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'''Naveen K. Jain''' (born September 6, 1959)<ref name=dob>{{cite news|last1=Jacobs|first1=Jeff|title=Naveen Jain Biography|url=http://www.emeraldcityjournal.com/2015/03/naveen-jain-biography/|accessdate=12 October 2015|publisher=Emerald City Journal|date=March 3, 2015}}</ref> is a business executive, entrepreneur and the founder and former CEO of [[InfoSpace]]. His work at InfoSpace was one of the contributors to the [[dot-com bubble]]. InfoSpace briefly became one of the largest internet companies in the American Northwest, before the crash of the dot-com bubble and a series of accounting lawsuits. After moving to [[Intelius]], Jain co-founded [[Moon Express]], where he is currently chairman.
'''Naveen K. Jain''' (born September 6, 1959)<ref name=dob>{{cite news|last1=Jacobs|first1=Jeff|title=Naveen Jain Biography|url=http://www.emeraldcityjournal.com/2015/03/naveen-jain-biography/|accessdate=12 October 2015|publisher=Emerald City Journal|date=March 3, 2015}}</ref> is a business executive, entrepreneur, philantropist and a founder and former CEO of [[InfoSpace]] among many other ventures. InfoSpace briefly became one of the largest internet companies in the American Northwest, before the crash of the [[dot-com bubble]]. Several notable lawsuits followed the crash, including an appeal to the United States Supreme Court. Jain later co-founded [[Intelius]], [[Moon Express]], and [[Viome]] as of November, 2017<ref>{{cite web|url=https://www.crunchbase.com/person/naveen-k-jain|publisher=crunchbase.com|accessdate=4 November 2017}}</ref><ref>{{cite news|author1=Alan Boyle|title=Entrepreneur Naveen Jain offers a gut check with Viome wellness tracking service|url=https://www.geekwire.com/2017/naveen-jain-gut-viome-wellness/|accessdate=4 November 2017|publisher=GeekWire}}</ref>.


Jain was born in India and grew up in a poor family. He earned an engineering degree from [[Indian Institute of Technology Roorkee]] and an MBA from [[XLRI Jamshedpur]] before moving to the United States. Initially working for several tech companies, eventually joining Microsoft in 1989. He founded InfoSpace in 1996.
Jain was born in India and grew up in a poor family. He earned an engineering degree from [[Indian Institute of Technology Roorkee]] and an MBA from [[XLRI Jamshedpur]] before moving to the United States. Initially working for several tech companies, eventually joining Microsoft in 1989.


==Early life==
==Early life==
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===Crash and fallout===
===Crash and fallout===
As the dot-com bubble ended in March 2000, InfoSpace's stock fell<ref name=SeattleTimes1/> from $138 to only $1.56 by July 2001.<ref name="inc"/> Even as the stock price declined, Jain said InfoSpace would one day have a greater market-share than [[Microsoft]], [[Intel]] and [[Cisco]] combined. Three months later he sold $80 million of his own shares at an even lower price.<ref name="inc"/> Jain led a merger with Go2Net that was purchased with the shares. Shortly afterwards the founder of Go2Net quit and the company was reduced in size.<ref name="inc"/>
As the [[dot-com bubble]] ended in March 2000, InfoSpace's stock fell<ref name=SeattleTimes1/> from $138 to only $1.56 by July 2001.<ref name="inc"/> Even as the stock price declined, Jain said InfoSpace would one day have a greater market-share than [[Microsoft]], [[Intel]] and [[Cisco]] combined. Three months later he sold $80 million of his own shares at an even lower price.<ref name="inc"/> Jain led a merger with Go2Net that was purchased with the shares. Shortly afterwards the founder of Go2Net quit and the company was reduced in size.<ref name="inc"/>


As revenues decreased, Jain indicated to investor analysts that revenues were expected to go up, even though all indicators showed a continued decline.<ref name=SeattleTimes1/> In early 2001, InfoSpace said its revenues would go up to $360 million, then laid off 250 staff shortly afterwards. Jain and many other executives sold their shares in the company, just as the stock increased in response to investor analysts repeating Jain's positive outlook on revenues.<ref name=SeattleTimes1/> The company then used misleading accounting practices to make it appear as though it was still growing. For example, it invested money in a company run by Jain's brother, with an agreement that his brother would also spend money on InfoSpace, a practice that was referred to as "buying revenues".<ref name=SeattleTimes1/>
As revenues decreased, Jain indicated to investor analysts that revenues were expected to go up, even though all indicators showed a continued decline.<ref name=SeattleTimes1/> In early 2001, InfoSpace said its revenues would go up to $360 million, then laid off 250 staff shortly afterwards. Jain and many other executives sold their shares in the company, just as the stock increased in response to investor analysts repeating Jain's positive outlook on revenues.<ref name=SeattleTimes1/> The company then used misleading accounting practices to make it appear as though it was still growing. For example, it invested money in a company run by Jain's brother, with an agreement that his brother would also spend money on InfoSpace, a practice that was referred to as "buying revenues".<ref name=SeattleTimes1/>
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==Post-InfoSpace==
==Post-InfoSpace==
In 2003, Jain co-founded [[Intelius]]<ref>{{cite news|title=The billionaire's race to harness the moon's resources|first=Susan|last=Caminiti|date=April 3, 2014 |url=https://www.cnbc.com/id/101531789|accessdate=April 5, 2015|publisher=CNBC}}</ref> across the street from Infospace. The company sold background information on individuals. It grew to $18.1 million in revenues by 2004 and $88.5 million in 2007 with $22.5 million in profits. It filed an initial public offering in 2008. According to TechCrunch, the site was the subject of many consumer complaints, where consumers are led to believe they are answering a short survey for $10 cash back, but are actually signed up for a $20-per-month subscription.<ref>{{cite news|title=Naveen Jain's Latest Scam: Intelius|first=Michael|last=Arrington|publisher=TechCrunch|accessdate=April 5, 2015|url=https://techcrunch.com/2008/05/29/naveen-jains-intelius-prepares-to-go-public-how-much-of-their-revenue-is-a-scam/|date=May 29, 2008}}</ref> He re-formed the company under the name Inome in 2012.<ref>{{cite news|title=Meet Inome: The latest thing to sprout from Naveen Jain|first=John|last=Cook|date=June 10, 2012|accessdate=April 5, 2015|publisher=GeekWire}}</ref> The company was sold in 2015 and Jain was replaced as CEO.
In 2003, Jain co-founded [[Intelius]]<ref>{{cite news|title=The billionaire's race to harness the moon's resources|first=Susan|last=Caminiti|date=April 3, 2014 |url=https://www.cnbc.com/id/101531789|accessdate=April 5, 2015|publisher=CNBC}}</ref>. The company collected and sold background information on individuals. It grew to $18.1 million in revenues by 2004 and $88.5 million in 2007 with $22.5 million in profits. It filed an initial public offering in 2008. According to TechCrunch, the site was the subject of many consumer complaints, where consumers are led to believe they are answering a short survey for $10 cash back, but are actually signed up for a $20-per-month subscription.<ref>{{cite news|title=Naveen Jain's Latest Scam: Intelius|first=Michael|last=Arrington|publisher=TechCrunch|accessdate=April 5, 2015|url=https://techcrunch.com/2008/05/29/naveen-jains-intelius-prepares-to-go-public-how-much-of-their-revenue-is-a-scam/|date=May 29, 2008}}</ref> The company changed identity to "Inome" in 2012.<ref>{{cite news|title=Meet Inome: The latest thing to sprout from Naveen Jain|first=John|last=Cook|date=June 10, 2012|accessdate=April 5, 2015|publisher=GeekWire}}</ref> The company was sold in 2015 and most of the staff, including Jain, exited.


Jain co-founded [[Moon Express]] in August 2010. The company is attempting to build machine-operated spacecraft that can mine materials like gold, cobalt, platinum, and Helium-3 (nuclear energy fuel). It won a contract from NASA and is participating in the [[Google Lunar X-Prize]], attempting to put a private lander on the moon by the end of 2017.<ref name=MoonExpressNYTimes>{{cite news|url=https://www.nytimes.com/2017/07/12/science/moon-express-landers.html?_r=0|title=Moon Express Sets its Sights to Deliveries on the Moon and Beyond|publisher=[[NYTimes.com]]|accessdate=November 4, 2017|first=Kenneth|last=Chang}}</ref><ref name="SeattleTimes1"/><ref name=MineInSky>{{cite news|url=http://www.space.com/13615-moon-express-lunar-lander-naveen-jain-interview.html|title=A 'Mine in the Sky': Moon Express Co-Founder's Lunar Ambitions|publisher=[[Space.com]]|accessdate=March 16, 2012|first=Denise|last=Chow}}</ref><ref name="ForbesMoon">{{cite news |url=https://www.forbes.com/sites/briancaulfield/2011/07/22/billionaire-naveen-jain-think-of-the-moon-as-just-another-continent/ |title=Naveen Jain: 'Think Of The Moon As Just Another Continent' |publisher= [[Forbes]] |accessdate=August 16, 2011 |first=Brian |last=Caulfield}}</ref> In 2011, Jain was awarded with the "light of India Business Leadership Award" for "visionary entrepreneurship".<ref name="IndiaWest"/>
Jain co-founded [[Moon Express]] in August 2010. The company is attempting to build machine-operated spacecraft that can mine materials like gold, cobalt, platinum, and Helium-3 (nuclear energy fuel). It won a contract from NASA and is participating in the [[Google Lunar X-Prize]], attempting to put a private lander on the moon by the end of 2017.<ref name=MoonExpressNYTimes>{{cite news|url=https://www.nytimes.com/2017/07/12/science/moon-express-landers.html?_r=0|title=Moon Express Sets its Sights to Deliveries on the Moon and Beyond|publisher=[[NYTimes.com]]|accessdate=November 4, 2017|first=Kenneth|last=Chang}}</ref><ref name="SeattleTimes1"/><ref name=MineInSky>{{cite news|url=http://www.space.com/13615-moon-express-lunar-lander-naveen-jain-interview.html|title=A 'Mine in the Sky': Moon Express Co-Founder's Lunar Ambitions|publisher=[[Space.com]]|accessdate=March 16, 2012|first=Denise|last=Chow}}</ref><ref name="ForbesMoon">{{cite news |url=https://www.forbes.com/sites/briancaulfield/2011/07/22/billionaire-naveen-jain-think-of-the-moon-as-just-another-continent/ |title=Naveen Jain: 'Think Of The Moon As Just Another Continent' |publisher= [[Forbes]] |accessdate=August 16, 2011 |first=Brian |last=Caulfield}}</ref> In 2011, Jain was awarded with the "light of India Business Leadership Award" for "visionary entrepreneurship".<ref name="IndiaWest"/>

Revision as of 16:40, 4 November 2017

Naveen Jain
Jain at Tech Cocktail Week
Born (1959-09-06) 6 September 1959 (age 64)[1]
Alma materIIT Roorkee
XLRI - Xavier School of Management
Occupation(s)Co-founder and chairman of Moon Express
Known forFounder and former CEO of Infospace
Websitewww.naveenjain.com

Naveen K. Jain (born September 6, 1959)[1] is a business executive, entrepreneur, philantropist and a founder and former CEO of InfoSpace among many other ventures. InfoSpace briefly became one of the largest internet companies in the American Northwest, before the crash of the dot-com bubble. Several notable lawsuits followed the crash, including an appeal to the United States Supreme Court. Jain later co-founded Intelius, Moon Express, and Viome as of November, 2017[2][3].

Jain was born in India and grew up in a poor family. He earned an engineering degree from Indian Institute of Technology Roorkee and an MBA from XLRI Jamshedpur before moving to the United States. Initially working for several tech companies, eventually joining Microsoft in 1989.

Early life

Naveen Jain was born in 1959 to a Jain family.[4] His family was poor, largely because his father, a civil engineer, refused the common practice in Indian construction projects of accepting bribes.[5] He grew up in New Delhi and in villages in Uttar Pradesh, India.[4]

Jain moved to Roorkee, where in 1979 he earned an engineering degree from Indian Institute of Technology Roorkee.[4][5] He moved to the United States of America that same year.[6] He looked up to businesspeople who made their own fortune, especially Bill Gates.[4] Jain also had an early interest in space.

Early career

Jain's first job out of college in 1983 was at Burroughs (now known as Unisys) in New Jersey as part of a business-exchange program.[7] He moved to Silicon Valley for its warmer climate and worked for "a bunch of startups"[8] before joining Microsoft in 1989.[4] Jain worked on OS/2, then MS-DOS, Windows NT, and Windows 95. He was awarded three patents related to Windows 95 and became best known for his work as a program manager.[5][8]

Jain joined the management team for Microsoft Network, prior to its launch.[5] According to Red Herring, he became restless after eight years at the company and said he didn't feel a single person could make a difference at a large company like Microsoft.[8] Naveen Jain was working on the launch of Microsoft Networks (MSN), when Netscape Communications raised $2.2 billion in an initial public offering in 1995. NetScape's IPO was considered the start of the dot-com bubble, because it showed that Internet companies can have large IPOs without making a profit first.[4] Naveen quit Microsoft to start InfoSpace that year, with the aim of having his own initial public offering as quickly as possible.[4]

InfoSpace

Growth

Jain started InfoSpace with six employees, mostly from Microsoft, and began developing e-mail and telephone directories.[4] InfoSpace provided content and services, such as phone directories, maps, games and information on the stock market, to websites and mobile device manufacturers.[6] He grew the company at a low cost without funding and using co-branding strategies. Rather than try to get traffic to an InfoSpace website, sites like Lycos, Excite and Playboy embedded Infospace's features and content into their site and added an InfoSpace icon to it. InfoSpace then earned money by taking a small percentage of licensing, subscription or advertising fees.[8]

By April 2000, InfoSpace was working with 1,500 websites, 60 content providers and 20 telecommunications companies.[6] InfoSpace was praised by Wall Street analysts and at its peak was estimated to be worth $31 billion. It became the largest internet business in the American northwest.[4] According to the Seattle Times, InfoSpace created "legions of young, overnight millionaires".[4] Jain and his work at InfoSpace contributed to the inflated expectations in internet companies during the height of the dot-com bubble.[4][6]

Jain's net worth grew to $8 billion. He began purchasing expensive homes and yachts.[4] Jain owned 47 percent of InfoSpace's stock. Many lawsuits from partners and employees alleged he used promises of stock options to attract talent and business partners, but then fired employees or broke off relations without providing the promised shares.[6] An investigation by the board found evidence that Jain may have failed to fulfill his contractual promises for stock options to seven former employees and eight business partners.[4] Many of these cases involved employees or consultants that said they were offered deals where they could buy shares for 1 to 10 cents each, but shortly afterwards Jain tried to change the deal or fired them over a dispute without the promised stock-based compensation.[6] Jain alleged the deals were set up such that their shares wouldn't vest until they've been an employee for a year.[6]

Crash and fallout

As the dot-com bubble ended in March 2000, InfoSpace's stock fell[4] from $138 to only $1.56 by July 2001.[6] Even as the stock price declined, Jain said InfoSpace would one day have a greater market-share than Microsoft, Intel and Cisco combined. Three months later he sold $80 million of his own shares at an even lower price.[6] Jain led a merger with Go2Net that was purchased with the shares. Shortly afterwards the founder of Go2Net quit and the company was reduced in size.[6]

As revenues decreased, Jain indicated to investor analysts that revenues were expected to go up, even though all indicators showed a continued decline.[4] In early 2001, InfoSpace said its revenues would go up to $360 million, then laid off 250 staff shortly afterwards. Jain and many other executives sold their shares in the company, just as the stock increased in response to investor analysts repeating Jain's positive outlook on revenues.[4] The company then used misleading accounting practices to make it appear as though it was still growing. For example, it invested money in a company run by Jain's brother, with an agreement that his brother would also spend money on InfoSpace, a practice that was referred to as "buying revenues".[4]

A shareholder filed a lawsuit against InfoSpace and many of its executives, including Jain, in 2001. The shareholder alleged Jain misled shareholders about the company's financials, then profited by selling his own shares at their peak. This led to a series of additional lawsuits[9] and the board dismissed Jain from his CEO position in 2002 in response.[9] In 2003 Jain was ordered to pay $247 million for violations in "short-swing trading rules", whereby he bought and sold stocks within six months as an employee with insider knowledge. In appeals court the Securities and Exchange Commission submitted a brief taking Jain's side,[4] which led to a settlement for $105 million.[10][11][12][13]

Jain said his stock purchasing was a mistake due to bad advice from his legal and financial advisors.[5] Following the settlement, Jain sued his stock management company and lawyers for alleged negligence in their handling of the case, but lower courts and the Supreme Court dismissed his case.[11][14]

In March 2003, InfoSpace sued Jain and others for allegedly misappropriating trade secrets from InfoSpace to start Intelius and for violating their non-compete agreement. A court found no evidence that Intelius and Infospace competed with one another and the case was dismissed.[15] In December 2004, an $83 million settlement was reached between InfoSpace and Jain, which would result in dismissal of all the cases, including the one from the shareholder, with prejudice.[9]

Post-InfoSpace

In 2003, Jain co-founded Intelius[16]. The company collected and sold background information on individuals. It grew to $18.1 million in revenues by 2004 and $88.5 million in 2007 with $22.5 million in profits. It filed an initial public offering in 2008. According to TechCrunch, the site was the subject of many consumer complaints, where consumers are led to believe they are answering a short survey for $10 cash back, but are actually signed up for a $20-per-month subscription.[17] The company changed identity to "Inome" in 2012.[18] The company was sold in 2015 and most of the staff, including Jain, exited.

Jain co-founded Moon Express in August 2010. The company is attempting to build machine-operated spacecraft that can mine materials like gold, cobalt, platinum, and Helium-3 (nuclear energy fuel). It won a contract from NASA and is participating in the Google Lunar X-Prize, attempting to put a private lander on the moon by the end of 2017.[19][4][20][21] In 2011, Jain was awarded with the "light of India Business Leadership Award" for "visionary entrepreneurship".[5]

Other activities

He is also on the board of Kairos Society, a non-profit network of undergraduate entrepreneurs, founded by his son.[5]

Family

Jain married in 1988 and moved with his family to Seattle.[4] He has three children; Ankur, Priyanka and Neil.[22]

References

  1. ^ a b Jacobs, Jeff (3 March 2015). "Naveen Jain Biography". Emerald City Journal. Retrieved 12 October 2015.
  2. ^ . crunchbase.com https://www.crunchbase.com/person/naveen-k-jain. Retrieved 4 November 2017. {{cite web}}: Missing or empty |title= (help)
  3. ^ Alan Boyle. "Entrepreneur Naveen Jain offers a gut check with Viome wellness tracking service". GeekWire. Retrieved 4 November 2017.
  4. ^ a b c d e f g h i j k l m n o p q r s t Heath, David (8 March 2005). "Dot-con Job: Part 1: Dubious Deals". The Seattle Times. Retrieved 7 June 2011.
  5. ^ a b c d e f g Springer, Richard. (9 May 2011). "Intelius' Naveen Jain Turns to Moon Mining, Philanthropy". IndiaWest.com. {{cite web}}: |access-date= requires |url= (help); Missing or empty |url= (help)
  6. ^ a b c d e f g h i j Welles, Edward (1 July 2001). "Options, Equity, Rancor". Inc. Magazine. Retrieved 25 March 2015.
  7. ^ Caminiti, Susan (3 April 2014). "The billionaire's race to harness the moon's resources". CNBC. Retrieved 21 March 2015.
  8. ^ a b c d "Smarter than Bill". Red Herring. 30 June 1997. Archived from the original on 19 February 2002. Retrieved 7 June 2011.
  9. ^ a b c Chan, Sharon (24 December 2004). "InfoSpace, Jain reach settlement". Seattle Times. Retrieved 22 March 2015.
  10. ^ Heath, David (6–8 March 2005). "Unusual ally came to Jain's rescue: SEC". The Seattle Times. Retrieved 7 June 2011.
  11. ^ a b "Court turns down appeal from Infospace founder". Associated Press. 3 September 2009. Retrieved 17 June 2011.
  12. ^ "Medina millionaire's rep takes another hit with $1.3 million Intelius settlement". Seattle Post-Intelligencer. 10 August 2011. Retrieved 7 June 2011.
  13. ^ Heath, David (23 August 2003). "Ex-InfoSpace chief ordered to pay $247 million penalty". The Seattle Times. Retrieved 7 June 2011.
  14. ^ "Supreme Court Refuses To Hear InfoSpace Founder's Insider-Trading Appeal". mocoNews.net. 10 March 2009. Retrieved 17 June 2011.
  15. ^ "InfoSpace's ex-CEO Naveen Jain wins ruling on trade secrets". The Economic Times. 29 May 2003. Retrieved 23 August 2011.
  16. ^ Caminiti, Susan (3 April 2014). "The billionaire's race to harness the moon's resources". CNBC. Retrieved 5 April 2015.
  17. ^ Arrington, Michael (29 May 2008). "Naveen Jain's Latest Scam: Intelius". TechCrunch. Retrieved 5 April 2015.
  18. ^ Cook, John (10 June 2012). "Meet Inome: The latest thing to sprout from Naveen Jain". GeekWire. {{cite news}}: |access-date= requires |url= (help)
  19. ^ Chang, Kenneth. "Moon Express Sets its Sights to Deliveries on the Moon and Beyond". NYTimes.com. Retrieved 4 November 2017.
  20. ^ Chow, Denise. "A 'Mine in the Sky': Moon Express Co-Founder's Lunar Ambitions". Space.com. Retrieved 16 March 2012.
  21. ^ Caulfield, Brian. "Naveen Jain: 'Think Of The Moon As Just Another Continent'". Forbes. Retrieved 16 August 2011.
  22. ^ Payne, Patti (15 November 2009). "Siblings Ankur and Priyanka Jain threw themselves into nonprofits that help others". BizJournals.

External links

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