inhite ventures

— 📄 BIOGRAPHY & ACCOMPLISHMENTS —
https://www.inhite.com/carljones/#Biography

“Tell me and I forget. Teach me and I remember. Involve me and I learn.”
— Benjamin Franklin

Carl is interested in meeting with entrepreneurs and founders with innovative technology products for scale for their early-stage growth companies. He brings past investments and operational excellence from his corporate experiences in both private and public companies and startups to entrepreneurial teams and companies. He has worked and lived in New England and Silicon Valley, supporting top Fortune 500 technology companies, taking designed products from prototype to production and market.

With his technical knowledge and management skills, Carl has led small and large global cross-functional teams and has brought complex hardware and software products from design to manufacturing, including marketing and sales. He has generated multi-million dollar sales and has supported in growing both million and billion-dollar technology companies. Carl possesses a strong understanding of innovation and product life cycle and markets, including the venture capital and private equity universe, investment series toward an exit: IPO or M&A. He has been evaluating technology and internet startups for investments before the dot-com bubble and heavily since 2000. After fourteen mergers and acquisitions (14 M&As) from previous years that were valued at more than $3 billion and multiple startups, one of the companies Carl supported in early 2000 generated $500 million in grand total sales revenue in 2005. Through those startup and corporate experiences and transactions, he has honed his technical understanding, investment skills, and business acumen to select outstanding management teams and their scalable companies for strategic support and capital for growth, expansion, and sustainability via Inhite Ventures, https://www.inhite.com.

In 1994, Carl graduated from the University of Florida, http://www.ufl.edu, with a Bachelor of Science degree in Materials Science & Engineering (MSE) and with concentrations in Computer Science, Aeronautical Engineering, and Business Administration (MBA). He received academic scholarships and achieved athletic awards; he was granted a full U.S. Navy scholarship to an officer candidate school (OCS). He received military training and education at the U.S. Naval War College, https://www.usnwc.edu, in Newport, Rhode Island where he achieved and held outstanding marks across the charts. In the last ten (10) years, Carl has been traveling to several cities and visiting startup communities, spending some time living in the ASEAN region and returning to Silicon Valley to spend some time at Stanford University, http://www.stanford.edu, to attend courses, seminars, and events on innovation, entrepreneurship, and venture capital. In November 2005, he did his first sabbatical tour to Asia and Southeast Asia, visiting Vietnam, Japan, and China, and he recognized the growth potential in the region since the early 1990s. In March 2019, he got accepted into the Wharton School of Business of the University of Pennsylvania, https://www.upenn.edu, Aresty Institute of Executive Education for Venture Capital Program for 2020. In June 2023, Carl got accepted into Columbia Business School, Columbia University, https://www.columbia.edu, enrolling in Executive Education for Venture Capital Private Equity Program.

Carl is versed in different languages. He was born in Saigon, Vietnam, and in a Vietnamese military and business family. His birth name is Nguyễn Quốc Khánh, and while growing up, the family was fluent in four languages, multilingual in English, Chinese, French, and Vietnamese. During their time in Vietnam, his affluent grandfather Trần Minh Chiều was a prominent attorney (Luật Sư) and businessman, and he founded the family business in real estates and later in the petroleum (oil & gas) industry. The family-owned and operated their long-running family business for over forty (40) years, buying and selling petroleum products from the Shell Oil Company (Royal Dutch Shell), https://www.shell.com. The family also distributed and sold gasoline in Europe (European Union, EU) and the Southeast Asia region (ASEAN). Later the family started money lending to family members, friends, and local businesses in South Vietnam.

From the family's profitable business and senior military background, Carl and his family were propelled to leave their beloved homeland after the Vietnam War and at the last hour on Wednesday evening of April 29th, 1975. His family started their half-the-world journey to the United States under the command of his father Nguyễn Duy Long – a Senior and Commanding Naval officer serving for the Republic of Vietnam Navy and alongside the U.S. Navy. The family boarded RVN Navy ship destroyer escort, Hải Quân - 1 [HQ-1], Trần Hưng Đạo which his father was appointed as the Commanding Officer. The family and hundreds of refugees escaped at night as his father steamed HQ-1 to rendezvous to safety to Côn Sơn Island and then to Subic Bay — Our Journey. The family settled in the United States on August 1975 and became U.S. citizens in 1983 under their American names and of the names of their senior American fellowship church sponsor families. The family now resides in the states of California, Florida, and Texas, and family members have previously lived in New York, Connecticut, Maryland, New Jersey, Virginia, and Washington, D.C.

Having proven management experience and leadership skills in both corporate and startup environments, as well as having obtained a security clearance to work on government projects, Carl is opened to serving on the board, mentoring and advising founders and teams through the growth of their companies and navigating to succeed in the market. He brings diversity and deep knowledge of investing and taking companies from early-stage to exits and working in various cultures and different languages for the past twenty years. His global experiences and travels have exposed him to the following languages, in alphabetical order: English, French, German, Japanese, Korean, Chinese, Polish, Russian, Spanish, Thai, Ukrainian, and Vietnamese.

For extracurricular activities and interests, Carl enjoys personal fitness and occasionally plays tennis and golf. He was a competitive tennis player in single and double during his academic years and was ranked first place and received recognitions and awards; he also played in team league sports: football (running back, returner), baseball (third base, shortstop), and soccer (center, winger). He spends his spare time reading, coding, getting together with the family, and regularly staying abreast in the technology stock markets and emerging trends, locally and globally.

— 📄 BACKGROUND: INVESTMENT PROFESSIONAL, VENTURE CAPITALIST : VENTURE CAPITAL & PRIVATE EQUITY —
https://www.inhite.com/carljones/#Background

“Success is not final; failure is not fatal: It is the courage to continue that counts.”
— Winston S. Churchill

Successful Investment Professional with 25 years of experience in the technology investment sector; a Venture Capitalist having a local and global deal flow network with multiple channels; focuses on scalable, transformative, and disruptive positions in innovative technology companies for investments for multiple returns (10x - 20x): portfolio management from early-stage to exits, M&As and IPOs; venture capital ("VC") fund formation and opportunity funds ranging from $50 to $500 million.

Well connected in the “VC/startup” ecosystem and with investors; invitation to join the National Venture Capital Association (NVCA.org), http://www.nvca.org; traveled locally and globally and can speak additional languages; established relationships and contacts in areas of media, legal, government, stock markets, financial institutions, underwriters, family offices, venture capital firms, and hedge funds, including with lead underwriters on deals and upcoming tech IPOs – a scheduled pipeline of companies to go public on the NASDAQ or NYSE.

Evaluate hundreds of technology and software companies annually for support and investment since 2000 through personal and family funding; analyze company’s health and scalability, fundability; review investment documents, markets, and technologies; perform a thorough due diligence process; and regularly interact with founding CEOs, VCs, investors, and organizers.

Keenly knowledgeable in identifying investable, fundable, technology companies from early-stage to late-stage; evaluate teams, markets, and trends; negotiate terms and structures; utilize research tools and three knowledge strengths in financial analysis, business model scalability, and marketability — performing a full investment decision cycle — a thorough due diligence process on investment opportunities. Constantly pinging the market and monitoring technology stocks.

Action-oriented and laser-focused on results, investments, and returns; a strong understanding and proven experience in building products, managing teams, and growing companies; possesses critical thinking, strategic planning, technical skills, and business acumen, performing research and analyzing startups and companies regularly to make intelligent decisions and take thought-out actions during the investment process.

Previously targeted early-stage startup companies including Facebook, Instagram, Linkedin, Twitter, Square, Dropbox, Pandora, Fitbit, and Alibaba; additional targets also went public (IPO) on the NYSE or NASDAQ or got acquired (M&A) by Fortune 500 companies: Microsoft, Google/Alphabet, Facebook, Yahoo, Apple, Salesforce, and Amazon.

Deal flow primarily in the cloud, mobile iOS, and Android applications: SaaS/IaaS/XaaS, Mobile Payments, FinTech, Healthcare and TMT (Technology, Media, and Telecommunications), plus Artificial Intelligence (AI) and Machine Learning (ML), Internet of Things (IoT), Robotics, Cleantech, Autonomous Vehicles, Automotive Devices, Semiconductor, Wearables, Drones, Big Data, Digital Media, Wireless, Cybersecurity, Gaming, Sports and Entertainment, Insurance and Education Technology, Crowdfunding Platforms (Reg: CF, D 506, A+), Batteries, Cryptocurrencies, Blockchain, Bitcoin, Ethereum, Tokens, and IEOs/STOs/ICOs, Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR), Real Estate/Building Materials/Construction, Renewable and New Energy.

Demonstrated 20 years of success in both corporate and startup environment managing strategic plans and staff in both million and billion dollar companies and have obtained a security clearance by the United States government, responsibilities in managing teams in both private and public companies while launching new software and hardware products from design to large-scale production plus marketing and sales; and as a technical and business advisor in developing and launching a cloud (crowd) funding portal to support portfolio companies and investments, and as a chief investment officer and advisor to two (2) public companies and six (6) startups in recent years.

Spearheaded five (5) startups in developing and deploying software products from inception to marketing & sales in the healthcare and life sciences industry, and closed multi-million dollar sales; managed teams between 5 and 100 employees, and led to champion a pharmaceutical software in receiving a 510(k) (Class I & II) clearance from the U.S. Food and Drug Administration (FDA).

Successfully advised SoftComputer ($500 million, 2000 - 2004); weekly meeting with family founding members on managing company's operations and eight (8) global cross-functional teams; evaluated M&As of hospitals, and negotiated terms and closed multi-year multi-million dollar contracts with external and internal clients; directed a $100 million contract from start to completion, a statement of work (SOW) agreement — an integrated and secured interoperability bilingual healthcare software system; and co-led company’s project management office (PMO) from start to accelerated expansion; collaborated across all business functions including legal, human resources, finance, accounting, sales, marketing, and strategic business units (SBUs).

Additionally, obtained a PMP certification in 2001 and self-initiated an internal project management training program and software to lead managers and directors, and incorporated software development life cycle (SDLC) and capability maturity model (CMM) for over 500 employees and into the company’s culture; the company and subsidiaries reached scale and global footprint with four (4) offshore locations that generated $500 million in grand total sales revenue in 2005.

Early career experiences as a technical staff member: a liaison to universities: Harvard, Yale, Cornell, Georgia Tech, and Alabama; worked at Breed Technologies (NYSE: BDT, $1.7 billion, 8 M&As, 1996 - 1998; acquired by Carlyle Management Group, CMG) and Loctite (NYSE: LOC, $1.3 billion, 3 M&As, 1998 - 2000; acquired by Henkel AG & Company, KGaA); provided technical support in merger & acquisition (M&A) and engineering across business units on prototyping, scaling, and manufacturing of products and electronic devices in mobile phones, computers, and automobiles for top Fortune 500 companies; OEM client companies specifically located in Silicon Valley, New England, and Detroit Automotive regions.

Traveled to client locations on new product development, including at Intel, AMD, National Semiconductor, California Micro Devices, IBM, Hewlett Packard, Cisco, Seagate, Western Digital, Adaptec, 3Com, Sun Microsystems, Siemens, Motorola, Nokia, Jabil, Flextronics, Solectron, Lockheed Martin, General Motors, Ford, Chrysler, Halo, Hella Electronics, LSI Logic, Delphi, Visteon, TRW, Asymtek, and Nordson, plus collaborated with Purkinje, and Microsoft.

University of Florida Alumnus and Life Member: public relations officer, co-published two (2) technical papers and a senior thesis paper while working for one of my engineering professors and volunteering in sales & marketing research studies for brand name companies, awarded academic scholarships, founder and researcher of a technology startup (awarded top place), achievements in individual and team sports: 1st places and MVPs, and in 1994 graduated with a Bachelor of Science degree in Materials Science & Engineering (MSE) — studied metals, polymers, ceramics, biomaterials, and electronic materials, and specialized in advanced engineering ceramics (semiconductors).

University of Florida, with additional concentrations in Computer Science, Aerospace & Aeronautical Engineering (under Prof Knox Millsaps, Prof Richard Fearn, and Prof Wei Shyy), and Business Administration — studied FAME courses: finance, managerial & financial accounting, management, micro & macro economics, marketing, and statistics, pursuing a master’s degree in business administration (MBA) from the Warrington College of Business of the University of Florida (1992 – 1994).

Stanford University, in recent years, regularly attended courses, seminars, and events on entrepreneurship, innovation, and venture capital, and throughout Silicon Valley for startups pitching events and demo days including at Google, Linkedin, eBay, Microsoft, Salesforce, and Apple, plus at law firms and accelerators.

Accepted to the Wharton School of the University of Pennsylvania, Aresty Institute of Executive Education in 2019 for Venture Capital study, expected to complete in 2020.

Accepted to the Columbia Business School, Executive Education, Columbia University in June 2023 for Venture Capital (VC) and Private Equity (PE) study along with elective courses: 1) Family Enterprises, Family Offices, Wealth, Philanthopy, Impact Investing, ESG, and Trusts, 2) Venture Capital Due Diligence and Investment Thesis, and 3) Mergers & Acquisitions (M&As), and Leveraged Buyout (LBO). Expect to complete in June 2024.

Have traveled to other startup communities in the United States: Los Angeles, CA, Austin, TX, Boston, MA, New York, NY, Miami, FL, and Orlando, FL, and other countries; and created a network database in the technology and investment universe for syndication — a worldwide who’s who of over 150,000 professionals.

Enjoy cooking, traveling, learning, reading, mentoring, and investing, plus experiencing cultures and languages: alphabetical, including English, French, German, Japanese, Korean, Mandarin, Polish, Russian, Spanish, Thai, Ukrainian, and Vietnamese.

— 📄 CERTIFICATIONS: INVESTMENT PROFESSIONAL: FAMILY OFFICES : VC PE —
https://www.inhite.com/carljones/#Certifications

“Learning is the only thing the mind never exhausts, never fears, and never regrets.”
— Leonardo da Vinci

Certificate, Carl Jones - Family Enterprises and Wealth

Issued Jan 2024
Credential ID 99863876
https://images.credential.net/embed/dm6c623e.png
Family Enterprises, Family Offices, and Family Wealth, including Philanthropy, Trusts, ESG, and Impact Investing

Certificate, Carl Jones - VC Decision Making: Investment Thesis

Certificate, Carl Jones - VC Decision Making: Investment Thesis

Issued Apr 2024
Credential ID 92825703
https://images.credential.net/embed/agulwhlw.png
Venture Capital (VC) Decision Making, Investment Thesis, including Portfolio Management and Investment Strategy

— 📄 EDUCATION: BUSINESS SCHOOLS | ENTREPRENEURSHIP | MENTORSHIP | STARTUPS | BOARD OF DIRECTORS —
https://www.inhite.com/carljones/#Education

“To study and not think is a waste. To think and not study is dangerous”
— Confucius

BUSINESS SCHOOLS:

Columbia Business School (CBS), Columbia University, Executive Education for Venture Capital Private Equity Program, https://www.columbia.edu/, (accepted June 2023).

Wharton Business School, University of Pennsylvania (UPenn), Aresty Institute of Executive Education, Venture Capital, https://www.upenn.edu/, (accepted March 2019).

Stanford University, Entrepreneurship Program: attended classes, seminars, hackathons, and pitching events, http://www.stanford.edu/, (2010 – 2015).

Harvard Business School (HBS) Executive Education Program for Private Equity & Venture Capital at Harvard University, https://www.harvard.edu/, (applied, 2008).

Warrington College of Business of the University of Florida: studied finance / management / business administration, https://warrington.ufl.edu/, (1993 – 1994): managerial & financial accounting, management, finance, microeconomics, macroeconomics, marketing, and statistics; plus analyzed M&As, IPOs, law, and case studies on several Fortune 500 companies including Gatorade, Microsoft, Intel, FedEx, IBM, Coca-Cola, and Kyocera.

ENTREPRENEURSHIP:

Semyond (semiconductor), CardioZoom (Peloton [NASDAQ: PTON] for runners), ideo (IDEO) (Pandora [NASDAQ: P] for radios), Pharmativ (WebMD [NASDAQ: WBMD] for pharmacy), Yowzah (Spotify [NYSE: SPOT] for online streaming music platform), Cryptocurrency Exchange & Bitcoin Mining (cryptocurrencies, blockchains and applications), among others.

Microwave Hybrid Heating (MHH, 2.45GHz) Sintering Fabrication by Electromagnetic Radiation and Characterization of Thin Layer Ceramics — suitable for mass production in multiple markets in advanced ceramics, electronics, semiconductors, and aerospace, C.B. Jones, (Startup Founder, Advisor & Researcher, 1992 - 1996), plus initial team members: R.H. Boswell, C.G. Santos, J.J. Fijol, and D. Ball, (1992).

MENTORSHIP — Advisor, Investor, and or Consultant:

HTC & Company, SoftBank, SoftDonor, SoftPharmacy, SoftRadiology, SoftGenetics, SoftComputer, Semyond (semiconductor), Cardiozoom (Peloton [NASDAQ: PTON] for runners), ideo (Pandora [NASDAQ: P] for radios), Pharmativ (WebMD [NASDAQ: WBMD] for pharmacy), Yowzah (Spotify [NYSE: SPOT] for online music streaming platform), Cryptocurrency Exchange platform (cryptocurrencies, blockchains and applications), among others.

BOARD OF DIRECTORS:

Semyond (semiconductor), Cardiozoom (Peloton [NASDAQ: PTON] for runners), ideo (Pandora [NASDAQ: P] for radios), Pharmativ (WebMD [NASDAQ: WBMD] for pharmacy), Yowzah (Spotify [NYSE: SPOT] for online streaming music platform).

CERTIFICATIONS:

Family Enterprises, Family Offices, and Family Wealth, including Philanthropy, Trusts, ESG, and Impact Investing from Columbia Business School, Jan 2024.

Venture Capital (VC) Decision Making, Investment Thesis, including Portfolio Management and Investment Strategy from Columbia Business School, Apr 2024.

Dale Carnegie Training, Effective Communication & Human Relations, Certificate of Recognition and received Human Relations Award and Special 100 Percent Recognition, 2002.

Project Management Professional (PMP), Enterprise / Project Management Office (E/PMO), Certificate of Completion, 2001.

Software Development Life Cycle (SDLC) / Lean / Agile, Certificate of Completion, 2000.

UNDERGRADUATE RESEARCH PUBLICATIONS & SENIOR THESIS:

The Phenomena of Microwave Hybrid Heating (MHH, 2.45GHz) of Thin Layer Ceramics with Susceptor System, sponsored by Kyocera and led by C.B. Jones — Senior Thesis & Research, D.E. Clark, K.D. Lobel, and P. Komarenko, (1994).

Statistical Methods Optimize a Slip System for Spray Drying Ceramics, D.A. Earl, C.B. Jones, R. Singh and D.E. Clark, Ceramic Industry, Vol. 145[5]:123-128 (1995).

Microwave Processing of Materials at the University of Florida, D.E. Clark, D.C. Folz, R.L. Schulz, Z. Fathi, A.D. Cozzi, P. Komarenko, A. Boonyapiwat and C.B. Jones, Microwave Processing of Materials IV, M.F. Iskander, R.J. Lauf and W.H. Sutton, eds., Materials Research Society, Pittsburgh, PA, Vol. 347, 489-500 (1994).

— 📄 TRAVELS: CARL'S WORK HAS TAKEN HIM TO MANY GREAT CITIES, STATES & MULTIPLE COUNTRIES —
https://www.inhite.com/carljones/#Travels

THE FUTURE IS HERE | “The best way to predict the future is to create it.”
— Peter Drucker

Google Map: Pinned most cities I have visited in the USA and Canada, except those in China, Japan, Vietnam, and the islands.

TRAVELS — lived, stayed, and visited:

CA: San Francisco Bay (SFB), Altherton, Los Altos, Los Angeles, Menlo Park, Milpitas, Palo Alto, Redwood City, San Jose, and Woodside.
TX: Austin, Dallas, Houston, Plano, and San Antonio.
FL: Tampa Bay (TB), Gainesville, Jacksonville, Miami, Naples, Orlando, Palm Beach, and St. Petersburg.
NE: Arlington, Boston, District of Columbia, Glastonbury, Greenwich, Hartford, New York, and Silver Spring.
Among other cities in the U.S. (in Silicon Valley and New England), Canada, Japan, China, and Vietnam.

Besides flying ✈️️ to these destinations, the other best way to see the United States of America is to drive 🚘 the roads as intended during the early years of the automobile. In 1941, the national inter-state highways was initiated by the 32nd U.S. President Franklin D. Roosevelt. He then signed the Federal-Aid Highway Act of 1944, authorizing a 40,000-mile national system of interstate highways. Twelve years later, on June 29, 1956, the 34th U.S. President Dwight D. Eisenhower signed the Federal-Aid Highway Act of 1956, creating a 41,000-mile “National System of Interstate and Defense Highways” that would, according to Eisenhower, eliminate unsafe roads, inefficient routes, traffic jams and all of the other things that got in the way of “speedy, safe transcontinental travel.”

Through my work and personal interest, I got the opportunities to visit and stay in many cities and several states. Wherever I travel, I enjoy sensing the vibe of the local people and engaging in meaningful conversations, sometimes about life or work or a mix of both, while creating memories from experiencing local scenic scenes and tasting delicious local food.

One of the most scenic routes I have driven was the drive on the California State Route 1 (SR1) or Pacific Coast Highway (PCH or Highway 1) from Silicon Valley – San Francisco to La Jolla Beach Cove and back using U.S. Route 101 (US 101).

Generally speaking, I see the United States 🇺🇸 by state(s) and region(s) and in various layers: a layer of technology and innovation, a layer of population density and unique local culture, and a layer of financial economics and gross domestic product (GDP).

Side Note : History is one of my interests. It is interesting to see the migration of people through the decades and even centuries. I have researched into where population densities have evolved and shifted over time in the United States. This on and off interest traces back from the learning of the California Gold Rush of the mid-1800s to our ever-changing climate and today's pandemic period. Furthermore, technology is one of the major economic anchor and driver of the United States. And being in the technology industry for a long time, I have experienced the clusters of innovative startups and the support from leading technology companies from multiple states and regions. I also have worked with many leading companies since the early 1990s and decided to document by posting and sharing my travels and career experiences in this online journal webpage.

— 📄 CAREER STACK —
https://www.inhite.com/carljones/#CareerStack

“The only limit to our realization of tomorrow will be our doubts of today.”
— Franklin D. Roosevelt

Image: The plant growing out of the slap boulder represents an opportunity to prosper in any life-challenging situation. Also, from beginning to end, showing my once desire of becoming a U.S. Naval Flight Officer (NFO) and future astronaut and having witnessed two NASA Space Shuttle's disasters: the Challenger in 1986 (during liftoff from an o-ring failure) and Columbia in 2003 (during reentry from a tile failure), plus watching the ceremonial retirement and farewell piggyback flight of the Endeavour (and NASA's Space Shuttle fleet) onboard a modified Boeing 747 in 2011, ending the 30-year Space Shuttle program that my father, Nguyen Duy Long, had contributed during his time at Honeywell.

Tiding to the section below from my U.S. Naval Officer Candicate Training, after reprogramming and redirecting my thinking while in college, I mentally stepped away from wanting to become a U.S. Naval officer and both mentally and physically transitioned back to a civilian lifestyle.

Background, back then starting in 1959, an astronaut for NASA had to have the following qualifications: less than 40 years of age; less than 5 feet 11 inches tall; excellent physical condition; bachelor's degree or equivalent in engineering; qualified jet pilot; graduate of test pilot school, and at least 1500 hours of flying time.

Today, a cilivian can become an astronaut, e.g., Jeff Bezos aboard Blue Origin and Richard Branson aboard Virgin Galactic.

On April 30th, 1994, I graduated with my Bachelor of Science degree in Materials Science & Engineering, specialized in advanced engineering ceramics (semiconductors). I also completed several elective courses in aerospace, computer science, and business administration (pursuing a master's degree taking financial and managerial accounting, finance, management, micro and macro economics, marketing, and statistics). And while studying for the LSAT, I took the test and received an acceptable score to apply to law schools.

At the time, my cup was already overflowing; there was so much work on my calendar, including my research, startup, publications, classes, and a part-time job. I figured I would pull my attorneys in when necessary. And when the opportunity comes, I enjoy going through legal documents, contracts, and related materials; e.g., I spent much time reading a multimillion-dollar contract and combing through the Agreement to ensure we had met our contractual obligations while avoiding potential lawsuits. And with other contracts that were south of a hundred million dollars, I treated them with the same level of scrutiny and expectation on the team's deliverables. In doing so, I was safeguarding the work and monitoring cash flow (the budget) while wearing multiple hats and also hats of legal perspectives: (i) shareholder, (ii) director, and (iii) manager.

That said, my studies, thoughts, and actions have been put to good use throughout my career. I placed the following three (3) due diligence measures into focus and in play: (a) governance, (b) accounting, and (c) law (corporate) in the operational management in the investment sector. While in college, I wanted to gain an understanding of engineering, management, and law. Since graduation in 1994, I have been putting my energy, focus, and interest in the following and progressing career stack, as shown below.

1

Investment | Equities
supporting innovative technology private/public companies

[ that's venture capital (VC) and private equity (PE) ]
(i) shareholder, (ii) director, and (iii) manager

2

Management | Operations
spearheading cross-functional teams and startups

[ that's management and operations ]
(a) governance, (b) accounting, and (c) law (corporate)

3

Innovation | Technologies
developing and launching technology products to markets

[ that's engineering and innovation ]
(α) management, (β) engineering, and (γ) design

Image: The combustion from the rocket fuel creates a three component flame, similarly illustrated to the three areas of my Career Stack: Investment, Management, and Innovation.

In addition, progressively from products to teams and now companies, I have been following the footsteps of my grandfather's legal practice and business acumen in supporting selected business engagements and transitioning my father’s military strategic thinking and operations into taking thought-out decision making and implementing proper and timely actions in the startup, corporate, and venture environment — the venture capital ("VC") ecosystem. All this started when I was back in college (at UF) realizing that I was deliberately pulled away and days before graduating from the U.S. Navy Officer Candidate School (OCS) to become a U.S. Naval officer, and that the deliberate and behind the scene act was to remove my candidacy and desire of becoming a U.S. Naval Flight Officer (NFO).

Initially, I started studying aeronautical & aerospace engineering and later switched to materials science & engineering and added business administration to my studies. Having witnessed the live NASA Space Shuttle Challenger launch and the tragic devastation soon after takeoff, seventy-three (73) seconds into flight, on January 28, 1986, the Shuttle carrying a crew of seven (7) astronauts suddenly broke apart and exploded from an o-ring failure that froze, "stiffen", at low temperature (31°F / -0.5°C) while resting on the launchpad overnight and at liftoff at the Kennedy Space Center. The horrific tragedy, unknown root cause at the time, impacted my decisions when I got into college, and I held on to my continued interest in flight and out of space travel.

Fast forward to today and tomorrow, my career stack encompasses a strong understanding of operations, governance, and funding.

Steadiness & Resilience sit at the heart of my career, and adversity is a part of life that everyone and every group has to deal with in one form or another. You can make an impact (a difference) in the things you can change and let go (walk away) of the things you cannot, e.g., my opportunity and short-lived military life with the U.S. Navy.

"Every adversity, every failure, every heartache carries with it the seed of an equal or greater benefit."
— Napoleon Hill

While staying in Palo Alto, I heard the passing of Apple CEO & Co-Founder Steve Jobs on October 5, 2011. Early morning I went to the Apple Palo Alto Store of University Avenue to see the notes and flowers placed in front of the store by many residents expressing love and condolences. The quote below from him rings true then and to the above mentioned.

“I think the things you regret most in life are the things you didn’t do.”
— Steve Jobs

— 📄 SILICON VALLEY VENTURE CAPITAL —
https://www.inhite.com/carljones/#SVVC

Silicon Valley
San Francisco, Crissy Field, California
https://www.inhite.com/carljones/#SiliconValley

Image: The footprints I’ve created along the shores of San Francisco have absorbed in memories forever. I first came to the Valley in the 1990s when the semiconductor, mobile, and computer products were getting even smaller and processing power was getting even faster — surely, this is ongoing. In the photo, I'm standing at Crissy Field and in the background is the San Francisco Golden Gate Bridge.

|| HISTORY || Today, we are now in the intelligence age putting big computing power and big data to work creating computer farms to produce benefits that will improve our lives...making machine learning (ML) and artificial intelligence (AI) smart so we can be even smarter to do more advanced things. Some of the popular consumer products in the market today are Google Home, Amazon Echo, Apple HomePod, and Sonos One. For autonomous vehicles, there are AutoX, Drive.ai, nuTonomy, Optimus Ride, Waymo, and Zoox.

Back then in the 1990s, I was working on heat dissipation and long-term circuit reliability for semiconductor chips and chip-on-boards (COBs) for advanced and innovative electronic products including manufacturing of cellular phones, engineering of low-g and high-g accelerometers, and redesigning of sensors and modules. Hence, from the research and work on mobile phones, it resulted in why mobile phones today last, still function, after multiple drops at a reasonable height. Also, during this period software programs lag hardware devices, and the internet was starting to get daily use with multiple search engine options, notably Netscape, Yahoo, and Google. At the time, I had already done a few basic software programs and noticed software companies were rapidly releasing new iterations into the market every some months, flooding programmers and consumers every three to six months with new product versions, and it is why a standardization nomenclature on software versions was released — X.Y.Z.

In 2000 and onward, software and hardware technologies were increasingly converging and integrating for even smaller and faster products in AI (neural networks and deep learning, internet AI), IoT, VR/AR/MR, and AAV. It’s evident when the internet and cloud computing were beginning to take-off in 2000 and when smartphones were beginning to go mainstream globally as early as 2005. When I was in Asia in early and mid 2000, I noticed local people were using more advanced devices than the ones in the United States. For example, solid state laptops were being used in Asia starting in the mid-late 1990s and smartphones in early-mid 2000.

Today & Tomorrow, private startups and public companies are continuously developing and launching new innovative and advanced products to better our lives and the world. As I look at today's deals for tomorrow's growth, the convergence and integration of technologies will continue to shine bright for the future for all of us, tracing back to the amazing history of the technology sector, particularly in the automotive, aerospace, and telecommunication industries, from morse code to millimeter (mm) wave spectrum for 5G network and beyond, that have connected us even closer. We are constantly witnessing how the technology sector is shaping our lives, our economy, and our world.

Image: LEFT : In San Francisco Bay | RIGHT : In Tampa Bay:
Enjoying the weather, taking in the scenic views of the land and water, and speaking with a lot of founders of startup companies.

— 📄 PEOPLE & INSPIRATION —
https://www.inhite.com/carljones/#Inspired

“We're here to put a dent in the universe. Otherwise why else even be here?”
— Steve Jobs

Image: Photo Collage // Throughout my career, I worked extra hard and with much focus to achieve my goals as I journeyed through periods of career transition. Along the way, I have met many wonderful people who continue to inspire my desire and drive to achieve my milestone achievements and goals.

— 📄 VC ICEBERG THEORY FOR SUCCESS —
https://www.inhite.com/carljones/#Iceberg

“The mind is like an iceberg, it floats with one-seventh of its bulk above water.”
— Sigmund Freud

Image: VC Iceberg Illusion: The Hidden Logic of Success — The VC Iceberg Theory for Success.

The U.S. Navy Officer Candidate School (OCS)
U.S. Naval War College, Newport, Rhode Island
https://www.inhite.com/carljones/#USNavy

"I forgive, but I don't forget"

"In the midst of every crisis, lies great opportunity."
— Albert Einstein

Image: It's my U.S. Navy graduation invitation card and envelope between 1989/1990 that I have kept all these years. I was about to mail it to my family to attend my upcoming graduation until the unexpected circumstance and wretched outcome that occurred.

It is my strong family background, good work ethics, and moral values that represent my integrity and character well; I have been living the best of both worlds of business and military principles and balancing the best essence of both Asian and American cultures throughout my personal and professional life. I have received academic scholarships and achieved athletic awards and was granted a U.S. Navy scholarship to an officer candidate school (OCS); I received military training and education at the U.S. Naval War College, https://www.usnwc.edu, in Newport, Rhode Island where I held outstanding marks across the charts during the training program.

Coincidentally, near the end of my Naval training at the U.S. Navy War College, I responded to a military doctor and officer of the Navy (Medical Corps) that I wanted to train to become a Naval Flight Officer (NFO). It was a natural response since I have had discussions on this topic with my father multiple times in previous years and in length on what I wanted to do in the Navy. Anyhow, the one-on-one conversation with the Navy doctor was in his private office. To my surprise, so unexpected, a few weeks later I was secretly and carefully being removed from the program and with only some days left from the graduation date and becoming a Naval officer in my early 20s. I remember the terrible occurrence vividly, and especially the shared expression I had with my gunnery sergeant and fellow cadets; we were utterly baffled of the situation. I also recall their expressed kindness and care when I was packing up my belongings and leaving the Naval War College. I still can picture "the walk" in my mind and recall the feeling of emptiness and confusion at that time. Lastly, many cadets wrote their names and telephone numbers on a standard size notebook paper for me to have that I still have somewhere in storage. Once I find it again, I will post it here so it can help reach out to people and those cadets. I can imagine they are now retired U.S. Navy officers.

Image: After my Navy training, I returned home to Tampa Bay in 1990. Two good friends joined me for a day of relaxation. We went to the beach to enjoy the sun and throw frisbees. In the photo, I had a shaved head from the training and was wearing a hat. Behind us was the new and old Sunshine Skyway Bridge.

During the training program, we were trained by a U.S. Marine gunnery sergeant, and unlike in the film, "A few Good Men" where a secret "code red" was issued, an incident occurred in which a Marine private first class (PFC) died under a dreadful circumstance — see movie poster below. The film "A few Good Men" was based on a true story, but some key facts were changed. For example, the horrific step taken by the role of Lieutenant Colonel Matthew Andrew Markinson of the United States Marine Corps.

Image: "A few Good Men" (1992), starring Tom Cruise, Jack Nicholson, and Demi Moore: https://www.imdb.com/title/tt0104257/.

Sometimes later back home and when my mind was clear I suspected that the Navy doctor’s office presented a front for opened communications, but in reality it was an examination room and an interrogation room in disguised for Naval cadets to reveal their ambitions in joining the U.S. Navy. Nonetheless, it was a life changing opportunity for Naval cadets while mine turned out to be a disappointing one. Though I’m still proud to have received the scholarship, education, and training from the U.S. Navy, and the nearly 12-weeks time spent at the U.S. Naval War College in Newport, Rhode Island. I still hold my shoulder boards and a few other items that I received in 1989/1990 to remember the unfortunate time and unforgetable situation.

Side Note : During the private conversation with the U.S. Navy physician, I believe now that I should have said to the doctor that I prefer sailing warships rather than flying jets, like my father.

With outstanding marks across the charts during the training and without seeing a written reason or hearing from any senior Naval commanding officers, the Navy officers and my Navy recruiting officer back home were dumbfounded; they were shocked with me when they saw me back a few days early. Again, I remember the moment vividly, because we were starring at each other’s faces in disbelief for a few seconds. After the realization of having to part ways from the U.S. Navy in 1990, I refocused and erased my childhood interest and upbringing of becoming a U.S. Naval officer and ended the pursuit of my father’s footsteps as a Naval officer and put all of my energy into studying and completing my engineering and business degrees. The unexpected circumstance and outcome during my U.S. Navy officer training was unfortunate indeed, and it is simply a blip and frozen moment in time.

“In life, you have three choices. Give up, give in, or give it your all.” — Charleston Parker

Fast forward, I recently told my father months before he passed away and to family members what had happened to me at the U.S. Naval War College. I showed them my U.S. Navy graduation invitation card that they were supposed to receive in the mailbox. I have kept the incident inside and held onto the card for decades, and it was satisfying to have shared my personal story with the family and especially with my dear father months before he passed.

With that said. I decided to post it here, sharing it openly, because I still see the path to success isn’t without encounting challenges, obstacles, and problems. Life is about overcoming them. What doesn’t kill you makes you stronger, i.e., my family and I made it through the Vietnam War, and we can relate with military veterans and families effected by wars. It’s about learning from the past, continuously evolving, and living and practicing not to give up, additionally give it your all! It is one of the most significant life lessons of becoming a thriving and successful person, a survivor, and even possibly a future leader in a civilian or military life — meaning don't be a victim by someone else's wrongful actions or ill will towards you...you must pull yourself together, stand up again and keep pressing forward.

During my Naval training, I met and trained with many driven and outstanding men and women cadets and would like to reconnect with any of those who was in the Charlie company. There were group photos taken by the Navy, and a cadet in the room next to mine had his camera and took some photos of us in white, khaki, and blue uniforms. If you were there or know someone that attended 1989/1990 class at the U.S. Naval War College in Newport, Rhode Island, please feel free to contact me at anytime.

“The best view is after the hardest climb.” — Unknown

Sun Tzu
The Art of War
https://www.inhite.com/carljones/#SunTzu

It is an absolute neccessary action to find and take a silver lining in life difficult times, in life altering and transformative situations — referencing "The Art of War" by Sun Tzu.

"In the midst of chaos, there is also opportunity"
— Sun Tzu

Image: Sun Tzu — The Art of War. Outside of military strategy and tactics, I have gone over the book to see how the philosophy of war is being interpreted and applied into the spheres of business, sports, and government.

Gradually increasing in the past twenty years, I have been advancing and sharpening my skills in operations and the investment sector to support growth and sustainability of innovative technology and disruptive, transformative, companies through capital and insight. I’m sharing my personal story because my father and grandfather played a huge role in our family lives — one served for the people of a country as a senior Naval officer and one served for the people of a community as an attorney and businessman, respectively. Though my grandfather passed away before I was born, his contribution and impact in business and the communities still echoes through our families and friends today. I believe this is the best way for me to contribute back and support founding CEOs and executives in their companies. The sphere of business is what I think and read about and analyze often, tracing back since the early 1990s.

“Victory comes from finding opportunities in problems.” – Sun Tzu

U.S. Navy Blue Angels Supersonic Boom Flyby
U.S. Naval War College, Newport, Rhode Island
https://www.inhite.com/carljones/#Flyby

Image: We went out to sea on a Naval destroyer and had a flyby by two Blue Angels. It was memorable to have felt two supersonic booms as I stood on deck and watched the two aircrafts zipping by the port side and accelerating above Mach 1.

Everyone on deck was amazed and thrilled to have seen two Blue Angel supersonic aircrafts flew by along the ship’s port side. We were some miles off of the New England coast on a beautiful clear sunny day in July out in the North Atlantic Ocean for R&R.

Just before seeing the aircrafts, we were below deck with our companies and crew. I was chatting with other cadets, and we were fixing to have lunch with other commissioned officers and crewmen. As we were sitting down, people below deck were rushing to go on deck. The person across from me said let’s go on deck as we felt the ship rattled. I was puzzled and curious to know what was going on. As we rushed on deck and ran to the edge of the ship, I saw two aircrafts miles away flying toward us. I recall seeing the aircrafts flying by us but without hearing a sound. It was totally silent until the aircrafts flew past the ship. The reason it was silent at that moment is because we were in front of the shockwaves.

Then a few seconds later there was a sudden rattling of the ship again and a huge explosive sound or a thunderclap. That’s the loud sound of a super / sonic boom, indicating the breaking of the speed of sound or breaking through the sound barrier at March > 1. At this point, the leading shockwaves have just moved behind us and as the loud thundering sound quieted and rattling dampened. Albeit the first rattling of the ship occurred when we were below deck was the initial flyby past along the starboard side, and when we were on deck the two aircrafts were making a circled back for their second flyby past along the port side. We were close to have seen them and felt the shockwaves rattling the ship and heard their super / sonic booms.

At sonic speed or at the speed of sound when March = 1. This occurs whenever an object (e.g., an aircraft) travels through a medium (e.g., air) traveling faster than the speed of sound at Mach > 1. The occurrence also depends on temperature and pressure, and the afternoon was perfect: sunny and cool with clear blue sky and low humidity. Our super / sonic boom didn’t have a vapor cone, also known as shock collar or shock egg. This is seen when a visible cloud of condensed water which can sometimes form around an object moving at high speed through moist (humid) air.

As both aircrafts gradually disappeared away from the ship and into space, everyone was still in Awe. Having studied aerospace and aeronautical engineering courses and on the speed of sound and breaking the sound barrier, it was an enlightening memory to have experienced the supersonic boom up close on a U.S. Navy destroyer. It was one of my unforgettable moments during my training and education at the U.S. Naval War College.

Video: On a moist day, flashes of a vapor cone were created in the first few seconds as the aircraft reaches supersonic speed at Mach > 1, creating a thunderclap at 5 second. The video doesn’t provide enough justice as being present, feeling the effects from the shockwaves and hearing the loud thunderclaps (multiple sonic booms) can be an amazing experience.

Where Will We Be | 2020 VC Deal Activity: Q4
Article Published on November 14, 2020
https://www.linkedin.com/pulse/2020-vc-deal-activity-q4-carl-jones/

Q3 Pitchbook-NVCA Yearbook Monitor report for 2020 talks about the performance of the venture capital industry. While going through it, I thought of an article I posted on Linkedin in 2015 titled "Venture Capital Investments Shifted and Evolved". See the article below.

Recently, I updated the data on my spreadsheet used in the article above to generate the graph below. It now includes 2015 through 2019, and I projected 2020* that is highlighted in the red box below. The actual data were obtained from each of the NVCA Yearbook since 1984 that I have archived.

For the Q3 Pitchbook-NVCA Yearbook Monitor report for 2020, below is the graph from the report showing actual data from 2015 through 2019, plus 2020 Q1, Q2, and Q3.

With that mentioned and as I look at the venture capital industry and the market this year, I included the projection for Q4 2020. See the highlighted red box in the graph below.

IF the trend for Q4 2020 continues in a gradual downward slope, its performance outcome would look similar to the deal value ($B) of last year Q4 (2019). See the graph above.

Also, I'm hoping that the deal count isn't going to continue in the same downward slope and ending up having a slightly higher uptick above 2,000 counts and that estimated deal count be above 2,500 as in Q2 2020. See the graph below.

Below is a heat map of the U.S. VC deal activity by region. The red boxes below are blanks, and once the data: deal count (%) and deal value (%) are released by the NVCA they will be posted here.

It is interesting to foresee where we will be at the end of 2020 and as the calendar turns into 2021 under this COVID-19 pandemic and after a U.S. Presidential election year.

NOTE: When the data for 2020 and Q4 are released, the outcome will be posted here.

-----------

UPDATE: See below for US VC deal activity by region for 2020.

Corporate Governance Effects Performance Economic Growth
Article Published on November 26, 2019
https://www.linkedin.com/pulse/corporate-governance-effects-performance-economic-growth-carl-jones/

There has been talks on corporate governance, and it seems every some years the topic and its issues resurface again. From a wide angle perspective, the first time I conducted due diligence on corporate governance was many years ago when I was going through corporate documents of startup companies.

While going through the process then, it brought back memories of previous corrupt companies, e.g., Enron and WorldCom in 2001 and 2002, respectively. Their failure in corporate governance and abuse in accounting practices stemmed new accounting standards. I watched the rise and fall of the two once admired companies that caused the downfall and bankruptcy of an accounting and consulting firm Arthur Andersen, which then emerged a new company named Accenture. The fiasco and corruption from greed during those years enacted the Sarbanes–Oxley Act (SOX) in 2002 to improve corporate governance and financial accounting standards in the United States.

In recent months, the latest debacle in corporate governance occurred at WeWork while the company was setting up to go public (IPO) and filing its prospectus submission to the SEC and FINRA. The unveiling of the company's operations and financial information turned business matters upside down putting the company in turmoil and brought the company's valuation from $47 billion to less than $10 billion in ten months in October 2019.

WeWork biggest investor, SoftBank, has taken a majority stake position and control over "The We Company" that includes WeWork, WeLive, and WeGrow. SoftBank removed founding CEO Adam Neumann from the company and got him to step-down from being a board member to a board observer on a $1.7 billion takeover offer of the parent company and subsidiaries. SoftBank also rearranged two WeWork senior management members around having Chief Financial Officer Artie Minson and Vice Chair and Chief Automation Officer Sebastian Gunningham as co-CEOs.

The corporation structure of "The We Company" with a parent company and three subsidiaries is an added risk that raises a warning flag for venture capital investments. In the startup and venture capital funding series, there need to be accountable board and management members that can effectively direct the company and possess control in the interests of the shareholders and stakeholders.

Besides the due diligence on technology (the product), management (the team), and traction (the company and market penetration and expansion), the pillar for Corporate Governance is a systematic framework and approach that translates the culture behind which decisions are made by the company's leadership team, comprising of founding members, shareholders, and stakeholders. It is another layer (or pillar) that can factor into a make or break decision on a deal when evaluating a startup company for venture capital investment series.

When an investment opportunity looks appealing from the surface ("outside"), a further effort is needed to look into the internal layers ("inside") of the company's structure, operations, and decision-making hierarchy. It is how the company's business is being operated, directed, and controlled by the management team and board of directors under the corporate governance principles and practices. It is at the core of the management and board’s responsibility, accountability, and oversight function.

Image: The five pillars in clear (lucent) sky, showing clarity and transparency.

The Five Pillars below include Corporate Governance. It is an ongoing process by the board members and senior management team to assure business operations are sound for sustainability and growth and to minimize risks.

Five Pillars:

⚪ Pillar : Ability to Execute & Deliver
⚪ Pillar : Scalability & Repeatability
⭕ Pillar : Governance & Control
⚪ Pillar : Financial Growth & Stability
⚪ Pillar : Upstream & Downstream Activity

Image: The five pillars in dark (murky) sky, showing unclear and non-transparency.

In essence, it is wise to not have a "clever" corporation structure in a startup company, and the complexity in the corporate documents makes it difficult to see a good long-term investment opportunity and relationship. The two images above simply illustrate it is easier to see through clear sky than murky sky. The basic conflict in corporate governance stems fundamentally between major (controlling) shareholders and minority (non-controlling) shareholders as seen in WeWork pre-IPO promotion period.

It is expected that the obligation of the board is to direct ethically and legally with its control of the company for the shareholders. In the recent fall out from WeWork, it resulted in a massive devaluation of the company within a year period after the company revealed the financial (prospectus) to the SEC and investors. A further look of the company allows an inner understanding into The We Company's business model and financial situation that indicate uncertain sustainability and unsatisfactory performances, respectively.

If leadership team does not fulfill its commitments, a member(s) must raise awareness and fulfill the fiduciary responsibility for immediate mediation to maintain a strong corporate governance and build a sustainable long-term value for shareholders and employees. In the guiding principles of corporate governance, the board of directors has fiduciary duties of loyalty and care to the company and shareholders.

The key takeaway here is to keep your corporation structure and business matters as simple as possible. There is no need to overcomplicate the business and investment opportunity. Eventually, the sky will clear and all matters will become visible.

The VC 2 Funding Ecosystem
Article Published on October 23, 2019
https://www.linkedin.com/pulse/vc-2-funding-ecosystem-carl-jones/

Funding in the venture capital "VC" ecosystem — a further look into the investment space for entrepreneurs and investors.

In the past five-plus years and for the next and future waves of technology and innovation, it is necessary to highlight the two key drivers: Integrity and Diversity, Equity & Inclusion (DE&I) that have been pressing in the startup and venture capital community.

Why? Because they set a supportive backbone and culture as startup companies receive support and funding, and as startup companies scale and make a positive impact everywhere. With these two anchoring drivers mentioned above, they create and foster a better, brighter, and safer working environment for everyone.

In addition, these two focused drivers have a direct impact on startup and venture capital funding for entrepreneurs and investors. It is an inside perspective while raising a fund from venture capitalists, family office founders, corporate directors, and institutional investors. The effort created a deeper take on the investment industry, particularly venture capital.

There are many published articles online on funding, and I thought to express it a little bit openly. It is about reflecting back and looking ahead in the venture capital industry and as technology evolves and innovation advances in our lifetime and beyond.

The above is mentioned because, from an Asian-American perspective and the "bamboo ceiling" phenomenon, I am able to see things a little bit slightly different than most others. And so I decided to highlight the two important drivers that should be rooted in our community.

In terms of background, it would be beneficial for readers to get a closer look at Integrity and Diversity, Equity & Inclusion (DE&I) in the startup and venture capital community. Because over the past decades and even the following year(s), people tend to forget or don't care to remember the reality and impact that come from embracing DE&I (including Neurodiversity) and upholding Integrity in the corporate environment and in the venture capital community. At the end of the day, the creations made by talented people mean the most. And all the creativities end in feeding back into our local and global ecosystem and eventually into our world economy.

NVCA.org

First, let's note the link below from the National Venture Capital Association, NVCA.org, that provides a written supporting article on diversity and to improve diversity in the venture capital communities in the United States, posted on August 4, 2015.

AUGUST 4, 2015 : USA TODAY – Exclusive: Venture capital to make diversity pledge.
https://nvca.org/inthenews/usa-today-exclusive-venture-capital-to-make-diversity-pledge/

Diversity

The above provides an initial reading from the NVCA. There are plenty of articles inquiring readers can search on the internet for additional information and details on various cases on diversity, equity, and inclusion in the startup and venture capital communities, spanning from the West Coast, particularly in Silicon Valley, to the East Coast. The news media outlets have criticized the investment industry for its lack of Diversity, Equity & Inclusion (DE&I) and cited many incidents, stating evidence of why women and people of color plus Asian-Americans do not feel welcome and are being blocked out in the deal flow syndications and raising of venture funds.

In addition, the workplace issues on discrimination on Diversity, Equity & Inclusion (DE&I) have even brought to the surface the #MeToo movement to attention in the past five-plus years in the world of startup and venture capital. It is not the purpose nor the place here to identify the victims and suspected or accused bullies and their #MeToo cases of sexual misconduct and bullying allegations; it is about recognition and acceptance in order to take step-by-step in moving onward and forward for everyone.

For those who say without data, it is an opinion. For that, I welcome and encourage readers, especially for those that are not deeply involved in the investment sector: venture capital, private equity, investment banking, wealth management, and asset management to search the internet for more information to discover and to gather facts and interviews on these #MeToo stories and lawsuits. Before making mental judgments, casting stones, or verbally voicing out, do the digging and studying first before concluding thoughts and or opinions. And so, enjoy your research and discoveries, and ask yourself if you are nurturing and protecting the network, supporting the pledge — feeding fuel to the fire for bullies to continue to thrive and possibly harm additional innocents, putting them or forcing them into becoming victims, down the road.

Integrity

Before we can embrace and have Diversity, Equity & Inclusion (DE&I) in our organizations, we must first have true Integrity. Definitely, Integrity is about doing the right thing even when no one is watching as said in the quote below by Clive Staples Lewis.

"Integrity is doing the right thing even when no one is watching." — C.S. Lewis

In all, I continue to seek to work with outstanding and talented people that don't do harm to others by treating others with kindness and fairness. In the venture capital community, we talk about founders having Integrity. That further means it is expected from the people that said it, and it involves both entrepreneurs and investors to hold onto it dearly and act on it unconsciously. Below are two philosophical quotes that shine a light on Integrity.

"Do not do to others what you do not want them to do to you." — Confucius

"Do unto others as you would have them do unto you." — Golden Rule

Either preference on belief or viewpoint, both carry the same principle. The discussions on Integrity and Diversity, Equity & Inclusion (DE&I) have weighed on the startup and venture capital community for more than five-plus years. And in more recent years, the college admission scandal, #CollegeScandal, has put a spin on Integrity and further stirred the startup and venture capital community. As legal matters on bribery are being resolved, the venture community now needs to rise up and better transition the psyche and actions by putting things right for the community and not just talking points around the water coolers, at family gatherings, or at conferences.

Transition

With Integrity in check and Diversity, Equity & Inclusion (DE&I) in play, how do the dynamics in both startup and venture capital environments affect entrepreneurs in raising capital and venture capitalists in syndicating deals, raising funds, and exiting portfolio companies?

The outcome is we still have plenty of room to grow and improve in order for the industry to completely accept and to make a meaningful transition to best serve the minority groups of women and people of color plus Asian-Americans. Since this has been stated in "the press" over time, what does it completely mean for all those people, including all women and men?

For the past ten-plus years, here is what I have seen from personal experience and saw what is being done out in the field. I do see the inclusion is improving a bit for those already well connected and established in the field. The one main impact to note is that the investment community has been reshaping in the past five-plus years with venture capital firms promoting people of minority groups to general partners and board of directors positions, allocating capital into new funds, and restructuring the organization for ongoing venture reach and network — reshaping, reshuffling and or restacking the established network and funds to best suit the future needs and growth of the organizations in a constantly changing world and evolving global markets.

The Transition is to do what is right as said in the two quotes below from Roy T. Bennett and Martin Luther King, Jr.

“Do what is right, not what is easy nor what is popular.” — Roy T. Bennett

"The time is always right to do what is right." — Martin Luther King, Jr.

The move forward just touches the surface on Diversity, Equity & Inclusion (DE&I) in doing the right thing in the startup and venture capital community.

Forward

Based on my years of experience in both technology and investment sectors, I have put in the time, energy, and personal capital in venture capital. And I have seen the good, the bad, and the ugly in startup opportunities, M&As, and IPOs. As I source deals and conduct due diligence, there is only a hand full of opportunities that do make product-market sense and fit, plus a perspective of a venture capitalist. And to get involved those deals need to provide a healthy return for all parties.

To reinforce and as we move forward, the outlook for the future in the startup and venture capital communities around the world is getting better, brighter, and safer for everyone when we support one another openly and under the true definition of Integrity and Diversity, Equity & Inclusion (DE&I). In every team and company I have supported, there is a need in time to leverage each other strengths by combining forces of talented people and their organizations that adopt Diversity, Equity & Inclusion (DE&I) and defend Integrity.

On a final note, we all can embrace and live by the quote below by Andrew Carnegie.

"You are what you think. So just think big, believe big, act big, work big, give big, forgive big, laugh big, love big, and live big." — Andrew Carnegie

I truly believe in and live by the simple message of positive thinking — what you are is what you think and do ... meaning your positive thinking comes first that produces positive actions creating who you are. These actions will result in a positive and healthy community and funding ecosystem for everyone, including minority groups of women and people of color plus Asian-Americans. With that in mind, let the two non-dividing drivers: Integrity and Diversity, Equity & Inclusion (DE&I) bring us and lead us into even more openness and prosperity.

Closing

I want to thank you for reading this post, and friends that have made valuable suggestions and personal inputs. The topics mentioned have been on my mind for some time now. And in transitioning forward, I look to hearing about your unique entrepreneurial and innovation story and welcoming your positivity and opportunity. The support system and funding need to improve to better our Diversity, Equity & Inclusion (DE&I) that ultimately have an important role in building a stronger and healthier startup and venture capital community and ecosystem that uplift our Integrity and boost our economy while creating and bringing jobs and opportunity to our communities.

The 10Cs to Silicon Valley Venture Capital Funding Ecosystem
Article Published on April 14, 2016
https://www.linkedin.com/pulse/10cs-silicon-valley-venture-capital-funding-ecosystem-carl-jones/

Its secret sauce; Its secret formula; Its ingredients.

As mentioned, I would share a post that covers my venture capital experience in Silicon Valley that includes my first early visits to the Valley in the mid-1990s and looks at the history of venture capital ("VC") since the 1940s. I have visited other startup communities over the years, and I have the pleasure of meeting so many wonderful local people and those around the world.

So, what makes the Valley great? Over the years I have noticed several economic drivers that have made the Valley sustaintable, and I have listed 10 economic drivers and descriptions below. I believe they are key drivers to the Valley’s ecosystem and long-standing success record in launching and scaling technology companies.

Before listing them I wanted to provide a feedback for those who wants to know how the Valley has become a successful community and the efforts to support and maintain such a thriving ecosystem. Perhaps, the Valley has perfected a system for fostering and helping entrepreneurs build and grow startups into leading companies. What is mentioned here roots back to the culture that the Valley has created and nurtured through the 75+ years that has inspired thousands of business and community leaders around the world to mirror for their communities to succeed. Since its early founding years, the Valley has kept its unique, dynamic and vibrate startup+VC culture and ecosystem that’s difficult to duplicate. For a glimpse look on how Venture Capital in Silicon Valley have evolved and shifted from its early years, you can take a quick read from the link.

Getting back, nearly 10 years ago I responded to a group on how Silicon Valley has maintained its startup hub mega status of the world. That said, when you look at the 60 miles stretch of U.S. Highway 101 from San Jose to San Francisco, see Google Map below, you can imagine all the tech companies along either side of the highway as you drive here; you can also see the list of tech companies from the Valley's Wikipedia page. These leading client companies that I have visited (worked with) in the 1990s, primarily OEMs in the semiconductor/computer industry, remain an important and integral ingredient/component to the Vally's economy and ecosystem, and literally everything else associated with the Valley formed a supporting infrastructure to support entrepreneurs.

Today and since 2000, the Valley has obviously become more software-centric focusing on various cloud computing architectures (XaaS: SaaS, PaaS, IaaS, CaaS, DaaS, MaaS, etc.) and with mobile applications — see graphs. There is a growing number of software companies headquartered here now versus hardware companies from previous decades. Altogether, everyone here "pitch-in" one way or another by hosting and or sponsoring various events to give entrepreneurs tools, resources and or insights on how to build and grow their startups. I truly enjoy every minute living here attending weekly events and meeting like-minded professionals, entrepreneurs and friends. There isn’t an area I haven’t visited along 101 that is marked on the map below.

Image: Google Map - the 60 mile stretch that shows the strength in the Valley’s startup ecosystem.

The people that come here bring their enthusiasm gathering at conferences and events to pitch their companies and products for funding. The Valley is loaded with weekly/monthly hackathons, pitching and demo events for all kinds of software (or related) startups. Everyone here welcomes all. It is the hub for collaboration, innovation, and entrepreneurship that is friendly and culturally diverse — a welcoming community surrounded by entrepreneurs, technology companies, law firms, investment firms and banks, and startup accelerators and incubators.

And now, I have listed 10 economic drivers and descriptions below that I believe to have made Silicon Valley successful since the 1940s. When you review them you may want to note what is missing from your community that you would want to build-up to further create a thriving startup community. It is difficult to replicate Silicon Valley’s long-time success, its “secret sauce,” its "secret formula;" nonetheless, the ingredients are there and in your reach to enrich your startup community. In no particular order, each economic driver plays a vital role in the whole startup ecosystem. The image of a scale below is to help stir the thinking of measurability and accountability, generating a baseline first — if you can't measure it, you can't improve it.

Image: Measurement Bar - a measuring bar to mark milestone accomplishments.

Driver: Description

Connectivity: Connecting and establishing relationships with like-minded people to take actions and to make things happened, raising engagements.

Creativity: Imagineering to ignite and try new ideas that have enduring business models and possessing a not afraid to fail mentality and culture.

Code-ability: Bringing developers and designers together to brainstorm ideas and codes, developing products/ prototypes at hackathons/coding events.

Commutability: Providing multiple ways for ease of travel to meet, engage and collaborate with like-minded people at a common location.

Climate: Providing an environment that fosters creativity to produce optimal productivity that delivers quality and meaningful outcomes.

Co-Investing: Weighing risks and injecting local capital to create a community driven crowdfunding for local startups and setting transparency and trust.

Competition: Competing products (e.g., in consumer products), teams (e.g., in sports) and companies drive competition that improves products and cost.

Colleges: Utilizing local colleges and universities to leverage added reach, resources, knowledge, feedback, and talent for local startups.

Cluster: Pulling like-minded people together to create a cluster of a densely populated group that plays an important role in the social collaboration.

Capital: Raising new capital, series rounds, through syndication for scale after a business model has shown an ability to prosper further.

These economic drivers are interconnected, interlocking to create an economic engine, an economic ecosystem for growth, that share some common verbiages but each driver carries a core objective. And as mentioned above, if one of the drivers is missing, it would be difficult, but not impossible, to create a sustainable startup community. In all, it is an economic engine that is being fueled, nurtured and sustained.

The question to ask now is, are the gears in your startup community have all its teeth, windmills with all its sails/blades, or flowers with all its petals? The image of a gear below shows a ring of interconnected Cs, and the illustration can be applied to your startup community.

Image: Gear - an interconnected ring of Cs forming a "gear" depicting a startup community.

I hope this post stimulated additional thoughts to your efforts in building a sustainable startup community, and I look forward to hearing from you on your startup development.

The Art of TIME: 4 factors to lead toward success
Article Published on July 29, 2015
https://www.linkedin.com/pulse/art-time-4-factors-lead-toward-success-carl-jones/

“The Art of TIME” can shine additional light to helping entrepreneurs build a fundable company. The work put into building a company takes years, and never easy. Only a small percentage of companies, less than 5%, reach self sustainability having revenues and or take an IPO or M&A exit.

The Art of TIME is based on codependent time factors of T, I, M, and E that a company needs to possess, manage and lead properly in order to thrive and succeed. Success is a function of time on the actions taken, and at times at critical situations. Every milestone completed toward building a company is based on “time,” i.e., knowing when to pivot, knowing when to launch, knowing when to hire staff and knowing when to scale locally and globally. The Art of TIME can assist entrepreneurs put focus on the vital factors, in function of time, that are necessary to monitor and manage in a growing company.

Taking a technology company through or around obstacles in a market from inception to growth is very challenging and never a smooth set roadmap. Founding team members that can best manage TIME can carve a path toward success.

Why TIME? Everything we do in life is based on time ... timing. When you hear someone say, “it’s all about timing,” then you can relate and understand what that truly means. In the VC + startup ecosystem, TIME is the core that's rooted in building, running and scaling a startup company. Its acronym stands for Team, Idea, Money, and Execution. Each variable is codependent on one another, interconnected. As a function of time, ƒ(t), the equation for building a company for success is expressed below.

success, ƒ(t) = { T, I, M, E }
variables:

t = time is not unlimited, and can be set between 3 and 10 year.

T = Team is a function of leadership; the founding team members’ ability to execute, i.e. in managing when to launch, when to pivot, when to hire and when to scale locally and globally.

I = Idea is a function of creativity, developing an admiring product(s) and or services; and it is based on market growth and size, technology, innovation, scalability, intellectual property, etc.

M = Money is a function of finance, cash flow, managing capital properly to fuel the operations ranging from early years cash in order to raise later capital rounds from outside investors: angels and venture capitalists.

E = Execution is a function of action (sets of strategic tasks, milestones) that are planned (executable) to build a great working prototype and to head toward creating an outstanding product / platform (or services) that people want to download, love to use and pleased to share with friends and family.

Market will evolve and shift. Competitors will innovate. The market will never sleep, and the turning of time will never stop. In a competitive landscape for any size companies, you can build and run a company that is fundable if you can manage T.I.M.E. effectively throughout time.

The Art of TIME and the acronym of TIME can help entrepreneurs identify and manage the dynamics and codependent factors in creating and building a successful company. The equation above can contribute in making checks and balances on measurable actions completed to determine if operations is on track and on target.

In total, The Art of TIME is in the timing of managing TIME effectively to obtain market traction and to reach critical mass in order to become a churning company heading toward a path of success.

Venture Capital Investments Shifted and Evolved
Article Published on June 19, 2015
https://www.linkedin.com/pulse/venture-capital-investments-shifted-evolved-carl-jones/

When you are rock climbing you don’t often look back to find your shadow; you look to shift your weight to put where your hands and feet will be next.

Investing is forward looking, and investing in technology companies is risky and yet calculated. The venture capital industry got its starts in the mid 1940’s. The early investments in DEC, Genentech, Intel, Microsoft, Sun Microsystems, and Apple allowed the industry to thrive successfully in its initial 40 years.

The graph below shows the movements in the venture capital industry in the past 30 years from 1984 to 2014, showing the changing numbers of professionals and firms. The data were obtained from the National Venture Capital Association, NVCA’s 1984 to 2014 Yearbook with missing data from 1995, 1996, 2005, and 2006.

The attempt of this post is to show the investment pattern in the venture capital industry, and how the investments have transitioned or shifted with innovations and leading technologies in the past 3 decades — see span A, B, and C in the graph below.

The span of A, B, and C is not absolute; it is to provide a timeframe referencing about 12 years of change in innovations and technologies. Some examples presented of what venture capitalists have funded in the three spans and with some overlaps. Note (*): span A investments focused more on computers/hardware innovations/companies, span B investments focused mostly on Internet innovations/companies, and span C investments focused mostly on cloud and mobile applications/innovations/companies for mobile devices.

The graph below includes the capital managed and capital raised in billions of dollars ($B, USD) per year. It also shows that venture capital firms are managing more capital with fewer venture capitalists/resources/people than in previous years. Possibly, we are heading toward a lean (leanest) VC period as well, reaching near the numbers of professionals in the low 5,000 as seen in the early 1990s, but having a much greater amount of capital to manage.

I'm interested to seeing where the next quarter data lands, and where this year data ends. The next 5 to 10 years will be exciting for everyone in the venture capital and growth equity ecosystems and opportunities. And as innovations and technologies evolved, are we on track of a 50 year projection?

NOTE: if you hold the yearbooks for the missing years, could you email me. I will include the data to complete the graph.

— 📄 STOCK MARKET | INNOVATIVE TECHNOLOGY COMPANIES —
https://www.inhite.com/carljones/#Stocks

Stocks: NASDAQ & NYSE | Venture Capital & Private Equity
Technology Investment Sector | From Private To Public Stock Market & Diversification Strategy
https://www.inhite.com/carljones/#StockMarket

|| HISTORY || In the 1990s, my path into the world of startup and venture capital started when I was in college, studying engineering, finance, and business management while conducting lab research on thin films for engineering ceramics and building a startup based from the research for the semiconductor industry. It was also my thirst for knowledge and understanding that drove me to inquire and study several case studies from Harvard Business School and reading books on M&As and IPOs; in addition, one of my enlightenment readings and go-to authors on corporate strategies was from Michael E. Porter; he is the Bishop William Lawrence University Professor at Harvard Business School (HBS). After graduation, I continue to be a student in training — a lifelong learner of management and leadership throughout my career, and putting my attention on seeing the cyclic waves and trends in the market, the advancement in technologies and innovations, and the exit strategies in private and public companies.

Also during those years, AOL was going public in 1992, Yahoo in 1996, Amazon in 1997, and Fairchild in 1999 while the companies I was with were going through a buying spree of several companies, totaling twelve (12) M&As and nearly $3 billion dollars — a billion dollar was a big deal in the 1990s. In 1996, I was asked to join with senior members to look at targeted companies. Those were memorable times and work, and one of my most memorable trips and acquisitions was to the "Windy City" to acquire a company in Chicago, Illinois. And in the early 1990s, I made a conscious decision to understand how companies go from private to public market and why investors write checks to support such early business ventures and investment opportunities. At the time, I was paying close attention to AOL, Yahoo, Amazon, and Fairchild when they were going from private to public companies and other technology and internet companies during the dot-com era. I was absorbed on analyzing companies, evaluating their performances and core strengths, and seeing expansion stemming from organic and inorganic growth. In addition, the global effect and boom on globalization during the 1990s with public policy changes and advancements in technologies and innovations in telecommunications: internet, mobile phones, fiber optic cables, and global positioning system (GPS) satellites.

In 2000 (aka Y2K) I joined a software startup company in the healthcare and life sciences industry working with the family founding members and other executives on strategic planning, operations, and management, executing on the development of the company and the deployment and sales of software suite of products to new and existing client base. It was my primarily focus on supporting and driving products, teams, and company toward achieving monthly and yearly goals. In 2005, I decided to invest into the startup world and venture capital business and traveled to many cities in the United States and multiple countries.

In the past twenty years, I have seen many companies come and go, many business models and many financial models, and those made operational transitions and structural transformations from mergers and acquisitions (M&As) implementations and the strategies within M&As, plus targeted companies going from early stage to going public (IPOs) on the NASDAQ and NYSE. I have posted some of them below. It is from my personal experiences from those ups and downs of fiscal growth, country specific, and dynamics in the stock market that I have gained a great amount of experience and insight from all these companies and transactions. With that said, I am still a student in training, as mentioned above, and will be forever, because the market constantly moving ahead and doesn’t sleep nor stop. There are good examples of people and companies that have failed from not learning, not adapting, and not evolving with the market, staying adamant about their technologies and innovations that have falling more behind the time, plateuing and trailing on the innovation curve. Their products have become "legacy products" in the marketplace.

"Either you innovate or innovation innovates you." — Unknown

Now that I have arrived with my own experiences of success, plus challenges and failures, I’m reflecting back, voicing out, advancing and sharpening skills, and looking forward to the next waves of innovations and great leading and innovative companies that can improve our lives and make a positive impact on the world. There is a lot to say and list so I decided to post some of them here and can discuss further in person. The lists below include some listed companies and those mentioned above, and they are my most memorable IPOs and M&As transactions in the technology sector that have impacted and improved our lives.

"Every adversity, every failure, every heartache carries with it the seed of an equal or greater benefit." — Napoleon Hill

In addition, in today's technology and innovation scene, starting a startup company has become so much easier and faster than in the 1990s. There are a lot of tools (hardware and software) and infrastructures (communities and universities accelerator programs) in play to support entrepreneurs and investors. I personally know this because I worked on my first startup in 1992 while studying engineering and business. Back then, there weren't enough tools and supporting infrastructures in place for entrepreneurs and investors. After twenty years, the traditional method and channels have gradually and definitely evolved for entrepreneurs and investors, e.g., crowdfunding and SPAC (special purpose acquisition company).

ETFs
Exchange Traded Funds
https://www.inhite.com/carljones/#ETFs

Symbol	ETF Name	Asset Class	Total Assets ($MM)	YTD Price Change	Avg. Daily Volume	Previous Closing Price	1-Day Change
SPY	SPDR S&P 500 ETF Trust	Equity	$403,689.00	-5.27%	90,932,192	$449.91	1.80%
-	-	-	-	-	-	-	-
-	-	-	-	-	-	-	-
-	-	-	-	-	-	-	-
-	-	-	-	-	-	-	-
NOTE: There are about two thousands Exchange Traded Funds (ETFs) in the equity asset class.

Unicorn — A Billion Dollar Valuation Startup Company
When your startup accomplished a major feat in becoming a billion dollar valuation company.
https://www.inhite.com/carljones/#Unicorn

As mentioned above about previous companies, their balance sheets having a billion dollar was a big deal in the 1990s. Today, there are many startup companies that have a valuation of over a billion dollar ($1B).

⇳ Company (Startup)	Valuation (US $B)	Country	Exit Date	Review S-1 (Y/N)	Exit Valuation (US $bn)	Par Value Debut	Exchange: Ticker
10x Genomics	$1.28 billion	USA	12Sept2019	Y	$3.6bn	$39	NASDAQ: TXG
17Zuoye	$1.00 billion	-	-	-	-	-	-
23andMe	$2.50 billion	USA	4Feb2021	-	$3.5bn	$10	SPAC \| NYSE: VGAC
36Kr Media	$1.00 billion	-	-	-	-	-	-
4Paradigm	$1.20 billion	-	-	-	-	-	-
58 Daojia	$1.00 billion	-	-	-	-	-	-
9fbank.com	$1.00 billion	-	-	-	-	-	-
About You	$1.00 billion	-	-	-	-	-	-
Actifio	$1.10 billion	-	-	-	-	-	-
Adyen	$15.10 billion	-	-	-	-	-	-
Affirm	$2.90 billion	-	-	-	-	-	-
Afiniti	$1.80 billion	-	-	-	-	-	-
Age of Learning	$1.00 billion	-	-	-	-	-	-
Aihuishou	$2.50 billion	-	-	-	-	-	-
Aijia Life	$1.00 billion	-	-	-	-	-	-
Airbnb	$38.00 billion	USA	10Dec2020	Y	$47bn	$68	NASDAQ: ABNB
Airtable	$1.10 billion	-	-	-	-	-	-
Airwallex	$1.00 billion	-	-	-	-	-	-
AirWatch	$1.00 billion	-	-	-	-	-	-
AIWAYS	$1.60 billion	-	-	-	-	-	-
Alibaba	$42.00 billion	China	18Sept2014	Y	$231bn	$68	NYSE: BABA
AliMusic	$3.00 billion	-	-	-	-	-	-
Alisports	$1.27 billion	-	-	-	-	-	-
Allbirds	$1.40 billion	-	-	-	-	-	-
AmWINS Group	$2.60 billion	-	-	-	-	-	-
Anduril	$1.00 billion	-	-	-	-	-	-
Ant Financial (Alipay)	$150.00 billion	-	-	-	-	-	-
AppDirect	$1.04 billion	-	-	-	-	-	-
AppDynamics	$2.05 billion	-	-	-	-	-	-
AppLovin	$2.00 billion	-	-	-	-	-	-
Apus Group	$1.85 billion	-	-	-	-	-	-
Argo AI	$7.00 billion	-	-	-	-	-	-
Asana	$1.50 billion	USA	30Sept2020	-	$3.99bn	$21	NYSE : ASAN*
Asana	$1.50 billion	-	-	-	-	-	-
Atlassian	$3.30 billion	-	-	-	-	-	-
Atom Bank	$1.25 billion	-	-	-	-	-	-
Aurora	$2.50 billion	-	-	-	-	-	-
Auth0	$1.00 billion	-	-	-	-	-	-
Auto1 Group	$3.54 billion	-	-	-	-	-	-
Automation Anywhere	$2.60 billion	-	-	-	-	-	-
Automattic	$1.16 billion	-	-	-	-	-	-
Avaloq Group	$1.01 billion	-	-	-	-	-	-
Avant	$2.00 billion	-	-	-	-	-	-
AvidXchange	$1.40 billion	-	-	-	-	-	-
Avito.ru	$1.82 billion	-	-	-	-	-	-
Away	$1.40 billion	-	-	-	-	-	-
Babylon Health	$2.00 billion	-	-	-	-	-	-
Babytree	$2.19 billion	-	-	-	-	-	-
BAIC BJEV	$4.20 billion	-	-	-	-	-	-
BeiBei	$1.00 billion	-	-	-	-	-	-
Beijing Weiying Technology	$2.00 billion	-	-	-	-	-	-
Beike Zhaofang	$10.00 billion	-	-	-	-	-	-
BenevolentAI	$2.10 billion	-	-	-	-	-	-
Better Place	$1.60 billion	-	-	-	-	-	-
BGL Group	$3.00 billion	-	-	-	-	-	-
Big Basket	$1.20 billion	-	-	-	-	-	-
Bill.com	$1.00 billion	-	-	-	-	-	-
BillDesk	$1.80 billion	-	-	-	-	-	-
Bird Rides	$2.50 billion	-	-	-	-	-	-
Bitfury	$1.00 billion	-	-	-	-	-	-
Bitmain	$1.20 billion	-	-	-	-	-	-
Bitmain Technologies	$12.00 billion	-	-	-	-	-	-
BlaBlaCar	$1.60 billion	-	-	-	-	-	-
Bloom Energy	$2.83 billion	-	-	-	-	-	-
Blue Apron	$2.00 billion	-	-	-	-	-	-
Bluehole	$5.00 billion	-	-	-	-	-	-
Bolt	$1.00 billion	-	-	-	-	-	-
Box	$2.40 billion	USA	23Jan2015	Y	$1.6bn	$14	NYSE: BOX
Branch	$1.00 billion	-	-	-	-	-	-
Branch Metrics	$1.00 billion	-	-	-	-	-	-
BrewDog	$1.15 billion	-	-	-	-	-	-
Brex	$2.60 billion	-	-	-	-	-	-
Bukalapak	$1.20 billion	-	-	-	-	-	-
Bumble Dating	$1.20 billion	USA	11Feb2021	Y	$14bn	$43	NASDAQ: BMBL
Butterfly	$1.25 billion	-	-	-	-	-	-
Butterfly Network	$1.25 billion	-	-	-	-	-	-
Buzzfeed	$1.70 billion	-	-	-	-	-	-
BYJU'S	$5.75 billion	-	-	-	-	-	-
Byton	$1.20 billion	-	-	-	-	-	-
C2FO	$1.00 billion	-	-	-	-	-	-
C3	$1.40 billion	-	-	-	-	-	-
Cabify	$1.40 billion	-	-	-	-	-	-
Cainiao	$20.00 billion	-	-	-	-	-	-
Calm	$1.00 billion	-	-	-	-	-	-
Cambricon	$2.50 billion	-	-	-	-	-	-
Canva	$2.50 billion	-	-	-	-	-	-
Caocao Zhuanche	$1.60 billion	-	-	-	-	-	-
Carbon	$2.40 billion	-	-	-	-	-	-
Careem	$1.00 billion	-	-	-	-	-	-
Carta	$1.70 billion	-	-	-	-	-	-
Casper	$1.10 billion	-	-	-	-	-	-
CATL	$20.00 billion	-	-	-	-	-	-
Cell C	$1.00 billion	-	-	-	-	-	-
Celonis	$1.00 billion	-	-	-	-	-	-
CGTZ	$1.40 billion	-	-	-	-	-	-
Checkout.com	$2.00 billion	-	-	-	-	-	-
Chime	$1.50 billion	-	-	-	-	-	-
Chubao Technology	$1.00 billion	-	-	-	-	-	-
Circle Internet Financial	$3.00 billion	-	-	-	-	-	-
CitiusTech	$1.00 billion	-	-	-	-	-	-
CloudFlare	$1.00 billion	-	-	-	-	-	-
Cloudwalk	$3.32 billion	-	-	-	-	-	-
Clover Health	$1.20 billion	USA	8Jan2021	N	$7bn	$10	NASDAQ: CLOV
Cohesity	$1.00 billion	-	-	-	-	-	-
Coinbase	$8.00 billion	USA	14Apr2021	Y	$65bn	$250	NASDAQ: COIN*
Collibra	$1.00 billion	-	-	-	-	-	-
Compass	$6.40 billion	-	-	-	-	-	-
Confluent	$2.50 billion	-	-	-	-	-	-
Convoy	$1.00 billion	-	-	-	-	-	-
Coocaa	$1.45 billion	-	-	-	-	-	-
Coupa	$1.08 billion	-	-	-	-	-	-
Coupang	$9.00 billion	S. Korea	11Mar2021	Y	$58bn	$35	NYSE: CPNG
Coursera	$1.00 billion	-	-	-	-	-	-
Credit Karma	$3.50 billion	-	-	-	-	-	-
CrowdStrike	$1.00 billion	-	-	-	-	-	-
Crystal Lagoons	$1.80 billion	-	-	-	-	-	-
CureVac	$1.65 billion	-	-	-	-	-	-
Cybereason	$1.50 billion	-	-	-	-	-	-
Dada	$1.20 billion	-	-	-	-	-	-
Dadi Cinema	$2.30 billion	-	-	-	-	-	-
Danke Apartment	$2.00 billion	-	-	-	-	-	-
Darktrace	$1.65 billion	-	-	-	-	-	-
Databricks	$2.70 billion	-	-	-	-	-	-
Dataminr	$1.60 billion	-	-	-	-	-	-
DataRobot	$1.00 billion	-	-	-	-	-	-
Deezer	$1.16 billion	-	-	-	-	-	-
Delhivery	$1.60 billion	-	-	-	-	-	-
Deliveroo	$2.00 billion	-	-	-	-	-	-
Desktop Metal	$1.50 billion	-	-	-	-	-	-
Devoted Health	$1.80 billion	-	-	-	-	-	-
Dfinity	$1.90 billion	-	-	-	-	-	-
Dhruva software	$1.00 billion	-	-	-	-	-	-
Didi Chuxing	$56.00 billion	-	-	-	-	-	-
Ding Xiang Yuan	$1.00 billion	-	-	-	-	-	-
Discord	$2.00 billion	-	-	-	-	-	-
DJI	$15.00 billion	-	-	-	-	-	-
Docker	$1.30 billion	-	-	-	-	-	-
Doctolib	$1.14 billion	-	-	-	-	-	-
Dollar Shave Club	$1.00 billion	-	-	-	-	-	-
Domo	$2.00 billion	-	-	-	-	-	-
DoorDash	$12.60 billion	-	-	-	-	-	-
Douyu TV	$1.50 billion	-	-	-	-	-	-
Dream11	$1.50 billion	-	-	-	-	-	-
Druva	$1.00 billion	-	-	-	-	-	-
DT Dream	$1.00 billion	-	-	-	-	-	-
Duo Security	$1.17 billion	-	-	-	-	-	-
DXY	$1.00 billion	-	-	-	-	-	-
e-Shang Redwood	$3.25 billion	-	-	-	-	-	-
EasyHome	$5.70 billion	-	-	-	-	-	-
EasyLife Financial Services	$1.20 billion	-	-	-	-	-	-
eDaili	$1.90 billion	-	-	-	-	-	-
eFront	$1.30 billion	-	-	-	-	-	-
Ele.me	$6.00 billion	-	-	-	-	-	-
Epic Games	$15.00 billion	-	-	-	-	-	-
ESR Cayman	$2.80 billion	-	-	-	-	-	-
Essential Products	$1.00 billion	-	-	-	-	-	-
ETCP	$1.30 billion	-	-	-	-	-	-
ezCater	$1.25 billion	-	-	-	-	-	-
Fab	$1.15 billion	-	-	-	-	-	-
Face++ (Megvii)	$4.00 billion	-	-	-	-	-	-
Facebook	$50.00 billion	-	-	-	-	-	-
Fair	$1.20 billion	-	-	-	-	-	-
Fanatics	$4.50 billion	-	-	-	-	-	-
Fangdd.com	$1.00 billion	-	-	-	-	-	-
Fanli	$1.00 billion	-	-	-	-	-	-
Farfetch	$6.20 billion	UK-PT	21Sep2018	-	$6.2bn	$20	NYSE: FTCH
Firstp2p	$2.00 billion	-	-	-	-	-	-
Flexport	$3.20 billion	-	-	-	-	-	-
Flipkart	$18.00 billion	-	-	-	-	-	-
FlixBus	$2.25 billion	-	-	-	-	-	-
FlixMobility	$2.00 billion	-	-	-	-	-	-
Formlabs	$1.06 billion	-	-	-	-	-	-
Freshworks	$1.50 billion	-	-	-	-	-	-
Frontline Education	$1.00 billion	-	-	-	-	-	-
Futu Securities	$1.00 billion	-	-	-	-	-	-
FXiaoKe	$1.00 billion	-	-	-	-	-	-
Gan & Lee Pharmaceuticals	$1.60 billion	-	-	-	-	-	-
Garena	$3.70 billion	-	-	-	-	-	-
Geek+	$1.00 billion	-	-	-	-	-	-
Gett	$1.50 billion	-	-	-	-	-	-
GetYourGuide	$1.00 billion	-	-	-	-	-	-
Gilt Groupe	$1.15 billion	-	-	-	-	-	-
Ginkgo BioWorks	$1.00 billion	-	-	-	-	-	-
GitLab	$1.10 billion	-	-	-	-	-	-
Global Fashion Group	$1.10 billion	-	-	-	-	-	-
Global Switch	$11.08 billion	-	-	-	-	-	-
Globality	$1.00 billion	-	-	-	-	-	-
Glossier	$1.20 billion	-	-	-	-	-	-
Go-Jek	$10.00 billion	-	-	-	-	-	-
GoGoVan	$1.00 billion	-	-	-	-	-	-
Good Technology	$1.20 billion	-	-	-	-	-	-
GoodRx	$1 billion	USA	28Aug2021	Y	$18bn	$33	NASDAQ: GDRX
GoPro	$2.25 billion	-	-	-	-	-	-
GPClub	$1.32 billion	-	-	-	-	-	-
Grab	$14.30 billion	Singapore	-	-	$39.6bn	-	SPAC \| NASDAQ: GRAB
Grail	$3.20 billion	-	-	-	-	-	-
Graphcore	$1.70 billion	-	-	-	-	-	-
Greensill	$3.50 billion	-	-	-	-	-	-
Groupon	$4.75 billion	-	-	-	-	-	-
Grove Collaborative	$1.00 billion	-	-	-	-	-	-
GuaHao (We Doctor)	$1.50 billion	-	-	-	-	-	-
Guazi (Chehaoduo)	$9.00 billion	-	-	-	-	-	-
Gusto	$3.80 billion	-	-	-	-	-	-
Gympass	$1.00 billion	-	-	-	-	-	-
HashiCorp	$1.90 billion	-	-	-	-	-	-
HeartFlow	$1.50 billion	-	-	-	-	-	-
Hello Bike	$1.47 billion	-	-	-	-	-	-
Hello TransTech	$5.00 billion	-	-	-	-	-	-
Hike	$1.40 billion	-	-	-	-	-	-
Hims	$1.10 billion	-	-	-	-	-	-
Hippo	$1.00 billion	-	-	-	-	-	-
HomeAway	$1.40 billion	-	-	-	-	-	-
Horizon Robotics	$3.00 billion	-	-	-	-	-	-
Houzz	$4.00 billion	-	-	-	-	-	-
Huike Group	$1.00 billion	-	-	-	-	-	-
Huikedu Group	$1.00 billion	-	-	-	-	-	-
Huimin	$2.00 billion	-	-	-	-	-	-
Huitongda	$3.18 billion	-	-	-	-	-	-
HuJiang	$1.00 billion	-	-	-	-	-	-
Ibotta	$1.00 billion	-	-	-	-	-	-
iCarbonX	$1.00 billion	-	-	-	-	-	-
Icertis	$1.00 billion	-	-	-	-	-	-
Icertis	$1.00 billion	-	-	-	-	-	-
iFood	$1.00 billion	-	-	-	-	-	-
Illumio	$1.00 billion	-	-	-	-	-	-
Impossible Foods	$2.00 billion	-	-	-	-	-	-
Improbable	$2.00 billion	-	-	-	-	-	-
Indigo Agriculture	$3.50 billion	-	-	-	-	-	-
Infi	$1.25 billion	-	-	-	-	-	-
Infinidat	$1.60 billion	-	-	-	-	-	-
Infor	$10.00 billion	-	-	-	-	-	-
InMobi	$1.00 billion	-	-	-	-	-	-
Innovent Biologics	$1.00 billion	-	-	-	-	-	-
Insidesales.com	$1.70 billion	-	-	-	-	-	-
Instacart	$7.60 billion	-	-	-	-	-	-
Intarcia Therapeutics	$5.50 billion	-	-	-	-	-	-
Intellifusion	$1.00 billion	-	-	-	-	-	-
Intercom	$1.29 billion	-	-	-	-	-	-
InVision	$1.00 billion	-	-	-	-	-	-
ironSource	$1.50 billion	-	-	-	-	-	-
iTutorGroup	$1.00 billion	-	-	-	-	-	-
iTutorGroup	$1.00 billion	-	-	-	-	-	-
Ivalua	$1.10 billion	-	-	-	-	-	-
Iwjw	$1.25 billion	-	-	-	-	-	-
IZettle	$2.20 billion	-	-	-	-	-	-
Jasper	$1.35 billion	-	-	-	-	-	-
JD Finance	$7.30 billion	-	-	-	-	-	-
Jet.com	$1.50 billion	-	-	-	-	-	-
JFrog	$1.20 billion	-	-	-	-	-	-
Jia.com	$3.00 billion	-	-	-	-	-	-
Jiangsu Zimi Technology	$1.00 billion	-	-	-	-	-	-
Jiedaibao	$10.77 billion	-	-	-	-	-	-
Jiuxian	$1.05 billion	-	-	-	-	-	-
JOLLY Information Technology	$1.00 billion	-	-	-	-	-	-
Jollychic	$1.00 billion	-	-	-	-	-	-
Judo Capital	$1.04 billion	-	-	-	-	-	-
Junlebao	$1.14 billion	-	-	-	-	-	-
Jusfoun Big Data	$1.65 billion	-	-	-	-	-	-
JUUL Labs	$50.00 billion	-	-	-	-	-	-
Kabam	$1.00 billion	-	-	-	-	-	-
Kabbage	$1.00 billion	-	-	-	-	-	-
Kaseya	$1.75 billion	-	-	-	-	-	-
Katerra	$1.00 billion	-	-	-	-	-	-
KeepTruckin	$1.25 billion	-	-	-	-	-	-
Kendra Scott	$1.00 billion	-	-	-	-	-	-
Kik Interactive	$1.00 billion	-	-	-	-	-	-
Kingsoft Cloud	$2.40 billion	-	-	-	-	-	-
Klarna	$5.50 billion	-	-	-	-	-	-
Klook	$1.00 billion	-	-	-	-	-	-
Knotel	$1.30 billion	-	-	-	-	-	-
KnowBe4	$1.00 billion	USA	22Apr2021	Y	$3bn	$16	NASDAQ: KNBE
KnowBox	$1.00 billion	-	-	-	-	-	-
Koudai	$1.40 billion	-	-	-	-	-	-
Koudai Gouwu	$1.45 billion	-	-	-	-	-	-
Kr Space	$1.30 billion	-	-	-	-	-	-
Kuaishou	$18.00 billion	-	-	-	-	-	-
L&P Cosmetic	$1.78 billion	-	-	-	-	-	-
Lakala	$1.50 billion	-	-	-	-	-	-
Lalamove	$1.00 billion	-	-	-	-	-	-
Lamabang	$1.00 billion	-	-	-	-	-	-
Leap Motor	$1.01 billion	-	-	-	-	-	-
LegalZoom	$2.00 billion	-	-	-	-	-	-
Legendary Entertainment	$3.00 billion	-	-	-	-	-	-
Lemonade	$2.00 billion	-	-	-	-	-	-
Lending Club	$3.80 billion	-	-	-	-	-	-
Letgo	$1.50 billion	-	-	-	-	-	-
Lianjia (Homelink)	$13.00 billion	-	-	-	-	-	-
LIfeMiles	$1.15 billion	-	-	-	-	-	-
Lightricks	$1.00 billion	-	-	-	-	-	-
Lime	$2.40 billion	-	-	-	-	-	-
LinkDoc Technology	$1.00 billion	-	-	-	-	-	-
LinkedIn	$1.06 billion	-	-	-	-	-	-
LinkSure Network	$1.00 billion	-	-	-	-	-	-
Liquid	$1.00 billion	-	-	-	-	-	-
LivingSocial	$1.50 billion	-	-	-	-	-	-
Lixiang Automotive	$2.93 billion	-	-	-	-	-	-
Loggi	$1.00 billion	-	-	-	-	-	-
Loji Logistics	$1.26 billion	-	-	-	-	-	-
Lookout	$1.00 billion	-	-	-	-	-	-
Luckin Coffee	$2.90 billion	-	-	-	-	-	-
Lufax	$30.00 billion	-	-	-	-	-	-
Luoji Siwei	$1.17 billion	-	-	-	-	-	-
LY.com	$3.00 billion	-	-	-	-	-	-
Lyft	$15.10 billion	USA	29Mar2019	Y	$20.6bn	$72	NASDAQ: LYFT
Lynda.com	$1.00 billion	-	-	-	-	-	-
Machine Zone	$5.00 billion	-	-	-	-	-	-
Mafengwo	$2.00 billion	-	-	-	-	-	-
Magic Leap	$6.30 billion	-	-	-	-	-	-
Maimai	$1.00 billion	-	-	-	-	-	-
Manbang Group	$6.00 billion	-	-	-	-	-	-
Maoyan-Weiying	$2.00 billion	-	-	-	-	-	-
MarkLogic	$1.00 billion	-	-	-	-	-	-
Marqeta	$2.00 billion	-	-	-	-	-	-
Marqeta	$1.90 billion	-	-	-	-	-	-
MediaMath	$1.00 billion	-	-	-	-	-	-
Medlinker	$1.00 billion	-	-	-	-	-	-
MedMen	$1.00 billion	-	-	-	-	-	-
Meero	$1.00 billion	-	-	-	-	-	-
Megvii	$4.00 billion	-	-	-	-	-	-
Meicai	$2.80 billion	-	-	-	-	-	-
Meili United Group	$3.00 billion	-	-	-	-	-	-
Meitu	$2.00 billion	-	-	-	-	-	-
Meituan-Dianping	$30.00 billion	-	-	-	-	-	-
Meizu Technology	$4.58 billion	-	-	-	-	-	-
Mia.com	$1.00 billion	-	-	-	-	-	-
Miaoshou Doctor	$1.02 billion	-	-	-	-	-	-
MindMaze	$1.00 billion	-	-	-	-	-	-
MINISO Life	$2.20 billion	-	-	-	-	-	-
MissFresh	$1.00 billion	-	-	-	-	-	-
Mobike	$3.00 billion	-	-	-	-	-	-
Mobileye	$1.90 billion	-	-	-	-	-	-
Mobvoi	$1.00 billion	-	-	-	-	-	-
Moderna Therapeutics	$7.50 billion	-	-	-	-	-	-
Mofang Living	$1.00 billion	-	-	-	-	-	-
Momenta	$1.00 billion	-	-	-	-	-	-
Monday.com	$1.90 billion	-	-	-	-	-	-
Monzo	$2.55 billion	-	-	-	-	-	-
Mozido	$2.39 billion	-	-	-	-	-	-
Mu Sigma	$1.50 billion	-	-	-	-	-	-
MuleSoft	$1.50 billion	-	-	-	-	-	-
musical.ly	$1.00 billion	-	-	-	-	-	-
Musigma	$1.50 billion	-	-	-	-	-	-
N26	$3.50 billion	-	-	-	-	-	-
NantHealth	$2.00 billion	-	-	-	-	-	-
NantOmics	$1.80 billion	-	-	-	-	-	-
Nearmap	$1.00 billion	-	-	-	-	-	-
NetEase Youdao	$1.10 billion	-	-	-	-	-	-
Netskope	$1.00 billion	-	-	-	-	-	-
New Relic	$1.00 billion	-	-	-	-	-	-
Nextdoor	$2.10 billion	-	-	-	-	-	-
Niantic	$4.00 billion	-	-	-	-	-	-
Ninebot	$1.50 billion	-	-	-	-	-	-
Northvolt	$1.60 billion	-	-	-	-	-	-
Novogene	$1.00 billion	-	-	-	-	-	-
Nubank	$10.00 billion	-	-	-	-	-	-
NuCom Group	$2.20 billion	-	-	-	-	-	-
Numbrs	$1.00 billion	-	-	-	-	-	-
Nuro	$2.70 billion	-	-	-	-	-	-
Nutanix	$2.00 billion	-	-	-	-	-	-
Nxin (农信互联)	$1.00 billion	-	-	-	-	-	-
OakNorth	$2.80 billion	-	-	-	-	-	-
OCSiAl	$1.00 billion	-	-	-	-	-	-
OfferUp	$1.20 billion	-	-	-	-	-	-
Ola Cabs	$6.20 billion	-	-	-	-	-	-
Ola Electric Mobility	$1.00 billion	-	-	-	-	-	-
Omio	$1.00 billion	-	-	-	-	-	-
One Medical Group	$1.00 billion	-	-	-	-	-	-
One97 Communications	$10.00 billion	-	-	-	-	-	-
OneConnect	$8.00 billion	-	-	-	-	-	-
OneTrust	$1.30 billion	-	-	-	-	-	-
Opendoor	$3.80 billion	-	-	-	-	-	-
OrCam Technologies	$1.00 billion	-	-	-	-	-	-
Oscar Health	$3.20 billion	-	-	-	-	-	-
Otto Bock HealthCare	$3.50 billion	-	-	-	-	-	-
Outreach	$1.10 billion	-	-	-	-	-	-
OutSystems	$1.00 billion	-	-	-	-	-	-
OVH	$1.10 billion	-	-	-	-	-	-
Ovo Energy	$1.28 billion	-	-	-	-	-	-
Oxford Nanopore	$2.00 billion	-	-	-	-	-	-
OYO	$10.00 billion	-	-	-	-	-	-
PagerDuty	$1.30 billion	-	-	-	-	-	-
Palantir Technologies	$20.00 billion	USA	30Sept2020	Y	$16.5bn	$7.25	NYSE: PLTR*
Pat McGrath Labs	$1.00 billion	-	-	-	-	-	-
Pax Labs	$1.70 billion	-	-	-	-	-	-
Paytm	$18.00 billion	-	-	-	-	-	-
Peloton	$4.20 billion	-	-	-	-	-	-
Perfect Diary	$1.00 billion	-	-	-	-	-	-
Pinduoduo	$15.00 billion	-	-	-	-	-	-
Pine Lab	$1.00 billion	-	-	-	-	-	-
Ping An Good Doctor	$3.00 billion	-	-	-	-	-	-
PingAn Health Insurance Tech	$8.80 billion	-	-	-	-	-	-
Pinterest	$13.00 billion	-	-	-	-	-	-
Pivotal	$2.80 billion	-	-	-	-	-	-
Plaid	$2.65 billion	-	-	-	-	-	-
Plaid Technologies	$2.65 billion	-	-	-	-	-	-
Poizon	$1.00 billion	-	-	-	-	-	-
Policy Bazaar	$1.00 billion	-	-	-	-	-	-
Pony.ai	$1.70 billion	-	-	-	-	-	-
Postmates	$1.85 billion	-	-	-	-	-	-
Preferred Networks	$2.00 billion	-	-	-	-	-	-
Procore Technologies	$3.00 billion	-	-	-	-	-	-
Promasidor Holdings	$1.58 billion	-	-	-	-	-	-
Prometheus Group	$1.00 billion	-	-	-	-	-	-
Prosper Marketplace	$1.90 billion	-	-	-	-	-	-
Proteus Digital Health	$1.50 billion	-	-	-	-	-	B/R, Chapter 11
Pure Storage	$3.00 billion	-	-	-	-	-	-
QingCloud	$1.00 billion	-	-	-	-	-	-
Qualtrics	$2.50 billion	-	-	-	-	-	-
Quanergy Systems	$1.59 billion	-	-	-	-	-	-
Quikr	$1.00 billion	-	-	-	-	-	-
QuintoAndar	$1.00 billion	-	-	-	-	-	-
Quora	$1.80 billion	-	-	-	-	-	-
Quotient Technology	$1.00 billion	-	-	-	-	-	-
Radius Payment Solutions	$1.07 billion	-	-	-	-	-	-
Rappi	$3.00 billion	-	-	-	-	-	-
Red Ventures	$1.00 billion	-	-	-	-	-	-
Reddit	$1.80 billion	-	-	-	-	-	-
ReNew Power	$2.00 billion	-	-	-	-	-	-
Rent the Runway	$1.00 billion	-	-	-	-	-	-
Revolut	$1.70 billion	-	-	-	-	-	-
Revolution Precrafted	$1.00 billion	-	-	-	-	-	-
Ring	$1.20 billion	-	-	-	-	-	-
Rivian Automotive	$3.50 billion	USA	10Nov2021	Y	$100bn	$78	NASDAQ: RIVN
Rivigo	$1.00 billion	-	-	-	-	-	-
Robinhood	$7.60 billion	-	-	-	-	-	-
Roblox	$2.50 billion	USA	10Mar2021	Y	$29.5bn	$45	NYSE: RBLX*
Rocket Lab	$1.00 billion	-	-	-	-	-	-
Roivant Sciences	$7.00 billion	-	-	-	-	-	-
Roku, Inc.	$2.10 billion	-	-	-	-	-	-
Root Insurance Co	$3.65 billion	-	-	-	-	-	-
Royole Corporation	$3.00 billion	-	-	-	-	-	-
Rubicon Global	$1.00 billion	-	-	-	-	-	-
Rubrik	$3.30 billion	-	-	-	-	-	-
Samsara Networks	$6.00 billion	-	-	-	-	-	-
Samumed	$12.00 billion	-	-	-	-	-	-
Sanpower Group	$1.93 billion	-	-	-	-	-	-
Scale AI	$1.00 billion	-	-	-	-	-	-
Segment	$1.50 billion	-	-	-	-	-	-
Seismic	$1.00 billion	-	-	-	-	-	-
SenseTime	$7.50 billion	-	-	-	-	-	-
ServiceTitan	$1.65 billion	-	-	-	-	-	-
Shanghai Henlius	$2.90 billion	-	-	-	-	-	-
Shansong Express (FlashEx)	$1.00 billion	-	-	-	-	-	-
Shape Security	$1.00 billion	-	-	-	-	-	-
Shazam	$1.00 billion	-	-	-	-	-	-
ShopClues	$1.10 billion	-	-	-	-	-	-
Shopify	$1.00 billion	-	-	-	-	-	-
Shouqi Car Rental	$3.55 billion	-	-	-	-	-	-
Sila Nanotechnologies	$1.00 billion	-	-	-	-	-	-
SimpliVity	$1.03 billion	-	-	-	-	-	-
Skype	$8.50 billion	-	-	-	-	-	-
Skyscanner	$1.60 billion	-	-	-	-	-	-
Slack Technologies	$7.00 billion	-	-	-	-	-	-
Smartmi	$1.00 billion	-	-	-	-	-	-
SmartNews	$1.10 billion	-	-	-	-	-	-
SmileDirectClub	$3.20 billion	-	-	-	-	-	-
SMS Assist	$1.00 billion	-	-	-	-	-	-
Snap Inc	$19.30 billion	-	-	-	-	-	-
Snapdeal	$7.00 billion	-	-	-	-	-	-
Snowflake Computing	$3.95 billion	-	-	-	-	-	-
SoFi (Social Finance)	$4.50 billion	-	-	-	-	-	-
Solstice	$1.00 billion	-	-	-	-	-	-
Sonder	$1.10 billion	-	-	-	-	-	-
Souche	$1.50 billion	-	-	-	-	-	-
SouChe Holdings	$3.00 billion	-	-	-	-	-	-
Soundhound	$1.00 billion	-	-	-	-	-	-
Souq.com	$1.00 billion	-	-	-	-	-	-
SpaceX	$30.50 billion	-	-	-	-	-	-
Spotify	$8.53 billion	-	-	-	-	-	-
Spring Rain Software	$1.50 billion	-	-	-	-	-	-
Sprinklr	$1.80 billion	-	-	-	-	-	-
Square	$6.00 billion	-	-	-	-	-	-
Squarespace	$1.70 billion	-	-	-	-	-	-
Starry	$1.27 billion	-	-	-	-	-	-
Stemcentrx	$5.00 billion	-	-	-	-	-	-
Stitch Fix	$1.40 billion	-	-	-	-	-	-
StockX	$1.00 billion	-	-	-	-	-	-
Stripe	$22.50 billion	-	-	-	-	-	-
STX Entertainment	$1.50 billion	-	-	-	-	-	-
Sumo Logic	$1.00 billion	-	-	-	-	-	-
Suning Sports	$1.47 billion	-	-	-	-	-	-
Sunrun	$1.30 billion	-	-	-	-	-	-
Supreme	$1.00 billion	-	-	-	-	-	-
SurveyMonkey	$2.00 billion	-	-	-	-	-	-
Sweetgreen	$1.00 billion	-	-	-	-	-	-
Swiggy	$3.30 billion	-	-	-	-	-	-
Symphony	$1.40 billion	-	-	-	-	-	-
Taihe Music Group	$1.70 billion	-	-	-	-	-	-
TalkDesk	$1.00 billion	-	-	-	-	-	-
TangoMe	$1.10 billion	-	-	-	-	-	-
Tanium	$6.70 billion	-	-	-	-	-	-
Taobao Movie	$2.10 billion	-	-	-	-	-	-
Taopiaopiao	$2.00 billion	-	-	-	-	-	-
team.blue (merge of Combell Group and TransIP Group)	$1.00 billion	-	-	-	-	-	-
TechStyle Fashion Group	$1.00 billion	-	-	-	-	-	-
Tempus (Labs)	$3.10 billion	-	-	-	-	-	-
Ten-X	$1.20 billion	-	-	-	-	-	-
Tencent Music	$18.00 billion	-	-	-	-	-	-
The Honest Company	$1.70 billion	USA	6May2021	Y	$1.45bn	$16	NASDAQ: HNST
The Hut Group	$3.25 billion	-	-	-	-	-	-
ThoughtSpot	$1.95 billion	-	-	-	-	-	-
Three Squirrels	$2.09 billion	-	-	-	-	-	-
Thumbtack	$1.70 billion	-	-	-	-	-	-
Toast	$2.70 billion	-	-	-	-	-	-
Tokopedia	$7.00 billion	-	-	-	-	-	-
Tongdun Technology	$1.00 billion	-	-	-	-	-	-
Toutiao (Bytedance)	$78.00 billion	-	-	-	-	-	-
Tradeshift	$1.10 billion	-	-	-	-	-	-
TransferWise	$3.50 billion	-	-	-	-	-	-
Traveloka	$2.00 billion	-	-	-	-	-	-
Trax	$1.30 billion	-	-	-	-	-	-
Trendy International Group	$2.00 billion	-	-	-	-	-	-
Tresata	$1.00 billion	-	-	-	-	-	-
TripActions	$4.00 billion	-	-	-	-	-	-
Tuandaiwang	$1.46 billion	-	-	-	-	-	-
Tubatu.com	$2.00 billion	-	-	-	-	-	-
Tuhu	$1.16 billion	-	-	-	-	-	-
Tujia	$1.50 billion	-	-	-	-	-	-
Turo	$1.00 billion	-	-	-	-	-	-
TuSimple	$1.00 billion	-	-	-	-	-	-
Twilio	$1.03 billion	-	-	-	-	-	-
Twitter	$8.00 billion	-	-	-	-	-	-
Uber	$72.00 billion	USA	9May2019	Y	$75bn	$45	NYSE: UBER
UBtech Robotics	$4.00 billion	-	-	-	-	-	-
Ucar	$4.40 billion	-	-	-	-	-	-
UCloud	$1.50 billion	-	-	-	-	-	-
UCommune	$3.00 billion	-	-	-	-	-	-
Udaan	$2.30 billion	-	-	-	-	-	-
Udacity	$1.00 billion	-	-	-	-	-	-
UiPath	$7.10 billion	-	-	-	-	-	-
UnionPay	$2.80 billion	-	-	-	-	-	-
Unisound	$1.00 billion	-	-	-	-	-	-
United Imaging Healthcare	$5.00 billion	-	-	-	-	-	-
Unity Technologies	$6.00 billion	-	-	-	-	-	-
Uptake	$2.30 billion	-	-	-	-	-	-
VANCL	$3.00 billion	-	-	-	-	-	-
Vice Media	$5.70 billion	-	-	-	-	-	-
Vipkid	$3.00 billion	-	-	-	-	-	-
Vista Global	$2.50 billion	-	-	-	-	-	-
Viva Republica (Toss)	$2.20 billion	-	-	-	-	-	-
Vlocity	$1.00 billion	-	-	-	-	-	-
Vonage	$1.11 billion	-	-	-	-	-	-
Vox Media	$1.00 billion	-	-	-	-	-	-
VTS	$1.00 billion	-	-	-	-	-	-
Wacai.com	$1.00 billion	-	-	-	-	-	-
WalkMe	$1.00 billion	-	-	-	-	-	-
Wanda E-commerce	$3.00 billion	-	-	-	-	-	-
Warby Parker	$1.20 billion	USA	29Sept2021	-	$5bn	$40	NYSE: WRBY
Wayfair	$2.00 billion	-	-	-	-	-	-
WeBank	$9.23 billion	-	-	-	-	-	-
Wemakeprice	$2.65 billion	-	-	-	-	-	-
WeWork	$45.00 billion	-	-	-	-	-	-
WhatsApp	$1.50 billion	-	-	-	-	-	-
Wheels Up	$1.10 billion	-	-	-	-	-	-
Wifi Master Key	$1.00 billion	-	-	-	-	-	-
Wish (fka ContextLogic)	$11.00 billion	-	-	-	-	-	-
Womai	$1.00 billion	-	-	-	-	-	-
Woowa Brothers	$2.60 billion	-	-	-	-	-	-
Xiaohongshu	$3.00 billion	-	-	-	-	-	-
Xiaomi	$45.00 billion	-	-	-	-	-	-
XiaoZhu	$1.00 billion	-	-	-	-	-	-
XPeng Motors	$3.65 billion	-	-	-	-	-	-
Yanolja	$1.00 billion	-	-	-	-	-	-
Yello Mobile	$4.05 billion	-	-	-	-	-	-
YH Global	$1.00 billion	-	-	-	-	-	-
Yidian Zixun	$1.00 billion	-	-	-	-	-	-
Yiguo (易果生鲜)	$1.20 billion	-	-	-	-	-	-
Yijiupi (易久批)	$1.10 billion	-	-	-	-	-	-
Yimidida	$1.17 billion	-	-	-	-	-	-
Yinlong Group	$1.95 billion	-	-	-	-	-	-
Yitu Technology	$2.37 billion	-	-	-	-	-	-
Yixia Technology	$3.00 billion	-	-	-	-	-	-
Youxia Motors	$3.35 billion	-	-	-	-	-	-
Youxinpai	$2.00 billion	-	-	-	-	-	-
Yuanfudao	$3.00 billion	-	-	-	-	-	-
Zalando	$4.03 billion	-	-	-	-	-	-
Zappos	$1.00 billion	USA	01Nov2009	-	$1.2bn	-	AMZN acquired
ZBJ.com	$1.50 billion	-	-	-	-	-	-
Zenefits	$4.50 billion	-	-	-	-	-	-
Zeta Global	$1.30 billion	-	-	-	-	-	-
Zhangmen	$1.00 billion	-	-	-	-	-	-
Zhaogang	$1.00 billion	-	-	-	-	-	-
Zhaogang.com	$1.00 billion	-	-	-	-	-	-
Zhihu	$2.50 billion	-	-	-	-	-	-
Zhuan Zhuan	$1.00 billion	-	-	-	-	-	-
Zipline International	$1.20 billion	-	-	-	-	-	-
ZipRecruiter	$1.00 billion	-	-	-	-	-	-
Ziroom	$4.50 billion	-	-	-	-	-	-
Zocdoc	$1.80 billion	-	-	-	-	-	-
Zomato	$2.50 billion	-	-	-	-	-	-
Zoom	$1.00 billion	USA	18Apr2019	Y	$9.2B	$36	NASDAQ: ZM
Zoox	$3.20 billion	USA	26Jun2020	-	$1.3bn	-	AMZN acquired
Zulily	$1.09 billion	-	-	-	-	-	-
Zume Pizza	$2.25 billion	-	-	-	-	-	-
Zuoyebang	$1.00 billion	-	-	-	-	-	-
Zynga	$9.10 billion	USA	16Dec2011	Y	$9bn	$11	NASDAQ: ZNGA
NOTE: Above is a list of these billion dollar valuation startup companies, and the list is incomprehensive - incomplete and maybe outdated and incorrect. I have a separate spreadsheet with detail inforamtion for personal record and interest. * indicates a direct listing IPO with a market value greater than $250 million for both institutions: Nasdaq and NYSE.

Healthcare, Investments
Healthcare Industry - Financial Operations and Performance Improvement.
https://www.inhite.com/carljones/#Healthcare

⇳ Company (Startup)	Valuation (US $B)	Country	Exit Date	Review S-1 (Y/N)	Exit Valuation (US $bn)	Par Value Debut	Exchange: Ticker
10X Genomics	$1.28 billion	USA	12Sept2019	Y	$3.6bn	$39	NASDAQ: TXG
23andMe	$2.5 billion	USA	4Feb2021	-	$3.5bn	$10	SPAC \| NYSE: VGAC
Alto Pharmacy	$1 billion	-	-	-	-	-	-
Auris Health	$2.1 billion	-	-	-	$3.4bn	-	JNJ acquired
BenevolentAI	$1 billion	-	-	-	-	-	-
Bright Health	$2.2 billion	-	-	-	-	-	-
Butterfly Network	$1.3 billion	-	-	-	-	-	-
Calm.com	$1.2 billion	-	-	-	-	-	-
Clover Health	$1.20 billion	USA	8Jan2021	N	$7bn	$10	NASDAQ: CLOV
Devoted Health	$1.8 billion	-	-	-	-	-	-
Doctolib	$1.13 billion	-	-	-	-	-	-
Ginkgo BioWorks	$4 billion	-	-	-	-	-	-
GoodRx	$1 billion	USA	28Aug2021	Y	$18bn	$33	NASDAQ: GDRX
Grail	$3.8 billion	-	-	-	-	-	-
Health Catalyst	$1 billion	USA	Jul.2019	-	$1.3bn	$26	NASDAQ: HCAT
HeartFlow	$1.6 billion	-	-	-	-	-	-
Hims	$1 billion	-	-	-	-	-	-
Human Longevity	$1.2 billion	-	-	-	-	-	-
Indigo Agriculture	$3.4 billion	-	-	-	-	-	-
Intarcia Therapeutics	$5.5 billion	-	-	-	-	-	-
Livongo	$2.5 billion	USA	Jul.2019	-	$3.4bn	$28	NASDAQ: LVGO*
Lyell Immunopharma	$1.2 billion	-	-	-	-	-	-
Medlinker	$1 billion	-	-	-	-	-	-
MindMaze	$1.1 billion	-	-	-	-	-	-
One Medical	$2.7 billion	USA	Jan.2020	-	$1.5bn	$14	NASDAQ: ONEM
OrCam	$1 billion	-	-	-	-	-	-
Oscar Health	$3.2 billion	-	-	-	-	-	-
Outcome Health	$5 billion	-	-	-	-	-	Acquired
Oxford Nanopore	$2 billion	-	-	-	-	-	-
Peleton	$8.1 billion	USA	Oct.2019	Y	$8.1bn	$29	NASDAQ: PTON
Proteus Digital Health	$1.5 billion	-	-	-	-	-	B/R, Chapter 11
Rakuten Medical	$1.2 billion	-	-	-	-	-	-
Rani Therapeutics	$1 billion	-	-	-	-	-	-
Roivant Sciences	$7 billion	-	-	-	-	-	-
Samumed	$12.4 billion	-	-	-	-	-	-
Tempus (Labs)	$5 billion	-	-	-	-	-	-
ZocDoc	$1.8 billion	-	-	-	-	-	-
NOTE: Above is a list of these billion dollar valuation startup companies, and the list is incomprehensive - incomplete and maybe outdated and incorrect. I have a separate spreadsheet with detail inforamtion for personal record and interest. *Livongo (NASDAQ: LVGO) was acquired by Teladoc Health (NYSE: TDOC) on August 5th 2020.

Longevity, Investments
Anti-Aging, Managing Aging, The Science of Curing Aging.
https://www.inhite.com/carljones/#Longevity

Image: The depiction illustrates a slowing down of the aging process during the latter years, and possily through the centenarian years. The goal is to maximize both lifespan and healthspan; thus, squaring the health curve.

Can science and innovation improve our bone mass (density) for better posture, maintain muscle mass and strength, and keep the mind vibrant, healthy, and sharp? All these desires to have a strong and healthy body, mind, and spirit are based on the needs to improve the life of our cells from diminishing and dying in our body which effect our biologic age while our chronologic age climb yearly. Have you ever say to yourself the person you just met looks young for being 40 or even 50, 60, 70, 80 and 90? If you could look (external) and feel (internal) younger at any age, wouldn't that be great as you age, especially in your later years! This is the science and innovation on Aging, Longevity, maximizing both lifespan and healthspan.

Longevity, manaing aging by getting the average life expectancy for people at 75 into the 90s and possibly 100+, centenarian years. I concur with experts and can relate and identify that the cause of aging is effected by two primary factors: 1) the environment that accounts for 80%, and 2) family genes that accounts for 20% of the aging process. I actually noticed these two factors and somewhat percentages while growing up as I see it in my own family genes and in our lifestyle and from a diversity of friends and families. The oldest person in my family was 98 years young and mentally strong at the end of life. It is why I have a personal interest in the science and innovation on aging gracefully, keeping skin healthy and radiant and bone dense and strong. It is necessary to note that everyone will age eventually; however, everyone will age at a different rate and time and by the environment and family genes in which how the two aging factors are managed during a lifespan, especially in the second half. And so, what if science and innovation can assist in managing genes, decreasing degradation and increasing rejuvenation? The environment can be controlled by disciplines by living a healthy lifestyle while genes can be managed by science and innovation of medicines, advanced biomedical technologies, and artificial intelligence (AI).

Image: Ideally, in pushing-out and squaring-up the health curve, quality of life can be improved and lifespan can be increased. From the United Nations, the current life expectancy (lifespan) for U.S. in 2020 is 78.93 years.

In addition, in taking care of the body through a healthy food diet and regular physical exercise and weight-strength training, the speed of aging can be improved in a more gradual aging process during the latter lifespan years. Through the discoveries of aging of enzymes, scientists can possibly slowdown the aging process such as in the groundbreaking discoveries of telomeres and telomerase, also called terminal transferase, in plants' DNA by Elizabeth Blackburn of University of California at San Francisco, Carol Greider of Johns Hopkins University, and Jack Szostak of Harvard University — all Nobel Prize winners in 2009. Since their achievements many advances have emerged in the telomere and telomerase fields, and the science on aging has become more visible, believable, and even feasible as scientists develop and take what have been proven in the lab and into the marketplace. From having potential to possessing achievability and credibility, the science has been incredible, scientifically based and yielding real practical results, and relatively new studies have been experimented successfully to create a new industry on (Anti-) Aging, Longevity.

Image: DNA is damaged by the shortening of telomeres (end caps). They capped the end of each DNA strand that protect our chromosomes. The thread-like structures that contain all our genetic data. Telomeres will shorten over time as cell divides reaching a "replicative senescense" state which then reach a "Hayflick" limit - a concept advanced by American anatomist Leonard Hayflick.

⇳ Company (Startup)	Valuation (USD)	Country	Exit Date	Review S-1 (Y/N)	Exit Valuation (USD)	Par Value Debut	Exchange: Ticker
5 Alarm Bio	-	-	-	-	-	-	-
712 North Inc	-	-	-	-	-	-	-
Aeovian (was Aeonian)	-	-	-	-	-	-	-
Age Labs	-	-	-	-	-	-	-
AgeCurve Limited	-	-	-	-	-	-	-
AgeX Ther. / Reverse Bio	-	-	-	-	-	-	-
Alector	-	USA	7Feb2019	-	$1.3bn	$19	NASDAQ: ALEC
Alkahest	-	-	-	-	-	-	-
Altoida	-	-	-	-	-	-	-
ALX Oncology	-	USA	17Jul2020	-	$668.8mm	$19	Nasdaq: ALXO
Ambrosia	-	-	-	-	-	-	-
Amprion	-	-	-	-	-	-	-
Animal Biosciences	-	-	-	-	-	-	-
Antoxis	-	-	-	-	-	-	-
Athersys Inc	-	-	-	-	-	-	-
Atropos Therapeutics	-	-	-	-	-	-	-
Aurora Bio	-	-	-	-	-	-	-
Beiwe Health	-	-	-	-	-	-	-
BHB Therapeutics	-	-	-	-	-	-	-
BioAge Labs	-	-	-	-	-	-	-
Biophytis	-	-	-	-	-	-	-
Bioquark	-	-	-	-	-	-	-
BioViva	-	-	-	-	-	-	-
Blue Rock Therapeutics	-	-	-	-	-	-	-
BYOMass Therapeutics	-	-	-	-	-	-	-
Calico	-	-	-	-	-	-	-
Celevity	-	-	-	-	-	-	-
CellAge	-	-	-	-	-	-	-
Celularity	-	-	-	-	-	-	-
Centers for Age Control	-	-	-	-	-	-	-
Cerevance	-	-	-	-	-	-	-
ChromaDex	-	-	-	-	-	-	-
Chronomics	-	-	-	-	-	-	-
Cleara Biotech	-	-	-	-	-	-	-
CohBar Inc	-	-	-	-	-	-	-
Continuum Biosciences	-	-	-	-	-	-	-
Covalent Bioscience	-	-	-	-	-	-	-
Cytegen	-	-	-	-	-	-	-
Daphnia Labs	-	-	-	-	-	-	-
Decibel Therapeutics	-	USA	11Feb2021	-	$437.4mm	$18	NASDAQ: DBTX
Deciduous Therapeutics	-	-	-	-	-	-	-
Denali Therapeutics	-	-	-	-	-	-	-
Dorian Therapeutics	-	-	-	-	-	-	-
Elevian	-	-	-	-	-	-	-
Elysium Health	-	-	-	-	-	-	-
Enclear Therapies	-	-	-	-	-	-	-
Epimorphy LLC	-	-	-	-	-	-	-
Epirium Bio	-	-	-	-	-	-	-
Eterly	-	-	-	-	-	-	-
Eternans	-	-	-	-	-	-	-
Everon Biosciences	-	-	-	-	-	-	-
Fauna Bio	-	-	-	-	-	-	-
Fountain Therapeutics	-	-	-	-	-	-	-
FoxBio / Antoxerene	-	-	-	-	-	-	-
GEn1E Lifesciences	-	-	-	-	-	-	-
Genome Protection	-	-	-	-	-	-	-
GenSight Biologics	-	-	-	-	-	-	-
Gero	-	-	-	-	-	-	-
Gerostate Alpha	-	-	-	-	-	-	-
Gordian Biotechnology	-	-	-	-	-	-	-
Guided Clarity	-	-	-	-	-	-	-
Hanako Biotech	-	-	-	-	-	-	-
Human Rejuvenation Biotechnologies	-	-	-	-	-	-	-
Humanity Inc	-	-	-	-	-	-	-
Ichor Ttherapeutics	-	-	-	-	-	-	-
InSilico Med. / Generait	-	-	-	-	-	-	-
Integrated Health Systems	-	-	-	-	-	-	-
Intervene Immune	-	-	-	-	-	-	-
iuve bio	-	-	-	-	-	-	-
Juvena Therapeutics	-	-	-	-	-	-	-
Juvenescence	-	-	-	-	-	-	-
Life Biosciences	-	-	-	-	-	-	-
Life Epigenetics	-	-	-	-	-	-	-
Life Length	-	-	-	-	-	-	-
LipidEv (Lipid Evolution Ltd.)	-	-	-	-	-	-	-
Longeveron	-	-	-	-	-	-	-
Longevity Biotech	-	-	-	-	-	-	-
Longevity Bridge	-	-	-	-	-	-	-
LyGenesis	-	-	-	-	-	-	-
Mesoblast	-	-	-	-	-	-	-
Metacrine	-	USA	15Sep2020	-	$337mm	$13	NASDAQ: MTCR
Methuselah Health	-	-	-	-	-	-	-
Minovia Therapeutics	-	-	-	-	-	-	-
Mitochondrial Transfusion	-	-	-	-	-	-	-
Mitoconix Bio (not responding)	-	-	-	-	-	-	-
Mitokinin	-	-	-	-	-	-	-
Mount Tam -> Torcept	-	-	-	-	-	-	-
MyndYou	-	-	-	-	-	-	-
Napa Therapeutics	-	-	-	-	-	-	-
Navitor Pharmaceuticals	-	-	-	-	-	-	-
NemaLife Inc.	-	-	-	-	-	-	-
NeuroTrack	-	-	-	-	-	-	-
Newomics	-	-	-	-	-	-	-
Nuchido	-	-	-	-	-	-	-
Oisin Bio (& OncoSenX)	-	-	-	-	-	-	-
OneSkin Technologies	-	-	-	-	-	-	-
OpenCures / OpenOme	-	-	-	-	-	-	-
Osiris Green	-	-	-	-	-	-	-
Oxitope Inc.	-	-	-	-	-	-	-
Pano Therapeutics	-	-	-	-	-	-	-
Pentraxin Therapeutics	-	-	-	-	-	-	-
PharmatrophiX	-	-	-	-	-	-	-
Ponce de Leon Health / Rejuvant	-	-	-	-	-	-	-
Precision BioSciences	-	USA	27Mar2019	-	$784mm	$16	NASDAQ: DTIL
Proclara Biosciences	-	-	-	-	-	-	-
Prodrome Sciences	-	-	-	-	-	-	-
Proteostasis Therapeutics	-	-	-	-	-	-	-
Rejuvenate Bio	-	-	-	-	-	-	-
Rejuvenation Technologies	-	-	-	-	-	-	-
Repair Biotechnologies	-	-	-	-	-	-	-
resTORbio	-	-	-	-	-	-	-
Retrotope	-	-	-	-	-	-	-
Revel Pharmaceuticals	-	-	-	-	-	-	-
Ridgeline Therapeutics	-	-	-	-	-	-	-
Rubedo Life Sciences	-	-	-	-	-	-	-
Samsara Therapeutics	-	-	-	-	-	-	-
Samumed	-	-	-	-	-	-	-
Selphagy Therapeutics	-	-	-	-	-	-	-
Senolytx (Senolytic Therapeutics)	-	-	-	-	-	-	-
Shift Biosciences	-	-	-	-	-	-	-
Ship of Theseus	-	-	-	-	-	-	-
Sierra Sciences	-	-	-	-	-	-	-
Silene Biotech	-	-	-	-	-	-	-
SIWA Therapeutics	-	-	-	-	-	-	-
Souvien Therapeutics	-	-	-	-	-	-	-
Spring Discovery	-	-	-	-	-	-	-
Stealth BioTherapeutics	-	-	-	-	-	-	-
System1 Biosciences	-	-	-	-	-	-	-
TA Sciences	-	-	-	-	-	-	-
TAmiRNA	-	-	-	-	-	-	-
Telocyte	-	-	-	-	-	-	-
Telomere Diagnostics	-	-	-	-	-	-	-
Tiaki Therapeutics	-	-	-	-	-	-	-
TruMe Labs	-	-	-	-	-	-	-
Turn Biotechnologies	-	-	-	-	-	-	-
Underdog Pharmaceuticals	-	-	-	-	-	-	-
United Neuroscience	-	-	-	-	-	-	-
Unity Biotechnology	-	USA	2May2018	-	$712mm	$17	NASDAQ: UBX
Youthereum Genetics	-	-	-	-	-	-	-
Yuva Biosciences	-	-	-	-	-	-	-

SPAC IPOs
SPAC (Special Purpose Acquisition Company) IPOs in Technology Venture Capital / Private Equity Industry
https://www.inhite.com/carljones/#SPAC

⇳ Company (Startup)	Valuation (US $B)	Country	Exit Date	Review S-1 (Y/N)	Exit Valuation (US $bn)	Par Value Debut	SPAC Exchange: Ticker
23andMe	$2.50 billion	USA	4Feb2021	-	$3.5 bn	$10	NYSE: VGAC
Clover Health	$1.20 billion	USA	8Jan2021	-	$7 bn	$10	NASDAQ: CLOV
Grab	$14.30 billion	Singapore	13Apr2021	-	$39.6 bn	$10	NASDAQ: GRAB
Lucid Motors	-	USA	22Feb2021	-	$24 bn	-	NYSE: LCID
Faraday Future	-	USA	28Jan2021	-	$3.4 bn	-	NASDAQ: FFIE
REE Automotive	-	Israel	3Feb2021	-	$3.6 bn	-	NASDAQ: REE
Alight Solutions	-	USA	25Jan2021	-	$7.3 bn	-	NYSE: ALIT
Origin Materials	-	USA	17Feb2021	-	$1.8 bn	-	NASDAQ: ORGN
Playstudios	-	USA	01Feb2021	-	$1.1 bn	-	NASDAQ: MYPS
Joby Aviation	$4.5 billion	USA	24Feb2021	-	$6.6 bn	$10.62	NYSE: JOBY
SoFi (Social Finance)	-	USA	7Jan2021	-	$8.65 bn	-
Achronix	-	USA	7Jan2021	-	$2.1 bn	-	NASDAQ: ACHX
WeWork	-	USA	26Mar2021	-	$9 bn	-	NASDAQ: WE
MoneyLion	-	USA	12Feb2021	-	$2.9 bn	-
Matterport	-	USA	8Feb2021	-	$2.9 bn	-	NASDAQ: MTTR
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NASDAQ
is an American stock exchange located at One Liberty Plaza in New York City, New York
https://www.inhite.com/carljones/#NASDAQ

Exchange	Ticker	Company	IPO	52 Week Range	Day's Range	P/E	Beta	Stock Price
NASDAQ	FB^[5]	Facebook	2012	-	-	-	-	-
NASDAQ	AMZN	Amazon	1997	-	-	-	-	-
NASDAQ	AAPL	Apple	1980	-	-	-	-	-
NASDAQ	NFLX	Netflix	2002	-	-	-	-	-
NASDAQ	GOOG	Google (Alphabet)	2004	-	-	-	-	-
NASDAQ	MSFT^[4]	Microsoft	1986	-	-	-	-	-
NASDAQ	QCOM	Qualcomm	1991	-	-	-	-	-
NASDAQ	ADBE^[3]	Adobe	1986	-	-	-	-	-
NASDAQ	YHOO^[1]	Yahoo (acquired)	1996
NASDAQ	NVDA	NVIDIA Corporation	1999	-	-	-	-	-
NASDAQ	INTC	Intel Corporation	1971	-	-	-	-	-
NASDAQ	FCS^[2]	Fairchild (acquired)	1999	-	-	-	-	-
NASDAQ	ON	ON Semiconductor	2000	-	-	-	-	-
NASDAQ	TSLA	Tesla	2010	-	-	-	-	-
NASDAQ	BIDU	Baidu	2005	-	-	-	-	-
NASDAQ	IQ	iQIYI	2018	-	-	-	-	-
NASDAQ	SQ	Square	2015	-	-	-	-	-
NASDAQ	DBX	Dropbox	2018	-	-	-	-	-
NASDAQ	ZM	Zoom Video Communications	2019	-	-	-	-	-
NASDAQ	BMBL	Bumble	2021	-	-	-	-	-
NASDAQ	LYFT	Lyft	2019	-	-	-	-	-
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^[1] Yahoo's core business, along with Yahoo Finance, was acquired by Verizon for $4.48 billion in 2017. This part of Yahoo is now under Verizon Media, a subsidiary of Verizon Communications, and remaining stake of Yahoo is with Alibaba (BABA) and Yahoo Japan is with SoftBank Group. ^[2] Fairchild Semiconductor International, Inc. was founded in 1957 and went public in 1999. ON Semiconductor Corporation (Nasdaq: ON) successfully completed its acquisition of Fairchild Semiconductor (Nasdaq: FCS) for $2.4 Billion in Cash in 2016. ^[3] Adobe Systems acquired Macromedia at approximately $3.4 billion in 2005 and quickly made operations, networks, and customer care integrations. ^[4] Microsoft acquired Visio Corporation in 2000, Skype in 2011, Nokia’s mobile and devices division in 2013, LinkedIn in 2016 and GitHub in 2018. ^[5] Facebook acquired Instagram in 2012, WhatsApp in 2014, and Oculus VR in 2014.

NYSE
is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York
https://www.inhite.com/carljones/#NYSE

Exchange	Ticker	Company	IPO	52 Week Range	Day's Range	P/E	Beta	Stock Price
NYSE	BRK.A	Berkshire Hathaway	1996	-	-	-	-	-
NYSE	BRK.B	Berkshire Hathaway	1996	-	-	-	-	-
NYSE	RDS.A	Royal Dutch Shell	2005	-	-	-	-	-
NYSE	RDS.B	Royal Dutch Shell	2005	-	-	-	-	-
NYSE	PSX	Phillips 66	2012	-	-	-	-	-
NYSE	BP	BP PLC	1987	-	-	-	-	-
NYSE	CVX	Chevron	2001	-	-	-	-	-
NYSE	VLO	Valero Energy	1980	-	-	-	-	-
NYSE	XOM	Exxon Mobil Corp	1978	-	-	-	-	-
NYSE	TOT	Total SA	1991	-	-	-	-	-
NYSE	CRM	Salesforce.com	2004	-	-	-	-	-
NYSE	SPOT	Spotify Technologies	2018	-	-	-	-	-
NYSE	BABA	Alibaba Group Holding	2014	-	-	-	-	-
NYSE	TWTR	Twitter	2013	-	-	-	-	-
NYSE	LNKD^[1]	LinkedIn (acquired)	2016	-	-	-	-	-
NYSE	UBER	Uber Technologies	2019	-	-	-	-	-
NYSE	MKL^[2]	Markel Corporation	1997	-	-	-	-	-
NYSE	DIS	Walt Disney Company, The	1957	-	-	-	-	-
NYSE	FIT^[3]	Fitbit (acquired)	2015	-	-	-	-	-
NYSE	RBLX	Roblox	2021	-	-	-	-	-
NYSE		-	-	-	-	-	-	-
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^[1] Microsoft Corp. (Nasdaq: MSFT) acquired LinkedIn Corporation [ NYSE : LNKD ] on Monday, June 13, 2016 for $196 per share in an all-cash transaction valued at $26.2 billion, inclusive of LinkedIn’s net cash. ^[2] Markel Corporation’s first public listing was on the NASDAQ exchange in December 1986 ($8.33/share IPO price). In 1997, Markel Corporation moved onto the NYSE. ^[3] Google acquired Fitbit for $2.1 billion, annouced on November 1st 2019 and [ NYSE : FIT ] delisted.

Exchange	Ticker	Company	IPO	52 Week Range	Day's Range	P/E	Beta	Stock Price
TSE	9984.T	SoftBank Group Corp	2018	Japan	-	-	-	-
TSE	4689.T^[1]	Yahoo Japan Corp	2003	Japan	-	-	-	-
HKSE	0700.HK	Tencent Holdings	2004	China	-	-	-	-
NASDAQ	BIDU	Baidu	2005	China	-	-	-	-
NYSE	BABA	Alibaba Group Holding	2014	China	-	-	-	-
HKSE	1810.HK	Xiaomi	2018	China	-	-	-	-
NASDAQ	JD	JD.com	2014	China	-	-	-	-
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^[1] Yahoo Japan Corporation (4689.T) first publicly listed its shares on JASDAQ on November 4, 1997 and moved its listing to the First Section of the Tokyo Stock Exchange (TSE/TYO) on October 28, 2003.

Exchange	Ticker	Company	IPO	52 Week Range	Day's Range	P/E	Beta	Stock Price
OTCMKTS	SFTBF^[1]	SoftBank Group Corp^[1]	-	-	-	-	-	-
OTCMKTS	SFTBY^[2]	SoftBank Group Corp^[2]	-	-	-	-	-	-
OTCMKTS		-	-	-	-	-	-	-
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^[1]^[2] SoftBank plans to launch Vision Fund II of $108 billion, and go public (IPO) with its initial $100 billion Vision Fund I.

Exchange	Ticker	Company	IPO	52 Week Range	Day's Range	P/E	Beta	Stock Price
CRYPTO	BTC	Bitcoin	-	-	-	-	-	-
CRYPTO	ETH	Ethereum	-	-	-	-	-	-
CRYPTO	XRP	XRP	-	-	-	-	-	-
CRYPTO	BCH	Bitcoin Cash	-	-	-	-	-	-
CRYPTO	LTC	Litecoin	-	-	-	-	-	-
CRYPTO	EOS	EOS	-	-	-	-	-	-
CRYPTO	BNB	Binance	-	-	-	-	-	-
CRYPTO	USDT	Tether	-	-	-	-	-	-
CRYPTO	TTU	TaTaTu	-	-	-	-	-	-
CRYPTO	XLM	Stellar	-	-	-	-	-	-
CRYPTO	JPM^[1]	JPMorganChase	-	-	-	-	-	-
CRYPTO	Libra^[2]	Facebook	-	-	-	-	-	-
CRYPTO		-	-	-	-	-	-	-
CRYPTO		-	-	-	-	-	-	-
CRYPTO		-	-	-	-	-	-	-
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CRYPTO		-	-	-	-	-	-	-
^[1]J.P. Morgan Chase & Co. launched its own internal private cryptocurrency digital token ("coin") JPM on February 2019 in a U.S. banking first to speed up transactions on international settlements by major corporations. ^[2]Facebook announced the development of its digital currency Libra ("coin") on June 2019 and planned to go-live for its 2 billion users in mid 2020, and created an independent subsidiary, called Calibra, that will manage the development of applications for Libra on its FB platforms.

— 📄 WORLD BANKS | INVESTMENT BANKS | USA BANKS —
https://www.inhite.com/carljones/#Banks

World Banks
The World’s Largest Banks
https://www.inhite.com/carljones/#WorldBanks

Since our capital are in financial institutions, their performances are of interest. The financial industry, including banking, is heavily regulated by the government. Generally speaking, everyone have deposited their savings and checks in most retail and commercial banks. Of the major institutions, the focus here is on retail and commercial banks, investment banks, and companies. The top 100 world banks of 2018 is listed below, and its purpose is to serve as a glimpse standing (a static snapshot) of big banks worldwide.


Rank 2017	Rank 2018	Exchange	Ticker	Bank	Country	Market Cap, US$B (January 12, 2018)
1	1	NYSE	JPM	JP Morgan Chase & Co	US	390.934
3	2	HKSE	1398.HK	Industrial & Commercial Bank of China	China	345.214
4	3	NYSE	BAC	Bank of America	US	325.331
2	4	NYSE	WFC	Wells Fargo & Co	US	308.013
5	5	HKSE	0939.HK	China Construction Bank Corporation	China	257.399
6	6	NYSE	HSBC	HSBC Holdings	UK	219.270
8	7	HKSE	1288.HK	Agricultural Bank of China	China	203.244
7	8	NYSE	C	Citigroup	US	203.165
9	9	HKSE	3988.HK	Bank of China	China	181.469
22	10	HKSE	3968.HK	China Merchants Bank	China	122.616
11	11	NYSE	RY	Royal Bank of Canada	Canada	122.564
19	12	NYSE	SAN	Banco Santander	Spain	115.696
10	13	OTCMKTS	CBAUF	Commonwealth Bank of Australia	Australia	112.227
14	14	OTCMKTS	MBFJF	Mitsubishi UFJ Financial Group (MUFG)	Japan	111.660
13	15	NYSE	TD	Toronto-Dominion Bank	Canada	108.449
17	16	OTCMKTS	BNPQF	BNP Paribas	France	103.258
12	17	NYSE	GS	Goldman Sachs Group	US	100.705
25	18	OTCMKTS	SBRCY	(Сбербанк) Sberbank of Russia	Russia	99.840
18	19	NYSE	MS	Morgan Stanley	US	99.651
15	20	NYSE	USB	US Bancorp	US	94.558
33	21	NYSE	HDB	HDFC Bank Limited	India	88.435
20	22	NYSE	ITUB	Itau Unibanco Holding	Brazil	86.203
16	23	NYSE	WBK	Westpac Banking Corporation	Australia	84.560
21	24	NYSE	BNS	Bank of Nova Scotia (Scotiabank)	Canada	78.947
31	25	NYSE	ING	ING Group	Netherlands	78.920
24	26	NYSE	UBS	UBS Group AG	Switzerland	75.482
32	27	NYSE	SCHW	Charles Schwab	Switzerland	74.255
29	28	NYSE	PNC	PNC Financial Services	US	72.246
28	29	OTCMKTS	LLDTF	Lloyds Banking Group	US	71.253
30	30	OTCMKTS	SMFNF	Sumitomo Mitsui Financial	Japan	67.328
27	31	HKSE	3328.HK	Bank of Communications	China	67.078
23	32	OTCMKTS	ANZBY	Australia & New Zealand Banking (ANZ)	Australia	66.448
34	33	NYSE	BBD	Banco Bradesco	Brazil	64.816
26	34	OTCMKTS	NABZY	National Australia Bank	Australia	63.794
45	35	OTCMKTS	ISNPY	Intesa Sanpaolo	Italy	62.032
46	36	NYSE	BBVA	Banco Bilbao Vizcaya Argentaria (BBVA)	Spain	60.678
35	37	TYO	7182	Japan Post Bank	Japan	60.525
40	38	NYSE	BK	Bank of New York Mellon	US	59.823
36	39	SHA	600000.SS	Shanghai Pudong Development Bank	China	58.796
43	40	SHA	601166.SS	Industrial Bank Co	China	57.388
48	41	HKSE	3988.HK	Bank of China (Hong Kong)	China	55.449
37	42	NYSE	BMO	Bank of Montreal (BMO)	Canada	53.181
51	43	OTCMKTS	CRARF	Credit Agricole SA	France	52.141
55	44	SGX	MU7	DBS Group Holdings	Singapore	51.185
38	45	OTCMKTS	NBNKF	Nordea Bank	Sweden	51.475
47	46	NYSE	COF	Capital One Financial	US	51.107
56	47	NYSE	RBS	Royal Bank of Scotland Group	UK	50.490
42	48	NYSE	MFG	Mizuho Financial Group	Japan	50.018
57	49	NYSE	CS	Credit Suisse Group	Switzerland	48.462
NR	50	HKSE	1658.HK	Postal Savings Bank Of China	China	47.948
39	51	SHA	600016.SS	China Minsheng Banking Corp (CMBC)	China	47.921
NR	52	OTCMKTS	UNCFF	UniCredit SpA	Italy	47.777
44	53	HKSE	0998.HK	China Citic Bank	China	47.451
50	54	HKSE	0011.HK	Hang Seng Bank (Hong Kong)	China	46.171
49	55	OTCMKTS	SCGLF	Société Générale	France	46.051
41	56	OTCMKTS	BCLYF	Barclays Plc	UK	45.850
54	57	NYSE	CM	Canadian Imperial Bank of Commerce	Canada	43.544
NR	58	OTCMKTS	PBCRF	Bank Central Asia Tbk	Indonesia	43.344
53	59	NYSE	BBT	BB&T Corp	US	41.923
NR	60	OTCMKTS	OVCHF	Oversea-Chinese Banking Corp	Singapore	41.362
NR	61	NSE	SBIN	State Bank of India	India	40.562
NR	62	NYSE	STT	State Street Corp	US	39.769
NR	63	NYSE	DB	Deutsche Bank AG	Germany	38.649
NR	64	Euronext	KBC	KBC Group NV	Belgium	38.394
NR	65	OTCMKTS	DNKEY	Danske Bank A/S	Denmark	38.223
NR	66	SZSE	000001.SZ	Ping An Bank Co Ltd (Shenzhen)	China	37.993
NR	67	OTCMKTS	SCBFF	Standard Chartered	UK	37.319
NR	68	OTCMKTS	UOVEF	United Overseas Bank	Singapore	35.128
NR	69	QE	QNBK	Qatar National Bank	Qatar	33.560
NR	70	OTCMKTS	UOVEF	UBank Rakyat	Indonesia	33.081
Note: added tickers and links to readily see banks’ stock information, performance, news, and activities; market cap data are derived from annual reports and financial statements of banks as of January 12th 2018.

Investment Banks
Securities Bookrunners & Underwriters, Technology Investment Sector | IPO
https://www.inhite.com/carljones/#InvestmentBanks

|| HISTORY || Of the many startups I have spent some time on that have gone public over the decades, I wanted to point out two major startup companies that I have targeted and evaluated. I came across startup company Alibaba.com in 2000 (founded in 1999 by founding CEO and Chairman Jack Ma) when I was evaluating companies in Asia and seeing the growth potential in the region, including Southeast Asia (Association of Southeast Asian Nations, ASEAN). The second was Facebook.com in 2005 (founded in 2004 by founding CEO Mark Zuckerberg) when I was evaluating social media startup companies since the late 1990s. Alibaba went public in 2014 under ticker [ NYSE : BABA ], and Facebook went public in 2012 under ticker [ NASDAQ : FB ]. I came across founding CEO Mark Zuckerberg again in Palo Alto, California on a presentation day, and on another event at Stanford University.

Side Note : At those moments, I didn't know Mark Zuckerberg's girlfriend (now wife) Priscilla Chan. She shared with everyone that her parents had escaped Vietnam in the 1970s. I later discovered her parents are Chinese-Vietnamese Americans, and they have a similar story of escaping Vietnam as my family. If I had known beforehand, I would have gone further by speaking a bit of Vietnamese and Chinese to Mark. I called out "Mark!" And then later, I visited him at his rented home in Palo Alto after having visited Facebook HQ.

Image: Signed in at Facebook Headquarter in Palo Alto, California to see a friend and Mark Zuckerberg; this was way before the startup company filed to go public. Facebook (NASDAQ: FB) went public with its initial public offering (IPO) on May 18, 2012. With a peak market capitalization of over $500 billion, the social networking company had one of the largest and most anticipated IPOs in history after Jack Ma with Alibaba.com in 2000.

Fast forward, it’s amazing to see these two startup companies coming from the early stages and watched them grew into large size private companies that continued to expand globally into even bigger public companies. And so I decided to put together the steps to roadmap the IPO process. In a major IPO, Facebook had 32 underwriters and debuted on the public market on May 18, 2012. It was the biggest in technology, and one of the biggest in internet history with a peak market capitalization of over $104 billion. For Alibaba, the world’s highest in history debuted on September 19, 2014 and had 35 underwriters with a market capitalization of $231 billion. That in mind, it takes about ten years, historically around eight, from start to expansion and then exit. In recent years startup companies are staying private longer to further build on an enormous valuation and market capitalization at exit, reaching in multi and mega billion dollars. This was achieved with Uber, a ride-sharing services startup company, that went public on May 10, 2019 on the NYSE with a valuation of $82 billion, but initially $120 billion. Above are selected technology startup companies that I have placed much time on from early stage to growth and expansion and then toward an IPO exit as shown.

Market Capitalization =

Total Outstanding Shares × Stock Price

Valuation =

There are several methods to set a value on a mature or public company, recognizing tangible and intangiable assets, plus the type of accounting method used to generate the financial statements needs to be noted. Basically, there are three approaches: market, income, and asset. For startup companies, pre-money valuation and post-money valuation are utilized. In order to expand on valuation, a seperate section is needed to present various methods applied to public and private companies.

All these growth startup companies, particularly Facebook, Alibaba, and Uber, have already closed multiple series of fundings and completed several mergers and acquisitions (M&As) to increase valuation and maximize market capitalization during the growth and expansion stages before filing to go public. The senior management team typically consists of a founder(s) and board members, and once they decide to go public the required steps of filing for an initial public offering (IPO) triggers a cascading step process with the SEC, FINRA, attorneys, accountants (CPAs), and an advisory transfer agent. Deciding to take a private company into the public domain takes careful thinking, meticulous planning, and time sensitive executing on the IPO process and in an ideal market condition. Prior to filing on a major stock exchange, a company needs to have traded over 1.25 million shares held by at least 550 shareholders upon listing on the NASDAQ and 1.1 million publicly held shares held by a minimum of 2,200 shareholders upon listing on the NYSE. For startup companies, I have come across shareholders that include accredited investors of angel investors, venture capitalists, (ultra) high net worth individuals, and family offices (SFOs and MFOs). And in early stage rounds the seed capital have come from founders, families, friends, angel investors, venture capitalists, and even crowdfunding services.

Below are needed information and highlighted steps to plan and take a private and major size company into the public market for the first time, listing its shares on a stock exchange such as NASDAQ or NYSE.

Some questions to note and answer:

What's the ticker, trading symbol?
Company issue name?
Is it a US issue?
How many number of shares outstanding?
What is its world wide shares outstanding, if non-US?
What's the listing date?
List the industry SIC code?
List the prior market code?
List/provide industry description?
What type of issue description?
Any prior market description?

Some steps to highlight and execute:

Receive board approval.
Assemble IPO team: CFO, CPAs, lawyers, advisors.
Draft prospectus and filing information for S-1 document.
Review and restate financials.
Obtain letter of intent with an investment bank, bookrunner.
Submit prospectus for review: the SEC and FINRA.
Conduct due diligence and filings.
Submit preliminary prospectus presentation to SEC.
Syndicate to other investment banks, underwriters.
Conduct road show, meeting investors.
Finalize prospectus, finalize again.
Determine offering size and price.
Print final prospectus and materials.
Create tombstone ad from investment banks.
Stabilize the market price.
Go IPO day and quiet period, an official public date.
Transition to rely on the market forces.
Lockup 90 day period for small shareholders.
Lockup 180 day period for mid shareholders.
Lockup 365 day period for large shareholders.

In an ideal market condition, meaning the economy and public appetite for IPOs and considering sporadic market dynamic or shift including threats from local and global competition, the initial public offering (IPO) process or direct public offering (DPO) process can take between nine months and a year depending on the company, market, and economy. Besides the CEO and board members, having or hiring an experience CFO is a must for financial preparation and SEC filings.


Role	Order	Underwriter	Rating	USD ($B)	Link	List of Companies
-	-	Academy Securities, Inc.	-	-	-	-
-	-	Allen & Company LLC	-	-	-	-
-	4	Bank of America Merrill Lynch ("MLPF&S")	-	-	-	-
-	8	Barclays Capital Inc.	-	-	-	-
-	-	BHF-BANK Aktiengesellschaft	-	-	-	-
-	-	Blaylock Robert Van LLC	-	-	-	-
-	-	BMO Capital Markets Corp.	-	-	-	-
-	-	BNP Paribas Securities Corp	-	-	-	-
-	-	BOCI (Bank of China International) Asia Ltd	-	-	-	-
-	-	BTIG, LLC (Baypoint / Bass Trading Instl Group)	-	-	-	-
-	-	C.L. King & Associates, Inc.	-	-	-	-
-	-	Cabrera Capital Markets LLC	-	-	-	-
-	-	Canaccord Genuity LLC	-	-	-	-
-	-	CastleOak Securities L.P.	-	-	-	-
-	-	China International Capital Corp HK Securities Ltd	-	-	-	-
-	-	China Merchants Securities HK Co Ltd	-	-	-	-
-	-	CIMB Securities Ltd	-	-	-	-
-	7	Citigroup Global Markets Inc.	-	-	-	-
-	-	CLSA (Credit Lyonnais Securities Asia) Ltd	-	-	-	-
-	-	Code Advisors LLC	-	-	-	-
-	-	Cowen & Company	-	-	-	-
-	5	Credit Suisse Group	-	-	-	-
-	-	DBS Bank (Hong Kong) Ltd	-	-	-	-
-	6	Deutsche Bank Securities Inc.	-	-	-	-
-	-	Drexel Hamilton, LLC	-	-	-	-
-	-	Evercore Group L.L.C.	-	-	-	-
-	2	Goldman Sachs & Co.	-	-	-	-
-	-	Great Pacific Securities	-	-	-	-
-	-	HSBC Securities (USA) Inc.	-	-	-	-
-	-	ING Financial Markets LLC	-	-	-	-
-	3	J.P. Morgan Securities Inc.	-	-	-	-
-	10	Jefferies LLC	-	-	-	-
-	-	JMP Securities LLC	-	-	-	-
-	-	KeyBanc Capital Markets Inc.	-	-	-	-
-	-	KKR Capital Markets LLC	-	-	-	-
-	-	Lazard Capital Markets LLC	-	-	-	-
-	-	Lebenthal & Co.,	-	-	-	-
-	-	Loop Capital Markets LLC	-	-	-	-
-	-	LOYAL3 Securities, Inc.	-	-	-	-
-	-	M.R. Beal & Co.,	-	-	-	-
-	-	Macquarie Capital (USA) Inc.	-	-	-	-
-	-	Merrill Lynch, Pierce, Fenner & Smith Incorporated	-	-	-	-
-	-	Mischler Financial Group, Inc.	-	-	-	-
-	-	Mizuho Securities USA LLC	-	-	-	-
-	1	Morgan Stanley & Co. LLC	-	-	-	-
-	-	Muriel Siebert & Co.,	-	-	-	-
-	-	Needham & Company, LLC	-	-	-	-
-	-	Nicolaus & Co.,	-	-	-	-
-	-	Oppenheimer & Co. Inc.	-	-	-	-
-	-	Pacific Crest Securities LLC,	-	-	-	-
-	-	Penserra Securities LLC	-	-	-	-
-	-	Piper Jaffray & Co.	-	-	-	-
-	-	R. Seelaus & Co., LLC	-	-	-	-
-	-	Raine Securities LLC	-	-	-	-
-	-	Raymond James & Associates, Inc.	-	-	-	-
-	-	RBC Capital Markets, LLC	-	-	-	-
-	-	Royal Bank of Scotland (RBS) Securities Inc	-	-	-	-
-	-	Robert W. Baird & Co. Incorporated	-	-	-	-
-	-	Samuel A. Ramirez & Co.	-	-	-	-
-	-	SG Americas Securities LLC	-	-	-	-
-	-	Siebert Cisneros Shank & Co., L.L.C.	-	-	-	-
-	-	SMBC Nikko Securities America, Inc.	-	-	-	-
-	-	Stifel, Nicolaus & Company	-	-	-	-
-	-	SunTrust Robinson Humphrey, Inc.	-	-	-	-
-	-	The Williams Capital Group L.P.	-	-	-	-
-	-	Tigress Financial Partners LLC	-	-	-	-
-	-	TPG Capital BD, LLC	-	-	-	-
-	9	UBS Group	-	-	-	-
-	-	Wachovia Capital Markets, LLC	-	-	-	-
-	-	Wells Fargo Securities, LLC	-	-	-	-
-	-	William Blair & Company, L.L.C.	-	-	-	-
Note: The top ten (10) underwriters in the technology sector are marked, totaling $262 billion USD in gross proceeds raised. Also, list includes previous underwriters, e.g., Wells Fargo & Company acquired Wachovia Capital Markets in 2008, valuing the deal at roughly $7 per Wachovia common share, or approximately $15.1 billion all-stock merger.

U.S. Banks
Banks in the United States of America : $18 Trillion AUM
https://www.inhite.com/carljones/#USABanks

Rank 2015 Rank 2016 Rank 2017 Rank 2018 USA Bank Ticker AUM (2018)

1 1 1 1 JP Morgan Chase & Co JPM $2,218,960,000,000

2 3 2 2 Bank of America BAC $1,782,639,000,000

3 2 3 3 Wells Fargo Bank WFC $1,689,351,000,000

4 4 4 4 Citibank C $1,406,717,000,000

5 5 5 5 U.S. Bank USB $459,476,604,000

6 6 6 6 PNC Bank PNC $370,500,928,000

8 7 8 7 Capital One COF $304,657,685,000

9 8 9 8 Toronto Dominion (TD) Bank TD $302,668,929,000

7 9 7 9 The Bank of New York Mellon BK $286,411,000,000

10 10 10 10 State Street Bank and Trust Company STT $242,037,871,000

15 14 13 11 Charles Schwab Bank SCHW $234,032,000,000

11 11 11 12 Branch Banking and Trust (BB&T) Company BBT $219,071,000,000

12 12 12 13 SunTrust Bank STI $209,720,480,000

18 15 15 14 Goldman Sachs Bank USA GS $191,517,000,000

13 13 14 15 HSBC Bank USA HSBC $169,812,442,000

23 22 19 16 Ally Bank ALLY $159,291,000,000

17 19 21 17 Morgan Stanley Bank MS $149,817,000,000

16 16 17 18 Fifth Third Bank FITB $144,453,358,000

27 18 20 19 KeyBank KEY $137,976,503,000

14 17 16 20 Chase Bank USA JPM $132,189,851,000

21 21 18 21 The Northern Trust Company NTRS $131,695,551,000

22 25 25 22 MUFG Union Bank MUFG $130,782,945,000

24 24 23 23 Citizens Bank CFG $129,426,633,000

19 20 22 24 Regions Bank RF $124,716,588,000

25 27 27 25 BMO Harris Bank BMO $123,147,670,000

26 26 24 26 Capital One Bank (USA) COF $120,417,879,000

20 23 26 27 Manufacturers and Traders Trust Company MTB $119,636,147,000

39 42 39 28 American Express National Bank AXP $116,653,380,000

34 28 28 29 The Huntington National Bank HBAN $108,672,320,000

29 29 29 30 Discover Bank DFS $108,015,112,000

38 34 31 31 First Republic Bank FRC $99,205,204,000

36 57 34 32 Synchrony Bank SYF $91,787,000,000

30 31 32 33 Compass Bank, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) USA $90,056,875,000

31 30 30 34 Bank of the West, subsidiary of BNP Paribas BNPQF $87,392,557,000

33 33 33 35 USAA Federal Savings Bank USA $81,602,818,000

28 32 35 36 Santander Bank, N.A. SAN $77,243,612,000

45 41 38 37 Morgan Stanley Private Bank MS $75,169,000,000

32 35 36 38 Comerica Bank CMA $70,737,276,000

37 37 37 39 Zions Bancorporation, N.A. ZION $68,745,745,000

40 39 41 40 UBS Bank USA UBS $59,366,170,000

43 45 43 41 Silicon Valley Bank (SVB) SIVB $56,139,644,000

35 38 42 42 Bank of China BACHF $53,976,065,000

42 44 46 43 New York Community Bank NYCB $51,874,621,000

49 43 45 44 City National Bank (Royal Bank of Canada) RY $50,703,918,000

52 51 44 45 E*TRADE Bank ETFC $50,410,469,000

47 47 47 46 People’s United Bank PBCT $47,601,600,000

51 48 49 47 Signature Bank SBNY $47,364,816,000

44 46 51 48 CIT Bank CIT $42,181,682,000

53 52 52 49 East West Bank EWBC $41,017,421,000

62 60 50 50 First Tennessee Bank FHN $40,636,055,000

41 40 48 51 Deutsche Bank Trust Company Americas DB $39,181,000,000

59 58 54 52 Banco Popular de Puerto Rico BPOP $37,919,000,000

260 226 56 53 TIAA, FSB (TIAA-CREF Trust Company, FSB), EverBank^[1] USA $36,899,806,000

54 53 55 54 First-Citizens Bank & Trust Company FCNCA $35,267,496,000

55 55 58 55 BOK Financial BOKF $34,104,022,000

50 50 53 56 Citizens Bank of Pennsylvania CFG $33,843,912,000

60 59 62 57 Associated Bank ASB $33,604,332,000

58 54 57 58 Barclays Bank Delaware BCS $33,096,474,000

83 75 60 59 First National Bank of Pennsylvania FNB $33,026,384,000

57 57 61 60 Synovus Bank SNV $32,580,905,000

56 56 59 61 Frost Bank CFR $32,355,408,000

66 62 64 62 BankUnited BKU $32,077,582,000

72 71 74 63 Valley National Bank VLY $31,829,272,000

104 99 63 64 Sterling National Bank STL $31,331,572,000

78 76 65 65 Iberiabank IBKC $30,730,794,000

- - 68 66 Canadian Imperial Bank of Commerce (CIBC) Bank USA^[2] CM $28,958,011,000

67 66 75 67 BNY Mellon BK $28,875,870,000

80 74 71 68 Texas Capital Bank TCBI $28,246,367,000

69 68 66 69 Hancock Whitney Bank HWC $28,215,417,000

- 63 67 70 Webster Bank WBS $27,614,851,000

64 65 69 71 Umpqua Bank UMPQ $26,903,465,000

92 84 81 72 Sallie Mae Bank SLM $26,585,576,000

75 70 70 73 Investors Bank ISBC $26,266,236,000

73 73 72 74 Pacific Western Bank PACW $25,702,360,000

65 64 73 75 Commerce Bank CBSH $25,383,765,000

86 86 80 76 Raymond James Bank RJF $25,140,256,000

131 112 79 77 Pinnacle Bank PNFP $24,904,500,000

76 77 77 78 TCF National Bank TCF $23,708,028,000

96 88 85 79 Western Alliance Bank WAL $23,138,393,000

81 78 82 80 UMB Bank UMBF $23,137,750,000

71 72 78 81 Prosperity Bank PB $22,689,286,000

111 83 83 82 Bank OZK (Bank of the Ozarks) OZK $22,388,030,000

82 82 86 83 First National Bank of Omaha FINN $21,582,885,000

122 87 89 84 Chemical Bank CHFC $21,460,393,000

77 69 76 85 TD Bank USA TD $21,253,212,000

79 80 84 86 First Hawaiian Bank FHB $20,695,959,000

89 81 87 87 MB Financial Bank FITB $20,141,290,000

105 94 92 88 Old National Bank ONB $19,633,838,000

153 137 90 89 United Bank UBNK $19,247,276,000

90 89 91 90 FirstBank FBP $18,510,811,000

98 100 94 91 Flagstar Bank, FSB FBC $18,466,868,000

87 91 95 92 Arvest Bank USA $18,445,594,000

97 95 99 93 BancorpSouth Bank BXS $18,008,424,000

106 103 102 94 MidFirst Bank EQBK $17,230,779,000

91 92 93 95 Bank of Hawaii BOH $17,116,378,000

70 67 88 96 Bank of America California, National Association BAC $16,992,000,000

85 85 96 97 State Farm Bank, FSB STFGX $16,934,479,000

99 97 97 98 Cathay Bank CATY $16,765,633,000

151 147 135 99 Simmons Bank (Simmons First National Bank) SFNC $16,518,217,000

95 93 98 100 Washington Federal WAFD $16,190,394,000

^[1]TIAA-CREF Trust Company, FSB was acquired by EverBank on June 9, 2017. TIAA-CREF is an acronym for Teachers Insurance and Annuity Association – College Retirement Equities Fund.
^[2]CIBC Bank USA is an American commercial bank headquartered in Chicago, Illinois. Founded in 1989 as PrivateBancorp Inc., the company became a subsidiary of the Toronto-based Canadian Imperial Bank of Commerce after a $5 billion USD acquisition in June 2017.
Note: The list above shows the top 100 banks and assets under management (AUM) totaling $14.6 Trillion or $14,588,577,974,000.00 in 2018. The total number of banks and total AUM in the United States comes to over $18 Trillion or $18,034,498,495,000.00 in 2018. MORE »»

USA Banking Regulation
Regulating Banks in the U.S.A. and around the World
https://www.inhite.com/carljones/#USABankingRegulators

|| HISTORY || Startups with game-changing applications are beginning to appeal to big banks with focused apps in finance and other areas in cloud computing business software and integrated applications, including blockchain and artificial intelligence (AI). The first cryptocurrency created by a major American bank is by J.P. Morgan Chase & Co. Banks make up six percent (6%) of all active investors in private equity, making them the eighth (8th) largest investor type by number of limited partners (LPs). However, it is interesting to note that banks account for eight percent (8%) of aggregate capital currently invested in private equity, making them the fifth (5th) most significant investor type in terms of invested capital, behind public and private sector pension funds, foundations and insurance companies. And with increasing concerns over liquidity and in light of the uncertainty surrounding certain financial regulations, such as Basel III (aka the Third Basel Accord or Basel Standards) — an international framework for bank regulation agreed to by U.S. and international bank regulators that called for making certain bank regulations more stringent and leverage, and the Volcker Rule (part of the Dodd-Frank Act) which restricts proprietary trading. These protected boundaries (guide rails) cause banks to become increasingly restricted when allocating capital to the asset class, particularly in venture capital, and the financial crisis in 2007 – 2008 have altered the landscape of investment banking around the world.

Stemming from the financial crisis, the Basel III Accord was developed and is intended to strengthen bank capital requirements by increasing bank liquidity and decreasing bank leverage. Below are key approaches based on fundamental accounting principles:

Liquidity Coverage Ratio (LCR)
Net Stable Funding Ratio (NSFR)
Principles for Sound Liquidity Risk Management and Supervision
Monitoring Metrics Report

And as of May 30, 2018, the Federal Reserve Board approved a 373 page notice of proposed rulemaking (the “proposal”) to amend the regulations implementing the Volcker Rule (the Rule), a centerpiece of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). The proposal establishes three categories of banking entities based on their level of trading activity: significant, moderate, and limited trading assets and liabilities.

Banking entities with significant trading assets and liabilities ( > $10 billion ) —
would include banking entities with trading assets and liabilities of at least $10 billion. For US banking entities this calculation would be based on worldwide trading assets and liabilities whereas for foreign banking entities this would be based on trading assets and liabilities of their combined US operations (including its US branches, agencies, and subsidiaries). These entities would be required to comply with the most extensive set of requirements under the proposal.

Banking entities with moderate trading assets and liabilities ( > $1 billion, < $10 billion ) —
would include banking entities which have trading assets and liabilities equal to or above $1 billion but less than $10 billion. These banking entities would be subject to reduced compliance requirements.

Banking entities with limited trading assets and liabilities ( < $1 billion ) —
would include banking entities with trading assets and liabilities of less than $1 billion. This calculation would be based on worldwide trading assets and liabilities for both US and foreign banking entities. These banking entities would be able to operate under a presumption of compliance.

Tracing back to 1970, Congress passed the Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) law to require financial institutions / banking companies to cooperate with government agencies to detect and prevent money laundering — BSA AML Compliance, the bank’s Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) program and controls. Below are some of the major fines from the federal and or state agencies.

01/09/2009 – Lloyds TSB Bank PLC agreed to pay $350 million in Connection with Violations of the International Emergency Economic Powers Act.

12/16/2009 – Credit Suisse Group AG agreed to pay $536 million in Connection with Violations of the International Emergency Economic Powers Act and New York State Law.

05/10/2010 – Former ABN Amro Bank N.V., now named the Royal Bank of Scotland N.V., agreed to pay $500 million in Connection with Conspiracy to Defraud the United States and with Violation of the Bank Secrecy Act.

08/18/2010 – Barclays Bank PLC agreed to pay $298 million in Connection with Violations of the International Emergency Economic Powers Act and the Trading with the Enemy Act.

06/12/2012 – ING Bank N.V. agreed to pay $619 million for Illegal Transactions with Cuban and Iranian Entities.

12/10/2012 – Standard Chartered Bank agreed to pay $227 million for Illegal Transactions with Iran, Sudan, Libya, and Burma.

12/11/2012 – HSBC Holdings PLC. and HSBC Bank USA N.A. agreed to pay $1.9 billion in Deferred Prosecution Agreement on an anti-money laundering and Sanctions Violations.

06/21/2013 – Bank of Tokyo Mitsubishi agreed to pay $250 million settlement to New York State in relation to 28,000 transactions totaling $100 billion handled by its New York operation between 2002 and 2007.

12/11/2013 – RBS, Royal Bank of Scotland has become mired in fresh controversy after being fined $100m for breaching sanctions with Iran, Burma, Cuba and other countries.

08/25/2014 – Standard Chartered agreed to pay $300 million to the New York state Department of Financial Services over lapses in its anti-money laundering procedures.

05/12/2015 – Commerzbank agreed to pay $1.45 billion and fire an employee to settle investigations into its dealings with black-listed nations like Iran and Sudan.

07/22/2015 – Banamex USA, a Century City unit of Citigroup Inc. that served customers doing business in Mexico and the U.S., has agreed to shut down and pay $140 million in penalties to settle state and federal money-laundering probes.

02/15/2018 – U.S. Bancorp agreed to pay $613 million penalties for felling to guard against money laundering: $453 million to the Department of Justice (DoJ), $75 million to the Office of the Comptroller of the Currency (OCC), $70 million to the Financial Crimes Enforcement Network (FinCen), and $15 million to the Federal Reserve (Fed).

04/20/2018 – the Bureau of Consumer Financial Protection (Bureau or CFPB) announced a $1 billion penalty against Wells Fargo Bank, N.A. in a coordinated action with the Office of the Comptroller of the Currency (OCC) and credited the $500 million penalty collected by the OCC.

05/10/2018 – RBS, Royal Bank of Scotland has reached a $4.9 billion civil settlement in principle with the US Department of Justice (DoJ) over mis-selling residential mortgage-backed securities between 2005 and 2007.

10/23/2018 – Capital One, N.A. entered into a consent order with the Office of the Comptroller of the Currency (OCC) requiring the bank to pay a civil money penalty of $100 million in relation to alleged BSA/AML deficiencies cited in a 2015 consent order with the agency.

In addition, for banks and customers’ protection from fraud, cyberthreats have become another top concern as Cybersecurity risks surface for all banks around the world to offer secure network and safe cloud infrastructure with authentication for online banking and mobile payments that have been a steady growth and convenient adoption over the past decade. The continuous success of banks on these rules and regulations is vital, including cybersecurity protection to provide consistent prevention-based endpoint protection technology to prevent negative financial impact and possibly severe damage to the financial stability. If a domino failure occurred from scandals and or cyberattacks bombarding hacks on the banking system, committing cybercrimes, these threats could trigger instability to the whole banking network and system, domestically and internationally. With these added methods and security measures to banking online and mobile, banks and third-party providers (TPP) need to comply with Payment Services Directive 2 (PSD2) requirements on Strong Customer Authentication (SCA) by September 14, 2019. Currently, financial institutions should be aware of these PSD2 criteria:

Strong Customer Authentication (SCA) : PSD2 authentication must be based on two or more (multi) factors, including passwords or PIN, tokens or mobile devices, or biometrics, categorized as knowledge, possession and inherence.

Transaction Risk Analysis (TRA) : the transaction happens in real time, and it is invisible to the customer; therefore, it does not add friction to the purchasing process. PSD2 mandates the use of transaction risk analysis to deter fraudulent payments.

Dynamic Linking: under PSD2 payment transactions, it involves dynamically linking authentication tokens to the specific payment amount and the specific payee of the transaction; thus, the authentication code must be dynamically linked to both the amount and payee.

Mobile App Security: payment service providers (PSPs) must adopt security measures to mitigate the risk resulting from compromised mobile devices. PSD2 also mandates the use of dedicated mobile app cloning counter-measures in applications, also known as replication protection.

That said, over the decades I have evaluated many fintech, cybersecurity, and internet of things (IoT) applications and companies for strategic funding and support, and I got an early jumpstart and interest in mobile payment applications, starting with an online and mobile funds transfers company PayPal [ NASDAQ: PYPL ], and then later mobile payment device and platform company Square [ NYSE : SQ ]. After looking at the application, device and business model, I later met founding CEO Jack Dorsey in Palo Alto in 2011 when Square was an early stage startup. Currently, Square and Twitter CEO Jack Dorsey announced that he has started spearheading his cryptocurrency endeavor to only support Bitcoin (BTC) by developing an infrastructure to handle rapid payments on the Bitcoin blockchain network.

Side Note : When Square first started during the early stage of growth, Jack Dorsey was presenting how the device Square works with its cloud mobile payment software. Afterward, I ended up getting a Square device from him.

Also, more recently, founding Facebook [ NASDAQ : FB ] CEO Mark Zuckerberg announced his cryptocurrency endeavor in creating Libra coin via an independent subsidiary called Calibra that will develop the coin and platform. The coin is expected to be launched in mid 2020 for Facebook 2 billion plus global monthly active users (MAU). When these two ambitious founders succeed, creating momentum, and other crypto founders, cryptocurrencies may begin penetrating to the masses in the coming decade, 2030. Its growth curve may even follow or exceed the growth curve adaption of mobile phones and mobile payments.

Banking Regulators
Governing the Financial Markets, in brief
https://www.inhite.com/carljones/#Regulators

The federal and state governments have a myriad of agencies, some listed below, in place that regulate and oversee financial markets and companies. These agencies each have a specific range of duties and responsibilities that enable them to act independently of each other while they work to accomplish similar objectives. Although opinions vary on the efficiency, effectiveness and even the need for some of these agencies, they were each designed with specific goals to review and regulate the financial industry. The SEC is the most obvious and is listed first below then the Federal Reserve.

SEC, Securities & Exchange Commission : the U.S. Securities and Exchange Commission (SEC) is an independent federal government agency responsible for protecting investors, maintaining fair and orderly functioning of the securities markets, and facilitating capital formation. It was created by Congress in 1934 as the first federal regulator of the securities markets. The SEC promotes full public disclosure, protects investors against fraudulent and manipulative practices in the market, and monitors corporate takeover actions in the United States.

Fed, Federal Reserve System : the Federal Reserve System is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises.

CFTC, Commodity Futures Trading Commission : the Commodity Futures Trading Commission (CFTC) is an independent U.S. federal agency established by the Commodity Futures Trading Commission Act of 1974. The Commodity Futures Trading Commission regulates the commodity futures and options markets. Its goals include the promotion of competitive and efficient futures markets and the protection of investors against manipulation, abusive trade practices, and fraud.

FDIC, Federal Deposit Insurance Corporation : the Federal Deposit Insurance Corporation is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. The FDIC was created by the 1933 Banking Act, enacted during the Great Depression to restore trust in the American banking system. Its mandate is to protect up to $250,000 per depositor. The catalyst for creating the FDIC was the run on banks during the Great Depression of the 1920s.

FinCEN, Financial Crimes Enforcement Network : the Financial Crimes Enforcement Network (FinCEN) is government bureau that maintains a network whose goal it is to prevent and punish criminals and criminal networks that participate in money laundering and other financial crimes. FinCEN, administered by the United States Department of the Treasury, operates domestically and internationally, and it consists of three major players: law-enforcement agencies, the regulatory community and the financial-services community that collect and analyze information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.

FINRA, Financial Industry Regulatory Authority : the Financial Industry Regulatory Authority is a private corporation in the United States that acts as a self-regulatory organization. FINRA is the successor to the National Association of Securities Dealers and the member regulation, enforcement, and arbitration operations of the New York Stock Exchange.

OCC, Office of the Comptroller of the Currency : the Office of the Comptroller of the Currency is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and thrift institutions and the federally licensed branches and agencies of foreign banks in the United States.

NCUA, National Credit Union Administration : the National Credit Union Administration is the independent federal agency created by the United States Congress to regulate, charter, and supervise federal credit unions across the country.

CFPB, Consumer Financial Protection Bureau : the Consumer Financial Protection Bureau (CFPB) is a regulatory agency charged with overseeing financial products and services that are offered to consumers. The CFPB is divided into several units: research, community affairs, consumer complaints, the Office of Fair Lending and the Office of Financial Opportunity. These units work together to protect and educate consumers about the various types of financial products and services that are available.

NAIC, National Association of Insurance Commissioners : the National Association of Insurance Commissioners is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.

NFA, National Futures Association : the National Futures Association (NFA) is an independent self-regulatory organization for the U.S. futures and derivatives markets. Designated by the Commodities Futures Trade Commission as a registered futures association, the NFA’s mandate is to safeguard the integrity of the derivatives markets, protect investors, and ensure that members fulfill their regulatory obligations. NFA is headquartered in Chicago and maintains an office in New York City.

OFAC, Office of Foreign Asset Control : the Office of Foreign Asset Control (OFAC) is a department of the U.S. Treasury that enforces economic and trade sanctions against countries and groups of individuals involved in terrorism, narcotics and other disreputable activities.

FFIEC, Federal Financial Institutions Examination Council : the Federal Financial Institutions Examination Council is a formal U.S. government interagency body composed of five banking regulators that is "empowered to prescribe uniform principles, standards, and report forms to promote uniformity in the supervision of financial institutions". In 2006, the State Liaison Committee (SLC), an advisory panel of state financial regulators, was added to the Council as a voting member.

SLC, State Liaison Committee, under the FFIEC, the State Liaison Committee serves as an important conduit to their state colleagues and represent state supervisory interests before the Council - FFIEC, Federal Financial Institutions Examination Council.

The regulators above are at the federal level and do not include individual states (state level) that have their own banking authority.

Banks Quick Financial Facts
Banks Operations and Key Performance Indicators (BOKPI)
https://www.inhite.com/carljones/#BOKPI

I’ve been evaluating performance of banks in my spare time and as a personal interest by reviewing their financial statements, giving the importance of the intermediation function of banks between investors and companies and as a function of our quick need for spending cash. Of particular interest here are some financial ratios: return on assets (ROA), return on equity (ROE), cost-to-income (C/I) ratio, and net interest margin (NIM) that focus on performance of banks. Also, the advances to deposits (AD) ratio measures loans (advances) as a percentage of deposits. A ratio of 100% (meaning 1 to 1) or less (typically, eighty-ish percent) shows that the bank is funding all its loans from deposits rather than relying on wholesale funding (funding from the capital markets or other banks); thus, liquidity. It is also called loans to deposits ratio (LTD) or LDR. Below are formulas on the mentioned ratios:

ROA, return on assets =	net income average total assets
ROE, return on equity =	average shareholders equity net income
C/I, cost-to-income =	operating expenses operating income
NIM, net interest margin =	interest returns – interest expenses average earning assets
LDR, loan to deposit =	total loans total deposits

Balance Sheet: Total Assets = a sum amount of assets owned by a bank.; Total Liabilities = an aggregate total debt and financial obligations owed by a bank.; Total Bank Equity Capital = a sum of Equity Capital minus minority interests.; Domestic Deposits = a sum of insured deposits are total domestic deposits minus uninsured deposits.; Total Deposits =; Net Loans & Leases =; Loan Loss Allowance =
Income Statement: Total Interest Income = a sum of interest on loans, investment securities, and deposits with banks and others.; Total Non-Interest Income =; Total Interest Expense =; Total Non-Interest Expense =; Net Income =; Net Charge Offs (NCO) = recovered assets from loans that were written off in previous years.
Regulatory Capital: Total Capital = a sum of long-term debt and total shareholder equity.; Total Assets for the Leverage Ratio = a sum amount of debt relative to assets.; Tier 1 Leverage Ratio = a ratio between a banking organization’s core capital and its total assets.; Tier 1 Capital Ratio = a key ratio of a bank’s financial strength, adopted as part of the Basel III Accord.; Total Capital Ratio = an amount of a bank’s capital in relation to the amount of risk it is taking.
Quarterly Averages: Total Loans =; Loans Secured by Real Estate =; Commercial and Industrial Loans =; Loans to Individuals - Credit Cards =; Loans to Individuals - Other =

Below are the three Regulatory Capital ratios and figures from top 10 banks, monitoring to best balance and leverage assets under management (AUM) and being well capitalized to be able to absorb unexpected negative impact while predicting risks from reaching potential issues and even failure.

Tier 1 Leverage Ratio =	Tier 1 Capital Consolidated Assets
Tier 1 Capital Ratio =	Tier 1 Capital Risk Weighted Assets
Total Capital Ratio =	Tier 1 Capital + Tier 2 Capital Risk Weighted Assets

The components of Total Capital is Tier 1 Capital plus Tier 2 Capital:

Tier 1 Capital is at least 50 percent of a bank’s capital base to consist of a core element comprised of shareholders equity capital and published reserves from post-tax retained earnings minus goodwill.

Tier 2 Capital is an undisclosed reserves, asset revaluation reserves, general provisions/general loan-loss reserves, hybrid (debt/equity) capital instruments and subordinated debt, and limited to a maximum of 100 percent of the total of Tier 1 elements.

The figures below are those from the top 10 banks in the United States. Their ratio values all exceeded the minimum expected values set by "The Fed," showing many of them doubled the expectations.

Performance : Regulatory Capital Ratios	JP Morgan Chase & Co	Bank of America	Wells Fargo Bank	Citibank	U.S. Bank	PNC Bank	Capital One	Toronto Dominion (TD) Bank	The Bank of New York Mellon	State Street Bank and Trust Company
Tier 1 Leverage Ratio, ≥ 4%	8.57	8.95	8.81	9.46	8.69	8.53	9.13	9.32	7.56	8.29
Tier 1 Capital Ratio, ≥ 6%	14.03	12.64	12.69	12.69	10.28	9.94	13.50	15.31	16.63	17.02
Total Capital Ratio, ≥ 8%	14.86	13.63	14.50	14.99	12.31	11.97	14.69	16.18	17.33	17.88

Tier 1 Leverage Ratio, ≥ 4% :
A high Tier 1 Leverage Ratio value is better. Having a higher the percentage value the likelihood the bank withstanding negative shocks to its balance sheet.
Tier 1 Leverage Ratio = Tier 1 capital / Average Total Consolidated Assets

Tier 1 Capital Ratio, ≥ 6% :
A high Tier 1 Capital Ratio value indicates that a bank can absorb a reasonable amount of losses without risk of failure.
Tier 1 Capital Ratio = Tier 1 Capital / Credit Risk-Adjusted Assets

Total Capital Ratio, ≥ 8% :
A Total Capital Ratio value must be no lower than 8%. Tier 2 Capital is limited to 100% of Tier 1 Capital.
Total Capital (Tier 1 and Tier 2) Ratio = Total Capital (Tier 1 + Tier 2) / Credit Risk-Adjusted Assets

These financial ratios and values are filed quarterly to the Fed (FFIEC), submitting a call report. The above serves as a snapshot view as a static data cycle reported earlier in June 2019.

Venture Capital Investments
Venture Capital: Fund Formation, Fund Structure, Driving The U.S. Innovation and Economy
https://www.inhite.com/carljones/#Funds

Image: Venture Capital Fund's organizational structure.

Venture Capital Activities by Harvard Business Review (HBR)
Activities and Performance of Venture Capital ("VC") Funds
https://www.inhite.com/carljones/#VCActs

I've been reading Harvard Business Review (HBR) since the '90s, and one review in particular on venture capital has resurfaced in recent years. That said, not much has changed in venture capital in terms of allocation of time at a broad level perspective. The chart above was first posted in 1998 by Harvard Business Review (HBR), showing time spent by venture capitalists. Combined total, the two boxes above show an 80% allocation of time spent on cultivating companies with additional focus on those portfolio companies likely to exit in the near coming years.

In addition to the above on time allocation, I have also spent much time reviewing innovative, disruptive, and transformative technology companies, and various venture funds and industry reports, including Exchange Traded Funds (ETFs). After analyzing several venture funds, ranging from $50MM to $500MM, I have gained much insight and knowledge in the performance of funds, interpreting returns and multiples. You are welcome to ask me.

Seeking for Alphas : Investment & Return
Stage Transition from Early Stage to Exits: M&A & IPO
https://www.inhite.com/carljones/#AlphaPrime

Image: ^[*] A progression in the α′ period and exit strategy of a portfolio company. Besides the obvious growth of the company, it is not certain until the market condition indicates it’s a good time to go public or go through a merger and acquisition (M&A) event.

Series ranging from 1 to 12, each step/stage is specific in need of a capital raise but not necessarily to each alpha (α, α′) company.

Seed — Concept, wireframes, architecture schematic, coding, etc.
Seed — Build, continuous improvement and testing
Seed — MVP, minimum viable product, sales, scale
Series A-1
Series A-2
Series B-1
Series B-2
Series C...
Series D...
Series E...
Series F...
Pre/IPO*

The Alphas (α, α′) | Seeking for Alphas. The ins and outs in venture capital from funding early stage, supporting growth, and exiting companies. The numbering 1 through 12 represents the progression of product and team development and the advancing growth of the Alphas. Which number best states the stage of your company?

From decades of experience and market observation, I believe there’s a good time in the market to go public indicating an opening window for growth and a continuing of buying demands of shares and products for the company entering the public domain. It is the reason why a company shouldn’t flood its shares into the market, effecting supply and demand of shares that could harm the value and momentum of the company. I’ve been studying and watching the market since the 1990s, and this was happening when AOL, Yahoo, Amazon, and Fairchild went public and later with Google, Alibaba, Facebook, Linkedin, Square, and Twitter. In more recent years, a company typically floats 10 to 25 percent or less of the company’s shares to gauge demands before issuing additional shares into the public market.

Venture Capital Deal Flow
The Economy and Investments
https://www.inhite.com/carljones/#DealFlow

Image: Syndication : working from my experience since 2000, syndicating deal flow in the venture capital industry.

Term Sheet
venture capital non-binding agreement
https://www.inhite.com/carljones/#TermSheet

Image: Thinking of posting my term sheet version and listing the provisions, setting the basic terms and conditions on the investment engagement.

Accelerating Growth in Technology
< 2000 | 2010 | 2020 | 2030 | 2040 | 2050 >

Image: Yesterday, Today, Tomorrow & Beyond | Digital Transformation : The Accelerating Growth in Technology started in the 1400s and through 2050 & Beyond, bringing technology and innovation to the world and to better our lives through digital transformation (2000 – 2050 & beyond).

Cumulative Capability
< 2000 | 2010 | 2020 | 2030 | 2040 | 2050 >

Image: Yesterday, Today, Tomorrow & Beyond | A closer look at Digital Transformation in 2020, 2030.

Board of Directors
Strategic Thinking, Planning, and Executing at the Board under California Senate Bill No. 826
https://www.inhite.com/carljones/#Board

After working with some directors in the past and speaking to others in more recent years, I noticed a number of them have been on the same board for a long time. With a strong board, the members can guide the management team through an initial public offering (IPO) or a merger and acquisition (M&A). The vital role of a strong board has the collective experience to support the company through the competitive landscape for five to ten years. Besides the visible role and responsibilities of a board of directors, the members are compensated for providing three (3) core strategic level serving duties: (1) fiduciary, (2) voting rights, and (3) strategic advice.

Some companies have two types of boards. The other type is an advisory board. The members on an advisory board are not compensated and do not have fiduciary obligations and no voting rights. Advisory board members have an opened range to advise the management team without being liable if the company does not satisfy performance expectations.

In addition, California passed a legislation proposal (Senate Bill No. 826) into law on September 30th 2018, requiring publicly held companies with headquarters in California to have at least one woman on boards of four members or less, two women on boards of five members, and three women on boards of six or more members before the close of the 2019 calendar year. And in growing privately held startup companies, for example Airbnb, there have been an increasing need to do better when it comes to diversifying and adding woman and minority on boards. Airbnb, the home rental app, recently added Angela Ahrendts to the board of directors after she left Apple as their Senior Vice President in Retail (2014–2019) and was CEO of Burberry (2006–2014). Airbnb is planning to file an iniitial public offering (IPO) in late 2019, but more likely in 2020.

With the rise of the internet and cloud software companies in the past two decades, there is now a long list of women that expanding startup companies can recruit from the talent pool in the technology industry. Some of the big names include: Hewlett-Packard Enterprise (HPE) and eBay former CEO Meg Whitney, SHI International CEO Thai Lee, Epic Systems founder and CEO Judy Faulkner, Yahoo former CEO Marissa Mayer, Facebook COO Sheryl Sandbergs, YouTube CEO Susan Wojcicki, Arista Networks President & CEO Jayshree Ullal, Oracle co-CEO Safra Catz, Syntel co-founder Neerja Sethi, Marvell Technology cofounder Weili Dai, Veeva Systems investor Young Sohn, 23andMe co-founder & CEO Anne Wojcicki, Houzz co-founder Adi Tatarko, Stitch Fix founder & CEO Katrina Lake, BlackLine founder & CEO Therese Tucker, Confluent co-founder Neha Narkhede, PayPal former board of director Belinda Johnson, Sirius XM Satellite Radio co-founder Martine Rothblatt, ActioNet founder Ashley Chen, Lynda.com founder Lynda Weinman, and Bumble founder & CEO Whitney Wolfe Herd.

Image: An increasing demand for female directors rises under California Senate Bill No. 826, mandating more women on boards by the end of 2019.

Several studies have shown that having a diverse board strengthen a company’s talent pipeline and increase innovation, leading to a stronger performance. Listening to and including the viewpoints from a diverse board in a real way can bring a new perspective and new ideas to help further succeed a company.

If listed companies fail to comply, they will be subjected to financial penalties. The first violation will incur a $100,000 fine; second and subsequent violations will cost $300,000. The miminum qualification for compliance is having a woman in a board seat for at least part of the year. It should also come as no surprise that California is home to CalPERS, California Public Employees’ Retirement System, and CalSTRS, California State Teachers’ Retirement System, two of the world’s largest pension funds that have been among the strongest advocates for increased board diversity.

For more info, read publications below from Harvard University,

The Harvard Law School Forum on Corporate Governance
https://corpgov.law.harvard.edu/

Diversifying Demographics of Assets Under Management
Posted by Victoria Tellez and Jessica Pollock, FCLTGlobal, on Thursday, April 4, 2024
https://corpgov.law.harvard.edu/2024/04/04/diversifying-demographics-of-assets-under-management/

Governance Recommendations for the United States
Posted by Kerrie Waring, Severine Neervoort, and Carol Nolan Drake, International Corporate Governance Network (ICGN), on Wednesday, March 27, 2024
https://corpgov.law.harvard.edu/2024/03/27/governance-recommendations-for-the-united-states/

2021 U.S. Board Index
Posted by Julie Hembrock Daum, Kathleen Tamayo, and Ann Yerger, Spencer Stuart, on Saturday, November 13, 2021
https://corpgov.law.harvard.edu/2021/11/13/2021-u-s-board-index/

The Board Diversity Census of Women and Minorities on Fortune 500 Boards
Posted by Carey Oven (Deloitte) and Linda Akutagawa (Leadership Education for Asian Pacifics), on Friday, June 25, 2021
https://corpgov.law.harvard.edu/2021/06/25/the-board-diversity-census-of-women-and-minorities-on-fortune-500-boards/

Boards Need to Become More Diverse. Here’s How to Do It
Posted by Maria Castañón Moats, PricewaterhouseCoopers LLP, on Monday, September 13, 2021
https://corpgov.law.harvard.edu/2021/09/13/boards-need-to-become-more-diverse-heres-how-to-do-it/

Asian Americans in the Boardroom
Posted by Douglas K. Chia, Soundboard Governance LLC, on Thursday, May 7, 2020
https://corpgov.law.harvard.edu/2020/05/07/asian-americans-in-the-boardroom/

U.S. Board Diversity Trends in 2019
Posted by Subodh Mishra, Institutional Shareholder Services, Inc., on Tuesday, June 18, 2019
https://corpgov.law.harvard.edu/2019/06/18/u-s-board-diversity-trends-in-2019/

Board Diversity Developments
Posted by Arthur H. Kohn, Elizabeth K. Bieber, and Maria I. Maldonado, Cleary Gottlieb Steen & Hamilton LLP, on Tuesday, August 21, 2018
https://corpgov.law.harvard.edu/2018/08/21/board-diversity-developments/

Age Diversity Within Boards of Directors of the S&P 500 Companies
Posted by Annalisa Barrett, Board Governance Research LLC, and Jon Lukomnik, Investor Responsibility Center Institute, on Thursday, April 6, 2017
https://corpgov.law.harvard.edu/2017/04/06/age-diversity-within-boards-of-directors-of-the-sp-500-companies/

The Alphas
Companies transitioning through the stages — from seed to IPO and beyond.
https://www.inhite.com/carljones/#Alphas

Once early stage startup companies, these now public companies have continued to transition successfully through the stages of market conditions while thriving through decades of innovation cycles to become sustainable Alphas. The strategic matters that I have studied and experiened from these companies since their founding years have carried throughout my career. These strategies, in mind, should be considered for implementation for on-going growth and longevity for selected technology companies.

Image: Facebook, (The).

Founded on February 4, 2004 in Cambridge, MA and went public on May 18, 2012. IPO priced at $38 a share for a $104 billion valuation (NASDAQ: FB). The Facebook Experience.

Image: Apple

Founded on April 1, 1976 in Cupertino, CA and went public on December 12, 1980. IPO priced at $22 per share for a $1.8 billion dollar valuation (NASDAQ: APPL). The Apple Experience.

Image: Microsoft

Founded on April 4, 1975 in Albuquerque, NM and went public on March 13, 1986. IPO shares priced at $21 per share for a $20 million dollar valuation (NASDAQ: MSFT). The Microsoft Experience.

Image: amazon

Founded on July 5, 1994 in Bellevue, WA and went public on May 15, 1997. IPO shares priced at $18 per share for a valuation of $438 million (NASDAQ: AMZN). The amazon Experience.

Image: Google

Founded on September 4, 1998, Menlo Park, CA and went public on August 19, 2004 . IPO shares priced at $85 per share for a valuation of $23 billion. Google, now known as Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL). The Google Experience.

Leadership Quotes
Good leaders are MADE, not born!
https://www.inhite.com/carljones/#Leadership

Meaningful quotes below and those shared on this webpage have personally resonated with me since the first time I've read them and that they have carried purposefully throughout my career.

“The supreme quality for leadership is unquestionably integrity. Without it, no real success is possible, no matter whether it is on a section gang, a football field, in an army, or in an office.”
— Dwight D. Eisenhower,
was an American military officer and statesman who served as the 34th president of the United States.

Good leaders are MADE, not born! is a valid statement to keep in mind, and there are plenty of notable and recognizable names who have transitioned from being founding CEOs to becoming industry business leaders, e.g., Bill Gates, founder and former chairman and CEO of Microsoft; Jeff Bezos, founder, chairman, CEO, and president of Amazon; and Mark Zuckerberg, founder and CEO of Facebook.

Obviously, becoming a business leader takes time, and time comes with a lot of experience and overcoming a lot of pressure from the constant changes and forces in the market. Hence, enduring the ups and downs of running a company, founder(s) need to be on-top of the market in order to better navigate through the new challenges from the forces in the market. The leadership teams need to spearhead and evolve their products to compete effectively; thus, stagnation in innovations and technologies have caused companies to fall to a point of difficult return to no chance of recovery.

The ability to foresee and evolve is critical as customers’ values and or interests may change as forces in the market from competition may gradually morph the market with innovative products offering the "wow" factors from new features and or functions that could eventually shift the market and even industry. This is clearly evident in the mobile phone industry in the adaptation of the digital era of cloud computing and software applications and when capacitive touchscreen and digital technology took over resistive touchscreen and analog technology for more than a decade ago.

From past and present leaders, Great ones possess an understanding of the past, executing in the present, and foreseeing on the future. The below quotes support that message.

Image: Quotation : fill in the bubble box.

“We must, indeed, all hang together or, most assuredly, we shall all hang separately.”
— Benjamin Franklin,
was one of the Founding Fathers of the United States of America. He was an author, politician, scientist, inventor, civic activist, statesman, and diplomat.

“Leaders aren’t born they are made. And they are made just like anything else, through hard work. And that's the price we'll have to pay to achieve that goal, or any goal.”
— Vince Lombardi,
was an American football player, coach, and executive in the National Football League (NFL).

“Vision is the art of seeing things invisible.”
— Jonathan Swift,
was an Anglo-Irish poet, political writer, and cleric who becomes Dean of St. Patrick’s Cathedral, Dublin.

“If your actions inspire others to dream more, learn more, do more, and become more, you are a leader.”
— John Quincy Adams,
was an American statesman, diplomat, lawyer, and diarist who served as the 6th U.S. President.

“Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.”
— Jack Welch,
was a former chairman and CEO of General Electric between 1981 and 2001, author, and chemical engineer.

“Leadership is an action, not a position.”
— Donald McGannon,
was an American broadcasting industry executive during the formative years of the television industry.

“Leadership is all about people. It is not about organizations. It is not about plans. It is not about strategies. It is all about people-motivating people to get the job done. You have to be people-centered.”
— Colin Powell,
an American statesman and a retired four-star general in the United States Army.

“One’s philosophy is not best expressed in words; it is expressed in the choices one makes... and the choices we make are ultimately our responsibility.”
— Eleanor Roosevelt,
was an American political figure, diplomat and activist.

“Efficiency is doing the thing right. Effectiveness is doing the right thing.”
— Peter F. Drucker,
was an Austrian-born American management consultant, educator, and author.

“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
— Helen Keller,
was an American author, disability rights advocate, political activist and lecturer.

“The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires.”
— William Arthur Ward,
was an American and most quoted writers of inspirational maxims.

“Go as far as you can see; when you get there, you’ll be able to see farther.”
— John P. Morgan Sr.,
was an American financier and banker who dominated corporate finance and industrial consolidation.

“Failing organizations are usually over-managed and under-led.”
— Stephen Covey,
was an American educator, businessman, speaker, and author of "The 7 Habits of Highly Effective People".

“The greatest leader is not necessarily the one who does the greatest things. He is the one that gets the people to do the greatest things.”
— Ronald Reagan,
was an American politician and film actor who served as the 40th U.S. President.

“If you can’t swallow your pride, you can’t lead. Even the highest mountain had animals that step on it.”
— Jack Weatherford,
an American professor and author of "Genghis Khan and the Making of the Modern World".

“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.”
— William Arthur Ward,
was an American and most quoted writers of inspirational maxims.

“You don’t have to be great at something to start, but you have to start to be great at something.”
— Zig Ziglar,
was an American author, salesman, and motivational speaker.

“Patience, persistence and perspiration make an unbeatable combination for success.”
— Napoleon Hill,
was an American and author of "Think and Grow Rich."

“No man will make a great leader who wants to do it all himself, or to get all the credit for doing it.”
— Andrew Carnegie,
was a Scottish-American steel business magnate, industrialist, and philanthropist.

“I would rather earn 1% off a 100 people’s efforts than 100% of my own efforts.”
— John D. Rockefeller,
was an American oil industry business magnate, industrialist, and philanthropist.

“Develop success from failures. Discouragement and failure are two of the surest stepping stones to success."
— Dale Carnegie,
was an American writer and lecturer, author of "How to Win Friends and Influence People."

“I never dreamed about success. I worked for it.”
— Estée Lauder,
was an American beautician and business executive who started a beauty company.

“Leadership and learning are indispensable to each other.”
— John F. Kennedy,
was an American politician who served as the 35th U.S. President.

“The ultimate measure of a man is not where he stands in moments of comfort, but where he stands at times of challenge and controversy.”
— Martin Luther King Jr.,
was an American Baptist minister and civil rights activist.

“A leader is one who knows the way, goes the way, and shows the way.”
— John C. Maxwell,
is an American author, speaker, and pastor who has written many books, primarily focusing on leadership.

“All our dreams can come true, if we have the courage to pursue them.”
— Walt Disney,
was an American entrepreneur, animator, voice actor, and film producer. He pioneered the American animation industry.

“You can’t solve a problem on the same level that it was created. You have to rise above it to the next level.”
— Albert Einstein,
was a German-born theoretical physicist who developed the theory of relativity, one of the two pillars of modern physics.

“Don’t be afraid to take a big step when one is indicated. You can’t cross a chasm in two small jumps.”
— David Lloyd George,
was a British politician, statesman

“Innovation distinguishes between a leader and a follower.”
— Steve Jobs,
was an American business magnate, industrial designer, investor, and media proprietor.

“If you were not born with wings, do nothing to impede their growth.”
— Coco Chanel,
was a French fashion designer and businesswoman, and the founder and namesake of the Chanel brand.

“As we look ahead into the next century, leaders will be those who empower others.”
— Bill Gates,
a cofounder and former chairman and CEO of Microsoft, an American business magnate, investor, author, philanthropist, and humanitarian.

“Generally speaking, investing in yourself is the best thing you can do. Anything that improves your own talents; nobody can tax it or take it away from you.”
— Warren Buffett,
an American business magnate, investor, speaker and philanthropist.


Rank 2015	Rank 2016	Rank 2017	Rank 2018	USA Bank	Ticker	AUM (2018)
1	1	1	1	JP Morgan Chase & Co	JPM	$2,218,960,000,000
2	3	2	2	Bank of America	BAC	$1,782,639,000,000
3	2	3	3	Wells Fargo Bank	WFC	$1,689,351,000,000
4	4	4	4	Citibank	C	$1,406,717,000,000
5	5	5	5	U.S. Bank	USB	$459,476,604,000
6	6	6	6	PNC Bank	PNC	$370,500,928,000
8	7	8	7	Capital One	COF	$304,657,685,000
9	8	9	8	Toronto Dominion (TD) Bank	TD	$302,668,929,000
7	9	7	9	The Bank of New York Mellon	BK	$286,411,000,000
10	10	10	10	State Street Bank and Trust Company	STT	$242,037,871,000
15	14	13	11	Charles Schwab Bank	SCHW	$234,032,000,000
11	11	11	12	Branch Banking and Trust (BB&T) Company	BBT	$219,071,000,000
12	12	12	13	SunTrust Bank	STI	$209,720,480,000
18	15	15	14	Goldman Sachs Bank USA	GS	$191,517,000,000
13	13	14	15	HSBC Bank USA	HSBC	$169,812,442,000
23	22	19	16	Ally Bank	ALLY	$159,291,000,000
17	19	21	17	Morgan Stanley Bank	MS	$149,817,000,000
16	16	17	18	Fifth Third Bank	FITB	$144,453,358,000
27	18	20	19	KeyBank	KEY	$137,976,503,000
14	17	16	20	Chase Bank USA	JPM	$132,189,851,000
21	21	18	21	The Northern Trust Company	NTRS	$131,695,551,000
22	25	25	22	MUFG Union Bank	MUFG	$130,782,945,000
24	24	23	23	Citizens Bank	CFG	$129,426,633,000
19	20	22	24	Regions Bank	RF	$124,716,588,000
25	27	27	25	BMO Harris Bank	BMO	$123,147,670,000
26	26	24	26	Capital One Bank (USA)	COF	$120,417,879,000
20	23	26	27	Manufacturers and Traders Trust Company	MTB	$119,636,147,000
39	42	39	28	American Express National Bank	AXP	$116,653,380,000
34	28	28	29	The Huntington National Bank	HBAN	$108,672,320,000
29	29	29	30	Discover Bank	DFS	$108,015,112,000
38	34	31	31	First Republic Bank	FRC	$99,205,204,000
36	57	34	32	Synchrony Bank	SYF	$91,787,000,000
30	31	32	33	Compass Bank, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)	USA	$90,056,875,000
31	30	30	34	Bank of the West, subsidiary of BNP Paribas	BNPQF	$87,392,557,000
33	33	33	35	USAA Federal Savings Bank	USA	$81,602,818,000
28	32	35	36	Santander Bank, N.A.	SAN	$77,243,612,000
45	41	38	37	Morgan Stanley Private Bank	MS	$75,169,000,000
32	35	36	38	Comerica Bank	CMA	$70,737,276,000
37	37	37	39	Zions Bancorporation, N.A.	ZION	$68,745,745,000
40	39	41	40	UBS Bank USA	UBS	$59,366,170,000
43	45	43	41	Silicon Valley Bank (SVB)	SIVB	$56,139,644,000
35	38	42	42	Bank of China	BACHF	$53,976,065,000
42	44	46	43	New York Community Bank	NYCB	$51,874,621,000
49	43	45	44	City National Bank (Royal Bank of Canada)	RY	$50,703,918,000
52	51	44	45	E*TRADE Bank	ETFC	$50,410,469,000
47	47	47	46	People’s United Bank	PBCT	$47,601,600,000
51	48	49	47	Signature Bank	SBNY	$47,364,816,000
44	46	51	48	CIT Bank	CIT	$42,181,682,000
53	52	52	49	East West Bank	EWBC	$41,017,421,000
62	60	50	50	First Tennessee Bank	FHN	$40,636,055,000
41	40	48	51	Deutsche Bank Trust Company Americas	DB	$39,181,000,000
59	58	54	52	Banco Popular de Puerto Rico	BPOP	$37,919,000,000
260	226	56	53	TIAA, FSB (TIAA-CREF Trust Company, FSB), EverBank^[1]	USA	$36,899,806,000
54	53	55	54	First-Citizens Bank & Trust Company	FCNCA	$35,267,496,000
55	55	58	55	BOK Financial	BOKF	$34,104,022,000
50	50	53	56	Citizens Bank of Pennsylvania	CFG	$33,843,912,000
60	59	62	57	Associated Bank	ASB	$33,604,332,000
58	54	57	58	Barclays Bank Delaware	BCS	$33,096,474,000
83	75	60	59	First National Bank of Pennsylvania	FNB	$33,026,384,000
57	57	61	60	Synovus Bank	SNV	$32,580,905,000
56	56	59	61	Frost Bank	CFR	$32,355,408,000
66	62	64	62	BankUnited	BKU	$32,077,582,000
72	71	74	63	Valley National Bank	VLY	$31,829,272,000
104	99	63	64	Sterling National Bank	STL	$31,331,572,000
78	76	65	65	Iberiabank	IBKC	$30,730,794,000
-	-	68	66	Canadian Imperial Bank of Commerce (CIBC) Bank USA^[2]	CM	$28,958,011,000
67	66	75	67	BNY Mellon	BK	$28,875,870,000
80	74	71	68	Texas Capital Bank	TCBI	$28,246,367,000
69	68	66	69	Hancock Whitney Bank	HWC	$28,215,417,000
-	63	67	70	Webster Bank	WBS	$27,614,851,000
64	65	69	71	Umpqua Bank	UMPQ	$26,903,465,000
92	84	81	72	Sallie Mae Bank	SLM	$26,585,576,000
75	70	70	73	Investors Bank	ISBC	$26,266,236,000
73	73	72	74	Pacific Western Bank	PACW	$25,702,360,000
65	64	73	75	Commerce Bank	CBSH	$25,383,765,000
86	86	80	76	Raymond James Bank	RJF	$25,140,256,000
131	112	79	77	Pinnacle Bank	PNFP	$24,904,500,000
76	77	77	78	TCF National Bank	TCF	$23,708,028,000
96	88	85	79	Western Alliance Bank	WAL	$23,138,393,000
81	78	82	80	UMB Bank	UMBF	$23,137,750,000
71	72	78	81	Prosperity Bank	PB	$22,689,286,000
111	83	83	82	Bank OZK (Bank of the Ozarks)	OZK	$22,388,030,000
82	82	86	83	First National Bank of Omaha	FINN	$21,582,885,000
122	87	89	84	Chemical Bank	CHFC	$21,460,393,000
77	69	76	85	TD Bank USA	TD	$21,253,212,000
79	80	84	86	First Hawaiian Bank	FHB	$20,695,959,000
89	81	87	87	MB Financial Bank	FITB	$20,141,290,000
105	94	92	88	Old National Bank	ONB	$19,633,838,000
153	137	90	89	United Bank	UBNK	$19,247,276,000
90	89	91	90	FirstBank	FBP	$18,510,811,000
98	100	94	91	Flagstar Bank, FSB	FBC	$18,466,868,000
87	91	95	92	Arvest Bank	USA	$18,445,594,000
97	95	99	93	BancorpSouth Bank	BXS	$18,008,424,000
106	103	102	94	MidFirst Bank	EQBK	$17,230,779,000
91	92	93	95	Bank of Hawaii	BOH	$17,116,378,000
70	67	88	96	Bank of America California, National Association	BAC	$16,992,000,000
85	85	96	97	State Farm Bank, FSB	STFGX	$16,934,479,000
99	97	97	98	Cathay Bank	CATY	$16,765,633,000
151	147	135	99	Simmons Bank (Simmons First National Bank)	SFNC	$16,518,217,000
95	93	98	100	Washington Federal	WAFD	$16,190,394,000
^[1]TIAA-CREF Trust Company, FSB was acquired by EverBank on June 9, 2017. TIAA-CREF is an acronym for Teachers Insurance and Annuity Association – College Retirement Equities Fund. ^[2]CIBC Bank USA is an American commercial bank headquartered in Chicago, Illinois. Founded in 1989 as PrivateBancorp Inc., the company became a subsidiary of the Toronto-based Canadian Imperial Bank of Commerce after a $5 billion USD acquisition in June 2017. Note: The list above shows the top 100 banks and assets under management (AUM) totaling $14.6 Trillion or $14,588,577,974,000.00 in 2018. The total number of banks and total AUM in the United States comes to over $18 Trillion or $18,034,498,495,000.00 in 2018. MORE »»