Karen Grajwer, a second year MBA student at Harvard Business School won the HBS Business Plan Contest for her plan for a company called Uplift, which will offer sophisticated, fashionable bra styles for fuller-sized women. Grajwer’s advice for future entrepreneurs: 1) surround yourself with a good team, and 2) know your market.
The Wharton China Business Forum was held recently, and brought together business leaders and economics, for enlightening discussions about China’s financial reform, entrepreneurship, consumer markets, environmentalism, energy issues and other topics.
This morning a panel of experts convened at the NASDAQ MarketSite to describe the measures that any company considering an IPO in the future should be taking: 1) Strengthen internal controls to be in compliance with SOX 404, 2) Develop accurate forecasting of quarterly earnings, 3) Streamline the quarterly closing process (the SEC is unforgiving to companies that cannot file their 10-k within 45 days), 4) Look to add independent board members as necessary, 5) Look to add a financial expert to the Board audit committee, 6) Look into enhanced Directors and Officers liability insurance 7) Make sure your CEO/CFO has the energy and commitment to speak to analysts and investors, on a pre-IPO and post-IPO basis, 8) Consider if this is the right time to hire a COO and full-time Investor Relations officer. Panel members included Mark Davis (Deloitte & Touche), Stephen Older (Akin, Gump, Strauss, Hauer & Feld), James Runcie (UBS Investment Bank), David Guyer (Eyetch Pharmaceuticals), Heather Sweeny (NASDAQ), and moderator Ed Paisley (The Deal). The panel discussion was sponsored by the Executive Council of New York.
Speaking to University of Pennsylvania alumni yesterday about his new publication “Future for Investors”, Wharton Professor Jeremy Siegel explained the importance to the United States that the economies of China, India and other developing coutnries continue to prosper. In 1950, there were seven workers for every retiree in the United States; by 2050, there is projected to be less than two U.S. workers for every retiree. For Americans to be able to retire at 65 or less, the Indian and Chinese economies must continue to prosper, so they can provide goods in exchange for U.S. monetary assets. U.S. equities have provided a historical real return of 6.5 to 7%. Professor Siegel projects that even with the surge of retirements between now and 2050, US stocks should still provide a 5.5 to 6% annual real return.
According to Jupiter Research, online spending jumped 24 percent to $69 billion in 2004. Smart Money magazine reports that 71 of the top 100 ecommerce Websites offered some sort of money-back product guarantee, up from 45 percent in 2003, while nearly half now offer free shipping on certain purchases. Online jewelry sales grew 113 percent in 2004.
