The Disastrous Voyage of Satoshi The World’s First Cryptocurrency Cruise Ship

Last year, three cryptocurrency enthusiasts bought a cruise ship. They named it the Satoshi, and dreamed of starting a floating libertarian utopia. It didn’t work out.

In the evening of 7 December 2010, in a hushed San Francisco auditorium, former Google engineer Patri Friedman sketched out the future of humanity. The event was hosted by the Thiel Foundation, established four years earlier by the arch-libertarian PayPal founder Peter Thiel to “defend and promote freedom in all its dimensions”. From behind a large lectern, Friedman – grandson of Milton Friedman, one of the most influential free-market economists of the last century – laid out his plan.

He wanted to transform how and where we live, to abandon life on land and all our decrepit assumptions about the nature of society. He wanted, quite simply, to start a new city in the middle of the ocean.

Friedman called it seasteading: “Homesteading the high seas,” a phrase borrowed from Wayne Gramlich, a software engineer with whom he’d founded the Seasteading Institute in 2008, helped by a $500,000 donation from Thiel. In a four-minute vision-dump, Friedman explained his rationale.

Why, he asked, in one of the most advanced countries in the world, were they still using systems of government from 1787? (“If you drove a car from 1787, it would be a horse,” he pointed out.) Government, he believed, needed an upgrade, like a software update for a phone. “Let’s think of government as an industry, where countries are firms and citizens are customers!” he declared.

The difficulty in starting a new form of government, said Friedman, was simply a lack of space. All the land on Earth was taken. What they needed was a new frontier, and that frontier was the ocean. “Let a thousand nations bloom on the high seas,” he proclaimed, with Maoish zeal.

He wanted seasteading experiments to start as soon as possible. Within three to six years, he imagined ships being repurposed as floating medical clinics. Within 10 years, he predicted, small communities would be permanently based on platforms out at sea. In a few decades, he hoped there would be floating cities “with millions of people pioneering different ways of living together”.

Politics would be rewritten. The beauty of seasteading was that it offered its inhabitants total freedom and choice. In 2017, Friedman and the “seavangelist” Joe Quirk wrote a book, Seasteading, in which they described how a seasteading community could constantly rearrange itself according to the choices of those who owned the individual floating units.

(Quirk now runs the Seasteading Institute; Friedman remains chair of the board.) “Democracy,” the two men wrote, “would be upgraded to a system whereby the smallest minorities, including the individual, could vote with their houses.”

In the decade following Friedman’s talk, a variety of attempts to realize his seasteading vision were all thwarted. “Seavilization,” to use his phrase, remained a fantasy. Then, in October 2020, it seemed his dream might finally come true, when three seasteading enthusiasts bought a 245-metre-long cruise ship called the Pacific Dawn. Grant Romundt, Rüdiger Koch and Chad Elwartowski planned to sail the ship to Panama, where they were based, and park it permanently off the coastline as the centrepiece of a new society trading only in cryptocurrencies.

In homage to Satoshi Nakamoto, the pseudonym of bitcoin’s mysterious inventor (or inventors), they renamed the ship the MS Satoshi. They hoped it would become home to people just like them: digital nomads, startup founders and early bitcoin adopters.

Their vision was utopian, if your idea of utopia is a floating crypto-community in the Caribbean Sea. No longer was seasteading a futuristic ideal; it was, said Romundt, “an actual ship”. The Satoshi also offered a chance to marry two movements, of crypto-devotees and seasteaders, united by their desire for freedom – from convention, regulation, tax.

Freedom from the state in all its forms. But converting a cruise ship into a new society proved more challenging than envisaged. The high seas, while appearing borderless and free, are, in fact, some of the most tightly regulated places on Earth. The cruise ship industry in particular is bound by intricate rules. As Romundt put it: “We were like, ‘This is just so hard.’”

As with many stories about techno-libertarian fantasies, the tale of the Satoshi begins in an all-male, quasi-frat house in San Francisco in the late 90s. Romundt – a softly spoken Canadian with the optimistic, healthy glow of someone who combines entrepreneurial success with water sports – was living with a bunch of software engineers, all of whom shared an intense dedication to personal improvement.

“I was a huge Tony Robbins fan,” Romundt told me in one of several Zoom calls from his office in Panama. (Robbins’ themes of individual freedom, self-mastery and the accrual of significant wealth are evident from the titles of his books from that time: Unlimited Power; Lessons in Mastery; Unleash the Power Within; The Power to Shape Your Destiny, and, next level, Awaken the Giant Within.)

After his San Francisco stint, Romundt, the son of a hairdresser, created ScissorBoy in 2009, a popular online TV series on hairdressing, and then ScheduleBox, a website which offered a digital receptionist service for hairstylists to book in their clients. (Always digitally inclined, he had, according to his website, the world’s “most advanced mobile paperless office in 1995”.) “I used to work 17 hours a day, so I didn’t have a lot of freedom,” he told me. He did, however, make enough money to semi-retire in 2016 and then spent “no more than five hours a month” running his business.

The giant fully awakened, he moved back to Canada, where he lived on a houseboat on Lake Ontario and went kayaking in the mornings as the sun came up. Enraptured by his lifestyle, Romundt wondered why everyone wasn’t living this way. On a flight one day, he saw a man wearing a T-shirt with “Stop arguing. Start seasteading” printed on it. Romundt was curious, they got talking, and the man turned out to be Joe Quirk, who was by this time running the Seasteading Institute.

So far, the Seasteading Institute had experienced variable, or zero, success with its projects. Early ideas for a “Baystead” and “Coaststead” off the coast of San Francisco and a “Clubstead”, a resort off the coast of California, never made the leap to reality. An attempt to create a floating island prototype in French Polynesia in 2017 met with fairly fierce resistance from the people of French Polynesia and collapsed a year later when the government pulled out of the scheme.

After meeting Quirk, Romundt decided he wanted to try again. Quirk introduced him to two other aspiring seasteaders, the passionately libertarian American Elwartowski and the bitcoin-wealthy German engineer Koch. Together, the trio founded a company, Ocean Builders. Using their own money, they funded the first attempt at a single residential seastead, in the form of a floating white octagonal box 12 nautical miles off the coast of Thailand.

Elwartowski and his girlfriend, Nadia Summergirl, lived there for two months in early 2018, until the Thai government discovered the seastead’s existence and declared it a threat to the country’s independence, possibly punishable by life imprisonment or death. Elwartowski and Summergirl had to flee the country before the Thai navy dispatched three ships to dismantle the floating box.

The seasteading movement did not die there. In 2019, Romundt, Koch and Elwartowski moved their company to Panama, where they had found a government willing to back their next project: the SeaPod. These would be individual floating homes held 3 metres above the water by a single column and a tripod-shaped base beneath the ocean.

The man responsible for their design, Koen Olthuis, is a Dutch “aquatect”, an architect specialising in water-based schemes. In rendered drawings, the SeaPods look fantastical, like a giant’s white helmet emerging monstrously from the waves. Inside, every surface is curved, as if you were living within the smooth, colourless confines of a peppermint.

Romundt compared the SeaPods to the architecture in The Jetsons, the 60s cartoon where the characters lived in glassy orbs in the sky. “It’s like that,” he told me, “but on water.” The team built a factory from scratch in Linton Bay, a marina on the north coast of Panama, hired a team of about 30 engineers and mechanics, and, in early 2020, began building the first SeaPod prototype.

Progress was slow. Even once they had a successful prototype, Romundt predicted the factory would only make two SeaPods a month. They’d had the idea before of buying a cruise ship – a quick way of scaling up the community – but the cost had always been prohibitive.

By autumn 2020, though, the situation had changed. Like many parts of the travel industry, the cruise ship business was collapsing because of the pandemic: multiple cruise lines were going into administration, empty ships filling up ports like abandoned cars in a scrubby field, or being sent to the scrapyard. Cruise ships, the Ocean Builders trio realised, would be going cheap.

Sure enough, they found a bargain. In October 2020, Romundt, Koch and Elwartowski bought the ex-P&O cruise ship Pacific Dawn for a reported $9.5m. (Built in 1991 for $280m, the ship could have sold pre-pandemic for more than $100m, one industry insider told me.) They instructed Olthuis to draw up the plans, placing the ship at the heart of a floating community surrounded by SeaPods.

“We had a kind of funny idea,” Olthuis told me. In his scheme, the Satoshi would connect, via two looping tunnels on the water, to human-made floating platforms designated for agriculture, manufacturing and parkland. From the air, the whole community would form the shape of the bitcoin B.

The scheme had the support of the Panama government. In fact, the Ministry of Tourism hoped that a new ocean community would be a draw for visitors. In a page-long statement, the ministry told me how a floating development fitted in with its Sustainable Tourism Masterplan 2020-2025, by highlighting the country’s biodiversity and “the blue heritage of Panama”. It didn’t seem to mind the idea of a load of crypto-investors floating off their coastline, not paying any tax.

“Out of adversity comes opportunity, so they say,” wrote Elwartowski, on 10 October 2020, introducing Viva Vivas, the new company that he had created to run the Satoshi. Its name was adapted from the Latin phrase, “vive ut vivas”, meaning “live so that you may live”.

Ten days later, he announced the venture on Reddit: “So, I am buying a cruise ship and naming it MS Satoshi … AMA.” The responses were quick (“Need an apprentice aviation mechanic?” “I know how to use a yo-yo! Any room for me??”) and included the inevitable sceptics. (“Anyone remember the good old days of the Fyre festival?”) But plenty took the proposition seriously and wanted to go over the small print. (“Where is power coming from? Gas? Internet? Food? Water? Toiletries? What taxes will she be subject to?”)

Elwartowski answered every question with grave attention to detail. There would be generators at first, followed quickly by solar power. This would be an eco-friendly crypto-ship. High-speed wireless internet would come from land; utilities would be included in the fees at first, but would be metered when the systems were upgraded: “You don’t want to have pay for someone else’s mining rig in their cabin,” he wrote, referring to the resource-intensive computational process that introduces new crypto “coins” into the system.

As for tax, you would not pay any on earnings made from ventures based in territory beyond Panama. You would be free to make, or mine, as much money as you liked. It would be a remote worker’s regulatory paradise.

But as the Reddit Q&A continued, Elwartowski’s meticulous responses revealed some of the more knotty practicalities of life on board. It turned out that the only cooking facilities would be in the restaurant. For safety reasons, no one was allowed to have a microwave in their rooms – though some cabins had mini-fridges, noted Elwartowski, determinedly sidestepping the point.

He offered residents a 20% discount at the restaurant and mentioned that some interested cruisers had already talked about renting part of the restaurant kitchen so they could make their own food. “We want entrepreneurs to come up with solutions and try them out,” he wrote, in a valiant attempt to convert a fairly fundamental stumbling block into wild startup energy. “This is your place to try new things.” Not all the Redditors were convinced. “No microwave but mining rig. Incoherent scam.”

Marketing of the Satoshi soon began in earnest. Her 777 cabins were to be auctioned off between 5 and 28 November, while the ship was crossing the Atlantic towards Panama. Viva Vivas listed the options, including cabins with no windows ($570 a month), an ocean view ($629), or a balcony ($719). Ocean Builders held a series of live video calls for potential customers which attracted 200 people at a time, Olthuis told me, with Romundt, an expert steward of the multilateral video call, at the helm.

On the Viva Vivas website, a Frequently Asked Questions page covered the basics of the cabin auction process, fees and logistics. Specially trained staff would be hired to keep the ship Covid-free and through a partnership with a platform called coinpayments.net, multiple cryptocurrencies would be supported for payment, including bitcoin, ethereum, digibyte, bitcoin cash, litecoin, dai, dash, ethereum classic, trueUSD, USD coin, tether, bitcoin SV, electroneum, cloak, doge, eureka coin, xem and monero.

The final entry on the FAQ page, regarding the possibility of having pets on board, gave a bracing insight into the tension between the idea of freedom and the reality of hundreds of people closely cohabiting on a cruise ship. The answer linked to a separate document, containing a 14-point list of conditions including one that declared no animal should exceed 20lbs in weight, and any barking or loud noises could not last for longer than 10 minutes.

If a pet repeatedly disturbed the peace – more than three times a month or five times in a year – it would no longer be allowed to live on board. “Any pet related conflict,” instructed point 13, “shall be resolved in accordance with Section V (F) of the Satoshi Purchase Agreement or Section IV (F) of the Satoshi Master Lease, where applicable.” Dogs would only be permitted in balcony cabins, and it was advised that owners buy a specific brand of “porch potty”, a basket of fake grass where your pet could relieve itself. (Pet waste thrown overboard would result in a $200 fine.)

One Reddit respondent – maxcoiner on Reddit, Luke Parker in real life – was as close to the target market of the Satoshi as it was possible to imagine. A longtime follower of the seasteading movement, he was also such an early and successful bitcoin adopter that he and his wife were able to retire early thanks to their investments. The Satoshi was the most plausible idea for a seastead he’d ever heard. “I did not buy a room during the Satoshi’s sale window,” he told me over email, “but it was hard to keep my hand off that button.”

A variety of considerations held him back. “The wife,” as he put it, had her doubts. He wasn’t sure about the “ginormous leap down in luxury” from living in deep residential comfort on land in the US midwest to living in a very small cabin on board a 30-year-old cruise ship. He was worried, too, by the limited facilities – “No kitchen of my own? Tiny bathrooms? Tiny everything?” Also, the constant rocking of the ship on the water: “I just can’t stomach that life around the clock.” He preferred the idea of the SeaPods. If Parker was going to live on a boat, he concluded, he’d prefer to buy his own luxury catamaran.

On 29 November, Elwartowski published another post on the Viva Vivas website, announcing the official opening of the Satoshi in January 2021. “This will be a new experience for all of us so we must manage your expectations,” he warned. The novelty was too much for Parker. “It takes a rare kind of person indeed to move your life on to a deserted cruise ship in Central America with so little information up front,” he told me. If Parker, part of that highly select, freedom-seeking, system-abandoning, overlapping community of seasteaders and bitcoiners, wasn’t going to buy, it was hard to imagine who would. As he put it: “This may have been the smallest sales demographic in history.”

Over 30 years of service, the Satoshi herself had seen enough of the world to know every permutation of life at sea – apart, perhaps from what it might be like to be a permanent home to 2,000 crypto-investors. Built in 1991 in the Fincantieri shipyard in Trieste, Italy, she is one of only two cruise ships designed by the Italian architect Renzo Piano. (The other, the Crown Princess, was sent to the scrapyard last year, a Covid casualty.) Her first incarnation was as the Regal Princess (owned by Princess Cruises), after which she became the Pacific Dawn (P&O Australia).

Throughout her life, she has been admired for her distinctive features: a domed roof rising above the navigation bridge, water slides that curl round her funnel and a stern whose elegantly rounded form is in marked contrast to the blunt, sawn-off rears of some giant cruise liners. Those who prefer an understated cruising experience also appreciate her discreet size: compared to the largest cruise ship in the world, The Symphony of the Seas (18 decks, 23 swimming pools) she is a modest vessel (11 decks, two swimming pools).

For many years, the Pacific Dawn cruised the south Pacific, enjoying a serene phase of life, interrupted only by an onboard swine flu outbreak in 2009 and the time she lost power and came within 70 metres of crashing into the Gateway Bridge on the Brisbane River. In 2011, a devoted Facebook group was established by fans. “Dawnie was the party ship,” remembered one. “I fell in love with my wife all over again,” added another, crediting the ship for his romantic renewal. Then, in 2020, it briefly looked as though Dawnie was set to join her sister on the scrapyard, after her sale to British cruise company, Cruise and Maritime Voyages, collapsed in the pandemic. Her fans were grief-stricken, weeping emojis piling up on the Facebook group. (“Well 2020 just became even shittier,” said Kathie.) When it was revealed that the ship had been rescued by Ocean Builders, there was a wave of relief, if a little mystification at her new name. “She’ll always be Dawn to me.”

On 29 October 2020, Dawn began her journey to Panama, sailing from Limassol, Cyprus to Piraeus, Greece. A week later, she was handed over to her new owners Ocean Builders and officially became the Satoshi. Koch flew over from Panama to cross the Atlantic aboard their new purchase. The team hired a management company, Columbia Cruise Services, to run the ship and provide a minimum crew of about 40 people, mostly Ukrainian, including a cook, engineers and cleaning staff. A seasoned British cruise captain, Peter Harris, arrived to take charge. “We didn’t know anything about running a cruise,” Romundt told me, “so it was like, we didn’t want to have to figure all this stuff out.”

As soon as Capt Harris joined the ship and met Koch on board, he realised there would be challenges ahead. “I was thinking a week into the job, I can see I’m going to be resigning,” Harris told me, immaculate in a striped shirt on a video call from his home in Kent. Koch, he said, was admirable in his ambition, and a likable, law-abiding man, but he was naive about how shipping worked and had an abhorrence of rules. “He didn’t understand the industry,” said Harris, who has the frank, upbeat air of a born leader for whom hierarchy is a kind of creed. “He just thought he could treat it like his own yacht.”

To sail anywhere, Harris explained, a ship requires certificates of seaworthiness. These expired on the day the deal with P&O was completed. Usually, a new buyer would ensure they lasted a couple of months to cover any onward journey, but no one on the Ocean Builders side had checked. By the time Columbia Cruise Services came on board and informed the team of the situation, the contracts had all been signed. Before the Satoshi could cross the Atlantic, the team were obliged to sail the ship to Gibraltar and have her removed from the water, a process known as dry-docking, to perform essential repairs and renew the certificates.

The Atlantic crossing began on 3 December. Harris – who didn’t resign, grateful for the four-month contract mid-pandemic – found it oddly lovely. With only 40 or so people on board, rather than the usual 2,000-odd, the atmosphere was relaxed, if a little surreal. Among other things, P&O had left about 5,000 bottles of wine and 2,000 bottles of spirits on board. Harris asked Koch if he wanted to charge the crew for drinks, but Koch, generous by nature, said no. “Obviously, we restricted them to three drinks a day,” said Harris. “Otherwise, I wouldn’t have had a crew.”

As the crossing continued, questions about how the project would actually work once the Satoshi arrived in Panama grew more pressing. According to Harris, Elwartowski thought he could convince the Panamanian authorities to let the ship anchor permanently in its waters and de-register as a ship, becoming a floating residence instead, so as to avoid some of the more exacting requirements of maritime law. But while Panama was happy to have the ship moored off its coast, it specified that the ship had to remain officially designated as a ship. Which led to another difficulty: the discharge of sewage. Though the ship had an advanced wastewater management system, which could turn sewage into drinking-quality water, they were not permitted to discharge this wastewater into Panamanian waters, and so would have had to sail 12 miles out every 20 days or so to empty tanks into international waters.

Such obstacles made the ship an off-putting proposition for insurers. No one would agree to cover them. “They wouldn’t even tell us why we weren’t insurable, they just kept saying no,” Romundt said. “It’s kind of hard to remedy something if you don’t know what the problem is.” Of the several insurance experts I asked about this, none were willing to comment on the case, citing a lack of expertise, presumably because no one had ever tried to insure a cruise ship turned floating crypto-community before. Harris, however, had his theories: that a risk-averse insurance industry was wary of both a bitcoin business and a ship that would presumably be mostly populated by quick-to-litigate Americans.

After trying multiple insurers and brokers, Romundt began to realise that the cruise ship industry was, as he put it, “plagued by over-regulation”. (Along with airlines and nuclear power, according to Harris, it’s in “the top three”.) The Ocean Builders’ great freedom project, whose intrinsic purpose was to offer an escape from oppressive rules and bureaucracy, was being hobbled by oppressive rules and bureaucracy. As Elwartowski would reflect a few months later on Reddit: “A cruise ship is not very good for people who want to be free.”

To Romundt, the whole cruise ship business began to seem like an impenetrable old boys’ network. He estimated that, given six months, they could have hired a crack marine legal team and navigated a way through the loopholes. But by mid-December, the Satoshi was already halfway across the Atlantic, burning through gallons of diesel, with a 40-person crew they’d have to keep on board even when she was stationary in Panama because a cruise ship requires constant maintenance. A ship can cost, even when docked, up to $1m a month to run. “Because, you know,” said Romundt, “it’s huge.”

Fuel alone was costing the Ocean Builders trio about $12,000 a day. According to Harris, Koch wanted to try to make the ship more fuel-efficient by installing a smaller engine, which he thought he could do while the ship was at anchor. “We were like, how are you going to cut a hole in the ship’s side big enough to get the engine out, which is below water level, and not sink the ship?” Harris shook his head, his memories of Koch clearly fond, if perplexed. “I was forever saying, ‘No, Rudi you can’t do this; no, Rudi you can’t do that.’”

Before the Satoshi hove into view of the white sands of a Panama beach, Romundt, Koch and Elwartowski had to make a call. They couldn’t afford to keep the ship moored and empty for months on end while they tried to solve the insurance problem, a problem they weren’t even sure they’d be able to solve. They were insured to sail her, and they could go on sailing her, but they didn’t want to run a travel company. They wanted to run a floating society of like-minded freedom-lovers arranged in the shape of the bitcoin B. It wasn’t even clear that there were enough people who wanted to do that. Koch admitted to Harris that the cabins weren’t selling.

“It was almost like a fantasy, James Bond-ish,” said one cruise industry insider. “But to their credit they believed in it.”The dream was over, they realised, before it had even begun. The project was dead, except it wasn’t quite, as they still owned the ship, which was still steaming across the Atlantic with Koch, Harris and the crew on board. The Satoshi, already thousands of miles into a 5,500-nautical-mile voyage, had travelled too far to be turned around mid-ocean, so on she sailed. They’d have to sell her, the Ocean Builders realised, but who was going to be crazy enough to buy a cruise ship in the middle of a pandemic? Only a company who wanted to tear her apart. On 18 December, while she was still at sea, the team announced the sale of the Satoshi to a scrapyard in Alang, India. The Satoshi was once again destined for dismemberment.

On 19 December, Elwartowski announced on the Viva Vivas website that the Satoshi’s journey was coming to an end. “We have lost this round. The New Normal, Great Reset gains another victim,” he wrote, looping in the collapse of the Satoshi with a popular Covid conspiracy theory that the pandemic and its response had been stage-managed by a global elite. (Over subsequent months, Elwartowski’s activity on Reddit would include other Covid themes, including suspicion of government vaccination programmes.) Romundt emailed their list of potential customers to let them know the ship’s fate. Deposits for cabins would be refunded.

The Satoshi arrived in Balboa, Panama on 22 December. On Christmas Eve, she anchored off the coast of Colon. There, Romundt joined Koch and the crew on the ship. Elwartowski, meanwhile, stayed in Panama City. “He didn’t want to get on board,” said Romundt. Koch spoke to Joe Quirk one evening on the phone while he was sitting in the ship’s cafe drinking a bottle of wine, feeling regretful that the onboard hospital he’d planned to open to medical entrepreneurs would never come to life. Even so, Koch was “utterly unbowed”, reported Quirk in a Seasteading Institute blog post entitled How the Grinch Stole the Cruise Ship.

Romundt, a man more driven by the practical issues at hand than the romantic symbolism of his endeavours, realised that, though the entire plan had fallen apart, he was still the part-owner of a massive cruise ship. He decided to spend Christmas on board, along with the crew. Master key in hand, he wandered around the Satoshi, making sure to enter every room that said Do Not Enter. He toured the engine room, and sat on the sun deck.

He worked, because he can’t help working, even at Christmas, but he also went on all the water slides, alone. (Harris told me he’d turned them on specially for Christmas Day.) Though Romundt doesn’t usually drink, he had a glass of wine and called all his friends saying, “I’m on my own cruise ship for Christmas!” He had the kind of good time it is perhaps only possible to have when you have just made an unbelievably expensive mistake born of a desire to invent an entirely new way of living and involving the purchase of a huge floating vessel. “I was king of the ship!” he said, still delighted.

Even scrapping the Satoshi proved to be a debacle. After a deal had been done with the Indian scrapyard, the Ocean Builders team realised that according to the Basel Convention, which covers the disposal of hazardous waste, they weren’t allowed to send the ship from a signatory country (Panama) to a non-signatory country (India). The contract with the scrapyard had to be cancelled.

All was not completely lost, at least for the Satoshi herself. The cruise ship industry is a compact ecosystem. The grapevine did its thing. A ship broker heard about the plight of the Satoshi, realised it was precisely the kind of ship a new client of his was looking for, and did a quick deal.

The client was Ambassador Cruise Line, the first British cruise company to launch for 10 years. According to Ambassador’s ebullient, red-sweatered chair, Gordon Wilson, the company’s name is intended to reflect the highly optimistic idea that ambassadors, like cruise ships, take the best of their own culture with them wherever they go. The Satoshi would be the first ship in the company’s new fleet, which would offer cruises to the over-50s. Many of the new team at Ambassador had come over from Cruise and Maritime Voyages, who had nearly bought the Satoshi before it went bust in 2020.

As such, they knew the ship well, which sped up the sale. Wilson wouldn’t confirm the amount – “they thought it was a good price” – but the trade press reported that Ocean Builders sold her for $12m, more than they paid for her, though possibly not quite enough to cover the elaborate costs of running an empty cruise ship for three months.

On 23 February 2021, the Satoshi set sail from Panama, heading all the way back across the ocean she’d just crossed. She arrived in Bar, Montenegro on 27 March. Wilson went over to visit her, and, like Romundt, relished the experience of climbing aboard his new asset. Exploring the engine rooms of an empty cruise ship seemed to give these men a particular sensation: perhaps just the buzz of owning something so vast and powerful; a mechanical, proprietary thrill.

The Ocean Builders team, meanwhile, returned to their own private missions. Elwartowski was on sabbatical, Romundt told me. He did not want to talk to me for this story. Koch, who also declined to be interviewed, was building his own boat in Panama, and working with Romundt on the SeaPods. Over Zoom, Romundt gave me a tour of the SeaPod factory, and showed off the hulking sheets of fibreglass that would form the structure’s mould. “It feels like touching a UFO,” he said, stroking his invention.

Seeing the pod’s nascent form, I felt a boringly pragmatic urge to ask Romundt what happened if, once afloat, you needed to buy a pint of milk. My question seemed to miss the point, too wedded to old-fashioned notions of locality and human connection. The Pods had been designed to have a hatch in the roof, Romundt said. He was talking to some drone creators and imagined people flying to their pods independently, landing on the roof and entering through the hatch. Perhaps that’s how you’d get your milk.

At her new home in Montenegro, meanwhile, the Satoshi needed some sprucing up. For the fourth time in her three decades on the water, she had been renamed. “We thought Ambience a lovely name for a ship,” said Wilson, pronouncing it in the French style, Ambi-ence. “This is a very elegant ship,” he added, proudly. “She looks like a cruise liner; she does not look like a floating block of flats.”

When Ambience finally sets sail on her maiden voyage, from the industrial dock of Tilbury across the North Sea to Hamburg in April 2022, she will offer a more traditional experience to her passengers. “Back to what cruising is all about,” said Wilson. The atmosphere will be refined. There will be promenading on deck and plentiful opportunities for photography as the horizon swallows the evening sun. There will be cocktails at the bar, a five-course dinner and a glittery show. It is unlikely bitcoin will be accepted as currency. The water slides will be removed.

By

Source: The disastrous voyage of Satoshi, the world’s first cryptocurrency cruise ship | Cryptocurrencies | The Guardian

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How These Women Investors Crushed It In 2020

In an investment industry known for big egos, overconfident analysts and “activists” who routinely tell CEOs how to run their companies, investor Nancy Zevenbergen and her team of four portfolio managers differentiate themselves by simply listening.

Zevenbergen, 61, founder of $5.7 billion (assets) Zevenbergen Capital Investments, believes the crucial job of an investor in today’s economy is to uncover the next great entrepreneur or technological innovation early on. The style is about “optimism and a view toward what the future might be,” she says. According to Zevenbergen, her task is to be curious and “understand the ‘crazy’ visions of new leaders and become investors alongside them.” If she likes a company, her Seattle-based firm will load up and watch from the sidelines, tracking the business patiently and holding their shares so long as growth doesn’t stall. Rarely do they worry too much about valuation.

This humble approach to investing has yielded results that make Zevenbergen among the best investors in the world. She has stuck by mercurial Elon Musk and owned Tesla for about a decade; Tesla’s stock is up 730% this year, and is the top performing stock of the ten years. She discovered Ottawa, Canada-based ecommerce company Shopify and its founder CEO Tobi Lütke in late 2016 when it was trading below $50; it now trades for $1,170.

Last September, Zillow chief executive Rich Barton decided the real estate platform would begin buying homes, leading to complaints from skeptics who sent its shares cratering 20% to below $30. Zevenbergen’s team liked Barton’s experimentation and built a large position. Fifteen months later, Zillow now trades for $140.

Nancy Zeverbergen
Seattle-based Nancy Zevenbergen calls investing with a less than five-year time frame “truly speculative.” Case in point: She’s owned Amazon since it traded in the $60s and still holds shares after a 90-fold rise. Tim Pannell for Forbes

With stock-picks like these, Zevenbergen’s Innovative Growth Fund (SCATX) and Genea Fund (ZVGNX) are up a staggering 126% and 154%, respectively, in 2020. Of over 1,000 peer funds tracked by Morningstar, the two mutual funds rank in the top percentile. 

Zevenbergen created her firm from her living room in the late 1980s with just $500,000 in assets while she nursed a young child. Her flagship strategy has beaten the S&P 500 Index by around four percentage points annually since 1987, but 2020 was a watershed. Assets more than doubled soaring towards $6 billion, based on performance and inflows to her mutual funds.

Zevenbergen is not the only woman fund manager who has crushed competition in 2020. Forbes found at least a half a dozen firms led by women-led funds that have blown away their peers and drawn in tens of billions of dollars in assets collectively since the start of January.

Cathie Wood, founder of Ark Investments, had the best year of anyone. In 2014, Wood, 65, created Ark with the idea of packaging stock-picking into tax-efficient exchange traded funds, and focusing exclusively on breakthrough innovations in genomics, robotics, financial technology, autonomous driving, digital services, and artificial intelligence. 

Six years later, Ark manages nearly $44 billion in assets, up from just $300 million at the end of 2016. This year, Ark funds have pulled in over $10 billion in new assets, led by extraordinary returns. Her flagship Ark Innovation Fund (ARKK) has seen assets soar to $17 billion, fueled by a 154% gain in 2020 and a 46% average annual return over the past five years. Her $6 billion Ark Genomic revolution ETF is up even more this year. “I wanted individual investors to catch the wave,” says Wood of today’s enormous technological change. Her funds were designed for those “willing to step out and away from fixed income and into some of the most exciting stocks in history.”

Ark publishes its financial models, trading logs, and research to the investing public, and the firm’s analysts are happy to engage in discussion on Twitter, opening themselves to criticism and mockery. Wood’s $4,000 a share valuation of Tesla a year ago drew many scoffs on Wall Street. But her heady valuation was spot on. Short sellers have been burned by Tesla’s rise, while female investors like Zevenbergen and Wood have been patient bulls. On Friday, Tesla was added to the S&P 500 Index.

Female investing success in 2020 extends well beyond soaring growth stocks. Women-run funds are leading the way in everything from small cap stocks, to emerging market debt portfolios, dividend paying companies, and sustainable investments.

Amy Zhang, portfolio manager of the Alger Small Cap Focus Fund (AOFIX) and Mid Cap Focus Fund (AFOIX) was hired in 2015 to expand Alger’s presence in niche small and mid-cap stocks. When Zhang arrived at Alger, the Small Cap Focus Fund had just $16 million in assets. Now, after a 54% return in 2020 and a 30% annual average return over the past five years, Zhang’s Small Cap Focus Fund has $7.5 billion in assets.

Top holdings include refrigerated logistics upstart CryoPort and fast casual restaurant Wingstop. Her Mid Cap Focus Fund, launched in mid-2018, has attracted over $500 million in assets as it has soared by 84% in 2020, bolstered by casino operator Penn National Gaming and power equipment manufacturer Generac.

Long before sustainable investments became a prolific buzzword, Karina Funk, an MIT-educated engineer at Baltimore-based mutual fund giant Brown Advisory, was a pioneer in bringing sustainable investments mainstream. Funk, 48, a vegetarian who watches her carbon footprint by biking to work, launched the Brown Advisory Sustainable Growth Fund in June 2012, alongside David Powell, with a goal to back about 35 companies with products improving social and environmental sustainability, or efficient operating footprints.

Its focus on companies like Ball Corp. and American Tower has made it one of the best funds on the planet during down markets. Even in 2020, the fund has gained 38% despite its defensive posture, thanks to savvy picks like life sciences conglomerate Danaher and Etsy, which has empowered many small businesses during the pandemic. Funk can be a tough customer. She exited Facebook in the fall of 2018 due to data privacy concerns.

“Sustainability is a means, not an end in and of itself,” she told Forbes as part of a profile three years ago, when the fund’s assets were just $1.1 billion. “Our end goal is performance. We achieve that by finding fundamentally strong companies using sustainability strategies to get even better.” The fund’s assets have since soared to $4.6 billion.

Other female-led funds that have done well include Capital Group’s $128 billion American Funds New Perspective (ANWPX), led by a team of managers including Joanna Jonsson and Noriko Chen, and the $36 billion in assets JPMorgan Equity Income Fund (HLIEX), led by Clare Hart. The New Perspectives fund has beaten its benchmark by four percentage points annually over the past decade, while Hart’s Equity Income Fund has returned an annualized 11.65%, two percentage points annually above its benchmark, according to data from Morningstar.

Rebecca Irwin, Natasha Kuhikin and Kathleen McCarragher of the $1.3 billion in assets PGIM Jennison Focused Growth Fund (SPFAX) have returned 68% in 2020 and 25% over the past five years, ranking in the top decile of peer funds. At Alger, Ankur Crawford, co-manager of the Alger Spectra Fund (ASPIX) and Alger Capital Appreciation (ACCAX) has seen returns surpass 40% this year.

In fixed income, Tina Vandersteel of the $4.4 billion in assets GMO Emerging Country Debt Fund (GMCDX) has been able to outperform emerging market bond indices despite underweighting China and many Gulf-states due to her skepticism of the veracity of their economic data.

The bull market of 2020 is also creating new opportunities for female fund managers to shine. Two years ago, Julie Biel of Los Angeles-based Kayne Anderson Rudnick, was a rising star at the $30 billion (assets) firm and excited about the looming public offering of software company DocuSign. Known for investing in established businesses, Kayne had never participated in an IPO. Biel was late in her pregnancy as the IPO progressed and trying to win an allocation. She needed a doctor’s note to fly to the Bay Area to meet with DocuSign’s management. Kayne eventually won a large block of shares, quickly becoming one of its largest outside investors.

Biel also began to manage the firm’s KAR Small Mid- Sustainable Growth strategy around that time and made DocuSign the fund’s top holding. Its shares have risen 225% in 2020. This year, Biel’s fund has returned 42% through November. In December, Kayne decided to launch a mutual fund version, launching the strategy, called the Virtus KAR Small-Mid Cap Growth Fund (VIKSK), with Biel in charge.

Like Zevebergen and Wood, Biel is starting small and manages just $60 million. But the investment industry rewards performance above all, hinting at much larger things to come. Entering 2021, Biel’s portfolio is loaded with hidden gems like Ollie’s Bargain Outlet and MarketAxess that could grow for years to come. Follow me on Twitter or LinkedIn. Send me a secure tip.

Antoine Gara

 Antoine Gara

I’m a staff writer and associate editor at Forbes, where I cover finance and investing. My beat includes hedge funds, private equity, fintech, mutual funds, mergers, and banks. I’m a graduate of Middlebury College and the Columbia University Graduate School of Journalism, and I’ve worked at TheStreet and Businessweek. Before becoming a financial scribe, I was a member of the fateful 2008 analyst class at Lehman Brothers. Email thoughts and tips to agara@forbes.com. Follow me on Twitter at @antoinegara

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How Entrepreneurs Can Use Data Aggregation to Grow Their Business

One of the rising tech sectors today is data aggregation with many millennials coming to the forefront of the industry to bundle information and convey it in a summary form.

Aggregating is all around us

To fully understand what data aggregation is, let’s look at this example: Data-collecting companies, like Facebook, gather intelligence such as likes or page-visits users consume. This information is carefully organized to promote ads or document what users see in their feeds. In business using behavior metrics such as the number of transactions, or average age of the consumer, helps the company focus on bestsellers. 

Related: Opportunity For Startups in Manufacturing, Logistics and Supply Chain

What does this mean to the average entrepreneur? Using these kinds of systems can pinpoint and increase productivity to boost sales and growth

Related: [Funding Alert] Healthtech Start-Up Innovate Raises $70 Million

Dollars for data

Vasiliy Fomin is an excellent example of someone currently cashing in by way of running a data aggregator, bundling information from various sources into a single API, and allowing all types of businesses to power their offerings to consumers. He’s been able to build a thriving business earning millions in revenue by selling aggregated vehicle data, arrest record data, and more to a network of qualified resellers. 

For entrepreneurs, research and development are essential in understanding the market behavior so as to provide the best services to their customers. Data aggregators embrace innovations, new ideas and critical questioning by syncing with the industry’s changing trends in various aspects like leading, hiring, retaining and technology.

Related: 4 Ways Businesses and Consumers Can Take Back Their Data

By: Luis Jorge Rios Entrepreneur Leadership Network Contributor

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How to Maximize Link Building Impact in 4 Steps Link Building·SEO Link Building: How to Understand Your Niche With These 10 Questions

3 Tips For Deciding If An Investment In Your Business Is The Right One

Most of us have heard the phrase, “It takes money to make money.” It’s often necessary to invest in order to make more. This isn’t always an easy decision, but the question that many entrepreneurs ultimately have to ask themselves is, can you really expect customers to invest with you if you’re not willing to invest in yourself? 

When you consider investing in professional development such as a coach, consultant, mentor or online course, making sure this is worth both the time and financial commitment is strategic. But if the statistics are anything to go by, this strategy can quickly turn into fear for many women in particular.

Research shows that 71% of all assets held by women are in cash, but that 68% of women lose sleep because of money worries. It’s time to stop letting the fear of not having enough stop you from investing to build your wealth. 

These are my top three tips for making smart investments and minimizing money worries.  

Related: Want to Become a Billionaire? Invest in Your Own Business, Not Your 401(k).

Home in on your goals 

The first step is to write down your biggest goal for your business. What is it you really want to achieve? Is it to make six figures in fewer hours, or perhaps to build a big company that you will lead with lots of employees? Getting clear on this will protect you when you come across “shiny objects” — complex websites, funnels or branding that the sales world will try to convince you is absolutely necessary.

We usually succumb to these entreaties when we’re not focused on our end goal; when we procrastinate and look for quick fixes. Deciding what is just a shiny object or a really good investment starts with the question, “Will this investment help me achieve my goal faster?” 

Only when it’s a yes should you consider the investment seriously. 

Work out your boundaries 

Next, you need to decide if the investment is in alignment with what you want to achieve and how you want to get there. Write down what you are and are not willing to do to hit your big goal in your business. For example, will the commitment of the investment mean you’ll have to work 50 hour weeks when you only want to work 10? If so, then it’s probably not a good fit. 

It’s also a good idea to write down your values. Don’t let your feelings or mental blocks get in your way. Take your time so your fear doesn’t interfere. You might think that you don’t want to do sales calls. However, sales are a big part of a successful business. So, is it actually true that you don’t want to sell and thereby help other people, or could it be that you simply don’t want to feel like an old-fashioned salesman cold-selling by knocking on doors? If you were to feel good about selling, would selling be aligned? Most likely it’s a yes. 

Essentially, if your boundaries and values are in line with the investment, you should move forward to the last step. 

Assess the level of support

Investments are a vehicle for getting you from A to B, and it’s up to you to decide how you want to travel. Think of it like an airplane: You can go from London to Paris flying economy, Business or FirstClass. 

If you know that your money is tight and you are willing to have less support on your journey, an online course could be the way. If you know that you are willing to find the funds to get fully supported and get to your goal easier and faster, bespoke one-on-one coaching could be an option. If you want to be around other high-achieving entrepreneurs to push yourself and achieve more, a mastermind could be a great investment. 

This is when you need to ask yourself the question, “Is this investment providing the right level of support that I want?” If that’s a yes, you’re on the right track.

Related: 10 Ways You Should Invest Your Company’s First Profits

The lowdown of Investing 

Overthinking is often a massive pitfall, making you say no to things you really want and ending in you missing out on great opportunities. Investing in something is supposed to make you feel nervous and excited at the same time, and will most likely be a true game-changer in your business. 

When I started out, I had no savings at all, only debt. But I wanted to move fast, and my family couldn’t afford for me to not make money, so I found a way to make it happen. 

I started with “smaller” investments — $500 or $2,000 — which felt just as scary as the six-figure investments I make now. Since then, I have learned from experience that if the investment is not a stretch, I’m not really taking a risk, so the likelihood of me building success momentum is small.

Today, women invest with me at all levels — from $ 1,000 to $ 100,000 — and I celebrate them all for making the commitment financially, mentally and emotionally. Investment is always a risk, and having the tools to help you decide if it’s one worth taking is essential. 

By: Rikke Hundal Entrepreneur Leadership Network Writer

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Phil Town’s Rule #1 Investing

Everything I teach about investing in companies applies to every investment that you could possibly make, and that’s all based on the advice I’ve received over the years. Today, I’m going to give you my 5 best pieces of advice so that you can be a successful investor too. http://bit.ly/2kFiMBa Knowing you will make money comes from buying a wonderful business at an attractive price. Click the link above to learn the Four Ms for Successful Investing! Looking to master investing? Attend one of my 3-Day Transformational Investing Workshops, virtually! Reserve your seat here: https://bit.ly/r1-virtual-workshop _ Learn more: Subscribe to my channel for free stuff, tips and more! YouTube: http://budurl.com/kacp Facebook: https://www.facebook.com/rule1investing Instagram: https://instagram.com/ruleoneinvesting Twitter: https://twitter.com/Rule1_Investing Google+: + PhilTownRule1Investing Pinterest: http://www.pinterest.com/rule1investing LinkedIn: https://www.linkedin.com/company/rule… Blog: http://bit.ly/1YdqVXI Podcast: http://bit.ly/1KYuWb4 Buy my bestselling book Rule #1: https://amzn.to/2R9Gofj

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Billionaire Eric Lefkofsky’s Tempus Raises $200 Million To Bring Personalized Medicine To New Diseases

On the surface, Eric Lefkofsky’s Tempus sounds much like every other AI-powered personalized medicine company. “We try to infuse as much data and technology as we can into the diagnosis itself,” Lefkofsky says, which could be said by the founder of any number of new healthcare companies.. But what makes Tempus different is that it is quickly branching out, moving from a focus on cancer to additional programs including mental health, infectious diseases, cardiology and soon diabetes. “We’re focused on those disease areas that are the most deadly,” Lefkofsky says. 

Now, the billionaire founder has an additional $200 million to reach that goal. The Chicago-based company announced the series G-2 round on Thursday, which includes a massive valuation of $8.1 billion. Lefkofsky, the founder of multiple companies including Groupon, also saw his net worth rise from the financing, from an estimated $3.2 billion to an estimated $4.2 billion.

Tempus is “trying to disrupt a very large industry that is very complex,” Lefkofsky says, “we’ve known it was going to cost a lot of money to see our business model to fruition.” 

In addition to investors Baillie Gifford, Franklin Templeton, Novo Holdings, and funds managed by T. Rowe Price, Lefkofsky, who has invested about $100 million of his own money into the company since inception, also contributed an undisclosed amount to the round. Google also participated as an investor, and Tempus says it will now store its deidentified patient data on Google Cloud. 

PROMOTED Google Cloud BrandVoice | Paid Program How Anthos And Multi-Cloud Are Transforming Enterprise IT UNICEF USA BrandVoice | Paid Program Protecting Children In Venezuela During The Pandemic AWS Infrastructure Solutions BrandVoice | Paid Program Studios Of The Future: A Hybrid Cloud Model For Media & Entertainment

“We are particularly attracted to companies that aim to solve fundamental and complex challenges within life sciences,” says Robert Ghenchev, a senior partner at Novo Holdings. “Tempus is, in many respects, the poster child for the kind of companies we like to support.” 

MORE FOR YOUTony Hsieh’s American Tragedy: The Self-Destructive Last Months Of The Zappos VisionaryWhy 40 North Ventures Bought GE Ventures’ Stakes In 11 Industrial StartupsAt-Home Health Testing Company Everlywell Raises $175 Million Series D Round At A $1.3 Billion Valuation

Tempus, founded by Lefkofsky in 2015, is one of a new breed of personalized cancer diagnostic companies like Foundation Medicine and Guardant Health. The company’s main source of revenue comes from sequencing the genome of cancer patients’ tumors in order to help doctors decide which treatments would be most effective. “We generate a lot of molecular data about you as a patient,” Lefkofsky says. He estimates that Tempus has the data of about 1 in 3 cancer patients in the United States. 

But billing insurance companies for sequencing isn’t the only way the company makes money. Tempus also offers a service that matches eligible patients to clinical trials, and it licenses  de-identified patient data to other players in the oncology industry. That patient data, which includes images and clinical information, is “super important and valuable,” says Lefkofsky, who adds that such data sharing only occurs if patients consent. 

At first glance, precision oncology seems like a crowded market, but analysts say there is still plenty of room for companies to grow. “We’re just getting started in this market,” says Puneet Souda, a senior research analyst at SVB Leerink, “[and] what comes next is even larger.” Souda estimates that as the personalized oncology market expands from diagnostics to screening, another $30 billion or more will be available for companies to snatch up. And Tempus is already thinking ahead by moving into new therapeutic areas. 

While it’s not leaving cancer behind, Tempus has branched into other areas of precision medicine over the last year, including cardiology and mental health. The company now offers a service for psychiatrists to use a patient’s genetic information to determine the best treatments for major depressive disorder. 

In May, Lefkofsky also pushed the company to use its expertise to fight the coronavirus pandemic. The company now offers PCR tests for Covid-19, and has run over 1 million so far. The company also sequences other respiratory pathogens, such as the flu and soon pneumonia. As with cancer, Tempus will continue to make patient data accessible for others in the field— for a price. “Because we have one of the largest repositories of data in the world,” says Lefkofsky, “[it is imperative] that we make it available to anyone.” 

Lefkofsky plans to use capital from the latest funding round to continue Tempus’ expansion and grow its team. The company has hired about 700 since the start of the pandemic, he says, and currently has about 1,800 employees. He wouldn’t comment on exact figures, but while the company is not yet profitable he says Tempus has reached “significant scale in terms of revenue.” 

And why is he so sure that his company’s massive valuation isn’t over-inflated? “We benefit from two really exciting financial sector trends,” he says: complex genomic profiling and AI-driven health data. Right now, Lefkofsky estimates, about one-third of cancer patients have their tumors sequenced in three years. Soon, he says, that number will increase to two-thirds of patients getting their tumors sequenced multiple times a year. “The space itself is very exciting,” he says, “we think it will grow dramatically.” Follow me on Twitter. Send me a secure tip

Leah Rosenbaum

Leah Rosenbaum

I am the assistant editor of healthcare and science at Forbes. I graduated from UC Berkeley with a Master’s of Journalism and a Master’s of Public Health, with a specialty in infectious disease. Before that, I was at Johns Hopkins University where I double-majored in writing and public health. I’ve written articles for STAT, Vice, Science News, HealthNewsReview and other publications. At Forbes, I cover all aspects of health, from disease outbreaks to biotech startups.

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Eric Lefkofsky

To impact the nearly 1.7 million Americans who will be newly diagnosed with cancer this year, Eric Lefkofsky, co-founder and CEO of Tempus, discusses with Matter CEO Steven Collens how he is applying his disruptive-technology expertise to create an operating system to battle cancer. (November 29, 2016)

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How Adrian Cheng Is Rejuvenating A 50-Year-Old Business By Targeting China’s Millennials

When Adrian Cheng looks across Hong Kong’s harbor from Tsim Sha Tsui, he sees his family’s legacy writ large across the city’s skyline. There, from a balcony atop the new luxury apartment building of his Victoria Dockside development, he can view the Hong Kong Convention and Exhibition Centre on the opposite side of the harbor.

With its curved glass and massive sloping roof, the convention center is said to resemble a bird taking flight. His grandfather Cheng Yu-tung, founder of the family’s flagship property firm New World Development, came up with the ambitious plan for the building, which included a manmade island, back in the early 1980s when the market was in a slump and other developers had no interest. Undeterred, Yu-tung turned the convention center into a Hong Kong icon, showcasing New World’s capabilities. Yu-tung reportedly once said the convention center was one of the two projects of which he was most proud.

And the other project? It was the New World Centre, a mixed-use complex that was demolished about a decade ago to allow the development of Victoria Dockside. Cheng has overseen this project from the start, building on the site of his grandfather’s former landmark, as part of a wider strategy to develop his K11 brand.

“I’m not inheriting a 50-year-old family business and trying to preserve it and hold it tight. That’s not me,” Cheng says. “I’m disrupting it and rejuvenating it to create a new business model.” While Cheng’s father, Henry Cheng Kar-shun, continues to serve as New World’s chairman, his eldest son is executive vice-chairman and general manager, a position he has held since 2017.

As with the convention center, the $2.6 billion project was risky. The launching of Victoria Dockside, which has opened in stages from 2018, comes as Hong Kong suffers its worst downturn in a decade. Hit by months of protests and the U.S.-China trade war, Hong Kong’s third quarter GDP contracted 3.2% from the previous quarter, after retreating 0.4% in the second quarter—its first recession since the global financial crisis in 2009.

Victoria Dockside was a gamble in another way. Cheng could have taken the safe route, choosing a conservative design. Instead, Cheng endorsed an innovative design expressing the ideals of his K11 brand, which he created and has refined since 2009. This complex is the biggest and most elaborate expression of the brand. The 65-story office tower is called K11 Atelier, the luxury apartments K11 Artus and the shopping mall with art galleries K11 Musea. The only major non-K11 brand in the complex is Rosewood Hong Kong, part of a luxury hotel chain that the family also owns.

K11 is a novel concept—blending “art, people and nature.” It is meant to fuse together elements of artistic, cultural and environmental design in public and private spaces. “I don’t see [K11 Musea] as a shopping mall, but as a place for millennials to learn, acquire knowledge and be immersed in different cultures.”

To fulfill his vision, he hired 100 designers, architects and artists from around the world, each overseeing a different part of the complex, even utilitarian areas such as the carpark. Coordinating it all was New York’s Kohn Pedersen Fox Associates, one of the world’s leading architectural firms.

One striking example of K11’s brand DNA is the atrium of K11 Musea, which soars eight stories and features twin circular skylights and a geodesic sphere measuring 10.4 meters in diameter suspended over the space whose interior is reserved for performances or exhibitions.

Cheng’s gamble is showing early signs of paying off: even as Hong Kong’s economy contracted, K11 Musea opened last August with 97% occupancy and K11 Atelier has around 80% occupancy at rental rates above HK$100 per square foot ($13)—33% above the average rent for grade-A office space. The complex has won multiple awards—even one for its carpark, which features graffiti by Cara To, a Belgian artist born to Hong Kong parents.

“Our slogan for New World Development is we create, we are artisans,” Cheng says. “I want everyone to believe that they are a creator, that they can innovate and create things.” Victoria Dockside’s tenants include Cartier and Gucci, and several brands new to Hong Kong such as Fortnum & Mason’s first store outside the U.K., a Le Cordon Bleu cooking school and a Van Cleef & Arpels jewelry school (only the second such school in the world).

Cheng, 40 and an avid art collector, first tested K11 in Hong Kong in 2009 with a six-story “art mall” in Kowloon’s Masterpiece building, a joint venture between New World and Hong Kong’s Urban Redevelopment Authority. He then developed K11 projects in mainland China—Guangzhou, Shanghai, Shenyang, Tianjin and Wuhan—all of which combine commerce with art. He plans to keep expanding the K11 brand, with plans for a total 36 projects opened across China by 2024. He also runs the nonprofit K11 art foundation and the for-profit K11 Investment fund.

“The hardest thing I think is the tenacity and the perseverance of testing that product for the first few years, and believing that it would work, not blindly or egotistically, but knowing it would take time,” Cheng says of his vision for K11.

More on Forbes: ‘Shop King’ Tang Shing-bor Became A Billionaire Flipping Hong Kong’s Derelict Properties

To further his interest in art, Cheng has taken high-level roles at some of the world’s leading art institutions, including being a board member of New York’s Museum of Modern Art PS1 and a trustee of London’s Royal Academy of Arts. He likes to pepper his social media with posts about art.

On the business side, Cheng also runs two private investment ventures from Hong Kong. The first is C Ventures, which he runs with Clive Ng, a veteran entrepreneur and investor in media and internet companies in Asia.

C Ventures has investments in about 20 fashion, media and lifestyle startups. Among them is Golong, a Hangzhou-based site selling cosmetics from trendy brands such as British brand Man Cave and Korean brand SNP. The company claims to be valued after its latest financing round at over $300 million. The K11 Investment fund invests in tech firms in areas such as AI, virtual reality and big data.

Beyond making money on the investments, Cheng sees these funds as a way to stay on top of quickly evolving tastes and technology, especially among China’s younger generation. “The paradigm shifts very fast,” says Cheng. “We’re looking at the consumer habits of millennials and Generation Z.”

Looking beyond K11 and Victoria Dockside, Cheng is continuing to expand New World through other real estate projects. Two of New World’s biggest projects under way are the HK$20 billion Skycity and the HK$30 billion Kai Tak Sports Park. The first will cover 25 hectares, and when fully completed in 2027, will be one of the largest mixed-use complexes in Hong Kong. The Kai Tak Sports Park, meanwhile, will be on the site of the former Kai Tak airport. The complex will be home to a 50,000-seat main stadium, a 10,000-seat indoor sports center, a 5,000-seat public sports ground and other facilities, and is slated for completion in 2023.

Over the next five years, New World would like to more than triple its portfolio of investment properties in Hong Kong, from 2.3 million square feet to 9.8 million. In mainland China, the company’s rental portfolio is expected to grow from 0.2 million square meters to 1.3 million. The company, he says, wants to reposition itself to focus on China’s “greater bay area”—an area within about a 100km radius around Hong Kong that China would like to develop into an integrated megalopolis, including Guangzhou, Shenzhen and Zhuhai.

Demonstrating China’s importance to New World, the family privatized its formerly listed New World China Land in 2016 so it could have more direct control over its mainland strategy. More than 50% of its China landbank is now located in Guangzhou and Shenzhen.

All this expansion comes at a cost. Among Hong Kong’s big developers, New World has one of the higher ratios of debt to equity, at 32% in 2019 compared with the previous year’s 29%. Yet Cheng is confident that New World can handle the debt load. For the fiscal year ended in June, the company’s revenues—generated through a mix of property sales and its rental business—rose 26% to HK$77 billion, while underlying profit was up 10% to HK$8.8 billion.

In December 2018, New World diversified its business further when it bought FTLife Insurance for HK$22 billion through its infrastructure subsidiary NWS Holdings. The acquisition was aimed at expanding the firm’s life and medical insurance business after it launched in the same year Humansa, a Hong Kong-based healthcare service for the elderly in the greater bay area.

To help with the need for more affordable housing in Hong Kong, New World announced last September that it would donate around 20% of its agricultural landbank, some 280,000 square meters, to the government, where it will construct over 100 apartments for low-income families by 2022. Explaining this act of generosity, Cheng says: “What I learned from my father and my grandfather is that you need to have a very big heart.”

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I’m a senior editor based in Hong Kong. I’ve been reporting on Asia’s wealthiest people for Forbes and Bloomberg for about a decade. Previously, I worked with British diplomats at the consulate general in Hong Kong. Any tips, please contact me at rolsen@forbesasia.com

Source: How Adrian Cheng Is Rejuvenating A 50-Year-Old Business By Targeting China’s Millennials

May.08 — Adrian Cheng, executive vice chairman at New World Development, discusses how the U.S.-China trade negotiations are impacting investor confidence in real estate, the property market in Hong Kong, his current projects, priorities in China, China’s property market and Chinese consumption trends. He speaks exclusively on “Bloomberg Markets: Asia” from the sidelines of the JPMorgan Global China Summit in Beijing.

Meet The ‘Shop King’: How Tang Shing-bor Became A Billionaire Flipping Hong Kong’s Derelict Properties

Tins Plaza was an eyesore, a run-down, abandoned plastics factory in the Tuen Mun district when Tang Shing-bor first spotted it. To Tang, though, it was a gem, one of many forgotten industrial buildings sprinkled around Hong Kong, well worth the roughly $36 million he paid for it in 2005. But even he couldn’t have foreseen that just two years later he would triple his money on it.

It was by snapping up derelict industrial properties like Tins Plaza, flipping them or redeveloping them, that Tang went from the verge of insolvency in 2003 to billionaire in 2016, when he first made the list of Hong Kong’s richest. Now at 86 and No. 14 on the list with a net worth of $5.7 billion, Tang is making one of his biggest contrarian bets yet.

Despite months of protests casting a pall over the city’s property market, Tang has embarked on a shopping spree of Hong Kong’s industrial buildings, spending $700 million last year. He ranks as the biggest buyer of Hong Kong industrial properties in 2019, according to data from New York-based research firm, Real Capital Analytics.

This is the best opportunity I’ve ever seen,” says Tang in a rare interview, held at one of his buildings in Hong Kong’s bustling Mong Kok district, just blocks from where some of the most violent scenes of unrest have taken place. During the interview, Tang is multitasking, juggling phone calls from brokers, developers and lawyers. He is negotiating his next purchase, a dilapidated building next to the city’s old Kai Tak airport, which the government is auctioning off for redevelopment. To Tang, Hong Kong’s political turmoil is only creating better bargains. “We will move on from this,” he says.

Property is only the latest of Tang’s several incarnations in a career that traces Hong Kong’s own development.

At his side is the youngest of his five sons from two marriages, Stan Tang Yiu-sing, 34, chairman of the holding company he and his father established in 2013 and named Stan Group. Tang Sr., whose title is honorable chairman, remains very involved, and the two meet twice a day. Stan oversees new businesses and redevelopment of properties. Tang still cuts the property deals. “I make the final decisions,” says Tang in a booming baritone that belies his age.

Known in Hong Kong’s real estate circles as “Uncle Bor,” property is only the latest of Tang’s several incarnations in a career that traces Hong Kong’s own development—from neon bulb maker in the 1950s, to 1970s restaurateur, to earning the moniker “shop king” for his string of retail spaces—a foray that almost broke him.

Today, Tang is renowned for his knack of spotting remnants of Hong Kong’s bygone days as a manufacturing hub, its disused factories and warehouses, in areas poised for gentrification. That expertise is attracting eager partners, including Hong Kong’s Chinese Estates Holdings and Yangzhou-based Jiayuan International, which have both set up joint ventures with Stan Group to redevelop its industrial properties. “He’s very effective and experienced in converting these building sites,” says Joseph Lam, associate director of industrial services at Colliers International.

Tang has never feared failure. His father died when he was 5 and he was raised by his mother, who took a low-paying job in a factory to support them. “I had to come up with creative ways to survive,” he says. Tang recalls loitering outside restaurants when he was hungry, waiting for handouts. Growing up poor gave him grit: well into his 70s, he kept in shape with dawn swims beyond the shark net off Hong Kong’s shore. “There’s always a way,” he says. “There’s never a problem that can’t be solved.”

With only a primary school education, Tang became an apprentice in 1950 to an electrician making neon signs, and in his 20s opened his own store catering to then-booming demand for the bright storefront marquees that remain one of Hong Kong’s hallmarks. Neon success enabled Tang in 1970 to open a dim sum eatery with friends. That led to a string of restaurant investments, including a seafood restaurant in Sydney, that Tang would in 1982 consolidate as the East Ocean Gourmet Group, which is still thriving today. The 1980s saw Tang branch out into a flurry of new businesses, including a used car dealership. But it was buying and selling shops where Tang made his mark. “Looking after the restaurant exposed him to news of nearby shops,” says Stan. One of his most notable investments in the following years would be the purchase in 1990 of an old restaurant building that he would transform into the renowned Mongkok Computer Centre.

“I’m optimistic about Hong Kong’s future,” says Tang. “I’ve seen ups and downs. There are opportunities out of risks. This is my chance—my turn.”

Tang Shing-bor

By 1997, Tang had amassed more than 200 shops worth roughly HK$7.3 billion ($942 million) and began planning an IPO, only to be thwarted by the Asian financial crisis. Hong Kong’s property market fell 70% between 1997 and 2004 as the crisis was followed by the outbreak of SARS in 2003. By 2004, with HK$4 billion in debt, Tang began selling most of his portfolio, including his prized Mongkok Computer Centre.

More from Forbes: Hong Kong’s New No. 1: Lee Shau Kee Edges Out Li Ka-Shing As City’s Richest Person

What he didn’t sell, however, was a smattering of industrial space he began buying in 1996 to hedge against volatile retail rental yields. And Tang knew just where to buy. Hong Kong had decided in 1990 to close Kai Tak and build a new, larger airport on Lantau Island. So Tang focused on Tuen Mun, a neighborhood directly across a bay from the new airport and connected by road to Hong Kong’s nearest neighbor in mainland China, the fast-growing city of Shenzhen.

Tang starts drawing a rough map: “Let me tell you about the factories on San Hop Lane,” he says as he sketches out the streets and buildings around his first purchase, Tuen Mun’s Oi Sun Centre. Tang bought the former factory in foreclosure for HK$42 million in 2004.

Up the street was Tins Plaza, the retired plastics factory named for its former owner, chemical tycoon-turned-philanthropist Tin Ka-ping. Tang picked up the building in early 2005 for HK$280 million, putting HK$28 million in cash down and borrowing the rest from banks using another of his buildings as collateral.

Six months later, Tang says he received a call from an industrial property unit of Australia’s Macquarie Bank, Macquarie Goodman, offering him HK$500 million for the building. By October, he had a second offer, for HK$520 million, from Singapore property investment fund Mapletree. “But that’s not even the best part,” Tang says.

Faced with rival offers, Tang chose neither. Commercial property commands a higher price than industrial property, he reasoned, so he had Tins Plaza rezoned as commercial. Two years later, Tang found himself in an elevator to Macquarie’s offices in Hong Kong’s International Finance Centre to meet an executive who had flown in from Sydney with a new offer. “The gweilo [foreigner] boss was a handsome man,” Tang says. “He was very straightforward and asked me whether I’d be willing to sell for HK$850 million.” Macquarie in 2008 sold its stake in Macquarie Goodman to its joint venture partner, Goodman Group. Both Macquarie and Goodman declined to comment on the deal.

Tang’s prediction had come true: demand for Hong Kong’s old industrial space had indeed rebounded—not, as he foresaw, because of the new airport, but because of surging demand for the data and fulfillment centers needed to provide cloud services and e-commerce. “There are new technologies like data center users going into warehouses,” says Samuel Lai, senior director at property services firm CBRE in Hong Kong. Tang sold Macquarie Tins Plaza, earning HK$570 million on his HK$280 million investment. “Tins Plaza was the most memorable transaction I’ve ever made,” he says.

But Tang wasn’t resting on his laurels. After seeing the offers roll in for Tins Plaza, he set about buying another former factory down the street, the Gold Sun Industrial Building. Unlike his previous two deals, Gold Sun had several owners, each requiring separate negotiations. Tang bought the first of the building’s eight stories in 2006; he wouldn’t manage to clinch the eighth until 2014. “I bought it floor by floor,” says Tang.

Tang’s timing proved impeccable. Eager to boost the supply of property for offices, hotels and shopping, Hong Kong’s government in April 2010 implemented incentives to redevelop disused industrial properties. The so-called revitalization scheme lifted restrictions on how large a building developers could build on land converted from industrial use. The result: Factory prices surged 152% between the policy’s launch and early 2016, when the government ended the incentive. “The best initiative that came out and led to a lot of transactions was the relaxation on the plot ratio,” says CBRE’s Lai.

Tang got another lift in 2013, when the government announced the start of construction on a tunnel linking the new airport and Tuen Mun. Tang combined his Oi Sun Centre and Gold Sun Industrial Building into a single development, One Vista, a two-tower office building and shopping complex. In May 2018, he bundled One Vista with two other Hong Kong properties and sold roughly 70% to Jiayuan International for HK$2.6 billion.

Tang has left Mong Kok to head downtown to his East Ocean Lafayette restaurant overlooking Victoria Harbor. Nibbling on fried turnip cake dipped in spicy Cantonese seafood sauce, he is closely shadowed by two lawyers sipping tea at the next table and waiting their turn to update him on his deal near Kai Tak. Uncle Bor has already managed to buy 73% of the buildings near the old airport, just 7% away from the threshold at which he can legally compel the remaining owners to sell. Redevelopment of Kai Tak stands to boost property values around the area. And a new revitalization scheme, launched last year, has lifted limits yet again on how big developers can build on converted sites. If and when Tang clinches ownership, he and his partner for the property, Chinese Estate Holdings, will be able to knock down the existing building, and build a new one with 14 times as much saleable space.

“I’m optimistic about Hong Kong’s future,” says Tang. “I’ve seen ups and downs. There are opportunities out of risks. This is my chance—my turn.”

After returning to Hong Kong from university in the U.K. 15 years ago, Stan Tang Yiu-sing opened an ad agency with friends. Soon, though, he was working with his father, Tang Shing-bor, learning the real estate business and building property management and leasing firms. In 2013, he and his father set up Stan Group to integrate the family’s real estate investments with his service offerings. Stan now chairs the group and oversees the conversion of the older buildings his father buys into modern retail and commercial properties.

“Pure property investment is no longer our only single investment direction,” says Stan, who has joined the shift among Asian property executives from asset-focused development into service-oriented offerings—hospitality, co-working spaces and incubation hubs. Stan Group now operates six hotel brands with a combined 3,500 rooms. In 2016 it launched an innovation hub for entrepreneurs, called “The Wave.”

Stan has also steered Stan Group into financial services, a private members’ club, and serviced apartments catering to the elderly. “The government has given us policies that present us an opportunity to reposition ourselves,” Stan says, echoing his father’s confidence in Hong Kong’s future as part of the greater bay area comprising Guangzhou, Hong Kong and Shenzhen. The 34-year-old plans to list five of the group’s companies by 2023, though the property representing 90% of Stan Group’s assets will remain private, he says. Stan says his aim is to grow non-property businesses to someday represent at least half of the group’s total assets.

Pamela covers entrepreneurs, wealth, blockchain and the crypto economy as a senior reporter across digital and print platforms. Prior to Forbes, she served as on-air foreign correspondent for Thomson Reuters’ broadcast team, during which she reported on global markets, central bank policies, and breaking business news. Before Asia, she was a journalist at NBC Comcast, and started her career at CNBC and Bloomberg as a financial news producer in New York. She is a graduate of Columbia Journalism School and holds an MBA from Thunderbird School of Global Management. Her work has appeared in The New York Times, Washington Post, Yahoo, USA Today, Huffington Post, and Nasdaq. Pamela’s previous incarnation was on the buy side in M&A research and asset management, inspired by Michael Lewis’ book “Liar’s Poker”. Follow me on Twitter at @pamambler

Source: Meet The ‘Shop King’: How Tang Shing-bor Became A Billionaire Flipping Hong Kong’s Derelict Properties

An interview with Hong Kong’s richest man, Li Ka-shing. In this interview Li Ka-shing discusses his early interest in business, why cash flow is the most important thing and building his companies, CK Hutchison Holdings and CK Property Holdings. Li Ka-shing also talks of his foundation, Li Ka Shing Foundation, and the philosophy behind it. Like if you enjoyed Subscribe for more:http://bit.ly/InvestorsArchive Follow us on twitter:http://bit.ly/TwitterIA Other great Entrepreneur videos:⬇ Larry Ellison’s in depth interview on his Life and Success: http://bit.ly/LEllisonVid Jeff Bezos on Amazon, Business and Life/Work:http://bit.ly/JeffBezosVid Bill Gates on Business, Microsoft and Early Life: http://bit.ly/BillGatesVid Video Segments: 0:00 Introduction 1:50 Careful with cash flow 2:25 Is cash flow the most important thing? 3:03 How did you educate yourself? 5:13 Beating the competition? 6:27 Yangtze river metaphor 7:33 Management style 8:52 Always half an hour early 10:27 Rich before 30 but unhappy 13:00 Leaving money to a foundation 13:47 Building the Tsz Shan monastery 14:40 Combining western and buddhist influences 17:05 Inequality in Hong Kong 18:47 When are you retiring? 21:46 Will it be the same without you? Interview Date: 29th June, 2016 Event: Bloomberg Original Image Source:http://bit.ly/LiKaShingPic Investors Archive has videos of all the Investing/Business/Economic/Finance masters. Learn from their wisdom for free in one place.

How This Entrepreneur Raised $1 Million and Is Leading an Energy Revolution Before Age 30

The path of the entrepreneur is a bold one. At every stage of the journey, you continually make bold decisions and take bold risks.

This has certainly been the case in my journey as a founder. We started a smart home company (in 2013) when everyone said we were crazy. We saw the vision and moved toward it in the face of uncertainty and risk.

When I was starting, I identified other leaders who were making bold decisions. It helped to feel like I was not alone along the path. I followed entrepreneurs accomplished their goals, and other young leaders blazing a new trail. I recently encountered an inspiring story that demonstrates just how bold we can be.​

Ugwem Eneyo is the co-founder and CEO of Shyft Power Solutions, an energy technology company that’s working to enable an energy revolution for underserved consumers in emerging markets. Eneyo, a graduate student at Stanford University, and a member of Forbes 30 under 30, has secured more than $1 million in funding from investors and participated in the 2019 Ameren Accelerator program. GreenBiz named her a 2019 VERGE Vanguard honoree to recognize her dedication to helping advance Nigeria’s energy infrastructure.

Personally, I feel inspired by Eneyo’s bold ambitions to create solutions in an emerging market with a nascent entrepreneurial system – especially in an industry as demanding as energy. I interviewed her to learn more about her role in energy, Shyft’s path to raising money and how accelerators can be a beneficial platform for entrepreneur success.

1. How did you get interested in energy technology?

Ugwem Eneyo: My family is from the Niger Delta, a region that suffered negative environmental and socioeconomic impacts as a result of the extractive industries. After directly seeing the challenges and how they affected my family and communities in the region, I became keenly interested in the nexus of energy, environment and development.

I actually spent years working as an environmental and regulatory advisor in the oil and gas sector, trying to mitigate the impacts and drive change from within the organizations. I eventually left to pursue my M.S. and Ph.D. in civil and environmental engineering at Stanford, still focused on the theme. Shyft Power Solutions is a byproduct of my work at Stanford.

2. How was your experience in your industry different as a Nigerian-American?

Eneyo: There’s an increasing interest within the industry around solving energy challenges in Nigeria and, more broadly, emerging markets. The local knowledge is often an overlooked critical asset in doing so.

My previous work in the industry, and in emerging markets, shows that it’s often non-technical issues that cause projects to be delayed or fail. The intimate local knowledge allows for an understanding of people’s values, culture and thought processes, and that can better inform how we solve problems and how we deliver solutions. This has certainly been the case with Shyft Power Solutions.

3. What approach did you take when raising money for your business?

Eneyo: In the early stage, I leveraged grants and non-dilutive capital, given the longer and more capital-intensive development timeline for building industrial-grade hardware. We also raised traditional venture capital, as well as funding from strategic corporate investors.

The corporate venture capitalists played a key role in our fundraising strategy, as they often had more market knowledge and connections, which complemented the primarily U.S.-based traditional venture capital. And Shyft Power Solutions received $100,000 in seed capital through our participation in the Ameren Accelerator this year.​

4. How did your experience with the 2019 Ameren Accelerator program advance/benefit your business? What’s your relationship with Ameren and the accelerator now that the program has ended?

Eneyo: The Ameren Accelerator, alongside the Ameren employees who served on champion teams as mentors, provided important technical and business development expertise that offered valuable and unique insight into how Shyft’s platform can add value to utilities at scale. Part of our longer-term planning required Shyft to have better insight into utilities, and we were able to leverage Ameren in the process.

Although the accelerator has ended, my team and I have remained in contact with many of our technical champions, who still provide advice and references. Additionally, the accelerator program team has remained supportive, still introducing us to valuable startup resources.​

5. How do you see the energy technology industry changing? What changes would you like to make?

Eneyo: In emerging markets, there will be a leapfrog over traditional central energy infrastructures; instead, we will see digitization and decentralization of energy infrastructure that may work alongside whatever central grid is available. The flexible and intelligent use of distributed energy resources will be necessary to make this possible, and Shyft is developing the technology to do so.

I want to see clean, reliable, and affordable energy for all — urban and rural — and want to see energy demands being met by rapidly growing emerging markets. I’m excited to be leading an organization that’s at the forefront of this energy transition in markets like Nigeria.

By Andrew ThomasFounder, Skybell Video Doorbell

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Source: How This Entrepreneur Raised $1 Million and Is Leading an Energy Revolution Before Age 30

How Your Definition Of Entrepreneur Can Limit Your Success

The word entrepreneur is used so often in so many different contexts these days that pinning it down is virtually impossible.  Everyone has their own definition, and the one you adopt—or unconsciously accept—can determine your aspirations, dictate your behavior, and in some instances cause you to underperform or fail outright. It’s a classic self-fulfilling prophecy—you’re likely to get what you expect to get.

Among the many definitions of entrepreneur, six currently dominate the popular press, the how-to literature and business education—and loom large in the popular imagination. Each definition, in its own way, can be both empowering and pernicious. Here’s what to look out for:

The Noble Founder.  This would appear to be the simplest definition of all: if you start a business, you’re an entrepreneur, regardless of whether it succeeds. Today, there are over 16 million people attempting to start over nine million businesses in the U.S. But even this apparently simple definition brings with it some significant psychological baggage.  People who associate themselves with this definition often feel a deep sense of pride in their willingness to even try to start a business.  But that understandable pride in taking on the struggle can also mean a too easy acceptance of poor results. Inside the noble founder lurks the noble failure.

The Self-Made Success. Some definitions bestow the title of entrepreneur only upon people who have started a successful business, or at least one from which they earn a decent living. People who see themselves this way can feel a bit proprietary about the definition. To them, everyone who is struggling to make a living is merely an “aspiring” entrepreneur.

Only 30 to 40 percent of startups ever achieve profitability. In the world of Silicon Valley high-risk startups, the chances of reaching profitability plummet to less than one in a hundred. The self-identity of people who feel success is an essential part of what it means to be an entrepreneur are proud of the self-sufficiency they achieve or at least seek. They are more likely than noble founders to keep their eye on the bottom line, but they also can be overly fearful of risk and can underperform in terms of innovation.

The Entrepreneur by Temperament.  In this view, entrepreneurship is a state of mind. It can apply equally to people starting a business or people working in corporate settings. It’s all about mindset: such people “make things happen,” “push the envelope,” or refuse to stop until they get what they want. It is the broadest of definitions. In fact, Ludwig Von Mises, a member of the Austrian school of economics, theorized that since we all subconsciously assess the risks of our actions relative to the rewards we expect to receive, we are all entrepreneurs. Because this definition applies to everyone, anyone can delude themselves into believing they are an entrepreneur. You don’t even have to start a business. You just have to behave a certain way, let the chips fall where they may.

The Opportunist Par Excellence. For at least a century, entrepreneurs have described themselves as having the ability (a skill, not a state of mind) to “smell the money.” There are indeed many entrepreneurs who proudly identify their ability to spot money-making opportunities. But it wasn’t until the economist Israel Kirzner, in the mid-1970s, described the core of entrepreneurship as opportunity identification that academics began to study it as a process and a skill. Entrepreneurial education today is often targeted at teaching opportunity identification skills.

What is interesting is that there is no strong evidence, after several different studies, that entrepreneurial education actually results in students or attendees having a significantly higher chance of reaching profitability. Perhaps opportunity-spotters can overextend themselves by doing multiple startups or product launches simultaneously, a problem that can be compounded by a lack of synergy among these disparate efforts.

The Risk-taker: Frank Knight, one of the founders of the highly influential Chicago school of economics, drew an illuminating distinction between risk and uncertainty. With risk you can predict the probability of various unknown outcomes of business decisions. With uncertainty you not only don’t know the outcomes but also you don’t know the probability of any particular outcome occurring. In other words, risk can be managed, but uncertainty is uncontrollable. Knight argued that opportunities for profit come only from situations of uncertainty.

To succeed as an entrepreneur, you must therefore seek out uncertainty. Today, few entrepreneurs know of Knight’s thesis, but many nonetheless proudly describe themselves as “risk-takers.” This identity can lead to taking on more risk than necessary, especially when you see all risk as good and see yourself as an adventurer into the unknown. You would be better advised to think of your adventures as a series of small calculated experiments that turn the greatest uncertainties into knowable risks.

The Innovator: Joseph Schumpeter’s description of entrepreneurs as innovators who participate in the creative destruction that constantly destroys old economic arrangements and replaces them with new ones has appealed to many observers, including economists. That concept is often naively married to Clay Christensen’s notion of disruptive innovation of industries and markets.

See, for example, Zero to One by PayPal cofounder Peter Thiel. This fetishizing of disruption has led many entrepreneurs to invoke the concept of innovation in support of whatever they want to do, no matter the effects it might have on society like creating a “gig economy” of low-paid workers. Seeing yourself as an innovator and regarding innovation as an unquestioned good is arguably one of the most dangerous definitions of all because it simultaneously encourages great boldness and justifies equally great moral blindness. It also results in passing over opportunities to create valuable and socially beneficial businesses that were less than truly disruptive.

All of these definitions of entrepreneur are self-limiting. How you define yourself as an entrepreneur also defines what actions you’ll take to view yourself as deserving of the title. But the only two things academics have ever been able to show conclusively correlate to entrepreneurial success (measured generally) are years of schooling and implicit, core motivations that align with feeling good about getting things done (known as “need for accomplishment”). Pinning your identity to any of the current definitions of entrepreneur will only set you back.

Follow me on Twitter or LinkedIn. Check out my website.

I am a successful entrepreneur who researches and teaches entrepreneurship, creativity and innovation, at Princeton University. My two bestselling books on entrepreneurship, “Building on Bedrock: What Sam Walton, Walt Disney, and Other Great Self-Made Entrepreneurs Can Teach Us About Building Valuable Companies” (2018) and “Startup Leadership” (2014) focus on what it really takes to succeed as an entrepreneur and the leadership skills required to grow a company. Prior to joining the Princeton faculty, I was founder and CEO of iSuppli, which sold to IHS in 2010 for more than $100 million. Previously, I was CEO of global semiconductor company International Rectifier. I have developed patents and value chain applications that have improved companies as diverse as Sony, Samsung, Philips, Goldman Sachs and IBM, and my perspective is frequently sought by the media, including the New York Times, Wall Street Journal, Economist, Bloomberg BusinessWeek, Nikkei, Reuters and Taipei Times.

Source: How Your Definition Of Entrepreneur Can Limit Your Success

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When we help youth to develop an entrepreneurial mindset, we empower them to be successful in our rapidly changing world. Whether they own a business or work for someone else, young adults need the skills and confidence to identify opportunities, solve problems and sell their ideas. This skillset can be encouraged and developed in elementary schools, with the immediate benefit of increased success in school. In this talk, Bill Roche shares stories of students that have created their own real business ventures with PowerPlay Young Entrepreneurs. He illustrates the power of enabling students to take charge of their learning with freedom to make mistakes, and challenging them to actively develop entrepreneurial skills. Bill also showcases the achievements of specific students and shares how a transformative experience for one student has been a source of inspiration for him over the years. Bill Roche specializes in designing curriculum-based resource packages related to entrepreneurship, financial literacy and social responsibility. Bill worked directly in Langley classrooms for over ten years and now supports teachers throughout the country in creating real-world learning experiences for their students. Over 40,000 students have participated in his PowerPlay Young Entrepreneurs program. The program’s impact has been captured in a documentary scheduled for release early in 2018. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx

It Took Canva a Year to Make Its First Technical Hire. Now It’s a Hiring Machine

Plenty of entrepreneurs adhere to the mantra of “hire slow, fire fast” and for good reason. Then there’s Melanie Perkins, the co-founder and CEO of Sydney-based design software company Canva. She spent a year trying to find her first technical hire.

While Perkins didn’t intend to spend so much time filling her first engineering position, looking back on it now, she wouldn’t have done it any other way. The year-long quest informed how she’s made every other hire since. And it’s hard to argue with the results: With 700 employees, Canva is a hiring machine, and it’s been doubling in size every year.

In an industry that sees engineers switch jobs with frightening speed, many of Canva’s early technical hires are still with the company. While Canva won’t discuss revenue, Perkins, the company’s co-founder and CEO, says the company has been profitable since 2017. Canva has 20 million monthly users in 190 countries. In October, Canva announced an $85 million investment, with a valuation of $3.2 billion.

This is going to be bigger than yearbooks

When Perkins started the predecessor company to Canva in 2007, she was just 19. She was frustrated by how hard it was to use design software. When she started teaching design at university, she noticed that her students were similarly frustrated. With her boyfriend (now fiance), Cliff Obrecht, she built a website called Fusion Books that helped students design and publish yearbooks.

It did well–becoming the largest yearbook company in Australia and moving into France and New Zealand. Perkins quit university to work on it full-time. By 2011, Perkins and Obrecht realized Fusion Books could be much more: an engine to make it easy for anyone to design any publication. But to build that more ambitious product, they’d need outside investment.

Perkins headed to San Francisco to visit angel investor Bill Tai, who is known for making about 100 investments in startups that have yielded 19 initial public offerings. She’d met him in Perth a year earlier, where she had collected an award for innovation. “If you come to California, come see me,” he remembers telling her. “Without me knowing exactly what she was doing, she engineered a trip. She’s a very ballsy woman, if that makes sense. And I’m thinking, you know, I should help her. I know hundreds of engineers.”

Early in her San Francisco visit, Tai introduced her to Lars Rasmussen, the co-founder of the company that became Google Maps. Tai told her that if she could hire a tech team that met Rasmussen’s standards, he’d invest. “I didn’t realize at the time what that meant,” says Perkins. She bought an Ikea mattress, and planted it on the floor of her brother’s San Francisco apartment. “Obviously, that was free rent,” she says. “I had food to get by and I felt safe.”

Perkins set out initially to hire by doing the obvious: She went to every single conference she could get into. She’d speak if the organizers let her. Tai invited her to his MaiTai Global networking event in Hawaii, even though, for most attendees, a big draw was kitesurfing, which she’d never attempted. “It was great fun,” she says gamely. Then, “I really don’t like it. I have the scars to prove it. I’ve … retired from kitesurfing.”

Back in San Francisco, Perkins passed out flyers, trying to pique people’s interest. She cold-called engineers, and approached suspects on buses. She scoured LinkedIn, but Rasmussen wouldn’t even deign to meet most of her finds. “He didn’t think they had enough startup gumption or experience with a world-scale company, or with complex technology,” she said. She says fewer than five LinkedIn finds ended up interviewing with Rasmussen. He’d give them a problem-solving challenge that, inevitably, they flubbed.

After a year of this, Perkins was thoroughly frustrated. Surely it’s better to at least make some progress, she told Rasmussen, than to continue to do nothing. But he was adamant.

The perfect candidate and the bizarre pitch deck

That same year, Rasmussen introduced her to two candidates that he thought might be a good fit and recruitable. The first, Cameron Adams, a user interface designer who had worked at Google, was busy trying to raise money for his own startup. The second, Dave Hearnden, a senior engineer at Google, initially said he wasn’t interested. In 2012, both had a change of heart.

“We were absolutely over the moon,” says Perkins. Adams came on board first, as a co-founder. Hearnden, on the other hand, started to have second thoughts: Google wasn’t happy with his leaving, obviously, and was trying to get him to stay. He worried that his project would be abandoned without him, and he didn’t want to disappoint his team.

At this point, Perkins sent him something that has since become known as the Bizarre Pitch Deck. In 16 slides, the deck tells the story of a man named Dave, who longed for adventure but was torn by his loyalty for Google. In the pitch deck, as in life, Dave eventually joined Canva. It helped that Google had already poached his replacement.

In 2012, Perkins was able to raise a seed round of $1.6 million, and got another $1.4 million from the Australian government. Tai finally agreed to put in $100,000. “It was really hard for her to raise,” he says. “You’ve got a young girl in her 20s from Australia who had never worked at a company, with her live-in boyfriend as COO. People would say to me, What if they break up? I didn’t have a good answer.” Now, things look much different: Tai says Obrecht is Canva’s “secret weapon,” and that “Cliff has just blown me away.”

Keeping the bar high, hundreds of hires later

While Tai drove her nuts at the beginning, Perkins appreciates his stubbornness now. “We’ve been able to attract top talent across the globe,” she says. “It wouldn’t have been possible without setting such a high technical bar early on.” Tai says he hasn’t made exactly this condition with other startups. But he’s done it in reverse: He’s backed highly technical people without knowing what, exactly, the business opportunity would turn out to be.

The experience also showed her, the hard way, just how much effort she’d have to put into hiring if she wanted to build a successful tech company. By Canva’s second year, the company had a recruiting team. “We knew we needed to invest heavily in hiring,” she says. Now, each open position gets a strategy brief. That document lays out the goals for the person in that role and the project they will be working on. It also identifies the people who will be involved in the hiring process. “Getting everyone on the same page is really critical,” says Perkins. “It sets that person up for success.”

And like Rasmussen looking for the first technical hire, Canva asks each candidate to take a challenge. Candidates have a choice of doing a four-hour challenge or a one-hour challenge. “Maybe they’re working parents and they can do it in an hour,” says Perkins. “Other people prefer to have a longer time and work at their own pace. We’re looking for people happy to take on challenges and who get a real buzz out of being able to solve hard things.”

In in-person interviews, someone on the Canva team will almost always ask the candidate, “How would your previous boss or manager talk about your work or rate you?” Perkins says people are “surprisingly honest” in their responses. The answers help her get a window into what type of leadership allows a particular candidate to thrive. Some people require a lot of structure or hierarchy, she says, and Canva doesn’t have much of either.

“One of the things I believe quite strongly is having a really strong idea of where you’re going,” says Perkins. “I have this visual metaphor. Plant 100 seeds. Until eventually one flowers or sprouts. For most people, if you’re rejected, you feel really hurt and don’t want to continue. The reality is that you have to push through. If I had given up quickly, I certainly wouldn’t be here today.”

By Kimberly WeisulEditor-at-large, Inc.com

Source: It Took Canva a Year to Make Its First Technical Hire. Now It’s a Hiring Machine

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