What's Next? A Venture Capital View

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For the longest time most of the innovation in financial markets came from the inside. Teams would hive off from major brokerage firms, starting hedge funds, or less, commonly, new companies providing data and research services. Web 2.0 is changing all of this.

It is less expensive than ever to create companies with global data, and global access to customers. As a result, money technology is a hotbed of innovation and related startups, exactly the sort of happy hunting ground of which venture capitalists are fond.

We have brought together some prominent VCs and angels to talk about the future of these markets from their perspective. Where is the hot money going? Where will the most innovative developments come from?

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Stewart Alsop

Alsop Louie Partners

Stewart Alsop is partner of Alsop Louie Partners, a venture capital fund focused on helping technology entrepreneurs start companies and the lead investor in Cake Financial. He was a general partner with New Enterprise Associates through 2004 and lead that firm’s investments in companies such as TiVo, Portola Communications (sold to Netscape), Glu Mobile, and Xfire (sold to Viacom). During that time, he also wrote a column for Fortune. Prior to NEA, Alsop was Editor in Chief of InfoWorld, a weekly newspaper for information-technology professionals. He also published PC Letter, a fortnightly newsletter for computer industry insiders, and produced the Agenda and Demo conferences for executives of companies in the computer industry. Before 1985, he served in several executive editorial positions at business and trade magazines, including Inc. magazine. Alsop graduated from Occidental College in Los Angeles.

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Roger Ehrenberg

IA Ventures

Roger Ehrenberg is chairman and co-founder of Monitor110 (http://www.monitor110.com), a rapidly growing company that helps institutional investors turn Internet information into alpha generation. A 17-year Wall Street veteran, Roger co-founded Monitor110 in early 2005 with the passion to change how Wall Street accesses, analyzes and monetizes information extracted from the Internet.

Roger is also one of the most active New York City-based angel investors through IA Capital Partners LLC, his personal early-stage investment vehicle focused on financial technology and social and digital media. Roger has seeded or invested in over 20 early-stage companies since 2004.

Prior to joining Monitor110, Roger served as President and CEO of Deutsche Bank’s internal hedge fund trading platform DB Advisors LLC. His 130-person team managed $6 billion in capital through a multi-strategy hedge fund platform with offices in New York, London and Hong Kong. Earlier, Roger was Global Co-head of Deutsche Bank’s Strategic Equity Transactions Group. In 2000, Roger’s team won Institutional Investor magazine’s “Derivatives Deal of the Year” award. As an Investment Banker and Managing Director at Citibank, Roger held a variety of roles and responsibilities in the Global Derivatives, Capital Markets, Mergers & Acquisitions and Capital Structuring Groups.
Roger currently serves on the boards of Monitor110, Inc.; Clear Asset Management LLC, a technology-enabled investment advisory and financial publishing firm; Buddy Media, Inc., an applications development firm for social media platforms; Mytrade, Inc., a flexible digital media platform for traders and investors; Global Bay Mobile Technologies, Inc., a mobile data collection solution vendor; and Spotlight Data Solutions, Inc., a provider of wireless data collection solutions for business process management. He previously served on the Board of DSL.net Inc., a publicly-traded telecommunications company.
Today, Roger is frequently consulted as a subject matter expert by the financial media and has appeared in numerous media outlets including the Financial Times, the Wall Street Journal, Bloomberg, Institutional Investor, Barron’s, TheStreet.com, NPR Marketplace, BBC, Reuters, Red Herring, Wired, Daily Deal, Crain’s New York, Advanced Trading, and Agence France Presse.

Roger also authors the popular financial blog Information Arbitrage (http://www.informationarbitrage.com), focusing on Wall Street, hedge funds, market structure, regulation and investment-oriented themes discussed on the Internet.

Roger holds an MBA in Finance, Accounting and Management from Columbia Business School and a BBA in Finance, Economics and Organizational Psychology from the University of Michigan.

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Bruce Golden

Accel Partners

Bruce Golden is a general partner with Accel Partners, a leading global venture capital firm with offices in Palo Alto, London, and China. Bruce has been involved in introducing technology to the financial services market in both his capacity as an operating executive and investor over the past 23 years. Investments that Bruce led of particular relevance to financial services include comScore (SCOR), Dapper, Moneyline-Telerate, Qliktech, Streambase and Super Derivatives. Additional Accel investments in this area include eInsurance, Integral Software, Prosper and Yodlee. Prior to joining Accel in 1997, Bruce held executive marketing and sales positions at Illustra Information Technologies, a pioneer in the area of object-relational databases. In 1996 Illustra merged with Informix Software, where Bruce became General Manager of the Data Warehouse business. Prior to Illustra, Bruce spent almost eight years at Sun Microsystems in a variety of roles, including helping to launch Sun’s efforts in the financial services market. Bruce holds an MBA from Stanford and a BA from Columbia University. Bruce currently lives in London with his wife and two children.

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Cary Davis

Warburg Pincus, LLC

Cary J. Davis joined Warburg Pincus in 1994 and is responsible for investments in the software and financial technology sectors. He received a B.A. in economics from Yale University and an M.B.A. from Harvard Business School. Prior to joining Warburg Pincus, he was executive assistant to Michael Dell at Dell Computer and a consultant at McKinsey & Company. Mr. Davis is a director of Cassatt, NYFIX, Pi Corporation, Secure Computing, TradeCard and Wall Street Systems. In addition, he has been involved in a number of prior investments including OpenVision Technologies (merged with VERITAS Software) and BEA Systems. Mr. Davis has been an adjunct professor at the Columbia University Graduate School of Business and is president of the Jewish Community House of Bensonhurst.

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Salil Deshpande

Bay Partners

Salil is a Partner at Bay, and focuses on areas in which he has operating experience and thus some intuition. Salil was founder & CEO of Customware, a CORBA services company (acquired by Visigenic, now part of Borland), co-founder and CEO of The Middleware Company (acquired by Precise, now part of Symantec), and of TheServerSide.com network of social media sites (acquired by TechTarget).

In addition to traditional venture investments, Salil is leading:

- Bay’s seed program, a fast-track process for investing $250K-$750K in bold out-of-the-box capital-efficient ideas

- Bay’s appfactory program (along with Angela Strange), which invests $25K-$250K in applications atop the Facebook platform

Salil has held technical leadership positions at several technology companies including Sun Microsystems, taught summer courses at Stanford University, and has been an advisor to several internet community businesses.


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