Misplaced Pages

Naveen Jain: Difference between revisions

Article snapshot taken from Wikipedia with creative commons attribution-sharealike license. Give it a read and then ask your questions in the chat. We can research this topic together.
Browse history interactively← Previous editContent deleted Content addedVisualWikitext
Revision as of 18:07, 23 February 2012 view source12.130.126.69 (talk) →External links: external Links are supposed to provide additional/updated information. This article is 10 years old and all the information is already in the article. This link is already referenced in the article.← Previous edit Latest revision as of 03:47, 13 November 2024 view source GreenC bot (talk | contribs)Bots2,547,810 edits Move 2 urls. Wayback Medic 2.5 per WP:URLREQ#community.seattletimes.nwsource.com 
(828 intermediate revisions by more than 100 users not shown)
Line 1: Line 1:
{{Short description|Indian-American business executive}}
{{pp-semi-protected|small=yes}}
{{Use Indian English|date=December 2015}}
{{Use dmy dates|date=December 2015}}
{{For|the Indian politician|Naveen Jain (politician)}}
{{Infobox person {{Infobox person
| image = Tech Cocktail Week- Special Session with Naveen Jain - 5.8.13 (8747922452).jpg
| name = Naveen Jain
| image_size = 275px
| image = Naveen Jain .jpg
| caption = Business Executive, Philanthropist | caption = Jain at Tech Cocktail Week
| birth_date = {{Birth date and age|1959|9|6|df=y}}<ref name=dob/>
| imagesize = 200px
| birth_place = ], India
| birth_date = {{birth date and age|1959|09|06|df=yes}}
| children = 3, including ]
| occupation = Co-Founder and CEO, ]<br /> Co-Founder, <br />]<br /> Founder and Ex-CEO, ]
| occupation = Co-founder and Executive Chairman of ], CEO of Viome
| alma_mater = IIT Roorkee<br>XLRI
| known_for = Founder and former CEO of ]
| website = http://www.naveenjain.com/
| education = ] (])
| website = {{URL|naveenjain.com}}
}} }}
'''Naveen K. Jain''' ({{IPAc-en|n|ɒ|ˈ|v|i:|n|_|dʒ|eɪ|n}}; born 6 September 1959)<ref name=dob>{{cite news|last1=Jacobs|first1=Jeff|title=Naveen Jain Biography|url=http://www.emeraldcityjournal.com/2015/03/naveen-jain-biography/|access-date=12 October 2015|publisher=Emerald City Journal|date=3 March 2015}}</ref> is an ] business executive, entrepreneur, and the founder and former CEO of ]. InfoSpace briefly became one of the largest internet companies in the American Northwest, before the crash of the ] and a series of lawsuits involving Jain. In 2010 Jain co-founded ] where he is the Executive Chairman, and in 2016 founded Viome, where he is the CEO.<ref name=GeekWire>{{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/|date=18 April 2017|access-date=4 November 2017|publisher=GeekWire}}</ref>
'''Naveen K. Jain''' (born 6 September 1959) is a business executive and entrepreneur. He is the founder of ], ], and ].<ref name="SiliconIndia">{{cite web |url=http://www.siliconindia.com/shownews/Most_Admired_Serial_Entrepreneurs-nid-87743.html |title=Naveen Jain |accessdate=August 16, 2011}}</ref> In 2000, Forbes ranked Jain 121<ref name="Forb400list">{{cite web|url=http://www.forbes.com/lists/results.jhtml?passListId=54&passYear=2000&passListType=Person&searchParameter1=&searchParameter2=&resultsHowMany=25&resultsSortProperties=-numberfield2%2C%2Bstringfield1&resultsSortCategoryName=worth&fromColumnClick=&bktDisplayField=&bktDisplayFieldLength=&category1=&category2=&passKeyword=&resultsStart=101 Forbes 400, 2000|title=World's Business Leaders - Forbes 400|publisher= ]|accessdate=June 7, 2011}}</ref> on their list of 400 Richest Americans with a net worth of 2.2 billion dollars.


== Background == == Early life ==
Naveen Jain was born in 1959 to a ] family.<ref name=SeattleTimes1/><ref name="IndiaWest">{{cite web|title=Intelius' Naveen Jain Turns to Moon Mining, Philanthropy|url=http://connection.ebscohost.com/c/articles/60949660/intelius-naveen-jain-turns-moon-mining-philanthropy|last=Springer|first=Richard.|date=9 May 2011|publisher=IndiaWest.com}}{{dead link|date=November 2020|bot=medic}}{{cbignore|bot=medic}}</ref> He grew up in ] and in villages in ], India.<ref name="SeattleTimes1">{{cite news|url=http://seattletimes.nwsource.com/html/businesstechnology/2002198103_dotcon1main06.html|title=Dot-con Job: Part 1: Dubious Deals|publisher=The Seattle Times|date=8 March 2005|access-date=7 June 2011|first1=David|last1=Heath}}</ref>
Jain grew up in villages throughout Uttar Pradesh, including cities such as ]. Later he moved to ], where in 1979 he earned an engineering degree from the ], and then moved to ], where in 1982 he earned his MBA at ].<ref name="IndiaWest">{{cite web|url=http://www.indiawest.com/readmore.aspx?id=3263&sid=1|title=Intelius’ Naveen Jain Turns to Moon Mining, Philanthropy|publisher=IndiaWest.com|date=May 9, 2011|accessdate=June 7, 2011}}</ref><ref name=SeattleTimes1/>


Jain moved to ], where in 1979 he earned an engineering degree from ].<ref name=SeattleTimes1/><ref name="IndiaWest"/> He moved to the United States that same year.<ref name="inc"/> He looked up to business people who made their own fortune, especially ].<ref name="SeattleTimes1" />
== Professional background ==
===Early professional life===
Jain left India in 1983 after being accepted to ] via a business-exchange program to explore the emerging U.S. high-technology market. He worked at companies that included ] and ].<ref name=IndiaWest/><ref name="SeattleTimes1">{{cite news|url=http://seattletimes.nwsource.com/html/businesstechnology/2002198103_dotcon1main06.html|title=Dot-con Job: Part 1: Dubious Deals|publisher=]|date=March 8, 2005|accessdate=June 7, 2011|first1=David|last1=Heath}}</ref><ref name="RedHerring">{{cite web|url=http://www.redherring.com/Home/7508 Smarter than Bill|title=Smarter than Bill|publisher=]|date=June 30, 1997|accessdate=June 7, 2011}}</ref><ref>{{cite web|url=http://investing.businessweek.com/research/stocks/private/person.asp?personId=96241&privcapId=13647613&previousCapId=13647613&previousTitle=Intelius,%20Inc.|title=Intelius, Inc. Executive Profile: Naveen Jain|publisher=]|accessdate=June 7, 2011}}</ref>


=== Microsoft and MSN === == Early career ==
Jain's first job out of college in 1983 was at ] (now known as ]) in New Jersey as part of a business-exchange program.<ref name="dalkfh">{{cite news|first=Susan|last=Caminiti | date=3 April 2014|url=https://www.cnbc.com/2014/04/02/the-global-race-to-harness-the-moons-resources.html|publisher=CNBC|access-date=21 March 2015|title=The billionaire's race to harness the moon's resources}}</ref> He moved to Silicon Valley for its warmer climate and worked for "a bunch of startups"<ref name="redherring">{{cite web|url=http://www.redherring.com/mag/issue44/jain.html|archive-url=https://web.archive.org/web/20020219205103/http://www.redherring.com/mag/issue44/jain.html|archive-date=2002-02-19|title=Smarter than Bill|publisher=]|date=30 June 1997|access-date=7 June 2011}}</ref> before joining Microsoft in 1989.<ref name=SeattleTimes1/> 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.<ref name="IndiaWest"/><ref name="redherring"/>
In 1989, Jain joined ] in ], working in the capacity of Program Manager. He initially began working on ] and then moved on to several of Microsoft's flagship products, including ], ], and ]. Jain is listed on three patents from his time with Microsoft.<ref>{{cite patent |country=US |number=6357000 |status=patent}} {{cite patent |country=US |number=5655154 |status=patent}} {{cite patent |country=US |number=5434776 |status=patent}}</ref> He later moved to the development of the ]. Jain left Microsoft in 1996 to form InfoSpace.<ref name="RedHerring"/>


Jain joined the management team for ], prior to its launch.<ref name="IndiaWest"/> 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.<ref name="redherring"/> Naveen Jain was working on the launch of Microsoft Networks (]), when ] 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.<ref name=SeattleTimes1/> Naveen quit Microsoft to start InfoSpace that year, with the aim of having his own initial public offering as quickly as possible.<ref name=SeattleTimes1/>
=== InfoSpace ===
Jain founded ] 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 was featured in several business publications with topics ranging from his ] (almost one billion dollars in 1999) to his energetic demeanor and personality quirks.{{POV-statement|date=August 2011}}<ref name="RedHerring"/><ref name="FinancialExpress">{{cite web |url=http://www.financialexpress.com/old/fe/daily/19991026/fsm24012.html|title=Skill Shop |date=October 26, 1999|publisher=] |accessdate=June 7, 2011}}</ref><ref name="HighBeam">{{cite web|url=http://www.highbeam.com/doc/1G1-63137607.html|title=Techno-poet who is smarter than Bill Gates|publisher=] - via ]|date=May 28, 2000|accessdate=June 7, 2011}}</ref><ref name="CNetNews">{{cite web |url= http://news.cnet.com/QA-InfoSpace-CEO-Naveen-Jain/2100-12_3-265769.html |title=Q&A: InfoSpace CEO Naveen Jain |date= November 9, 1999|publisher=CNet |accessdate=August 22, 2011}}</ref><ref name="BusinessWeek">{{cite web |url= http://www.businessweek.com/ebiz/0005/em0524.htm |title=Naveen Jain: His Portal Packages Are Going Unplugged |date= May 24, 2000 |publisher=Business Week |accessdate=August 22, 2011}}</ref> By 2000, at the height of the ], Naveen was ranked 121 on the ] Richest Americans, with a net worth of ]$2.2 billion.<ref name=Forbes400>{{cite news|url=http://www.forbes.com/finance/lists/54/2000/LIR.jhtml?passListId=54&passYear=2000&passListType=Person&uniqueId=7I27&datatype=Person|title=Jain, Naveen on Forbes 400 (2000) |publisher=]|accessdate=June 7, 2011}}</ref> He resumed the role of CEO in 2001,<ref>{{cite web|url=http://google.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHTML1?ID=39251&SessionID=kXRfHqxOZWy6c27|title=INFOSPACE INC (Form: 8-K, Received: 01/23/2001 17:15:42|publisher=google.brand.edgar-online.com|accessdate=June 7, 2011}}</ref> but was forced out by InfoSpace's board as chairman and CEO in December 2002.<ref name="PSBJ Ties"/> In April 2003, he resigned from the InfoSpace board.<ref>{{cite news|url=http://www.seattlepi.com/default/article/Former-InfoSpace-CEO-faces-200-million-fine-1114943.php |title=Former InfoSpace CEO faces $200 million fine |publisher=]|date=May 16, 2003| accessdate=June 7, 2011 |first1=John |last1=Cook |first2=Dan |last2=Richman}}</ref>


=== Intelius === == InfoSpace ==
In 2003, Jain co-founded ], a ]-based Web security firm with annual revenues of $150 million and more than 350 employees.<ref name=IndiaWest/> Intelius specializes in ] information and offers service to consumers and businesses which include ] and ] protection. Co-founders include John Arnold, Ed Petersen, Kevin Marcus, Niraj Shah, and Chandan Chauhan.<ref name="Intelius">
{{cite web
|title=Intelius, Inc.
|url=http://www.intelius.com/corp/index.html
|accessdate=June 7, 2011
}}</ref><ref name="SeattleWeekly07">
{{cite web|url=http://www.seattleweekly.com/2007-04-11/news/intelius-says-it-s-capable-of-conducting-a-full-background-check-on-anyone.php
|title=Intelius Says it's Capable of Conducting a Full Background Check on Anyone
|publisher=]
|date=April 11, 2007
|accessdate=June 7, 2011
}}</ref>


=== Growth ===
The company has been subject to significant criticism and lawsuits relating to their marketing practices.<ref>{{cite web|url=http://blogs.seattleweekly.com/dailyweekly/2009/10/internet_wizard_loses_his_magi.php|title=Internet Wizard Loses His Magic: Intelius Hit with Two Class Action Suits|publisher=]|date=October 27, 2009|accessdate=June 7, 2011}}</ref><ref name="seattleweekly">{{cite web|url=http://www.seattleweekly.com/2009-03-18/news/intelius-and-the-dubious-art-of-post-transaction-marketing|title=Intelius and the Dubious Art of "Post-Transaction Marketing"|publisher=]|date=March 19, 2009|accessdate=June 7, 2011}}</ref><ref name="SeattlePI10">{{cite news|url=http://www.seattlepi.com/local/424853_settlement10.html|title='Deceptive' Intelius cheated thousands of people|publisher='']''|date=August 9, 2010|accessdate=June 7, 2011|first=Chris|last=Grygiel}}</ref>
Jain founded ] in March 1996 with six employees, mostly from Microsoft, and began developing e-mail and telephone directories.<ref name=SeattleTimes1/> InfoSpace provided content and services, such as phone directories, maps, games and information on the stock market, to websites and mobile device manufacturers.<ref name="inc">{{cite news|title=Options, Equity, Rancor|first=Edward|last=Welles|url=http://www.inc.com/magazine/20010701/22958.html|newspaper=Inc. Magazine|access-date=25 March 2015|date=1 July 2001}}</ref> The company grew at low cost without funding using co-branding strategies.<ref name="redherring"/> It ] on 15 December 1998. The company raised $75 million in the offering.<ref> from '']''</ref>


Jain's net worth grew to $8 billion. He began purchasing expensive homes and yachts.<ref name=SeattleTimes1/> 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.<ref name="inc"/> 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.<ref name=SeattleTimes1/> 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.<ref name="inc"/> Jain alleged the deals were set up such that their shares wouldn't vest until they've been an employee for a year.<ref name="inc"/>
===Moon Express===


=== Crash and fallout ===
In April 2011, Jain, ]<ref name="ForbesMoon">{{cite news |url=http://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= ] |accessdate=August 16, 2011 |first=Brian |last=Caulfield}}</ref> and ],<ref name="SuccessfulFlight">{{cite web |url=http://www.spaceref.com/news/viewpr.html?pid=33991 |title=Moon Express Announces First Successful Flight Test of Lunar Lander System Developed With NASA Partnership |publisher= Moon Express |accessdate=August 16, 2011}}</ref> co-founded ], a ]-based company that plans to mine the moon<ref name="HuffingtonPost">{{cite news |url=http://www.huffingtonpost.com/2011/07/22/new-space-business_n_907358.html |title=The New Space Biz: Companies Seek Cash In The Cosmos accessdate=August 16, 2011 | work=Huffington Post | first=Saki |last=Knafo |date=July 22, 2011}}</ref> for elements that are rare on the earth, including ], ] and ]".<ref name="Hindu.com">{{cite news|url=http://www.hindu.com/seta/2011/06/02/stories/2011060251761300.htm|title=Moving the heaven to get some rare earth |publisher=]|date=June 2, 2011|accessdate=June 7, 2011|location=Chennai, India}}</ref> The company was awarded a contract by NASA that "could be worth up to $10 million."<ref name=lat20110408>{{cite news|title=MoonEx aims to scour moon for rare materials |url=http://www.latimes.com/business/la-fi-moon-venture-20110408,0,1715396.story |accessdate=2011-04-10 |newspaper=Los Angeles Times |date=2011-04-08 |first=W.J. |last=Hennigan}}</ref> This Reimbursable Space Act Agreement allowed NASA to invest over $500K into the commercialization of technology developed by the company.<ref name="SuccessfulFlight"/>
As the ] ended in March 2000, InfoSpace's stock fell<ref name=SeattleTimes1/> from $138 to $1.56 by July 2001.<ref name="inc"/> In March 2000, even as the stock price declined, Jain said InfoSpace would one day have a greater market-share than ], ] and ] combined. Early the following year 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"/> After the merger, Go2Net CEO Russell Horowitz became president of Infospace.<ref></ref> Also, in 2000, InfoSpace used a controversial accounting method to report $46 million in profits when in fact it had lost $282 million. Company executives skirted ] trading restrictions to sell large blocks of their personal stock.<ref>{{cite news |url=http://seattletimes.nwsource.com/html/businesstechnology/2002199042_dotcon2main07.html |title=Dot-Con Job&nbsp;— Part 2: Cashing Out&nbsp;— When times got tough, execs hid troubles, dumped stock |access-date=13 September 2013 |publisher=The Seattle Times | first1=David | last1=Heath | date=7 March 2005}}</ref>


Jain resumed the role of CEO in 2001.<ref name="INFOSPACE-INC-Jan-2001-8-K">{{cite web|url=http://pdf.secdatabase.com/2235/0001032210-01-000078.pdf |title=INFOSPACE INC, Form 8-K, Current Report, Filing Date Jan 23, 2001 |publisher=secdatabase.com |access-date =15 May 2018}}</ref> 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 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/>
== Notable rulings ==
In May 2002, U.S. District Judge ] 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. Under the ], the judge ruled, Jain had violated six month ] stock trading rules. 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. During that same period, Jain sold $202 million worth of stock. 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.<ref>{{cite news|url=http://community.seattletimes.nwsource.com/archive/?date=20030823&slug=infospace230|title=Ex-InfoSpace chief ordered to pay $247 million penalty|publisher=]|date=August 23, 2003|accessdate=June 7, 2011|first=David|last=Heath}}</ref><ref>{{cite news|url=http://www.seattlepi.com/default/article/Medina-millionaire-s-rep-takes-another-hit-with-895537.php|title=Medina millionaire's rep takes another hit with $1.3 million Intelius settlement|publisher=] |date=August 10, 2011|accessdate=June 7, 2011}}</ref>


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<ref name="newsource"/> and the board dismissed Jain from his CEO position in 2002 in response.<ref name="newsource">{{cite news|first=Sharon|last=Chan|author-link=Sharon Chan (journalist) |newspaper=Seattle Times|url=https://archive.seattletimes.com/archive/20041224/infospace24/infospace-jain-reach-settlement|access-date=22 March 2015|title=InfoSpace, Jain reach settlement|date=24 December 2004}}</ref> Jain was forced out by InfoSpace's board as chairman and CEO in December 2002.<ref name="PSBJ Ties">{{cite web|url=http://www.bizjournals.com/seattle/stories/2003/04/28/daily5.html|title=InfoSpace severs final ties with founder Jain|publisher=]|date=28 April 2003|access-date=7 June 2011}}</ref>
While the cases were in appeal, attorneys at the ] 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, a settlement agreement resolved 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; Jain v. Clarendon America Insurance Company, et al. which was pending in King County Superior Court; Jain v. InfoSpace, Inc.; and InfoSpace, Inc. v. Jain, Intelius, Inc., et al. lawsuit, which was pending before the Washington State Court of Appeals. The Settlement Agreement expressly stated that each defendant in each of the resolved lawsuits denied liability, a standard outcome for settled lawsuits. Settlements are generally reached in legal proceedings "for the sole purpose of resolving contested claims and disputes as well as avoiding the substantial costs, expenses and uncertainties associated with protracted and complex litigation." Insurance carriers paid $65 million, adjusted to $83 million, and finally settled at $105 million as of March 2009.<ref>{{cite news|url=http://seattletimes.nwsource.com/html/businesstechnology/2002200298_dotcon3mainsec08.html|title=Unusual ally came to Jain's rescue: SEC|publisher=]|date=March 6–8, 2005|accessdate=June 7, 2011|first1=David|last1=Heath}}</ref><ref>{{cite web|url=http://www.sec.gov/Archives/edgar/data/1068875/000119312504219392/dex991.htm|title=Settlement agreement reached in Infospace derivative case, section 16(b) case, and certain related cases brought by the Jains - InfoSpace Press Release|publisher=www.sec.gov/Archives|date=December 22, 2004|accessdate=June 7, 2011}}</ref>


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 ] submitted a brief taking Jain's side,<ref name="SeattleTimes1"/> which led to a settlement for $105 million.<ref>{{cite news|url=http://seattletimes.nwsource.com/html/businesstechnology/2002200298_dotcon3mainsec08.html|title=Unusual ally came to Jain's rescue: SEC|publisher=The Seattle Times|date=6–8 March 2005|access-date=7 June 2011|first1=David|last1=Heath}}</ref><ref name="TS09">{{cite news|url=http://www.thestreet.com/story/10469309/1/court-turns-down-appeal-from-infospace-founder.html|title=Court turns down appeal from Infospace founder|agency=Associated Press|date=3 September 2009|access-date=17 June 2011}}</ref><ref>{{cite news|url=http://www.seattlepi.com/default/article/Medina-millionaire-s-rep-takes-another-hit-with-895537.php|title=Medina millionaire's rep takes another hit with $1.3 million Intelius settlement|publisher=] |date=10 August 2011|access-date=7 June 2011}}</ref><ref>{{cite news|url=https://archive.seattletimes.com/archive/20030823/infospace230/ex-infospace-chief-ordered-to-pay-247-million-penalty|title=Ex-InfoSpace chief ordered to pay $247 million penalty|publisher=The Seattle Times|date=23 August 2003|access-date=7 June 2011|first=David|last=Heath}}</ref>
Following the settlement, Jain unsuccessfully sued ]; its lawyer, ], and ] — which jointly represented Jain and ]-based InfoSpace from 1998 to mid-2003. Jain accused the securities professionals of negligence resulting in the misappropriation of his children's trust shares, but lower courts dismissed Jain's complaints, citing federal law which prohibits lawsuits blaming security companies for risky trades. The ] in March 2009 refused to hear an appeal from Jain of a decision against him from the Washington state Court of Appeals. Jain and his wife Anuradha had accused the defendants of being responsible for language in InfoSpace's initial public offering prospectus that contained errors, which ultimately played a part in the $247 million judgment against Jain.<ref>{{cite web|url=http://www.thestreet.com/story/10469309/1/court-turns-down-appeal-from-infospace-founder.html|title=Court turns down appeal from Infospace founder|publisher=]|date=September 3, 2009|accessdate=June 17, 2011}}</ref><ref>{{cite web|url=http://moconews.net/article/419-supreme-court-refuses-to-hear-infospace-founder-naveen-jains-appeal|title=Supreme Court Refuses To Hear InfoSpace Founder’s Insider-Trading Appeal|publisher=mocoNews.net.|date=March 10, 2009|accessdate=June 17, 2011}}</ref>


Jain said his stock purchasing was a mistake due to bad advice from his legal and financial advisors.<ref name="IndiaWest"/> 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 ] dismissed his case.<ref name="TS09"/><ref>{{cite web|url=http://moconews.net/article/419-supreme-court-refuses-to-hear-infospace-founder-naveen-jains-appeal|title=Supreme Court Refuses To Hear InfoSpace Founder's Insider-Trading Appeal|publisher=mocoNews.net.|date=10 March 2009|access-date=17 June 2011}}</ref>
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.<ref name="PSBJ Ties">{{cite news|url=http://www.bizjournals.com/seattle/stories/2003/04/28/daily5.html|title=InfoSpace severs final ties with founder Jain|publisher=]|date=April 28, 2003|accessdate=June 7, 2011}}</ref> The court found in favor of Jain citing no evidence to support InfoSpace's claim.<ref name="HighBeam">{{cite web |url=http://www.highbeam.com/doc/1G1-112223583.html |title=Court Sides with Former Infospace CEO.(Naveen Jain)(Brief Article) |publisher=Computergram International|date=January 16, 2004 |accessdate=August 23, 2011}}</ref><ref name="TheEconomicTimes">{{cite news |url=http://articles.economictimes.indiatimes.com/2003-05-29/news/27550695_1_infospace-intelius-trade-secrets |title=InfoSpace's ex-CEO Naveen Jain wins ruling on trade secrets |publisher=The Economic Times |date=May 29, 2003 |accessdate=August 23, 2011}}</ref>


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.<ref name="TheEconomicTimes">{{cite news |url=http://articles.economictimes.indiatimes.com/2003-05-29/news/27550695_1_infospace-intelius-trade-secrets |archive-url=https://web.archive.org/web/20120523190341/http://articles.economictimes.indiatimes.com/2003-05-29/news/27550695_1_infospace-intelius-trade-secrets |url-status=dead |archive-date=23 May 2012 |title=InfoSpace's ex-CEO Naveen Jain wins ruling on trade secrets |publisher=The Economic Times |date=29 May 2003 |access-date=23 August 2011}}</ref> 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.<ref name="newsource"/>
==Recognition==
In December 2011, Jain received the Lifetime Achievement Award at the Red Herring Global 2011 Conference.<ref name="RedHerring2011">{{cite news |url=http://articles.timesofindia.indiatimes.com/2011-12-23/us-canada-news/30550731_1_information-technology-entrepreneurs-innovation |title=Intelius CEO Naveen Jain Honored with Lifetime Achievement Award |publisher=The Times of India |date=December 23, 2011 |accessdate=January 2, 2012}}</ref>


== Post-InfoSpace ==
In August 2011, Jain was named one of the Most Admired Indian Serial Entrepreneurs by Silicon India.<ref name="MostAdmired">{{cite web |url=http://www.siliconindia.com/shownews/Most_Admired_Indian_Serial_Entrepreneurs-nid-87743.html |title=Most Admired Indian Serial Entrepreneurs |publisher=Silicon India |date=August 3, 2011 |accessdate=August 29, 2011}}</ref>
{{Expand section|See "New ventures" section on talk page|date=November 2017}}


=== Intelius ===
On April 25, 2011, The Times Group has awarded Jain the “Light of India Business Leadership Award” for “visionary entrepreneurship”.<ref name=IndiaWest/><ref name="LightofIndia">{{cite web |url=http://www.lightofindiaawards.com/lightofindia2011/jsp/winners.jsp |title=The Light of India Award Winners |publisher=Remit2Indiana.com |accessdate=September 11, 2011}}</ref>
In 2003, Jain co-founded ].<ref>{{cite news|title=The billionaire's race to harness the moon's resources|first=Susan|last=Caminiti|date=3 April 2014 |url=https://www.cnbc.com/2014/04/02/the-global-race-to-harness-the-moons-resources.html|access-date=5 April 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. The site was the subject of many consumer complaints concerning ] practices, where consumers were led to believe they were answering a short survey for $10 cash back, but were actually signed up for a $20-per-month subscription.<ref>{{cite web|url=http://archive.seattleweekly.com/2009-03-18/news/intelius-and-the-dubious-art-of-post-transaction-marketing/|title=Intelius and the Dubious Art of Post-Transaction Marketing|publisher=Seattle Weekly|first=Nina|last=Shapiro|date=17 March 2009|access-date=26 January 2018|archive-date=27 January 2018|archive-url=https://web.archive.org/web/20180127143307/http://archive.seattleweekly.com/2009-03-18/news/intelius-and-the-dubious-art-of-post-transaction-marketing/|url-status=dead}}</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=10 June 2012|publisher=GeekWire}}</ref> In 2015 the company was sold, with Jain retaining a 25 percent interest, and a new CEO was appointed.<ref>{{cite web|url=https://www.geekwire.com/2015/exclusive-intelius-sold-to-private-equity-firm-naveen-jain-leaving-to-pursue-new-health-tech-startup/|title=Exclusive: Intelius sold to private equity firm, Naveen Jain leaving to launch health tech startup|date=2 July 2015|access-date=7 November 2017}}</ref>


=== TalentWise ===
In 1999, Jain was awarded the Emerging Entrepreneur Award Winner for the Pacific Northwest Region by Ernst & Young.<ref name="Ernest&Young">{{cite web |url=http://eoyhof.ey.com/SearchHallofFame.aspx |title=Hall of Fame Main Search Page |publisher=Ernst & Young |accessdate=September 11, 2011}}</ref><ref name="EmergingEntrepreneuer">{{cite news |url=http://community.seattletimes.nwsource.com/archive/?date=19990625&slug=2968495 |title=The Newsletter |publisher=Seattle Times Newsletter |author=Stephen H. Dunphy |date=1999-06-25 |accessdate=September 11, 2011}}</ref><ref name="Leaders"/>
Jain founded Talentwise, a spin-off from Intelius, which was sold in 2016.<ref name=GeekWire/><ref>{{cite web|url=https://www.geekwire.com/2016/221081/|title=Background check powerhouse Talentwise sells to SterlingBackcheck in 'significant' exit|date=6 January 2016|access-date=23 December 2017}}</ref>


=== Moon Express ===
==Philanthropy ==
Jain co-founded ] in August 2010 and is its chairman. The company is building machine-operated spacecraft to mine materials like gold, cobalt, platinum, and Helium-3 (nuclear energy fuel) from the Moon. It will also prospect for water on the Moon's south pole, which could be used to create rocket fuel for missions to Mars and beyond.<ref>{{cite web|title=Five Things Moon Express Wants to Mine On the Moon|url=https://www.inverse.com/article/19175-five-minerals-moon-express-mission|website=Inverse|date=3 August 2016 |access-date=8 February 2018|language=en}}</ref><ref>{{cite web|last1=Ioannou|first1=Lori|title=Billionaire closer to mining the moon for trillions of dollars in riches|url=https://www.cnbc.com/2017/01/31/billionaire-closer-to-mining-moon-for-trillions-of-dollars-in-riches.html|website=CNBC|access-date=8 February 2018|date=31 January 2017}}</ref> Jain claimed his target for Moon Express was to found human colonies on the Moon by 2022.<ref>{{cite web|last1=Kharpal|first1=Arjun|title=Human colonies will be on the moon within 5 years, space entrepreneur says|url=https://www.cnbc.com/2017/11/30/moon-express-says-first-launch-happening-in-2018.html|website=CNBC|access-date=8 February 2018|date=30 November 2017}}</ref>


=== Bluedot ===
In May 2011, Jain funded a $1-million award for the “Digital Doctor” competition. The prize for this competition will go to the first team to build an easy-to-use, tablet- or laptop-based system that can accurately diagnose regional diseases afflicting people in developing nations.<ref name="Leaders"/><ref name="FRYL">{{cite web |url=http://fryl.in/mba/2011/11/02/naveen-jain-bets-on-incentivized-innovation-and-incentivized-pricing-to-make-great-products/ |title=Naveen Jain bets on incentivized innovation and incentivized pricing to make great products |accessdate=November 7, 2011}}</ref>
Jain is founder and CEO of Bluedot. Started in 2015, Bluedot licenses research from United States Department of Energy ] for commercialization.<ref>{{cite web|url=https://www.seattletimes.com/business/technology/naveen-jain-raises-76-million-for-new-company-bluedot/|title=Naveen Jain raises $6.7 million for new company BlueDot|date=14 March 2016|access-date=7 November 2017}}</ref> Jain is founder and CEO of Bluedot's spinoff Viome (founded in 2016). Viome provides ] testing and analysis services, especially of the ], and provides dietary advice.<ref name=GeekWire/><ref>{{cite web|url=http://www.businessinsider.com/personalized-nutrition-dietary-advice-dna-test-microbiome-2017-6|title=Companies are trying to use your DNA and bacteria to give you personalized diet advice — here's what the science says|website=]|access-date=10 November 2017}}</ref>


=== Other activities ===
In 2009, Jain helped raise over $200,000 at a luncheon benefiting Overlake Service League. He and his wife, Anu, co-chaired the event.<ref name="IndiaWest"/><ref name="PNWLocalNews">{{cite web |url=http://www.pnwlocalnews.com/east_king/bel/community/41033129.htm |title=Overlake Service League sets benefit luncheon March 19 |publisher=pnwlocalnews.com |accessdate=June 7, 2011}}</ref>
Jain is a member of the board of Kairos Society, a non-profit network of undergraduate entrepreneurs, founded by his son.<ref name="IndiaWest"/>
He is also on the board of the ] Foundation and ]. In collaboration with his wife, the ] was launched in October 2016 and was intended to run until June 2018, with a goal of awarding $1 million to a team who creates an affordable device that can quickly, automatically, and quietly send an emergency alert to responders.<ref>{{cite web|title=With Two New Competitions, XPRIZE Tackles Water Scarcity and Women's Safety|url=https://safety.xprize.org/press-release/two-new-competitions-xprize-tackles-water-scarcity-and-womens-safety|website=Anu & Naveen Jain Women's Safety XPRIZE|access-date=2 March 2018|language=en|date=24 October 2016|archive-date=18 January 2018|archive-url=https://web.archive.org/web/20180118181027/https://safety.xprize.org/press-release/two-new-competitions-xprize-tackles-water-scarcity-and-womens-safety|url-status=dead}}</ref><ref>{{cite web|title=Biotech startup working to help women stay safe|url=http://www.post-gazette.com/business/healthcare-business/2018/02/02/Biotech-startup-works-to-address-women-s-safety/stories/201801300003|website=Pittsburgh Post-Gazette|access-date=2 March 2018|language=en}}</ref>


Jain collects ]. His collection, which by 2012 had cost him $5 million, consists of 'witnessed falls'; meteorites that observers have seen moving through the atmosphere.<ref>{{cite magazine|last1=Greenwald|first1=Ted|title=See to Believe: The $5 Million Meteorite Collection|url=https://www.wired.com/2012/09/meteorite-collector/|magazine=WIRED|access-date=16 February 2018}}</ref><ref>{{cite web|last1=Lipton|first1=Josh|title=These guys hunt for space rocks, and sell them for enormous profit to collectors|url=https://www.cnbc.com/2017/01/03/these-guys-hunt-for-space-rocks-and-sell-them-for-enormous-profit-to-collectors.html|website=CNBC|access-date=2 March 2018|date=3 January 2017}}</ref>
==Board memberships==


== Personal life ==
In June 2011, Jain was elected to the board of trustees of ].<ref name=IndiaWest/><ref name="SingularityUniversity">{{cite web|url=http://singularityu.org/about/board-of-trustees/|title=Singularity University - List of trustees|publisher=singularityu.org|accessdate=June 7, 2011}}</ref>
Jain married in 1988 and moved with his family to ].<ref name="SeattleTimes1" /> He has three children including ].<ref>{{cite news|title=Siblings Ankur and Priyanka Jain threw themselves into nonprofits that help others|first=Patti|last=Payne|date=15 November 2009|url=http://www.bizjournals.com/seattle/stories/2009/11/16/tidbits1.html?page=all|publisher=BizJournals}}</ref>

Jain co-chairs the education and global development initiative of the ].<ref name=IndiaWest/><ref name="xprize">{{cite web|url=http://www.xprize.org/prize-development/global-entrepreneurship|title=Education & Global Development Prize Group|publisher=]|accessdate=June 7, 2011}}</ref><ref name=firstpost>{{cite web|url=http://www.firstpost.com/business/from-the-exec-suite-qa-with-x-prizes-naveen-jain-12062.html|title=From the exec suite: Q&A with X PRIZE’s Naveen Jain|publisher=]|date=May 29, 2011|accessdate=June 7, 2011}}</ref> In this position, he has spearheaded several entrepreneurial incentive challenges to find solutions to agriculture, poverty, health and clean water. His current projects include Digital Doctor, which provides ways to give rural communities global access to primary care physicians. He is developing Addictive Education, which is a neuroscience-based program to teach students skills such as math, science and history.<ref name="SingularityUniversityAppointment">{{cite web |url=http://www.spaceref.com/news/viewpr.rss.html?pid=33958&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+spaceref%2Fjext+%28SpaceRef+-+Space+News+as+it+Happens%29 |title=Singularity University Appoints Visionary Philanthropist and Entrepreneur Naveen Jain to Board of Trustees |publisher= Singularity University |accessdate=August 16, 2011}}</ref>

Naveen is one of the founders and a board member of The Naveen & Anu Jain Family Foundation, based in Bellevue, Washington, which focuses discovering sustainable solutions to enduring human challenges ranging from space exploration to the urgent need for safe and efficient cookstoves used throughout the developing world.<ref name="FamilyFoundation">{{cite web |url=http://www.naveenandanujainfamilyfoundation.org/About/MissionValues.aspx |title=The Naveen & Anu Jain Family Foundation - About |accessdate=August 16, 2011}}</ref>

==Family==

Jain is married and lives in ].<ref name="Forb400list"/> He has three children, Ankur, ] and Neal.<ref name="SingularityUniversityAppointment"/><ref name="FamilyFoundation"/>

Jain's son, Ankur, started his own venture called Starnium at the age of 12. In 2007, he started a society of collegiate entrepreneurs called the Kairos Society, which is dedicated to "solving the world's greatest challenges."<ref name="InccomKairos">{{cite web |url=http://www.inc.com/30under30/2011/profile-ankur-jain-founder-kairos-society.html |title=Ankur Jain, Founder of Kairos Society
|publisher= Inc.com accessdate=August 16, 2011}}</ref> Within one year, the society went global. Now, it has more than 700 members.<ref name="Leaders"/><ref name="InccomKairos"/><ref name="Ankur">{{cite web |url=http://www.siliconindia.com/shownews/Is_your_kid_a_Rock_Star_Entrepreneur-nid-85422.html |title=Is your kid the next Bill Gates? |publisher= Silicon India | accessdate=August 16, 2011}}</ref><ref name="Inccom">{{cite web |url= http://www.inc.com/magazine/201107/ankur-jain-the-best-connected-21-year-old-in-the-world_pagen_2.html |title=Meet the Best-Connected 21-Year-Old in the World |publisher= Inc.com | accessdate=August 16, 2011}}</ref> The society is an advisor to the U.S. Chamber of Commerce and Startup America.<ref name="InccomKairos"/> Ankur 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.<ref name="InccomKairos"/>

His daughter, Priyanka, is the founder and president of iCAREweCARE.org, a social network that connects philanthropically minded high school and college students with local opportunities to give. The United Nations Foundation named her a “Teen Role Model” and “Teen Advisor.”<ref name="Leaders">{{cite web |url= http://www.leadersmag.com/issues/2011.4_Oct/ROB/LEADERS-Naveen-Jain-Intelius.html |title= Naveen Jain: A Visionary for the 21st Century |publisher= Leaders Magazine |accessdate=October 5, 2011}}</ref>


== References == == References ==
{{Reflist|colwidth=30em}} {{Reflist}}


==External links== == External links ==
{{Portal|Biography}} {{Portal|Biography}}
* {{commons category|Naveen Jain}}
*
* {{cite news|url=http://articles.economictimes.indiatimes.com/2012-04-20/news/31373868_1_naveen-jain-serial-entrepreneur-intelius|archive-url=https://web.archive.org/web/20131024032954/http://articles.economictimes.indiatimes.com/2012-04-20/news/31373868_1_naveen-jain-serial-entrepreneur-intelius|url-status=dead|archive-date=24 October 2013|newspaper=The Economic Times|date=20 April 2012|access-date=21 March 2015|title=How serial entrepreneur Naveen Jain turned into a billionaire|first=Peerzada|last=Abrar}}
* at '']''
* at '']''
*
*



{{Persondata<!-- Metadata: see ] -->
|NAME = Jain, Naveen
|ALTERNATIVE NAMES =
|SHORT DESCRIPTION = Business Executive; Entrepreneur
|DATE OF BIRTH = September 6, 1959
|PLACE OF BIRTH = ], ]
|DATE OF DEATH =
|PLACE OF DEATH =
}}
{{DEFAULTSORT:Jain, Naveen}} {{DEFAULTSORT:Jain, Naveen}}
] ]
] ]
] ]
] ]
] ]
] ]
] ]
] ]
] ]
] ]
] ]
] ]
]
]
]
]
]
]

Latest revision as of 03:47, 13 November 2024

Indian-American business executive

For the Indian politician, see Naveen Jain (politician).
Naveen Jain
Jain at Tech Cocktail Week
Born (1959-09-06) 6 September 1959 (age 65)
Uttar Pradesh, India
EducationIIT Roorkee (BE)
Occupation(s)Co-founder and Executive Chairman of Moon Express, CEO of Viome
Known forFounder and former CEO of Infospace
Children3, including Ankur Jain
Websitenaveenjain.com

Naveen K. Jain (/nɒˈviːn dʒeɪn/; born 6 September 1959) is an Indian-American business executive, entrepreneur, and the founder and former CEO of InfoSpace. 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 lawsuits involving Jain. In 2010 Jain co-founded Moon Express where he is the Executive Chairman, and in 2016 founded Viome, where he is the CEO.

Early life

Naveen Jain was born in 1959 to a Jain family. He grew up in New Delhi and in villages in Uttar Pradesh, India.

Jain moved to Roorkee, where in 1979 he earned an engineering degree from IIT Roorkee. He moved to the United States that same year. He looked up to business people who made their own fortune, especially Bill Gates.

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. He moved to Silicon Valley for its warmer climate and worked for "a bunch of startups" before joining Microsoft in 1989. 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.

Jain joined the management team for Microsoft Network, prior to its launch. 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. 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. Naveen quit Microsoft to start InfoSpace that year, with the aim of having his own initial public offering as quickly as possible.

InfoSpace

Growth

Jain founded InfoSpace in March 1996 with six employees, mostly from Microsoft, and began developing e-mail and telephone directories. InfoSpace provided content and services, such as phone directories, maps, games and information on the stock market, to websites and mobile device manufacturers. The company grew at low cost without funding using co-branding strategies. It went public on 15 December 1998. The company raised $75 million in the offering.

Jain's net worth grew to $8 billion. He began purchasing expensive homes and yachts. 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. 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. 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. Jain alleged the deals were set up such that their shares wouldn't vest until they've been an employee for a year.

Crash and fallout

As the dot-com bubble ended in March 2000, InfoSpace's stock fell from $138 to $1.56 by July 2001. In March 2000, even as the stock price declined, Jain said InfoSpace would one day have a greater market-share than Microsoft, Intel and Cisco combined. Early the following year he sold $80 million of his own shares at an even lower price. 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. After the merger, Go2Net CEO Russell Horowitz became president of Infospace. Also, in 2000, InfoSpace used a controversial accounting method to report $46 million in profits when in fact it had lost $282 million. Company executives skirted SEC trading restrictions to sell large blocks of their personal stock.

Jain resumed the role of CEO in 2001. As revenues decreased, Jain indicated to investor analysts that revenues were expected to go up, even though all indicators showed a continued decline. In 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. 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".

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 and the board dismissed Jain from his CEO position in 2002 in response. Jain was forced out by InfoSpace's board as chairman and CEO in December 2002.

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, which led to a settlement for $105 million.

Jain said his stock purchasing was a mistake due to bad advice from his legal and financial advisors. 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.

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. 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.

Post-InfoSpace

This section needs expansion with: See "New ventures" section on talk page. You can help by making an edit requestadding to it . (November 2017)

Intelius

In 2003, Jain co-founded Intelius. 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. The site was the subject of many consumer complaints concerning post-transaction marketing practices, where consumers were led to believe they were answering a short survey for $10 cash back, but were actually signed up for a $20-per-month subscription. He re-formed the company under the name Inome in 2012. In 2015 the company was sold, with Jain retaining a 25 percent interest, and a new CEO was appointed.

TalentWise

Jain founded Talentwise, a spin-off from Intelius, which was sold in 2016.

Moon Express

Jain co-founded Moon Express in August 2010 and is its chairman. The company is building machine-operated spacecraft to mine materials like gold, cobalt, platinum, and Helium-3 (nuclear energy fuel) from the Moon. It will also prospect for water on the Moon's south pole, which could be used to create rocket fuel for missions to Mars and beyond. Jain claimed his target for Moon Express was to found human colonies on the Moon by 2022.

Bluedot

Jain is founder and CEO of Bluedot. Started in 2015, Bluedot licenses research from United States Department of Energy national labs for commercialization. Jain is founder and CEO of Bluedot's spinoff Viome (founded in 2016). Viome provides nutritional genomics testing and analysis services, especially of the gut flora, and provides dietary advice.

Other activities

Jain is a member of the board of Kairos Society, a non-profit network of undergraduate entrepreneurs, founded by his son. He is also on the board of the Xprize Foundation and Singularity University. In collaboration with his wife, the Anu and Naveen Jain Women’s Safety Xprize was launched in October 2016 and was intended to run until June 2018, with a goal of awarding $1 million to a team who creates an affordable device that can quickly, automatically, and quietly send an emergency alert to responders.

Jain collects meteorites. His collection, which by 2012 had cost him $5 million, consists of 'witnessed falls'; meteorites that observers have seen moving through the atmosphere.

Personal life

Jain married in 1988 and moved with his family to Seattle. He has three children including Ankur Jain.

References

  1. ^ Jacobs, Jeff (3 March 2015). "Naveen Jain Biography". Emerald City Journal. Retrieved 12 October 2015.
  2. ^ Alan Boyle (18 April 2017). "Entrepreneur Naveen Jain offers a gut check with Viome wellness tracking service". GeekWire. Retrieved 4 November 2017.
  3. ^ Heath, David (8 March 2005). "Dot-con Job: Part 1: Dubious Deals". The Seattle Times. Retrieved 7 June 2011.
  4. ^ Springer, Richard. (9 May 2011). "Intelius' Naveen Jain Turns to Moon Mining, Philanthropy". IndiaWest.com.
  5. ^ Welles, Edward (1 July 2001). "Options, Equity, Rancor". Inc. Magazine. Retrieved 25 March 2015.
  6. Caminiti, Susan (3 April 2014). "The billionaire's race to harness the moon's resources". CNBC. Retrieved 21 March 2015.
  7. ^ "Smarter than Bill". Red Herring. 30 June 1997. Archived from the original on 19 February 2002. Retrieved 7 June 2011.
  8. A Fine IPO for InfoSpace from Wired
  9. InfoSpace to buy Go2Net to expand content delivery
  10. Heath, David (7 March 2005). "Dot-Con Job — Part 2: Cashing Out — When times got tough, execs hid troubles, dumped stock". The Seattle Times. Retrieved 13 September 2013.
  11. "INFOSPACE INC, Form 8-K, Current Report, Filing Date Jan 23, 2001" (PDF). secdatabase.com. Retrieved 15 May 2018.
  12. ^ Chan, Sharon (24 December 2004). "InfoSpace, Jain reach settlement". Seattle Times. Retrieved 22 March 2015.
  13. "InfoSpace severs final ties with founder Jain". Puget Sound Business Journal. 28 April 2003. Retrieved 7 June 2011.
  14. Heath, David (6–8 March 2005). "Unusual ally came to Jain's rescue: SEC". The Seattle Times. Retrieved 7 June 2011.
  15. ^ "Court turns down appeal from Infospace founder". Associated Press. 3 September 2009. Retrieved 17 June 2011.
  16. "Medina millionaire's rep takes another hit with $1.3 million Intelius settlement". Seattle Post-Intelligencer. 10 August 2011. Retrieved 7 June 2011.
  17. Heath, David (23 August 2003). "Ex-InfoSpace chief ordered to pay $247 million penalty". The Seattle Times. Retrieved 7 June 2011.
  18. "Supreme Court Refuses To Hear InfoSpace Founder's Insider-Trading Appeal". mocoNews.net. 10 March 2009. Retrieved 17 June 2011.
  19. "InfoSpace's ex-CEO Naveen Jain wins ruling on trade secrets". The Economic Times. 29 May 2003. Archived from the original on 23 May 2012. Retrieved 23 August 2011.
  20. Caminiti, Susan (3 April 2014). "The billionaire's race to harness the moon's resources". CNBC. Retrieved 5 April 2015.
  21. Shapiro, Nina (17 March 2009). "Intelius and the Dubious Art of Post-Transaction Marketing". Seattle Weekly. Archived from the original on 27 January 2018. Retrieved 26 January 2018.
  22. Cook, John (10 June 2012). "Meet Inome: The latest thing to sprout from Naveen Jain". GeekWire.
  23. "Exclusive: Intelius sold to private equity firm, Naveen Jain leaving to launch health tech startup". 2 July 2015. Retrieved 7 November 2017.
  24. "Background check powerhouse Talentwise sells to SterlingBackcheck in 'significant' exit". 6 January 2016. Retrieved 23 December 2017.
  25. "Five Things Moon Express Wants to Mine On the Moon". Inverse. 3 August 2016. Retrieved 8 February 2018.
  26. Ioannou, Lori (31 January 2017). "Billionaire closer to mining the moon for trillions of dollars in riches". CNBC. Retrieved 8 February 2018.
  27. Kharpal, Arjun (30 November 2017). "Human colonies will be on the moon within 5 years, space entrepreneur says". CNBC. Retrieved 8 February 2018.
  28. "Naveen Jain raises $6.7 million for new company BlueDot". 14 March 2016. Retrieved 7 November 2017.
  29. "Companies are trying to use your DNA and bacteria to give you personalized diet advice — here's what the science says". Business Insider. Retrieved 10 November 2017.
  30. "With Two New Competitions, XPRIZE Tackles Water Scarcity and Women's Safety". Anu & Naveen Jain Women's Safety XPRIZE. 24 October 2016. Archived from the original on 18 January 2018. Retrieved 2 March 2018.
  31. "Biotech startup working to help women stay safe". Pittsburgh Post-Gazette. Retrieved 2 March 2018.
  32. Greenwald, Ted. "See to Believe: The $5 Million Meteorite Collection". WIRED. Retrieved 16 February 2018.
  33. Lipton, Josh (3 January 2017). "These guys hunt for space rocks, and sell them for enormous profit to collectors". CNBC. Retrieved 2 March 2018.
  34. Payne, Patti (15 November 2009). "Siblings Ankur and Priyanka Jain threw themselves into nonprofits that help others". BizJournals.

External links

Categories: