Reid Hoffman, Mark Pincus, and Michael Thompson established Reinvent Technology Partners Y, a newly formed blank check company, to partner with a technology business to innovate and achieve entrepreneurship at scale by leveraging their operating expertise as founders of iconic technology companies, their experience building companies as advisors and board members, and the capital raised in this offering. Following the business combination, Reid, Mark, and Michael seek to serve as long-term partners with the Chief Executive Officer and management team of the newly combined company to grow the business as a public company and build an industry leader.
Reid, Mark, and Michael are business builders who believe that companies operating at scale benefit from continued entrepreneurship. Entrepreneurship at scale requires leaders and their boards of directors to think bigger, act more boldly, and pursue continuous reinvention. Members of our team have a long history of supporting world-class Chief Executive Officers and management teams as they act as entrepreneurs at scale. Reid, Mark, and Michael have been proactive advisors and boardroom partners to companies that grow through invention and reinvention cycles, which we believe will create meaningful value for investors over the long term.
Members of our team have themselves been serial entrepreneurs at scale. They believe reinvention cycles are the growth engines of all successful technology companies, even if it may not appear so from the outside. Companies that they have founded or invested in have undergone many reinventions. Through their experiences building and operating companies, they know there are challenges when pursuing invention and reinvention cycles once a company achieves scale, especially after going public. There are pressures on the Chief Executive Officer and management team to deliver short-term financial performance and satisfy investors and other stakeholders. Once companies have achieved scale, they often need to invent and reinvent to find their next avenues of growth without losing focus on their existing core businesses. Having gone through this journey multiple times, members of our team understand the value of a trusted alliance focused on continued entrepreneurship at scale. We believe we are the ideal partner to take a company through that journey.
Members of our team also have a strong track record of identifying emerging industries that are being invented and markets that are being reinvented. Reid and Mark collaborated during the early stages of social media development. They partnered to purchase the “Six Degrees patent,” a patent fundamental to the development of the social networking industry, in order to ensure that no one firm impeded innovation. They started two of the earliest social networks, led the seed round in Friendster, and were among the first investors in Facebook. Reid pioneered the professional network with LinkedIn, and he previously co-founded and served on the management team of PayPal, one of the earliest online payments providers to achieve scale, enabling the burgeoning ecommerce industry. Mark pioneered the social gaming industry with Zynga. Today, Reid is an expert in social networks, online marketplaces, emerging technologies, like artificial intelligence and autonomous driving, and reinventing industries. Mark is an expert in building and growing consumer products through data-driven product management and live operations.
Our team’s combined experience, far-reaching networks, and long-standing relationships will provide valuable access to the highest quality technology companies and will produce unique insights and opportunities for growth and value creation. Our management team is also well positioned to identify and execute a business combination as a preferred partner to a high-quality technology company.