Tuesday, December 26, 2017
Reflections On 2017: Michael Jones, Science Inc.
During the holiday season, our tradition over the last few years has been to post reflections on the past year and some predictions from Southern California's "movers and shakers" in the technology industry. Today, we have a contribution from Michael Jones, the CEO of Science Inc. (www.science-inc.com). Michael has been behind such companies as HelloSociety (acquired by New York Times), FameBit (acquired by Google) and Dollar Shave Club (acquired by Unilever).
What was the big news for your company this year?
Since we started Science six years ago, we've co-founded and invested in more than 70 companies and have exited multiple portfolio companies. Our team has an eye for identifying legacy industries and nascent trends, and creating platforms for innovation. After watching the fintech and cryptocurrency space for a few years, we saw early on that blockchain is the next major platform for innovation and a foundational technology that has the ability to change the way both business and social structures work. So this fall, we launched Science Blockchain, a new incubator that partners with leading entrepreneurs to build a portfolio of blockchain and cryptocurrency related businesses. So far, we have launched a handful of blockchain companies and are looking forward to more partnerships in 2018.
What was the biggest personal lesson you learned from 2017?
I need to focus my time on big ideas paired with extremely passionate entrepreneurs. I believe we can all take a moment to evaluate where we spend our time, and what drives an impact against our personal goals. In reflection, think I need to center my time around those principals and focus on bigger ideas.
What are you looking forward to most in 2018?
I think we will see the rise of a newer and larger mobile-focused media companies and the continued evolution in traditional television entertainment. I expect this will drive a wave of meaningful M&A.
Are there any technology innovations, gadgets, devices, software, that particularly caught your eye in 2017
Coinbase, the online platform for buying, selling, transferring, and storing digital currency. For any business or consumer, security is always the number 1 priority, especially with data breaches consuming headlines. Coinbase has developed a seamless platform for secure cryptocurrency transactions and has over 10 million users with more than $50 billion in digital currency already — with so many users, you know they can't be wrong.
I also love Tala, the app that uses alternative data to deliver instant credit and help users build their financial identities. Tala is developing a financial structure in areas that don't necessarily have the architecture to support transactions; it's using mobile to unlock possibility and power as we become a more connected world.
Finally, what is your prediction for what will have the biggest impact on the technology industry in 2018?
Without a doubt, the maturing cryptocurrency markets paired with growing blockchain technology will have a bold impact on the technology industry in 2018. I believe we can expect a change in venture capital, with different ways of looking at early stage company value, and new ways to empower networks to participate in the growth of their respective products.
Mike Jones is an internet executive, investor and strategic advisor and CEO of Science, Inc. He is Los Angeles's most active angel investor with more than $2.5B in exits. His exits in 2016 alone included Science portfolio companies HelloSociety (acquired by New York Times), FameBit (acquired by Google) and Dollar Shave Club (acquired by Unilever). He is also a long-time entrepreneur. He started his first company in college, and he was previously the CEO of Userplane (acquired by AOL), Tsavo (acquired by Cybermedia), PBJ (acquired by JB), MySpace (acquired by Specific Media), Myspace Japan (acquired by Softbank), and FIM (acquired by Rubicon Project).