Greg,
After our discussion yesterday, thought you might be interested in presenting 
our views on corporate venturing.  This was an invitation for Jeff, but he 
will be in a San Fran meeting and won't be able to make it.
Cheers'
Hamd


Alhamd Alkhayat
ENRON CORP.
+1(713)853-0315
----- Forwarded by Alhamd Alkhayat/NA/Enron on 12/06/2000 11:27 AM -----

	"Herrin, Angelia" <aherrin@hbsp.harvard.edu>
	12/06/2000 11:04 AM
		 
		 To: "'alhamd.alkhayat@enron.com'" <alhamd.alkhayat@enron.com>
		 cc: 
		 Subject: A new and update version!!!!!


  Mr. Alkhayat:

     Thank you for talking with me earlier. Enron's innovative corporate
venturing is a key part of one of Harvard Business School Publishing's new
best-sellers, Gary Hamel's "Leading the Revolution." Now, we're eager to
extend that conversation about innovative strategy approaches with an
upcoming conference in New York 

   We've targeted a small group of leaders to come together to talk about
strategies for innovative programs that contribute to the corporate bottom
line, both financially and strategically. We're calling this one-day
conference Corporate Venturing: Strategic Investing on Innovation's Edge.

   Ken Chenault, the COO and president of American Express and Michael
Ruettger, the CEO of EMC have both agreed to be part of the program, which
is now scheduled as a half-day gathering on Thursday, Feb. 8.  We would very
much like to have Mr. Skilling be a part of a panel/roundtable discussion
about ways corporations are exploring new technology and markets, generating
new business and creating new value. Mr. Skilling's experience in Enron's
strategic venturing "from the inside out" would be a particularly valuable
part of the discussion.

   This is going to be a small conference, limited to about 50 to 75
attendees in the audience, so there can be lively discussion. I know I speak
for HBSP and for our co-sponsor, Bain & Co., that Mr. Skilling would be an
important part of what is shaping up to as a very interesting conference. We
at HBSP believe this newly-launched conference series will become an
important part of our publishing and content development.

   Let me know if I can supply more information. Attached are our "thought
outlines" for topics that the panel would discuss.

Angelia

P.S. The panel line up now includes, Paul Guehler, VP of R&D at 3M, Rich
Bressler, CEO Time Warner Digital, Henry Chesbrough of HBS, Susan Mayer,
President MCI WorldCom Venture Fund, Brenda Gavin, President SR1 Fund,
SmithKline Beecham, Petra Koselka from Shell. We apparently have a
commitment from Cargill, but it's not in final final confirmation! 
  

   
     Agenda

Corporate Venturing
Strategic Investing on Innovation's Edge

Corporate venturing is the new engine behind the growth and revitalization
of companies that need to take advantage of technology and markets, expand
into new businesses and find strategic partners.

The corporate venturing conference will explore the strategies for venture
programs that contribute to the corporate bottom line - both financially and
strategically. Strategists and practitioners will lead discussions about the
best models for investing in innovation outside the corporation, as well as
managing the venture to ensure success. Topics will include corporate
venturing trends, managing the integration and relationship with emerging
companies, when and how to attract outside capital, and issues surrounding
retention, compensation and the spin-off of a corporate venturing fund.

This conference, limited to 50 to 75 attendees, is intended for CEOs, COOs,
CFOs, division presidents and other operating officers.


Program Outline

Thursday, February 8, 2001
The Four Seasons
New York

7:30 a.m. Breakfast

8 a.m. Opening session
A Conversation with Ken Chenault,  President and COO, American Express  

8:45 a.m. First Presentation:
           The Venture Capital Revolution: An Overview 
                             
     Corporate venture programs followed a start-and-stop pattern of growth
over the last 25 years.  But in the past decade, the number of corporate
funds and the size of their investments skyrocketed. What is behind these
dramatic changes,  as corporations move to harness the venture capitalists'
model. Why should  "outsourcing innovation" be a part of your growth
strategy? 

9 a.m. First Panel
             The Strategic Venture: When to Reach Outside

       Corporate venturing is a complex undertaking. Research shows that
success depends on carefully targeted planning to integrate R&D strategy
functions and the corporate venture. This panel focuses on these questions: 

*   When do you know it is time to set up an independent business?
*   How do you think about venturing vs. expanding your core business? 
*   How are companies in every industry using corporate venture capital
as a tool to identify and develop new products ahead of the competition, as
well as create new partnerships?
*   What are the key measures successful companies use to determine
where and how dollars are invested in outside innovation? How can decisions
about what  NOT to invest in shape the funds direction?
*   How do successful companies balance the competing demands for fast
direct financial return versus long-term indirect gains in R&D? 
*   What are the strategic advantages in traditional funds, partnerships
with venture capitalists and hybrid forms?

BREAK


10:30 a.m. A Conversation with Michael Ruettgers, CEO, EMC 


   

  11:50 a.m. Second Panel
           Managing the Venture: Partnerships and Opportunities

      A strong corporate venture program must align  the activities of the
innovators, operational partners and equity partners,, inside and outside
the  company This panel focuses on  these questions:

*   What kind of governance and oversight relationships should the
corporation build with emerging companies, to leverage innovation without
stifling new ideas?
*   Do new technology buildouts demand a different kind of management?
*   How does the corporate "exit strategy" - public offerings vs.
acquisition --  affect investments and partnerships?
*   How can  an internally generated idea for a new business be
"spun-out", funded and managed as an "outside venture? 
*   How have compensation concerns put increasing pressures on corporate
venture programs?



Lunch

HARVARD BUSINESS SCHOOL PUBLISHING
Angelia Herrin
Executive Editor | Conference Director
300 NORTH BEACON STREET | WATERTOWN, MA 02472
Mail: 60 HARVARD WAY | BOSTON, MA 02163
Ph 617.783.7844 | Fx 617.783.7494
aherrin@hbsp.harvard.edu
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