Glenn Fogel

🚨A really great article from members of our #MandA and #privateequity teams… Goodwin has one of the most sophsticated and experienced #growthequity practices in the world. It’s can be a tricky segment of the investment asset classes to navigate and understanding the differences between a #buyout and a #minority growth investment is important. We strategically partner with you to strike the best transaction for your company. 🥇#goodwinlaw

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It's finally here! The first announcement of our equity investor raise in our operating solar assets 😎 We are so excited to be doing this capital raise with Plural Energy and Zorya Energy Advisors...and all of our friends, family, business partners, personal admirers, savvy financiers, impact investors, and everyone else who is excited about being part of financing the clean energy future 🌞 Go to plural.xyz to get the details on the equity offering!

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Thoughtful Monday read from Kellogg Insight -- We're all familiar with the concept of the gender pay gap at this point since the 1990s. However, new research from Nicola Bianci, assistant professor of strategy at Kellogg suggests that the relationship between men's and women's average #wages did indeed change in past four decades. The average man in the U.S. used to make 80% more than the average woman in 1976, and past over four decades, that gap has fallen to a 33%. Interestingly, there was no stark drop but rather a steady decline that has remained active for the long-term. So what's going on here? Some theorize that #older workers are retiring and newer workers are taking their place, relinquishing some higher paid positions. The reason why the 33% remains stagnant though, is because there's still a disproportionate amount of women in more "traditionally feminine" job positions rather than "male" careers. What do you think about this? Do you have any personal theories about the way the pay gap minimized and then #stagnated?

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I had the pleasure of speaking recently at the PEI Operating Partner Forum in London about the challenges and opportunities to support our portfolio companies in building greater resilience. Thank you to Jim Corey from Blueridge Partners, and my co-panelists Alan Roux, Peter Colman and Kristen Paladino. Some thoughts from this session: -There is further opportunity to deepen our collaboration with our deal colleagues and portfolio management teams on what will move the dial on performance - active joint problem solving is key to unlocking value with greater speed; -Cash is king in this environment where leverage is going to be more expensive for longer - our CFOs are front and centre, along with trusted partners in our ecosystems; -Ensuring our portfolio companies have the right talent in place to anticipate and deal with multiple continued headwinds is critical; -There are some innovative opportunities to drive value through new digital technologies, like Gen AI, which we should experiment with over the coming period. It's not tomorrow's problem.

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Looking forward to discussing how changing demographics and culture norms are affecting investment opportunities in longevity, health and well-being at The Care Summit today Alongside Cake Ventures' Monique Woodard, Ziegler's Dan Hermann, Oak HC/FT's Billy Deitch and JPMorgan Chase & Co.'s Jennifer Edwards, we’ll dive into the trends shaping how we are investing in the space: - Last year marked one of the most significant social and economic moments in modern times: The number of older adults—those aged 50 and over- surpassed the number of children under the age of 15 for the first time. - In 2020 the 50 plus population contributed $45 trillion to global GDP, or 34% of the total. That equates to about 3x the revenue of the world’s 100 highest- earning companies in 2020. - The U.S. population grew by 24.5 million from 2010 to 2022, and Hispanics accounted for 53% of this increase – a greater share than any other racial or ethnic group. - Women around the world and across all ages drive 64% of consumer spending

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Reflecting on my conversation with Denny Chared, CEO of DC Finance, really highlights the art of building influential networks and leading high-stakes financial conferences worldwide. Denny's approach to connecting people and capital is not just effective but inspirational. Join us in exploring these pivotal strategies for anyone looking to scale their influence in finance. 💼 #LeadershipInsights #FinanceInnovation https://lnkd.in/gsVFsUVY

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In last week’s radical Briefing, Jeffrey made a strong argument that we explore (and embrace) the “messy middle” in our endeavors to shape the future. His remarks hit a nerve with our community—we had lots of good conversations both on Substack and in our WhatsApp channel. Building on Jeffrey’s insight, I believe for organizations of all kinds to successfully navigate the ambiguity (and thus “messiness”) of our world, it is paramount to have clarity on their North Star. German philosopher Friedrich Nietzsche once observed that “if you know the why, you can live any how.” And, of course, American author Simon Sinek, in his famous TED talk, urged leaders to “start with why.” If this sounds familiar, and you count yourself lucky to work for (or run) an organization that has done the work of creating and communicating a good mission statement, consider this wrinkle: Is your mission statement, your North Star, your why clear, concise, and memorable? Can your people recite it by heart and do they truly understand your organization’s direction? Does it work not only as an aspirational tagline but as the ultimate clarifying device it ought to be? All too often, when I look up a company’s mission statement, it reads something like this: …blah blah blah blah innovation blah blah blah culture blah blah blah blah blah blah blah blah market leader blah blah blah blah blah blah honesty blah blah blah blah excellence blah blah integrity blah blah blah blah strategies blah blah blah blah… To make sure your mission statement is not just a fancy marketing slogan but truly operates as your organization’s North Star, Kevin Starr, CEO of the Mulago Foundation, created the Eight-Word-Mission-Statement: Formulate your mission statement in the form of Verb – Target – Outcome—using eight words or less. In more detail: What are you doing (verb), for whose benefit (target), to what end (outcome). It is a powerful method to clarify and create a yardstick to measure whether any activity is inside or outside your scope. Want an example? Be radical’s mission statement is “Enable leaders and learners to seize the future.” We enable by teaching tools and frameworks, focusing on leaders inside organizations, not frontline employees, to build the future, which means we don’t work on day-to-day strategy. Your Eight-Word-Mission-Statement might not be suitable for marketing materials, but it will become the guiding star for you and your team, helping you clearly understand your activities (and, equally as important, what you don’t do). It is the sentence your people can recite even at 2am if asked: What does your company (and you) do? And it provides the clarity you and your organization need to navigate the messy middle, ambiguity, and uncertainty. Lastly, you can create Eight-Word-Mission-Statements not only for the company but also for business or organizational units, teams, and even for yourself. Give it a try—and if you like, share it here. #strategy #missionstatement

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Here is a letter written by Yale’s new endowment CIO back in October 2023. • Former CIO David Swensen mentored the new Yale CIO plus 15 others now overseeing prominent endowments and foundations • From 1985 until his passing in 2021, Swensen and team grew the $1 billion endowment to over $40 billion earning a 13.7% annual return • The 10-year return of 10.9% at the end of FY 2023, which is 3.0% above the mean endowment return, added an incremental $600m per year in perpetuity • The endowment will stick to investing meaningfully in illiquid assets, such as PE and VC funds • The endowment seeks to partner with the next generation of talented investors, whether or not they have a track record

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Access to scaling/ working capital for small to midsize businesses is difficult to come by. Pipe is changing that by embedding their financial solution into the current workflow of small/ midsize businesses. This is literally a game changer. See Luke Voiles' post and the Fintech Nexus article to learn more.

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🤝A thoughtful piece on alignment from Team Goodwin for your reading pleasure… “One of the keys of successful private equity investing is properly aligning the economic incentives and interests of the sponsor and its portfolio companies’ management teams as they evolve over time. Unlike a public company, where management may receive higher annual compensation (typically taxed at higher rates as ordinary income) because no exit event is contemplated, much of the compensation for a portfolio company’s management team is often tied to proceeds from a future exit transaction by the sponsor (often taxed as more favorable long-term capital gains), which helps ensure the management team and the sponsor target the same value-maximizing sale outcome and timeline. These arrangements are typically put in place at the time of the sponsor’s initial investment or shortly thereafter, often via direct investment (which may be “rollover” equity) and incentive equity grants.” #privateequity #incentives #structuring #equity #alignment #goodwinlaw

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The case for emerging managers: “What we don’t want to do is lock ourselves out of these high-performing, differentiated strategies for the simplicity of going with the big guys”, Taffi Ayodele director of the emerging manager strategy at the NYC Office of the Comptroller #investmentstrategies #investmentreturns #roi #assetallocation #emergingmanagers #riskreward #premium #performance

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Curious to learn about a new approach to sustainable investing? This article from HBR suggests shifting from a narrow focus on ESG factors to a broader strategy that considers a company's entire value chain. By including environmental and social risks in investment decisions, companies can drive positive impact and create long-term value for both shareholders and society.

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🚀 Attended an incredible conference yesterday by Scale Venture Partners yesterday at the The Ritz-Carlton Hotel Company, L.L.C. in San Francisco. with Craig Rosenberg and too many friends to tag here. With 150 senior leaders in the tech GTM space, it was an amazing opportunity to dive deep into Go-To-Market Strategy and execution for tech companies. Also great to get back to LIVE events after way too much screen time. Especially interesting was a presentation by Scale VC's on the current effects of the macro economy on the start-up ecosystem. Short answer- it's brutal out there. You can play around with the benchmarks here https://lnkd.in/gme76SR2 The main themes of the conference we're going back to the GTM basics - the hard work of GTM after too many years of a ZIRP environment. People forgot how hard this sh%t really is: 🔍 Ideal Customer Profile Development 🧑‍🔬 Persona Research (Voice of the Customer) 💡 Pain Point Research 🖇 Alignment of silos (really? still in 2024 jeez) 🗣 Messaging (hint lay off the AI and leave your house) 📈 Sales Technology hot tools, and tech debt/bloat- we list all the tools here https://tenbound.com/ 🔧 Revenue Operations as strategic driver- your navigator in this changing world. These topics are the cornerstone of successful GTM strategies [and align perfectly with the services and insights we offer at Tenbound. call me if you struggle with any of these] The conference was a powerful reminder of the importance of a well-crafted GTM strategy in achieving success. You can't just wing it in this environment. #GTM #TechConference #SalesTech #RevenueOperations #Tenbound #IdealCustomerProfile #PersonaResearch #SalesStrategy #TechLeadership #GoToMarket

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Interesting and compelling speech about the current state of global political and economical systems, that we have created for our future generations and now asking them to fix it.

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This San Franciscan has landed in the Big Apple for #NYTechWeek! Here’s why it was important to me to be out here this week and I view NYC as a sister city. ((scroll down for 2 events The Council is hosting today!)) 🏭🏥 Reminder: The Council Fund invests at Pre-seed in Software’s Third Act, the transformation of the essential economy. Our investments span healthcare and industrial sectors like manufacturing, logistics, construction. 🐂 I’m eternally bullish on NY & SF and hate how many pit the two cities against each other. The reality is that a lot of capital and talent flow back and forth between the cities. They need each other to thrive! 🗽🌁 Cities like NY & SF attract young and mid-career talent because of their population density, transient nature, beauty, and reputations as cities where someone new on the scene can make a name for themselves. For the areas we invest in, I’m *specifically* excited about NY because of: 🏗️ Closer proximity to industrial hubs which are scattered across the Midwest / Rust Belt 🏛️ Closer proximity to DC where a lot of regulation around VC, startups, healthcare, onshoring initiatives, and industrial sectors takes place 💰 Many of the large financial institutions that are backing hard tech focused funds and major healthcare initiatives are also headquartered here in NYC 🎯 We’ve got several startups here who are hitting it out of the park, like Dirac and Siena. This has further validated my belief in this ecosystem to support young companies! Today we are kicking off with 2 events on Day 1 of #NYTechWeek 👉 AI Demo Day: The Council, Next Wave NYC, Lynx Collective, Flybridge will host 8 founders and 200+ investors and founders for a pitch competition this evening! Luma: https://lnkd.in/gbdYiJMw 🔜 Can still join the waitlist! Small & Big VCs in Hard Tech: The Council joined General Catalyst, Lux Capital, Iron Prairie Ventures, AlleyCorp, House Of Ventures, Steel Atlas for 2 back to back panels on industrial innovation & collaboration across the capital stack Luma: https://lnkd.in/gj6D4-Au ⏰ Event has passed

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Welcome Daloopa to Touring Capital portfolio! While there is ton of hype around pure LLM based approaches operating on structured and tabular data, the reality of where this stands today doesn’t match up to the accuracy and traceability required by rigorous financial operators at scale and in time sensitive scenarios. Daloopa’a approach to curating a massive financial performance and filings dataset with domain expert humans + AI allows them to make unparalleled data quality guarantees in their modeling copilot for analysts across both structured and unstructured data.

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What do you do when a radical new technology puts your main product right in the crosshairs of disruption? Listen to David Okuniev — co-founder of Typeform | Ask awesomely — discuss the challenges of innovation within existing structures. David shared a game-changing insight: Radical innovation is really, really difficult to do inside your own product. He emphasized the need to break free from the constraints of familiarity and embrace change from outside the box. Henrik Werdelin and I have both seen our fair share of this in our respective careers. What struck us most was how David leveraged structure to overcome the innovator’s dilemma. By creating a culture of experimentation and providing space for bold ideas, he propelled Typeform beyond incremental improvements. What other hacks have you seen or employed to help your organization overcome the innovator’s dilemma? Share your stories below! 👇 And if you want to dive deeper into our conversation, click the link in the comments to catch the full podcast episode!

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