Jennifer Tegan

Lexington Books managed to release my book Disagreeing despite the Data before the election. It argues the belief segregation underway in the US may be irreversible. Today's battles over climate change, disease mitigation, and election results run deep -- they're cognitive, not just strategic. Here's the gist of it. 20th-century revolutions in the philosophy of mind, meaning, and matter uncover three surprising requirements for widespread factual agreement. Critical thinking and community building have the potential to reverse two of them -- the growing refusal to test assumptions and individual isolation. Factual agreement between groups is impossible without the third one, though -- shared projects or other meaningful interaction. And a large part of American society has insulated itself from the rest. Without shared projects, communities gradually lose the ability to tell whether they agree or not regardless of the words they use. Belief segregation with similar roots has led several developing countries to the brink of failure. We'd better watch out. The attached flyer gives a discount code that makes the book -- priced in this initial run for academic libraries -- a little more affordable. Please feel free to forward it and, if you're connected to any libraries or book stores, pass it on!

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This incredible paper by Corey Rosen covers private equity's involvement in employee ownership over the years, with a special emphasis on recent models like Ownership Works. It is balanced, thoughtful and includes the great wisdom Corey has accumulated over his 40+ years in the industry. Nobody could do this better. I know I'm a bit late to this party (the paper has been out almost two months) but I've only just had the time to read it fully. I wanted to add one thought to his work. I get asked about Ownership Works all the time. Every time there's a story on them (and it's a lot) I get a dozen messages asking me whether I've seen it. So, I've had a lot of opportunities to develop my opinion. There are two objective things that broad-based employee ownership can do. (broad-based means distributed to a majority of employees - often all - at no cost to the worker). These are inarguable. One, is create wealth (through shares or dividends) for workers who otherwise wouldn't have access to ownership because they either can't afford it, or don't get offered. The Ownership Works model does this. In a different way to the ESOP or EOT, but it does this. It's a good thing, and Corey covers this in great detail. The other objective thing it can do is shift the incentives of the company's ownership. This can *only* happen when employees own a majority of a company's shares. The implications of the shift in incentives are huge: there's a ton of research that shows that employee-owned companies lay off fewer people in recessions and perform better coming out of recessions (as a result of laying off fewer people). They also default on debts far less often than other companies. These outcomes are driven by incentives to maximize the benefit to employees, who are the majority shareholders. Employment stability is a logical objective of this kind of ownership. This is very different from financial owners, whose incentives are driven by other things. In other words, majority employee-ownership leads to more resilient companies and more stable jobs. Models like Ownership Works, where employees have access to a small minority of shares, can't shift incentives in this way, as majority ownership remains with the PE firm. That's why I choose to work only on models that involve, or will result in, majority control by employees. I believe that resilience and employment stability is as important an outcome as increasing worker wealth. I think this is something worth covering in a future update of the paper, but that takes nothing away from its brilliance. Again - I think the Ownership Works model is a good thing - it is good that their members are choosing to distribute a portion of their upside to workers. I just personally believe that we need ways to shift both wealth and incentives to improve our model of capitalism, and that's why I spend my time the way I do.

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Wonderful article about Emily Knight and the whole The Engine Accelerator team on the amazing work their doing changing the world with #ToughTech!

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The case for emerging managers: “What we don’t want to do is lock ourselves out of these high-performing, differentiated strategies for the simplicity of going with the big guys”, Taffi Ayodele director of the emerging manager strategy at the NYC Office of the Comptroller #investmentstrategies #investmentreturns #roi #assetallocation #emergingmanagers #riskreward #premium #performance

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Want to improve your school's environment while reducing energy costs? Check out our latest blog post, which delves into school energy inefficiencies and highlights how air monitoring and purification solutions can greatly enhance indoor air quality while improving energy efficiency. Did you know? Implementing energy-efficient practices in schools can reduce energy costs by up to 30%, freeing up funds for educational programs and resources! By investing in smart technologies and sustainable solutions, schools can create a healthier environment for students while maximizing their budgets. Read more here: https://lnkd.in/ezU35cVE #BackToSchool #HealthyLearning #School #Education #AirQuality #IndoorAirQuality #IAQ #Smartbuildings #HealthandSafety #Government #HVAC #FacilitiesManagement #Architechs

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Strategic and corporate venture funds are increasingly playing a bigger in role earlier stage startups, particularly for #deeptech companies needing design partners to build and test their beta products. Looking forward to discussing some lessons learned for earlier stage companies seeking strategic investment with my fellow panelists Michael (Mick) Gilbert, Kenzie Weston Mucci, Katerina Fialkovskaya, Adarsh Sowcar, Jianyu (Jerrold) Wang, MBA, Maria G. Manrique and moderator Stephen Brook. Thanks to Peter Walker and the team for organizing the annual New England Venture Summit. Definitely recommend the youngStartup Ventures conferences. #vc #cvc #startups #investment

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Below is a link to today’s MDB Vested Interests conversation, Traditional Venture vs Public Venture, in case you missed or want to revisit it. MDB Capital President & Chief Market Strategist Lou Basenese sat down with Dave Berkus, TCA Venture Group Chairman Emeritus and Managing Director of TCA ACE Funds, to exchange insights on these approaches to venture-stage investing. Watch video here: https://lnkd.in/gwM3Cwsd

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True partnerships are transformative catalysts for change. They transcend mere funding, embracing deep listening, dynamic collaboration, and vibrant community-building. Recent experiences at the MARGULF FOUNDATION Grantee Convening, Culture Shifting Summit, EdLoC, and Google Impact Summit have reignited my passion for reimagining how funders can evolve to genuinely empower social impact leaders. In my latest Camelback Ventures blog, I dive into the heart of this crucial conversation: ➡️ How can we build partnerships that fuel innovation? ➡️ What does holistic support for entrepreneurs of color and women really look like? ➡️ How might we create an ecosystem where visionary ideas thrive? Join me in exploring how we can reshape the landscape of social impact. Together, we can craft a future where diverse voices lead the charge in solving our most pressing challenges. Read the full article and let's continue this vital dialogue. How are you reimagining partnerships in your work? 🔗 https://lnkd.in/eW7UrGXu #SocialImpact #EquitablePartnerships #InnovationInFunding #DiversityInEntrepreneurship #SystemicChange

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Excited to announce our investment in Alta Resource Technologies alongside Leonardo Banchik (Voyager Ventures) with participation from Orion Resource Partners, Overture Ventures, and WovenEarth Ventures. Rare earths are critical in products from magnets to ceramics and it's important for the US to develop its own supply chain. While the US has some of the best rare earth resources, separating them has historically proven expensive and environmentally unfriendly. Alta through it's computationally designed and optimized proteins allows the US to bring back rare earth production with a cleaner, lower capex, and lower opex solution - and that's just the beginning. Congrats to Nathan Ratledge and the entire Alta team. Read more here: https://lnkd.in/gbGnAJn3

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Thanks for inviting me TEN Capital Network and Hall T. Martin to talk about some of my favorite topics - climate tech investing and how we are building an energy transition economy in New Mexico.

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What's the fast river in alts? Listen to the latest Alt Goes Mainstream podcast with Mercer's Gregg Sommer & CAIS' Neil Blundell to hear how they are helping advisors approach private markets. Gregg, Neil, and I had a fascinating discussion about how the wealth channel can approach alternatives and how they can think about both diligence and customization. We covered: * The case for alternatives. * How advisors currently approach alternatives and how they can think about it differently going forward. * How to think about portfolio construction that includes alternatives. * How alts can help advisors differentiate their practice and attract clients. * Following the fast river in a career and why alternatives are “the fast river.” * The meaning of “structure over strategy.” * The rise in popularity of evergreen funds. Thanks Gregg and Neil for sharing your thoughts and expertise on private markets. Thanks to our sponsor, Ultimus Fund Solutions, for making this episode possible. https://lnkd.in/eBtyw6Fm

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Massachusetts in 2024 is home to the most climate tech startups per capita in the country. They thrive at institutions like MIT and Greentown Labs, turning big ideas into tangible solutions. But we struggle to keep them here. States from coast to coast are wooing away entrepreneurs and employers. These places facilitate demonstration programs, connect companies to trained workers, and provide access to real estate for manufacturing. The Mass Leads Act rebalances these incentives, directing capital investments and tax benefits that keep these innovators in Boston for the long term and encourages others to join them. #climatetech #climateVC #venturecapital

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Not all of the investments that Kindred Capital VC makes can be a 13 year sourcing process.... but... this is one of those very fortunate moments in which a relationship that started over a decade ago in the Bay Area where the brilliant A-H. Hleileh and I overlapped has now turned into an incredibly exciting opportunity for Kindred to lead his and Ron Holifield's first institutional round at Civic Marketplace. We believe: 1. Local government procurement is one of the most underserved areas in technology today, and has failed to keep pace with the private sector. They deserve better. 2. This is a huge opportunity, with US local governments spending alone amounting to over $1.5 trillion in annual spend, which is only going in one direction... 3. As the brilliant Kip Harkness shared with me in our diligence phase, "this industry moves at the speed of trust." And this is a unique founding team with A-H. Hleileh and Ron Holifield at the helm who bring together two critical ingredients: 1) decades of trust-building within this domain, and 2) a team who can build beautiful and scalable technology platforms. Onwards!! 🚀

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Governments play a pivotal role in shaping innovation ecosystems. By establishing regulations, providing funding, creating enabling environments, and influencing innovation priorities, policymakers set the stage for technological and economic advancements. While federal policies often guide the broader framework, state and local governments are critical in driving equitable outcomes. To build true equity within the innovation ecosystem, we must engage directly with governments—not just as recipients of services but as decision-makers and partners—ensuring access and opportunity are shared by all. What are your thoughts on how we can strengthen these partnerships to create a more inclusive future?

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Massachusetts is a powerhouse when it comes to innovation ecosystems. With strengths in key sectors like education, healthcare, biotechnology, artificial intelligence, clean energy, and fintech, the state is at the forefront of transformative advancements. Emerging collaboration, creativity, and growth trends continue to define its ecosystem, supported by a rich history, an innovative environment, and abundant investment opportunities. It’s no surprise that Massachusetts remains a global leader in driving innovation. #InnovationEcosystem #Massachusetts #TechInnovation #Collaboration #CleanEnergy #Fintech #Biotechnology #ArtificialIntelligence #EconomicGrowth #FutureOfTech

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It's interesting to see how valuation trends have shifted, especially the decline in up rounds this year. This data is crucial for founders and investors to set realistic expectations in a tougher fundraising climate. Understanding these trends can really help in planning for the future! 👏

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Last week, I had the pleasure of moderating a discussion on navigating FOAK in climate tech at the Greentown Labs Summit in Boston (which had >600 people!!). Here’s a quick rundown of what was shared by Katherine St. James of Spring Lane Capital, Paris Smalls, PhD of Eden GeoPower, and Hannah Friedman of Planeteer Capital: 🌱 What is the definition of FOAK? We discussed how the term can be controversial - it's almost too general because it doesn't identify what kind of "First" FOAK refers to - first team project? First geography? First of a technology in a sector? First time for the integration of a system? It's also too specific because it has the word "first" in it, which can be anathema to later stage / project finance investors. 💰 Partnerships for Funding FOAK Projects We discussed how important it is to build a blended capital stack & use off-balance sheet capital for a project so you're not using the most expensive equity dollars to fund an infrastructure project with low-ish IRR. We also talked through being creative about using corporate partners to provide in-kind services or ink some agreement (at least an LOI) to attract this funding. 🏛 Role of Government We talked about how government capital is seen by investors & how it can be catalytic for FOAK. Government capital can provide validation that a startup has passed a rigorous diligence process by a third party - and incentives like grants or credits can help improve returns for the first project- but it's important to be doing this in conjunction with getting customer validation and to be able to present line of sight to competitive economics without concessionary capital. 👥 Advice for FOAK startups The panelists offered some very specific pieces of advice for startups going through FOAK: how to get creative with things like revenue sharing agreements or convertible notes, getting smart with project development early on (like with DeveloperU), being careful about using FOAK too liberally with certain investor groups, getting the right commercialization / FOAK talent in and around you early Huge thanks to the panelists and the team at Greentown Labs (Jill Kirkpatrick, Julia Travaglini, Aisling Carlson, etc you rocked it!!) for hosting this discussion on bridging the FOAK gap. Also immensely enjoyed the rest of the agenda. Check out the full recap & videos here: https://lnkd.in/d9ApYe9Y #ClimateTech #FOAK #ClimateFinance #ProjectDevelopment #GreenTech #CleanEnergy

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I’m thrilled to announce that I’ll be speaking at the "Delivering on the Innovation Promise of Startups" session at the GAIN Summit on Thursday, September 9th! https://lnkd.in/dTrfc-vg During this facilitated discussion, I’ll be joining fellow founders and CEOs to dive into how startups are driving AI innovation. We’ll explore how our agility, adaptability, and collaboration with research institutions are enabling us to develop cutting-edge AI technologies and bridge the gap between academia and industry. If you’re attending the summit, I’d love to connect! Let’s discuss how we can continue pushing the boundaries of AI together. #GAIN2024 #Retailtech #AIforRetail #RetailPerformance #DataDrivenInsights #EmployeeEngagement #Sthrive

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Practice your #voting skills and help us highlight #regenerativefinance at SXSW!

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