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NewsRedwood Capital Group's CEO, Gregory Bedrosian, speaks at Penn Entrepreneurs Panel09.29.09  New York, September 29, 2009 – Redwood Capital Group, a leading investment banking firm serving the technology, communications and media & business services industries, reported that the firm’s Co-Founder and Chief Executive Officer, Gregory Bedrosian, spoke on a panel entitled, “Meet Penn’s Entrepreneurs: Becoming Your Own Boss In a Tough Economy. What Does It Take?” The panel discussion took place on September 29, 2009 at the Penn Club of New York. At the “Meet Penn’s Entrepreneurs” forum, Mr. Bedrosian was part of a panel of accomplished University of Pennsylvania alumni who are each successful entrepreneurs from a range of industries including finance, retail/fashion and real estate. As the panel demonstrates, University of Pennsylvania alumni have consistently made a significant impact on entrepreneurial areas in every conceivable industry. The panelists, creative and motivated individuals, have built everything from tech-powered start-ups to chic fashion houses to global investment banking firms and major real estate groups. Highlights of Mr. Bedrosian’s presentation are included below. Good evening and many thanks to the Penn Club for hosting this important and timely event, and of course, many thanks to the University of Pennsylvania for educating so many current and future entrepreneurial leaders. By way of introduction, I am Gregory Bedrosian, Co-Founder and CEO of Redwood Capital Group. We are an investment banking firm established in 2003 and based in New York and London serving the technology, communications and media & business services industries. We focus on mergers & acquisitions, debt and equity financings and financial advisory services for our clients worldwide. Prior to Redwood, I co-founded an emerging market focused investment banking firm, Renaissance Capital, in the mid-1990s with a group of Credit Suisse alumni. So, after tenures at global bulge bracket investment banks such as Credit Suisse and Salomon Brothers (now part of Citi) early in my career, for the past 15 years, I’ve had the opportunity to help establish and build two successful independent investment banking firms across the US, Europe and emerging markets. For the past 15 years I have not only been an entrepreneur in the financial services sector, but I’ve also had the privilege of working with many of the most exciting entrepreneurial and growth stage technology, telecom and media companies in the marketplace – they have been our firm’s loyal clients for years. When the panel organizers reached out to me a few months ago to invite me to participate in this forum, I knew the topic of entrepreneurship in a tough economy would be interesting. This great panel and audience have only re-emphasized just how timely and provocative the topic really is. Let me start with a brief question…. How do we define an “entrepreneur” and what are the origins of the word? As some of you may know, “entrepreneur” comes from the French word “entreprendre,” which means to undertake. The English dictionary definition is “A person who organizes, operates, and assumes the risk for a business venture.” Personally, I prefer a more striking definition which I learned from a friend of mine who is a serial entrepreneur in Silicon Valley – his definition is “An entrepreneur is someone that steals office supplies from home and brings them to the office.” This definition is all about the entrepreneur’s mentality. If one listens to the economic and political pundits or simply studies the economic and financial data of the past few years, it is relatively clear that we are in the midst of the worst economic and financial crisis in over 60 years. While the economic dislocation cannot be understated, we should not forget that many modern world class companies were established in the midst of deep recessions. GE was established in 1876, in midst of 1873-96 recession. Hewlett-Packard was founded in 1939 during the Great Depression. Microsoft was launched in 1975 during the 1973-75 recession. In many ways, economic downturns are well suited to launch new ventures. Reasons include:
However, there are substantial negatives in this type of environment, perhaps most important to an early stage business is:
I am excited that this panel discussion will cover the ways in which entrepreneurs – both current and future hopefuls – can best approach launching or building a business venture in the midst of this tough macro-economic environment. About Redwood Capital About The Penn Club of New York Public Relations |
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