Raphael Stevens

Persephone KavallinesThe mission of the Disruptor 50 list has always been to identify fast-growing, innovative start-ups on the path to becoming the next generation of great public companies. But in 2020, things got ridiculous. Twelve of the 50 companies named to the 2020 Disruptor 50 are now public companies. Four more have announced deals to become public via mergers with special purpose acquisition companies.All those exits meant the competition for the 2021 Disruptor 50 was as wide open as ever, and for the fifth straight year, a record number of start-ups (1,565 to be exact) jumped at the chance to make our annual list.Choosing the 2021 CNBC Disruptor 50All private, independently owned start-up companies founded after Jan. 1, 2006, were eligible to be nominated for the Disruptor 50 list. Companies nominated were required to submit a detailed analysis, including key quantitative and qualitative information.Quantitative metrics included company-submitted data on workforce size and diversity, scalability, and sales and user growth. Some of this information has been kept off the record and was used for scoring purposes only. CNBC also brought in data from a pair of outside partners — PitchBook, which provided data on fundraising, implied valuations and investor quality; and IBISWorld, whose database of industry reports we used to compare the companies based on the industries they are attempting to disrupt.This year, for the first time, we added a separate Board Diversity category to be considered in addition to the existing Workforce Diversity category. We added this category as one of several steps to bring more diversity to the list overall. In addition to adding the Board Diversity category, we expanded our outreach to more companies with female founders and founders of color and their investors during our call for nominations.CNBC’s Disruptor 50 Advisory Council — a group of 47 leading thinkers in the field of innovation and entrepreneurship from around the world (see list of members below) — then ranked the quantitative criteria by importance and ability to disrupt established industries and public companies. This year the council found that scalability and user growth were the most important criteria, along with use of breakthrough technologies (including, most commonly, artificial intelligence and machine learning) and size of the industry being disrupted. These categories received the highest weighting, but the ranking model is designed to ensure that companies must score highly on a wide range of criteria to make the final list.Companies were also asked to submit important qualitative information, including descriptions of their core business model, ideal customers and recent company milestones. A team of more than 70 CNBC editorial staff, along with members of the Advisory Council, read the submissions and provided holistic qualitative assessments of each company.The qualitative scores were combined with a weighted quantitative score to determine which 50 companies made the list and in what order.More coverage of the 2021 CNBC Disruptor 50Meet the 2021 CNBC Disruptor 50 companiesWhy Robinhood is the No. 1 companyA look back at the CNBC Disruptor 50: 9 years, 233 companiesWhen disruption becomes a force for good — and badHow we choose Disruptor companiesThe 2021 Disruptor 50 includes 24 companies making the list for the first time. They represent innovation in a wide range of sectors, including cybersecurity, fintech, health care, and electric vehicles. Many are driven by social or environmental missions, from democratizing access to financial services to strengthening the global food supply and fighting climate change.We expect all 50 will continue to grow, innovate and inspire change in their larger, incumbent competitors as we follow them through the rest of this year and into the next. Many, we expect, will become perennial Disruptor 50 companies.This year, six Disruptors have made the list for the fourth time. The No. 1 Disruptor, Robinhood, has made the list for the fifth and final time, with its public debut expected in just a few weeks. At No. 2, Stripe is a seven-time Disruptor 50 company, only the third company in the history of the list with that distinction.Special thanks to the 2021 CNBC Disruptor 50 Advisory Council, who again offered us their time and insights. As always, we appreciate their contributions.Rob Adams, director emeritus, University of Texas Venture LabsRon Adner, professor, Dartmouth College Tuck School of BusinessAnita Anantharam, professor, University of FloridaEdward Blair, chair in Entrepreneurship, University of HoustonGregory Brown, professor and executive director, University of North Carolina Kenan Institute of Private EnterpriseRobert J. Brunner, chief disruption officer, University of Illinois Gies College of BusinessCandida S. Brush, professor, Babson CollegeJohn Sibley Butler, chair in Constructive Capitalism, University of TexasGary Chan, professor, The Hong Kong University of Science and TechnologyJim Chung, VP for Research, Innovation and Entrepreneurship, George Washington UniversityChris Coleridge, senior faculty in Management Practice, Cambridge UniversityJeff Cornwall, chair and professor of Entrepreneurship, Belmont UniversityJason D’Mello, assistant professor, Loyola Marymount UniversityDonna De Carolis, dean, Drexel University Charles D. Close School of EntrepreneurshipMonica Dean, managing director, University of Southern California Marshall School of Business Lloyd Greif Center for Entrepreneurial StudiesWaverly Deutsch, clinical professor of Entrepreneurship, University of Chicago Booth School of BusinessJudi Eyles, director, Iowa State University Center for EntrepreneurshipClare Gately, professor of Entrepreneurship, EDHEC Business School (France) and Waterford Institute of Technology (Ireland)Ari Ginsberg, professor of Entrepreneurship and Management, New York University Stern School of BusinessMichael Goldberg, executive director, Case Western Reserve University Veale Institute for EntrepreneurshipMichael Goldsby, distinguished professor of Entrepreneurship, Ball State UniversityHenrich R. Greve, professor of Entrepreneurship, INSEADAnil Gupta, chair and professor of Strategy and Entrepreneurship, University of Maryland Smith School of BusinessJ. Michael Haynie, vice chancellor, Syracuse UniversityLisa Hehenberger, associate professor and director, Universitat Ramon Llull ESADE Business School Entrepreneurship InstituteKeith Hmieleski, professor of Entrepreneurship, Texas Christian UniversityKevin Hoch, managing director, Education, Duke UniversityJim Jindrick, new venture development consultant, University of ArizonaNeil Kane, faculty member, Michigan State UniversityJerome Katz, chair in Entrepreneurship, Saint Louis UniversityMarie Josee Lamothe, professor and director, McGill University Dobson Center for EntrepreneurshipVincent C. Lewis, director, University of Dayton Crotty Center for Entrepreneurial LeadershipRita McGrath, professor, Columbia Business SchoolAlex McKelvie, associate dean and professor of Entrepreneurship, Syracuse University Whitman School of ManagementScott Newbert, academic director, Baruch College Lawrence N. Field Programs in EntrepreneurshipDan Olszewski, director, Wisconsin School of Business Weinert Center for EntrepreneurshipBanu Ozkazanc-Pan, associate professor of Practice and director, Brown University Venture Capital Inclusion LabGerhard Plaschka, professor, DePaul UniversityJeff Reid, professor of the Practice of Entrepreneurship and founding director, Georgetown Entrepreneurship InstituteLyneir Richardson, assistant professor of Professional Practice, Rutgers UniversityMatthew W. Rutherford, professor and chair, Oklahoma State University Spears School of Business School of EntrepreneurshipAlbert Segars, distinguished professor, University of North Carolina Chapel HillJohn H. Shannon, professor, Seton Hall UniversityDavid Touve, senior director, University of Virginia Darden School of Business Batten InstituteAri Wallach, founder and CEO, Longpath LabsHelena Yli-Renko, professor, University of Southern CaliforniaDavid Zvilichovsky, senior academic faculty, Tel Aviv University and Global Modular Courses (GMC) professor, University of Pennsylvania Wharton SchoolSIGN UP for our weekly, original newsletter that goes beyond the list, offering a closer look at CNBC Disruptor 50 companies, and the founders who continue to innovate across every sector of the economy. More

This image shows Orbital Marine Power’s 2 megawatt turbine, the Orbital O2.LONDON – In mid-May, a prototype wave energy converter weighing 38-metric tons arrived in Orkney, an archipelago located in waters north of mainland Scotland.Later this summer the bright yellow, 20 meter long piece of kit — dubbed Blue X — will be transported to one of the European Marine Energy Centre’s test sites, where it will undergo initial sea trials. Developed by a firm called Mocean Energy, the Blue X will be the latest piece of technology to be put through its paces at Orkney-based EMEC.Many other companies have undertaken testing at the site over the years. They include Scotland’s Orbital Marine Power, which is working on what it describes as the world’s most powerful tidal turbine, Spain-based tidal power firm Magallanes Renovables and ScottishPower Renewables, part of the Iberdrola Group.There are many reasons why businesses come to Orkney — but two in particular are key: strong waves and tides.”Those kind of natural resources are … second to none,” Matthew Finn, EMEC’s commercial director, told CNBC in a phone interview.”What’s really unique about Orkney is you’ve got these high energy bits next to quite sheltered harbors and inlets,” he went on to add.”And right in the middle of Orkney is Scapa Flow, which is one of the largest sheltered anchorages in Europe, if not the world, so you can go from these … high energy resources to quite benign, protected environments.”This is important when it comes to the research and development phase of projects, Finn noted: “If you need to do maintenance cycles or you need to do something with your device, it’s quite quick to get from the ports and harbors to the test sites and back, so I think that’s a massive natural advantage.”  Putting marine energy on the mapSince its inception in 2003, EMEC has become a major hub for the development of wave and tidal power, helping to put the U.K. at the heart of the planet’s emerging marine energy sector.”EMEC was created as a bit of a flagship organization, with the idea that if you could put a lot of investment into one facility it would reduce the time, the cost and the risk for these technologies to come to market,” Finn explained.£36 million ($50.98 million) has been invested in EMEC so far. Financial backers include the Scottish government, U.K. government, European Union, Orkney Islands Council, The Carbon Trust and Highlands and Islands Enterprise.  As well as miles of coastline and abundant natural resources, facilities such as EMEC also draw upon the U.K.’s long history of marine-based industries and leading academic institutions.  “There’s lots of legacies from other sectors, oil and gas being one but (also) aquaculture; lots of engineering disciplines that are really strong,” Finn explained, “and the universities kind of grab a hold of these sort of things and pump a lot of innovation and ideas and people into it.”The latter point was illustrated earlier this year when it was announced that some £7.5 million of public funding would be used to support the development of eight wave energy projects led by U.K. universities.The importance of testing  Cameron McNatt is Mocean Energy’s managing director. Speaking to CNBC, he outlined how his company — which has offices in Scotland and whose manufacturing and testing program has been backed by Wave Energy Scotland to the tune of £3.3 million — would be using EMEC to test the giant Blue X wave energy converter over the coming weeks and months.First, what he described as “shakedown testing” would take place in the sheltered waters of Scapa Flow.”Then it will be moved to the larger, open Atlantic site, Billia Croo, where it’ll really see some pretty serious waves and generate more power,” he added. “We’ll test … power production, reliability, survivability.”A grid connected facility, Billia Croo is described by EMEC as having “one of the highest wave energy potentials in Europe.”According to the organization, its average significant wave height ranges between 2 and 3 meters, with the highest wave on EMEC’s records coming in at 18 meters.  In terms of how Mocean Energy’s technology could be deployed in real-world scenarios, McNatt said it was focused on providing power to operations connected to the oil and gas sector.”While it’s maybe a bit funny to be applying renewables within oil and gas there’s a real demand,” he said. “Operators are looking to reduce their carbon footprint and to transition into … cleaner energy.””We see this as a stepping stone and a pathway towards developing … larger-scale technologies,” he added. While Orkney is now well established as a major hub for the testing of wave and tidal systems, the U.K.’s marine energy sector is also looking to play a greater international role.Speaking to CNBC, Robert Norris, head of communications at trade association RenewableUK, sought to hammer home this point.”As an island nation we have the best marine energy resource in Europe,” he said via email.”We’re already selling our marine energy technology around the world,” he added, citing the example of Scotland-headquartered Nova Innovation exporting tidal turbines to Canada.Challenges aheadThere may be excitement in some quarters regarding the potential of marine energy, but its current footprint is tiny compared to other renewable technologies such as solar and wind.  Recent figures from Ocean Energy Europe show that only 260 kilowatts of tidal stream capacity was added in Europe last year, while just 200 kW of wave energy was installed.In comparison, 2020 saw 14.7 gigawatts of wind energy capacity installed in Europe, according to industry body WindEurope.Despite this, tidal and wave power could have a significant role to play in the years ahead as countries attempt to decarbonize their energy mix and hit ambitious emissions reduction targets.The European Commission, for example, wants the capacity of ocean energy technologies to hit 100 megawatts by 2025 and roughly 1 gigawatt by 2030.Back across the Channel, discussions about marine energy’s role in the U.K. continue, with driving costs down seen as being key if the sector is to flourish. In a report released earlier this month, RenewableUK called on the government to also establish a target of 1 gigawatt of marine energy.The London-based organization added: “Much like with floating wind, a 1 GW target for marine energy, set in the 2030s, would not just signal a confidence in marine energy to the world, but would also demonstrate the U.K.’s commitment to making these technologies a cost-competitive solution for others to adopt.” More

In this articleFFord CEO Jim Farley speaks with reporters outside the company’s world headquarters on May 19 in Dearborn, Michigan, following the debut of the electric F-150 Lightning pickup truckMichael Wayland / CNBCDETROIT — Wall Street has high expectations for Ford Motor’s first investor day under CEO Jim Farley on Wednesday.The company’s stock price has roughly doubled since Farley took control of the company Oct. 1. That includes a 12.6% increase last week after the debut of the company’s new electric F-150 Lightning pickup truck.Investors will be watching the highly anticipated investor event to see if Farley can keep up the momentum. He has promised to provide details his management team’s direction for the automaker.”[It’s] a big deal. It’s my management team’s coming-out party,” Farley said last week. “Yes, we’ve had a couple good quarters. That’s great, but really the big test is what’s our plan for the company and how it’s going to add value.”Farley’s predecessor, Jim Hackett, was criticized by Wall Street for failing to detail his turnaround plan and having an unclear vision to fix Ford’s operations. Farley’s plan will have to be detailed to appease Wall Street.”Since Jim Farley has taken over as CEO, Ford has promised increased transparency and measurable [key performance indicators] so we can track Ford’s progress and execution,” RBC Capital Markets analyst Joseph Spak said in a note. “We expect those, along with financial targets, to be detailed at the event.”Other expectations range from a clear path for the company to achieve an 8% adjusted profit margin to new details regarding its plans for electric and autonomous vehicles. Here are additional details on those items and more.Financial targetsAn ongoing promise of Farley has been providing clear financial targets that Wall Street can measure the company’s progress against.One of the main targets analysts want to see is a long promised 8% global adjusted profit margin target, including 10% in North America and 6% in Europe. The 8% was promised by Hackett as well as his predecessor, Mark Fields, as part of a “2020 vision” that never happened.”We’ll look for an update and a bridge to Ford’s prior 8% margin target,” Citi analyst Itay Michaeli said in a note Friday. “The more details the better. Though consensus out-year estimates appear in-line with Ford’s ~8% target, the Investor Day serves an opportunity to build greater confidence.”Ford CEO Jim Farley at the company’s new Rouge Electric Vehicle Center on May 18, 2021 ahead of remarks from President Joe Biden.Michael Wayland / CNBCBefore the coronavirus pandemic, Ford’s adjusted profit margin was 4.1% in 2019, followed by 2.2% in 2020. Due to an imbalance of supply and demand in new vehicles due to an ongoing global semiconductor chip shortage, it was inflated to 13.3% during the first quarter of this year.For comparison, General Motors’ adjusted profit margin was 6.1% in 2019, 7.9% in 2020 and 13.6% during the first quarter of this year.Wells Fargo analyst Colin Langan expects Ford to reaffirm its long-term margins at the event, and mostly focus on the “future mobility themes” such as electric and autonomous vehicles and data monetization.Bronco EV?Following the successful debuts of the Ford Mustang Mach-E crossover and F-150 Lightning, investors want to know what’s next for Ford’s electric vehicles.Ford is viewed as trailing Tesla as well as GM when it comes to battery supply, it’s future EV lineup and overall plans.”Key to Ford’s future stock performance will be convincing investors the automaker can emerge a relevant player in EVs,” said Deutsche Bank analyst Emmanuel Rosner in a note.Farley has said the company plans to electrify its most iconic nameplates, leading some such as RBC’s Spak to question whether the company will offer an electric version of its upcoming Bronco SUV.Ford is launching the 2021 Bronco with more than 200 factory-backed aftermarket accessories for more capability and personalization.Source: Ford”Our strategy is very simple. We are not going to electrify every vehicle in every segment. We are going to focus on where we are outstanding,” Farley said earlier this month during the automaker’s annual shareholder meeting. “We’re going to electrify our most iconic vehicles.”In February, Ford announced plans to increase its investment in electric vehicles to $22 billion through 2025. That included $10.5 billion in new investments and $7 billion it previously spent since 2016.Analysts also want to know an expected sales target from Ford for EVs. GM has said it plans to sell 1 million EVs annually by 2025 under a $27 billion plan in electric and autonomous vehicles through 2025. That includes launching 30 new EVs globally by then.Ford last week answered analysts’ questions on whether the automaker would make its own battery cells by announcing plans for a joint venture with South Korean battery maker SK Innovation.AVsAs part of its increased investment in EVs, Ford announced it would spend $7 billion in self-driving vehicles through 2025, up from $4 billion from 2018 through 2023. That includes investments in Argo AI, a jointly owned autonomous vehicle unit with Volkswagen.A detailed update ahead of an expected commercial launch of Argo’s business next year would be viewed as positive for Wall Street.Lidar offers ultra-high resolution perception, providing the photorealistic imaging required to identify small objects for safe operation on complex city streets.VW”Our impression is that Argo is making significant progress. A detailed update — including with respect to the go-to-market strategies — could further underscore Ford’s position to capture future installed-base economics,” Citi’s Michaeli said.Argo is testing its self-driving technology in six U.S. cities using Ford vehicles. The company earlier this month unveiled its own lidar, which many believe is the key technology to commercializing autonomous vehicles.DataMany of Farley’s promises have revolved around connectivity and data monetization, including its industry-leading fleet and commercial business.During the company’s first-quarter earnings call last month, Farley said the company was “only scratching the surface of our customers benefiting from our fully connected vehicles.”2022 Ford F-150 LightningFordMost recently, Ford said it expects to produce 33 million connected vehicles capable of significant remote, or over-the-air, updates by 2028. On Monday, it also detailed its plans to monetize fleet data for customers with the F-150 Lightning.Wells Fargo’s Langan said while Ford has made several announcements in the weeks leading up to the capital markets day, it remains “optimistic the event will still positively surprise, possibly on the Big Data front which has received less investor focus.”— CNBC’s Michael Bloom contributed to this report. More

Belarus President Alexander Lukashenko sees exiled activist Roman Protasevich — who was arrested after a Ryanair flight he was on was diverted — as a “personal enemy,” according to a senior advisor to a Belarusian opposition leader.That’s because Protasevich, a prominent critic of the president, played an “extremely important role” in mobilizing people to join street protests in the past year, said Franak Viacorka, who advises opposition leader Sviatlana Tsikhanouskaya.”He was writing stories, he was commenting on news and he was explaining (to) people basic things — why they should get involved in politics, why everyone must participate,” Viacorka told CNBC’s Dan Murphy on Monday.”This is why he became the enemy, the personal enemy for (President) Lukashenko,” he said.Belarusians took to the streets after a presidential election in August 2020 that the opposition and some election workers say was rigged. Lukashenko, who has run the eastern European country of roughly 9.4 million people for over a quarter of a century, has denied these accusations.Viacorka said Protasevich, 26, was always fighting for justice and was a symbol of the young people who want change in the country.’Harshest time’Belarus on Sunday ordered its military to scramble a fighter jet to force a Lithuania-bound Ryanair plane to change course and land in its capital city, citing a potential security threat on board. State media in Belarus said Lukashenko had personally given the order.Police arrested Protasevich when passengers disembarked in Minsk. His girlfriend Sofya Sapega, a 23-year-old Russian citizen studying at the European Humanities University in Lithuania, was also detained, according to reports.People are usually sent for interrogations that could last for days after being detained, said Viacorka.”This is the harshest time,” he said, adding that authorities will try to get as much information as possible from detainees.”I’m really worried about (Protasevich’s) safety, about his health and even about his life,” he said.Belarusian authorities forced a Ryanair plane flying from Greece to Lithuania to land in Minsk. Oppositionist Roman Protasewicz, who was on board, was arrested.Artur Widak | NurPhoto | Getty ImagesViacorka said he believed Protasevich could be in the custody of the KGB, referring to the Soviet-era name of the Belarusian state security agency.”In Belarus KGB, this is the place where people disappear. This is the place where people lose health, and sometimes people are dying,” Viacorka said.”I hope he’s healthy and good, but I know for sure that the KGB will not let him go easily,” he said.On Tuesday, Viacorka posted a video of Protasevich on Twitter. He wrote that the clip — in which Protasevich says he has been treated correctly and lawfully — is “terrifying” and that the journalist had “obviously” been beaten.The Belarusian foreign ministry was not immediately available for comment when contacted by CNBC.He also told CNBC that Lukashenko’s actions, if confirmed, were not the sign of power but “the sign of desperation, and the sign also that Lukashenko will not stay in power for long.”‘Humanitarian crisis’World leaders should take a tougher position over the incident, Viacorka said.”We see how Belarus is transforming from an authoritarian state to North Korea, a North Korea in the center of Europe,” he said.”This is not only about domestic policy, it’s about European security right now … the EU, along with the U.S., Canada and the U.K. must take a strong stance and must impose strong sanctions,” he added. Russia has defended Belarus and analysts say Moscow could benefit if Minsk’s ties with the West are strained further.Viacorka said Belarus could be a “success story” if Washington and Brussels work together and called on European leaders to help the country.I was, many times, attacked during different rallies and protests but I must say that we were never so close to victory as we are right now.Franak ViacorkaSenior Advisor to opposition leader Sviatlana Tsikhanouskaya”This is not only (a) political crisis anymore, this is a humanitarian crisis right now,” he said.Politicians around the world have expressed outrage at the incident and pressed for the immediate release of Protasevich and Sapega.The European Union has decided to ban Belarusian airlines from European skies and told EU airlines not to fly over Belarus. The leaders of the 27 member states also promised to enact further targeted economic sanctions. What next?Belarus’ opposition is working with the U.K. and EU to develop a plan of economic support, said Viacorka. He said it shows Belarusians that Lukashenko is not the only guarantor of stability and prosperity.Local communities have also emerged and can help the country build “authentic, genuine democracy” in the future, he added.Those who oppose Lukashenko’s regime need to stay optimistic and united on the “very long path to freedom and democracy,” he said.”I was, many times, attacked during different rallies and protests but I must say that we were never so close to victory as we are right now,” said Viacorka.He said he is “very hopeful” that political prisoners and those in exile will be able to return home in the next year.”We will be thinking, together, how to build Belarus — free, European, democratic, open to the world, with people who are happy to live in this country,” he said. More