newsagostoin

Year 5, Vol. 8, August 2013

ANGEL VENTURES NEWSLETTER

Albert Einstein

The New Force in LatAm Entrepreneurial Exosystem. P. 2

Failure belongs to the successful. P. 3

Marketing, collaboration is no longer an option. P. 4

5 Legal protection tips for entrepreneurs.P. 6

A person who never

made a mistake never

tried anything new”

Yes, (yes you) can help shape the future of social entrepreneurship. P. 8PWC sessions. P. 10

AVM Events And Entrepreneur Ecosystem. P. 13 - 15

Financial Vocabulary & recomendations. P. 16 - 17

“

2 ANGEL VENTURES NEWSLETTER

ccording to recent studies, Mexico holds fourth place in LatAm for its entrepreneurial environment in favor of women’s partici-pation. This evaluation presents an opportu-nity for improvement and growth in Mexico’s economic potential. The Economist Intelli-gence Unit (EIU), in collaboration with the

Multilateral Investment Fund (FOMIN), member of The Group of the Inter-American Development Bank (BID), created the joint indicators, which aim to measure the quality of the entrepreneurial environment in favor of women. This general classification is based on five standards:

1- Security and stability 2- Corporate environment

3- Access to financing 4- Competence and skills

5- Social services

The countries that hold the top three places are: Chile, Peru and Colombia. These countries have been recognized due to their low macroeconomic risk, strong diversity initiatives for suppliers, solid social services, well-developed training programs for small and medium businesses, and accessibility to college level education for women. Why is it important to promote a favorable environment for women entrepreneurs? Generally, the lack of women entrepreneurs is perceived as an equality issue. However, it is an economic matter that negatively impacts society; men and women are affected. When a significant fraction of a population has the opportunity to start a business with the vision of creating value, the economic impact

A

The New Force in the LatAm Entrepreneurial Ecosystem

is tangible. Women entrepreneurs are an untapped resource in Mexico’s economic development.

What can improve the development of women entrepreneurs?For female entrepreneurs, the access to women mentors is key. A mentor serves as a professional guide that enhances the entrepreneurial journey. It is essential that women don’t underestimate the impact they can generate by empowering other women. By sharing their own experiences, female mentors can encourage other women to accomplish their professional goals.

Mexico has developed a good reputation in the financing area thanks to well-structured programs such as microfinance. However, a significant gap in the access to sophisticated financing methods is noticeable, including adequate terms and conditions. A subject worth highlighting is the scarcity of raising funds through venture capital. Private investment is vital for the encouragement of large-scale economic development.

According to Forbes magazine, venture capital funds that invest in women-led companies are more successful than those that don’t. That being said, investor groups such as Angel Ventures Mexico, which established the first co-investment fund in Latin America, are constantly looking for women entrepreneurs. Therefore, it is essential for women to not be intimidated by venture capital and utilize their competitive advantage.

As stated in the book Lean In by Sheryl Sandberg, Facebook’s COO, “Taking initiative pays off. It is hard to visualize someone as a leader if she is always waiting to be told what to do”

By: Emanette Peniche, Institutional Relations Manager at Angel Ventures Mexico-USA.

3ANGEL VENTURES NEWSLETTER

Failure belongs to thesuccessfulBy: Emma L. Cruz, Regional Public Relations Manager at Angel Ventures Mexico-USA

ear of failure is not something new. Nobody likes to fail because it means we did not achieve our goals, dreams, ideas or projects. What is new is the acceptance of failure in society; little by little we have removed the stigma of failure and even integrate it many times as a step in becoming successful.

Let´s set things straight, failure is not something positive, but if you can learn from failure and yet succeed to achieve your goals, take advantage of your mistakes, and make your failure productive, that’s when it turns into something positive. Although I´m new in the entrepreneur ecosystem, I have discovered a collective idea, a movement if you will, that I´ve found everywhere I turn. There are events, conferences and meetings where the theme is the positive outlook on failure. If you want to start a business, it is very important to keep in mind that you should not get discouraged when things do not go exactly as planned and keep trying. It is true that there is no magic recipe or instructions to reach success but there is so much information on the Internet, which I have dedicated to sum up in 7 points: • Take advantage of your strengths. Push yourself outside your

comfort zone, you will learn more about yourself and get to know your own limits.• Positive Attitude. Many people who have achieved exceptional things were just ordinary people with an extraordinary attitude. • Follow your instincts. Keep your self-confidence despite the failures and follow your heart. • Persistence. In order to achieve something, you must make a firm decision; insist many times as necessary to achieve your goal.• Think outside the box. It doesn´t matter how crazy your idea is or where or how you got the idea, as long as it is your own.• Ignore the criticism or the standards of what is right or wrong. Be guided by your own standards, do not try to please others, do it for yourself.• Do not regret anything, you’ve invested your time wisely. Remember the only real failure is never trying. I am sure these points will not only work to take on a project or a business. They can apply to personal goals, to try to overcome any challenge or to make the impossible possible. You cannot be afraid to fail, you have to think big and fight for your goals. Of course, the risks should be calculated, you should not be flying blind and hoping for the best, you need to prepare, practice, research and clearly have skills and talent.

F


ollaboration within companies is key to obtain better results when implementing marketing strategies. A free flow of information allows better outcomes when implementing a strategic advantage, increasing profits and becoming more efficient. However, collaboration requires commitment, responsibility, and confidence of both organizations involved.C

Marketing:Collaboration is no longer an option. By: Pedro J. Trujillo Stefanow, Analyst at Angel Ventures Mexico-USA.


Every day, the corporate world becomes more complex and interdependent of marketing, and it is not enough to participate in multi-functional teams to solve business problems. When trying to solve complex problems and successfully exploit market opportunities, you have to take into account that experience and information are no longer focused exclusively on the business, but rather is dispersed throughout the value network of the company, which includes suppliers, distributors, customers and even sometimes competitors.

Today it is more common to find companies that work together with its partners, because the evolution of marketing is aimed to make more effective information strategies and objectives to be implemented by the company.

Mainly, companies that have opted for collaboration; have done it for three main reasons: the greater interconnectivity of global trade, the increase of outsourcing and the increase of highly specialized organizations. However the failure rate of companies that have attempted to create collaborations is high. That is why bellow we present the basic pillars marketers suggest following:

This just may be discovered when the company is not able to solve a problem individually and the solution significantly improves when the knowledge and capabilities of the companies are taken into account collectively. Meaning that one of the key features of collaborations is the joint of planning and solving problems.

It is recommended that when you begin to form a partnership, start with a short-term project, to solve specific problems or take advantage of specific market opportunities. This has the purpose that with a short-term project you can deduce if the collaboration is positive. If there is an increased of knowledge of what you are looking for, it is therefore a dynamic form of collaboration with the premise that companies undertake specific projects as they become necessary.

The main advantage you have when implementing collaboration, is the development of tangible tasks, in other words, the effi-

ciency in solving problems. Companies collaborate because they want a combination of cost reductions, improvement of their product or service, faster results, and the increase of the capacity to develop convincing value proposals. This reaffirms what has been emphasized earlier in this article; collaboration allows companies to put knowledge and resources to develop innovative solutions that go beyond those that could be carried out individually.

While it is obvious that some companies can claim to want to cooperate, it is true that many are not committed enough, or they do not spend enough time or sufficient resources. So, it is difficult to obtain successful results, if there is no intention to invest time in face-to-face meetings and build relationships.

Unfortunately it is not an isolated case, it is a fact that there are companies that have the initiative to collaborate, but they fail to execute. It is common for companies to withhold essential information or simply to not take the time to listen and consider vital proposals. These facts not only favor failure or poor performance, but these features are detrimental to external relations. Collaboration requires joint decision-making, based on information provided by both parties. We can summarize that most cases of failed collaborations are because companies do not join forces in a serious way, with the appropriate degree of resource commitment and intensity in the exchange of information. Recent studies have concluded that good intensity partnerships improve both the performance of the tasks and the quality of the liaison.

The key principles of a collaboration that is less likely to fail can be summarized in three key principles, commitment, trust and credibility. These are fundamental to try to implement a successful collaboration. However, this can only be created with time and both parties involvement in a formal manner.

50 examples of collaboration between companieshttp://www.infonomia.com/articulo/libros/7620

How to realize that you should join someone else to work:

How long?

What are the benefits?

From theory to practice:

Key principles for a successful collaboration


Source: Mauricio Cano, CEO at Hoopol

5Legalprotection tips for entrepreneurs


ntrepreneurs often leave legal and tax issues in the last places of the to-do list. This practice is not only a bad business decision, but in many cases it is precisely the reason why the venture fails miserably. We suggest some points to consider when starting a business.

Create a companyThe creation of a legal entity not only gives seriousness to your project, but also functions as a limitation of the personal responsibility of its business partners against third parties. When you are operating under a legal entity, the company, not the partners, acquires rights and obligations against third parties. Generally, legal entities have an independent asset and personality from its members, and this allows investors to lessen the risk of the human and material resources that they add to the entity.

On the other hand, the creation of a company allows you to set clear rules between partners and provide certainty to each of them on key issues such as: 1. Minimum investment periods,2. Reinvestment and dividend distributions rules, 3. Voting formulas for decision-making, 4. The social or overall purpose of the business, 5. The ability to accept new members or “dismiss” the current ones, 6. The appointment of directors etc.

The typical form of the legal entity to create a business in Mexico is the S.A, although there are many other important social types as S.A of Variable Capital (S.A de C.V), Limited Liability Company (S. de R.L.), the Investment Promotion Company (SAPI), and Civil Society (SC), among others. Each one has advantages and disadvantages, so you should consult with an expert what is the proper way for your business type.

Review statutesIt is not enough to decide to create a company to carry out your own business. It is equally important that the partners take the time to read and understand the statutes. Since the beginning, you defined the rules of the game through clear and well-written articles; you will avoid many future problems. Remember that once the agreement is signed, you will need special clauses

Eto make any change, so the partners cannot change the rules, as they would like to. This helps to provide certainty to other investors.If you are going to be a minority within a business, get advice about the types of minority protection clauses that can be included in the laws.

Protect your brands, logos and intellectual property.It is relatively easy to apply for and obtain an exclusive right to trademarks, logos, patents, distinctive signs etc. In most cases, it is the Mexican Institute of Industrial Property (IMPI http://www.impi.gob.mx/ ) the authority to carry out these procedures. Anyone can start a registration process before the IMPI although it should first be advised by an expert in the field to know if the record that is being requested is appropriate. This is the typical case where invest, since the start, in obtaining appropriate advice to prevent further damage for choosing the wrong type of protection requested.

Consult an accountant and a lawyerEven if you do not have contemplated hired a full time attorney and/or an accountant, you should spend (in fact investing) even in an initial advice with an expert who you explain what is your business about and where you intend to grow it. Based on this, a good specialist will be able to give you valuable advice on the kind of society that you should constitute the basic contracts you should sign, and tax system in which you should be taxed. So that, you should be able to create a calendar with tax payment dates, a list of documents and files that should go in order to maintain and understand the accounting mechanism for revenue and make your own deductions and investment activity. Understanding this last point (i.e. the financial part of your operation) is as important as understanding the business model in which you are.

Document your relationships with customers and suppliers.Many times entrepreneurs look to save money where they should not. Having properly documented your relationships with customers and suppliers through appropriate agreements will avoid further unwarranted demands and will allow you to assert your rights in case you feel disappointed by any business relationship. You do not need to hire a sophisticated consultant (expensive) to solve basic issues.


ocial entrepreneurs typically function in environments much different from more traditional entrepreneurial enterprises.

For those who wish to make modest profits while attacking a social problem, the major difference is the level of perceived risk. It’s not that social entrepreneurs face more risk than traditional entrepreneurs; they S

face greater uncertainty. Social entrepreneurs target intractable problems that are not easy to solve; they often need to create a market where none exists; and they work in environments that, by their very nature, are characterized by high levels of uncertainty, from underdeveloped markets to unreliable infrastructure.

Our work with social enterprises yielded a field-tested metho-dology for launching a social enterprise in a way that conserves resources and reduces risk.

You (yes, you)can help shape the future of social entrepreneurship Source: Ian C. Macmillan and James D. Thompson

The Authors of a new book say they have “a field-tested methodology for launching a social enterprise the right way. Now they want your input before they create an expanded version of the book.


Map the entire beneficiary experience.Many entrepreneurs focus on what they want to deliver--the product itself--rather than the people they hope to serve. It’s important to have a beneficiary, or customer, orientation, rather than a product focus. Start off by systematically thinking through the entire set of experiences your target population segment must go through in order to derive the proposed benefit of your offering. In other words, take a serious look at the offering from the perspective of the beneficiaries, and map out the total set of experiences they will be required to go through. Then, understand and articulate what behavioral changes will be required in order for the benefit to be willingly accepted.

Compare your proposed offering with the most competitive alternatives.Once you have the beneficiary experience mapped out, you need to begin thinking realistically about who, and what, you are going to be competing against, in order to win over the beneficiaries. Let’s face it; the beneficiaries have in many cases survived, perhaps with serious privation, for many years without your offering. So the next step in the process is to compare how your offering will stack up against the most competitive alternatives to which beneficiaries are already devoting their attention and resources. There is always some alternative, perhaps simply doing nothing but enduring. Your offering must be seen as compellingly different in the eyes of the beneficiary.As you look at the most competitive alternative, if your solution appears to come up short of the most competitive alternative, ask yourself whether and how you can innovate to get a competitive edge. Innovation can come in many forms, from innovation in delivery to innovation in payment systems.

Identify all the required beneficiary capabilities.Now you need to consider what capabilities and skills your beneficiaries must have in place in order to make the project work. Assuming they can get to your location is often incorrect. If you were delivering chickens, for example, the beneficiaries will need to know how to care for them, where to get feed, and so on. Lack of attention to the capability requirements has doomed many a well-meaning enterprise.

Map out everything you have to deliver to make it work.Knowing what capabilities the beneficiaries will need will allow you to think through what you need to deliver in order for your program to work. Providing the missing capabilities--such as transportation--is also a key contributor to costs you are likely to incur. Think through the important steps you will need to take for your venture to deliver the required activities. This could include unexpected costs like providing transportation or emergency power supply or developing training programs to skill up

potential employees. If you don’t cover the cost of compensating for such deficiencies, it’s unlikely that anyone else will.

Assemble, utilize, and expand a challenging advisory group.Now consider whether you have an advisory team with sufficient complementary expertise and influence to evaluate your current position and assist you in your next steps. We highly recommend that your advisory board be willing to persistently challenge your concept, invoking expertise that your management team does not have.

Consult with your advisors in order to determine key consi-derations, such as: the plausibility of your proposed beneficiary experience (for example, it may not be possible to deliver certain goods or services during the rainy season in some areas); their response to your proposed offering relative to the most competitive alternative (do they believe it to be sufficiently superior to the alternatives to warrant your pursuit of the enterprise); whether or not they believe it possible for beneficiaries to secure the necessary capabilities required to participate in your program; and to direct you to other suitable advisers whom you might recruit to assist you with the next stages of your enterprise development.

The advisory group must play an active role in the development of your enterprise. It is better to solicit their involvement early on and to get them to help you build out your advisory team in order that they become increasingly vested in your success. As important as their support is, so, too, is their charter to identify key risks within the environment early on and to assist you in mitigating and overcoming them to prevent unnecessary barriers and time-consuming delays.

These guidelines stemmed from 13 years of work with social entrepreneurs. We used this same approach to develop and publish our new ebook, The Social Entrepreneur’s Playbook: Pressure Test Your Start-Up Idea

Step 1. We are publishing the first part for free and crowd-sourcing feedback from an advisory group of readers. In the fall, we will publish the expanded edition, which covers all three steps of the process: pressure testing, launching, and scaling the enterprise.

-Ian C. MacMillan and James D. Thompson are the authors of The Social Entrepreneur’s Playbook: Pressure Test Your Start-Up Idea.http://www.fastcompany.com/3014048/leadership-now/you-yes-you-can-help-shape-the-future-of-social-entrepreneurship

10 ANGEL VENTURES NEWSLETTER - SESSIONS

Networking:beyond what we know.By: Alejandra Barroeta, Costumers and Market Analyst at PWC

Molly Croog U.S. Market Strategist at PwC

11SESSIONS - ANGEL VENTURES NEWSLETTER

here is a innovative application that measures the economic growth and economic development of a country and it shows that the projection of a economic growth for Mexico is more than a trend phenomenon -that either may or may not happen- and it gets even better We now have evidence to

support this speculations.

The application its called “Economic Complexity” concept coined and developed by Ricardo Hausmann of Harvard and Cesar Hidalgo of MIT. The methodology was born in order to reject traditional economic factors used to measure and predict economic growth. Economic Complexity evaluates the economy of a nation based on its productive knowledge: the amount of knowledge they have and how they combine it.

Complex economies are those who have the knowledge and networks to transmit and combine that knowledge, resulting in the production of complex goods, in contrast to simple economies that have limited knowledge and also weak networks to spread. This methodology is born from an innovative perspective of economic development –already complex for some- who dared to value quality over quantity and appreciate

Tthe whole as greater than the sum of its parts.To explain this concept, first we have to understand its com-ponents. Productive knowledge, by its complexity, is measured by the degree of sophistication and ubiquity of goods that a country produces and exports. The reasoning is simple: if a country exports a good “x”, it must possess the knowledge to produce the good “x”. The more countries export the good “x”, the easier it is to produce and less sophisticated the good is. Some examples: The logs are produced and exported by most countries. Are they a good product? You’ve to have lots of knowledge production? Not really, and if each country can produce, logs are not an indicator of advanced and sophisticated economy. By contrast, consider medical devices, very few countries export those goods, are therefore they are complex and sophisticated goods and any country would need a lot of knowledge to produce any medical devices, which indicates that their economies are complex. Do you dare to think of a good product “designed and produced in Mexico”? Or better yet, create one?

The key to a complex economy is network. Returning to our examples, lets estimate how many people have the know how-and could-produce logs from beginning to end. Millions, probably, if not billions. Now, how many people have the know how-and could-produce a computed tomography scan (CT), from start to finish? Nobody. There is no person on the face of the earth to process all the knowledge required to perform a similar product itself. TC-producing countries can produce them because they sophisticated networks that allow them to collaborate. Possessing small pieces of knowledge is not enough - no matter how advanced they may be, to produce a complex

The key to a complex economy is network ...

Complex economies are those who

have the knowledge and networks

to transmit and combine

that knowledge...

12 ANGEL VENTURES NEWSLETTER - SESSIONS

object without sharing networks and combine such knowledge.Its not surprising that Japan, Germany and Switzerland lead the list of the most complex economies, what it astonishing is that Mexico has the 20th (Very respectable given the conditions), just behind Israel and number one in LatAm. Now, put in context the GDP of Mexico, this ranking is even more impressive in terms of GDP per capita, Mexico usually located around 60th place.

Until now, the Economic Complexity breaks paradigms, but what does this difference to Mexico? Good news, apparently. Hausmann and Hidalgo used historical data to show that despite a high position of Economic Complexity, the low level of wealth in a country is also an accurate indicator of the rapid economic growth, significantly more accurate-or wise-that traditional indices. The clear example is that before the “Moment of Mexico” would become a major issue for analysts at Goldman Sachs and New York Times columnists, Hausmann and Hidalgo had foreseen the growth of the economic activity in Mexico.

But how can an economy become more complex? How Mexico could direct their time and ensure even greater progress? This is a complex question for itself and remains unanswered so far by Hausmann and Hidalgo.

It is natural that an economy is transformed into complex by creating more sophisticated products. The secret recipe that Mexico seeks to enable its citizens to create more sophisticated products is on the link between education, innovation and entrepreneurship. Networks that are implicit in organizations often close their external connection to focus on internal growth, it is as if Mexico decided to forget its network of free trade agreements with 44 countries to bring order among states. What we are failing to take advantage of the lack of cooperation between organizations is similar to giving back to developments in other continents.

At PwC we have undertaken initiatives through networking events to generate knowledge and then broadcast it. An example of this is the program flexibility, diversity and inclusion, where topics have been selected as Maternity, Female Leadership, labor flexibility and from the convening stakeholders meet different offices nationwide. Each topic has ambassadors, who transmit their stories with the audience, as well as reflections and advice, with a view to share learning and build trust. Are expected to jointly build larger networks and stronger every day.

Hausmann and Hidalgo mention that we were able to achieve the unthinkable and progress as humanity because every time we are smarter and our networks are broader, so the amount of productive knowledge we possess has expanded dramatically. Also remark that the phenomenon was a result of collective, not individual. Why is that? Certainly we owe our ability to generate knowledge to information that others have developed and discovered, we learn from experience but more wealth imitate and observe the mistakes and successes of others.

From medical devices learn that economic complexity deposited their potential at work through networking, collaborating without barriers of time and space, but be willing to collaborate and share work that has resulted from time spent, means being open the reception of ideas and constructive criticism that could lead to unimaginable ways.

Hausmann and Hidalgo have developed a social concept of productive knowledge that helps us to understand the differences in income between rich and poor countries, a method that exposes how a country is able to appreciate human knowledge that is not available in Internet or books if not the same people and networking. To spur economic development, work-as-social beings, new patterns of interaction to surprise ourselves much as we want.

Do not forget that the networks are everywhere, and using the tools that globalization provides to support network and collaborate is not as complex as it seems.

It is natural that an economy is

transformed into complex by creating

more sophisticated products...


AVM Events And Entrepreneur Ecosystem

his was the title of the second event of the series Intellectual Property for Entrepreneurs was held at the offices of Google Mexico.

The Intellectual Property Office of the Embassy of the United States of America, Angel Ventures Mexico, and a company dedicated to supporting

entrepreneurs and SMEs and Google Mexico organized this event with the participation of 80 entrepreneurs through Interactive panels led by Michael Lewis, Mary Cristina Capelo and Cristian Huertas.

Cynthia Sanchez and Harith Cedeño National Institute of Copyright and Silvia Livera Mexican Institute of Industrial Property, presented the theme “What entrepreneurs need to know about Copyright and Patent in the U.S. and in Mexico? “

In a relaxed atmosphere in which he highlighted the concerns and ideas of young Mexican entrepreneurs concluded the event with a coffee to integrate and foster relationships between entrepreneurs and the authorities responsible for the protection of copyrights and patents, both in Mexico and the U.S.

T

Copyright and Patent in Mexico and the United States.By: The Embassy of the United Mexican States


This month StartUp Drinks was held at a new venue in the city of Tijuana, with the idea to support new entrepreneurs in the region. The place is Urbano Gastro Bar a comfortable new space that promotes good eating without leaving behind good drinks harnessing the local talents and products.

In this Startup Drinks edition in addition to the great chats between entrepreneurs, investors, and mentors we had the participation of Omar Monroy of Mink Corporation. Monroy shared with the assistants net-working tips for entrepreneurs.

We are excited to meet new faces every month, not to mention the entrepreneurs that are consistent attendees. Don´t forget to share your pictures and comments in Facebook or twitter.

DrinksStartup

By: Emma L. Cruz, Regional Public Relations Manager of Angel Ventures Mexico-USA

total succes!

Facebook: /AngelVenturesUSATwitter: @avm_us

AVM Events And Entrepreneur Ecosystem

Tijuana


FinancialVocabulary

DeflationIn economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0% (a negative inflation rate). This should not be confused with disinflation, a slow-down in the inflation rate (i.e., when inflation declines to lower levels). Inflation reduces the real value of money over time; conversely, deflation increases the real value of money – the currency of a national or regional economy. This allows one to buy more goods with the same amount of money over time.

Finance factoringFactoring is a financial transaction in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount.

In “advance” factoring, the business owner sells his receivables in the form of invoice to the factor, which makes an advance of 70-85% of the purchase price of the receivable amount. The factor collects the full amount from the customer in due course and pays the balance amount due to the business owner after deducting his commission and other charges. In “maturity” factoring, the factor makes no immediate advance on the purchased accounts; but sees to it that the customer pays the invoiced amount within the stipulated time i.e. on maturity. However, if the customer fails to make payment within the stipulated time e.g. 30 days, the factor makes payment to the client and proceeds to collect the payment from the customer.

Mutual fundA mutual fund is a type of professionally managed collective investment vehicle that pools money from many investors to purchase securities. While there is no legal definition of the term “mutual fund”, it is most commonly applied only to those collective investment vehicles that are regulated and sold to the general public. They are sometimes referred to as “investment companies” or “registered investment companies.” Most mutual funds are “open-ended,” meaning investors can buy or sell shares of the fund at any time. Hedge funds are not considered a type of mutual fund.


Thinking fast and slowDaniel Kahneman

Price: 23 dlls

Daniel Kahneman, recipient of the Nobel Prize in Economic Sciences for his seminal work in psychology challenging the rational model of judgment and decision making, is one of the world’s most important thinkers. His ideas have had a profound impact on many fields-including business, medicine, and politics-but until now, he has never brought together his many years of research in one book. In Thinking, Fast and Slow, Kahneman takes us on a groundbreaking tour of the mind and explains the two systems that drive the way we think and make choices. One system is fast, intuitive, and emotional; the other is slower, more deliberative, and more logical. Kahneman exposes the extraordinary capabilities-and also the faults and biases-of fast thinking, and reveals the pervasive influence of intuitive impressions on our thoughts and behaviour. The importance of properly framing risks, the effects of cognitive biases on how we view others, the dangers of prediction, the right ways to develop skills, the pros and cons of fear and optimism, the difference between our experience and memory of events, the real components of happiness-each of these can be understood only by knowing how the two systems work together to shape our judgments and decisions.

Book

Movie/Documental To Big to failDirector: Curtis Hanson

Year: 2011

Too Big to Fail is a U.S. television drama film first broadcast on HBO on May 23, 2011. It is based on Andrew Ross Sorkin’s non-fiction book Too Big to Fail. Curtis Hanson directed the film. It received 11 nominations at the 63rd Primetime Emmy Awards; Paul Giamatti’s portrayal of Ben Bernanke earned him the Screen Actors Guild Award for Outstanding Performance by a Male Actor in a Miniseries or Television Movie at the 18th Screen Actors Guild Awards

Drawing on a lifetime’s experimental experience, Kahneman reveals where we can and cannot trust our intuitions and how we can tap into the benefits of slow thinking. He offers practical and enlightening insights into how choices are made in both our professional and our personal lives-and how we can use different techniques to guard against the mental glitches that often get us into trouble. Thinking, Fast and Slow will transform the way you take decisions and experience the world.


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