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Early Bets In Digital Transformation Fueled Investors’ Success

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Earlier this year TrueBridge published our inaugural list of Midas Trendsetters, which included global investors whose multiple, early bets across high-growth industries helped land them a spot on the global Midas List. As tech investing continues to reach new heights this year in Europe and beyond, we are excited to see both the returning investors and newcomers on this year’s Midas List Europe—many of which represent the key European VC players at the forefront of a new wave investing into hyper-growth companies.

It’s often said that great companies emerge in times of crisis, and that certainly applies to the tech ecosystem we see today not only in Europe, but around the globe. With the urgent shift to digitization and online practices, the technology sector has evolved accordingly, capitalizing on these lasting consumer trends.

These European investors are savvy early movers in companies benefiting tremendously from ongoing digital transformation, and thus driving incredible value for their backers. Similar to what we witnessed when identifying our global Midas Trendsetters earlier this year, there are numerous European investors well ahead of the curve, having made early bets on companies that are now experiencing explosive growth amid an intensely overcrowded landscape of interested investors fighting for access and subsequent success.  

Below is our inaugural list of European Midas Trendsetters, whose first mover advantage across newly minted, high-growth industries helped land them a spot on the 2021 Midas List Europe:

1.    Jan Hammer, Index Ventures (#1)

Jan Hammer joined Index Ventures in 2010 as an investor and partner after working as an investor at General Atlantic and an investment banker at Morgan Stanley. At Index, Hammer focuses on investments in data and financial services, having developed a deep track record of spotting young companies that will go on to transform the digital economy. His Midas appearances reflect his early bets as this is his fourth year ranking first on Midas List Europe.

Hammer was an early-stage investor in Adyen, first meeting CEO Pieter van der Does in 2011. When Adyen hit the public markets in 2018, Index Ventures’ nearly 17% stake became worth more than $3 billion. Since Adyen went public, it has reached a sky-high valuation of $100 billion. Hammer was also an early investor in Robinhood, meeting with the company eight years ago when it served as a space for users to trade stock tips. Hammer saw potential in the business and invested an initial $500,000, even as 75 other investors rejected the company during its first round of fundraising. That investment, and others that soon followed, led to a stake valued at $3 billion at the time of Robinhood’s 2021 IPO.

Hammer’s other early bets include fintech company Wise, which offers alternative global banking options. Hammer is certainly a first mover in the European VC landscape, and one can expect to see his investments in these trendsetting companies continue to outperform.

Relevant investments*:

·      Adyen (Fintech)

·      Robinhood (Online Brokerage)

·      Wise (Fintech)

2.    Luciana Lixandru, Sequoia (#2)

Luciana Lixandru made news in March 2020 when she joined Sequoia as a Partner to start its first European office. She joined from Accel, where she focused on investing in enterprise software and consumer internet companies. Prior to Accel, Lixandru worked at Morgan Stanley and was also an investor with Summit Partners.

Notably, while at Accel, she led a roughly $20 million initial investment in UiPath in 2017. Accel went on to spend $172 million accumulating UiPath shares in subsequent years, building a stake worth $5.9 billion at UiPath’s 2021 IPO. UiPath’s revenue soared 126% in fiscal 2020 and it grew another 81% in fiscal 2021 as the market for automation skyrocketed amidst the pandemic. Her other notable investments at early stages include a Series B in Deliveroo in 2015, Miro’s Series A in 2018, and a February 2020 seed round at Hopin – all shortly after their respective founding.

Firm in her belief that it’s just a matter of who, not when Europe’s first $100 billion tech company will emerge, Lixandru has set her sights on seed, early-stage, and growth companies at Sequoia – and her deep conviction should continue to pay off. Not only have her early investments helped her become a trendsetter, her bullish view on Europe’s tech scene and move to establish Sequoia’s first European office make her an all-around standout, poised to benefit from the tech boom we are seeing take hold in Europe.

Relevant investments*:

·      UiPath (AI/Automation Software)

·      Deliveroo (Food Delivery)

·      Miro (Collaboration Tool)

·      Hopin (Virtual Venue)

3.    Klaus Hommels, Lakestar (#6)

Klaus Hommels is the Founder and Chairman of Lakestar and one of Europe’s leading venture capitalists. He is also a prominent voice and advocate for the European tech ecosystem with the aim of strengthening Europe’s position, especially in this time of digital transformation we’re witnessing in the wake of the pandemic.

An early investor in Spotify, Hommels initially purchased private shares from CEO Daniel Ek, whom he had known at a previous company. He later made several follow-on investments in Spotify and secured a board position from 2009-2017.

Just before the start of the pandemic, Hommels made a timely investment in fintech company Revolut’s $580 million Series D funding round in 2020. Revolut went on to have a blockbuster year, increasing its 2020 revenue by 57%. Hommels was also an early backer of Blockchain.com, participating in a $40 million Series B fundraising round in 2017. Blockchain.com grew by nearly two million users each month in 2021, reflecting the trend of increased consumer demand for access to cryptocurrencies.

As Europe’s tech sector continues to mint new unicorns, Hommels certainly has the track record to advocate for Europe’s strong position in the global tech sector.

Relevant investments*:

·      Spotify (Music Streaming)

·      Revolut (Fintech)

·      Blockchain.com (Crypto)

4.    Philippe Botteri, Accel (#7)

Philippe Botteri joined Accel in 2011 as a Partner focusing on cloud applications and security. Prior to Accel, Botteri worked for Bessemer Venture Partners in the U.S., where he helped build the firm’s cloud practice. Notably, Philippe was an early believer in the promise of SaaS companies dating back to the burst of the Internet bubble in 2001 – and this early conviction amid skepticism in Silicon Valley was certainly a worthwhile bet.

Botteri led Accel’s investment in online signature company DocuSign in 2012, which went public at a $4.5 billion valuation in 2018 and has grown to hundreds of millions of users in more than 180 countries. He also helped lead the firm’s 2017 Series A investment in UiPath, which eventually went public at a $31 billion valuation, as well as an early investment fintech company Melio, which has since reached unicorn status.

In today’s digital world, cloud applications and security companies are seeing outsized growth as they serve critical roles in enabling business success and efficiency – and are poised to continue driving industry-leading returns for their investors.

Relevant investments*:

·      DocuSign (eSignature)

·      UiPath (AI/Automation Software)

·      Melio (Fintech)

5.    Avi Eyal, Entrée Capital (#3)

Avi Eyal is the Co-founder and Managing Partner of Entrée Capital, which funds multi-stage startups and companies. Previously, Eyal co-founded SigmaLabs, a non-profit accelerator. A serial entrepreneur with extensive knowledge in growing businesses in the high-tech and financial sectors, Eyal uses the experience he’s gained over the past 20 years as an entrepreneur, engineer, and investor to help software, hardware, mobile, and internet start-ups.

Notably, Eyal made an early investment in HR software company Gusto in 2012 shortly after its founding. With Gusto now valued at an impressive $9.5 billion, many are speculating that it is preparing for a public market debut. Another noteworthy early investment was Eyal’s 2013 seed investment in Monday.com, which was recently valued at $7.5 billion after the first day of trading in its Nasdaq IPO.

Relevant investments*:

·      Gusto (HR Software)

·      Monday.com (Work Management Software)

6.    Reshma Sohoni, Seedcamp (#16)

One of the standout women founders of a top-tier VC fund, Reshma Sohoni co-founded Seedcamp in 2007, where she looks to spot and support world-changing startups at the seed stage with the goal of helping propel them from young companies – often before they find product/market fit – into strong brands. Prior to co-founding Seedcamp, Sohoni was at Vodafone.

Known by some as the “queen of seed funding,” Sohoni has a successful track record of being the earliest backer in a number of leading companies, including a 2015 seed investment in previously mentioned Revolut, which has grown rapidly and increased its 2020 revenue by 57% as a result of the pandemic-driven digital transformation. Joining her fellow trendsetters, Sohoni’s other notable early investments include UiPath’s 2015 seed round, Wise’s 2015 Series C round, and Hopin’s 2019 pre-seed round. In her role at Seedcamp, Sohoni has been a very early backer in many household brands that rose to prominence, a trend we can expect to continue for years to come.

Relevant investments*:

·      Revolut (Fintech)

·      UiPath (AI/Automation Software)

·      Wise (Fintech)

·      Hopin (Virtual Venue)

7.    Frederic Court, Felix Capital (#18)

Frederic Court of Felix Capital has over 20 years of experience in the tech industry. Court founded Felix Capital in 2015 and focuses on digital lifestyle investments, backing new digital brands and platforms as well as related enabling technologies. He was formerly a General Partner with Advent Ventures in London, and before that was an entrepreneur in France, building a VC-backed online marketplace for the textile industry.

Many of Court’s investments focus on tech-savvy millennials – something which has clearly paid off as the digital-first mindset has globally taken root. A true first-mover in ecommerce, Court was the first investor in online global fashion marketplace Farfetch, leading its Series A funding round in 2010. Since then, Farfetch has held an IPO at a $6.2 billion valuation.

While first taking notice of the company in 2015, Court made a 2018 investment in Peloton, which hit the public markets in 2019 at an $8.1 billion valuation. Court’s early investment in Deliveroo also paid off as the company more than doubled its number of customer orders to 149 million in the first six months of 2021 as the demand for takeaway meals continued to accelerate.

Relevant investments*:

·      Farfetch (eCommerce)

·      Peloton (Exercise)

·      Deliveroo (Food Delivery)

* Does not include all the investor’s portfolio companies.

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This Top-Rated PDF Solution Is 66% Off Now

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Opinions expressed by Entrepreneur contributors are their own.

Paper has made its way largely out of business, but that doesn’t mean you don’t still work with documents regularly. Instead, we’re just working with them differently: with the dreaded PDF. These static files can be great if you’re positive that a document is ready, but a serious nightmare when you have to make changes. When you’re working with a lot of PDFs, you need a quality digital solution.



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UPDF Pro is one of the top-rated PDF solutions on the market. Geeky Gadget writes, “UPDF is a potent PDF editor and PDF converter designed to stay up with advanced technologies. It ensures that whichever features you use are up to date. UPDF not only converts PDF to Word but can perform many advanced editing.” Fossbytes adds, “UPDF doesn’t have a boring interface like other PDF software. The design is stunning and eye-catching. On top of it, it is convenient to use. You wouldn’t be bothered with a complex design that is very time-consuming.”

These are just the tip of the iceberg of positive reviews for this all-in-one PDF solution for individuals and businesses. With it, you can edit any PDF document across Windows, Mac, iOS, and Android devices, adding or deleting text, editing fonts and color, and much more. The tool allows you to add, crop, rotate, replace, extract or delete images, watermark documents, and password-protect them for elevated confidentiality. You can also easily annotate PDFs, highlight, underline, or strike out text, add shapes and notes, and much more. Finally, it’s even easy to convert any PDF to Word, Excel, PowerPoint, and a ton of other file types in just a click.

Working with PDFs has never been easier than with a lifetime subscription to UPDF Pro. Grab it on sale for 66% off $149 at just $49.99, the best price you’ll find online.

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Using data to boost event ROI

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Events are essential to any marketing strategy. Because they have the power to bring people together, events offer a unique opportunity to engage and deeply connect with a target audience while enriching a sales pipeline for the business. 

During the pandemic, events went through a transformation. In addition to navigating drastic changes to how and where we met, event experience leaders employed new technologies to facilitate connections. In so doing, they learned more about improving event experiences for all attendees, speakers and sponsors. The most significant change to events: Technological advancements enable event organizers to act on data insights before, during and after an event to optimize outcomes.

As we enter a new era of events, it’s more critical than ever to know how to capture the right data — and use it meaningfully. According to a recent survey of more than 200 event organizers, 85% plan to host at least three in-person events in 2023, with 35% planning to host at least 10. The opportunity is ripe to unleash the power of event data to maximize business impact. 

In-person events, reimagined with better data 

With event professionals producing in-person events again, they bring the lessons learned from more than two years of constant upheaval and technological transformation. Event experience leaders at all organizations are tackling the “event impact gap”: The disparity between event organizers’ aspirations to produce impactful experiences and their ability to execute those goals with available technology.

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While the role of event organizer has been evolving for many years, the pandemic quickly accelerated the change. In addition to planning and logistics expertise, event organizers now bring a host of other skills to the table: data analysis, marketing operations and digital production. But even with their enhanced skillsets, organizers continue to wrestle with outdated event software that keeps them from accessing and activating their data. That obstacle hinders organizers’ ability to design and execute personalized experiences and truly connect with their audiences. 

Better data activation empowers marketers to personalize outreach and drive engagement at scale, incorporating events deeper into their demand generation strategies. This fosters attendee engagement, driving increased revenue and ROI. 

Leveraging data to accelerate pipeline

In-person events possess enormous data potential waiting to be unlocked. Events stand out as a prime opportunity to understand how your target audience behaves, where their interests lie and what engages them deeply. When you’re onsite, you have an unparalleled window into the content, peers and exhibitors that appeal to your audience and how the audience is connecting to your brand. These insights inform both your future event strategy and your broader marketing strategy.

Use data to engage attendees

It’s one thing to decide what data to collect and another to be strategic about what you’ll do with the data. Event organizers’ experience executing virtual events showed that having access to data is half the battle. The real value of your data lies in your ability to turn it into something actionable and use it to your advantage. How do you bring the behavioral and engagement data you collect into the extended marketing fold? You need technology that enables your teams to use your data instantly and easily to personalize post-event content and communications. 

With the knowledge of whom an attendee interacted with, the sessions they liked and the type of content they downloaded, you’ll craft more effective outreach. This extends the value of your event for your attendees and your demand generation efforts. Rather than sending the same message to every attendee, with their name appended to the beginning of an email, you can use data to rouse your attendees’ interests and keep them meaningfully engaged. 

Understanding how engagement translates to leads  

The same data you use to customize an attendee’s event experience can enrich and accelerate your sales pipeline. By capturing insights into attendee activity — the polls attendees participated in, the sessions they checked into and the exhibitors they spent time with — you can use robust event experience technology to assign engagement scores to each attendee. From there, you can segment attendees by their levels of engagement and personalize your post-event follow-up.

In addition, equipping sales teams with the data needed to prioritize the most engaged leads lets them focus their time and efforts on maximizing conversion success. And because of the rich data you’ve collected about each attendee, sales teams can discern whether a correlation exists between an attendee’s high engagement levels and their likelihood of becoming an opportunity, enabling better future strategies.

Using data-enabling technology to refine experiences

Data-enhanced experimentation isn’t limited to your sales team. Events of all formats offer ample opportunities to experiment, iterate and improve experiences and business outcomes — before, during and after an event. 

Ensure you collect data corresponding with your event format. For instance, an in-person event with a virtual component requires data collection strategies for both audiences. Customize questions to speak to the distinct experiences of virtual and in-person attendees. And use event software that supports audience engagement measurement both on the floor and through the screen.

Maximize the value of behavioral data 

Use registrants’ behavioral data to build personalized session tracks and networking opportunities. Collecting behavioral data at in-person events can feel daunting compared to virtual events, but it doesn’t have to. Event experience leaders are leveraging new solutions like wearable technology to gain insights.

Today’s wearable event technology has the power to offer attendees more personalized networking and session experiences while simultaneously giving organizers unmatched data capture. Your budget may not permit wristbands, high-tech badges and other wearables as must-haves for every event, but they function as a powerful data source. When attendees wear these devices, they automatically provide information to help you optimize future events. Depending on the technology you employ, you’ll gain: 

  • Advanced analytics, such as dwell time.
  • Records of touchless contact exchanges.
  • Event gamification for attendees.
  • Lead collection for sponsors.
  • Integrated tracking and reminders for session check-ins.

The behavioral data you collect, combined with pre- and post-event surveys, deepens event insights and facilitates more personalized opportunities for attendees, speakers and sponsors. 

Experiment and follow the data 

Data empowers event experience leaders to test new ideas and follow where the data leads. 

Experimentation can apply to anything from registration forms and email marketing subject lines to in-session polling strategies and other event messaging. Start small, and choose three to five key metrics to test based on past event data. Once you put an experiment out into the world, evaluate the results. Then plan for your next experiment based on what you learned and pivot your event strategies as needed to keep refining your efforts. 

Data maturity powers advanced insights 

Actionable data not only enables better event experiences, it also empowers CMOs and marketing leaders to demonstrate the impact of events. Prioritizing a data maturity model ensures you can effectively communicate the value of your event experience program to all stakeholders, especially as organizations navigate economic uncertainty. Rather than evaluating data in a vacuum, a data maturity model connects each event touchpoint, providing insights that allow you to align event strategy against key success metrics.

Four steps comprise data maturity: 

  • Data capture: Accessing your data is the first tactic. Your organization needs the ability to gather data holistically, including granular information like session attendance and demographics. 
  • Data integration: Connecting the data you capture to your business systems enables you to take action in the future. 
  • Data utilization: Use the integrated data to offer the audience more valuable event experiences. Identify and curate precise data points to help achieve personalized experience goals, such as customized communications, to help increase conversion and attendance rates. 
  • Data translation: Take what you’ve learned from past events and act. Using actionable data insights from past events to inform decision-making results in a virtuous cycle, constantly renewing and improving event experiences.  

When you can access, integrate and activate your event data, your teams will maximize ROI by optimizing the attendee experience, driving lead generation and contributing to overall marketing goals in measurable ways.

Attendee expectations continue to evolve, and rather than trying to return to business as usual, event experience leaders must leverage data to direct and inform event decisions. There’s never been a more exciting time to collect onsite and virtual data, experiment and iterate on data findings, personalize event experiences and take your sales pipeline to the next level. 

Alon Alroy is CMO and cofounder of Bizzabo.

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The future of generative AI and its ethical implications 

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Generative AI is revolutionizing how we experience the internet and the world around us. Global AI investment surged from $12.75 million in 2015 to $93.5 billion in 2021, and the market is projected to reach $422.37 billion by 2028.

While this outlook might make it sound as if generative AI is the “silver bullet” for pushing our global society forward, it comes with an important footnote: The ethical implications are not yet well-defined. This is a severe problem that can inhibit continued growth and expansion. 

What generative AI is getting right

Most generative AI use cases provide lower-cost and higher-value solutions. For example, generative adversarial networks (GANs) are particularly well-suited for furthering medical research and speeding up novel drug discovery

It’s also becoming clear that generative AI is the future of text, image and code generation. Tools like GPT-3 and DALLE-2 are already seeing widespread use in AI text and image generation. They have become so good at these tasks that it’s nearly impossible to distinguish human-made content from AI-generated content.

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The million-dollar question: What are the ethical implications of this technology?

Generative AI technology is advancing so rapidly that it’s already outpacing our ability to imagine future risks. We must answer critical ethical questions on a global scale if we hope to stay ahead of the curve and see long-term, sustainable market growth. 

First, it’s important to briefly discuss how foundation models like GPT-3, DALLE-2 and related tools work. They are deep learning tools that essentially try to “outdo” other models by creating more realistic images, text and speech. Then, labs like OpenAI and Midjourney train their AI on massive datasets from billions of users to make better, more sophisticated outputs.

There are numerous exciting, positive applications for these tools. But we would be remiss as a society not to recognize the possibility of exploitation and the legal gray areas this technology exposes.

For example, two significant questions are currently in debate: 

Should a program be able to attribute the results to itself, even though its output is derivative of many inputs?

While there is no universal standard for this, the situation has already come up in legal spheres. The U.S. Patent and Trademark Office and the European Patent Office have rejected patent applications filed by the “DABUS” AI developers (who are behind the Artificial Inventor Project) because the applications cited the AI as the inventor. Both patent offices ruled that non-human inventors are ineligible for legal recognition. However, South Africa and Australia have ruled that AI can be recognized as an inventor on patent applications. Additionally, New York-based artist Kris Kashtanova recently received the first U.S. copyright for creating a graphic novel with AI-generated artwork.

One side of the debate says that generative AI is essentially an instrument to be wielded by a human creator (like using Photoshop to create or modify an image). The other side says the rights should belong to the AI and possibly its developers. It’s understandable that developers who create the most successful AI models would want the rights for content creation. But it’s highly unlikely that this will succeed long-term.

It’s also important to note that these AI models are reactive. That means the models can only “react” or produce outputs according to what they’re given. Once again, that puts control into the hands of humans. Even the models that are left to refine themselves are still ultimately driven by the data that humans give them; therefore, the AI cannot really be an original creator. 

How do we manage the ethics of deepfakes, intellectual property and AI-generated works that mimic specific human creators?

People can easily find themselves the target of AI-generated fake videos, explicit content and propaganda. This raises concerns about privacy and consent. There is also a looming possibility that people will be out of work once AI can create content in their style with or without their permission. 

A final problem arises from the many instances where generative AI models consistently show biases based on the datasets they are trained on. This may complicate the ethical issues even further, because we must consider that the data used as training input is someone else’s intellectual property, someone who may or may not consent to their data being used for that purpose.

Adequate laws have not yet been written to address these issues around AI outputs. Generally speaking, however, if it is ruled that AI is simply a tool, then it follows that the systems cannot be responsible for the work they create. After all, if Photoshop is used to create a fake pornographic image of someone without consent, we blame the creator and not the tool. 

If we take the view that AI is a tool, which seems most logical, then we cannot directly attribute ethics to the model. Instead, we have to look deeper at the claims made about the tool and the people who are using it. This is where the true ethical debate lies. 

For example, if AI can generate a believable thesis project for a student based on a few inputs, is it ethical for the student to pass it off as their own original work? If someone uses a person’s likeness in a database to create a video (malicious or benign), does the person whose likeness has been used have any say over what’s done with that creation?

These questions only scratch the surface of the possible ethical implications that we as a society must work out to continue advancing and refining generative AI. 

Despite the moral debates, generative AI has a bright, limitless future

Right now, the reuse of IT infrastructure is a growing trend fueling the generative AI market. This lowers the barriers to entry and encourages faster, more widespread technology adoption. Because of this trend, we can expect more indie developers to come out with exciting new programs and platforms, particularly when tools like GitHub Copilot and Builder.ai are available.

The field of machine learning is no longer exclusive. That means more industries than ever can gain a competitive advantage by using AI to create better, more optimized workflows, analytics processes and customer or employee support programs. 

In addition to these advancements, Gartner predicts that by 2025, at least 30% of all new drugs and discovered materials will come from generative AI models. 

Finally, there is no question that content like stock images, text and program coding will shift to being largely AI-generated. In this same vein, deceptive content will become harder to distinguish, so we can expect to see the development of new AI models to combat the dissemination of unethical or misleading content. 

Generative AI is still in its early stages. There will be growing pains as the global community decides how to manage the ethical implications of the technology’s capabilities. However, with so much positive potential, there is no doubt that it will continue to revolutionize how we use the internet.

Andrew Gershfeld is partner of Flint Capital.

Grigory Sapunov is CTO of Inten.to.

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