Forums

Milken Institute Forums bring to the stage the most interesting authors, experts, policymakers, entertainers and athletes. These events, where audience participation is encouraged, run the gamut from authors discussing their latest books, to passionate debates about issues such as health-care reform, to well-known economists making their latest forecasts. Our Washington, D.C., office holds regular Milken Institute-Georgetown University Capitol Hill Briefings.

2013

25

June 2013

MATH Briefing - Capital Access: New Tools for Start-ups and Small Businesses

MATH (Markets And The Hill) Briefing Series
Capitol Hill, Washington, D.C.
By invitation only

Since the financial crisis, businesses and individuals have increasingly struggled to access capital. Credit is tight, and traditional early-stage equity investors have become more risk-averse. Entrepreneurs are using credit cards, home equity loans or personal/family savings to finance their businesses.

The 2012 Jumpstart Our Business Startups Act (JOBS Act) attempts to increase capital access by unlocking the power of the Internet and modern forms of media to foster efficient capital formation. This briefing will identify these new capital raising tools, explore innovative approaches to public securities crowdfunding and the use of private capital markets, and address key policy implications of Titles II and III of the JOBS Act.

Speakers:

Chris Brummer is a senior fellow at the Milken Institute's Center for Financial Markets and a professor of law at Georgetown University. An expert in international financial regulation, he lectures widely on securities and banking supervision. Brummer has taught at the University of Basel, the University of Heidelberg and the London School of Economics. Before becoming a professor, he practiced law in the New York and London offices of Cravath, Swaine & Moore LLP. His research has appeared in many of the country's most prestigious journals, and in 2013, he was appointed to a three-year term on FINRA's National Adjudicatory Council. Brummer holds a J.D. from Columbia Law School and a Ph.D. in Germanic studies from the University of Chicago.

Daniel Gorfine is director of financial markets policy and legal counsel in the Washington office of the Milken Institute. He focuses on entrepreneurship, capital access and financial market issues. Before joining the Institute, Gorfine worked in the international and litigation practice groups at the law firm Covington & Burling LLP. Prior to this, he served a clerkship with U.S. District Court Judge Catherine C. Blake in the District of Maryland. Gorfine is also professional faculty at the Johns Hopkins University Carey School of Business. He recently co-authored the op-ed "Who Needs Wall Street" in the Wall Street Journal and "Crowdfunding: the Next Big Thing" in the Milken Institute Review, and appeared on Fox Business to discuss the JOBS Act and private capital markets. Gorfine graduated with a B.A. from Brown University, a J.D. from George Washington University Law School and an M.A. from the Paul H. Nitze School for Advanced International Studies (SAIS) at Johns Hopkins University.

Benjamin Miller is the co-founder of Fundrise, an online investment platform for local real estate, and its affiliate Popularise, a real estate crowdsourcing website. Miller helped create both companies to transform traditional commercial development by giving community members the power to participate and invest in local real estate. In addition, he is the managing partner of WestMill Capital Partners, a real estate development company focused on the Mid-Atlantic region. Formerly, Miller was president of Western Development Corp., the largest retail developer in Washington, D.C., and co-founder of US Nordic Ventures, a transatlantic venture capital company. He has worked as an analyst for private equity real estate fund Lubert-Adler and was part of the founding staff of Democracy Alliance, a progressive investment collaborative. A graduate of the University of Pennsylvania, he sits on the boards of the non-profits Tumml and the National Center for Children and Families.

Peter Williams is president and CEO of ACE Group Inc., a company focused on bringing market efficiency, access, transparency and integrity to the $1 trillion-a-year new-issue U.S. private-placement marketplace. ACE connects qualified investors with private investment opportunities marketed by investment banks and other private placement agents. Williams is also a director of Legumex Walker Inc., one of Canada's largest processors and merchandisers of pulses, specialty crops and canola products. Williams created Legumex through a three-way merger and a $75 million IPO. Previously, he had a successful career in investment banking with DLJ/Credit Suisse and CIBC/Oppenheimer, where he was involved in transactions with an aggregate value in excess of $15 billion for a diverse group of companies. Williams earned a bachelor's degree in mechanical engineering from Queen's University and an M.B.A. from the Richard Ivey School of Business.

For more information, please contact: Dianna Dunne, Director of Government Affairs, Milken Institute at ddunne@milkeninstitute.org.

 

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25

June 2013

Who's in Charge of Translating Science into Cures? Understanding the Vital Importance of Translational Research

Washington, D.C.

Every day we see stories in the media about the latest medical "breakthroughs" that could lead to cures for dreaded diseases. And yet, over the years, many breakthroughs like these have yet to bear fruit for patients.

The fact is that many basic discoveries barely get to start the journey down the therapeutic development pipeline. Fascinating observations and creative insights often get lost in translation because they lack funding, incentives and technical expertise to advance any further. They get stuck in an ever-widening gap in funding and support for the kind of research that moves basic science down the path toward treatments. That translational gap has come to be called by many the "Valley of Death."

According to the National Institutes of Health (NIH), 80 percent to 90 percent of research projects fail before they ever get tested in humans. By industry's reckoning, the number may be even higher: For every 5,000 compounds tested, just five make it to clinical trials, and only one is ever approved by the Food and Drug Administration (FDA). Half of all experimental drugs in Phase III trials never become approved medicines.

Translational research applies ideas, insights and discoveries generated through basic scientific inquiry to the treatment and prevention of disease. It is the critical bridge between basic research, the majority of which is led by the NIH, and clinical research, led by the biopharmaceutical industry.

This expert panel will highlight the importance of translational research in the therapeutic development process and examine effective translational efforts, including progress at the newly created National Center for Advancing Translational Sciences at the NIH, which focuses on addressing scientific and technical challenges to reduce, remove, or bypass bottlenecks in the development of new treatments and tests that will ultimately improve human health.

PARTICIPANTS

  • Opening Remarks: The Honorable Eric Cantor, Majority Leader
  • Chris Austin, M.D., Director, NIH's National Center for Advancing Translational Sciences
  • Francis Collins, M.D., Director, National Institutes of Health
  • Sharon Terry, President and CEO, Genetic Alliance, and Vice Chair of the Institute of Medicine's Committee to Review the Clinical and Translational Science Awards Program
  • Moderator Margaret Anderson, Executive Director, FasterCures

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  • 21

    May 2013

    MATH Briefing - Exchange-Traded Funds

    MATH (Markets And The Hill) Briefing Series
    Capitol Hill, Washington, D.C.
    By invitation only

    The significant growth and innovation of exchange-traded funds (ETFs) have had a dramatic impact on financial markets since their launch 20 years ago. ETFs represent over $1 trillion in assets and account for nearly 30 percent of all U.S. equity trading. These investment vehicles provide retail investors with efficient access to markets and to asset classes that previously were available only to large investors. This briefing will address how ETFs are created, the different types and categories of ETFs, how they are used by investors, and how they impact markets.

    Speakers

    Joseph Cavatoni is managing director at BlackRock and a member of the iShares Group within the Global Client Group. He is responsible for the management of all iShares Capital Markets relationships for the U.S., Canada and Latin America. The team focuses on managing relationships with broker-dealers and market makers/exchanges, and on offering end clients coverage through Client Execution Services. Cavatoni has worked with Blackrock since 2009, when it merged with Barclays Global Investors. Previously, he worked at UBS as the head of equity swaps and collateral trading in Asia. Prior to joining UBS in 2003, Cavatoni was at Merrill Lynch as head of prime brokerage in Tokyo. He began his career at Bank of America NT & SA in 1990 as a credit officer in the institutional business. He holds a B.B.A. from the George Washington University and M.B.A.s from Northwestern University's Kellogg School of Management and the Hong Kong University of Science and Technology.

    Kevin Quigg is global head of ETF sales strategy at State Street Global Advisors. He is responsible for increasing SPDR ETF's footprint globally. He previously headed the SPDR ETF Global Capital Markets Group, which works with market participants in the primary and secondary markets in the Americas, Europe, Asia and Australia. Additionally, Quigg oversees the SPDR ETF expansion into new markets in the Americas. Prior to rejoining SSgA, he was a business development officer responsible for exchange-traded product sales for Barclay's Global Investors. Before that, Quigg spent six years as a regional consultant for SSgA in Los Angeles. He is a graduate of The College of the Holy Cross. A certified investment management analyst, he holds FINRA series 6, 7, 24 and 63 licenses.

    Jason Toussaint is CEO of World Gold Trust Services, a wholly owned subsidiary of the World Gold Council and the sponsor of the SPDR Gold Trust (GLD). He leads the investment and product development activities in the gold ETF market. Toussaint is also responsible for leading the global operations, sales and marketing of GLD, the world's largest gold ETF with over $45 billion in assets under management. Prior to joining the World Gold Council, he was senior vice president and senior investment strategist at Northern Trust Global Investments in London, where he advised large sovereign wealth funds on asset allocation strategies. Toussaint previously was based in Hong Kong, where he headed the Asia Pacific region for Morgan Stanley Capital International. He holds a B.S. in civil and environmental engineering from Worcester Polytechnic Institute and an M.B.A. from the University of Chicago Booth School of Business.

    Rochelle Antoniewicz (moderator) is a senior economist at the Investment Company Institute. Before joining the institute in 2005, she was an economist and then senior economist in the flow of funds section in the Division of Research and Statistics at the Federal Reserve Board for 13 years. Previously Antoniewicz was an economist at the Credit Union National Association and an adjunct professor at Georgetown University. She earned a B.A. in management science from the University of California, San Diego and a Ph.D. in economics from the University of Wisconsin, Madison.

    For more information, please contact: Dianna Dunne, Director of Government Affairs, Milken Institute at ddunne@milkeninstitute.org.

     

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    23

    April 2013

    MATH Briefing - Basel III Capital Requirements

    MATH (Markets And The Hill) Briefing Series
    Capitol Hill, Washington, D.C.
    By invitation only

    The Basel III Accord aims to improve the supervision and risk management of deposit-taking institutions to minimize the likelihood and impact of future financial crises. Implementation of the agreement has, however, resulted in much debate in the U.S. and abroad. This briefing will address the operational features of Basel III, its current state of implementation, and how Basel III requirements will affect financial market participants in the United States and around the world.

    Speakers:

    Jeffrey Brown is managing director at Promontory Financial Group. Brown helps clients meet regulatory expectations for capital planning, focusing on ways to demonstrate to regulators that banks understand their risks and that they can manage their capital positions to adequately address those risks. He possesses two decades of experience in the Office of the Comptroller of the Currency (OCC), where he became the senior deputy comptroller for international and economic affairs. In that role, he supported the agency with economic and policy analysis and was instrumental in shaping the approach to implementation of Basel II. He also led the OCC's Risk Analysis Division. Brown earned a Ph.D. and M.A. in economics from Brown University and a B.A. in political science and economics from the University of Iowa.

    Chris Brummer is a senior fellow at the Milken Institute's Center for Financial Markets and a professor of law at Georgetown University. An expert in international financial regulation, he lectures widely on securities and banking supervision. Brummer has taught at the University of Basel, the University of Heidelberg and the London School of Economics. Before becoming a professor, he practiced law in the New York and London offices of Cravath, Swaine & Moore LLP. His research has appeared in many of the country's most prestigious journals, and in 2013, he was appointed to a three-year term on FINRA's National Adjudicatory Council. Brummer holds a J.D. from Columbia Law School and a Ph.D. in Germanic studies from the University of Chicago.

    Mark Calabria is the director of financial regulation studies at the Cato Institute. Before joining Cato in 2009, he spent six years as a member of the senior professional staff of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, where he handled issues related to housing, mortgage finance, economics, banking and insurance for Ranking Member Richard Shelby (R-Ala.). He was also deputy assistant secretary for regulatory affairs at the U.S. Department of Housing and Urban Development. Calabria has been a research associate with the U.S. Census Bureau's Center for Economic Studies. He holds a Ph.D. in economics from George Mason University.

    Jim Gross is vice president of financial accounting and public policy for the Mortgage Bankers Association (MBA). In this capacity, he advises MBA's senior vice president of public policy and Industry relations on emerging industry policy issues and sets strategic priorities. He is the staff representative to MBA's Financial Management Committee and has served as chairman of that committee for fiscal years 1998 and 1999. Prior to joining MBA in 2008, Gross was controller and later chief financial officer at NetBank, Inc. for seven years. He also was CFO of New America Mortgage, IndyMac, and J.I. Kislak Mortgage. He served six years with Ernst & Young and four years with Deloitte Touche as a banking and mortgage specialist. Gross graduated from Ohio Wesleyan University with a B.A. in economics. He earned his M.B.A. from Rutgers University.

    For more information, please contact: Dianna Dunne, Director of Government Affairs, Milken Institute at ddunne@milkeninstitute.org.

     

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    30

    March 2013

    Israel as a Model for Social Investing

    Santa Monica
    Jewish Funders Network Post-Conference Workshop

    Taly Dunevich of the Israel Venture Network Tandem Fund takes part in the workshop aimed at increasing impact investing in Israel and identifying best practices.
    Israel's economic growth has been inadequate and shared unequally. This pattern of inequality is being exacerbated by a decline in charitable giving, the government's growing deficits and diminished resources, and the struggle by many nonprofit organizations to effectively serve their communities. Meanwhile, many businesses that could accelerate Israel's lagging growth rate suffer from declining investment that affects the nation's exports.

    Israel offers an extraordinary laboratory to create a novel, flexible and efficient system of activating capital for social impact. The launch of impact-investment platforms, programs, products and policies, coupled with Israel's technological and social-innovation strengths, make this an exciting time for Jewish communities abroad to engage with leaders in Israel. This half-day seminar brought together experts in the field to review today's state of affairs and create opportunities to work together.

    The workshop's goals:

  • Help to ensure that Israel remains a center of social innovation to solve problems of scarcity at home and abroad.
  • Leverage charitable dollars through program-related and impact investing.
  • Generate measurable social, financial and/or environmental returns.
  • Discuss how to use charitable and government funds leveraged by private capital through matching and structured finance to solve pressing social, community and environmental challenges in Israel.
  • Address philanthropic, policy and program development innovations to address capital scarcity for nonprofit, profit-for-purpose and for-profit enterprises that create positive social and environmental outcomes while securing Israel's economy and place in the world. Leverage philanthropic endowments to catalyze financial return and social impact. Enable donors to develop impact-based investment models for social change and align their portfolio management with their philanthropic mission.
  • Create concrete portfolio strategies to activate capital for program-related (below-market-rate returns) and mission-related (market-rate return) projects that create double-bottom-line returns (blending social and financial returns) focusing on social investment funds, social impact bonds (performance-based), and social investment intermediaries to make Israel a leader in impact investment.

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  • 27

    March 2013

    MATH Briefing - Cyber Security in Financial Services

    MATH (Markets And The Hill) Briefing Series
    Capitol Hill, Washington, D.C.
    By invitation only

    Due to recent cyber attacks against the Federal Reserve and major U.S. banks, cyber security remains a real concern for financial institutions. Given the ever-advancing nature of technology, many organizations face challenges when taking steps to protect sensitive data, prevent security breaches and eliminate vulnerabilities. This briefing will address how security breaches could affect the markets and the broader economy, and discuss what the federal government can do to address cyber-security threats in financial services.

    Speakers:

    David Fagan is a partner at Covington & Burling LLP in the global privacy and data security and international practices. Fagan's practice covers national security law, international trade and investment, cyber security, and global privacy and data security. In the privacy and data security area, Fagan counsels clients on preparing for and responding to cyber-based attacks on their networks and information, assessing their security controls and practices for the protection of data, developing and implementing information security programs, and complying with federal and state regulatory requirements. He also has been counsel to companies in a range of cyber- and data-security incidents, including dozens of breaches affecting millions of consumers. Fagan has written extensively on national security, foreign investment, data security and cyber security. He holds a J.D. from the New York University School of Law and a B.S. in foreign service from Georgetown University.

    Emily Mossburg is a principal in Deloitte & Touche's Federal Technology Risk practice with over 15 years of experience in technology risk management focused on information and cyber security, data protection and privacy. Mossburg leads Deloitte & Touche's Technology Risk Federal Financial Services practice, as well as the U.S. Data Protection practice. Her experience has been focused in the financial services industry and includes implementation of information security program governance, operational processes and technical solutions for information and cyber-security management, and compliance with U.S. and international data protection laws and regulations. Mossburg has been quoted by various publications including the Wall Street Journal, and has presented at several conferences including speaking at the U.S. FTC panel "Security in Numbers: SSNs and ID Theft" and multiple IAPP (International Association of Privacy Professionals) Summit and Academy conferences.

    Errol Weiss is director of Citi's Cyber Intelligence Center (CIC) and brings over 20 years of experience in information security to this position. The CIC provides internal groups with timely and actionable cyber-threat intelligence from external sources including commercial providers and U.S. government partners and intelligence operations. Formerly a senior network security analyst for the National Security Agency (NSA), Weiss was responsible for conducting vulnerability analyses and penetrations of highly classified U.S. government computers and networks. After leaving NSA, Weiss delivered and managed information security services for Fortune 100 companies. He is a named inventor on the patent for the Information Sharing and Analysis Center (ISAC). Today, he is an active user of the Financial Services ISAC (FS-ISAC) and serves on the FS-ISAC board. Weiss has a M.S. in technical management from Johns Hopkins University and a B.S. in computer engineering from Bucknell University.

    For more information, please contact: Dianna Dunne, Director of Government Affairs, Milken Institute at ddunne@milkeninstitute.org.

     

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    21

    March 2013

    Playing to Win: How Strategy Really Works

    Santa Monica

    The brands are familiar, but the approach is brand new. In "Playing to Win: How Strategy Really Works," two of today's best-known business thinkers explain how strategic planning helped Procter & Gamble double its sales, quadruple its profits and increase its market value by more than $100 billion in just 10 years.

    Playing to Win: How Strategy Really Works,

    At this Milken Institute Forum, authors A.G. Lafley (P&G's former CEO) and Roger Martin (dean of Toronto's Rotman School of Management) will explain the strategy behind one of the most successful corporate turnarounds of the century and how leaders of companies big and small can use these techniques in their own organizations.

    The authors boil down the strategy to two factors--where to play and how to win--and demonstrate how P&G repeatedly won by applying this method to iconic brands such as Olay, Bounty, Gillette, Swiffer and Febreze.

     

    A.G. Lafley
    A.G. Lafley
    A.G. Lafley retired from his position as the chairman, president and CEO of Procter & Gamble in 2010. He is credited with revitalizing P&G under the mantra "Consumer is Boss," with a focus on billion-dollar brands like Crest, Tide and Pampers. He also brought in new brands like Swiffer and Febreze by merging P&G's internal resources with outside "open" innovation, referred to as Connect + Develop. Today, Lafley consults on business and innovation strategy; advises on CEO succession and executive leadership development; and coaches experienced, new and potential CEOs. He is a special advisor to Clayton, Dubilier & Rice, a private equity partnership. He also serves as director at General Electric and Legendary Pictures and as chairman of Hamilton College.
       
       
    Roger Martin
    Roger Martin
    Roger Martin has been dean of the Rotman School of Management since 1998. He advises CEOs of global corporations on strategy and contributes regularly to the Washington Post's On Leadership blog and the Financial Times' Judgment Call column. In addition to "Playing to Win," he has published several books, most recently "Fixing the Game: Bubbles, Crashes, and What Capitalism Can Learn From the NFL," "Dia-Minds" (with Mihnea Moldoveanu) and "The Design of Business: Why Design Thinking is the Next Competitive Advantage." Thinkers 50 named him the sixth top management thinker in the world (2011), and BusinessWeek called him one of the 27 most influential designers (2010). He serves on the boards of Thomson Reuters and Research in Motion.
       

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    19

    March 2013

    The Future of Higher Education and How America Will Pay for It-A Policy Roundtable

    Washington, D.C.
    By invitation only

    The backdrop of the conversation is well known: Advanced degrees or other skills training is more important than ever for both individual and national competitiveness, but affordability is a growing issue, stories of student loan indebtedness make near daily headlines, and alternatives to traditional degree programs may be a more optimal solution for some students.

    Important work is under way nationally to explore and improve the higher education landscape, and this roundtable aims to showcase promising approaches and analyze new funding models and strategies. Going forward, how will the United States structure and finance higher education in a way that produces graduates who meet employer needs without saddling students with debt levels that they will struggle to repay? What lessons can we learn by looking abroad? What is the role of prospective employers in promoting higher education? And how can innovative solutions be implemented?

    To answer these questions and others, we will bring to the table key stakeholders with diverse perspectives, including policymakers, institutional investors, human resource experts, administration officials, corporate executives, leading academics, banks, budget and labor economists, university representatives, consumer advocates, education experts, and trade associations. Key findings and conclusions from the disucssion will be captured in a published and widely disseminated report.

    For more information about the discussion, the event agenda and registration, please visit our website. You may also contact Julianne Brands with any questions at jbrands@milkeninstitute.org.

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    07

    March 2013

    America's Bioeconomy: Leveraging Public-Private Partnerships

    Washington, D.C.
    By invitation only

    Investing in new energy sources taps into one of the country's most dynamic engines of growth and job creation: the bioeconomy. With our strong agricultural and manufacturing sectors, the United States can lead the global movement toward a stronger bioeconomy and create jobs. From new plant-based consumer products like clothing and electronics, to fuels and renewable energy sources, investments in the bioeconomy represent great opportunities for the government to work with the private sector. What can the government do, short of spending money, to accelerate the flow of capital into the bioeconomy? This briefing will discuss the most effective options to engage the private sector, with a focus on scalable and measurable models.

    For more information on this briefing, please contact Dianna Dunne, Director of Government Affairs, at ddunne@milkeninstitute.org.

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    26

    February 2013

    Citizenville: How to Take the Town Square Digital and Reinvent Government

    Santa Monica

    More Californians are on Facebook than voted in the general election. If the government could tap into that social engagement, governing could grow more collaborative, open, accountable and transparent.

    Creating a digital town square is the concept behind "Citizenville," a new book by California Lt. Gov. Gavin Newsom. At this Milken Institute Forum, Moderated by Kara Swisher, co-executive editor of AllThingsD, Newsom will discuss how to draw on this digital revolution to make government more user-friendly.

    Citizenville

    Named the "Most Social Mayor in America," Newsom knows what he's talking about. He has more than 1 million followers on Twitter and 108,000 Facebook friends, and is active on Pinterest, YouTube and Flickr. For the book, he interviewed dozens of innovators, including Yelp co-founder Jeremy Stoppelman, new-media expert Arianna Huffington and Twitter co-founder Evan Williams.

    Newsom's fan base extends beyond the digirati. President Clinton said, "'Citizenville' makes a fascinating case for a more engaged government, transformed to meet the challenges and possibilities of the 21st century, and where technology brings the critical tools of our democracy closer to its citizens than ever before."

    Gavin Newsom
    Gavin Newsom
     
    Kara Swisher
    Kara Swisher
     

    Gavin Newsom was elected California's 49th lieutenant governor in 2010. Previously he served two terms as mayor of San Francisco and sat on the Board of Supervisors. As mayor, he led the way on gay rights by allowing same-sex couples to marry despite state law. He worked to provide universal health care with no new taxes. Twice named the nation's greenest mayor, Newsom made San Francisco an environmental leader with the highest rate of recycling and waste diversion in the nation, thanks to mandatory composting, banning plastic bags and Styrofoam, and establishing the most stringent green building standards in the U.S. He also led the drive to host the 2013 America's Cup.

    Kara Swisher is co-executive editor of AllThingsD. She started covering digital issues for The Wall Street Journal's San Francisco bureau in 1997 and also wrote the BoomTown column about the sector. With Walt Mossberg, she co-produces and co-hosts D: All Things Digital, a major high-tech and media conference.

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    26

    February 2013

    MATH Briefing - Financial Indices: How They Are Created and Why They Matter

    MATH (Markets And The Hill) Briefing Series
    Capitol Hill, Washington, D.C.
    By invitation only

    Indices and benchmarks are key components of the financial markets ecosystem with hundreds of trillions of dollars in financial products globally linked to them. This briefing will delve into the different methodologies that are used to create them, how they can be used to develop financial products and the significant role they play in the overall markets.

    Speakers:

    Jamie Farmer is managing director for S&P Dow Jones Indices and is responsible for leading the index investment strategy and index data services teams. The index investment strategy team provides research and commentary on the entire S&P Dow Jones Indices' product set. Farmer's analysis of the Dow Jones Industrial Average, indexing, securities industry and multi-asset classes is widely quoted in the business press, including the Wall Street Journal, Financial Times and other outlets Farmer previously served as executive director of Dow Jones Indexes and head of global business development and communications. In this role, he had oversight of all product licensing and product partner relationships. Farmer began his career as vice president of marketing at the Philadelphia Stock Exchange (PHLX), where he was responsible for promotion and sales of PHLX's sector indices, index-linked products and the exchange's other varied trading products and services. He holds a bachelor's degree in marketing from Drexel University in Philadelphia.

    Andrew Verstein is an associate research scholar in law and the John R. Raben/Sullivan & Cromwell executive director of the Yale Law School Center for the Study of Corporate Law. He is the author of two papers on financial indices, forthcoming in the Yale Journal of Regulation and the University of Pennsylvania Journal of Business Law, and frequently discusses indices in the media. In addition to his role at Yale, Verstein has been a visiting scholar at Fudan University and a visiting professor at East China University of Political Science and Law in Shanghai, where he taught U.S. corporate law and securities regulation. Verstein graduated summa cum laude from Dartmouth College, and received his J.D. from Yale Law School, where he was a Coker Fellow.

    Rohan Williamson (moderator) is a professor of finance and the Stallkamp Faculty Research Fellow at Georgetown University's McDonough School of Business. He specializes in international finance, corporate governance, corporate investment decisions and risk management. His research has appeared in leading scholarly publications including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies and the Journal of Financial and Quantitative Analysis. Williamson's work has also been featured in other publications such as the National Bureau of Economic Research Working Paper Series. He earned his Ph.D. in finance and M.A. from the Ohio State University, his M.B.A. from Atlanta University and his B.S. in mechanical engineering from the University of Dayton.

    For more information, please contact: Dianna Dunne, Director of Government Affairs, Milken Institute at ddunne@milkeninstitute.org.

     

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    26

    February 2013

    Financial Inclusion: Increasing Financial Access for Disadvantaged Populations in Israel

    Jerusalem
    By invitation only

    Milken Institute and Citi Foundation convened for a special policy workshop to explore the barriers and range of possible solutions to expand financial access for disadvantaged populations in Israel.

    An important ingredient for economic participation is credit and capital. However, significant segments of the population are unable to participate in the economy due to a variety of limitations that are complex but not impossible to overcome. The goal is to focus on needed banking and non-banking financial services and on building scalable institutional platforms to encourage emerging micro-business and growing small businesses.

    In addition to Israeli experts in the field, Robert A. Annibale, global director of Citi Microfinance and Community Development, shared his international perspective about what can be done, and who is doing it well. Annibale has served on several international initiatives, including the Board of Advisors for the United Nations Commission on Legal Empowerment of the Poor and the Executive Committee of the World Bank's Consultative Group to Assist the Poor.

    Distinguished speakers also included Chagit Rubinstein, microfinance programs manager at KIEDF, Ralph Shaaya, CEO of Citi Israel, and Davida Lachman-Messer and Glenn Yago of the Milken Institute Israel Center.

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    06

    February 2013

    The Encore Career Handbook: How to Make a Living and a Difference in the Second Half of Life

    Santa Monica

    Ike's Bluff
    Whether the result of long planning or abrupt change, an encore career may offer the opportunity to shift gears and pursue an entrepreneurial passion or a second act for the greater good.

    Marci Alboher, author of "The Encore Career Handbook: How to Make a Living and a Difference in the Second Half of Life," is an authority on the changing face of work. In this Milken Institute Forum, she will be joined by film industry pioneer and University of California Board of Regents Chair Sherry Lansing and others to discuss what it takes to create a fulfilling and meaningful second act. The event will be moderated by Paul Irving, president of the Milken Institute, who is in the midst of his own encore career after many years as a prominent corporate lawyer. This stimulating evening will include ample time for audience Q&A.

    In her recently published book, Alboher provides a nuts-and-bolts guide to making a successful transition, delving into numerous issues encore career builders are likely to face. What are the pros and cons of going back to school? What should your resume and other marketing tools look like? When to volunteer, how to network effectively? What can social media do for you in the quest?

    Marci Alboher
    Marci Alboher

    Marci Alboher is a vice president at Encore.org, a nonprofit organization making it easier for people to pursue second acts for the greater good. A former blogger and columnist for the New York Times, she is the author of "One Person/Multiple Careers: The Original Guide to the Slash / Career." She makes frequent appearances in numerous media outlets, including the "Today" show, "NBC Nightly News" and National Public Radio, and is an advisory board member for the Op-Ed Project, which seeks to increase the number of women and minority voices in public conversations, and SheWrites.com, an online community for women writers. She holds a law degree from the Washington College of Law at American University and a bachelor's in English from the University of Pennsylvania.

    Sherry Lansing is CEO of the Sherry Lansing Foundation, a nonprofit dedicated to cancer research and public education. Among its initiatives is the EnCorps Teachers Program, which retrains technology professionals as California math and science teachers. Lansing is also founder of PrimeTime LAUSD, which engages retirees in public education through targeted volunteerism. In addition, she is chair of the University of California Board of Regents and co-founder of the Stand Up to Cancer initiative. In 1980, she became the first woman to head a major film studio when she was appointed president of 20th Century Fox. In 1992, she was named chairwoman and CEO of Paramount Pictures. Lansing sits on numerous boards, including the Carter Center, Encore.org, and the Lasker Foundation.

    Paul Irving is president of the Milken Institute. In addition to executive leadership and oversight of the Institute's operating centers, Irving heads strategic programs to enhance philanthropic engagement and impact, expand capital access and opportunity, and improve the lives of seniors across America and the world. Previously, Irving was an advanced leadership fellow at Harvard University and chairman, CEO, managing partner and head of the financial services group of Manatt, Phelps & Phillips, LLP, a prominent law and consulting firm. He is a board member of East West Bancorp, Encore.org, and Operation Hope, and an advisor to Peace First and New Roads School. Irving attended New York University, Harvard University, and Loyola Law School, Los Angeles, where he served as an adjunct professor and received the Board of Governors Award for outstanding contributions to society and the law.

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    06

    February 2013

    The Blueprint of Medical Research: How New Medicines Get from the Lab to the Patient

    "While I can tell you there's never been a more exciting time for science, I can also tell you there's never been a more stressful time," Francis Collins, director of the National Institutes of Health, told this Capitol Hill briefing co-hosted by FasterCures and Friends of Cancer research The issue at hand? Tightening fiscal resources that threaten the research and development ecosystem to fully deliver science's full potential to improve health and well-being.

    Moderated by FasterCures Executive Director Margaret Anderson, Collins, FDA Commissioner Margaret Hamburg and other medical research leaders representing distinct sectors provided a glimpse into what it takes to turn a scientific discovery into a safe and effective therapy that will improve, and maybe even save, patients' lives. More than 300 policymakers, advocates and key legislative staffers participated.

    The briefing discussed the vital role federal agencies and the medical research sector play in advancing medical progress. This includes:

  • The breadth, depth and scope of the research funded by the NIH and how this translates into better health outcomes.
  • The essential role of the FDA in advancing science and ensuring that patients can access life-saving therapies that are safe and effective.
  • The distinct roles these federal agencies, industry, academia and patient groups can play on their own, and in collaboration with each other, to speed up the time it takes to get new medicines from the lab to the patient.

    Visit our FasterCures center's website for a detailed summary of the briefing.

    Speakers:

  • Margaret Anderson, FasterCures
  • Deborah W. Brooks, The Michael J. Fox Foundation for Parkinson's Research
  • N. Anthony Coles, Onyx Pharmaceuticals
  • Francis Collins, National Institutes of Health
  • Margaret Hamburg, U.S. Food and Drug Administration
  • Roy A. Jensen, University of Kansas Cancer Center
  • Michael Milken, The Milken Institute and FasterCures
  • Ellen V. Sigal, Friends of Cancer Research

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  • 05

    February 2013

    Best-Performing Cities 2012 Index: Where America's Jobs Are Created and Sustained

    Washington, D.C.
    By invitation only

    The annual Milken Institute Best-Performing Cities Report is a data-driven, comprehensive measure of economic strength across America's metropolitan areas. What are the trends, where is it happening, and what does it mean for America's broader economy? America's high-tech sector and the industrial and business investment that goes along with it underlie the economic strength of leading growth regions in the United States in this year's report. This briefing will discuss how certain industry sectors, regions and policies are driving economic growth in the U.S.

    Speakers:

    Pablo Chavez, Public Policy & Government Affairs, Google
    Ross DeVol, Chief Research Officer, Milken Institute
    Zoe Lofgren, U.S. House of Representatives Michael Milken, Chairman, Milken Institute
    Rey Ramsey, President and CEO, TechNet

    For more information, please contact: Dianna Dunne, Director of Government Affairs, Milken Institute at ddunne@milkeninstitute.org.

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    04

    February 2013

    Briefing with Shalom Simhon, Sharon Kedmi and Ramzi Gabbay

    Santa Monica
    By invitation only

    From bilateral portfolio and direct investment flows to revolutionary advances in energy, water, agri-tech and global health, Israel's collaborations with the U.S. have launched not only new companies but also new economic trends.

    This private briefing with Minister Shalom Simhon and Director General Sharon Kedmi of Israel's Ministry of Industry, Trade and Labor, and Ramzi Gabbay, chairman of the Israel Export and International Cooperation Institute, highlighted the significant investment and collaborative opportunities for both economies in trade, foreign direct investment and intellectual property. It also looked at the ministry's latest initiatives for financing regional development, science and technology, and growth in frontier and developing countries that are part of the Milken Institute's ongoing collaboration with Israel.

    Shalom Simhon, the minister of Industry, Trade and Labor, has also served as chairman of the Knesset Finance Committee, minister of Environment and minister of Agriculture and Rural Development. He has led major innovations in science and technology and regional development efforts.

    Sharon Kedmi, the director general of Industry, Trade and Labor, has led the ministry's new project initiatives and its strategic planning, which has been broadly acknowledged as innovative in Israel and abroad. Previously he served as a senior economic advisor in the Ministry of Infrastructure.

    Ramzi Gabbay, as chairman of the Israel Export and International Cooperation Institute, leads major initiatives for export finance, technical assistance and support for Israeli exporters and their global partners. He is also chairman of Offis Textile, Ltd., a major textile and fashion manufacturer with exports to Europe, the U.S., Canada and the Far East.

    For more information about the Milken Institute Israel Center or this event, please contact Sarah Sandler at ssandler@milkeninstitute.org or (310) 570-4613.

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    31

    January 2013

    Ike's Bluff: President Eisenhower's Secret Struggle to Save the World

    Santa Monica

    Ike's Bluff
    At the height of Pax Americana, the man credited with liberating Europe a few years earlier presided over the era of McCarthyism and "Howdy Doody" with a bland, reassuring demeanor. Some thought Dwight D. Eisenhower was in over his head. Yet he boldly wielded the nation's new thermonuclear arsenal as a tool of geopolitical strategy and persuasion. The hydrogen bomb was a weapon that could not be used, author Evan Thomas explains, but gave Ike a powerful bluff in the service of enforcing stability and averting war.

    Evan Thomas
    Evan Thomas
    Susan Eisenhower
    Susan Eisenhower

    At this Milken Institute Forum, Thomas, a historian and former longtime Washington bureau chief for Newsweek, will be joined by the 34th president's granddaughter, strategic consultant and nuclear issues expert Susan Eisenhower, for a conversation about Ike's wise use of power as well as his family life while history was being made and the threat of annihilation was becoming a fact of life.

    The pair will cast light on the risks the world faced at the time and the character of the man who kept them from exploding. "Thomas doesn't neglect his subject's flaws," wrote the New York Times, "and his detailed, engaging picture of Eisenhower's personality brings him vividly to life."

    Evan Thomas, a former Newsweek editor-at-large and Washington bureau chief, is the author of eight books, including "Ike's Bluff," "The War Lovers," and "Robert Kennedy: His Life," as well as more than 100 cover stories. He has been honored with two National Magazine Awards and has been a commentator on numerous public affairs television shows, including "Inside Washington" and "Charlie Rose." Currently, Thomas is a Ferris professor in residence at Princeton University. He is a graduate of Harvard and the University of Virginia Law School.

    Susan Eisenhower is president of the Eisenhower Group, Inc., which provides strategic counsel on political, business and public affairs projects. She also chairs leadership and public policy programs at the Eisenhower Institute, where she was the founding director and first president. She was a member of the Obama administration's Blue Ribbon Commission on America's Nuclear Future, currently serves on the Nuclear Threat Initiative board and the Energy Future Coalition, and advises the U.S. Chamber of Commerce's Institute for 21st Century Energy. Eisenhower has received four honorary doctorates, most recently from the Monterey Institute, where she was cited for her work on nuclear nonproliferation.

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    25

    January 2013

    Conscious Capitalism: Liberating the Heroic Spirit of Business

    Santa Monica

    Want to increase the value of your company? Then elevate the values it conveys in the way it does business. That's the advice of John Mackey of Whole Foods Market fame. The health food store he and his girlfriend opened in 1978 has mushroomed into a world-beating, 343-outlet chain with annual revenue approaching $12 billion. Yet Mackey takes a salary of only $1.

    Mackey, co-author of "Conscious Capitalism" with Rajendra Sisodia, has become an evangelist for transforming the quest for profit from a zero-sum game into a system in which everybody wins. At this Milken Institute Forum, moderated by the Milken Institute's Joel Kurtzman, the outspoken entrepreneur discussed the essentials of his vision for business: higher purpose, stakeholder integration, conscious culture and management, and conscious leadership.

    Conscious Capitalism: Liberating the Heroic Spirit of Business

    Companies must expand the scope of their loyalties beyond investors and customers, Mackey believes. That means all whom they touch -- employees, suppliers, society at large. The philosophy seems to work for Google and Starbucks as well as Whole Foods.

    "I have long believed that companies have a responsibility to balance profitability with a social conscience," writes Starbucks Chairman Howard Schultz, "yet few leaders have an inherent understanding of just how to do it. In 'Conscious Capitalism,' John Mackey and Raj Sisodia provide a timely, realistic framework so companies can better serve a variety of stakeholders. I highly recommend listening to what they have to say."

    John Mackey
    John Mackey

    John Mackey has led Whole Foods Market as it has grown from a single store in Austin, Texas, to a Fortune 300 company. While helping shoppers satisfy their food and lifestyle needs, Mackey has also created a more conscious way of doing business, founding programs to fight poverty in developing nations, help food producers expand, and encourage humane farm animal treatment. He has been named Ernst & Young's United States Entrepreneur of the Year, Institutional Investor magazine's Best CEO in America, and Barron's World's Best CEO, among other honors. For 15 years, Fortune has included Whole Foods Market on its list of 100 Best Companies to Work For. A strong believer in free-market principles, Mackey co-founded the Conscious Capitalism movement to challenge business leaders to rethink their organizations' purposes and acknowledge their roles in the interdependent global marketplace.

    Joel Kurtzman is a senior fellow at the Milken Institute and Wharton's SEI Center for Advanced Studies in Management. Previously he was global lead partner for thought leadership and innovation at PricewaterhouseCoopers. He has also served as executive editor of the Harvard Business Review, a member of the editorial board of Harvard Business School Publishing, a business editor and columnist at the New York Times and founding editor of Strategy+Business. Kurtzman began his career as an international economist at the United Nations, serving as deputy director of its Project on the Future. While at the U.N., he participated in negotiations between India and Union Carbide over the Bhopal disaster and was awarded India's Indira Gandhi Prize. The author of 24 books and hundreds of articles, he received a master's degree from the University of Houston.

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    15

    January 2013

    A Conversation with Ambassador Michael Oren

    Santa Monica
    By invitation only

    Michael Oren
    Michael Oren, Israel's ambassador to the United States, meets privately with the Milken Institute Associates as a new government is about to be seated in Jerusalem.
    As Israel continues to navigate its geopolitical and global economic challenges, this event provided a unique opportunity to continue the Institute's dialogue with one of Israel's most important diplomats and thought leaders. With a new government launching in Israel and a re-elected administration in the U.S., this event discussed the road ahead in the historical partnership between the two nations.

    About Michael Oren
    Oren was appointed Israel's ambassador to the United States in 2009. He has been instrumental in securing U.S. support for Israel's defense and upholding the country's right to security and peace. The author of the New York Times bestsellers "Power, Faith, and Fantasy" and "Six Days of War," Oren is a recipient of the Los Angeles Times History Book of the Year Award and the National Jewish Book Award.

    Born in the United States and educated at Princeton and Columbia, Oren has been a visiting professor at Harvard, Yale and Georgetown. He served as an officer in the Israel Defense Forces, a paratrooper in the Lebanon War, a liaison with the U.S. Sixth Fleet during the Gulf War and an IDF spokesman during the Second Lebanon War and the Gaza operation in 2009. Oren has also acted as an emissary to Jewish refuseniks in the Soviet Union, an advisor to Israel's delegation to the United Nations and Israel's director of Inter-Religious Affairs.

    For more information about the Milken Institute Israel Center or this event, please contact Sarah Sandler at ssandler@milkeninstitute.org or (310) 570-4613.

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    2012

    09

    December 2012

    Milken Institute Israel Center Initiative at the Globes Israel Business Conference

    Tel Aviv

    The Milken Institute Israel Center is pleased to present a special track at the 2012 Globes Israel Business Conference.

    Sunday, December 9, 07:30-08:45
    Development Finance (Roundtable - Invitation Only)

    The world's economic center of gravity is shifting from the developed to the developing world. Demographic trends and increased productivity add up to great potential for growth in emerging and frontier markets in Asia, Latin America, Africa and the former Soviet bloc. Significant capital is needed to support entrepreneurs, job formation, technology deployment, and new systems for delivery and expansion. This type of international development is facilitated in part by a network of multilateral development finance agencies. They can deploy a broad range of tools and programs, including wholesale and retail loans, equity support, insurance and guarantees. What are the most effective mechanisms to engage the public and private sectors in driving this growth story forward? This breakfast will bring together experts in development finance to discuss the most effective models for collaboration between governments, corporations and emerging market stakeholders to scale up economic growth.

    Moderator:

    Prof. Glenn Yago, Senior Director, Milken Institute

    Speakers:

  • Noa Asher, Economic Counsel, Ministry of Industry Trade and Labor
  • Netanel Oded, Senior Economist, The National Economic Council, Prime Minister Office
  • Steven Puig, Vice President, Private Sector, Inter-American Development Bank
  • Bert van der Vaart, Founder and Executive Chairman, Small Enterprise Assistance Funds (SEAF)
  • Gaddy Weissman, Co-Founder, Dev Tech Hub

    Sunday, December 9, 11:30-12:45
    Impact Investing: Israel as a Launching Pad for Social Investment

    Why is impact investing a new and critical frontier for investors? This panel will be a lively discussion by financial, business and technology innovators in the impact investing sector. Impact investors believe that capital can be deployed in more effective and efficient ways to ensure lasting social, economic, and environmental impact. By aligning diverse interests through investment models and capital structures, a variety of emerging investment and business models enable investors, business, and social entrepreneurs to examine market and policy failures through the lens of finance and overcome them. Impact investors believe it's possible to solve social or environmental challenges while generating sustainable returns (both financial and social). Long-term investors, in particular, consider such factors as climate change, overcoming technological divides, health, workforce policies and economic conditions to be an essential part of effective risk management. These impact investors vary in size (from small funds to large institutions), in sector (from private capital to public agencies) and in approach (from exercising ownership to restructuring government funding through private-public partnerships). But they all recognize that investments can produce benefits or costs beyond the targeted financial returns, and that investors and society alike are better off when investment decisions include these multiple factors. Questions to be addressed include: Do social and environmental targets for investment require different forms of credit analysis? Does combining public-private and philanthropic investors enhance or diminish returns? What particular challenges face the formulation of investment targets and barriers to investment (regulatory, training, data, others)? The government has taken an important first step by formulating ideas for a social investment fund. How can this be scaled? What additional steps can be made to mobilize financial institutions through new initiatives or through capital markets with social impact bonds to further scale this new wave of investment activity?

    Moderator:

    Paul Irving, Chief Operating Officer, Milken Institute

    Speakers:

  • Hanoch Barkat, Founder and Director, Dualis
  • Morris Dorfman, Senior Economist, The National Economic Council, Prime Minister Office
  • Jonathan Greenblatt, Special Assistant to the President and Director of the Office of Social Innovation and Civic Participation in the Domestic Policy Council, The White House
  • Didi Lachman Messer, Former Deputy Attorney General for Economic and Fiscal Laws
  • Yaron Neudorfer, Director General, Social Finance Israel
  • Steven Puig, Vice President, Inter-American Development Bank
  • Prof. Glenn Yago, Senior Director, Milken Institute

    Sunday, December 9, 13:00-14:00
    Impact Investing: Israel as a Launching Pad for Social Investment - A Follow-on Discussion after Panel (Invitation Only)

    Sunday, December 9 - 16:45-17:45
    Global Capital Markets

    More than three years since the onset of the global financial crisis and the Great Recession, capital markets remain volatile. Getting funded as an issuer and getting returns as investors have become an increasingly uncertain proposition. Many forces are driving this, from the euro zone's ongoing struggles in serial crisis management to deliberations in Washington between embarking on further deleveraging versus rebalancing supply and demand in the Treasury market. Why are financial crises increasing in frequency and severity? Will 2012's tepid growth become more dynamic? Will "fiscal cliff" negotiations become a game-changer? What will be the role of sovereign wealth funds and other institutional investors in driving change? Can developing and frontier capital markets pick up the slack in driving growth and business formation with the reversals in developed markets?

    Moderator:

    Prof. Glenn Yago, Senior Director, Milken Institute

    Speakers:

  • Brian Friedman, President, Israel Investment Advisors
  • Elad Shraga, Global Head of Credit Solutions Group, Deutsche Bank
  • Dr. Roger Stein, Managing Director of Research and Academic Relations Moody's Corporation & Research Affiliate, MIT Laboratory for Financial Engineering
  • Prof. Daniel Tsiddon, Deputy Chief Executive Officer, Head of Capital Markets Division, Bank Leumi

    Sunday, December 9, 18:15 PM-19:45 PM
    Milken Institute Fellows Panel: Green Growth-Israel as a Laboratory for Global Solutions

    The Prime Minister's Office and Ministry of Environment recently concluded a series of roundtables to promote sustainable growth engines and jobs through green technologies and cleaner energy. Combining information and communications technology, biotechnology, nanotechnology in food, water, and energy production will transcend boundaries of individual technologies and regional borders as new engines for economic growth. By "greening" existing industries and growing green industries in these fields, new products, services, infrastructure investment could accelerate growth and create a development platform of new exports. Our Milken Institute Fellows deployed to the Ministry of Environmental Protection and the Oil Fuel Substitutes Initiative will report out their work along with government and clean tech industry leaders seeking to carve new channels of capital to fuel green growth in Israel and beyond.

    Moderators:

    Paul Irving, Senior Managing Director and Chief Operating Officer, Milken Institute
    Prof. Glenn Yago, Senior Director, Milken Institute

    Presenters:

  • Yochai Bernstein, Milken Institute Israel Center Fellow Alumnus, Government Procurement and Green Growth
  • Adv. Tal Lecker, Milken Institute Israel Center Fellow Alumna, Biofuels and Development Finance

    Respondents:

  • Hon. Peter Kent, Minister of Environment, Canada
  • Chen Altshuler, Head of Research, Altshuler Shaham
  • Galit Cohen, Deputy Director General, Ministry of Environmental Protection
  • Richard Kottmeyer, Senior Executive and Global Agriculture and Food Production Leader, Accenture
  • Noga Levtzion-Nadan, Deputy Director General, Greeneye
  • Booky Oren, CEO, Global Water Partnership Hub
  • Lt. Col. Eli Paz, Head of Environmental Protection Administration, IDF
  • Naomi Tsur, Deputy Mayor for Environment and Development, Municipality of Jerusalem
  • Steve Zecher, Project Director, Regional Development and Project Finance, Milken Institute Israel Center

    Sunday, December 9, 19:45 PM
    Milken Institute Israel Center Reception

    Monday, December 10, 15:00-16:00 PM
    Early-Stage Financing for Accelerating Medical Solutions
    (Roundtable- Invitation Only)

    Where will the capital come from to spur innovation in medical research? This session explores solutions to funding gaps and the evolution of collaborative financing models that involve industry, investors and philanthropy. It also discusses the changing role of VCs, prospects for biotechs in the IPO market and where investors see the best short- and long-term opportunities. Can incentives align to attract and sustain sufficient levels of capital to support R&D and bring new therapies and technologies to patients? Traditional investors in translational research (large- and medium-cap biopharmaceutical companies and life science-focused venture capital funds) are becoming increasingly risk averse in the face of escalating challenges in the drug development process. Dr. Roger Stein, Research Fellow at the MIT Financial Engineering Lab and head of Academic Research at Moody's will present some breakthrough work done with his colleagues on securitization structures for financing cures. This important work pioneered by Dr. Stein, Prof. Andrew Lo and other colleagues was the subject of an important article in Nature Biotechnology. This work was first presented as part of a Milken Institute Financial Innovations Lab dedicated to this subject.

    Moderator:

    Prof. Glenn Yago, Senior Director, Milken Institute

    Speaker:

    Dr. Roger Stein, Managing Director of Research and Academic Relations Moody's Corporation & Research Affiliate, MIT Laboratory for Financial Engineering

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