If the term KM could get a do-over

If the term “KM” could get a do-over what
would you call the discipline?

A summary of the LinkedIn Knowledge Management Experts
Group Discussion

By Art Schlussel, KM Consultant
artschlussel@gmail.com
East Berlin, Pennsylvania U.S.A.

Art Schlussel Page 1 3/11/2010

Overview
In December 2009 I posted this question on the Knowledge Management Experts
discussion forum:

If the term “KM” could get a do-over what would you call the discipline?
You are now the King of KM and you have the power to call the discipline that promotes
an integrated approach to identifying, retrieving, evaluating, and sharing an enterprise’s
tacit and explicit knowledge assets to meet mission objectives (or insert one of hundreds
of “KM” definitions here) to something new. Would you keep the name “knowledge
management” or would you change it to something better? If so, what would that be
and why?

Over 3 months, 295 comments were posted by approximately 75 KM Experts members
who developed approximately 40 different names for KM. Within the 15 web pages of
comments are interesting commentary, insight, advice, lively discussion, useful links,
and information that could be and should be used to create new knowledge by the
reader.

At first, my inclination was to perform analysis on the content and write a white paper
on the outcome and experience. After much contemplation I have decided to take a
different approach. Instead of providing you my bia s and interpretations, I have decided
to leave that up to you. This paper simply provides you the information you need to
perform your own analysis, do your own research, and learn from the experience.

Included in this paper are:
• 15 web pages of comments
• List of alternate KM names
• A list of participants including (where listed) nam e, title, and links they posted to
the comments
• The results of a survey that was conducted to wrap-up the discussion

I will provide you a little information:
• The vast majority of participants would keep the name “knowledge
management”
• These names ranked high as possible replacements (with variations on the
themes):
o Intellectual Capital Management
o Knowledge Collaboration
o Organizational Intelligence


• KM participants for the most part divided the discipline and their leanings in
these areas:
o Collaboration, sharing, and networking
o Search, discovery, and collection
o Knowledge creation and innovation

What did I take away from this experience?
• There is a large community of folks who practice KM whether they hold an
official title of “KM” something or not.
• People have strong opinions on the subject, and are happy to share their
thoughts, knowledge, and wisdom.
• As a community we still cannot agree on a single KM definition, and perhaps that
is for the best.
• The discipline of KM is vast and covers a variety of subject matter areas ranging
from ontology to IT to sense-making to social networking. One person cannot be
an expert in all areas, so perhaps it is better to focus on the area that you enjoy.
• As a community we still need to do a better job at defining KM in terms that
leaders and executives can understand and translate to improvement and ROI.
• There are folks out there doing great things in the discipline who are willing to
share their knowledge and expertise across all boundaries.
• I have new found colleagues all across the world who I can call upon for their
insights and opinions.

I want to thank everyone who participated in this discussion. Some provided great
insight in just one comment; others helped to drive the discussion. A special thanks to
Joris Claeys, John Tropea, and Nick Milton who together provided approximately 90
comments during the three months of activity. Much can be learned by reading your
discussion points.

I benefited greatly by this experience and knowledge transfer. I hope you find this useful
and enlightening.

Best regards,

Art


'LVFXVVLRQ .QRZOHGJH 0DQDJHPHQW ([«
%DVLF $FFRXQW 8SJUDGH :HOFRPH $UW 6FKOXVVHO Â $GG RQQHFWLRQV Â 6HWWLQJV Â +HOS Â 6LJQ 2XW

+RPH 3URILOH RQWDFWV *URXSV -REV ,QER[ 0RUH 3HRSOH $GYDQFHG

.QRZOHGJH 0DQDJHPHQW ([SHUWV
2YHUYLHZ 'LVFXVVLRQV 1HZV -REV 6XEJURXSV 0RUH *URXS 3URILOH

'LVFXVVLRQ %DFN WR DOO GLVFXVVLRQV _ 6WDUW D GLVFXVVLRQ _ 1H[W ª

6WRS IROORZ LQJ 0RYH WR -REV

$UW 6FKOXVVHO ,I WKH WHUP .0 FRXOG JHW D GR RYHU ZKDW ZRXOG RX FDOO WKH
KLHI .QRZOHGJH 2IILFHU
,QIRUPDWLRQ DQG ,QWHJUDWLRQ
GLVFLSOLQH
2SHUDWLRQV $UP/DQG RX DUH QRZ WKH .LQJ RI .0 DQG RX KDYH WKH SRZHU WR FDOO WKH GLVFLSOLQH WKDW
'LYLVLRQ DW SURPRWHV DQ LQWHJUDWHG DSSURDFK WR LGHQWLILQJ UHWULHYLQJ HYDOXDWLQJ DQG VKDULQJ
6HH DOO $UW¶V DFWLYLW ª DQ HQWHUSULVH¶V WDFLW DQG H[SOLFLW NQRZOHGJH DVVHWV WR PHHW PLVVLRQ REMHFWLYHV RU
LQVHUW RQH RI KXQGUHGV RI .0 GHILQLWLRQV KHUH

VRPHWKLQJ QHZ :RXOG RX NHHS
WKH QDPH NQRZOHGJH PDQDJHPHQW RU ZRXOG RX FKDQJH LW WR VRPHWKLQJ EHWWHU ,I
VR ZKDW ZRXOG WKDW EH DQG ZK

3RVWHG PRQWKV DJR _ 'HOHWH GLVFXVVLRQ

RPPHQWV

, ZLOO FDOO LW .1 .QRZOHGJH 1HWZRUNLQJ

$XJXVWLQH %OD
*HQHUDO 'QDPLFV 3RVWHG PRQWKV DJR _ 5HSO 3ULYDWHO
6HH DOO $XJXVWLQH¶V DFWLYLW ª
)ROORZ $XJXVWLQH

([SHUW 0DQDJHPHQW
%DUW 9HUKHLMHQ .QRZOHGJH GRHV QRW H[LVW ZLWKRXW WKH SHUVRQ H[SHUW

(QWUHSUHQHXU DW *XUX6FDQ
([SHUW 0DQDJHPHQW VKRXOG DVVLVW WKH H[SHUW WR FUHDWHEXLOGPDLQWDLQ KLV H[SHUW
6HH DOO %DUW¶V DFWLYLW ª
)ROORZ %DUW QHWZRUN 2Q WKH RWKHU KDQG H[SHUWPDQDJHPHQW VKRXOG DVVLVW SUREOHPRZQHUV WR
ILQG WKHLU H[SHUWV MXVWLQWLPH
3RVWHG PRQWKV DJR _ 5HSO 3ULYDWHO

,
G FDOO LV ROODERUDWLYH 6ROXWLRQV
KULV -RQHV
(2 RQVXOWLQJ 3ULQFLSDO DW
+HUH
V D EORJ VWUHDP WKDW WHHV WKDW XS LQ FRQWH[W RI .0
V HYROXWLRQ
6RXUFH329 VSHFLDOL]LQJ LQ
ROODERUDWLRQ .0 DQG KWWSELWOSRY.0F
:RUNJURXS 6HUYLFHV
6HH DOO KULV¶V DFWLYLW ª $QG D PRUH UHFHQW SRVW WKDW WDONV DERXW WKH UHODWHG VHPDQWLFV RI 6RFLDO 0HGLD
)ROORZ KULV DQG KRZ HYHQ WKDW QHHGV WR FKDQJH LQ WKH FRPPHUFLDO FRQWH[W RI H
KWWSELWOSRY60

*RRG GLDORJ RQ *RYHUQPHQW FRQWH[W LV KHUH *RY/RRS 1,1* VLWH

KWWSELWOXKL

+RSH WKDW KHOSV :RXOG ORYH RXU FRPPHQWV RQ WKH EORJ SRVWV DOZDV
LQWHUHVWHG LQ H[SDQGLQJ LQVLJKWV DQG FRQVHQVXV RQ WKHVH WRSLFV

KULV -RQHV #6RXUFH329

DU 1

RX FDQ GHILQH LW KRZHYHU RX ZDQW EXW XQOHVV RX WDNH LW WR WKH OHYHO ZKHUH LW
6HG $]HHP LV D VFLHQFH UDWKHU WKDQ DUW LW ZLOO EH KDUG WR KDYH D UHSHDWDEOH SURFHVV ZLWK
.QRZOHGJH 0DQDJHU 3URMHFW
SUHGLFWDEOH UHVXOWV
0DQDJHU %XVLQHVV $QDOVW
6HH DOO 6HG¶V DFWLYLW ª 3RVWHG PRQWKV DJR _ 5HSO 3ULYDWHO
)ROORZ 6HG

.QRZOHGJH 5HVRXUFH 3ODQQLQJ
9HQNDWHVK 63
6HQLRU $QDOVW DW 'HORLWWH 3RVWHG PRQWKV DJR _ 5HSO 3ULYDWHO
6HH DOO 9HQNDWHVK¶V DFWLYLW ª
)ROORZ 9HQNDWHVK

KWWSZZZOLQNHGLQFRPJURXS$QVZHU«

# 6HG
%DUW 9HUKHLMHQ $JUHH NQRZOHGJH LV D UHVRXUFH DQG VKRXOG EH PDQDJHG WR UHDFK RXU
(QWUHSUHQHXU DW *XUX6FDQ
RUJDQL]DWLRQ
V JRDOV
6HH DOO %DUW¶V DFWLYLW ª
)ROORZ %DUW 7KHUHIRU .0 RU DQ RWKHU GHILQLWLRQ

VKRXOG DOZDV EH PHDVXUHG E WKH LPSDFW
LW KDV RQ VWUDWHJ

*LYHQ WKH FKDQFH ,
G SUHIHU WR FDOO ZKDW ,
YH EHHQ LQYROYHG LQ DV LQWHOOHFWXDO
0DUN /HDQGHU FDSLWDO PDQDJHPHQW VLQFH VRPH DVSHFWV RI .0 DUH DERXW FROOHFWLQJ
6U *HRSKVLFLVW 0DHUVN 2LO
SUHVHUYLQJ SURWHFWLQJ DQG UHXVLQJ ZKDW WKH RUJDQL]DWLRQ NQRZV ,Q PDQ FDVHV
+RXVWRQ

DW 0DHUVN 2LO
6HH DOO 0DUN¶V DFWLYLW ª WKLV UHSUHVHQWV PDUNHW RU FRPSHWLWLYH DGYDQWDJH DQG KDV GLUHFW LPSDFW RQ WKH
)ROORZ 0DUN ERWWRP OLQH
%XW EH FDUHIXO , RQFH H[SODLQHG WKLV WR WKH QDWLRQDO VDOHV PDQDJHU IRU D
FRPSDQ , ZDV ZLWK DQG VKH KDG ER[HV RI P EXVLQHVV FDUGV SULQWHG XS WLWOLQJ
PH ,QWHOOHFWXDO DSLWDOLVW , JXHVV WKH SLJ ZDV VLOHQW


, ZRXOGQ
W UHIHU WR ([SHUW 0DQDJHPHQW VLQFH RQH RI WKH XQGHUOLQJ REMHFWLYHV LQ
*UHJ 6 WKLV GLVFLSOLQH LV WR PDNH NQRZOHGJH SHUVRQH[SHUW LQGHSHQGDQW LH E
3URJUDP 0DQDJHU *OREDO )6
WUDQVIRUPLQJ WDFLW NQRZOHGJH LQWR H[SOLFLW NQRZOHGJH

,Q DGGLWLRQ NQRZOHGJH
3UDFWLFHV 'HSORPHQW DW 6$3
6HH DOO *UHJ¶V DFWLYLW ª PD EH GHULYHG HQULFKHG WKURXJK LQIRUPDWLRQ LQ VVWHPV ,Q WKH OLJKW RI WKLV ,
)ROORZ *UHJ FRQVLGHU 0DUN
V ,QWHOOHFWXDO DSLWDO 0DQDJHPHQW EHLQJ WKH EHVW VXLWHG
DOWHUQDWLYH VR IDU
+RZHYHU HYHQ WKRXJK .0 KDV EHFRPH D EX]]ZRUG , WKLQN LW SURYLGHV WKH EHVW
GHVFULSWLRQ RI WKH VXEMHFW PDWWHU ,QVWHDG RI FUHDWLQJ PRUH FRQIXVLRQ ZLWK
DGGLWLRQDO MDUJRQ DQG GLOXWLQJ WKH RULJLQDO WKRXJKW EHKLQG .0 , WKLQN RQH VKRXOG
UDWKHU IRFXV RQ DSSURSULDWHO SRVLWLRQLQJ .0 DQG GHVFULELQJ LWV UHODWLRQ WR RWKHU
FORVHO OLQNHG GLVFLSOLQHV WHFKQLTXHV VXFK DV RQWHQW 0DQDJHPHQW
RPPXQLW 0DQDJHPHQW ROODERUDWLRQ 0DQDJHPHQW HWF
7KRXJKWV ZHOFRPH

XGRV WR *UHJRU IRU LGHQWLILQJ D YHU LPSRUWDQW SRLQW LW
V QRW ZKDW RX FDOO LW
0DUN /HDQGHU RU KRZ RX WDON DERXW LW LW
V DERXW GRLQJ VRPHWKLQJ DQG DGGLQJ YDOXH $W WLPHV ,
6U *HRSKVLFLVW 0DHUVN 2LO
WKLQN ZH QHHG D QHZ GLVFLSOLQH FDOOHG UKHWRULF PDQDJHPHQW EXW WKDW ZRXOG EH
+RXVWRQ

DW 0DHUVN 2LO
6HH DOO 0DUN¶V DFWLYLW ª DQ R[PRURQ
)ROORZ 0DUN 3RVWHG PRQWKV DJR _ 5HSO 3ULYDWHO

, KDYH KDG WKLV GLVFXVVLRQ PDQ WLPHV DQG , WKLQN WKDW .QRZOHGJH 0DQDJHPHQW
$ODQ 2
1HLOO LV D WLWOH WKDW LV UHFRJQLVHG DQG SDUWLDOO

XQGHUVWRRG ,I RX FKDQJH LW WR
.QRZOHGJH 0DQDJHPHQW ZLWK
VRPHWKLQJ HOVH RX ULVN WKH RK WKDW
V D ELW OLNH .QRZOHGJH 0DQDJHPHQW DQG
.QRZOHGJH 3DG /WG
6HH DOO $ODQ¶V DFWLYLW ª DOVR WKHQ JDLQLQJ DFFHSWDQFH RI WKH QHZ
ODEHO
DV XOWLPDWHO WKDW
V ZKDW LW LV
6WRS IROORZ LQJ .QRZOHGJH 0DQDJHPHQW GHVFULEHV WKH DFWLRQV WKDW ZH WDNH WR FDSWXUH VWRUH
VKDUH DQG FUHDWH .QRZOHGJH 0 YRWH OHDYH LW DV LW LV RU ULVN DQRWKHU SHULRG RI
QRQ DFFHSWDQFH 7KHUH LV DOUHDG PRYHV DIRRW WR ODEHO D WKLUG JHQHUDWLRQ RI .0
ODEHOOHG DV .0 KWWSSSFVRIWFRPEORJNPDVS

, KDYH ORRNHG DW WKLV
DQG LQ P RSLQLRQ DQG XVLQJ WKHLU WHUPLQRORJ .0 LV DQG DQG
PRUH

$UW ZKR NQRZV ZKDW
V JRQQD FRPH RXWDUH RX WHVWLQJ XVWKLV LV RQH RI
-RKQ 7URSHD WKRVH TXHVWLRQV ZKHUH DQ DQVZHU LV QRW LPSRUWDQWLQVWHDG LW JHWV XV WR UHIOHFW
RPPXQLWLHV RI 3UDFWLFH
ZKR ZH UHDOO DUH
RRUGLQDWRU
6HH DOO -RKQ¶V DFWLYLW ª
6WRS IROORZ LQJ %DUW :H KDYH WKH VDPH WKRXJKWV P WZHHW IURP ODVW ZHHN

KULV35RGJHUV
57 #MRKQW :H XVH RXU FXUUHQW NQRZOHGJH LQWHUSUHW LQIRN DVVHWV GRQW H[LVW
NQRZOHGJH GRHVQW H[LVW LQGHSHQGHQW RI D SHUVRQ IURP 7ZHHW'HFN

, DJUHH ZLWK H[SHUW PDQDJHPHQW EXW WKLV KDV ROG VFKRRO FRQQRWDWLRQV RI D
FHQWUDOLVHG DSSURDFK RI ILQGLQJ WKH H[SHUWV LQ WKH RUJ DQG PDNLQJ WKHP
DYDLODEOHWKLV ODFNV WKH WUXVW JLYH DQG WDNH WKLQJ WKDW LV EHKLQG NQRZOHGJH
VKDULQJ

/LNH /LQNHG,Q DQG 7ZLWWHU LW
V MXVW D VRFLDO QHWZRUN ZH GRQ
W VD ZH DUH H[SHUWV
LW
V DERXW HYHURQH EHLQJ FRQQHFWHG EHLQJ DZDUH DQG VHQVHPDNLQJ OLNH RX
VD -,7

KULV , WKLQN LW
V PRUH WKDQ FROODERUDWLRQFRQQHFWLQJ VHQVHPDNLQJ
HPHUJHQFH


, VHH .0 DV WKUHH IROG

LI TXDOLW GHDOV ZLWK SURFHGXUHV DQG SURFHVVHV .0 LV GHDOLQJ ZLWK LQIRUPDO
SURFHVVHV ZRUNDURXQGV H[FHSWLRQVDQG DWWHPSWV WR PDNH WKHVH JRRG
SUDFWLFHV EXW ZH KDYH WR EH VHQVLWLYH WR ORFDOLWLHV FRQWH[WV VLWXDWLRQV HWFZH
GRQ
W ZDQW JOREDO ZDV RI GRLQJ WKLQJV ZRUNLQJ DJDLQVW XVWKLV RQO GULYHV XV WR
XVH EDFN GRRU QRQRIILFLDO PHWKRGV WR VHOI RUJDQLVH DURXQG ULJLG SURFHVVHV

HJ D GRFXPHQW FRQWURO SURFHVV WKDW LV WR ULJLG IRU D ORFDOLW ZLOO UHVXOW LQ SHRSOH
XVLQJ HPDLO ZKLFK ESDVVHV WKH ZKROH UHDVRQ IRU WKH FRQWURO VVWHP

LI WKHUH
LV ORFDO IOH[LELOLW SHRSOH ZLOO XVH WKH IRUPDO VVWHP WKHUHIRUH 4XDOLW LV KDSS

KHOS ILQG VXSSRUW VRXUFH UHYLHZJHQHUDO VHQVHPDNLQJ
HJ 2XU R3V DW ZRUN DOORZ SHRSOH WR ORJ KHOS DQG WKH JHW DQVZHUV EDFN LQ
PLQXWHV IURP DOO URXQG WKH ZRUOGZKHWKHU LW
V ILQGLQJ D GRFXPHQW RU WURXEOH
VKRRWLQJ D SUREOHP

OHDUQLQJ DQG VKDULQJ DQG FRQYHUVDWLRQ FDQ OHDG WR PRUH UHODWLRQVKLSV DQG
FROODERUDWLRQWKH EHVW SHRSOH IRU D WDVN DWWUDFW HDFK RWKHU LQ R3V DQG
QHWZRUNV 7KLV VRUW RI FRQQHFWLRQ DOVR OHDGV WR HPHUJHQFH DQG LQQRYDWLRQ
2I FRXUVH ZH DOVR KDYH RIIOLQH PHWKRGV OLNH $$5 $, 3HHU $VVLVW $QHFGRWH
FLUFOHV HWF

6R ZKDW ZRXOG , FDOO .0

FRQWLQXRXV SURFHVV LPSURYHPHQW DQG SHUIRUPDQFH
VHQVHPDNLQJ DQG GHFLVLRQPDNLQJ
OHDUQLQJ QHWZRUNV DQG LQQRYDWLRQ

+PPP PDEH ZH KDYH WR ORRN DW WKH SUDFWLWLRQHU

,I RX DUH QRW PDQDJLQJ NQRZOHGJH DVVHWV ZKLFK LV D VLOO QRWLRQ

ZKDW GR RX
JHW PHDVXUHG RQ ,I RXU MRE LQVWHDG RI VWRFN SLOLQJ REMHFWV LQ D GDWDEDVH LV
LQVWHDG WR FUHDWH EHWWHU FRQGLWLRQV IRU NQRZOHGJH FUHDWLRQ DQG VKDULQJ WR KDSSHQ
E LWVHOI ZLWK RXU JXLGDQFH WKHQ ZKDW GR RX JHW PHDVXUHG RQ

.QRZOHGJH IORZ

1RW MXVW LQIRUPDWLRQ IORZ EXW SHRSOH FRQYHUVLQJ WR UHIUDPH LQIRUPDWLRQ LQWR WKHLU
FRQWH[WV DQG ZKLOVW GRLQJ WKLV DUH FUHDWLQJ QHZ LQIRUPDWLRQ ZKLFK VXEVFULEHUV
DUH DOVR OHDUQLQJ DERXW DV LW KDSSHQV

,
OO KDYH WR WKLQN DERXW WKLV RQH D ELW PRUH

-RKQ RX DUH FRUUHFW , DP WHVWLQJ HYHURQH 7KH WHUP .0 HYRNHV HPRWLRQ DQG
$UW 6FKOXVVHO DV RX SRLQW RXW UHIOHFWV HDFK RI XV RX KDYH GRQH D JUHDW MRE GHVFULELQJ WKH
GLIIHUHQW IDFHV RI .0 , ZRXOG DGG D IRUWK GLPHQVLRQ .0 LV WKH FROOHFWLRQ RI
2SHUDWLRQV $UP/DQG WHFKQRORJLHV WKDW HQDEOH .0 WR GR ZKDW LW GRHV , SHUVRQDOO WKLQN WHFKQRORJ LV
'LYLVLRQ DW DQ HQDEOHU RI .0 EXW PDQ GR VHH WKH WHFKQRORJ DV WKH .0 FRPSRQHQW WKDW
6HH DOO $UW¶V DFWLYLW ª FDQ EH ERXJKW LQVWDOOHG DQG XVHG
'RHV LI PDWWHU ZKDW WKH ODEHO IRU DOO WKLV LV , WKLQN LW GRHV LI WKH SUDFWLFH RI ZKDW
ZH QRZ FDOO .0 LV WR EHFRPH D GLVFLSOLQH EDVHG LQ FRPSHWHQFLHV DQG FDQ VWDQG
XS WR DFDGHPLF ULJRU
, VDZ D SRVW WKH RWKHU GD ZKHUH VRPHRQH VDLG WKDW .0 LV QRW D VFLHQFH
EHFDXVH ZH KDYH HW WR VKRZ UHSHDWDEOH FDXVH DQG HIIHFW UHVXOWV , VD WKDW .0
LV DV PXFK DV D VFLHQFH DV WKH SUDFWLFH RI PHGLFLQH 7KHUH DUH ERWK VFLHQFH
DQG DUW FRPSRQHQWV WR .0 7KHUH DUH VWDQGDUG .0 WRROV WHFKQLTXHV
SUDFWLFHV DQG PHWKRGRORJLHV OLNH $$5 3HHU $VVLVW %X]] 6HVVLRQV HWF

WKDW
KDYH UHSHDWDEOH DQG FRQVLVWHQW RXWFRPHV $QG OLNH PHGLFLQH WKHUH DUH WKRVH
WKDW DUH EHWWHU DQG PRUH H[SHULHQFHG DW XVLQJ WKH WRROV DQG WHFKQLTXHV WKHQ
RWKHUV
, DP FRQIOLFWHG LQ P RZQ WKRXJKWV DERXW .0 2Q RQH KDQG , WKLQN .0 VKRXOG
QRW EH D GLVFLSOLQH VHSDUDWH IURP JRRG EXVLQHVV SUDFWLFHV 7KH WKLQJV RQH GRHV
WR DFKLHYH D .0 UHVXOW VKRXOG EH LQIXVHG LQ KRZ SHRSOH ZRUN SURFHVVHV IORZ
WHFKQRORJ VXSSRUWV DQG UHVXOWV DUH PHDVXUHG 2Q WKH RWKHU KDQG , UHDOL]H WKDW
WKHUH QHHGV WR EH D ZD WR WUDLQ DQG HGXFDWH KRZ WR GR DOO WKRVH WKLQJV 7KLV LV
ZK , DVNHG WKH TXHVWLRQ WR VWLPXODWH DOO WKLV JUHDW WKLQNLQJ DQG WR JHW D VHQVH
RI WKH ZKHUH IRONV DUH FRPLQJ IURP LQ WKHLU .0 WKLQNLQJ
3RVWHG PRQWKV DJR _ 'HOHWH FRPPHQW

, XQGHUVWDQG ZKHUH RX DUH FRPLQJ IURP 2XU .0 DLPV UHTXLUH PXFK
-RKQ 7URSHD GHYHORSPHQW ZRUN DQG QHHG RI DQ HQWLW RU GLVFLSOLQH WR LQVWLOO WKLV 7KH PRUH LW
EHFRPHV HPEHGGHG WKH PRUH .0 DV DQ HQWLW GLVVROYHV
RRUGLQDWRU
6HH DOO -RKQ¶V DFWLYLW ª
6WRS IROORZ LQJ .0 H[LVWV IRU D UHDVRQZLWK VFDOH VLORV IRUP FRVWV ULVHVR ZH ZDQW WR
DXWRPDWH JRRG DQG FRVW HIIHFWLYH SUDFWLFHV DQG VKDUH ZKDW ZH NQRZ VR LW FDQ
EH UHXVHG DJDLQ D WLPH DQG FRVW IDFWRU

$QG RI FRXUVH ZH QHHG WR FRQQHFW


SHRSOH VR WKH FDQ PDNH VHQVH RI WKHLU GD

$W ZRUN ZH KDYH D VPDOO DQG QHZ .0 HQWLW EXW RXU QH[W DLP LV WR ILQG .0
DGYRFDWHV ZLWKLQ H[LVWLQJ EXVLQHVV XQLWV WR EH SDUW RI D .0 QHWZRUNZH QHHG
VFRXWV WR IHHG XV ZKDW
V KDSSHQLQJ DQG WR DOVR LQMHFW D .0 DWWLWXGH LQWR WKHLU
VLORV

HV VFLHQFH ZKHUH SURYHQ PHWKRGV ZRUN DQG DUW EHFDXVH ZH FDQ VHQVH
PDNH DQG GHFLVLRQPDNH LQ DQ DGKRF ZD E FRQYHUVDWLRQZH EHFRPH PRUH
FDSDEOH DQG DJLOH WR UHVSRQG WR FKDQJH

0 ZRUU DERXW .0 LV OLNH RX VD LV LW
V QRW MXVW DERXW WHFKQRORJ .0 LVQ
W
QRW FDSWXULQJ DQ REMHFW DQG WDJJLQJ LW LQWR D GDWDEDVHHDUOLHU WKDQ WKDW ZH KDG
PHQWRULQJ VWRULHV DSSUHQWLFHVKLS DV D ZD WR WUDQVIHU NQRZOHGJH

7KDW
V ZK , IHDU WKH WHUP NQRZOHGJH DVVHWV EHFDXVH WKLV OHDGV XV GRZQ D
SDWK WR WKLQN WKDW DOO RX GR LV FDSWXUH ZKDW RX NQRZ LQWR DQ REMHFW DQG ORGJH LW
LQ D GDWDEDVH DQG WKDW
V KRZ ZH GR .0

)LUVWO LW
V QRW FDSWXUHG SURSHUO DQG VHFRQGO WKH FRQWH[W ZLOO EH GLIIHUHQW IRU
WKH VHHNHU WKLUGO LW PD QRW HYHQ EH QHHGHG WR EH FDSWXUHG LQ WKH ILUVW SODFH
IRXUWKO WKHUH LV QR LQVWULQVLF PRWLYDWLRQ WR VKDUH DQZD DQG ILIWKO DW SUHVHQW
PRVW ILUPV PRWLYDWH UHZDUGV IRU LQGLYLGXDO JRDOV ZKLFK FUHDWHV D FRPSHWLWLYH
UDWKHU WKDQ FROODERUDWLYH ZRUNSODFH

, FRXOG JR RQ

, ZRXOG VD .0 ROODERUDWLYH .QRZOHGJH 0DQDJHPHQW
6XEED 5DR
$VVW 0DQDJHU DW RJQL]DQW 3RVWHG PRQWKV DJR _ 5HSO 3ULYDWHO
7HFKQRORJ 6ROXWLRQV ,QGLD
3YW /WG
6HH DOO 6XEED¶V DFWLYLW ª
)ROORZ 6XEED

, ZRXOG QRW FKDQJH WKH WHUP DQ PRUH WKDQ , ZRXOG FKDQJH WKH WHUPV 5LVN
1LFN 0LOWRQ 0DQDJHPHQW RU 6DIHW 0DQDJHPHQW
'LUHFWRU .QRFR /WG
.QRZOHGJH 0DQDJHPHQW
VWUDWHJLF DQG WDFWLFDO DGYLVRUV .QRZOHGJH LV WKH IRFXV 0DQDJHPHQW LV KRZ ZH UHVSRQG DV RUJDQLVDWLRQV
.QRZKRZ LV RXU EXVLQHVV 3RVWHG PRQWKV DJR _ 5HSO 3ULYDWHO
6HH DOO 1LFN¶V DFWLYLW ª
6WRS IROORZ LQJ

, DJUHH ZLWK RX ZLWK 1LFN
$ODQ 2
1HLOO
.QRZOHGJH 0DQDJHPHQW ZLWK 3RVWHG PRQWKV DJR _ 5HSO 3ULYDWHO
.QRZOHGJH 3DG /WG
6HH DOO $ODQ¶V DFWLYLW ª
6WRS IROORZ LQJ

, WKLQN WKH QDPH LV QRW DV LPSRUWDQW DV D VWDQGDUG GHILQLWLRQ VKRXOG EH , REVHUYH
'DQ (OGHU SHRSOH LQ P LQYLURQPHQW ZKR JHW ZUDSSHG DURXQG WKH D[OH DERXW WKH WHUP
.QRZOHGJH 0DQDJHPHQW , XVH WKH WUHPV FRPPRQ VHQVH RU JRRG VWDII
$GYLVRU 86 $UP ,,, RUSV
6HH DOO 'DQ¶V DFWLYLW ª SULQFLSOHV LQ SODFH RI WKH WHUP .QRZHOGJH 0DQDJHPHQW DQG , OLNH WR VHH
6WRS IROORZ LQJ RWKHUV WKRXJKWV RQ ZKDW WKH ZRXOG FDOO .0 %XW IRU PH , HDUP IRU D GD ZKHQ
ZH KDYH FRQVHQVXV RQ WKH GHILQLWLRQ '

, WKLQN WKHUH LV DOVR D GLVWLQFWLRQ EHWZHHQ ZKDW ZH UHFRJQLVH RXUVHOYHV DV GRLQJ
1LFN 0LOWRQ DQG KRZ ZH GHVFULEH LW WR RWKHUV
'LUHFWRU .QRFR /WG
VWUDWHJLF DQG WDFWLFDO DGYLVRUV $V DQ H[DPSOH D )2 LV FRQFHUQHG DERXW HIIHFWLYH ILQDQFLDO PDQDJHPHQW
.QRZKRZ LV RXU EXVLQHVV DFURVV DQ RUJDQLVDWLRQ EXW IRU WKH VWDII LW LV PRUH DERXW KDYH , GRQH P
6HH DOO 1LFN¶V DFWLYLW ª EXGJHW KDYH L GRQH P FRVW WUDFNLQJ DP , ORRNLQJ DIWHU WKH PRQH
6WRS IROORZ LQJ
6LPLODUO D .2 LV FRQFHUQHG DERXW HIIHFWLYH .QRZOHGJH PDQDJHPHQW DFURVV
DQ RUJDQLVDWLRQ EXW IRU WKH VWDII LW LV PRUH DERXW KDYH , GRQH P OHDUQLQJ KDYH
L GRQH P .0 SODQ DP , ORRNLQJ DIWHU WKH NQRZOHGJH

RX GRQ
W QHHG WR VHOO LW DV .0 EXW RX QHHG WR UHDOLVH RX DUH UHVSRQVLEOH IRU
LQWURGXFLQJ DQG HPEHGGLQJ .0


-XVW WKLQNLQJ DORXGGRHV .QRZOHGJH XOWXUH 0DQDJHPHQW VRXQG DQ EHWWHU
1LUPDOD 3DODQLDSSDQ :KLFK PHDQV RX GRQ
W PDQDJH NQRZOHGJH SHU VH EXW MXVW FUHDWH DQG IDFLOLWDWH
.0 +HDG 2UDFOH $3$ .0
D FXOWXUH WKDW DSSUHFLDWHV JHQHUDWHV VKDUHV DQG XWLOL]HV NQRZOHGJH +PP
,QYHQWRU3DWHQW +ROGHU
6HH DOO 1LUPDOD¶V DFWLYLW ª 3RVWHG PRQWKV DJR _ 5HSO 3ULYDWHO
)ROORZ 1LUPDOD

1LUPDOD LQGHHG ZH DUH FUHDWLQJ FRQGLWLRQV RU DQ HFRVWHP ZKHUH NQRZOHGJH LV
-RKQ 7URSHD VKDUHG WKHQ ZH IDFLOLWDWH WKLV :KDW , OLNH DERXW WKLV LV LW
V QRW DQ H[SOLFLW SODQ
ZLWK D WDUJHW LQVWHDG ZH GRQ
W NQRZ ZKDW ZH DUH JRQQD JHWLQWHUSOD LQ WKH
RRUGLQDWRU
6HH DOO -RKQ¶V DFWLYLW ª HFRVVWHP ZLOO HPHUJH XQH[SHFWHG WKLQJV
6WRS IROORZ LQJ
,W
V OLNH RX KDYH FUHDWHG VRPHWKLQJ WKDW NHHSV JLYLQJ DQG EHFDXVH LW
V FRPSOH[
KXPDQ FRQYHUVDWLRQV

RX GRQ
W NQRZ ZKDW ZLOO PDQLIHVW

6QRZGHQ KDV D SRVW RQ GHIQ DQG SULQFLSOHV

KWWSZZZFRJQLWLYHHGJHFRPEORJVGDYHGHILQLQJBNPSKS

$GG D RPPHQW

)ROORZ WKLV GLVFXVVLRQ *HW QRWLILHG E HPDLO DERXW QHZ FRPPHQWV
1RWH (PDLO QRWLILFDWLRQV Z LOO EH VHQW WR DUWVFKOXVVHO#JPDLOFRP KDQJH ª

$GG RPPHQW RU DQFHO

3DJH QH[W ª

XVWRPHU 6HUYLFH $ERXW %ORJ DUHHUV $GYHUWLVLQJ 5HFUXLWLQJ 6ROXWLRQV 7RROV 'HYHORSHUV /DQJXDJH 8SJUDGH RXU $FFRXQW
% XVLQJ WKLV VLWH RX DJUHH WR /LQNHG,Q
V WHUPV RI XVH RPPHUFLDO XVH RI WKLV VLWH Z LWKRXW H[SUHVV DXWKRUL]DWLRQ LV SURKLELWHG
/LQNHG,Q RUSRUDWLRQ ‹ 8VHU $JUHHPHQW 3ULYDF 3ROLF RSULJKW 3ROLF 6HQG XV RXU IHHGEDFN


7KDQNV IRU WKH FRPPHQW DQG WKH OLQNV -RKQ
1LUPDOD 3DODQLDSSDQ
.0 +HDG 2UDFOH $3$ .0
,
YH VHHQ 6QRZGHQ
V SRVWDQG , PXVW VD P UHVSRQVH DERYH LV LQIOXHQFHG E
6HH DOO 1LUPDOD¶V DFWLYLW ª 6QRZGHQ
V WKRXJKWV DV ZHOO DV WKH YDULRXV GLVFXVVLRQV DQG GHEDWHV ZH
YH KDG
)ROORZ 1LUPDOD LQ .0 FLUFOHV LQ WKH SDVW ,
P EHJLQQLQJ WR UHDOO HQMR WKLV ZKROH FRQFHSW RI
LQWHUSOD LQ WKH HFRVVWHP DQG HPHUJHQFH ,W DFWXDOO VRXQGV VRPHZKDW
VSLULWXDO


)RU VXUH 1LUPDOD MXVW OLNH 61$ WKH .0 SUDFWLWLRQHU LV LGHQWLILQJ WKH EORFNDJHV
-RKQ 7URSHD VR WKH LQIRUPDWLRQ FDQ IORZ D ELW OLNH DQ DFXSXQFWXULVW
RRUGLQDWRU
6HH DOO -RKQ¶V DFWLYLW ª 'HYHORSLQJ DQG WKHQ IDFLOLWDWLQJ VRFLDO QHWZRUNV DQG JURXSV ERWK RQOLQH DQG
6WRS IROORZ LQJ RIIOLQH LV WKH QHZ UROH RI WKH .0 SUDFWLWLRQHUPRUH IDFLOLWDWLQJ SHRSOH WR
HPSRZHU WKHP UDWKHU WKDQ WULQJ WR PDQDJH NQRZOHGJH
KWWSOLEUDUFOLSVEORJVRPHFRPVHQVHPDNLQJSNPDQGQHWZRUNV

XUUHQWO LW
V SDUDPRXQW IRU WKH .0 SUDFWLWLRQHU WR WUHDW NQRZOHGJH DV DVVHWV E
VWRFNSLOLQJ OHVVRQV OHDUQHG DQG EHVW SUDFWLFH GDWDEDVHV WKLV ZD KHVKH FDQ
KDYH VRPHWKLQJ WR VKRZ DQG EH PHDVXUHG RQ WKLV
%XW LI WKH .0 SUDFWLWLRQHU LQVWHDG FRQFHQWUDWHV RQ IDFLOLWDWLQJ NQRZOHGJH
FUHDWLRQ WKDW LV IRU .0 WR KDSSHQ RQ LW
V RZQ WKHQ ZKDW GR WKH JHW PHDVXUHG
RQ

7KRXJKWV

7KLV PD VRXQG SDUDGR[LFDO EXW LQ P RSLQLRQ LQ WKH ORQJ UXQ IRFXVLQJ RQ
1LUPDOD 3DODQLDSSDQ WKHVH DVSHFWV IDFLOLWDWLQJ NQRZOHGJH FUHDWLRQ XWLOL]DWLRQ VKDULQJ

ZLOO DQZD
.0 +HDG 2UDFOH $3$ .0
JLYH XV HYHQ EHWWHU UHVXOWV LQ WHUPV RI LQQRYDWLRQ SURGXFWLYLW HPSORHH DQG
6HH DOO 1LUPDOD¶V DFWLYLW ª FXVWRPHU VDWLVIDFWLRQ 6R ZK FDQ
W ZH FRQWLQXH PHDVXULQJ WKH VDPH
)ROORZ 1LUPDOD SDUDPHWHUV EXW GHYHORS D VPDUW PHFKDQLVP WR WUDFH LW EDFN WR WKH FDXVHV IRU
VXFFHVV WKDW LV JHW VPDUWHUFOHYHUHU ZLWK WKH VFLHQFH RI DWWULEXWLRQ

(PSORHH VDWLVIDFWLRQ VXUYHV DQG RWKHU PHWKRGV WR JDXJH HPSORHH
VDWLVIDFWLRQ FRXOG SHUKDSV FRQWULEXWH LQ D ELJ ZD DSWXULQJ LQVWDQW IHHGEDFN
HPEHGGHG LQ WKH DFWLYLW

FRXOG EH DQRWKHU PHWKRG 1DVFHQW WKRXJKWVPDEH
ZH VKRXOG WDNH WKLV XS DV D IXOOIOHGJHG DQG LQGHSHQGHQW GLVFXVVLRQ


$V RWKHUV KDYH PHQWLRQHG ZH FDQ FDOO .0 KRZHYHU RQH SHUFHLYHV DQG XVHV LW LQ
KHWKDQ 0 GD WR GD DSSOLFDWLRQV +HUH .0 7RROV 06'06/06

SODV YHU YLWDO UROH LQ
,QIRUPDWLRQ $QDOVW DW
FUHDWLQJ FDSWXULQJ DQG VWRULQJ LQIRUPDWLRQ LQ GLIIHUHQW IRUPV, WKLQN .0 LV YHU
7ULXPSK ,QGLD 6RIWZDUH
6HUYLFHV 3YW /WG PXFK DVVRFLDWHG ZLWK WKH WSH RI WRROV ZH XVH LW DQG EUDQG WKHP DFFRUGLQJO


6HUYLFHV 3YW /WG
6HH DOO KHWKDQ¶V DFWLYLW ª , ZLOO FDOO .0 DV .QRZOHGJH 6VWHPV 0DQDJHPHQW,QIRUPDWLRQ 6VWHPV
)ROORZ KHWKDQ 0DQDJPHQW

$UW 7KLV VRXQGV PRUH OLNH FRQWHQW FROODERUDWLRQ PDQDJHPHQW 8QIRUWXQDWHO
/DNVKPDQ 3LOODL WKLV LV ZKDW PRVW FDOO LW .0 0DQ D WLPHV WKH GHILQLWLRQV JHW UHGHILQHG EDVHG
)RXQGHU (2 KLHI
RQ KRZ ZH H[SHULHQFH ,I ZH XVH FRQWHQW PDQDJHPHQW WRROV DQG LI PDQ FDOO LW D
$UFKLWHFW
6HH DOO /DNVKPDQ¶V DFWLYLW ª .0 WRRO WKHQ ZH ZLOO GHILQH .0 DV FDSWXULQJ RU UHWDLQLQJ FODVVLILQJ VHDUFKLQJ
)ROORZ /DNVKPDQ DQG UHWULHYLQJ RU VKDULQJ NQRZOHGJH RU LQIRUPDWLRQ

)URP D SRVLWLRQLQJ VWDQG SRLQW ZH DUH UHSRVLWLRQLQJ RXU FRPSOHWH NQRZOHGJH
OLIHFFOH PDQDJHPHQW DV :RUNIRUFH 7UDQVIRUPDWLRQ VVWHP WKDW DGGUHVV
SHRSOH SURFHVV DQG SODWIRUP DVSHFWV

7R NQRZ PRUH SOHDVH YLVLW KWWSZZZOSFXEHFRPNP DQG
KWWSZZZOSFXEHFRPZRUNIRUFHWUDQVIRUPDWLRQ ,QVWHDG RI WULQJ WR ERLO WKH
RFHDQ ZH KDYH GHFLGHG WR FDOO RXU FRPSOHWH .0 DV :7 DQG FRQWHQW EDVLF
FROODERUDWLRQ DV .0 , ZLOO EH KDSS LI .0 DQG :7 EHFRPHV WKH VDPH 6R WKHUH
ZLOO EH OHVV WHUPLQRORJLHV WR GHDO ZLWK LQ GHSWK DQG WKHUH ZLOO EH OHVV FRQIXVLRQ

,Q VXPPDU .0 LV DOO DERXW KDUQHVVLQJ WKH FROOHFWLYH NQRZOHGJH 7R GR LW
EHWWHU ZH QHHG WR DGGUHVV FRQWHQW FROODERUDWLRQ EHRQG VRFLDO QHWZRUNLQJ

LQQRYDWLRQ WDOHQW PDQDJHPHQW OHDUQLQJ DSSOLFDWLRQ RI NQRZOHGJH LQ EXVLQHVV
SURFHVVHV DQG PHDVXULQJ GULYLQJ FKDQJH

1LUPDOD RXU TXHVWLRQ RQ WKH VFLHQFH RI DWWULEXWLRQ ZRXOG EH D JRRG GLVFXVVLRQ
-RKQ 7URSHD RQ D QHZ WKUHDG
RRUGLQDWRU
6HH DOO -RKQ¶V DFWLYLW ª 6XUYHV DQG SHUKDSV PRUH UDZ VWXII OLNH 6QRZGHQV QDUUDWLYH WHFKQLTXHV DQG
6WRS IROORZ LQJ WKLQJV OLNH 0RVW 6LJQLILFDQW KDQJH DQG DQHFGRWHV

, ZRXOG SUHIHUDEO FDOO LW $.0 $SSOLHG .QRZOHGJH 0DQDJHPHQW
3UDVKDQW 3LWDOH
3URMHFW 0DQDJHU DW ,QIRVV
:KHQ LQIRUPDWLRQ LV XQGHUVWRRG DQG H[SHULHQFHG LWV HDV WR VKDUH DQG FRQYHUW
6HH DOO 3UDVKDQW¶V DFWLYLW ª
)ROORZ 3UDVKDQW LW LQWR NQRZOHGJH

0 WDNH ZRXOG EH ,QIRUPDWLRQ 7UDQVIRUPDWLRQ 6WUDWHJLHV ,76

8PHVK 'RQJUH
2QVLWH 3URJUDP 0DQDJHU DW
(VVHQWLDOO .QRZOHGJH 0DQDJHPHQW LV WUDQVIRUPLQJ DYDLODEOH
,QIRVV 7HFKQRORJLHV /WG
6HH DOO 8PHVK¶V DFWLYLW ª LQIRUPDWLRQFRQWHQW WR PHHW VSHFLILF QHHGV $V VDPH LQIRUPDWLRQ FRXOG VHUYH
)ROORZ 8PHVK GLIIHUHQW QHHGV VSHFLILF WR UHVSHFWLYH DUHDV

, DP VRUU 8PHVK WKDW LV DQ ,QIRUPDWLRQ VWUDWHJ .QRZOHGJH PDQDJHPHQW LV
1LFN 0LOWRQ DERXW NQRZOHGJH QRW LQIRUPDWLRQ
'LUHFWRU .QRFR /WG
.QRZOHGJH 0DQDJHPHQW 3RVWHG PRQWKV DJR _ 5HSO 3ULYDWHO
VWUDWHJLF DQG WDFWLFDO DGYLVRUV
.QRZKRZ LV RXU EXVLQHVV
6WRS IROORZ LQJ

,QWHUHVWLQJ WR UHDG DOO RXU YDULRXV SHUVSHFWLYHV DQG LGHDV 7KDQN RX HYHURQH
$OH[ 1DWHOOL RQVLGHULQJ WKDW WKH WHUP .0 KDV KXQGUHGV RI GHILQLWLRQV , GRXEW WKDW WKHUH
.QRZOHGJH 6WUDWHJLVW DW
FRXOG EH DQRWKHU WHUP WKDW ZRXOG GR DQ EHWWHU WKDQ .0
,QWHUJHQ
6HH DOO $OH[¶V DFWLYLW ª
)ROORZ $OH[ 7KHUHIRUH LI , ZHUH .0 .LQJ ,
G NHHS WKH QDPH DV LW LV .QRZOHGJH
0DQDJHPHQW ,
G WKHQ HQFRXUDJH HDFK RI WKH VFKRROV RI WKRXJKW WR FRQWLQXH
FRPSHWLQJ IRU WKH WHUP 7KRVH WKDW FRXOG GHPRQVWUDWH UHDO YDOXH IRU WKHLU
EXVLQHVVHV FRPPXQLWLHV DQG VWDWHV ZRXG UHFHLYH PRUH UHVRXUFHV DQG
DFFRODGHV 7KRVH WKDW FRXOG QRW ZRXOG EH NLQGO DVNHG WR SOD LQ VRPHRQH
HOVH
V GRPDLQ

7KH SUREOHP ZLWK HQFRXUDJH HDFK RI WKH VFKRROV RI WKRXJKW WR FRQWLQXH
1LFN 0LOWRQ FRPSHWLQJ IRU WKH WHUP LV WKDW WKH VFKRROV WKDW GRQ
W GHOLYHU YDOXH GHYDOXH WKH
'LUHFWRU .QRFR /WG
WHUP


.QRZKRZ LV RXU EXVLQHVV +RZ PDQ WLPHV KDYH RX KHDUG D FRPSDQ VD .0 GRHVQ
W ZRUN RU :H
6HH DOO 1LFN¶V DFWLYLW ª WULHG .0 DQG LW GLGQ
W ZRUN DQG WKHQ ZKHQ RX GLJ D OLWWOH GHHSHU RX ILQG WKH
6WRS IROORZ LQJ KDG ERXJKW D VHDUFK HQJLQH RU UROOHG RXW VRPH LQDSSURSULDWH WHFKQRORJ XQGHU
WKH .0 EDQQHU %XW E WKHQ LQ WKHLU HHV WKH WHUP LV FRPSOHWHO GHYDOXHG DQG
.0 ZLOO QHYHU EH DOORZHG EDFN LQ RU QRW XQWLO PHPRULHV IDGH

$OWKRXJK WKH VXUYLYDO RI WKH ILWWHVW DSSURDFK ZRUNV IRU PDUNHWV LW GRHVQ
W ZRUN
IRU LQGLYLGXDO FOLHQWV

, KDYH EHHQ ZRUNLQJ RQ GHYHORSLQJ DQ DOWHUQDWLYH IRU HDUV WKH WHUP .0
-RH 5DLPRQGR VHHPHG WR KDYH VR PXFK EDJJDJH SDUWLFXODUO LQ FRUSRUDWH $PHULFD ZKHUH
6VWHP 'HVLJQ DQG
DOPRVW HYHU HQWHUSULVH KDG VRPH VRUW RI IDLOHG LQLWLDWLYH DURXQG
NQRZOHGJH
,QQRYDWLRQ RQVXOWLQJ
6HH DOO -RH¶V DFWLYLW ª PDQDJHPHQW
HLWKHU LQ WKH V RU HDUOLHU WKLV GHFDGH
)ROORZ -RH +RZHYHU ZLWK WKH HPHUJHQFH RI VRFLDO WRROV VXFK DV /, 7ZLWWHU HWF LW
V SUHWW
FOHDU WKDW LI RX PHQWLRQ .0 SHRSOH NQRZ ZKDW RX
UH WDONLQJ DERXW ,I RX WU WR
WDON DURXQG LW WKH
OO LQHYLWDEO VD RK RX
UH WDONLQJ DERXW NQRZOHGJH
PDQDJHPHQW %XW WKH PLJKW GR VR LQ KXVKHG WRQHV VR DV QRW WR FDOO DWWHQWLRQ
.0HUV DV D VSHFLDO EUHHG :H DUH DV D JURXS UHVROXWHO KROLVWLF DQG LQWHUHVWHG
LQ EURDG VROXWLRQV LQ D EXVLQHVV HQYLURQPHQW WKDW FRQWLQXHV WR HPEUDFH SRLQW
VROXWLRQV DQG KSHUVSHFLDOL]DWLRQ 7KH HIIRUW WR FUHDWH YDOXH ZLWKLQ RUJDQL]DWLRQV
XQGHU WKH UXEULF NQRZOHGJH PDQDJHPHQW UHPDLQV FKDOOHQJLQJ EXW LW LV LPSRUWDQW
WKDW VRPH SHRSOH UHFRJQL]H WKH ORQJWHUP YDOXH RI RYHUVHHLQJ KXPDQ
SHUIRUPDQFH OHDUQLQJ FRQWHQWSURFHVV IXVLRQ LQIRUPDWLRQ DFFHVV DQG
VWUXFWXUH DQG LQWHOOHFWXDO DVVHW PDQDJHPHQW ZLWKLQ D VLQJOH GLVFLSOLQH

$FWXDOO , ZRXOG DOVR OHDYH LW DV LV DV .0 LV DOUHDG D ZHOO HVWDEOLVKHG WHUP
%RULV -DHJHU
,I , KDYH WKH FKRLFH WR UHQDPH LW , RSW IRU .QRZOHGJHRULHQWHG 0JW RU .QRZOHGJH
LQIRUPDWLRQ SURIHVVLRQDO
WUDLQHU FRQVXOWDQW DQG EDVHG 0JW 7KLV ZRXOG VWUHVV WKH IDFW RQ NQRZOHGJH DV WKH LQWHJUDO LQJUHGLHQW RI
UHVHDUFKHU DQ PDQDJHPHQW IXQFWLRQ 6R HJ LQVWHDG RI .QRZOHGJH 0DQDJHPHQW LQ
6HH DOO %RULV¶V DFWLYLW ª 3URMHFW 0DQDJHPHQW ZH ZRXOG WDON DERXW .QRZOHGJHRULHQWHG 3URMHFW
6WRS IROORZ LQJ 0DQDJHPHQW 7KH WZR JR KDQG LQ KDQG

%XW ZDLW KDVQ
W .QRZOHGJH 0DQDJHPHQW DOUHDG D QHZ QDPH ,VQ
W
(QWHUSULVH WKH QHZ .QRZOHGJH 0DQDJHPHQW 7KH VDPH SULQFLSOHV MXVW
GLIIHUHQW QHZ WRROV

, WDNH RXU SRLQW 1LFN 0
VXUYLYDO RI WKH ILWWHVW
DSSURDFK ZRXOGQ
W GR DQWKLQJ
$OH[ 1DWHOOL WR FODULI WKH WHUPV RU DGG YDOXH , DOVR DJUHH WKDW WRR PDQ SHRSOH FRRSW WKH
.QRZOHGJH 6WUDWHJLVW DW
WHUP WR VHOO GDWD FRQWHQW DQG WHFKQRORJ VROXWLRQV
,QWHUJHQ
6HH DOO $OH[¶V DFWLYLW ª
)ROORZ $OH[ :RXOG RX DJUHH WKDW QR WHUP LV LPPXQH WR EHLQJ PLVXVHG .0 LV DOUHDG
GDPDJHG JRRGV LQ WKH HHV RI PDQ :KHQ D QHZ WHUP ULVHV LQ SRSXODULW LW
ZRQ
W WDNH ORQJ IRU SHRSOH WR SRVLWLRQ WKHPVHOYHV LQ WKDW ILHOG %HIRUH ORQJ ZH
OO
EH KDYLQJ WKH VDPH GLVFXVVLRQ DERXW WKDW WHUP

7R PH YDOXH FRPHV IURP IRFXVLQJ RQ P FXVWRPHU
V FKDOOHQJHV DQG
RSSRUWXQLWLHV 6KRZLQJ WKHP WKDW WHFKQRORJ VROXWLRQV E WKHPVHOYHV ZLOO QRW
FUHDWH FROODERUDWLRQ LQQRYDWLRQ OHDUQLQJ HWF 7KHQ GHPRQVWUDWLQJ WKDW ZH FDQ
FUHDWH LQWHUYHQWLRQV WKDW ZRXOG OHDG WKHP WRZDUG WKHLU JRDO

, WKLQN .0 LV FRPLQJ RXW RI WKH WURXJK RI GLVLOOXVLRQ RQ WKH KSH FXUYH ZKLFK LV
1LFN 0LOWRQ ZK LW ZRXOG EH GDQJHURXV WR UHEDGJH LW QRZ 1R WHUP LV LPPXQH DV RX VD
'LUHFWRU .QRFR /WG
DQG LI .0 LV GDPDJHG JRRGV WKH DQVZHU LV WR IL[ WKH JRRGV
.QRZKRZ LV RXU EXVLQHVV ,W LV LQWHUHVWLQJ DFWXDOO WKDW PDQ QRW DOO E DQ PHDQV EXW PDQ

RI WKH
6HH DOO 1LFN¶V DFWLYLW ª DOWHUQDWLYH VXJJHVWLRQV UHWDLQ WKH ZRUG .QRZOHGJH EXW GLWFK WKH WHUP
6WRS IROORZ LQJ 0DQDJHPHQW +RZHYHU LW LV WKH .QRZOHGJH FRPSRQHQW WKDW LV WKH PRUH
FRQWHQWLRXV LQ P RSLQLRQ DV WKLV LV WKH WHUP WKDW JHWV KLMDFNHG E SHRSOH ZKR
H[WHQG LW WR LQFOXGH GDWD FRQWHQW RU LQIRUPDWLRQ

0 %XVLQHVV FDUG VDV .QRZOHGJH 0DQDJHU WKLV ZDV GHFLGHG OLNH WKLV E
7RQ :HJHZLMV RWKHUV, SHUVRQDOO DOZDV VD
7KH RQO .QRZOHGJH 0DQDJHPHQW WKDW
.QRZOHGJH 0DQDJHU DW
WDNHV SODFH LV LQ RXU EUDLQ
7KDW
V ZKHUH NQRZOHGJH IURP SUHYLRXV H[SHULHQFHV
+HLQHNHQ
6HH DOO 7RQ¶V DFWLYLW ª LV EOHQGHG ZLWK QHZ H[SHULHQFHV LQWR QHZ NQRZOHGJH DJDLQ .QRZOHGJH LV
)ROORZ 7RQ VRPHWKLQJ SHUVRQDO ZKLFK FDQQRW EH VWRUHG LQ DQ ,7 VVWHP RU GDWDEDVH 0


EUDLQ LV P GDWDEDVH DQG , ZRUN DQG OLYH LQ DQ HQYLURQPHQW WKDW JLYHV PH
LQIRUPDWLRQ WR SURFHVV LQWR QHZ NQRZOHGJH6RZKDW FiQ , PDQDJH WKHQ
1RW WKDW PXFK , FDQ IDFLOLWDWH DQG FUHDWH HQYLURQPHQW WKDW LQVSLUHV DOORZV DQG
VWLPXODWHV WR VKDUH OHDUQ FUHDWH DSSO H[SHULPHQW 7KHUHIRUH DOWKRXJK , GR
QRW OLNH WKH DEEUHYLDWLRQ

/() ZRXOG VXLW PDEH EHWWHU /HDUQLQJ (QYLURQPHQW
)DFLOLWDWLRQ ,Q 'XWFK /() DOVR PHDQV JXWV ZKLFK LV QLFH EHFDXVH LW WDNHV
VRPHWLPHV

JXWV WR DFNQRZOHGJH WKDW RX GR QRW NQRZ VRPHWKLQJ RU LW WDNHV
JXWV VRPHWLPHV

WR WDNH WKH VWHS WR VKDUH ZLWK RWKHUV

1LFH GLVFXVVLRQ EXW ZKDW DUH ZH KHDGLQJ IRU $ QHZ RU OHWWHU DEEUHYLDWLRQ
GRHV QRW DGG DQ YDOXHEXWLI WKLV GLVFXVVLRQ LV HQULFKLQJ DQG VKDUSHQLQJ
RXU WKRXJKWV DQG WKHUIRUH RXU NQRZOHGJH

DERXW WKH NQRZOHGJH SURFHVV
EHWZHHQ SHRSOH , WKLQN ZH VKRXOG KDYH HYHQ PRUH RI WKHVH GLVFXVVLRQV

7RQ
$UW 6FKOXVVHO )LUVW WKDQN RX IRU RXU FRPPHQW , OLNH WKH /() GHVLJQDWLRQ , ILQG WKH LQVLJKWV
DQG FRPPHQWV RQ WKLV GLVFXVVLRQ IDVFLQDWLQJ .0 LV SHUVRQDO WR DOO RI XV (YHQ
2SHUDWLRQV $UP/DQG WKRXJK , EHOLHYH LW LV D WUXH GLVFLSOLQH ZLWK UHDO FRPSHWHQFLHV DQG UHSHDWDEOH
'LYLVLRQ DW DSSURDFKHV PHWKRGRORJLHV WDFWLFV DQG WHFKQLTXHV LW LV VWLOO SDUW DUW DQG SDUW
6HH DOO $UW¶V DFWLYLW ª VFLHQFH DQG ZH DOO PDNH LW ZRUN ZLWKLQ RXU RZQ FRQWH[W DQG VLWXDWLRQ 6R , ILQG
HYHURQH
V SHUVSHFWLYH LQWHUHVWLQJ DQG WKRXJKW SURYRNLQJ , DOVR ILQG RXW UHDOO
FRRO WKLQJV OLNH +HLQHNHQ KDV D .QRZOHGJH 0DQDJHU +RZ FRRO LV WKDW , ZLVK ,
FRXOG D .0 MRE LQ WKDW NLQG RI HQYLURQPHQW , KDYH EHHQ WR 5RWWHUGDP EXW LV ZDV
PDQ HDUV DJR , KDYH IRXQG PHPRULHV RI KDYLQJ D IHZ 2. PRUH WKHQ D IHZ

DW WKH 5DPER %DU , FDQ VWLOO VHH WKH SLFWXUH LQ P PLQG RI -RKQ 5DPER LQ WKH
MXQJOH RQ WKH RXWVLGH RI WKH EXLOGLQJ 7RR PXFK NQRZOHGJH WUDQVIHU

7RQ LQ P ERRN IDFLOLWDWLQJ DQG FUHDWLQJ DQ HQYLURQPHQW WKDW LQVSLUHV DOORZV
1LFN 0LOWRQ DQG VWLPXODWHV ,6 PDQDJHPHQW
'LUHFWRU .QRFR /WG
VWUDWHJLF DQG WDFWLFDO DGYLVRUV 7KDW
V ZKDW PDQDJHUV DUH VXSSRVHG WR GR
.QRZKRZ LV RXU EXVLQHVV 3RVWHG PRQWKV DJR _ 5HSO 3ULYDWHO
6WRS IROORZ LQJ

7KHUH LV OLWWOH GRXEW WKDW WKH WHUP .0 LV QRW ZLWKRXW LWV KXUGOHV ,Q WHUPV RI
6DOO -DQVHQ YDQ 9XXUHQ SUDFWLFDO XVH , VHH QR SUREOHP ZLWK DGDSWLQJ ODQJXDJH WR ILW WKH RUJDQLVDWLRQDO
0DQDJHU .QRZOHGJH
RU FXOWXUDO FRQWH[W
0DQDJHPHQW DW 63$5
6HH DOO 6DOO¶V DFWLYLW ª +RZHYHU DW DQ DFDGHPLF OHYHO .0 KDV EHHQ D UHFRJQLVHG WHUP VLQFH DW OHDVW
)ROORZ 6DOO DQG KDV JDUQHUHG D FRQVLGHUDEOH VWUHDP RI UHVHDUFK ERWK GUDZLQJ IURP
DQG DGGLQJ WR D UDIW RI UHODWHG GLVFLSOLQHV RX RQO QHHG WR ORRN DW WKH GHEDWH
DQG WLPH WKDW ZHQW LQWR HVWDEOLVKLQJ ,6 DV D GLVFLSOLQH WR NQRZ WKDW DEDQGRQLQJ
WKH WHUP .0 QRZ ZRXOG PHDQ UHFRPPHQFLQJ WKDW MRXUQH DQG ZKRVH WR VD
WKDW DQ
UHSODFHPHQW
WHUP ZRXOG QRW VXIIHU WKH VDPH IDWH LQ HDUV WR FRPH
, DJUHH ZLWK $ODQ OHW
V VWLFN WR
.0
DV WKH RYHUDUFKLQJ WHUP DQG NHHS EXLOGLQJ
RQ DQ WKH IRXQGDWLRQ WKDW KDV DOUHDG EHHQ HVWDEOLVKHG -XVW DV WKHUH DUH PDQ
IDFHWV WR RWKHU GLVFLSOLQHV VR WRR WKHUH DUH WR .0

#0DUN /HDQGHU P EXVLQHVV FDUG SURXGO GLVSODV WKDW , DP DQ ,QWHOOHFWXDO
*DOHQ 0F3KHUVRQ DSLWDOLVW KRZHYHU GHDOLQJ ZLWK FOLHQWV JHWV LQWR VRPH GHJUHH RI H[SODQDWLRQ
,QWHOOHFWXDO DSLWDOLVW
ZKHUH GLG WKH SLJ JR@ EXW , KDYH IRXQG WKDW RWKHU WLWOHV DUH HLWKHU FRQIXVLQJ ,
6HH DOO *DOHQ¶V DFWLYLW ª
)ROORZ *DOHQ DP 127 D '% DGPLQLVWUDWRU@ RU LQDGHTXDWH WKHUH LV PRUH WR PH WKDQ FXUULFXOXP
GHYHORSPHQW@ LQWHOOHFWXDO FDSLWDOLVP GHVFULEHV WKH EUHDGWK RI H[SHULHQFH WKDW ,
FDQ EULQJ WR DQ RUJDQL]DWLRQ DW D YHU VWUDWHJLF OHYHO QRW PHUHO D NQRZOHGJH
WHFKQLFLDQ RI VRPH LON , KDYH IRXQG DV ZHOO WKDW WKH VKRFN YDOXH RI
,QWHOOHFWXDO DSLWDOLVW DOORZVUHTXLUHV WKDW ZH VWDUW VRPH YHU LPSRUWDQW
GLVFXVVLRQV ULJKW IURP WKH EHJLQQLQJ

, KDYH QDPHG P SUDFWLFHHIIRUWV DV NQRZOHGJH VVWHPV RSWLPL]DWLRQ HYHU
FRPSDQ KDV D NQRZOHGJH VVWHP RQ ZKLFK LW UHOLHV WKLV VVWHP XVXDOO KDV
QRW EHHQ FRQVFLRXVO GHVLJQHG EXW KDV HPHUJHG DV RSHUDWLRQDO VVWHPV DQG
FRQVLGHUDWLRQV DUH SXW LQ SODFH RIWHQ WKH NQRZOHGJH VVWHP LV DQ DIWHUWKRXJKW
RQFH , EHJLQ WKH GLVFXVVLRQ LQ WKDW PDQQHU PRVW FOLHQWV FDQ IROORZ PH WKDW P
LQWHQW LV RSWLPL]H WKHLU NQRZOHGJH VVWHP ZKLFK PHDQV WKH ULJKW LQIRUPDWLRQ WR
WKH ULJKW SHUVRQ DW WKH ULJKW WLPH LQ WKH ULJKW IRUPDW

, SUHIHU WR NHHS WKH PRQLNHU RI ,QWHOOHFWXDO DSLWDO 0DQDJHPHQW IRU RXU ILHOG RI
HQGHDYRU ,) RQH LV LQ IDFW RSHUDWLQJ LQ DOO WKUHH VSKHUHV KXPDQ VWUXFWXUDO DQG
UHODWLRQVKLS@ WR D GHJUHH WKH ,7 FRPPXQLW KDV XVXUSHG WKH WHUP .QRZOHGJH
0DQDJHPHQW DV DQ XSJUDGH WR GDWDEDVH DGPLQLVWUDWLRQ DQG ,0 LV VR PXFK
PRUH WKDQ PDLQWDLQLQJ D GDWDEDVHFDWDORJ RI ZKDW SHRSOH KDYH VXSSOLHG WR WKH


VVWHP DV H[SOLFLW NQRZOHGJH

1LFN 0LOWRQ LV FRUUHFW LQ WKDW ZH VKRXOG QRW PRYH DZD IURP D WHUP WKDW LV
VORZO JDLQLQJ DFFHSWDQFH DQG XQGHUVWDQGLQJ EXW ZH PXVW FRQWLQXH WR UHILQH
DQG VKDUSHQ WKH YRFDEXODU XVHG RXU RZQ LQFOXGHG@ XQWLO D FRPPRQ
XQGHUVWDQGLQJ LV DFKLHYDEOH

D FROOHDJXH RI PLQH ZKRP PDQ RI RX PLJKW NQRZ 0DU $GDPV DQG , KDYH
EHJXQ GLVFXVVLRQV DERXW FRRUGLQDWLQJ DQ RSHQ VRXUFH VVWHP IRU ,QWHOOHFWXDO
DSLWDO LQ RUGHU WR DFKLHYH WKLV FRQJUXHQF DPRQJ SUDFWLWLRQHUV LI WKLV LV
UHGXQGDQW WR RWKHU UHVRXUFHV DOUHDG LQ SODFH RU LI RX ZRXOG OLNH WR SDUWLFLSDWH
LQ WKDW DFWLYLW SOHDVH OHW PH NQRZ JDOHQ#JDOHQPFSKHUVRQFRP@ , KDWH WR UH
LQYHQW DQ ZKHHOV RXW WKHUH DQG DQ RSHQ VRXUFH XQGHUWDNLQJ EHQHILWV IURP D
ZLGH SDUWLFLSDWLRQ

WKDQNV IRU WKH RSLQLRQV RIIHUHG DERYH DQG LW KDV FHUWDLQO MDUUHG P RZQ
WKLQNLQJ WKDQN RX $UW IRU VWDUWLQJ WKLV FRQYHUVDWLRQ DQG , VWLOO ZDQW WR DUUDQJH
IRU D YLUWXDO FXS RI FRIIHH ZLWK RX VRRQ

$GG D RPPHQW

)ROORZ WKLV GLVFXVVLRQ *HW QRWLILHG E HPDLO DERXW QHZ FRPPHQWV
1RWH (PDLO QRWLILFDWLRQV Z LOO EH VHQW WR DUWVFKOXVVHO#JPDLOFRP KDQJH ª

$GG RPPHQW RU DQFHO

3DJH © SUHYLRXV QH[W ª

XVWRPHU 6HUYLFH $ERXW %ORJ DUHHUV $GYHUWLVLQJ 5HFUXLWLQJ 6ROXWLRQV 7RROV 'HYHORSHUV /DQJXDJH 8SJUDGH RXU $FFRXQW
% XVLQJ WKLV VLWH RX DJUHH WR /LQNHG,Q
V WHUPV RI XVH RPPHUFLDO XVH RI WKLV VLWH Z LWKRXW H[SUHVV DXWKRUL]DWLRQ LV SURKLELWHG
/LQNHG,Q RUSRUDWLRQ ‹ 8VHU $JUHHPHQW 3ULYDF 3ROLF RSULJKW 3ROLF 6HQG XV RXU IHHGEDFN


.QRZOHGJH PDQDJHPHQW VKRXOG EH FDOOHG .QRZOHGJH PDQDJHPHQWWKHUH LV
'HRQLH %RWKD HQRXJK XQFHUWDLQW DERXW WKH GLVFLSOLQH DQG HQRXJK XQTXDOLILHG SHRSOH VWXIILQJ
.QRZOHGJH PDQDJHU
LW XS VR SOHDVH OHW
V MXVW DW OHDVW EH XQLILHG LQ ZKDW ZH FDOO RXUVHOYHV DQG WKH
6HH DOO 'HRQLH¶V DFWLYLW ª
)ROORZ 'HRQLH GLVFLSOLQH VRPH RI XV DUH WULQJ WR HVWDEOLVK DV D VFLHQFH

, ZRXOG JR LQ WR D GLIIHUHQW GLUHFWLRQ , ZRXOG FDOO LW
$FWLRQ 6FLHQFH
:H PXVW
-HDVHHODQ - HPSKDVL]H WKH SXUSRVH RI .0 WKDQ LWV PHDQV 8OWLPDWHO DOO NQRZOHGJH PXVW
( 2 DW ,QIRWZLQV
HQDEOH XV WR GR WKH ULJKW WKLQJV ,I WKH GR QRW , ZRXOG QRW FDOO LW NQRZOHGJH 6R
7HFKQRORJLHV
6HH DOO -HDVHHODQ¶V DFWLYLW ª LI ZKDWHYHU RX DUH GRLQJ LQ WKH QDPH RI .0 RU .1 LV QRW OHDGLQJ WR ULJKW DFWLRQV
)ROORZ -HDVHHODQ WKH YHU ILUVW WLPH WKHUH LV QR SRLQW LQ PDQDJLQJ DQWKLQJ

:H DUH VROYLQJ EXVLQHVV SUREOHPV WKURXJK WKH OHQV RI NQRZOHGJH :H QHHG WR
.DWK +DJHQ EH DV SUDFWLFDO ZLWK KRZ ZH GLVFXVV WKH PDQDJHPHQW RI NQRZOHGJH DV SRVVLEOH
WR HQVXUH RXU FOLHQWV DQG EXVLQHVVHV XQGHUVWDQG WKLV , EHOLHYH ZH KDYH GRQH
RQVXOWDQW DQG (GXFDWRU
6HH DOO .DWK¶V DFWLYLW ª RXUVHOYHV D GLVVHUYLFH E WULQJ WR PDNH .0 VRXQG OLNH DQ HOLWLVW FRQFHSW :H
)ROORZ .DWK VROYH EXVLQHVV SUREOHPV 7KH SUREOHPV WDNH YDULRXV VKDSHV EXW WR PH WKDW LV
WKH ERWWRP OLQH

, DP UHDOO HQMRLQJ UHDGLQJ WKH PXOWLWXGH RI SHUVSHFWLYHV DQG RSLQLRQV RQ WKLV
$UW 6FKOXVVHO VXEMHFW ,W FHUWDLQO LV VWLPXODWLQJ P RZQ WKRXJKWV RQ KRZ ZH ODEHO WKLV
GLVFLSOLQH 1RZ LI , ZDV UHDOO VWLUULQJ WKH SRW , ZRXOG DVN KRZ RX ZRXOG GHILQH
2SHUDWLRQV $UP/DQG WKLV WKLQJ ZH FDOO .0 EXW , ZRQ
W JR WKHUH , NQRZ EHWWHU

'LYLVLRQ DW :KR FRLQHG WKH WHUP NQRZOHGJH PDQDJHPHQW :DV LV :LLJ RU 6YHLE RU
6HH DOO $UW¶V DFWLYLW ª 'UXFNHU RU VRPHRQH HOVH -XVW FXULRXV EHFDXVH , FDQQRW ILQG D GHILQLWLYH
FLWDWLRQ , MXVW ZDQW WR NQRZ ZKR WR FUHGLW RU EODPH


, KDYH UHYLHZHG WKH FRPPHQWV WR GDWH DQG FRPSLOHG D OLVW RI DOWHUQDWLYH QDPHV
$UW 6FKOXVVHO IRU .0 0DQ RI RX ZRXOG OLNH WR OHDYH ZHOO HQRXJK DORQH ,W
V .0 VR OHDYH LW
EH %XW LI VRPH RI RX ZKHUH .LQJ RI WKH GLVFLSOLQH RI KRZHYHU RX FKRRVH WR
2SHUDWLRQV $UP/DQG GHILQH LW KHUH LV ZKDW RX ZRXOG FDOO LW
'LYLVLRQ DW .QRZOHGJH 1HWZRUNLQJ .1

6HH DOO $UW¶V DFWLYLW ª ,QWHOOLJHQFH 1HWZRUNLQJ ,1

.QRZOHGJH 5HVRXUFH 3ODQQLQJ .53

,QWHOOHFWXDO DSLWDO 0DQDJHPHQW ,0

ROODERUDWLYH .QRZOHGJH 0DQDJHPHQW .0

.QRZOHGJH XOWXUH 0DQDJHPHQW .0

.QRZOHGJH 6VWHPV 0DQDJHPHQW,QIRUPDWLRQ 6VWHPV 0DQDJHPHQW
.60,60

$SSOLHG .QRZOHGJH 0DQDJHPHQW $.0

,QIRUPDWLRQ 7UDQVIRUPDWLRQ 6WUDWHJLHV ,76

.QRZOHGJH2ULHQWHG 0DQDJHPHQW .20

.QRZOHGJH 6VWHPV 2SWLPL]DWLRQ .62

9HU LQWHUHVWLQJ LQGHHG

$UW DV IDU DV , NQRZ LW ZDV WKH VRFLRORJLVW 5LFNVRQ ZKR ILUVW XVHG WKH WHUP .0
%RULV -DHJHU LQ 7KH RWKHUV ZHUH ODWHU RU XVHG VQRQPV RQO
LQIRUPDWLRQ SURIHVVLRQDO
WUDLQHU FRQVXOWDQW DQG 5LFNVRQ 5 (
UHVHDUFKHU .QRZOHGJH 0DQDJHPHQW LQ ,QGXVWULDO 6RFLHW DQG (QYLURQPHQW 4XDOLW
6HH DOO %RULV¶V DFWLYLW ª +XPDQ 2UJDQL]DWLRQ

6WRS IROORZ LQJ

'HDU $UW DQG )RUXP PHPEHUV
-RULV ODHV 7KH RU PRUH DOWHUQDWLYHV SUHVHQWHG DUH GLVFLSOLQHV RQ WKHLU RZQ )RU H[DPSOH
.QRZOHGJH 219(5*(1(
,QWHOOHFWXDO DSLWDO 0DQDJHPHQW PD PDNH XVH RI NQRZOHGJH PDQDJHPHQW LQ
$3$,7 %XLOGHU _
%XVLQHVV 0DUNHW 2$+ LWV FDOFXODWLRQ PHWKRG %RWK DUH YHU FORVH DQG LQ RXU YLHZ $5(23$

+$1*( )DFLOLWDWRU 727$/ SUDFWLFLQJ .QRZOHGJH 0DQDJHPHQW ZLWKRXW EULQJLQJ WKH XQPHDVXUDEOH WR YDOXH
9$/8( +$,1 62/87,216 PDNHV QR VHQFH LV HYHQ D ZDVWH RI WLPH $GGLQJ WKH QH[W VWHSV RI ,QWHOOHFWXDO
6HH DOO -RULV¶V DFWLYLW ª DSLWDO DOFXODWLRQ DQH , $FFRXQWLQJ ZLOO GHILQLWHO PDNH VHQVH WR PRVW (2
6WRS IROORZ LQJ )2 .2 +5 'LUHFWRUV DQG RWKHU SHRSOH HQJDJHG LQ .QRZOHGJH 0DQDJHPHQW
, IROORZXS ZLWK 'HRQLH DQG OHDYH .QRZOHGJH 0DQDJHPHQW DV EHLQJ ZKDWLW
UHSUHVHQW PDQDJLQJ NQRZOHGJH LGHQWLI FDSWXUH DQG PDNLQJ LW UHXVDEOH

-RULV ODHV
93 *OREDO 2SHUDWLRQV
$5(23$ 3URYRNLQJ ,QQRYDWLYH ,QWHOOLJHQFH

$V DQ DGGRQ DQG JLYLQJ WKH KLVWRU RI .0 DQG , , ZLOO SRVW D SUHVHQWDWLRQ QH[W
-RULV ODHV ZHHN RQ P SURILOH ZKLFK ZLOO GHILQLWHO JLYH RX DQ RYHUYLHZ RI WKH GLIIHUHQW
.QRZOHGJH 219(5*(1(
YLHZV LQ .QROZHGJH 0DQDJHPHQW DQG ZKHUH HDFK DUH VLWXDWHG RQ WKH .0
$3$,7 %XLOGHU _
%XVLQHVV 0DUNHW 2$+ PDWUL[ :RXOG EH JUHDW LI , FRXOG SXEOLVK LW KHUH EXW ZLOO GHILQLWHO DGG D OLQN KHUH
+$1*( )DFLOLWDWRU 727$/ ODWHU WR WKH SUHVHQWDWLRQ 7KH GLIIHUHQWLDWRUV DUH LGHQWLILHG SULPDULO LQ H[SOLFLW
9$/8( +$,1 62/87,216 YHUVXV WDFLW NQRZOHGJH WKH FRPELQDWLRQ ,QWHOOHFWXDO DSLWDO )XUWKHU ZH KDYH
6HH DOO -RULV¶V DFWLYLW ª .0 SUDFWLFH IRFXVLQJ RQ FRPSRQHQWV LGHQWLILHG DQGRU RUJDQL]DWLRQDO OHYHO
6WRS IROORZ LQJ YHUVXV PRQHWDU DQG QR PRQHWDU YDOXH EXW WKHQ ZH DUH WRXFKLQJ DOUHDG LQ
,QWHOOHFWXDO DSLWDO 0DQDJHPHQW

, IRUJRW WR PHQWLRQ EXW WKH IRXQGHU RI .0 FRXOG ZHOO EH (LQVWHLQ RU WKH IROORZLQJ
DUH PRUH UHFHQW TXRWHV
DQ LQGLYLGXDO¶V DFFXPXODWHG NQRZOHGJH DQG NQRZKRZ WKDW@ LV WKH VRXUFH RI
LQQRYDWLRQ DQG UHJHQHUDWLRQ
DELOLW VNLOO DQG H[SHUWLVH HPEHGGHG LQ KXPDQ EUDLQV
NQRZOHGJH WKDW H[LVWV LQ DQ RUJDQL]DWLRQ WKDW FDQ EH XVHG WR FUHDWH
GLIIHUHQWLDO DGYDQWDJH +XJK 0DF'RQDOG ,/

LQWHOOHFWXDO FDSLWDO WKDW KDV EHHQ IRUPDOL]HG FDSWXUHG DQG OHYHUDJHG WR
SURGXFH D KLJKHUYDOXHG DVVHW .OHLQ DQG 3UXVDN

6R LQ WKLV ODVW VWDWHPHQW ZH FDQ VD WKDW .0

, DQG WKH 0 FDQ EH
WUDQVODWHG WR LGHQWLI FDSWXULQJ PDNH UHXVDEOH , WKHQ DGGV PHDVXULQJ LQ
PRQHWDU YDOXH WR WKH VSHFWUXP ZKLFK HQDEOHV , FDOFXODWLRQ DQG DFFRXQWLQJ
UHSRUWLQJ

$5(23$ FRYHUV WKH HQWLUH VSHFWUXP

+RSH , FODULILHG VRPH UDWKHU WKHQ PDNLQJ LW PRUH FRPSOH[
UHJDUGV
-RULV

.0 LV D FURVVGLVFLSOLQDU GRPDLQ ZKLFK KDV PDQ WKLQJV LQ FRPPRQ ZLWK
5LFKDUG 6DQWRV /DOOHPDQ FRPSOH[LW WKHRU DQG RUJDQLVDWLRQDO OHDUQLQJ 7KHUHIRUH , GR QRW WKLQN ZH VKRXOG
2ZQHU DW 5LFKDUG /DOOHPDQ
LQGLFDWH LW DV D VHSDUDWH GRPDLQ +RZHYHU WKH REMHFWLYH RI ZKDW .0 LV WR
RQVXOWDQF
6HH DOO 5LFKDUG¶V DFWLYLW ª IDFLOLWDWH NQRZOHGJH VKDULQJ 7KHUHIRUH , DOZDV VWDUW H[SODLQLQJ FOLHQWV WKDW LW LV
6WRS IROORZ LQJ DERXW IDFLOLWDWLQJ DQG HQKDQFLQJ WKH IORZ RI LQIRUPDWLRQ DQG NQRZOHGJH ZKLFK LV
D SUHUHTXLVLWH WR EH LQQRYDWLYH DQG FRPSHWLWLYH DV LW KHOSV VWDII PHPEHUV WR


PDNH VHQVH RI DQG GHFLGH RYHU QHZ SUREOHPV DQG RSSRUWXQLWLHV LQ IDVWFKDQJLQJ
DQG KLJKO FRPSHWLWLYH HQYLURQPHQWV

,
YH HQMRHG UHDGLQJ WKLV GHVSLWH WKH RGG JURXQGKRJ GD PRPHQW
KULV ROOLVRQ
$GYLVRU $XWKRU RQVXOWDQW
, ILQG PVHOI DJUHHLQJ ZLWK $ODQ 1LFN 5LFKDUG HW DO :KDW PDWWHUV PRVW WR PH
RDFK LQ .QRZOHGJH
0DQDJHPHQW 2UJDQLVDWLRQDO LV WKDW ZH XQGHUVWDQG ZKDW
V XQGHU WKH KRRG RI NQRZOHGJH PDQDJHPHQW FDQ
/HDUQLQJ DQG ROODERUDWLRQ FRPPXQLFDWH WKLV DQG FDQ KHOS RXU FOLHQWV WR SLFN IURP D JURZLQJ FROOHFWLRQ RI
6HH DOO KULV¶V DFWLYLW ª WRROV WHFKQLTXHV DQG PHWKRGV
)ROORZ KULV 7KH RQXV LV RQ XV DV NQRZOHGJH SURIHVVLRQDOV WR NHHS DEUHDVW RI WKHVH VR WKDW
ZH IHHO HTXDOO FRPIRUWDEOH UHFRPPHQGLQJ D SURJUDPPH RI DIWHU DFWLRQ UHYLHZ
WUDLQLQJ WKH GHYHORSPHQW RI D FRPPXQLW RI SUDFWLFH DQHFGRWH FLUFOHV
RUJDQLVDWLRQDO QHWZRUN DQDOVLV DPPHU RU WKH ODWHVW JHRVRFLDO VRIWZDUH ,VQ¶W
WKDW ZKDW PDNHV WKLV VXFK DQ H[FLWLQJ PDQDJHPHQW GLVFLSOLQH ,W¶V FRQVWDQWO
HYROYLQJ JURZLQJ DQG GLYHUVLILQJ

7KLV LV RQH RI WKH UHDVRQV WKDW ,¶YH EHFRPH LQFUHDVLQJO XQFRPIRUWDEOH ZLWK WKH
³TXDQWLVDWLRQ´ RI NQRZOHGJH PDQDJHPHQW HWF ,W LPSOLHV WKDW WKH
PRUH HVWDEOLVKHG .0 WRROV DUH VRPHKRZ OHVV UHOHYDQW WRGD DQG WKDW SHRSOH
UHDOO VKRXOG EH PRYLQJ RQ WR WKH QH[W OHYHO +H ,¶P DOO IRU SURJUHVVLRQ EXW ,¶P
D FRQVXOWDQW QRW D VFLHQWRORJLVW

,I D FOLHQW UHDOO QHHGV .0 WKHQ , EHOLHYH WKDW LW¶V P UROH WR KHOS WKHP WR
FKDUDFWHULVH WKDW QHHG DQG WR EXLOG XS WKHLU FDSDELOLW PHWKRGV WRROV
FRQFHSWV FXOWXUDO VWLPXOL

VXIILFLHQWO WR DFKLHYH WKH EHQHILWV RQ RIIHU

.0 LV D ILQH WHUP 7KH FRQIXVLRQ FRPHV ZKHQ WKHUH LV QRW D VKDUHG PHDQLQJ
%UDG +RW DQG FRQWH[W
,7 3URGXFW 4XDOLW 0DQDJHU DW
:HOOPDUN %OXH URVV %OXH
6KLHOG :KHQ , DP DVNHG WKH GHILQLWLRQ RI .0 , WXUQ WKH TXHVWLRQ DURXQG DQG DVN KRZ
6HH DOO %UDG¶V DFWLYLW ª WKDW SHUVRQ RU RUJDQL]DWLRQ GHILQHV .0 7KDW
V ZKDW
V UHOHYDQW
)ROORZ %UDG
0 ZRUNLQJ GHILQLWLRQ RI .0 LV WKDW .QRZOHGJH 0DQDJHPHQW LV DERXW FRQQHFWLQJ
SHRSOH WR SHRSOH DQG SHRSOH WR LQIRUPDWLRQ WR FUHDWH D FRPSHWLWLYH DGYDQWDJH ,
VHWWOHG RQ WKDW GHILQLWLRQ LQ DQG KDYHQ
W VHHQ D UHDVRQ WR FKDQJH LW VLQFH
WKHQ

.0 LV D ODEHO LW LV QRW PHDQW WR EH GHVFULSWLYH :H VKRXOG NHHS WKH WHUP .0 ,
'DYLG *XUWHHQ ZURWH DERXW WKLV EDFN LQ 0D VHH
KWWSZZZLNPDJD]LQHFRPGLVSODDVSDUWLFOHLG ((%(
DGYLVRU VSHDNHU DQG
IDFLOLWDWRU )RXQGHU RI WKH '%
*XUWHHQ .QRZOHGJH 3RVWHG PRQWKV DJR _ 5HSO 3ULYDWHO
RPPXQLW
6HH DOO 'DYLG¶V DFWLYLW ª
6WRS IROORZ LQJ

,
P ZLWK %UDG ZLWKRXW VKDUHG PHDQLQJ DQG FRQWH[W RX FDQ
W SURSHUO
-RKQ 7URSHD VHQVHPDNH 6R .0 LV DERXW FRQQHFWLRQV DQG IORZWKLV KDSSHQV LQ D SODFH
ZKHUH ZH FDQ VHOIRUJDQLVH LQ DQ RQ GHPDQG ZD UDWKHU WKDQ D FHQWUDOLVHG
RRUGLQDWRU
6HH DOO -RKQ¶V DFWLYLW ª VWRFN SLOH DSSURDFK
6WRS IROORZ LQJ
,I , KDYH DQ LVVXH SUREOHP H[FHSWLRQ , QHHG WR EH DEOH WR XVH P QHWZRUN WR JHW
DURXQG WKLV VHQVHPDNH

DQG , QHHG VKDUHG PHDQLQJ DQG FRQWH[W WR GR
WKLVFRQYHUVDWLRQ

7KHQ ZKDW
V WKH GLII EHWZHHQ .0 DQG 3.0

0DEH .0 LV WKHQ WDNLQJ WKHVH H[FHSWLRQV WKDW KDSSHQ LQ WKHVH VHQVHPDNLQJ
WUDQVDFWLRQV DQG OLVWLQJ WKHP LQ ZLNLV HWF

0RUH DERXW FUHDWLQJ WKH FRQGLWLRQV IRU VKDULQJ UDWKHU WKDQ PDQDJLQJWKDW
V
ZKDW , OLNH DERXW WKH VRFLDO FRPSXWLQJ PRYHPHQW DV LW DOORZV WR EXLOG

UHODWLRQVKLSV
E FRQQHFWLQJ WR SHRSOH

-RKQ LV TXLWH ULJKW WKDW .0 LV DERXW FRQQHFWLRQV DQG IORZ +RZHYHU , GLVDJUHH
1LFN 0LOWRQ WKDW WKLV LV D UDWKHU WKDQ DSSURDFK
'LUHFWRU .QRFR /WG
VWUDWHJLF DQG WDFWLFDO DGYLVRUV .0 LV DERXW RQQHFW $1' ROOHFW ,W
V DERXW VWRFN $1' IORZ ,W
V DERXW


.QRZKRZ LV RXU EXVLQHVV ERWKDQG QRW HLWKHURU
6WRS IROORZ LQJ $QG WR PH FUHDWLQJ WKH FRQGLWLRQV ,6 PDQDJLQJ 7KDW
V ZKDW JRRG PDQDJHUV
GR

, JXHVV WKDW .0 RQO PDNHV VHQVH LI XQGHUVWRRG DV D PHWDSURFHVV WKDW GHILQHV
)HUQDQGR /XL] *ROGPDQ WKH DFWLRQV DQG VXSSRUW SUDFWLFHV XVHG WR LPSURYH SROLFLHV DQG SURFHVVHV RI
(QJLQHHU DW )851$6
ILUP WR FRQWULEXWH WR WKH EHWWHU HPHUJHQF RI LWV 2UJDQL]DWLRQDO .QRZOHGJH 7KH
(175$,6 (/e75,$6 6$
6HH DOO )HUQDQGR /XL]¶V DFWLYLW ª 2UJDQL]DWLRQDO .QRZOHGJH SURYLGH WKDW ZHOO PDQDJHG DOORZV WKH ILUP WR VHHN
)ROORZ )HUQDQGR /XL] VXVWDLQDEOH FRPSHWLWLYH DGYDQWDJHV DQG WXUQV LWVHOI LQWR D YDOXDEOH DQG XQLTXH
UHVRXUFH
:H FDQ QRW PDQDJH NQRZOHGJH QRERG FDQ :KDW ZH FDQ GR LV PDQDJH
RUJDQL]DWLRQDO NQRZOHGJH D FRPSOH[ SKHQRPHQRQ E PDQDJLQJ WKH
HQYLURQPHQW LQ ZKLFK NQRZOHGJH FDQ EH FUHDWHG
6R WR VXEVWLWXWH WKH WHUP .0 , ZRXOG FDOO WKH GLVFLSOLQH 2UJDQL]DWLRQDO
.QRZOHGJH 0DQDJHPHQW %XW , DJUHH ZLWK 'DYLG *XUWHHQ WKDW .0 LV RQO D ODEHO
DQG LW LV QRW PHDQW WR EH GHVFULSWLYH 6R ZH VKRXOG NHHS WKH WHUP .0

1LFN
-RKQ 7URSHD
RQQHFW DQG RQWH[W IRU VHQVHPDNLQJ WKLV LV .0 GRLQJ LWVHOI DV QRZ ZH KDYH
RRUGLQDWRU
6HH DOO -RKQ¶V DFWLYLW ª ZHE WSH VVWHPV WKDW VHOI RUJDQLVH MXVW OLNH HPDLO

UDWKHU WKDQ D
6WRS IROORZ LQJ FHQWUDOLVHG DSSURDFK ZLWK ULJLG WRROV WKDW DUH QRW LQ WXQH ZLWK KXPDQ EHKDYLRXU
%HFDXVH RI WKHVH QHZ WRROV DQG LQWULQVLF PRWLYDWLRQ .0 FDQ QRZ FRPH WUXH
FRPSDUHG WR WKH SDVWWKHVH DUH H[FLWLQJ WLPHV IRU .0

, GR DJUHH WKHUH LV WKH VXSSOVLGH FROOHFW

ZKHUH VWXII WKDW VXUIDFHV IURP WKH
FRQYHUVDWLRQV QHHG QRW UROO RII WKH DUFKLYHV EXW UDWKHU EH GLVWLOOHG LQWR D ZLNL DV
D OLVW RI JRRG SUDFWLFHV ZRUNDURXQGV KHXULVWLFV LH UDWKHU WKDQ VHDUFK WKURXJK
EORJV DQG IRUXPV ZH FDQ PDNH KDQG OLVWV DQG GRFXPHQWV EDVHG RQ WKDW
FRQWHQW 2U HYHQ IHHG LW EDFN LQWR SURFHGXUHV
KWWSOLEUDUFOLSVEORJVRPHFRPKRZGRZLNLVDQGEORJVILWWRJHWKHU
KWWSOLEUDUFOLSVEORJVRPHFRPGLVWLOOLQJFRQYHUVDWLRQV

, GRQ
W EHOLHYH WKLV LV D VWRFN SLOH DSSURDFK MXVWLQFDVH

KWWSOLEUDUFOLSVEORJVRPHFRPVHQVHPDNLQJNPDQGFRSVMXVWLQ
WLPHYVMXVWLQFDVHHQJDJLQJDQGHPEHGGHGNPDQGDFRPSHWLWLYHYV
FROODERUDWLYHFXOWXUH

,Q DQ HDUOLHU FRPPHQW , PHQWLRQHG EHRQG MXVW VRFLDO FRPSXWLQJ .0 LV DOVR
DERXW IDFHWRIDFH LQWHUDFWLRQ 2SHQ 6SDFH DQHFGRWH SHHU DVVLVW $, HWF

.0 LV DERXW HYHUWKLQJKRZ WR EH PRUH DZDUH DQG WDSSHG LQ WR GR WKLQJV EHWWHU
DQG WR VHQVHPDNH

7KH UHVXOW LV EHWWHU SHUIRUPDQFH EXW WKH PRWLYDWLRQ LV WR VHQVHPDNH PDNH
VHQVH RI WKH RUJ DW D SHUVRQDO OHYHO

*UHDW FRPPHQW )HUQDQGR DERXW D PHWDSURFHVV

$W ZRUN ZH DUH JRLQJ WKURXJK D .0 PDWXULW VWXG 7KLV LV QRW DQDOVLQJ WKH .0
GHSW EXW LQVWHDG DQWKLQJ .0 RULHQWHG WKDW LV KDSSHQLQJ LQ WKH ILUP 3HRSOH DQG
WHDPV DUH DOZDV LPSURYLQJ WKH ZD WR GR WKLQJV ZKHWKHU LW EH DGKRF RU D
IRUPDO LQLWLDWLYH EXW WKH GRQ
W VWRS DQG WKLQN WKDW WKH DUH EHLQJ .0HUVWKH
DUH MXVW GRLQJ ZKDW
V QDWXUDO WR KXPDQ EHLQJV

$W ZRUN ZH KDYH D D SURMHFW LPSURYHPHQW SURFHVV LQLWLDWLYH WKLV KDV QRWKLQJ WR
GR ZLWK WKH .0 GHSDUWPHQW HW WKHVH JXV DUH GRLQJ ZKDW LV FRQVLGHUHG .0

,I HYHURQH ZDV OLNH WKHVH JXV PDEH ZH ZRXOGQ
W QHHG DQ RIILFLDO .0 WHDP

3DXOD 7KRUQWRQ MXVW OHIW D SLWK FRPPHQW RQ RQH RI P EORJ SRVWV
KWWSOLEUDUFOLSVEORJVRPHFRPNQRZOHGJHIORZQHWZRUNV

$QG QRZ DQRWKHU UHOHYDQW FRQQHFWLRQ ³5HDO NQRZOHGJH ZRUN LV DERXW KDQGOLQJ
WKH H[FHSWLRQV (YHUWKLQJ HOVH FDQ EH DXWRPDWHG´

7KLQNLQJ DERXW WKH IUXVWUDWLRQV RX¶YH KDG ZLWK DQWKLQJ RX¶YH WULHG WR
DFFRPSOLVK LQ JHWWLQJ ZRUN GRQH VDYH RXU RZQ VKRUWFRPLQJV RU WKRVH RI
RWKHUV

$ JRRG PDMRULW RI WKHP DUH HLWKHU GXH WR RYHUDXWRPDWLRQ QRW DOORZLQJ
IRU H[FHSWLRQV

RU XQGHUDXWRPDWLRQ OHDYLQJ RX WR PDQDJH PXQGDQH WDVNV

:KDW ,7 PHWKRGRORJ IRFXVHV RQ DVVHVVLQJ IRU VXFK EDODQFHV 121(



$OWKRXJK , WKLQN .0 LV WKH EHVW WHUP PRVW SHRSOH DUHQ
W YHU LQWHUHVWHG LQ ZKDW
-DPHV *XQQ LW PHDQV DV QRRQH HOVH VHHPV WR NQRZ HLWKHU ,I RX UHDOO ZDQW DQRWKHU ZRUG
2ZQHU $SSOLHG .QRZOHGJH
, ZRXOG XVH H[SHUWLVH PDQDJHPHQW H[SHUWLVH LV D PL[WXUH RI H[SHULHQFH DQG
0DQDJHPHQW
6HH DOO -DPHV¶V DFWLYLW ª HGXFDWLRQ

([SHUWLVH LV ZLGHO XQGHUVWRRG DV VRPHWKLQJ WR GR ZLWK SHRSOH DQG
)ROORZ -DPHV WKH ZRUG GRHV HIIHFWLYHO GLVWLQJXLVK NQRZOHGJH IURP LQIRUPDWLRQ,7HTXLSPHQW LQ
WKH PLQGV RI .0 ODPHQ

+7+ %:V
-DPHV

,
G VXSSRUW 6XEED 5DR
V VXJJHVWLRQ ROODERUDWLYH .QRZOHGJH 0DQDJHPHQW
1RUEHUW -DVWURFK
0DQDJLQJ 'LUHFWRU 0(7 3RVWHG PRQWKV DJR _ 5HSO 3ULYDWHO
RPPXQLFDWLRQV *PE+
6HH DOO 1RUEHUW¶V DFWLYLW ª
)ROORZ 1RUEHUW

.0 PLJKW QRW QHHG UHQDPLQJ VR PXFK DV LW QHHGV UHEUDQGLQJ , WKLQN WKH
7KRPDV $ 6WHZDUW SUREOHP ZLWK WKH WHUP LV WKDW SHRSOH '2 WKLQN WKH NQRZ ZKDW LW LV DQG LQ WRR
KLHI 0DUNHWLQJ DQG
PDQ FDVHV WKLQN WKDW LW UHIHUV WR RUJDQL]LQJ D EXQFK RI VWXII RQ D VKDUHQHW
.QRZOHGJH 2IILFHU DW %RR]
RPSDQ SODWIRUP LH WKH RYHUHPSKDVL]H WKH WHFKQLFDO DQG XQGHUZHLJKW WKH VRFLDO
6HH DOO 7KRPDV $¶V DFWLYLW ª 3DUWO WKLV LV EHFDXVH DW WKH GDZQ RI .0 WKHUH ZDV D ORW RI PRQH WR EH PDGH
6WRS IROORZ LQJ LQ VHOOLQJ WKH VVWHPV WKDW DUH LQGHHG D QHFHVVDU VXEVWUDWH RI VW FHQWXU
LQWHOOHFWXDO FDSLWDO PDQDJHPHQW D ORW RI WKH HDUO SURVHOWL]LQJ DQG DGYRFDWLQJ
IRU .0 ZDV WKHUHIRUH GRQH DW FRQIHUHQFHV VSRQVRUHG E YHQGRUV HDUO DGRSWHUV
QHHGHG WR VWDUW RXW ZLWKLQ RU QHDUO ZLWKLQ

,7 GHSDUWPHQWV HWF ,PDJLQH WKDW
+5 DV D IXQFWLRQ KDG EHHQ ERUQ DERXW WKH VDPH WLPH WKDW 3HRSOH6RIW HWF
KDG EHHQ GHYHORSHG LQVWHDG RI HDUV HDUOLHU :H PLJKW EH WKLQNLQJ WKDW
+50DV LW PLJKW EH FDOOHGQHHGHG D QHZ QDPH WRR PDEH VRPHWKLQJ OLNH
3HUVRQQHO

,Q RXU RUJDQL]DWLRQ WKH SHUVRQ LQ FKDUJH LV FDOOHG 'LUHFWRU RI .QRZOHGJH
6KDULQJ DQG ROODERUDWLRQ 1RZ WKDW WKH QHZ

If the term KM could get a do-over

If the term KM could get a do-over

Recomendados

Recomendados

Más contenido relacionado

La actualidad más candente

La actualidad más candente (20)

Destacado

Destacado (7)

Similar a If the term KM could get a do-over

Similar a If the term KM could get a do-over (20)

Último

Último (20)

If the term KM could get a do-over