You are on page 1of 6



+RZWRSLFNVWDUWXSLGHDV

6ODYD$NKPHFKHW
,DPDFRIRXQGHURI5HWKLQN'%DQRSHQVRXUFHGLVWULEXWHGGDWDEDVHGHVLJQHGWRKHOSGHYHORSHUVDQG
RSHUDWLRQVWHDPVZRUNZLWKXQVWUXFWXUHGGDWDWREXLOGUHDOWLPHDSSOLFDWLRQV:H
UHKLULQJ

+RZWRSLFNVWDUWXSLGHDV
)HE
2QHRIWKHPRVWLPSRUWDQWWKLQJV,OHDUQHGIURPUXQQLQJDVWDUWXSLVWKDWRQDPDFURVFDOHWKHLQQRYDWLRQ
PDUNHWLVHIILFLHQW,IWKHPDUNHWFRQGLWLRQVDOORZIRUDVWDUWXSWRDULVHLWVRYHUZKHOPLQJO\SUREDEOHWKDW
PXOWLSOHVWDUWXSVDOUHDG\H[LVWLQWKDWPDUNHW7KHFRQYHUVHLVDOVRWUXHLIWKHUHDUHQRVWDUWXSVLQD
JLYHQPDUNHWLWVRYHUZKHOPLQJO\SUREDEOHWKDWPDUNHWFRQGLWLRQVDUHQRWKRVSLWDEOHDQGVWDUWXSVFDQQRW
DULVH
,QWKLVVHQVHVWDUWXSVDUHVLPLODUWRELRORJLFDOOLIH:KHUHYHUWKHFRQGLWLRQVDUHKRVSLWDEOHOLIHDOUHDG\
H[LVWV7KHGLIIHUHQFHLVWKDWVWDUWXSVOLYHLQDQHFRQRPLFUDWKHUWKDQDELRORJLFDOHQYLURQPHQW
7KLVKDVPDVVLYHLPSOLFDWLRQVIRUSLFNLQJVWDUWXSLGHDVEHFDXVHWHFKQRORJ\FRPSDQLHVWHQGWREHZLQQHU
WDNHVDOO7KHILUVWWHFKQRORJ\FRPSDQ\WRVROYHDSUREOHPLVRIWHQZRUWKPXFKPRUHWKDQDOORILWV
FRPSHWLWRUVFRPELQHG6RLIDFRPSDQ\DOUHDG\H[LVWVLQDPDUNHWLWVRYHUZKHOPLQJO\OLNHO\\RXZRQW
EHDEOHWRGLVSODFHLW
&RQYHQWLRQDOZLVGRPVWDWHVWKDWVWDUWXSIRXQGHUVVKRXOGZRUNRQSUREOHPVWKH\RUSHRSOHWKH\NQRZ
KDYHEXWDVDILOWHUIRUVWDUWXSLGHDVWKLVPRGHOLVIDUWRRSHUPLVVLYH0DUNHWHIILFLHQF\LPSOLHVWKDWLID
SUREOHPLVYDOXDEOHDQGVROYDEOHLWVRYHUZKHOPLQJO\OLNHO\WKDWLWDOUHDG\ZRXOGKDYHEHHQVROYHG
&RQYHUVHO\LILWLVQWVROYHGWKHUHPXVWEHVWUXFWXUDOUHDVRQVIRUZK\VROYLQJLWLVQWSRVVLEOH
(QFRXUDJLQJIRXQGHUVWRZRUNRQWKHVHVRUWVRISUREOHPVLVDZLQQLQJVWUDWHJ\IRULQYHVWRUVEHFDXVHWKH
ODZRIODUJHQXPEHUVLVRQWKHLUVLGH,WV2.IRUPRVWVWDUWXSVLQWKHLUSRUWIROLRWREHRYHUZKHOPLQJO\
XQOLNHO\WRVXFFHHG6RORQJDVWKHSRUWIROLRLVODUJHHQRXJKIRURQHRUWZRZLQQHUWDNHVDOOFRPSDQLHVWR
VXFFHHGLQODUJHPDUNHWVDIXQGZLOOKDYHJRRGUHWXUQV
+RZHYHUWKLVLVDWHUULEOHVWUDWHJ\IRUIRXQGHUVEHFDXVHWKHODZRIODUJHQXPEHUVLVQWRQWKHLUVLGH$
VWDUWXSIRXQGHUGRHVQWJHWHQRXJKVKRWVWRJHWDJRRGH[SHFWHGYDOXHLIWKH\VLPSO\ORRNIRUYDOXDEOH
SUREOHPV6RDZLQQLQJIRXQGHUVWUDWHJ\PXVWLQFOXGHDPXFKWLJKWHUILOWHUIRUVWDUWXSLGHDV
,I\RXFDQWGLVSODFHDQH[LVWLQJWHFKQRORJ\FRPSDQ\DQGLWVRYHUZKHOPLQJO\SUREDEOHWKDWWKHPDUNHW
HQYLURQPHQWSUHYHQWVDQ\JLYHQXQVROYHGSUREOHPIURPEHLQJVROYHGKRZGRVXFFHVVIXOQHZVWDUWXSV
DULVH"
3DUDGR[LFDOO\WKHVROXWLRQLVWRVWRSWKLQNLQJRIVWDUWXSLGHDVLQWHUPVRIVROYLQJSUREOHPVLQWKHHDUO\
VWDJHVRIVWDUWXSJHUPLQDWLRQDQGLQVWHDGVWDUWWKLQNLQJLQWHUPVRIFKDQJHVLQWKHHFRQRPLFHQYLURQPHQW
DQGWKHRSSRUWXQLWLHVWKHVHFKDQJHVXQORFN
0XFKOLNHWKHELRORJLFDOHQYLURQPHQWWKHHFRQRPLFHQYLURQPHQWLVQWVWDWLF6RFLHW\VPRUDOFRPSDVV
FKDQJHVRYHUWLPH3ROLWLFDOHQYLURQPHQWVDGDSWWRVRFLDOQRUPVDQGQDWLRQVWDWHVDGRSWPRUHOLEHUDO
KWWSZZZGHIPDFURRUJVWDUWXSLGHDVKWPO





+RZWRSLFNVWDUWXSLGHDV

ODZV3HRSOHLQGHYHORSLQJFRXQWULHVJHWULFKHU6PDOOTXDQWLWDWLYHDGYDQFHVLQWHFKQRORJ\DGRSWLRQFURVV
DWKUHVKROGRIFULWLFDOPDVVDQGWXUQLQWRTXDOLWDWLYHFKDQJHV
&KDQJHVLQWKHHQYLURQPHQWXQORFNVWDUWXSRSSRUWXQLWLHV$QGVLQFHWHFKQRORJ\FRPSDQLHVDUHRIWHQ
ZLQQHUWDNHVDOOUHFRJQL]LQJDQHQYLURQPHQWDOFKDQJHILUVWDQGJHWWLQJWRPDUNHWZLWKDYLDEOHVROXWLRQ
GUDPDWLFDOO\LQFUHDVHVWKHSUREDELOLW\RIORQJWHUPPDUNHWGRPLQDQFH
,QWKHHDUO\VWDJHVDVN\RXUVHOIKRZLVWKHZRUOGFKDQJLQJDQGZKDWFDQ,GRDERXWLW"2QO\RQFH\RX
LGHQWLI\DQHQYLURQPHQWDOFKDQJHDQGPDNHVXUH\RXUHQRWODWHWRPDUNHWVKRXOG\RXVWDUWWKLQNLQJ
DERXW\RXUFRPSDQ\LQWHUPVRIVROXWLRQVWRSUREOHPV

&RPSHWLWLRQ
/RRNLQJDWHQYLURQPHQWDOFKDQJHVWRJHQHUDWHDQGHYDOXDWHVWDUWXSLGHDVLVDJRRGILUVWSDVVEXWLWLVQW
VXIILFLHQW%\WKHWLPH\RXGLVFRYHUDFKDQJHPDQ\RWKHUSHRSOHZLOOKDYHGLVFRYHUHGLWWRR)RU
H[DPSOHZKHQDMRXUQDOLVWSXEOLVKHVDQDUWLFOHDERXWDWUHQGWKH\ZLOOKDYHJRWWHQWKHLULQIRUPDWLRQ
IURPPXOWLSOHH[LVWLQJFRPSDQLHVZRUNLQJLQWKDWPDUNHW
:KHQ\RXUHILUVWWRPDUNHWZLWKDYLDEOHSURGXFW\RXUFXVWRPHUVZLOOFRPSDUH\RXWRWKHVWDWXVTXR
<RXOOVQDSXSHDUO\DGRSWHUVIRONVZKRDUHRQWKHEOHHGLQJHGJHRIWKHWUHQGDQGLI\RXUSURGXFWLV
JRRGWKHFDVHIRUPRUHFRQVHUYDWLYHFXVWRPHUVZLOOJHWVWURQJHUDQGVWURQJHURYHUWLPH
:KHQ\RXUHVHFRQGWRPDUNHWZLWKDYLDEOHSURGXFW\RXUFXVWRPHUVZLOOFRPSDUH\RXWRWKHFRPSDQ\
DQGSURGXFWWKDWJRWWRPDUNHWILUVW,IWKDWKDSSHQV\RXUMREZLOOEHRUGHUVRIPDJQLWXGHPRUHGLIILFXOW
,WVQRORQJHUVXIILFLHQWWRFDSLWDOL]HRQWKHWUHQG<RXKDYHWRILQGDVWURQJSRLQWRIGLIIHUHQWLDWLRQZLWK
WKHILUVWFRPSDQ\DQGHPSLULFDOO\WKLVLVGUDPDWLFDOO\PRUHGLIILFXOWWKDQIRXQGHUVWKLQN
)LUVWPRYHUDGYDQWDJHLVH[DFHUEDWHGE\WKHIDFWWKDWWHFKQRORJ\FRPSDQLHVHQMR\FRPSRXQGHGJURZWK
%XLOGLQJRUJDQL]DWLRQVWDNHVWLPH,QFRUSRUDWLQJIXQGUDLVLQJUHFUXLWLQJDQGVKLSSLQJDQGPDUNHWLQJD
SURGXFWFDQHDVLO\DGGXSWRPDQ\PRQWKVRIZRUN,I\RXUHVHFRQGWRPDUNHW\RXUFRPSHWLWRUZLOOKDYH
EHHQVFDOLQJWKHLUXVHUDFTXLVLWLRQPDFKLQHZKLOH\RXUHVWLOOVFUDPEOLQJWRVKLS\RXUSURGXFW7KH\OO
DFTXLUHUHVRXUFHVDWDQH[SRQHQWLDOUDWHWKDWDOORZWKHPWRUHDFKHYHQPRUHFXVWRPHUVEHIRUH\RXGRDQG
\RXOOEHVWXFNWU\LQJWRH[SODLQWRXVHUVKRZ\RXUSURGXFWLVGLIIHUHQWIURPWKHLUV0RVWRIWKHWLPHWKDW
PHDQVWKHGHDWKRI\RXUFRPSDQ\

$GYDQWDJH
6R\RXQHHGWRJHWWRPDUNHWZLWKDYLDEOHSURGXFWEHIRUHDQ\RQHHOVHGRHV(PSLULFDOO\\RXFDQWGR
WKDWE\RXWH[HFXWLQJH[LVWLQJFRPSDQLHV(YHQLQWKHXQOLNHO\HYHQWWKDWPRVWRI\RXUFRPSHWLWRUVDUH
LQFRPSHWHQWMXVWRQHFDSDEOHFRPSHWLWRUZLOOGUDPDWLFDOO\UHGXFH\RXUFKDQFHVRIVXFFHVV<RXQHHGWR
ILQGDWUHQGEHIRUHRWKHUVGRDQGJHWVWDUWHGZKLOHWKHPDUNHWLVZLGHRSHQ
7KHUHDUHQRIRUPXODVWROHDUQLQJDERXWFKDQJHVHDUO\EXW\RXFDQSXW\RXUVHOILQDSRVLWLRQWRJHW
XQLTXHLQVLJKW)RUH[DPSOH\RXFDQOHDUQDERXWFKDQJHVHDUO\EHFDXVHRI\RXUMRERUKREELHV6SHHFK
UHFRJQLWLRQUHVHDUFKHUVSUREDEO\NQHZWKDWVSHHFKUHFRJQLWLRQZDVJHWWLQJJRRGHQRXJKDIHZ\HDUV
EHIRUH,GLGEHFDXVH,RQO\OHDUQHGDERXWLWZKHQZRUNLQJVSHHFKUHFRJQLWLRQSURGXFWVVWDUWHGKLWWLQJWKH
PDUNHW
6RPHWLPHV\RXUXQLTXHEDFNJURXQGFDQPDNH\RXDZDUHRIFKDQJHVWKDWRWKHUSHRSOHFDQWVHH$
SODXVLEOHVWRU\DERXWZK\PRVWRIWKHSRSXODWLRQLVEOLQGWRVRPHWKLQJWKDWVDUHDVRQDEOHHGJH)RU
KWWSZZZGHIPDFURRUJVWDUWXSLGHDVKWPO





+RZWRSLFNVWDUWXSLGHDV

H[DPSOHPD\EH\RXWKLQNWKDWSHRSOHZKRKDYHQWOLYHGLQWKHWKLUGZRUOGGRQWXQGHUVWDQGKRZ
LPSRUWDQWUHPLWWDQFHVDUHRUWKDWWKHWKLUGZRUOGLVMXVWQRZJHWWLQJVXIILFLHQWO\QHWZRUNHGWKDW\RXFDQ
GRWKHPGLJLWDOO\
<RXPLJKWDOVREHLQDSRVLWLRQWRH[SORLWFKDQJHVEHFDXVHRIVSHFLILFDGYDQWDJHVWKDWDUHXQLTXHWR\RX
6RPHFKDQJHVFDQEHH[SORLWHGE\MXVWDERXWDQ\RQHRWKHUFKDQJHVPLJKWUHTXLUHGHHSWHFKQLFDO
NQRZOHGJHRUDKXJHDPRXQWRIHIIRUWWKDWPRVWHQWUHSUHQHXUVDUHQWZLOOLQJWRSXWLQ6HOIGULYLQJFDUV
PLJKWEHDQH[DPSOHRIWKLVHYHU\RQHZDVWDONLQJDERXWKRZWKH\ZHUHMXVWRQWKHHGJHRISRVVLEOHIRU
\HDUVEXWRQO\*RRJOHPDQDJHGWRSXWWRJHWKHUWKHH[SHUWLVHFDSLWDODQGGHWHUPLQDWLRQWRJHWWRWKHODVW
PLOH
7KHUHDUHRWKHUZD\VWRJHWDQHGJH)RUH[DPSOHLI\RXKDYHWKHUHVRXUFHVRIDODUJHFRPSDQ\DW\RXU
GLVSRVDO\RXPLJKWEHODWHWRPDUNHWDQGVWLOOZLQRYHU\RXUFRPSHWLWRUVE\KDYLQJDODUJHUPDUNHWLQJ
EXGJHWRUH[LVWLQJGLVWULEXWLRQLQIUDVWUXFWXUH%XWWKLVLVUDUHLQDVWDUWXSZRUOG6WDUWXSVXVXDOO\GRQW
ZLQEHFDXVHRIVXSHULRUUHVRXUFHVWKH\ZLQEHFDXVHWKH\UHFRJQL]HDWUHQGDQGVKLSDYLDEOHSURGXFW
ILUVW

6WRU\
7KLQNLQJDERXW\RXUVWDUWXSLQWHUPVRIFKDQJHVLQWKHZRUOGGRHVQWMXVWPDNH\RXUVWDUWXSGUDPDWLFDOO\
PRUHOLNHO\WRVXFFHHGEHFDXVHLWVDEHWWHUPRGHOIRUWHFKQRORJ\LQQRYDWLRQ,WKDVRWKHUVXUSULVLQJ
EHQHILWV
,QWKHLQLWLDOVWDJHVRIDVWDUWXS\RXKDYHWRWDONWRDORWRISHRSOHSRWHQWLDOXVHUVDGYLVRUVLQYHVWRUV
LQGXVWU\H[SHUWVHDUO\HPSOR\HHVDQGHYHQWXDOO\MRXUQDOLVWV7KHILUVWTXHVWLRQSHRSOHDVNLVZKDWGRHV
\RXUVWDUWXSGR"6RFRPPXQLFDWLQJZKDW\RXGRLVWKHILUVWWDFWLFDOSUREOHP\RXKDYHWRVROYH
+XPDQEHLQJVDUHZLUHGWRUHVSRQGWRVWRU\WHOOLQJDQGDOOVWRULHVKDYHWKHVDPHIXQGDPHQWDOVWUXFWXUH
+HUHLVWKHVLPSOHVWSRVVLEOHIUDPHZRUNWRWHOODVWRU\IURP3L[DUVUXOHVRIVWRU\WHOOLQJ
2QFHXSRQDWLPHWKHUHZDVBBB(YHU\GD\BBB2QHGD\BBB%HFDXVHRIWKDWBBB
%HFDXVHRIWKDWBBB8QWLOILQDOO\BBB
7KHILUVWSDUWLVWKHVHWXS7KHZRUOGXVHGWRZRUNLQDSDUWLFXODUZD\DQGKHUHLVZKDWLWPHDQWIRU
SHRSOHVGDLO\OLYHV7KHQH[WSDUWLVWKHFKDQJHLQWKHZRUOG7KHVHSDUWVDUHRQO\WDQJHQWLDOO\UHODWHGWR
\RXUVWDUWXSWKHHQYLURQPHQWDOFKDQJH\RXUHGHVFULELQJVKRXOGEHLQHYLWDEOHUHJDUGOHVVRIZKHWKHU
\RXVWDUW\RXUFRPSDQ\7KHPDUNHWLVHIILFLHQWUHPHPEHU",I\RXGRQWVWDUW\RXUFRPSDQ\WRUHVSRQG
WRWKHFKDQJHPDQ\RWKHUWHDPVZLOO<RXUJRDOLVWRJHWWRPDUNHWZLWKDYLDEOHSURGXFWILUVWZKLFK
PRUHRIWHQWKDQQRWZLOOKHOS\RXHVWDEOLVKPDUNHWGRPLQDQFH
2QFH\RXGHVFULEHWKHFKDQJHLQWKHZRUOGRQO\WKHQGR\RXWDONDERXW\RXUSURGXFWDQGFRPSDQ\7KH
FKDQJHLVRFFXUULQJLQGHSHQGHQWRI\RXUDFWLRQV<RXMXVWKDSSHQWRQRWLFHLWILUVW
7KHODVWSDUWVKRZVKRZ\RXUFRPSDQ\ZLOOWUDQVIRUPSHRSOHVOLYHV:KHQ\RXUVWDUWXSJURZVODUJH
HQRXJKWRRZQWKHPDMRULW\RIWKHPDUNHW\RXZLOOEHWKHFDXVHRIWKHQH[WTXDOLWDWLYHHQYLURQPHQWDO
FKDQJH,QWKLVZD\\RXUVWDUWXSZLOOFRPSOHWHWKHFLUFOHRIWHFKQRORJ\LQQRYDWLRQ
7KLVLVKRZWKHEHVWFRPSDQLHVWHOOWKHLUVWRULHV3HRSOHEX\FDUVGULYHQE\LQWHUQDOFRPEXVWLRQHQJLQHV
%XWEDWWHU\WHFKQRORJ\KDVJRWWHQFKHDSHQRXJKWKDWZHFDQEXLOGDSXUHHOHFWULFYHKLFOH,WVVWLOOIDLUO\
H[SHQVLYHVRZHOOVWDUWZLWKOX[XU\YHKLFOHV$VEDWWHU\WHFKQRORJ\JHWVHYHQFKHDSHUZHOOJRGRZQ
PDUNHW8QWLOILQDOO\ZHOOWUDQVIRUPWKHDXWRLQGXVWU\VRWKDWHYHU\FDUZLOOEHDQHOHFWULFFDU
KWWSZZZGHIPDFURRUJVWDUWXSLGHDVKWPO





+RZWRSLFNVWDUWXSLGHDV

7KLVW\SHRIVWRU\WHOOLQJLVLQFUHGLEO\HIIHFWLYHDWSURSHOOLQJ\RXUVWDUWXS(DUO\DGRSWHUVHPSOR\HHVDQG
DGYLVRUVZLOOEHPRUHOLNHO\WRVLJQRQEHFDXVH\RXUHLQYLWLQJWKHPRQDMRXUQH\,QYHVWRUVZLOOEHPRUH
OLNHO\WRUHVSRQGEHFDXVHWKLVPDWFKHVWKHLUPRGHORIWKHZRUOG$QGMRXUQDOLVWVZLOOFRYHU\RXEHFDXVH
\RXUHHVVHQWLDOO\GRLQJWKHLUMREIRUWKHP
$JRRGVWRU\JLYHV\RXWUHPHQGRXVGHVFULSWLYHSRZHUWRH[SODLQZKDW\RXGRWRGLIIHUHQWSDUWLHVLQD
FRQVLVWHQWZD\%XWHYHQPRUHLPSRUWDQWO\DJRRGVWRU\LVSUHVFULSWLYHLWLQIRUPVGHFLVLRQVDQGIRUFHV
\RXWRPDNHGLVFLSOLQHGFKRLFHV,I\RXUHDERXWWRPDNHDGHFLVLRQWKDWGRHVQWILW\RXUVWRU\\RXKDYH
WRH[SOLFLWO\FKRRVHZKHWKHUWRUHHYDOXDWHWKHGHFLVLRQRUWRUHILQH\RXUVWRU\(DUO\VWDJHVWDUWXSVJHW
SXOOHGLQDWKRXVDQGGLIIHUHQWGLUHFWLRQV7KH\UHPXFKPRUHOLNHO\WRJHWNLOOHGE\FRPSURPLVHVWKDQE\
FRPPLWWLQJWRDZURQJSDWK$JRRGVWRU\NHHSV\RXKRQHVWSUHYHQWV\RXIURPWU\LQJWRSOHDVH
HYHU\ERG\DQGJLYHV\RXWKHPHQWDOFODULW\WRJRLQDFRQFUHWHGLUHFWLRQ

([FHSWLRQV
7KHQRWLRQVWKDWLQQRYDWLRQPDUNHWVDUHHIILFLHQWDQGWKDWILUVWPRYHUVDUHRYHUZKHOPLQJO\GLIILFXOWWR
GLVSODFHDUHFRQWURYHUVLDOEHFDXVHLWVHDV\WRWKLQNRIFRXQWHUH[DPSOHV
%HDWV+HDGSKRQHVEURNHHYHU\UXOHLQWKLVDUWLFOHDQGVWLOOVXFFHHGHGEHFDXVHIDVKLRQFRPSDQLHVDUH
LQKHUHQWO\ILFNOHDQGXQVWDEOH0LFURVRIW6XUIDFHVKLSSHGDSRRUO\GLIIHUHQWLDWHGSURGXFWDQGVXFFHHGHG
LQDIDLUO\PDWXUHPDUNHWEHFDXVHRIDKXJHPDUNHWLQJEXGJHW0DQ\RSSRUWXQLWLHVUHPDLQXQGLVFRYHUHG
IRU\HDUVDQGPDQ\GHHSO\WHFKQLFDOSUREOHPVUHPDLQRSHQIRUGHFDGHVXQWLOILQDOO\VRPHRQHDEUXSWO\
VQDSVWKHPXS(YHQVHHPLQJO\XQVWRSSDEOHK\SHUJURZWKFRPSDQLHVPDNHFULWLFDOPLVWDNHVDQG
HIIHFWLYHO\FRPPLWVXLFLGH
,QWKHVWDUWXSZRUOGWKHVHFDVHVDUHWKHH[FHSWLRQUDWKHUWKDQWKHUXOH0RVWIRXQGHUVFDQWVZLQJD
SDUWQHUVKLSZLWKDVXFFHVVIXOKLSKRSDUWLVWDQGFDQWH[HFXWHDELOOLRQGROODUPDUNHWFDPSDLJQRQWKH
FKHDS EXWWKLQNWKH\FDQ 6WDUWXSVWHQGWRIHHOH[FHSWLRQDOEHFDXVH\RXUHJRLQJRIIWKHEHDWHQSDWKEXW
ZLWKLQWKHVWDUWXSZRUOG\RXUHOHVVH[FHSWLRQDOWKDQ\RXWKLQN
,I\RXUHFRQYLQFHG\RXYHIRXQGDQH[FHSWLRQEHFDUHIXO0RVWVWDUWXSVIDLODWLQFHSWLRQDQGWDNH\HDUV
WRILQGRXWEHFDXVHWKHIRXQGHUVGLGQWXQGHUVWDQGHIILFLHQWPDUNHWVDQGILUVWPRYHUDGYDQWDJH6RWKLQN
DERXWWKLVPRGHOGHHSO\DQGXQGHUVWDQGLWILUVW([FHSWLRQVGRH[LVWEXWPDNHVXUH\RXKDYHDGHHS
XQGHUVWDQGLQJRIZKDW\RXUHGRLQJ<RXQHHGWROHDUQWKHUXOHVEHIRUH\RXFDQLQYHQW\RXURZQ

6HOIGHFHSWLRQ
2QHFDYHDWWRWKLQNLQJRIVWDUWXSLGHDVLQWHUPVRIHQYLURQPHQWDOFKDQJHVLVWKDWLWVVRHIIHFWLYHWKDWLWV
HDV\WRGHFHLYH\RXUVHOIZLWKHDUO\VXFFHVV6PDUWDQGVXIILFLHQWO\GHWHUPLQHGHQWUHSUHQHXUVFDQILQG
HYLGHQFHIRUHQYLURQPHQWDOFKDQJHVWRVXSSRUWDOPRVWDQ\VWDUWXSLGHD,I\RXUHFRPPLWWHGWREXLOGLQJD
IRRGGHOLYHU\VHUYLFH\RXFDQDOZD\VLQYHQWDK\SRWKHVLVZHDYHDQDUUDWLYHDERXW\RXUSURGXFWDURXQG
LWILQGFUHGLEOHVXSSRUWLQJGDWDDQGSROLVK\RXUSLWFKXQWLODODUJHQXPEHURISHRSOHEHOLHYHLW
8QIRUWXQDWHO\\RXZLOOKDYHFUHDWHGYHU\FRPSHOOLQJILFWLRQ
7KLVLVQWXQOLNHWKHSURFHVVRIXQGHUPLQLQJWKHVFLHQWLILFPHWKRGE\EHOLHYLQJLQ\RXUK\SRWKHVLVVR
VWURQJO\WKDW\RXVWDUWWRXQFRQVFLRXVO\UHMHFWGLVFRXUDJLQJHYLGHQFH&RQILUPDWLRQELDVLVGHDGO\LQ
VFLHQFHDQGLWVHTXDOO\GHDGO\LQEXVLQHVV
,WVUHODWLYHO\HDV\WRDWWUDFWDVXUSULVLQJDPRXQWRIFDSLWDOWDOHQWDQGSUHVVLQWHUHVWWR\RXUFRPSDQ\WKLV
ZD\ZKLFKPDNHVWKHWHFKQLTXHH[WUHPHO\GDQJHURXV,YHPHWSHRSOHZKREXUQHGWKURXJKPLOOLRQVRI
KWWSZZZGHIPDFURRUJVWDUWXSLGHDVKWPO





+RZWRSLFNVWDUWXSLGHDV

GROODUVRIRWKHUSHRSOHVPRQH\DQGZDVWHGKXQGUHGVRIPDQ\HDUVRQSURMHFWVEHFDXVHWKH\G
LQDGYHUWHQWO\FUHDWHGYHU\FRPSHOOLQJILFWLRQVDQGZHUHVXIILFLHQWO\WDNHQE\HDUO\VXFFHVVWREHOLHYHLQ
WKHLURZQILFWLRQWKHPVHOYHV
6RLWLVQWMXVWLPSRUWDQWIRUWKHVWRU\WREHFRPSHOOLQJ,WVDOVRH[WUHPHO\LPSRUWDQWIRUWKHVWRU\WREH
ULJKW
(YDOXDWLQJWKHFRUUHFWQHVVRIDVWRU\LVDQH[WUHPHO\FKDOOHQJLQJDUWWKDWOLHVDWWKHLQWHUVHFWLRQRIPDQ\
GLVFLSOLQHVHFRQRPLFVVFLHQFHILFWLRQKLVWRU\DQWKURSRORJ\DQGVRFLRORJ\<RXOOQHHGWRWKLQN
GHHSO\DERXWWKHZRUOGDQGLQYHVW\HDUVRIFRQFHUWHGHIIRUWLQWREXLOGLQJDJRRGLQWXLWLRQIRUWKLQNLQJ
DERXWWKHIXWXUH(YHQWKHQ\RXOOEHULJKWRQO\DIUDFWLRQRIWKHWLPH%XW\RXFDQVWLOOJHWPXFKEHWWHU
WKDQUDQGRPFKDQFH

,QWXLWLRQ
+HUHDUHVRPHWKLQJV,YHUHDGWKDWKDYHKHOSHGP\WKLQNDERXWWKHIXWXUH,XVHWKHPWROHDUQKRZWRSXW
WRJHWKHUVWRULHVDQGWRKRQHP\LQWXLWLRQRQKRZOLNHO\WKHVHVWRULHVDUHWREHFRUUHFW
5HDGLQJ7KH(FRQRPLVWIRUDIHZPRQWKVLVDJUHDWZD\WRJHWRQWKHVDPHSDJHZLWKFRQYHQWLRQDO
ZLVGRP7KH(FRQRPLVWZULWHUVDUHYHU\JRRGDWWKLQNLQJDERXWWKHIXWXUH EXWNHHSLQPLQGWKDW
WKH\KDYHQRVWURQJSUHVVXUHWREHFRUUHFW 
3HWHU7KLHOVERRN=HURWR2QHLVH[FHOOHQW0RVWEXVLQHVVERRNVDUHWHUULEOHEXWWKLVRQHLVWKH
H[FHSWLRQ
5HDGLQJ+DUU\3RWWHUDQGWKH0HWKRGVRI5DWLRQDOLW\LVYHU\LQVWUXFWLYH:KDW+DUU\VSHQGVWKH
ILUVWHOHYHQFKDSWHUVGRLQJLVH[DFWO\ZKDW\RXZDQWWREHWHDFKLQJ\RXUVHOI7KHUXOHVDUH
GLIIHUHQWWKHUHLVPDJLFLQWKHZRUOG:KDWKDSSHQVQRZ"&DQ,JHWULFKIURPJDOOHRQVLFNOH
DUELWUDJH"
6LPLODUO\,EURZVHWKH797URSHVZLNLIURPWLPHWRWLPHWRKHOSPHGHFRQVWUXFWP\RZQILFWLRQ
:LOOLDP*LEVRQVHVVD\VLQ'LVWUXVW7KDW3DUWLFXODU)ODYRUKHOSHGPHWKLQNGHHSO\DERXW
WHFKQRORJLFDOLQQRYDWLRQLQWKHUHDOZRUOG
6LPLODUO\)LYH7KLQJV:H1HHGWR.QRZ$ERXW7HFKQRORJLFDO&KDQJHE\1HLO3RVWPDQKDVD
XQLTXHZD\RIWKLQNLQJDERXWWHFKQRORJ\+HVEHDULVKRQWHFKQRORJLFDOLQQRYDWLRQEXWVWLOOKDVD
XQLTXHO\XVHIXOZD\RIWKLQNLQJDERXWKRZWHFKQRORJ\SURSDJDWHV
2QFH\RXJHWWKURXJKWKHVHOLQNVVWDUWJRLQJGHHSHU
/HDUQDVPXFKDV\RXFDQDERXWPLFURHFRQRPLFVWRJHWDEHWWHUPRGHOIRUKRZWKHZRUOGZRUNV1RWMXVW
WKHEDVLFVRIVXSSO\DQGGHPDQGEXWPRUHDGYDQFHGWRSLFVOLNHFRPSOHPHQWDU\DQGVXEVWLWXWHJRRGV
HODVWLFLW\PDUJLQDOXWLOLW\HWF
6WXG\KLVWRU\'RQWMXVWOHDUQGDWHVDQGQDPHVEXWDVNGHHSTXHVWLRQV:K\GLGWKH2WWRPDQ(PSLUH
QHYHUGHYHORSIHXGDOLVPGHVSLWHEHLQJLQVLPLODUHFRQRPLFDQGWHFKQRORJLFDOVWDWHRIGHYHORSPHQWDV
(XURSHDQQDWLRQVWDWHV":K\GLGQWWKHLQYHQWRUVRIWKHVWHDPHQJLQHFDSWXUHPRVWRIWKHYDOXHWKH\
FUHDWHG":K\GLGQWWKH&KLQHVHFLYLOL]DWLRQHQGXSFRQTXHULQJ(XURSHGXULQJLWVJROGHQDJHVZKHQLW
ZDVIDUPRUHGHYHORSHGWKDQ(XURSHDQQDWLRQVWDWHV"
*HWDUXGLPHQWDU\XQGHUVWDQGLQJRIDQWKURSRORJ\DQGHWKQRJUDSK\8QGHUVWDQGHPLFDQGHWLFDSSURDFKHV
WRFXOWXUDOHYDOXDWLRQDQGOHDUQWRWKLQNGHHSO\RIFXOWXUDOFKDQJH
&RYHUWKHEDVLFVDQGVWDUWEUDQFKLQJRXWRQ\RXURZQ/RRNFDUHIXOO\DQG\RXOOILQGOHVVRQVLQWKHPRVW
VXUSULVLQJSODFHV$V\RXWKLQNGHHSO\DERXWWKHZRUOGVWDUWDFWLQJ7KHEHVWZD\WRJHWDQLQWXLWLRQIRU
KWWSZZZGHIPDFURRUJVWDUWXSLGHDVKWPO





+RZWRSLFNVWDUWXSLGHDV

KRZWRPDNHJRRGGHFLVLRQVLVWRPDNHDFWXDOGHFLVLRQVDQGREVHUYHUHVXOWVVRGRQWJHWZUDSSHGXSLQ
DQDO\VLVSDUDO\VLV6WDUWDFRPSDQ\DQGVWDUWOHDUQLQJIURP\RXURZQPLVWDNHV
7KDQNVWR0LFKDHO/XF\IRUUHYLHZLQJDQGFRQWULEXWLQJWRWKLVSRVW
6ODYD$NKPHFKHW
&RIRXQGHURI5HWKLQN'%
FRIIHHPXJ#JPDLOFRP

GHIPDFURRUJ
JLWKXEFRPFRIIHHPXJ

KWWSZZZGHIPDFURRUJVWDUWXSLGHDVKWPO



You might also like