill’s personal account of the BRIC phenomenon, how it has evolved, and where those four key nations currently stand after a turbulent decade. And the book also offers an equally bold prediction about the “Next Eleven” countries: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam. These developing nations may not seem exceptional today, but they offer exciting opportunities for investors over the next decade, just as BRIC did before them. O’Neill also shares several compelling insights about the world economy. He reveals the value for growing countries in being “willing to play” by meaningfully committing to policies that

encourage further growth and engagement with globalization. He explains how the g20 can adjust to better incorporate the BRICs and to better reflect the balance of the global economy. Finally, O’Neill makes the counterintuitive claim that good things can quite often come from crises. While established economic powers may see the rise of the BRICs as a threat, international trade benefits us all over the long term. Likewise, the recent financial crisis revealed deep problems in our economic systems, problems we now have the opportunity to fix. A work of astute and absorbing analysis, The Growth Map is an indispensable guide for every investor and every participant in the global economy. Anyone who wants to understand the developing world would do well to heed the man called “one of the most sought-after economic commentators on the planet.” (The Telegraph).

Movie/Documental The Secret of My Succes Director: Herbert Ross Writers: Jim Cash (screenplay), Jack Epps Jr. (screenplay), 2 more credits » Stars: Michael J. Fox, Helen Slater, Richard Jordan A talented young man can’t get an executive position without rising through the ranks, so he comes up with a shortcut, which also benefits his love life.

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