Workplace Trends

Hot off the press is the latest private markets quarterly update from our CIO team. Here’s what we’re seeing right now across asset classes: In #privateequity, we still like value-oriented buyouts, and specifically, managers with strong track records in operational value creation. We also recommend allocations to secondaries, as secondary exit solutions should remain a favored liquidity option and NAV discounts remain in the double digits. We continue to recommend #privatecredit, but selectivity will be key as manager dispersion is far greater here than in public credit. Spreads have tightened as competition has returned to the loan market. But we remain constructive on the sector given yields near 10%, low defaults, declining leverage, and ample covenants. Our outlook for lower growth combined with two Fed cuts in 2H25 is also supportive. In #realestate, a bottoming trend in a majority of CRE values began occurring in late 2024. We believe 2025-30 will be rewarding for investors that can identify and lean into markets benefitting from strong demographics, migratory patterns, and job creation. We believe there are opportunities emerging from properties facing financial distress that are still solid assets – which we’ve often seen in multifamily. Full report below.

For the past two years, CPG brands have been coasting on price hikes to keep revenue numbers up. And now? That strategy is running out of steam. I spend a lot of time talking to CPG leaders, and here’s what I’m hearing as we head into 2025: consumer confidence is weak, volume growth still hasn’t bounced back, and brands can’t rely on price increases anymore. The question I keep getting is—what now? - Global CPG sales grew 7.5% in 2024, but that’s down from 9.3% in 2023 and 9.8% in 2022. - 75% of growth came from price increases—not volume. Better than the 90% in 2023, but still not healthy. - Developed markets are slowing fast. U.S. & EU growth dropped to 4.5% in 2024, and volumes stayed flat. - Emerging markets are driving almost all global volume growth. They saw an 11% sales increase in 2024—twice the growth rate of developed markets. (Bain & Company) For the first time in years, raw material costs aren’t the #1 worry. Instead, every executive I talk to is worried about: 1. More competition for shoppers – Too many brands, not enough differentiation. 2. Consumers spending less – 80% of U.S. & EU shoppers are actively cutting back. 3. Retailers pushing back harder – The pricing power shift is real, and brands are feeling it. And if you look at where consumers are actually spending, the trend is obvious: ✅ Premium brands and private labels are thriving. ❌ Mass-market and mid-tier brands are getting squeezed. ✅ Shoppers want ‘value’—but that doesn’t just mean ‘cheaper.’ It means better quality, stronger differentiation, and clear benefits. So, Where Do CPG Brands Go From Here? - Volume needs to make a comeback. Price hikes won’t cut it anymore—brands have to focus on innovation, relevance, and real consumer connection. - Emerging markets can’t be an afterthought. If you’re only focused on U.S. and Europe, you’re missing the biggest growth engine. - Retailer relationships will define 2025 winners and losers. Brands that offer real category value (beyond price negotiations) will have the advantage. - If you’re stuck in the middle, you’re in trouble. Premium and private label are thriving—where does your brand fit? I’ve had so many conversations lately with CPG leaders trying to figure out their next move. If 2024 was the year of price hikes, 2025 is the year to rethink strategy. What are you seeing in the market? What’s the biggest challenge (or opportunity) for CPG this year? Let’s talk. 👇 #CPG #IndustryTrends #ConsumerGoods #RetailStrategy #FMCG #Executives

Data Integration Revolution: ETL, ELT, Reverse ETL, and the AI Paradigm Shift In recents years, we've witnessed a seismic shift in how we handle data integration. Let's break down this evolution and explore where AI is taking us: 1. ETL: The Reliable Workhorse      Extract, Transform, Load - the backbone of data integration for decades. Why it's still relevant: • Critical for complex transformations and data cleansing • Essential for compliance (GDPR, CCPA) - scrubbing sensitive data pre-warehouse • Often the go-to for legacy system integration 2. ELT: The Cloud-Era Innovator Extract, Load, Transform - born from the cloud revolution. Key advantages: • Preserves data granularity - transform only what you need, when you need it • Leverages cheap cloud storage and powerful cloud compute • Enables agile analytics - transform data on-the-fly for various use cases Personal experience: Migrating a financial services data pipeline from ETL to ELT cut processing time by 60% and opened up new analytics possibilities. 3. Reverse ETL: The Insights Activator The missing link in many data strategies. Why it's game-changing: • Operationalizes data insights - pushes warehouse data to front-line tools • Enables data democracy - right data, right place, right time • Closes the analytics loop - from raw data to actionable intelligence Use case: E-commerce company using Reverse ETL to sync customer segments from their data warehouse directly to their marketing platforms, supercharging personalization. 4. AI: The Force Multiplier AI isn't just enhancing these processes; it's redefining them: • Automated data discovery and mapping • Intelligent data quality management and anomaly detection • Self-optimizing data pipelines • Predictive maintenance and capacity planning Emerging trend: AI-driven data fabric architectures that dynamically integrate and manage data across complex environments. The Pragmatic Approach: In reality, most organizations need a mix of these approaches. The key is knowing when to use each: • ETL for sensitive data and complex transformations • ELT for large-scale, cloud-based analytics • Reverse ETL for activating insights in operational systems AI should be seen as an enabler across all these processes, not a replacement. Looking Ahead: The future of data integration lies in seamless, AI-driven orchestration of these techniques, creating a unified data fabric that adapts to business needs in real-time. How are you balancing these approaches in your data stack? What challenges are you facing in adopting AI-driven data integration?

𝗧𝗼𝗱𝗮𝘆, 𝗣𝗠𝗜 𝗿𝗲𝗹𝗲𝗮𝘀𝗲𝘀 𝘁𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝗿𝗲𝘀𝘂𝗹𝘁𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗹𝗮𝗿𝗴𝗲𝘀𝘁 𝘀𝘁𝘂𝗱𝘆 𝘄𝗲’𝘃𝗲 𝗲𝘃𝗲𝗿 𝗰𝗼𝗻𝗱𝘂𝗰𝘁𝗲𝗱 - 𝗼𝗻 𝗮 𝘁𝗼𝗽𝗶𝗰 𝘁𝗵𝗮𝘁 𝗶𝘀 𝗰𝗿𝗶𝘁𝗶𝗰𝗮𝗹 𝘁𝗼 𝗼𝘂𝗿 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻: 𝗣𝗿𝗼𝗷𝗲𝗰𝘁 𝗦𝘂𝗰𝗰𝗲𝘀𝘀. 📚 Read the report: https://lnkd.in/ekRmSj_h With this report, we are introducing a simple and scalable way to measure project success. A successful project is one that 𝗱𝗲𝗹𝗶𝘃𝗲𝗿𝘀 𝘃𝗮𝗹𝘂𝗲 𝘄𝗼𝗿𝘁𝗵 𝘁𝗵𝗲 𝗲𝗳𝗳𝗼𝗿𝘁 𝗮𝗻𝗱 𝗲𝘅𝗽𝗲𝗻𝘀𝗲, as perceived by key stakeholders. This clearly represents a shift for our profession, where beyond execution excellence we also feel accountable for doing anything in our power to improve the impact of our work and the value it generates at large. The implications for project professionals can be summarized in a framework for delivering 𝗠𝗢𝗥𝗘 success: 📚𝗠anage Perceptions For a project to be considered successful, the key stakeholders - customers, executives, or others - must perceive that the project’s outcomes provide sufficient value relative to the perceived investment of resources. 📚𝗢wn Project Success beyond Project Management Success Project professionals need to take any opportunity to move beyond literal mandates and feel accountable for improving outcomes while minimizing waste. 📚𝗥elentlessly Reassess Project Parameters Project professionals need to recognize the reality of inevitable and ongoing change, and continuously, in collaboration with stakeholders, reassess the perception of value and adjust plans. 📚𝗘xpand Perspective All projects have impacts beyond just the scope of the project itself. Even if we do not control all parameters, we must consider the broader picture and how the project fits within the larger business, goals, or objectives of the enterprise, and ultimately, our world. I believe executives will be excited about this work. It highlights the value project professionals can bring to their organizations and clarifies the vital role they play in driving transformation, delivering business results, and positively impacting the world. The shift in mindset will encourage project professionals to consider the perceptions of all stakeholders- not just the c-suite, but also customers and communities. To deliver more successful projects, business leaders must create environments that empower project professionals. They need to involve them in defining - and continuously reassessing and challenging - project value. Leverage their expertise. Invest in their work. And hold them accountable for contributing to maximize the perception of project value at all phases of the project - beyond excellence in execution. 📚 Please read the report, reflect on its findings, and share it broadly. And comment! Project Management Institute #ProjectSuccess #PMI #Leadership #ProjectManagementToday

Former Golden State Warriors minority owner Chamath Palihapitiya says sports valuations will peak in 2024. Chamath paid $25 million for a 10% stake in the Warriors in 2011. But he sold his stake in the team last year and most likely profited more than $250 million. This is something that could impact all professional sports teams — but let's use the NBA as an example. NBA teams used to trade at a 3-4x revenue multiple, but now they routinely trade at a 10x revenue multiple. Most people have ignored the NBA's multiple expansion because there are several powerful tailwinds at play. • Sports Betting • International expansion • Real estate development But TV money is MUCH more important. For example, NBA franchise valuations doubled overnight when the NBA announced its last media rights deal in 2014 — from $634 million to $1.1 billion. That's because 1) these deals only come up once every decade, and 2) media rights represent the majority of league revenue. But since media rights are so crucial to the growth of the NBA and its franchises, the same could be said about what will happen if media rights slow down. Everyone knows how valuable live sports are to the TV bundle — sports represented 96 out of the top 100 most-watched TV broadcasts last year. And even with the decline of the cable bundle, the idea has always been that the demand from linear networks, plus the addition of streaming companies, would drive media rights higher. That’s been true so far. The NFL recently added billions in revenue from deals with Amazon and Peacock, while Fox, CBS, NBC, and ESPN also increased their fees. But that doesn’t mean it will happen forever. Cable companies will soon reach a point where it doesn’t make financial sense to pay up for future rights, which is why you have already heard rumors that the NBA’s next media deal won’t be as big as they previously thought it would. Streaming companies also make more money off other endeavors, including Amazon’s genuine desire to have people join the Prime bundle. And bankruptcies across regional sports networks have already cost NBA, MLB, and NHL hundreds of millions in projected payments over the next decade. That's not to say the NBA won't grow. Expansion teams are on the horizon, providing each NBA owner with a ~$300 million payment. International growth is getting stronger — NBA China is now a $5 billion business — and that's without even mentioning the lucrative tax benefits these teams provide billionaire owners. But my point is simple... The media landscape is changing, and no one should expect NBA valuations to grow at the same rate they have over the last decade. Ps. Follow me Joe Pompliano for more sports business content like this! #sports #sportsbiz #linkedinsports

I'm deeply concerned that most marketing agency business models are dying - and that the majority will be forced to shut their doors within the next 5 years. Most won't say this out loud. But as an agency guy myself, I don't want to see them fail. Still, unless they evolve, I believe most will. Why? Because the majority of agencies have built their entire business on four main pillars: ▪️ Paid Ad Services ▪️ Website Design & Build ▪️ SEO ▪️ Social Media Strategy & Campaigns And here’s the pill we must swallow: Within five years, I believe AI will... 👉 Run 90% or more of PPC campaigns (no agency required) 👉 Handle 75% of website design and build work 👉 Execute 75% of traditional SEO services 👉 Manage at least 50% of social media campaigns (the need for nuance and creativity will act as an AI buffer within social, to a degree) Do the math, and that’s over 75% of the average agency’s service model...and revenue...gone. Could I be wrong on the exact numbers? Sure. But the trend line is clear. So what’s the path forward? I suggest a complete reinvention of what agencies offer. Last week in Miami, I challenged 250 agencies to start building a model around: 1. Deep Strategic Coaching 2. Aggressive AI Search Optimization 3. Intensive AI Training 4. Hands-On Sales Training 5. Creative Social + YouTube Strategy 6. Self-Service Tool Creation (estimators, schedulers, etc.) 7. Disruptive, Attention-Grabbing Brand Plays Will it be easy? No. But those willing to pivot (rather than bury their heads in the sand) will give themselves a real chance to build something extraordinary. And I believe many will. ----------------------------- (Agree? Disagree? Feel free to state your case in the comments below...just be nice. 😉 )

2023 In Review | What happened in Series A fundraising? Seed-stage founders trying to raise a Series A already know - this year was challenging to say the least. I'll dig into overall trends and then hopscotch through the industry bubbles represented in the graphic below. All data from US companies on Carta. Only primary rounds included (in order to remove the effects of the many extension/bridge/insider rounds from the numbers). Left out any industry that did not have at least 10 primary rounds, so if you don't see your sector that's a likely reason. All 2023 figures will end up rising a little since there's still some time left. 𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗶𝗻 𝗣𝗿𝗶𝗺𝗮𝗿𝘆 𝗦𝗲𝗿𝗶𝗲𝘀 𝗔 • 808 primary Series A rounds in 2023, down about 50% from the 1,612 last year. • $11 billion invested in 2023, down from $25 billion last year. • 19 industries with 10 or more primary Series A rounds, down from 26 industries last year. Feels fair to say it was twice as difficult to raise an A this year as it was in 2022. 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝗙𝗮𝘃𝗼𝗿𝗲𝗱 𝗧𝗵𝗲𝘀𝗲 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝗶𝗲𝘀 • AI - Appears in many industries, but I threw in a separate bubble anyway. High val, highest cash, definitely the "year of AI"    • Renewable Energy (nice!) - First in cash raised and 5th in median valuation. • Proptech - very healthy cash and valuation, though only squeaked into the chart with 10 rounds. • Hardware • Cybersecurity • Biotech 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝗗𝗶𝘀𝗹𝗶𝗸𝗲𝗱 𝗧𝗵𝗲𝘀𝗲 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝗶𝗲𝘀 • Medical Devices came in 19th in both cash raised and valuation. Maybe some specific dynamics happening in that world that I don't quite understand. • Personal Products was low in both cash and valuation as well. • Food startups fell out of favor with VCs at this stage • DTC Retail As we looked at yesterday, total primary seed rounds fell by about 38% from 2022. Total primary Series A volume was down 50%...and the early part of the market was the bright spot! Series B and beyond was even tougher. Series A was also the stage which saw the greatest relative increase in shutdowns from a year ago (57 in 2022 --> 116 so far in 2023). Seems like this is a real make-or-break part of the startup journey. More 2023 recaps to come throughout the holidays - follow along by hitting the 🔔 and signing up for our Carta Data Minute newsletter at the link in graphic! #cartadata #SeriesA #startups #founders #fundraising  

🌐 AI in Healthcare: 2025 Stanford AI Index Highlights 🧠🩺📊 The latest Stanford AI Index Report unveils breakthrough trends shaping the future of medicine. Here’s what’s transforming healthcare today—and what’s next: 🔬 1. Imaging Intelligence (2D → 3D) 80%+ of FDA-cleared AI tools are imaging-based. While 2D modalities like X-rays remain dominant, the shift to 3D (CT, MRI) is unlocking richer diagnostics. Yet, data scarcity—especially in pathology—remains a barrier. New foundation models like CTransPath, PRISM, EchoCLIP are pushing boundaries across disciplines. 🧠 2. Diagnostic Reasoning with LLMs OpenAI & Microsoft’s o1 model hit 96% on MedQA—a new gold standard. LLMs outperform clinicians in isolation, but real synergy in workflows is still a work in progress. Better integration = better care. 📝 3. Ambient AI Scribes Clinician burnout is real. AI scribes (Kaiser Permanente, Intermountain) are saving 20+ minutes/day in EHR tasks and cutting burnout by 25%+. With $300M+ invested in 2024, this is one of the fastest-growing areas in clinical AI. 🏥 4. FDA-Approved & Deployed From 6 AI devices in 2015 to 223 in 2023, the pace is accelerating. Stanford Health Care’s FURM framework ensures AI deployments are Fair, Useful, Reliable, and Measurable. PAD screening tools are already delivering measurable ROI—without external funding. 🌍 5. Social Determinants of Health (SDoH) LLMs like Flan-T5 outperform GPT models in extracting SDoH insights from EHRs. Applications in cardiology, oncology, psychiatry are helping close equity gaps with context-aware decision support. 🧪 6. Synthetic Data for Privacy & Precision Privacy-safe AI training is here. Platforms like ADSGAN, STNG support rare disease modeling, risk prediction, and federated learning—without compromising patient identity. 💡 7. Clinical Decision Support (CDS) From pandemic triage to chronic care, AI-driven CDS is scaling fast. The U.S., China, and Italy now lead in clinical trials. Projects like Preventing Medication Errors show real-world safety gains. ⚖️ 8. Ethical AI & Regulation NIH ethics funding surged from $16M → $276M in one year. Focus areas include bias mitigation, transparency, and inclusive data strategies—especially for LLMs like ChatGPT and Meditron-70B. 📖 Full Report: https://lnkd.in/e-M8WznD #AIinHealthcare #StanfordAIIndex #DigitalHealth #ClinicalAI #MedTech #HealthTech

Biotech is making a comeback! Funding levels are rising, IPOs are on the upswing, and M&A activity is driving innovation. The biotech sector is experiencing a resurgence, with follow-on financing up 64% year-to-date and recent IPOs showing strong performance—seven priced above expectations with an average day-one gain of 19%. Despite a challenging year for certain pharma service segments, funding for clinical-stage assets remains robust, supported by macro tailwinds like rate cuts and easing inflation. Biopharma M&A is thriving, with a focus on innovative areas like obesity, immunology, and radiopharmaceuticals. Clinical trials surged in October, up 28% year-over-year, with oncology and neurology dominating new starts. The XBI index has recovered 12% from its lows, reflecting renewed investor confidence. As advanced therapies, CDMOs, and cold chain services continue to gain momentum, the sector is poised for sustained growth. What opportunities are you seeing in this evolving landscape? Let’s connect and share ideas! 💬 #Biotech #Innovation #Pharma #LifeSciences #Growth

5 key developments this month in Wearable Devices supporting Digital Health ranging from current innovations to exciting future breakthroughs. And I made it all the way through without mentioning AI… until now. Oops! >> 🔘Movano Health has received FDA 510(k) clearance for its EvieMED Ring, a wearable that tracks metrics like blood oxygen, heart rate, mood, sleep, and activity. This approval enables the company to expand into remote patient monitoring, clinical trials, and post-trial management, with upcoming collaborations including a pilot study with a major payor and a clinical trial at MIT 🔘ŌURA has launched Symptom Radar, a new feature for its smart rings that analyzes heart rate, temperature, and breathing patterns to detect early signs of respiratory illness before symptoms fully develop. While it doesn’t diagnose specific conditions, it provides an “illness warning light” so users can prioritize rest and potentially recover more quickly 🔘A temporary scalp tattoo made from conductive polymers can measure brain activity without bulky electrodes or gels simplifying EEG recordings and reducing patient discomfort. Printed directly onto the head, it currently works well on bald or buzz-cut scalps, and future modifications, like specialized nozzles or robotic 'fingers', may enable use with longer hair 🔘Researchers have developed a wearable ultrasound patch that continuously and non-invasively monitors blood pressure, showing accuracy comparable to clinical devices in tests. The soft skin patch sensor could offer a simpler, more reliable alternative to traditional cuffs and invasive arterial lines, with future plans for large-scale trials and wireless, battery-powered versions 🔘According to researchers, a new generation of wearable sensors will continuously track biochemical markers such as hydration levels, electrolytes, inflammatory signals, and even viruses, from bodily fluids like sweat, saliva, tears, and breath. By providing minimally invasive data and alerting users to subtle health changes before they become critical, these devices could accelerate diagnosis, improve patient monitoring, and reduce discomfort (see image) 👇Links to related articles in comments #DigitalHealth #Wearables