1 / 29

Created in Denmark Strategies for Innovation Jimmy Maymann CEO, The Huffington Post

Created in Denmark Strategies for Innovation Jimmy Maymann CEO, The Huffington Post. AGENDA. THE MACRO STORY. CLOSING THOUGHTS. INTRODUCTION. THE MICRO STORY. THE HUFFPOST STORY. Introduction The Macro Story The Micro Story The HuffPost Story Closing Thoughts. INTRODUCTION.

trygg
Download Presentation

Created in Denmark Strategies for Innovation Jimmy Maymann CEO, The Huffington Post

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Created in Denmark Strategies for Innovation Jimmy Maymann CEO, The Huffington Post

  2. AGENDA THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY Introduction The Macro Story The Micro Story The HuffPost Story Closing Thoughts

  3. INTRODUCTION THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY What makes the difference between entrepreneurial success and failure? Ability to Scale, Cultural Perceptions, Influx of Different Mindset/Foreign Talen Which forces contribute to higher productivity? Business Culture, Government Policy, Collaboration, Talent Pools How can Denmark catalyze the same kind of entrepreneurial activity? Better understand entrepreneurs’ needs, change cultural perception of entrepreneurs, encourage collaboration How is HuffPostchanging the traditional media landscape? HuffPost being disruptive in media industry

  4. The Macro Story THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY Denmark’s GDP growth is strong compared to three economies where entrepreneurs are likely to start new businesses: US, UK, and Israel Denmark CAGR: 5.48% United States CAGR: 4.86% United Kingdom CAGR: 5.07% Israel CAGR: 6.07% 1 Source: World Bank

  5. The Macro Story THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY GDP growth is only a snapshot of how Denmark is performing today. The “new economy” of Denmark will be shaped by these factors: Entrepreneurial Activity 2. High Tech Contribution to GDP 3. Government Contribution to Private R&D

  6. The Macro Story THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY % of Early Stage Entrepreneurial Activity Amongst Adult Population 2 Entrepreneurial Activity While new businesses have significantly contributed to growth in other economies, only 5% of Denmark’s adult population is involved in early-stage entrepreneurial activity, as opposed to 13% in the US. United States 2012: 12.8% United Kingdom 2012: 9.00% Israel 2012: 6.50% Denmark 2012: 5.40% 2 Source: GEM Consortium

  7. The Macro Story THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY Contribution of High Tech Sector to Total Exports (2009) 3 3.3% 2.0% High Tech Contribution to GDP In Denmark, the high tech sector contributes to 0.6% of all exports, despite the fact that Denmark is the 6th most high tech R&D intensive country in the world. 4 1.6% 0.6% 3 Source: OECD 4 Source:Bloomberg

  8. The Macro Story THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY Composition of Domestic Enterprise R&D Expenditures (2009) 5 Government Investment in R&D Denmark invests relatively less in private sector R&D. The US and UK governments have heavily invested in private enterprise R&D. Israel’s investment is still relatively higher, but it reached a peak of 11% during the 1990s. 14.01% 7.89% 4.67% 2.58% Source: OECD Public Funding Private Funding 5 Source: OECD

  9. Building the worlds leading teen story telling platform PROGRESS SERVICE • 2011 (Dec): • 10K users • 5K “Movellas” • 277K reads • 100% web • 2012 (Dec): • 70K users • 40K “Movellas” • 2.6M reads • 75% mobile • 2014 (outlook): • 1M users • 90% mobile • $100M • Social network to connect, collaborate & share • Tools to develop stories (words, video & images) • Competitions based on current trends (fan fic) BUSINESS • Commercial story rights -books, games & film • Premium services for users • Educational services

  10. Clusters of Innovation THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY How can Denmark position itself to remain competitive in the future by catalyzing new business growth in other sectors today?

  11. Clusters of Innovation THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY The United States, UK, and Israel have seen substantial success in cultivating clusters of innovation. United States:Silicon Valley Considered to be the most well-developed start-up ecosystem in the world, with over 25 startups that are valued at greater than $1 billion. The Silicon Valley ecosystem – with its high concentration of universities, venture funding, talent, and entrepreneurial talent – increase the likelihood of successful startups United Kingdom: Silicon RoundaboutUK’s high tech presence surged after the 2008 recession due to efforts by the government to actively accelerate the formation of companies in the area. The Silicon Roundabout has a high concentration of companies in communications and digital media. Israel:Silicon Wadi Israel is an excellent startup ecosystem due to a healthy funnel of startups across the developmental lifecycle, a developed funding ecosystem, a strong entrepreneurial culture, and a strong supply of talent.

  12. Clusters of Innovation THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY In recent years, Israel has systematically created the right environment for innovation Talent Culture Policy Collaboration US UK Israel Denmark Moderate Strong Weak

  13. Case Study: Israel THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY Israel’s incubator program brings public, private, and academic institutions together with entrepreneurs. 2 3 4 1 Entrepreneur has an ideaand applies to an incubator, based on the sector of the proposed business. Entrepreneur gets training from industry experts and venture capital fund managers. Entrepreneur pitches idea to government and to fund managers. Israel’s government contributes up to $600,000 USD. Rest of funding comes from VC.

  14. Case Study: Israel THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY Israel’s system is inherently profit-driven rather than developmental, translating to productivity. Licensing Privatized Profit Driven Universities from which ideas come can earn royalties on the business once it generates revenue System was privatized after 10 years, to ensure that growth is organic and profit-oriented Seed funding from non-government entities keeps the focus on profits

  15. Case Study: Israel THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY Nicknamed “Start Up Nation”, Israel’s innovation policies and culture are conducive to entrepreneurship. Every 18 year old in Israel must join the Israeli Defense Force, a tradition that builds business acumen and business relationships amongst young adults. Culture Policy Israel is the world’s top-spending country on research and development. 7 Source: World Bank

  16. The Micro Story THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY Entrepreneurs have a means-oriented mindset while executives have a goal-oriented mindset. Manager/Executive sees means and figures out whether they can achieve or define a specific goal. Entrepreneur sees goal and wonders how he can reconfigure the means. Goal Oriented Means Oriented Culturally, the Danish are more attuned to the Manager/Executive mindset, because of a fear of failure that continues to inhibit citizens from wanting to start a business.

  17. The Micro Story THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE HUFFPOST STORY THE MICRO STORY Historically, US has had the fewest proportion of adults discouraged to start a business due to fear of failure – Danish entrepreneurs could potentially learn to be less risk averse Percent of adults who perceive entrepreneurship opportunities but cite fear of failure would prevent them from starting a business Source: GEM Consortium

  18. The Micro Story THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE HUFFPOST STORY THE MICRO STORY Entrepreneurship and Unemployment Rates in the US (1996 – 2009) Recessions can make people less risk averse and catalyze entrepreneurship In the United States, the unemployment rate increased significantly after the 2008 financial crisis – but so did the rate that people founded new businesses 10 9 9 Source: United States Bureau of Labor Statistics 10 Source: Kauffman Foundation

  19. Source: PCGA

  20. The Micro Story THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE HUFFPOST STORY THE MICRO STORY Entrepreneurs are distinct from small business owners in that, from the very beginning, they intend for their businesses to scale DISCOVERY – Idea is born and tested. VALIDATION – Idea is spread to potential customers. SCALE – Aggressive growth of idea and company EFFICIENCY – Business model refined and tested. DISCOVERY VALIDATION EFFICIENCY SALES (DEMAND) SCALE In Denmark Denmark’s present incometax structure may discourage entrepreneurs and investors.9 Danish entrepreneurs currently wait too long to merge or be acquired, but this is often needed in order to scale their businesses.10 TIME 11 Source: The Economist 12 Source: Danish Business Authority

  21. The Huffington Post Story THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY HuffPost combines an award-winning newsroom with coverage across a broad variety of content NEWS & BUSINESS ENTERTAINMENT + 500 editors and reporters + 50k bloggers LIFESTYLE TECH & INNOVATION

  22. The Huffington Post Story THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY The Huffington Post is a global, cross-platform experience reaching more than 71M users CORE SITE LIVE STREAMING VIDEO MOBILE

  23. The Huffington Post THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY The sheer scale of our operation drives impact by connecting editorial to the social landscape in real-time CONTENT + CONVERSATION EVERY 500 58 SEC REPORTERS AND EDITORS A NEW PIECE OF CONTENT IS PUBLISHED GLOBALLY 1600+ STORIES EACH DAY

  24. The Huffington Post THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY The Huffington Post’s digitally native culture has driven its exponential growth • Digitally Native Culture • No print history – no legacy ways of thinking • “Winning the internet” is the mantra – the goal is to be everywhere • Editorial and Tech co-create new products and innovations • Social media at the heart of every HuffPost employee • Data-driven cultureat every level 100 MM Monthly Visitors (Global) 50 MM 0 MM 2005 2007 2009 2011 2013 Source: Google Analytics

  25. What Denmark Can Learn THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY Strengths Human Capital– create a pipeline for entrepreneurial talent, and bring in more foreign talent Incubators – learn from the experience of incubators in US, UK, and Israel to build more robust, scalable businesses Opportunities Corporate Tax System – evaluate income and capital gains taxes to encourage more investors Entrepreneurial culture – cultivate a culture of higher risk tolerance and willingness to experiment More R&D investment – increase domestic R&D investments

  26. What Denmark Can Learn THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY Short term Lower Income Tax Lower Capital Gains Tax Cross-sector Collaboration Import Talent Increase R&D Investments + + + + Long term Promote risk-seeking, entrepreneurial culture Optimize Incubators Promote private sector funding Talent pipeline from universities to startups + + +

  27. THE MACRO STORY CLOSING THOUGHTS INTRODUCTION THE MICRO STORY THE HUFFPOST STORY Tak!

More Related