The Stanford Program on Regions of Innovation and Entrepreneurship (SPRIE) cordially invites you and your guests to an invitation-only roundtable with two research pioneers at Stanford University on drivers for innovation and entrepreneurship of Silicon Valley.

This roundtable is designed to bring together a small circle of the Valley's leading executives, entrepreneurs, investors, service providers, and Stanford faculty for an in-depth, off-the-record  conversation.  Your participation and insights  will inform future research at Stanford on topics relevant for the future sustainability of the Valley.

CHARLES EESLEY Assistant Professor Department of Managament Sciences and Engineering Stanford University Charles Eesley, Assistant Professor, Dept. of Management Sciences and Engineering, Stanford University

SHAI BERNSTEIN Assistant Professor of Finance Stanford Graduate School of Business Shai Bernstein, Assistant Professor of Finance, Stanford Graduate School of Business

8:30AM: Welcome and Introductions

8:40AM-9:30AM: "Stanford University’s Economic Impact via Innovation and Entrepreneurship"

Topic for discussion:

• How do various key institutions of the Valley's ecosystem, such as Stanford, contribute to real economic outcomes in innovation and entrepreneurship?
• How can they be measured? What has been Stanford's economic impact?
• How has it changed over time? What light does this new analysis shed on changes and vulnerabilities for the Valley going forward?

Charles Eesley will share the results of a newly-released study that puts into perspective the sheer scale of Stanford's economic impact. In this systematic survey of Stanford alumni and faculty conducted by Eesley and SPRIE co-director William F. Miller, it is estimated that companies formed by Stanford entrepreneurs generate world revenue of $2.7 trillion annually and have created 5.4 million jobs since the 1930s. In addition to quantifying Stanford’s economic impact, the report examines Stanford’s role in fostering entrepreneurship and describes how the university creates an ecosystem that encourages creativity and entrepreneurship across schools and disciplines.

Moderator: William F. Miller, SPRIE Co-director; Herbert Hoover Professor of Public and Private Management Emeritus, Stanford Graduate School of Business

Discussant: Dixon Doll, Co-Founder and General Partner, DCM

Roundtable Discussion: All

9:30AM - 10:20AM: "Does Going Public Affect Innovation?"

After going public, how do firms perform in innovative activities, such as internal innovative projects, inventors' turnover, and reliance on acquisition of external technologies? Is the overall"IPO effect" positive or negative for a firms' innovation? Why? What implications does this have for innovation strategies in Silicon Valley?

Shai Bernstein will share his new findings on the "IPO effect" by comparing the long-run innovation of …firms that completed their filing and went public with that of …firms that withdrew their filing and remained private due to exogenous reasons. Using standard patent-based metrics, the results illustrate that the quality of internal innovation of public firms declines by 40 percent relative to …firms that remained private. He will discuss the reasons why and public leads firms to change their strategies in pursuing innovation.

Moderator: Henry S. Rowen, SPRIE Co-director; Senior Fellow, Hoover Institution, Stanford University

Discussant: Bob Pavey, Partner, Morgenthaler Ventures

Roundtable Discussion: All

10:20AM-10:30AM: Wrap-up Discussion

All participants should RSVP by Wednesday, October 31.

Any further questions, please contact Yan Mei at yanmei@stanford.edu, or 650.725.1885.