You’d think Comcast would be happy to see Donald Trump (eventually) depart the White House. Back in February of this year, Trump said in a speech:
“NBC, I think, is worse than CNN,” Trump said. “And Comcast, a company that spends millions and millions of dollars on their image — I’ll do everything possible to destroy their image because they are terrible.”
Whether that attitude stemmed from something dating back to his time with his NBC show “The Apprentice”, the apparent leaking of his raunchy conversation with Billy Bush, or NBC News’ and MSNBC’s typically harsh coverage of his candidacy and presidency, Trump is certainly known for carrying a grudge, repeatedly threatening to break up Comcast on antitrust grounds though there was no legal basis for that. He repeatedly referred to Comcast as “Concast ” on the campaign trail this year.
Trump appeared in an NBC Town Hall in late October, going against a Biden Town Hall appearing at the same time on another network. And NBC took a great deal of criticism for hosting that show.
Trump never shared a round of golf with Brian Roberts, to the best of my knowledge, as President Obama did. In March, Trump spoke with Roberts along with several other telecom executives on a conference call. I’m not aware of any other direct contact between the two men during Trump’s presidency.
But on one point Comcast may miss Trump. FCC chairman Ajit Pai booted Net Neutrality regulations, and removed many barriers to media consolidation, among other things. Under Biden, he would lose his chairmanship as the majority reverts back to the Democrats, and is widely expected to depart the commission. The Biden administration may attempt to revive net neutrality, though Congress and the Courts could push back.
Comcast Senior Vice President David Cohen, who stepped down this year from a broad portfolio of responsibilities including Washington affairs, is still on staff as an advisor. Cohen, 65, may have less political influence in Philly now due to the rise of progressives, who are less likely to listen to a centrist like him. But. he is close to Biden, for whom he held a fundraiser at his home right after Biden declared his candidacy, and can work across the aisle with Republicans. Certainly he can be a valuable asset for Comcast given the new administration, though he seems determined to slow down a little.
A focus on entrepreneurship, diversity at the table and ventures that will benefit humanity
Believe me. Tech hubs in New Jersey are one thing I know about. And while the energetic and enthusiastic tech community in New Jersey has been trying to create them for the longest time, their efforts haven’t exactly failed, but haven’t flowered the way we would have liked.
According to people who study these things, it takes 20 years to create a tech hub, and most of our efforts are only between seven and 10 years old, so we must give them time. So far, the most successful of these has been the work of Newark Venture Partners, which has brought many startups to Newark.
However, last week, I attended Engage 2020, a conference aimed at highlighting Princeton Innovation initiatives, and listened to the vision of three Princeton faculty members and their take on how Princeton University could be to New Jersey what Stanford is to Silicon Valley. It’s possible that their vision, along with support from the New Jersey state government, could be one way to accelerate the development of a startup hub in the Princeton area.
Over the 10 years that I have covered Princeton University, the school went from one that operated in silos and eschewed entrepreneurship to one that has embraced entrepreneurship among its students, faculty and alumni.
However, for the most part, Princeton’s successful entrepreneurs didn’t create their great companies here in New Jersey. There are exceptions, to be sure. But many Princeton’s grads left for Silicon Valley, New York, or their home states, taking their Princeton education and entrepreneurial know-how with them.
Expanding “Entrepreneurship, the Princeton Way”
Three people on the Princeton faculty have now come together to fundamentally change that. Andrea Goldsmith became the new dean of engineering and applied science at Princeton in September, Rodney Priestley was named vice dean for innovation in July, and Naveen Verma was appointed director of the Keller Center in January.
Verma pointed out that five years ago, Princeton released a report called “Entrepreneurship, the Princeton Way,” which “launched what was then a new phase of the university’s expanding committed focus on entrepreneurship and innovation.” However,
Princeton is now committing itself even more deeply to entrepreneurship. Central to this commitment, Verma said, is Princeton’s “recognizing innovation broadly as the initiation of transformations through risk-taking actions and value-creating organizations, not only by the founding of startups, but also by creating nonprofits, joining early-stage companies, and innovating within large corporations, governments and nongovernmental organizations.” These entities are “taking actions to make significant positive changes, by way of a daily process that pushes, pivots and persists.”
Princeton “has many attributes that would make it a better place to found a company than Silicon Valley.”
Goldsmith, the latest arrival, has the know-how and the experience to speed up Princeton’s role as an accelerant for tech companies. Her background includes engineering, academia and tech startups. She spent many years at Stanford University, and she is adamant that Princeton “has many attributes that would make it a better place to found a company than Silicon Valley.”
She noted that the cost of living is much more reasonable in New Jersey than in Silicon Valley, and that lots of land is available for companies to create campuses. Describing the cost of living in New Jersey as reasonable may make some of us laugh, but compared with California, we do have an advantage.
A Tech Hub Built for Diversity and Benefiting Humanity
A Princeton-seeded tech hub would look much different from one in Silicon Valley, she added. Technology created in Silicon Valley “cannot achieve its full potential because you don’t have diverse people sitting around the table,” she said. If Princeton is going to create an innovation ecosystem “in our own image, we can have an unfair advantage” in that “we are a very strong liberal arts university with a very strong set of values geared towards benefiting humanity.”
No one else has that kind of tech hub, she added, noting that it would draw companies and entrepreneurs with ventures that will make the world a better place.
Additionally, Princeton is seriously beefing up its engineering education program, Goldsmith said, with “grand plans to grow engineering, to grow the faculty by 50 percent, and then along with it to rapidly grow the student and postdoc population. And the reason why it’s important for Princeton engineering to grow is that this is how it’s going to maximize its impact.
“Princeton is a very, very strong engineering school today, I believe, by far the strongest of all of the Ivy League schools. And I don’t intend to have Princeton engineering compete with Stanford, or MIT or Berkeley. I intend to craft a Princeton engineering school that is elite in its own image, not competing with anybody else, because I believe that having engineering grow within a liberal arts institution will allow Princeton engineering to have a broader perspective on the technology that it develops. And on the applications of that technology.”
During his introductory remarks at Engage 2020, Priestley said, “Our mission for Princeton innovation and entrepreneurship is twofold. First, we want to encourage, facilitate, and promote innovation, entrepreneurship and partnerships that will enhance the quality and impact of research and teaching at Princeton University. Secondly, we want to enhance and support humanity through a well-integrated and nurtured innovation ecosystem that serves to improve the quality of life for all.”
Priestley announced three new partnerships designed to make it easier for faculty members and grad student entrepreneurs to become successful.
One is between Princeton and Techstars (New York), a leading startup accelerator and global innovation network. “Their network of mentors, founders, partners and investors will provide graduate students and postdoctoral scholars at Princeton with the tools and insights to push their innovations closer to commercialization,” he said. “The Techstars program will provide hands-on exploration of business strategies to develop each phase of innovation. Students will learn about customer discovery, product-market fit, strategy development, pitching to investors, presentation skills, and so much more.”
A second partnership is between Princeton Innovation and the Wharton Business School, of the University of Pennsylvania, which will bring “additional world-class entrepreneurship training to Princeton. This new Princeton–Wharton program will provide faculty members with customized executive education that [will help] them step into advisory roles at companies formed around innovations from their laboratories.”
The third partnership, between Princeton Innovation and InteliSpark (Ithaca, N.Y.), will help Princeton entrepreneurs secure non-dilutive funding for startups via Small Business Innovation Research grants, Small Business Technology Transfer grants and other government research funding programs. “As part of this partnership, InteliSpark will work to provide individualized training and support for faculty who are seeking to create new ventures with non-diluted government funding.”
There are many other elements in developing a successful tech hub, but Princeton seems to be working on them all. The university is collaborating with Rutgers, for example, to make its core assets available to entrepreneurs, so they’ll be able to find that key machine or expertise they need to propel their projects into products.
In conclusion, we’ll be cheering on Princeton’s initiatives in the entrepreneurship area and hope that the university will be an incubator for strong startups in New Jersey. The key here is execution, and we know that, once it has made up its mind, Princeton knows how to execute.
Also, while Princeton is doing its best to seed New Jersey with great companies, I’d like to see collaboration with all the other area entrepreneurship efforts, such as Einstein’s Alley, the Princeton Tech Meetup, Tigerlabs (Princeton), Startup Grind Princeton, Scarlet Startups (New Brunswick), TiE New Jersey (Edison), the Princeton Growth Accelerator, and TechUnited:NJ (New Brunswick), among others. I’d like the university to remember that, while they may be pushing forward in what is a new direction for them, these other organizations have been fostering the tech community, economic development and tech and life-science startups in the area for years.
Esther is the Founder and Editor in Chief of NJ Tech Weekly
Terry P Del Casale says:November 10, 2020 at 8:12 pmOutstanding article on Andrea, and how Princeton is stepping up to lay the groundwork for New Jersey’s Tech Hub. Some really great work and innovation here by Andrea and the Princeton team. As a active Alumni of TCNJ’s Engineering program, I’ll be sure to forward this to the Dean, for review on potential partnership opportunities with Princeton. TCNJ has a nationally recognized STEM program, which may be an excellent fit for the Tech Incubators here in New Jersey!Reply
Алина says:November 11, 2020 at 11:06 pmI have always recognized how much more enjoyable my four years in the early ‘ would have been had there been thousands rather than merely hundreds of women on campus, but there weren’t. And now there are. And that’s the point — things always change, but that doesn’t detract from what I hold to be the P.U. tradition. Princeton today is not the Princeton I knew and loved, but there’s no denying that there’s something special in the air in central New Jersey. I can breathe it, smell it, feel it, even when I’m a thousand miles away.Reply
Categories Select Category Around New Jersey (698) Clean Tech / Green Tech (14) computer science (13) demo day (3) EdTech (5) Emerging technologies (88) entrepreneurship (54) fintech (9) Future of Work (3) government or politics (26) hackathons (2) Health Tech (20) Hot Articles (1) iCopyright (81) Infographic (9) Innovation (70) investors (66) manufacturing (1) marketing (10) Meetings (119) News (1,812) NJ Tech Companies (194) NJ Tech People (117) NJ Universities (36) Opinion (210) Photo Essay (267) pitch competitions (26) RepubHub (178) Smart Cities (1) Sponsored (14) Startups (148) STEM (10) Tech and Diversity (2) tech entrepreneurship (147) Tech for Business (80) Tech jobs (7) Tech organizations (2) tech training (6) Tech Workforce (14) Tech Workplaces (15) telecom and communications (4) Uncategorized (53) Universities (12) Women in Tech (25)
The post: OPINION: “EXCITING INITIATIVES AT PRINCETON COULD MAKE CENTRAL NEW JERSEY INTO LONG-AWAITED TECH HUB”, originally appeared in NJ Tech Weekly. It is republished here with the author’s permission.
PHILADELPHIA, Nov. 11, 2020 /PRNewswire/ — Fishtown Analytics announced that it raised $29.5M in Series B financing. With this raise, the team will continue building dbt, its open source analytics engineering tool, and the community around it. The round was led by Sequoia Capital, with participation from existing investors Andreessen Horowitz and Amplify Partners. Sequoia partner, Matt Miller, will join Fishtown Analytics’ board.
“Every company is becoming data-driven, but the actual process of squeezing insights out of data is incredibly frustrating for most companies—and antiquated data engineering processes are to blame,” said Miller. “The Fishtown Analytics team is capitalizing on a market opening created by the cloud data warehouses and dared to imagine a new way to transform data with the elegance of code, which they call analytics engineering. We were taken aback by the strength of the community and the effusive user evangelism—across more than a dozen user interviews, the average net promoter score was greater than 10 out of 10, which is unheard of.”
Analytics engineering applies software development best practices to the production and maintenance of analytics code. The analytics engineering workflow cleans and transforms raw data into consumable information and business logic. This new approach to data transformation, built for the modern era of cloud warehousing, has found advocates among both startups and the Fortune 500. Benjamin Singleton, Director of Data Science & Analytics at JetBlue Airways, said, “The new workflow with dbt and Snowflake isn’t a small improvement. It’s a complete redesign of our entire approach to data that will establish a new strategic foundation for analysts at JetBlue to build on.”
Today there are 3,000 companies using dbt as a core part of their analytics engineering workflow every week; 8,000 analytics engineering professionals in the dbt Slack community; and 490 paying customers orchestrating this workflow with dbt Cloud. This strong user adoption is matched by support from the broader ecosystem. Fishtown Analytics is now an Amazon Select Technology Partner and a Google Cloud Partner, Snowflake has qualified dbt as a Validated Technology, and Fivetran and Census data have recently released major integrations with dbt.
The short timeframe between Fishtown Analytics’ Series A and its Series B is another signal that investors everywhere are bullish on the “modern data stack.” Snowflake’s recent IPO, Databricks’ rapid growth, and recent multi-billion-dollar acquisitions from Google (Looker) and Salesforce (Tableau) are all indicative of how big of a market opportunity exists in the space. “Organizations large and small continue to face tremendous challenges organizing data and making it available to decision-makers,” said Fishtown Analytics CEO, Tristan Handy. “The modern data stack—with dbt at its core—is resulting in more collaborative, productive, and impactful data teams.”
The Series B gives Fishtown Analytics further runway to continue making aggressive investments in building the future of analytics engineering. “Our mission is to empower analysts to create and disseminate organizational knowledge,” said Handy. “When I look at the moment in time that we currently occupy, I see an opportunity to truly improve the lives of data analysts everywhere. We’re going to continue building higher-leverage analytics engineering tooling, better career paths, and a community of practice with deep social capital.” Fishtown Analytics is hosting the first analytics engineering conference, Coalesce, December 7-11.
About Fishtown Analytics
Since 2016, Fishtown Analytics has been on a mission to help analysts create and disseminate organization knowledge. Fishtown Analytics pioneered the practice of analytics engineering, built the primary tool in the analytics engineering toolbox-dbt, and has been fortunate enough to see a fantastic community coalesce to help push the boundaries of the analytics engineering workflow. Today, there are 3,000 companies using dbt every week; 8,000 folks in the dbt Slack community; and 490 companies paying for dbt Cloud.
Exton-based Bentley Systems, coming off its successful IPO (Nasdaq: BSY), has committed $100 million to a new venture fund aimed at developing infrastructure “digital twins”.
Bentley plans to invest in promising technology companies addressing the emerging opportunity for infrastructure digital twin solutions for roadways, railways, waterways, bridges, utilities, industrial facilities, and other infrastructure assets.
“Taking advantage of the momentum from Bentley Systems’ initial public offering, we are excited to expand our Acceleration Initiatives by formally launching the Bentley iTwin Ventures fund to support the growth of entrepreneurial companies dedicated to infrastructure digital twin solutions,” said Greg Bentley, CEO of Bentley Systems, in a statement.
“Our iTwin Platform provides a scalable open-source foundation for technical and commercial innovation that will empower a vibrant ecosystem to creatively combine and connect what digital twins now make possible for infrastructure constituents. Proprietary analytics, data services, benchmarking, and infrastructure-as-a-service”. commercial models, for instance, are not in Bentley Systems’ direct scope, but we are glad to have a stake in bootstrapping these future successes. Here’s to the fullest going-digital ecosystem for infrastructure digital twins!”
Bentley Systems is working with venture capital firm Touchdown Ventures, which has an office in Haddonfield, to establish Bentley iTwin Ventures, and one investment has already been made
Bentley completed its IPO in September, raising almost $236.5 million at $22 per share. its shares now trade on the NASDAQ at $33.80 per share, almost exactly what it closed at on its first trading day, for a market cap of $8.9 billion. Proceeds went to selling shareholders (employees and investors), not the company’s Treasury or members of the founding Bentley brothers.
Bentley reported its first quarterly results since the IPO yesterday. Total revenues were $203.0 million, up 8.8% year-over-year; GAAP net income was $5.8 million, compared to $20.4 million for the same period last year. The decline in net income was due primarily to IPO and restructuring expenses.
Adjusted Net Income was $51.4 million vs $39.3 million in the prior year.
In the quarter, the company took a restructuring charge of $10 million, which covered a reduction in force. Bentley announced this week that it was bringing on three new senior executives, one from SAP (general manager of SAP Marketing Cloud) and two with backgrounds at rival Autodesk.
Bentley announced yesterday a follow-on offering of 10 million shares, consisting of 8.1M issued by the company and 1.9M sold by existing stockholders of Bentley; proceeds to the company will be used for debt reduction.