Naveen Jain

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Naveen Jain
Naveen Jain.jpg
Business Executive, Entrepreneur
Born (1959-09-06) 6 September 1959 (age 55)
Alma mater IIT Roorkee
XLRI
Occupation CEO of inome
Known for Founder and former CEO of Infospace
Website
http://www.naveenjain.com/

Naveen K. Jain (born 6 September 1959) is a business executive and entrepreneur. He is the founder and former of CEO of InfoSpace, founder and CEO of inome (originally called Intelius), and founder and Chairman of Moon Express.[1] When Infospace stock was at its heights during the dot-com boom, Jain briefly became a billionaire, appearing on Forbes' list of the "400 Richest Americans" for 2000.[2][3]

Background

Jain grew up in villages throughout Uttar Pradesh, as well as in cities such as New Delhi. Later he moved to Roorkee, where in 1979 he earned an engineering degree from the Indian Institute of Technology Roorkee, and then moved to Jamshedpur, where in 1982 he earned his MBA at XLRI School of Business and Human Resources.[4][5]

Professional background

Early professional life

Jain left India in 1983 after being accepted to Burroughs via a business-exchange program to explore the emerging U.S. high-technology market. He worked at companies that included Convergent Technologies and Tandon Computer Corporation.[4][5][6][7]

Microsoft and MSN

In 1989, Jain joined Microsoft in Redmond, Washington, working in the capacity of Program Manager. He initially began working on OS/2 and then moved on to several of Microsoft's flagship products, including MS-DOS, Windows NT, and Windows 95. Jain is listed on three patents from his time with Microsoft.[8] He later moved to the development of the Microsoft Network. Jain left Microsoft in 1996 to form InfoSpace.[6]

InfoSpace

Jain founded InfoSpace in March 1996 and served as Chief Executive Officer until 2000. InfoSpace provides metasearch and private-label Internet search services for consumers and businesses. While CEO, Jain's personal worth rose from almost one billion dollars in 1999[9] to USD$2.2 billion in 2000 when, at the height of the dot-com bubble, he was ranked 121 on the Forbes 400 Richest Americans.[10][11] He resumed the role of CEO in 2001,[12] but was forced out by InfoSpace's board as chairman and CEO in December 2002.[13] In April 2003, he resigned from the InfoSpace board.[14]

Intelius

In 2003, Jain co-founded Intelius, a Bellevue, Washington-based Web security firm.[4][15]

The company has been subject to significant criticism and lawsuits relating to their marketing practices.[16][17][18]

inome

In 2012 Intelius and its holdings were restructured. The corporate umbrella was named "inome".[19]

TalentWise

TalentWise is a May 2013 spin-off from inome where Jain serves on the board.[20]

Moon Express

In August 2010,[21] Jain co-founded Moon Express,[22][23] a privately funded company that aims to build and launch a robotic spacecraft to the moon.[24][25][26]

World Innovation Institute

Jain is the founder of The World Innovation Institute.[27][28]

Notable rulings

In May 2002, U.S. District Judge Marsha Pechman made a landmark $247 million ruling in favor of Thomas Dreiling, a small shareholder of InfoSpace who brought a lawsuit against InfoSpace as well as then CEO Jain. The judge ruled, Jain had bought InfoSpace stock within 6 months of selling the stock (short swing) . Language in documents prepared by J.P. Morgan Securities incorrectly put control of stock granted to Jain's children's trust funds in 1998 and 1999 in the Jains' account without the Jains' knowledge. The judge ruled that Jain had in essence "purchased" the stock for nothing while Jain had sold the $202 Million of stock within six months of this event that caused the stock to be considered a purchase. Jain argued that he didn't intend to take control of the trusts and blamed J.P. Morgan Securities, Inc., among others, for the mistake.[29][30]

While the cases were in appeal, attorneys at the Securities and Exchange Commission sided with Jain and urged the appeals court to reverse the ruling. Attorneys representing InfoSpace shareholders agreed to settle the case, fearing the weight of the SEC brief could result in a complete reversal of their ruling during the appeal process. In late 2004, InfoSpace reached a settlement agreement resolving the numerous related lawsuits, including the Dreiling v. Jain, et al. Section 16(b) (short swing) case which was pending on appeal before the United States Court of Appeals for the Ninth Circuit. Insurance carriers finally settled the case in March 2009.[31][32][33]

Following the settlement, Jain unsuccessfully sued his stock management company and lawyers. The Supreme Court in March 2009 refused to hear an appeal from Jain of the decision against him from the Washington state Court of Appeals.[33][34]

In early March 2003, InfoSpace sued Jain for allegedly violating noncompete agreements in his role at newly founded Intelius. In an interview after the suit was filed, Jain said the lawsuit was without merit and was a retaliation for Jain's whistle-blowing.[13] The court found in favor of Jain citing no evidence to support InfoSpace's claim.[35][36]

Recognition

In 1999, Jain was awarded the Emerging Entrepreneur Award Winner for the Pacific Northwest Region by Ernst & Young.[37][38]

On April 25, 2011, The Times Group awarded Jain the "Light of India Business Leadership Award" for "visionary entrepreneurship".[4][39]

In December 2011, Jain received the Lifetime Achievement Award at the Red Herring Global 2011 Conference.[40]

Board memberships

In 1999, Jain served on the board of directors of Freei,[41] aka FreeInternet.com, which was an online service provider.[42][43]

In June 2011, Jain was elected to the board of directors of Singularity University.[4][44]

Jain is a trustee of xprize foundation and co-chairs the education and global development initiative of the X Prize Foundation.[4][45][46][47]

Family

Jain is married and lives in Medina, Washington.[2] He has three children, Ankur, Priyanka and Neil.[47][48]

Ankur Jain graduated from the University of Pennsylvania in May 2011, and is working on a business venture that will connect entrepreneurs with innovative technologies with established businesses in foreign markets.[49]

References

  1. ^ "Most Admired Indian Serial Entrepreneurs:Naveen Jain". SiliconIndia. August 3, 2011. Retrieved April 18, 2013. 
  2. ^ a b "World's Business Leaders – Forbes 400". Forbes. 2000. 
  3. ^ "Dropoffs". Forbes. 22 June 2001. Retrieved 18 April 2013. 
  4. ^ a b c d e f "Intelius' Naveen Jain Turns to Moon Mining, Philanthropy". IndiaWest.com. May 9, 2011. Retrieved June 7, 2011. 
  5. ^ a b Heath, David (March 8, 2005). "Dot-con Job: Part 1: Dubious Deals". The Seattle Times. Retrieved June 7, 2011. 
  6. ^ a b Smarter than Bill "Smarter than Bill". Red Herring. June 30, 1997. Retrieved June 7, 2011. 
  7. ^ "Intelius, Inc. Executive Profile: Naveen Jain". Bloomberg Businessweek. Retrieved June 7, 2011. 
  8. ^ US patent 6357000  US patent 5655154  US patent 5434776 
  9. ^ "Skill Shop". The Financial Express. October 26, 1999. Retrieved June 7, 2011. 
  10. ^ "Jain, Naveen on Forbes 400 (2000)". Forbes. Retrieved June 7, 2011. 
  11. ^ "Entrepreneur Naveen Jain Put Together His Top-Flight Meteorite Collection At Warp Speed". Forbes. June 4, 2013. Retrieved December 4, 2014. 
  12. ^ "INFOSPACE INC (Form: 8-K, Received: 01/23/2001 17:15:42". google.brand.edgar-online.com. Retrieved June 7, 2011. 
  13. ^ a b "InfoSpace severs final ties with founder Jain". Puget Sound Business Journal. April 28, 2003. Retrieved June 7, 2011. 
  14. ^ Cook, John; Richman, Dan (May 16, 2003). "Former InfoSpace CEO faces $200 million fine". Seattle Post-Intelligencer. Retrieved June 7, 2011. 
  15. ^ "Intelius Says it's Capable of Conducting a Full Background Check on Anyone". Seattle Weekly. April 11, 2007. Retrieved June 7, 2011. 
  16. ^ "Internet Wizard Loses His Magic: Intelius Hit with Two Class Action Suits". Seattle Weekly. October 27, 2009. Retrieved June 7, 2011. 
  17. ^ "Intelius and the Dubious Art of "Post-Transaction Marketing"". Seattle Weekly. March 19, 2009. Retrieved June 7, 2011. 
  18. ^ Grygiel, Chris (August 9, 2010). "'Deceptive' Intelius cheated thousands of people". Seattle Post-Intelligencer. Retrieved June 7, 2011. 
  19. ^ Cook, John (June 10, 2012). "Meet Inome: The latest thing to sprout from Naveen Jain". GeekWire. Retrieved Dec 5, 2014. 
  20. ^ Cook, John (June 11, 2013). "TalentWise spins off from Naveen Jain’s Inome with $25M from mysterious backer". GeekWire. Retrieved Dec 5, 2014. 
  21. ^ Chow, Denise. "A 'Mine in the Sky': Moon Express Co-Founder's Lunar Ambitions". Space.com. Retrieved March 16, 2012. 
  22. ^ Caulfield, Brian. "Naveen Jain: 'Think Of The Moon As Just Another Continent'". Forbes. Retrieved August 16, 2011. 
  23. ^ "Moon Express Announces First Successful Flight Test of Lunar Lander System Developed With NASA Partnership". Moon Express. Retrieved August 16, 2011. 
  24. ^ Knafo, Saki (July 22, 2011). "The New Space Biz: Companies Seek Cash In The Cosmos". Huffington Post. Retrieved August 16, 2011. 
  25. ^ "Moving the heaven to get some rare earth". Chennai, India: The Hindu. June 2, 2011. Retrieved June 7, 2011. 
  26. ^ Hennigan, W.J. (2011-04-08). "MoonEx aims to scour moon for rare materials". Los Angeles Times. Retrieved 2011-04-10. 
  27. ^ "The Ideas Economy". Economist. 2012. 
  28. ^ "Innovative Entrepreneurs Execute Big Ideas". World Future Society. 2012. Retrieved Mar 20, 2012. 
  29. ^ Heath, David (August 23, 2003). "Ex-InfoSpace chief ordered to pay $247 million penalty". The Seattle Times. Retrieved June 7, 2011. 
  30. ^ "Medina millionaire's rep takes another hit with $1.3 million Intelius settlement". Seattle Post-Intelligencer. August 10, 2011. Retrieved June 7, 2011. 
  31. ^ Heath, David (March 6–8, 2005). "Unusual ally came to Jain's rescue: SEC". The Seattle Times. Retrieved June 7, 2011. 
  32. ^ "Settlement agreement reached in Infospace derivative case, section 16(b) case, and certain related cases brought by the Jains - InfoSpace Press Release". www.sec.gov/Archives. December 22, 2004. Retrieved June 7, 2011. 
  33. ^ a b "Court turns down appeal from Infospace founder". The Street. September 3, 2009. Retrieved June 17, 2011. 
  34. ^ "Supreme Court Refuses To Hear InfoSpace Founder's Insider-Trading Appeal". mocoNews.net. March 10, 2009. Retrieved June 17, 2011. 
  35. ^ "Court Sides with Former Infospace CEO.(Naveen Jain)(Brief Article)". Computergram International. January 16, 2004. Retrieved August 23, 2011. 
  36. ^ "InfoSpace's ex-CEO Naveen Jain wins ruling on trade secrets". The Economic Times. May 29, 2003. Retrieved August 23, 2011. 
  37. ^ "Hall of Fame Main Search Page". Ernst & Young. Retrieved September 11, 2011. 
  38. ^ Stephen H. Dunphy (1999-06-25). "The Newsletter". Seattle Times Newsletter. Retrieved September 11, 2011. 
  39. ^ "The Light of India Award Winners". Remit2Indiana.com. Retrieved September 11, 2011. 
  40. ^ "Intelius CEO Naveen Jain Honored with Lifetime Achievement Award". The Times of India. December 23, 2011. Retrieved January 2, 2012. 
  41. ^ High-flying Freeinternet.com crashes and burns. Seattle Post-Intelligencer. 13 Oct 2000.
  42. ^ Gates, Dominic; Freei Files For Bankruptcy, Infoworld, October 9, 2000 (accessed 15 Aug 2010).
  43. ^ Freei.Net Offers Comprehensive New Portal Featuring Services From InfoSpace.com, Business Wire, January 17, 2000
  44. ^ "Singularity University - List of trustees". singularityu.org. Retrieved June 7, 2011. 
  45. ^ "Education & Global Development Prize Group". X Prize Foundation. Retrieved June 7, 2011. 
  46. ^ "From the exec suite: Q&A with X PRIZE's Naveen Jain". The First Post. May 29, 2011. Retrieved June 7, 2011. 
  47. ^ a b "Singularity University Appoints Visionary Philanthropist and Entrepreneur Naveen Jain to Board of Trustees". Singularity University. Retrieved August 16, 2011. 
  48. ^ "The Naveen & Anu Jain Family Foundation - About". Retrieved August 16, 2011. 
  49. ^ "Ankur Jain, Founder of Kairos Society". Inc.com accessdate=August 16, 2011. 

External links