What Happened When Venture Capitalist Took Over the …

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Material for your English session

What Happened When Venture Capitalist

Took Over the Golden State Warriors

[Source: New York Times Magazine]

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[Summary in English]

Recently, VC, PE, and Tech capitals have been flocking to the NBA.

● About ¼ of NBA majority stockholders are made up of VC, PE, and IT conglomerates.

● E.g., Golden State Warriors (Joe Lacob, Kleiner Perkins Caufield & Byers), LA Clippers (Steve

Ballmer, ex-CEO of Microsoft), Detroit Pistons (Tom Gores, Platinum Equity), Boston Celtics

(Grousbeck, Highland Capital Partners), Milwaukee Bucks (Marc Lasry, Avenue Capital Group)

Philadelphia 76ers (Joshua Harris, Apollo Global Management), Sacramento Kings (Vivek Ranadivé,

the founder of TIBCO, a real-time computing company)

However, only the Golden State Warriors have been overwhelmingly successful in terms of their

performance/popularity/profit.

● Warriors’ record: Before Joe Lacob acquired the team, the GSW were the worst NBA team After

Joe Lacob’s acquisition, the GSW dominated the courts, breaking the record for the longest winning

streak in NBA history (a title held previously by the Chicago Bulls during Michael Jordan’s reign).

o In the 5 years since Joe Lacob took ownership, the Warriors have produced a regular season

record of 224-170, a winning percentage of .569 (From 1995-2009 under Chris Cohan, the

Warriors produced a regular-season record of 417-699, a winning percentage of .374)

o In the 5 years since Joe Lacob took ownership, the Warriors have made the playoffs three times

and won an NBA championship (In the 16 years previous, the Warriors made the playoffs once)

o In the 5 years since Joe Lacob took ownership, the Warriors have been represented at the All

Star Game four times; Steph Curry twice, Klay Thompson, David Lee. (In the 16 years previous,

under Chris Cohan, the Warriors had one All-Star representative; Latrell Sprewell in 1997)

● Profit/value: the Warriors, which was valued at $450M at the time of the acquisition, is now valued at

$1.9B, raking in a solid $210M (according to 2015 standards) and $57.6M in sales profits every year.

● Popularity: In the last 3 seasons, all seats in all home games were sold out (in a stadium that holds

20,000). The Warriors also boasted a 99% repurchase rate, gained 14 million followers on various social

media platforms, and saw a 423% boost in sales through team merchandise (jerseys, etc).

These results were made possible not only by the capital provided by the Silicon Valley, but also by the

spirit of change and innovation that pervades the Valley.

● The Warriors’ Vision in 2010: to become the world’s best basketball team in the next five years, in

terms of performance, popularity, and profits.

● Strategy

o The winning team: the Warriors implemented a unique “formula” for victory: “Defense,

Rebound, and Size”

o The popular team: the Warriors implemented a “Fun, Fast, Speed” technique so that each game

would be a thrilling experience for fans and spectators.

o A team that generates a profit: the Warriors used science and technology to enhance the

entertainment factor of games within their home arena, thus boosting audience satisfaction.

● Aligned action + bold move

o Player: Build a team that is compatible with game plays. The Warriors traded Monta Ells,

the team’s best player at the time, with the tall center, Andrew Bogut, and set Stephen Curry, a




strong defense and shooter, as the point guard. In addition, they drafted Klay Thompson, who

would be compatible with the team’s strategies.

o Coach: The team hired a young but talented coach who understand the club’s philosophy and

strategy. The team hired Mark Jackson, who had no previous coaching experience (high

winning rate as a center defense) from 2011 to 2014, and Steve Kerr, (creative thinker, effective

communicator, and teamwork-oriented) in 2014.

o Front: Jerry West, an MBA with 30+ years under his belt, became the advisor to the club’s

board of directors. He directed the selection of Bob Myers as the general manager.

o High-Tech: The team introduced advanced IT systems to aid in training, game analysis, and

player care (e.g., wearable wristbands to measure heart rate/movement; multiple cameras

within the court to record and analyze passes, dribbles, and shots.)

o Customer service: Free WiFi within the stadium (for 20,000 spectators), adjusting parking

spaces to minimize traffic, increase customer satisfaction by collecting and using data related

to the design and food.

● Open Culture

o Player-Coach: Open communication between the players and the coach in order to enforce

dynamic, creative, and strategic plays.

o Club management: Removal of office walls and redesigning the space to be more open in order

to enhance communication and creative problem solving.

o Customers: Active participation on Twitter/Facebook/Instagram to provide customers with

various information (e.g., Curry’s training videos, live two-way interactions between players

during feedback sessions).

● IT-backed system & data-driven management

o Every aspect of the GSW, from strategies, training, and care, to club management and customer

service, was supported by data that helped the team make optimal, fact-based decisions.

● Investing in the future

o In 2019, the GWS will move home arena from Oakland to San Francisco, and the team plans

to have a space where visitors can experience games at a whole different & upgraded level.

The key difference between the Warriors and other VC/PE/Tech supported teams is the leadership

demonstrated by Joe Lacob.

● Lacob recognized talent and supported the growth of players in whom he saw potential (e.g., Joe Lacob

helped Steph Curry become the player he is today.)

● Decisions were made with input from many experts in different fields (e.g., Joe Lacob is known to

consult with and respect the opinions of Jerry West and Bob Myer).

● Despite the criticism, Lacob made daring decisions in order to contribute to the change, innovation, and

future of the team (e.g., in 2010, Lacob traded in the team’s best player and put the inexperienced Curry

as the point guard. He also replaced Mark Jackson with Steve Kerr as the new coach).

Sadly, the GSW were defeated by Lebron James and the Cleveland at the end of 2016 season and failed

to defend their 2015 championship title. However, it is clear that their 2015 victory was no coincidence.

What enabled the NBA’s worst team to become the best team within a short 3-4 years? Is large capital

enough to transform a mediocre sports team into a stellar one? Do you think the Warriors will be able to

experience another winning streak in the following season?




[Summary in Korean]

최근 미국 NBA 에 VC, PE, Tech 자본이 몰려들고 있습니다.

약 ¼ 정도의 NBA 팀 최대 주주에 VC, PE 및 IT재벌들이 포진 중

예: Golden State Warriors (Joe Lacob, a partner at Kleiner Perkins Caufield & Byers), LA Clippers (Steve

Ballmer, ex-CEO of Microsoft), Detroit Pistons (Tom Gores, the founder of Platinum Equity), Boston Celtics

(Grousbeck, a principal at Highland Capital Partners), Milwaukee Bucks (Marc Lasry, the co-founder of

Avenue Capital Group) Philadelphia 76ers (Joshua Harris, the co-founder of Apollo Global Management),

Sacramento Kings (Vivek Ranadivé, the founder of TIBCO, a real-time computing company)

하지만 , Golden State Worries 만이 성적/인기/수익 창출 측면에서 압도적 성과를 보여주고 있습니다.

GSW 성적: Joe Lacob 인수 전 미국 NBA 최약체 팀 Joe Lacob 인수 후 역대 최고 정규시즌 승률을

기록 (조던 시절의 시카고 불스 기록을 격파) 한 최강팀으로 변모

o In the five years since Joe Lacob took ownership, the Warriors have produced a regular season

record of 224-170, a winning percentage of .569 (From 1995-2009 under Chris Cohan, the Warriors

produced a regular-season record of 417-699, a winning percentage of .374)

o In the five years since Joe Lacob took ownership, the Warriors have made the playoffs three times

and won an NBA championship (In the 16 years previous, the Warriors made the playoffs once)

o In the five years since Joe Lacob took ownership, the Warriors have been represented at the All Star

Game four times; Steph Curry twice, Klay Thompson, David Lee. (In the 16 years previous, under

Chris Cohan, the Warriors had one All-Star representative; Latrell Sprewell in 1997)

수익/가치: 2010년 $450M 에 인수되었던 GSW 팀은, 현재 $1.9B 의 가치 평가를 받고 있으며, 2015년

기준 매출 $210M, 영업수익 $57.6M의 견고한 재무성과 기록 중

인기: 지난 3개 시즌 홈 경기 좌석 100% 매진 (경기 당 2만 명 관중 수용), 시즌 티켓 재구매율 99%, 소셜

미디어 follower 1,400만 명, 팀 유니폼 등 merchandise 매출 423% 성장 등

이러한 성과는, 단순히 실리콘밸리의 자본 뿐 아니라, 과감한 변화/혁신적 운영을 추구하는 실리콘밸리 영혼이 팀

내에 성공적으로 도입되었기 때문입니다.

Vision (2010년 당시): 5년 내 전 세계 최강 (성적, 인기, 수익) 농구팀으로 성장

전략:

o 승리하는 팀: GSW만의 필승공식 “Defense, Rebound, and Size” 수립

o 인기있는 팀: 관중이 열광할 수 있는 경기력의 조건으로 “Fun, Fast, Speed” 수립

o 수익창출 팀: 경기장 내 과학적 관리 체계 도입 및 Entertainment 요소 강화 통한, 고객 만족 +

수익 극대화 추구

Aligned action + Bold move:

o 선수: 전략에 부합하는 선수들로 팀 구성 당시 팀 내 최고 스타선수였던 Monta Ells를 장신

센터인 Andrew Bogut과 트레이드 하고, 수비력/슈팅력이 강한 스테판 커리를 팀 중심 선수로

재편. 동시에, 팀 전략과 부합하는 클레이 탐슨를 신인 드래프트로 영입




o 감독: 구단의 철학/전략과 부합하는 팀으로 만들 수 있는 젊은 인재를 감독으로 영입 감독

경력이 없었던 Mark Jackson (수비 중심 농구/높은 승률 지향, 2011~2014), 스티븐 커 (창의적

사고/열린소통/팀웍 지향, 2014~현재)를 감독으로 선임

o Front: MBA 에서 30년 이상 경력을 지닌 Jerry West 를 이사회 멤버 및 Advisor로, 인재발굴에

탁월한 Bob Myers을 GM 으로 선임하여, 선수/감독을 지원

o High-Tech: 첨단 IT 시스템을 도입하여, 훈련, 경기 분석, 선수 관리 시 활용 (예: 웨어러블 기기

작용하여 심박수/움직임 체크, 경기장 내 카메라 다수 설치 후 볼터치/슛 촬영 & 분석)

o 고객 지원: 경기장 내 무료 WiFi 제공 (2만 명 수용 경기장), 주차 공간 개선하여 Traffic 최소화,

데이터 기반 동선/식품 관리 통해 고객 만족도 극대화 지원

Open Culture:

o 선수-감독: 선수-감독 간 open communication통해 변화무쌍한/창의적인/전략적 플레이 시행

o 구단 운영: 사무실 내 벽을 없애고, open 공간으로 디자인을 변경하여, 구단 임직원 내 자유로운

의사소통 장려 & 창의적 솔루션 즉각 실행

o 고객: 트위터/페이스북/인스타그램 등 적극 활용하여, 고객에게 다양한 정보 제공 (예: 커리의

혼련 영상 등), 쌍방향 의사소통 진행 및 피드백 실시간 반영

IT-backed system & Data-driven management:

o GSW 관련 모든 부분 (팀 전술 수립/팀 훈련 관리/구단 운영/고객 대응) 에서 과학적 의사결정을

지원할 수 있도록 Data 기반 운영 체계 구축

미래를 위한 선행 투자

o 2019년 홈 경기장을 오클랜드에서 샌프란시스코로 이전, 한 차원 업그레이드 된 “농구 경기

관람 경험” 제공 예정

GSW와 VC/PE/Tech 리더에 인수된 타 NBA 팀과의 본질적 차이는 Joe Lacob 의 리더십에 있습니다.

미래의 재목을 알아보고, 이 인재가 세계 최고가 될 수 있도록 지원 (예: Joe Lacob는 미완의 대기였던

스테픈 커리를 팀 중심이 될 수 있도록..

독단적 의사결정이 아닌, 다양한 전문가들의 의견을 수렴하여 합리적인 의사결정 제공 (예: Joe Lacob

는 Jerry West, Bob Myer 및 구단 직원들의 의견을 경청하는 것으로 유명)

“단기적 비난”을 감수하고, 변화/혁신/미래를 위해 과감한 결정 진행 (예: 2010년 팀 내 최고 player 를

트레이드 시키고, 커리 중심의 팀 변화 추진. 예: Mark Jackson 를 경질하고 스티븐 커 감독 선임)

GSW 는 2016년 시즌, 아쉽게 르브론 제임스의 클리브랜드 팀에 패하여, 2년 연속 챔피온 등극에 실패했지만,

2015년 시즌의 우승이 우연이 아님을 증명했습니다.

NBA 최약체 팀이었던 GSW 가, 3~4년 만에 NBA 최강팀으로 변모할 수 있었던 힘은 무엇인가요? 단순히 많은

자본이 스포츠 팀을 강팀으로 변모시킬 수 있을까요? GSW 는 다음 시즌에도 엄청난 승률을 기록할 수 있을까요?




[Today’s Video clip]

Please watch these video clips, first.

Video #1 (12 minutes)

Golden State Warriors History

https://www.youtube.com/watch?v=lTbKZ2GWQNM

[Source: sportingnews.com]

The Golden State Warriors are an American professional basketball team based in

Oakland, California. They are a member of the Pacific Division in the Western

Conference of the National Basketball Association (NBA). The team was established

in 1946 as the Philadelphia Warriors based in Philadelphia, Pennsylvania, a

founding member of the Basketball Association of America (BAA), and it won the

inaugural 1947 BAA Finals that is now considered the first NBA Championship.

2011~present

https://www.youtube.com/watch?v=lTbKZ2GWQNM




Video #2 (25 minutes)

Interview With Warriors Owner Joe Lacob

https://www.youtube.com/watch?v=sxukk6XQJOY

Investor Phil Sanderson interviews Golden State CEO and Co-Executive

Chairman Joe Lacob at a venture capital event.

A brief Interview script: http://letsgowarriors.com/joe-lacob-size-defense-rebounding-

character-regretting-jeremy-lin/2014/12/06/

https://www.youtube.com/watch?v=sxukk6XQJOY




[Today’s article]

Please read the article

Article

Golden State Warriors: From Basketball to Business Transformation

http://connectedfuturesmag.com/a/M16A05/oaklands-golden-state-warriors-

from-basketball-to-business-transformation/

[Source: goodaudience.com]

http://connectedfuturesmag.com/a/M16A05/oaklands-golden-state-warriors-from-basketball-to-business-transformation/

http://connectedfuturesmag.com/a/M16A05/oaklands-golden-state-warriors-from-basketball-to-business-transformation/




[10 Key Questions]

1. Why did you choose this topic for today’s class discussion?

2. Which NBA team is your favorite? Why?

[Source: voetbalwedden.net]

[Source: slate.com]




3. Based on the two charts below, please explain what exactly was the record set by the Warriors in

2015-16. In addition, please share your thoughts on what the driving force behind their success may

have been.

[Source: SB Nation]




4. What are Stephen Curry’s strengths compared to other dominant shooters?

[Source: NBA, NBAsavant.com, The Wall Street Journal]




5-1. From what you’ve read so far in the summary and the article, what do you think are some

similarities between the Warriors and other successful companies in Silicon Valley?

5-2. How did the Warriors make use of being situated near Silicon Valley?

6. Many teams are supported by a few wealthy owners that give extravagantly. How might one

distinguish a team that uses this money to evolve and improve itself from a team that simply drafts

expensive players for the sake of having a showy roster?

7. What kind of person is Warriors owner Joe Lacob? How is he different from other VC/PE owners?

[Source: Yahoo Sports]

8. What measures must be taken for the Warriors to have an even better season next year?

9. In Korea, the professional sports teams are very limited in what they can do in terms of making a

profit and providing entertainment for visitors/spectators. In your opinion, why do you think these

limitations exist and what must Korea do to overcome these obstacles?

10. Imagine that you are about to go into a meeting with Joe Lacob. Please take 2-3 minutes to

describe to Lacob what you believe is the future direction of the Warriors.




[Key business-related terms and expressions]

[1] gifted (sound): 재능이 있는

● [영영사전] having exceptional talent or natural ability.

● [Ringle에서 드리는 팁] Some synonyms of the word “gifted” are “talented” and “skilled.”

Gifted, however, implies that the ability was more innate than was developed over time.

● [예문] He was a gifted artist but he lived a sad and hard life. 그는 천부적 재능을 타고

태어난 화가이지만, 그의 힘겹고 슬픈 인생을 살았다

● [예문] She just seemed gifted that way. 그녀는 그 방면으로는 재능을 타고난 것 같아.

[2] change the game: 게임을 바꾸다

● [영영사전] change significantly the outcome of something

● [Ringle에서 드리는 팁] The most common use of this idiom is “game-changing,” which

means that something has the potential to change significantly the outcome of something.

Once it becomes a verb “change the game” it is implied that the change has already

occurred.

● [예문] When you seem desperately behind, you raise the stakes and change the game.

당신은 경기가 패색이 짙을 때, 초강수를 둬서 경기를 뒤집는 듯 하다.

[3] mesh (sound): 딱 들어맞다. 꼭 들어맞게 하다.

● [영영사전] be in or bring into harmony

● [Ringle에서 드리는 팁] This is a colloquial way to say that two or more elements are in

harmony with one another. You can say that friends mesh well together, or that certain

songs mesh well together.

● [예문] His theories mesh together various political and religious beliefs. 그의 이론들은

다양한 정치적 이념과 종교적 이념들을 서로 잘 들어맞게 한다.

● [예문] This evidence meshes with earlier reports of an organized riot. 이 증거들은 조직

폭동에 대한 예전 보고서들과 딱 들어맞는다.

http://www.dictionary.com/browse/gifted

http://www.dictionary.com/browse/mesh?s=t




[4] full-fledged (sound): 완전히 발달한, 필요한 자격을 다 갖춘

● [영영사전] completely developed or established; of full status.

● [Ringle에서 드리는 팁] This adjective derives from the idea that a bird that has grown all

of its feathers is able to fly on its own. Therefore, to describe something as full-fledged (or

fully fledged) is to say that it is prepared and ready to perform what is expected of it.

● [예문] He is now a full-fledged head of his own house. 그는 지금부터 그의 가족의 어엿한

가장이다.

● [예문] Before long, we will have a fully-fledged depression. 머지않아, 우리는 완벽한

불경기에 빠져들 것이다.

http://www.dictionary.com/browse/full-fledged?s=t

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