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Law + Finance


Law + Finance

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Law + Finance


Law + Finance

Transforming Canada into the world’s leading innovation economy

 
 
 
 
World Angel Investment Summit 2019

World Angel Investment Summit 2019

Claudio Rojas was recently appointed as Chief Executive Officer of NACO Canada, a national organization committed to advancing a thriving, early-stage entrepreneurial ecosystem in Canada.

The National Angel Capital Organization (NACO) provides intelligence, best practices, tools and resources to its members to unlock the angel capital funding and mentorship that is critical to helping Canadian founders to grow and scale their companies globally. Since 2012, over 2224 angel capital investments were made in more than 1472 companies with a total value of more than $853.3 million, highlighting the vibrant and buoyant Canadian entrepreneurial ecosystem. 

For almost a decade, Claudio has established a track record in identifying world-class companies, investing during periods of uncertainty, and successfully holding for the long term. A forthcoming manuscript featured by the University of Oxford – Eclipse of the Public Corporation Revisited: Concentrated Equity Ownership Theory – reveals the economic basis of his extraordinary investment performance. 

Claudio has held the roles of managing director, board member, advisor, and founder of several prominent organizations, including Hurt Capital, Canada Fintech Forum, Holt Fintech Accelerator, Institute for Founder Centric Studies, and Canadian Dream Summit – a tech conference that welcomes world-class speakers and attendees focused on building powerful companies with global reach. He brings an exceptionally long-term entrepreneurial mindset to investments and is a thought-leader on founder-run companies.

Claudio holds a JD from Western University, MBA from the Ivey Business School, has achieved all three levels of the CFA examinations, is a practitioner member of the European Corporate Governance Institute, and is a lawyer member of the Bar of Ontario, Canada.


Canadian Dream Summit 2019 – Speaker Announcements

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Research


RESEARCH

Research


RESEARCH

Artificial Intelligence, Blockchain and the Platforms of the Future

March 2018 – Working Paper

Artificial intelligence (AI) and Blockchain are infrastructure technologies historically analogous to desktop operating systems and internet communications. 

Public controversy surrounding both AI and Blockchain echo back in time to widespread media dialogue in the 1980's and 90's on the potentially deleterious effects of computing power on the autonomy and security of the individual. 

Dominant platforms to enable widespread consumer and enterprise adoption of AI and Blockchain have yet to emerge. However, user-friendly operating systems or software to enhance cognitive human capacity and facilitate economic transacting will usher in a new age of productivity and global growth – provided rising public and regulatory concerns regarding their adoption can be alleviated.


The Promise of Artificial Intelligence and Blockchain to Reduce Economic Inequality

November 2017 – Working Paper

Economic disparity, a significant underlying cause of human suffering and misery, is highly correlated with preventable disease, political unrest, and breakdown in basic social infrastructure.

Financial technology (FinTech) has the capacity to alter the status quo like never before in human history. Economic disparity is defined as having two core components: (1) income inequality from low wages, and (2) capital inequality from relatively scant opportunities to invest or protect savings, particularly in countries experiencing political turmoil and where the rate of return to global capital (r) is greater than the local economic growth rate (g). This work posits that artificial intelligence and blockchain have the capacity to reduce the capital inequality component of economic disparity.


Corporate Governance and the 21st Century Company: How is Value Created and For Whom?

Nov 2017 – Working Paper

This article, based on research shared during a speaking engagement in New York City, elaborates upon a new framework for understanding the corporate governance responsibilities of directors and managers in publicly-traded companies. 

The broad category of corporate governance is defined as having two components: (1) business governance, closely tied to the historical origins of corporate governance and a focus on aligning the interests of managers and shareholders, and (2) social governance, represented by the Environmental, Social and Governance (ESG) movement in recent decades. This innovative corporate governance framework provides added clarity on the duties of directors and managers in terms of business performance, as distinct from the responsibility of managers to be cognizant of – and to take action where appropriate – when corporate decisions have broader impacts on society and the public good. 


Business Law at Oxford University

June 2017 – This research piece was written at the invitation of the Business Law group at the University of Oxford and is based on a forthcoming manuscript titled 'Eclipse of the Public Corporation Revisited: Concentrated Equity Ownership Theory'.

The era of the U.S. public corporation is in decline. Tectonic shifts in seemingly disparate regions of the corporate landscape are underway. Through the lens of a new theory of the firm, these phenomena are eerily consistent with Harvard Professor Michael Jensen's bold prediction in Eclipse of the Public Corporation (1989). Yet, much debate in securities law and corporate governance continues to be premised upon the 1932 Berle-Means corporation, marked by a separation between share ownership and managerial control. Eighty-five years later, that ownership structure is being displaced by a more robust organizational form that is particularly suitable to exponential innovation and growth in highly competitive markets – conceptualized as the founder centric firm... [read more]


Eclipse of the Public Corporation Revisited: Concentrated Equity Ownership Theory

May 2017 – Working Paper (Forthcoming)

For almost a decade, the author has outperformed many of the world's greatest investors. This working paper reveals the economic basis for this outperformance, which extends beyond idiosyncratic stock selection abilities. 

Concentrated equity ownership theory, an economic discovery made in 2007, explains the rise of founder centric firms over the subsequent decade. This paper introduces a dynamic unifying governance model, while uncovering theoretical links between otherwise disconnected economic phenomena. 

In illustrating theoretical continuity in the seemingly disparate investment styles of Jorge Paulo Lemann with 3G Capital, William A. Ackman with Pershing Square Capital Management, and Warren Buffett with Berkshire Hathaway, the author identifies hidden economic efficiencies powering the world's largest companies from Apple to Facebook, Google and Amazon.

The novel economic theory presented in this paper also outlines legal and extra-legal mechanisms driving macroeconomic phenomena, specifically those at play in Canada and Silicon Valley - distinct geographic regions uniquely situated for robust economic performance over the next century.

This working paper is forthcoming and builds upon the theoretical foundations established in "An Indeterminate Theory of Canadian Corporate Law" (peer-reviewed manuscript, published in the University of British Columbia Law Review, 2014)


Business Law Advisory Council Report to Minister of Government and Consumer Services for reform of Ontario’s corporate and commercial legislation

December 2016 – Business Law Advisory Council, Ministry of Government and Consumer Services

Contributed research to the Ministry of Government and Consumer Services on the economic efficiencies within certain founder centric ownership structures – with a view to advancing Canada’s economic prosperity and competitiveness as a jurisdiction of choice for entrepreneurial activity, investor engagement, and business expansion.

The Business Law Advisory Council is tasked with making recommendations to reform laws that are responsive to changing business priorities and supportive of a prosperous economy. Modernizing business laws is part of the government's economic plan to build Ontario up and deliver on its priority of growing the economy.


Business Law Policy Consultation: Priority Findings and Recommendations Report for reform of Ontario’s corporate and commercial legislation

October 2015 – Ministry of Government and Consumer Services

Submission regarding the province of Ontario's Business Law Agenda: Priority Findings and Recommendations Report for reform of Ontario’s corporate and commercial legislation. Contributed research on the unique characteristics of Ontario’s capital markets with regard to concentrated share ownership patterns and the inherent efficiencies of founder centric ownership and voting structures. 

The Ministry of Government and Consumer Services is responsible for the legislative framework governing businesses registered in Ontario. The Business Law Policy Consultation is part of a governmental commitment to advance legal frameworks that are responsive, flexible and adaptable to the needs of technology companies. These legislative reforms are part of a broader commitment to ensuring that Ontario’s legislative structure facilitates an efficient market and prosperous economic climate.


An Indeterminate Theory of Canadian Corporate Law

January 2014 – University of British Columbia Law Review (peer-reviewed)

This publication, in a highly ranked peer-reviewed law journal, establishes the foundation of a distinct economic theory for the enhanced efficiency of business corporations. This research challenges the dominant paradigms of shareholder primacy and stakeholder theory, while positing that inherent efficiencies exist within certain concentrated ownership structures. 

This manuscript has powered a highly scalable ten-year track record in the capital markets that rivals those of the world’s greatest investors. In expanding this theory’s real-world applications to technology companies and other innovative businesses, the author actively engages with founder centric ownership structures.

 
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Keynotes


Speaking Engagements

Keynotes


Speaking Engagements

Interview with Mary Ng, Canadian Minister of Small Business and Export Promotion.


Building the Canadian Dream 2018 | Keynote


Keynote at Western University


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Claudio Rojas - Hurt Capital - Long Termism – Global Shareholder Engagement and Activism Summit

Global Shareholder Engagement & Activism Summit


World Angel Investment Summit – Montréal, Canada


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Claudio Rojas - Hurt Capital - Investor Panel - TieCon Canada

TieCon Canada 2017 – Ottawa, Canada


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Corporate Governance and Shareholder Access

Dodd-Frank and The Future of Shareholder Engagement

TIME WARNER CENTER
10 ON THE PARK
60 COLUMBUS CIRCLE
NEW YORK, NY

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The 21st Century Company – New York City

 
 

CEO, NATIONAL ANGEL CAPITAL ORGANIZATION
FOUNDER, CANADIAN DREAM INITIATIVE

"My passion is investing in, advising and helping to construct the world’s most enduring technology companies.”  

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National Angel Capital Organization, CEO
The National Angel Capital Organization (NACO) provides intelligence, best practices, tools and resources to its members to unlock the angel capital funding and mentorship that is critical to helping Canadian founders to grow and scale their companies globally. Since 2012, over 2224 angel capital investments were made in more than 1472 companies with a total value of more than $853.3 million, highlighting the vibrant and buoyant Canadian entrepreneurial ecosystem. 

NACO is committed to advancing a thriving, early-stage entrepreneurial ecosystem in Canada. NACO provides intelligence, best practices, tools and resources to its members to unlock the angel capital funding and mentorship that is critical to helping Canadian founders to grow and scale their companies globally


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Canadian Dream Summit, Founder
Technology conference with the mission of transforming Canada into the world’s leading innovation economy. This annual gathering attracts leading voices shaping the fourth industrial revolution. Hosted at Telus Harbour, in the heart of Toronto, Canadian Dream Summit convenes world-class speakers and attendees in an intimate environment for powerful networking around a common aspiration – helping Canadian scale-ups reach the global stage.


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Hurt Capital Inc., Managing Director
Hurt Capital leverages a proprietary theory on concentrated equity ownership structures. With particular emphasis on founder-run companies, this unique approach is based on intensive research that has reverse engineered the extraordinary success of Berkshire Hathaway – an investment firm well-known for its long-term orientation, ethical disposition, and management-friendly engagements.

Over a decade ago, concentrated equity ownership (CEO) theory predicted the rapid rise of founder-run companies in public markets. In identifying hidden economic efficiencies within Apple, Facebook, Google and Netflix, while paralleling that discovery alongside other economic phenomena under a new theory of the firm, this work displaces the fulcrum of the dominant paradigms in corporate governance theory. 

The firm takes a platform approach to venture capital with a view to actively supporting founders on the path to prominence. This involves an extensive partnership network to help founder-run companies attain rapid international expansion.

Hurt Capital is committed to contributing its research capabilities to enhance global economic growth, particularly within emerging innovation and technology ecosystems.


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Holt Accelerator, Advisory Board Member 
Holt FinTech Accelerator is supported by Holdun, a 5th generation family business, Stradigi AI, one of the largest AI solutions providers in Canada, and Form Fintech, one Canada’s fastest growing Fintech communities. 

Rooted in the legacy of Sir Herbert Holt, with more than 100 years of family investment experience, Holdun is comprised of Holdun Family Office, Holdun Wealth, Holdun Trust, Holdun Corporate Services, Holdun Financial Services, and Holdun Concierge Services.

Sir Herbert Holt marked Canadian history through his influence and contributions, whereby he amassed the equivalent of $40 billion in today’s currency, which was ten times larger than the money in circulation by the Canadian government. His 25 year tenure as president and chairman at the Royal Bank of Canada led the bank to become the largest in Canada, and third largest in North America. 

The Holt family has a history of investing, growing, supporting, and building financial companies for the past five generations. With the rising need for AI throughout all aspects of people’s daily lives, the family has launched the Holt FinTech Accelerator to focus on boosting the AI capabilities of FinTech businesses and expanding their international network.


Dentons LLP (Fraser Milner Casgrain LLP)
Engaged in matters related to general corporate commercial law practice, with an emphasis on mergers and acquisitions, securities and corporate finance. Dentons (formerly Fraser Milner Casgrain) is now the world's largest law firm with approximately 6,500 lawyers and professionals in more than 120 offices spanning 50-plus countries across Africa, Asia Pacific, Canada, Central Asia, Europe, the Middle East, Russia and CIS, the UK and the US.

Ontario Securities Commission 
Corporate Finance Branch
Advised on issues related to regulating reporting issuers and issuer-related policy initiatives. The Ontario Securities Commission (OSC) administers and enforces securities law in the province of Ontario, Canada. The OSC's mandate is to provide protection to investors from unfair, improper and fraudulent practices, and foster fair and efficient capital markets and confidence in capital markets. The OSC establishes the regulatory framework for securities offerings in the public and exempt markets, as well as take-over bids, and monitors legal and regulatory compliance of publicly-traded companies. 

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Twitter


Get in touch

Twitter


Get in touch