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Entrepreneurs must identify ways to exit a business at the onset, which enables efforts to be directed to a goal, writes the builder of two companies. The author, now a venture capitalist, outlines four steps for doing so.
Many entrepreneurs with family-owned or closely held businesses say the most difficult challenges involve deciding who will succeed the current generation.
A serial entrepreneur who has exited three businesses and launched a fourth advises that founders plan for how to get out of a venture even before they get in. A corollary is that the end game might not turn out as planned, the author writes, although the strategy keeps a founder focused.
There has been a lot of attention paid to ethics in business lately. Of course, most of that focus has been on the lack of ethics in business.
With the nation's ethics deteriorating in the wake of widespread corporate scandal, entrepreneurs need to examine questionable practices in their own milieu, such as inflating expectations to attract funding, writes the author. Included is a look at the unlikely course this former high-tech company founder has taken in order to adhere to principles.
If you thought recently-enacted legislation to require greater corporate accountability was intended only for public companies, think again. Expect considerable spillover among private companies seeking venture funding or planning for acquisition by public companies, argues this legal expert.
Entrepreneurial companies can and should take the ethical high road even as major corporations set appallingly low standards for ethical business behavior, writes the founder of a service concern. Included is a look at the company's own core values with respect to its customers, employees, community, and the company itself.
A business plan isn't as useful for raising financing as the prevailing entrepreneurial wisdom holds, argues the founder of an Internet marketing concern. Instead, focus on building the business and the money will follow.
Paul G. Yock, M.D. is the Martha Meier Weiland Professor of Medicine and Professor of Mechanical Engineering, by courtesy. Dr. Yock is Co-Chair of Stanford's new Department of Bioengineering and Director of the Stanford
Program in Biodesign. Dr. Yock is a Stanford cardiologist internationally known for his work in inventing, developing and testing new devices, including the Rapid Exchange balloon angioplasty system, which is the dominant angioplasty
system in use worldwide. Yock also invented a Doppler-guided hypodermic needle system, the Smart Needle and P-D Access. Dr. Yock is Director of the Center for Research in Cardiovascular Interventions, a Stanford facility that develops and
tests new technologies in cardiovascular medicine. The focus of Dr. Yock's research program is the field of intravascular ultrasound. He authored the fundamental patents for intravascular ultrasound imaging and founded Cardiovascular
Imaging Systems, now a division of Boston Scientific resulting from a 1994 acquisition for over $100M. In 1998 Dr. Yock developed a new interdepartmental and inter-school program at Stanford, the Medical Device Network (MDN). MDN helps
stimulate and guide the process of biomedical technology innovation within the University. Recently MDN has been expanded under Dr. Yock's leadership into a broader research and educational initiative, the Stanford Program in Biodesign.
MDN is now BDN, the Biodesign Network. The primary mission of Biodesign is to promote the invention and implementation of new health technologies through interdisciplinary research and education at the frontiers of engineering and the
Thomas J. Fogarty is a specialist whose creative talents have impacted many diverse professional and entrepreneurial arenas. In addition to his teaching responsibilities as Professor of Surgery at Stanford University,
Dr. Fogarty performs numerous cardiac and peripheral vascular surgeries, manages several medical device companies founded upon his product designs, is founder and active Senior Partner in the venture capital firm of Three Arch Partners,
and also finds time to pursue his interest in oenology at the family owned and operated Thomas Fogarty Winery and Vineyards. During the past 40 years he has acquired over 70 surgical patents, including the "industry standard" Fogarty
balloon embolectomy catheter. Patented in 1969, this first balloon catheter for the vascular system was a sophisticated version of the original crude instrument that young Tom Fogarty, then an OR scrub technician, designed in the late
1950's using a surgical glove finger tied to a ureteral catheter. Other commercially successful medical products designed by the Fogarty engineering group include a minimally invasive device for breast cancer diagnosis and therapy, and
also a self-expanding stent-graft used to treat critical aortic aneurysms via a minimally invasive technique. Dr. Fogarty is a past recipient of the Inventor of the Year award given by the San Francisco Patent and Trademark Association, a
four-time recipient of the Distinguished Scientific Presentation award presented by the American College of Surgeons, and was the first recipient to receive the award for "Achievement in Medicine" bestowed by the Santa Clara County Medical
Association. Selected recent awards include the 2000 Lemelson-MIT $500,000 Prize for Invention and Innovation as well as the Association for Advancement of Medical Instrumentation Foundation's Annual Laufman-Greatbatch Prize for inventing
breakthrough medical devices. Later in 200
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