Douglas Cumming | |
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| Born | 1970 (age 52–53) Winnipeg, Canada |
| Occupation | Financial economist |
| Organization | Florida Atlantic University |
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Douglas J. Cumming (born 1970) [1] is a Canadian financial economist. He is the DeSantis Distinguished Professor and chair of the finance department in the College of Business at Florida Atlantic University in the United States.
Cumming was born in Winnipeg, Manitoba in 1970. [2] His father, Gordon Rosevear Cumming, was a cardiologist [3] and a member of the Manitoba Sports Hall of Fame. [4] He earned a bachelor's degree in economics and finance from McGill University in Montreal, a master's degree in economics from Queen's University in Kingston, Ontario, and a JD and a PhD in economics and finance from the University of Toronto. [2] [5]
Cumming was associate professor of finance in the School of Banking and Finance at the University of New South Wales in Sydney, Australia until 2005, when he was appointed director of the Severino Center for Technological Entrepreneurship at the Lally School of Management at Rensselaer Polytechnic Institute in Troy, New York. [2] He and his wife, Sofia Johan, were both subsequently employed by the Schulich School of Business at York University in Toronto, where Cumming was a full professor. In 2018, they moved to the College of Business at Florida Atlantic University, where Cumming was appointed the DeSantis Distinguished Professor of Finance and Entrepreneurship. [5] [6] In 2022, he became chair of the department. [7]
Cumming has published extensively on venture capital, including a 2007 paper arguing that tax-subsidized government venture capital funds crowded out non-subsidized funds in Canada. [8] The tax credit was removed in Ontario in 2011 and federally in 2017. [9] Cumming is on the advisory committee for the National Crowdfunding and Fintech Association of Canada. [10]
Other published research by Cumming includes findings that more people are likely to start businesses in countries with liberal bankruptcy laws [11] and that a greater percentage of women on boards of directors is associated with less frequent and less severe fraud. [12]
In 2021, Cumming and his collaborators received the 2021 Helena Yli-Renko Research Impact Award, sponsored by the Lloyd Greif Center for Entrepreneurial Studies at the USC Marshall School of Business. [13]
In 2022, Cumming was listed by Clarivate as one of 92 most-cited scholars in the world in the area of business and economics. [14] [15]
A startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model. While entrepreneurship includes all new businesses, including self-employment and businesses that do not intend to go public, startups are new businesses that intend to grow large beyond the solo founder. At the beginning, startups face high uncertainty and have high rates of failure, but a minority of them do go on to become successful and influential.
Venture capital is a form of private equity financing that is provided by venture capital firms or funds to startups, early-stage, and emerging companies that have been deemed to have high growth potential or which have demonstrated high growth. Venture capital firms or funds invest in these early-stage companies in exchange for equity, or an ownership stake. Venture capitalists take on the risk of financing risky start-ups in the hopes that some of the companies they support will become successful. Because startups face high uncertainty, VC investments have high rates of failure. The start-ups are usually based on an innovative technology or business model and they are usually from high technology industries, such as information technology (IT), clean technology or biotechnology.
Seed money, sometimes known as seed funding or seed capital, is a form of securities offering in which an investor invests capital in a startup company in exchange for an equity stake or convertible note stake in the company. The term seed suggests that this is a very early investment, meant to support the business until it can generate cash of its own, or until it is ready for further investments. Seed money options include friends and family funding, seed venture capital funds, angel funding, and crowdfunding.
Funding is the act of providing resources to finance a need, program, or project. While this is usually in the form of money, it can also take the form of effort or time from an organization or company. Generally, this word is used when a firm uses its internal reserves to satisfy its necessity for cash, while the term financing is used when the firm acquires capital from external sources.
Erasmus University Rotterdam is a public research university located in Rotterdam, Netherlands. The university is named after Desiderius Erasmus Roterodamus, a 15th-century humanist and theologian.
The Lally School of Management was founded in 1963 as part of Rensselaer Polytechnic Institute. Its current mission statement is "To bridge management and technology to create sophisticated global business leaders who are prepared to guide their organizations in the conversion of pioneering ideas and analytical insights into innovative products, processes, and businesses."
A private equity fund is a collective investment scheme used for making investments in various equity securities according to one of the investment strategies associated with private equity. Private equity funds are typically limited partnerships with a fixed term of 10 years. At inception, institutional investors make an unfunded commitment to the limited partnership, which is then drawn over the term of the fund. From the investors' point of view, funds can be traditional or asymmetric.
The FAU College of Business is located in Boca Raton, Florida and is one of the ten academic colleges of Florida Atlantic University. It offers business degree programs at the undergraduate and graduate levels.
An angel investor is an individual who provides capital to a business or businesses, including startups, usually in exchange for convertible debt or ownership equity. Angel investors often provide support to startups at a very early stage, once or in a consecutive manner, and when most investors are not prepared to back them. In a survey of 150 founders conducted by Wilbur Labs, about 70% of entrepreneurs will face potential business failure, and nearly 66% will face this potential failure within 25 months of launching their company. A small but increasing number of angel investors invest online through equity crowdfunding or organize themselves into angel groups or angel networks to share investment capital and provide advice to their portfolio companies. The number of angel investors has greatly increased since the mid-20th century.
Hersh Shefrin is a Canadian economist best known for his pioneering work in behavioral finance.
Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones.
Alexander Ljungqvist is a Swedish economist, educator, scholar, writer, and speaker. He is a professor of finance at the Stockholm School of Economics, where he is the inaugural holder of the Stefan Persson Family Chair in Entrepreneurial Finance. His areas of expertise include corporate finance, investment banking, initial public offerings, entrepreneurial finance, private equity, venture capital, corporate governance, and asset pricing. Professor Ljungqvist teaches MBA and executive courses in private equity and venture capital and a PhD course in corporate finance.
Steven Neil Kaplan is the Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance at the University of Chicago Booth School of Business. He started teaching at the business school in 1988, and was named Neubauer Professor in 1999. He is also the Kessenich Faculty director of the Polsky Center for Entrepreneurship, at the University.
Seedrs is an online equity crowdfunding company, headquartered in East London's Tech City, founded in 2009 and launched by Jeff Lynn and Carlos Silva in 2012. Since 2022 it has been a subsidiary of American crowdfunding company Republic.
OurCrowd is an online global venture investing platform that empowers institutions and individual accredited investors to invest and engage in emerging technology companies at an early stage while still privately held. Based in Jerusalem, the company launched in February 2013, and has since opened overseas branches in the United States, the United Kingdom, Canada, Australia, Spain, Singapore, Brazil, and the UAE.
Crowdfunding is the practice of funding a project or venture by raising money from a large number of people, typically via the internet. Crowdfunding is a form of crowdsourcing and alternative finance. In 2015, over US$34 billion was raised worldwide by crowdfunding.
FinMkt, Inc. is a New York City-based financial technology company originally founded in 2014 as Crowdnetic and rebranding in 2016 to its current iteration, FinMkt. FinMkt then pivoted the technology to build a premier SaaS, multi-lender, omnichannel, customizable point of sale financing platform that launched in the summer of 2020.
Josh Lerner is an American economist known for his research in venture capital, private equity, and innovation and entrepreneurship. He is the Jacob H. Schiff Professor of Investment Banking at the Harvard Business School. According to Web of Science on 2023-06-16 he has 165 indexed publications and a Hirsch index of 66, which puts him in top 5% of economics researchers in the USA. His research encompasses investments, startups, venture capital and private equity.
Sharon F. Matusik is an American business strategy scholar, currently serving as dean of the University of Michigan Ross School of Business.
Kimberly Ann Eddleston is the Schulze Distinguished Professorof Entrepreneurship, and Professor of Entrepreneurship & Innovation at D’Amore-McKim School of Business, Northeastern University. Her expertise on subjects related to family business management and small business management is quoted in US sources. She has received many academic awards by US institutions and is a leading editor of several academic journals.
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