Showing posts with label Clearwire. Show all posts
Showing posts with label Clearwire. Show all posts

Thursday, December 1, 2011

Sprint Rescues Clearwire


Sprint has agreed to pay up to $1.6 billion to struggling wholesale wireless provider Clearwire over the next four years, ending the near-term threat that Clearwire could run out of cash to operate its business and possibly enter bankruptcy.

In large part, that is why Clearwire has made interest payments totaling $237 million on its first-priority, second-priority and exchangeable notes which were due Dec. 1, 2011, and which had been in danger of default by Clearwire.

The deal includes possible pre-payments for LTE services and potential equity investments. Sprint has committed to providing additional equity funding to Clearwire in the event of a future Clearwire equity offering. If Clearwire raises new equity between $400 million and $700 million, Sprint will participate in the offering on a pro rata basis up to $347 million, consistent with Sprint’s current voting interest of 49.6 percent on the same terms and conditions as other participating companies. 

The agreements modify prior wholesale pricing agreements and provide Sprint with unlimited access to Clearwire’s WiMAX network. Under the terms of the agreements, Sprint will pay Clearwire a total of $926 million, approximately two thirds of which will be paid in 2012, for unlimited 4G WiMAX retail services during 2012 and 2013, subject to certain conditions.

The agreements also establish long-term usage-based pricing for WiMAX services in 2014 and beyond. Sprint will have access to Clearwire’s WiMAX network through at least 2015.

Sprint plans to continue selling WiMAX devices with two-year contracts through at least 2012 and support those devices through the life of the contract.

In addition, the agreement provides Sprint competitive pricing for re-wholesaling by Sprint of WiMAX services to third parties as well as increased pricing flexibility for Clearwire’s own wholesale business.  

Dan Hesse, Sprint CEO says the deal “provides Sprint improved pricing, allows us to continue to provide WiMAX 4G services to our customers today and to new customers in the future and provides additional LTE capacity to help complement our ‘Network Vision’ strategy and meet our customers’ growing data demands.”  Sprint funds Clearwire

In October, Clearwire reported that it was discussing the possibility of skipping an interest payment on debt it owes. While the WiMax network isn’t the future of Sprint’s Long Term Evolution strategy, it’s essential, at least for the moment, for supporting millions of Sprint 4G customers.

As part of the deal, Clearwire agreed to keep its WiMax network operational until 2015, which will give both companies time to build out their own LTE high-speed network.

The financing from Sprint gives Clearwire $926 million for unlimited network use for 2012 through 2013. The remaining financing is a prepaid fee for Sprint to use Clearwire’s LTE network, which should be available by June 2013.

Some had speculated that Sprint might be better served to let Clearwire go into bankruptcy, then buy the assets. But that approach would not automatically allow Sprint to secure the spectrum Clearwire now uses. The latest infusion of capital gives Sprint a better bridge to its own LTE future, at the very least.

Friday, November 18, 2011

Is Clearwire Headed for Bankruptcy?

Clearwire Corp. is weighing whether to make a big debt payment that comes due in two weeks, a decision that could ultimately lead to a bankruptcy, a danger Clearwire has been warning in its quarterly reports for some time, as the company's full business plan remains substantially unfunded. 


The $237 million payment is due Dec. 1, 2011, and Clearwire, with $698 million in cash and short-term investments on Sept. 30, 2011 can afford to make it.

But the company needs to raise lots of money if it is to stay in business after the next 12 months. Clearwire May Skip Big Debt Payment

Sprint, which owns 53 percent of Clearwire, recently has suggested it could help Clearwire with an additional cash infusion. Will Sprint throw Clearwire a Lifeline? But it also has been argued that Sprint, or any other potential investor, would be better off waiting until Clearwire actually goes bankrupt, and then buy the asset then.


Clearwire has never completed its national WiMAX network, and now says it will build an LTE network as well. Some believe even AT&T or Verizon might invest, under some circumstances, or that Clearwire could attract another major anchor customer other than Sprint. Would AT&T invest? 









Tuesday, November 1, 2011

Clearwire to Stop Selling Sprint 3G

Clearwire has stopped offering postpaid plans to new customers and will no longer sell dual-mode WiMAX/3G devices that use Sprint's CDMA network. Sprint, for its part, says it will not sell Clearwire WiMAX phones after 2012. Clearwire dumps Sprint 3G


The moves clearly point to a shift by both carriers to Long Term Evolution. Sprint's shift away from WiMAX, and Clearwire's shift away from 3G both mean each carrier is free to emphasize Long Term Evolution services expected to be offered on both networks as the "preferred" 4G network, going forward. 

Sprint Nextel Corp. says it will stop selling phones and other devices compatible with Clearwire Corp.'s network at the end of 2012, as it switches customers to its own Long Term Evolution network. 


It is possible to paint the picture as a sign of deteriorating relations between Sprint and Clearwire, but a shift to 4G and LTE is the real meaning of the changes. Sprint is carving out LTE capacity from its own 3G spectrum, while Clearwire needs to build an entirely new LTE network using spectrum it might otherwise devote to WiMAX. 


Also, as Clearwire shifts away from a dual role as both a wholesaler of capacity and a retail brand, it has to be cognizant of what its wholesale customers want, and Sprint, Clearwire's top customer, clearly is signaling it wants LTE plus CDMA to be the preferred "dual mode" approach it prefers. 


The irony is that Sprint owns a majority of Clearwire. Sprint to halt WiMAX sales

Tuesday, October 11, 2011

Sprint Details LTE Plans As Clearwire’s Decline Accelerates | mocoNews

To say there is a bit of instability in much of the U.S. mobile backhaul market would be an understatement. After announcing it would buy about $20 billion worth of Apple iPhones, whether it can sell them or not, Sprint announced that it would expedite the building of its new Long Term Evolution network this summer, with completion by the end of 2013, a breath-taking time table. $20 billion worth of iPhones


Sprint also said it would no longer sell WiMAX devices after 2012, a clear indication Sprint intends to wean its customers off the Clearwire network. Clearwire and Sprint equities both tanked on the news. 

Sprint executives say LTE devices would be available for its network in the summer of 2012. Sprint LTE plans


Clearwire insisted it wasn’t dead, and remains essential to Sprint's 4G plans. Investors clearly aren't so sure. But with LightSquared still facing serious objections to its own LTE launch plans, that means three national networks now face a bit of uncertainty about how much capacity they will be needing, and perhaps none of the three companies can provide complete assurance of financial success in the future, as independent entities. 


Nor, for that matter, can any of the three completely shake concerns about bankruptcy. Three national networks that might not exist in the future is quite a lot of potential backhaul business that could evaporate. 


Of course, Dish Network also says it wants to build a national LTE network, so add a fourth element to the dynamic situation. 

Friday, October 7, 2011

Sprint: No more Clearwire devices after 2012

Sprint Nextel Corp. says it will stop selling phones and other devices compatible with Clearwire Corp.'s network at the end of 2012, as it switches customers to its own Long Term Evolution network. The irony is that Sprint owns a majority of Clearwire. Still, the latest Sprint news might help clarify the Sprint relationship with the wholesaler.

What Clearwire has to decide is whether it can afford to switch to LTE itself at the same time it cannot seem to finance its national network build. One would have to say it is starting to look as though Clearwire cannot survive as an independent entity. Its biggest wholesale customer is going to stop referring customers to Clearwire. Sprint, by indicating it will no longer sell WiMAX devices, also is signaling that customers will in the future be served by Sprint's own network. That means even the customers Clearwire now gets from Sprint are going to start to decline.

Friday, December 31, 2010

Craig McCaw to Resign as Clearwire Chairman - WSJ.com

Craig McCaw is leaving the board of Clearwire Corp., resigning his position as chairman of the company he founded. It isn't clear what significance the move might have.

McCaw has not be active at the company for some time, it appears. McCaw's Eagle River Holdings LLC still holds a four-percent stake in the company. But that is no longer very significant. Google owns about three percent. Clearwire owns about 14 percent.

Intel owns about 11 percent. Time Warner Cable, Comcast and Brighthouse own ab out 15 percent between them.

Sprint holding 57 percent ownership, though the terms of its ownership agreement deny it control.

Clearwire's national network plan remains less than fully funded, and the company has enough cash to get it through the year, but obviously additional capital will have to be raised. Some continue to believe that Sprint will ultimately wind up owning the whole company. Most probably have believed all along Clearwire would ultimately be sold, one way or the other.

Whether McCaw's departure means anything special is impossible to determine, at this point. But all three Sprint executives resigned their seats earlier in 2010, a move that most observers thought was an indication of change.

Most executives in the wireless business would agree that one fewer national providers of 4G service would not be a bad thing, given the wireless market's maturation, as well as the existence of no less than five national 4G or 4G-speed networks.

Just about any way one looks at it, the Clearwire-Sprint relationship is complicated and unstable.

http://investors.clearwire.com/phoenix.zhtml?c=198722&p=irol-sec


Friday, November 12, 2010

Clearwire 4G Active in Denver?

Now this is a pleasant shock. Clearwire's 4G network seems to up and running in central Denver. There has been no announcement that I am aware of, and, in fact, Clearwire has said it would delay Denver construction, as I recall.  But there it is: I am getting a live 4G signal on my Evo. Marvelous.


Since it is rumored that Sprint and Clearwire are in disagreement about whether Sprint should actually be paying Clearwire for service it is unable to provide, the signal activation implies to me that Clearwire and Sprint have reached agreement, at least in Denver.

Sprint says it has 810,000 customers with 4G handsets in areas that have not yet been lit up with WiMAX 4G, yet Sprint still has to pay for those customers, to the tune of about 4.46 per customer, reports indicate.

The more interesting question is how much of Denver already has radios in place, powered up and ready to go. Clearwire originally had been planning to light up the 4G network by the end of 2010, and then backed off. Apparently there are enough Sprint customers in Denver that the lost revenue is more painful than the cost of operating the retail network.

Friday, November 5, 2010

Clearwire Issues "Going Concern" Warning

As required by law, Clearwire has filed an "on-going concern" statement with the Securities and Exchange Commission.

"Our ability to continue to operate our business is substantially dependent on our ability to raise additional capital in the near term," the SEC filing (10Q) says.  "Our expected continued losses from operations and the uncertainty about our ability to obtain sufficient additional capital raise substantial doubt about our ability to continue as a going concern."

The filing notes that during the first nine months of fiscal 2010, Clearwire incurred $1.55 billion of net losses. The company consumed $840.8 million of cash in operating activities and spent $1.96 billion for capital expenditures.

"As of September 30, 2010, we had available cash and short-term investments of approximately $1.38 billion," Clearwire said. "Based on our current projections, we do not expect our available cash and short-term investments to be sufficient to cover our estimated liquidity needs for the next twelve months."

That's why Clearwire has been out looking for debt, equity or spectrum sales for financing. "Without additional financing sources, we forecast that our cash and short-term investments would be depleted as early as the middle of 2011."

"Thus, we will be required to raise additional capital in the near-term in order to continue operations. Further, we also need to raise substantial additional capital over the long-term to fully implement our business plans," the filing says.

read the whole filing here

Sunday, October 31, 2010

Sprint Will be Shutting Down a Network, But it is iDEN

Sprint and Clearwire have been testing Long Term Evolution as an air interface using fallow spectrum. obviously raising questions about whether Sprint Nextel and Clearwire might ditch WiMAX for LTE.

Sprint CEO Dan Hesse says the only networks that are slated for replacement at some point are Sprint Nextel's legacy networks, ranging from iDEN, used for the Nextel part of the operation, to the older second-generation and third-generation networks Sprint also supports.

LTE isn't necessarily on Sprint's roadmap, Hesse says, though it is conceivable Sprint Nextel might be interested in supporting dual-mode "WiMAX-plus-LTE handsets.

It is a simple fact that each generation of mobile networks gets replaced, about every 10 years, though the transition periods can last longer. Hesse notes that “2G will eventually come to an end; CDMA will come to an end; GSM will come to an end and iDEN will come to an end.”

“Over time, as fewer customers are using our 2G networks, we can use that spectrum for the CDMA/EVDO network.” Even the current iDEN spectrum might eventually be switched over to support CDMA and EVDO on that band of frequencies, especially to support voice services.

Thursday, September 30, 2010

Sprint Board Members Depart Clearwire

Sprint Nextel Corp. executives serving on the Clearwire Corp. board of directors have left the board, the Wall Street Journal reports.

Sprint Chief Executive Dan Hesse and fellow executives Keith Cowan and Steven Elfman have resigned from the Clearwire board. A spokeswoman for Sprint said the company plans to appoint independent successor directors in the next few months. In the meantime, Sprint has named its general counsel, Charles Wunsch, as an independent observer to the Clearwire board.

Clearwire said that the resignations were prompted by recent changes in antitrust laws, but the move could also could provide Clearwire added flexibility to pursue a deal of some sort that might bring T-Mobile USA into Clearwire as an equity owner, for example.

On the other hand, some speculate that Sprint might also have an opportunity to increase its stake, as other shareholders such as Comcast Corp. have signaled they are unwilling to provide additional funding Clearwire requires. A move of that sort might not require a greater arms length relationship with Clearwire, though.

Clearwire said the move came "out of an abundance of caution to address questions raised by Clearwire

Clearwire's board structure allows for 13 members, seven of which Sprint has the right to appoint. The remaining four independent Sprint appointees to the Clearwire board remain.

Since Clearwire and Sprint compete at the retail level, the current board membership has proven awkward, observers note.

In some ways, it is hard to see any long-term solution that does not have Sprint acquiring a larger stake in Clearwire. Whether a firm the size of Sprint can live, long term, with buying its crucial 4G services from a firm it also competes with is open to question.

Sprint Nextel also faces the complexity of operating several different air interface networks (iDEN, CDMA and WiMAX). Those problems are not directly related to the size or control of the Clearwire network, but could become even more complicated if Sprint adds Long Term Evolution services at some point.

Thursday, September 2, 2010

Will T-Mobile Invest in Clearwire?

Though Clearwire already has gotten about $5 billion in investment, but likely needs another $4 billion to complete its national network.

Credit Suisse analyst Jonathan Chaplin estimates Clearwire will need another $4 billion to extend coverage to the 200 million people they plan to reach by the end of 2011.

That is the biggest carrot for Clearwire: it needs cash, and T-Mobile could provide some of it.

Though Sprint might have qualms about enabling a competitor, Verizon and AT&T, not T-Mobile, is the big problem.

When Sprint and Clearwire merged their networks, Sprint invested $1.2 billion in the venture. Comcast and Time Warner invested a total of $1.6 billion, and they now market Clearwire's service under their own names.

Intel put in an additional $1 billion on top of the $660 million they had invested in Clearwire earlier.

Google invested $500 million and cable operator Bright House Networks kicked in $100 million.

Whether Clearwire gets T-Mobile USA as an investor or not, nothing is going to keep T-Mobile USA from finding some way to provide 4G services. The lesser of the two evils might be to allow T-Mobile USA to invest in, and use, the Clearwire network.

Monday, August 30, 2010

Clearwire "Rover": Marketing is the Chief Innovation

Clearwire's new "Rover" prepaid mobile broadband service is ultimately about marketing success, rather than any innovation in the physical or network realm.

Perhaps the most-significant aspect of the plan is not so much the "prepaid" angle but the attempt to create a new "lifestyle" brand aimed at the 18-to-24 demographic.

"Rover" will be available anywhere Clearwire offers service, but the distinctiveness of the service does not lie in its use of mobile Wi-Fi hotspots (other carriers already sell them), or even speed, as Clearwire already sells mobile broadband on a postpaid basis.

Prepaid availability is the bigger story, as well as the range of options offered. The $5 a day and $20 a week plans will tend to stand out in a market that basically relies on two postpaid or prepaid buckets, differentiated mostly by the price and the bandwidth caps each uses.

Some might argue the "4G" network is what makes it different, and there is some truth to that position, though the distinctiveness will not last much longer, as Verizon Wireless plans to launch its own 4G network later in 2010, and AT&T likely will launch in 2011. Also, to the extent "speed" is seen as the differentiator, even T-Mobile USA's HSPA+ network is going to offer speeds so close to Clearwire's typical downlink speeds that "4G," in and off itself, might not offer as much differentiation as it once did.

In an effort to create the new brand, Clearwire is positioning the service using the www.evology.com site that will try and create a  "Life @ 4G" image.

Rover-sponsored athletes and music artists will be profiled, showing how Rover influences their careers and lives as they live "Life @ 4G." Sporting a Rover wingsuit, base jumper JT Holmes, who travels up to 150 mph during freefall proximity flying, lives life with the Rover Puck and no strings attached.

Rover also will introduce a badging system that rewards users for participating in Rover activities. For example, the "Trendsetter" badge recognizes early adopters of Rover in each market, and the "Friends with Benefits" badge acknowledges users who refer friends to the Rover service. Badges have become wildly popular on location-based apps and are expected to resonate with the youth consumer and motivate usage.

Rover is about marketing prowess, not some fundamental new network feature, pricing breakthrough, user interface or payment plans.

Clearwire Introduces "Rover" Prepaid Mobile Broadband Service



The service is aimed at the 18 to 24 age demographic and features "no-contract" service.

Saturday, August 28, 2010

Clearwire to Launch Prepaid Services

Clearwire plans to launch a new prepaid service for users of its WiMAX fourth-generation (4G) network. The apparent effort likely will attempt to entice more-casual users to buy service before competing HSPA+ and Long Term Evolution networks launch and basically eradicate the bandwidth advantage Clearwire has had since 2008.

http://sec.gov/Archives/edgar/data/1442505/000095012310081459/v56755e8vk.htm

Thursday, August 12, 2010

Verizon Thinks Customers Will Pay a Premium for LTE Access

Verizon Wireless executives beleive they will be able to charge customers a premium for access to the new Long Term Evolution network. John Killian, Verizon Communications CFO, says the company has said in the past, and continues to believe, that consumers will pay a premium for LTE quality and premium speed.

(Click on image for larger view)

Others are not so sure. But one way of describing the potential impact  is to look at Clearwire net additions in the second quarter of 2010.

As of June 30, 2010, 52 percent of the company's wholesale subscribers resided outside of Clearwire's currently launched markets, Clearwire says. That's the impact of revenues paid by Sprint Nextel HTC Evo users who live in areas where all they can get is 3G network access.

Of course, that is an indirect indicator, as the net additions were driven by consumer demand for the Evo device, which does require an additional $10 a month payment--not directly for the 4G network, Sprint is quick to point out.

Still, now having had a chance to use the 4G and 3G networks Sprint and Clearwire operate, there is a clear latency advantage for the 4G network, which should be experienced on the Verizon LTE network as well. Sites load noticeably faster on 4G than they do using the 3G network.

Killian says Verizon Wireless LTE speeds will be eight times to 10 times the speed of the 3G network. If that turns out to be true, and there is every reason to believe it will be, consumers likely will make the same value-price decisions they already make for fixed service, namely that there is an expectation higher speed costs more than lower speeds.

Devices also will make a difference, though. Obviously, enough people thought the Evo was worth buying that a $10 a month surcharge did not seem to deter many of the earlier adopters. And though the surcharge is not specifically related to 4G access, more than half of Clearwire's wholesale net adds (Sprint is a wholesaler) were from customers unable to get access to the 4G network immediately.

That is more a test of Evo demand than 4G, but it is illustrative. Consumers might well value faster mobile broadband enough to pay more, especially when bundled with attractive new devices.

transcript

webcast

Saturday, August 7, 2010

Clearwire LTE Plans Won't Be Long In Coming

Clearwire and Sprint Nextel have been dropping clear hints that Clearwire could adopt Long Term Evolution as an air interface, either alongside its existing WiMAX network or as an eventual replacement.

Since the U.S. wireless industry has been through technology transitions before, it isn't hard to suggest how it might happen, and when. Companies have had to make transitions from one air interface to another within a single generation of technology, as well as migrating customers from an older generation to a new generation.

Where one air interface is switched out in favor of another within a technology generation, the trick is to add all new customers to the new interface while allowing the legacy base of customers to dwindle through attrition. At some point, the old network then can be shut down without undue disruption.

Where an older generation network is replaced by a next-generation network, additional spectrum also is required. If Clearwire wants to shift air interfaces within the fourth generation, it would maintain current customers on WiMAX, while creating a new LTE network alongside WiMAX, signing up new customers on LTE, and allowing WiMAX customers to gradually shrink through attritiion.

That suggests Clearwire will not want to wait too long, as it will want to limit the number of WiMAX customers it has to support while the LTE network is populated with customers.

As an operational matter--and there are other issues to consider--moving sooner is better than moving later, especially given the larger number of customers now coming onboard on the WiMAX network because of the popularity of the Evo.

On the other hand, abrupt action is not required, or even preferable, as the practical details of interworking between LTE and WiMAX, in the core of the network, will have to be proven, in a full deployment mode.

Handset suppliers will also need some time to ready suitable handsets that interwork, as devices now can use either the 2G and 3G networks, or 3G and 4G networks. Alternatively, Clearwire could encourage single-network devices.

With most consumers on two-year contracts, and a natural handset replacement cycle that runs two to three years, customers can be moved to LTE as they replace their current WiMAX devices.

The point is that Clearwire has plenty of spectrum, and industry executives have lots of experience with technology transitions. It will take some planning, and some time, but it is a normal and expected part of the business that air interfaces and networks are changed, at least every 10 years, and sometimes sooner, for other business reasons.

Wednesday, August 4, 2010

Clearwire Announces LTE Tests

The other shoe has not yet formally dropped, but Clearwire now says it will conduct Long Term Evolution tests across its network, including both tests of frequency division and time division versions of LTE, plus the ability of LTE air interface technologies to coexist harmoniously with the existing WiMAX air interface already in use.

The tests do not definitively confirm a partial switch to LTE, but are a concrete bit of evidence that LTE will be part of Clearwire's future.

Clearwire intends to conduct FDD LTE (Frequency Division Duplex) tests using 40 MHz of spectrum, paired in 20 MHz contiguous channels, of its 2.5 GHz spectrum. Clearwire expects to confirm the capability to produce real-world download speeds that range from 20 Mbps to 70 Mbps. This is expected to be significantly faster than the 5 Mbps to 12 Mbps speeds currently envisioned by other LTE deployments in the U.S., which will rely on smaller pairs of 10 Mhz channels or less.

Clearwire will concurrently test TDD LTE (Time Division Duplex), in a 20 MHz configuration, which is twice the channel size currently used in its 4G WiMAX deployments.

Clearwire will also test WiMAX co-existence with both FDD LTE and TDD LTE to confirm the flexibility of its network and spectrum strength to simultaneously support a wide-range of devices across its all-IP network.

My own anecdotal experience with Clearwire's network is that, as you would expect, 4G is faster than 3G. But I have to say my experience also points out how much end user application latency is to be found elsewhere in the delivery ecosystem, such as the far-end servers. I also would observe that the 4G network signal seems more fragile than the 3G signal. Even in areas with both 4G and 3G available, the 4G often loses enough signal strength that my smartphone defaults back to 3G.

I'm not complaining, just noting that, as with many earlier increases in access bandwidth, faster is better, up to a point. If nothing else, having more access bandwidth simply points out latency elsewhere in the ecosystem.

Clearwire Appeals for iPad, iPhone, iPod Touch Users

Clearwire now offers an "iSpot" access device that allows users of Apple iPad, iPod Touch and iPhone users to use the iSpot Wi-Fi connection instead of the AT&T network. The $29 iSpot uses the Clearwire mobile network to create a mobile hotspot.

The iSpot "On-the-Go" service provides unlimited data usage for $25 a month.

Monday, August 2, 2010

Will Clearwire Make its 2010 Buildout Goals?

Summer normally is the time of year when landline and wireless construction gets into really high gear. In Clearwire's case, it had better.

Clearwire is racing to add coverage and win customers before Verizon unveils out LTE network in the fourth quarter of this year. At the moment Clearwire might be only half way to meeting its 2010 timetable.

Some of us are anxious for Clearwire to meet its goals, on time. Clearwire might be even more motivated, as the spectrum and speed advantage the company has held over all its other major competitors will be coming to an end relatively soon.

Verizon's LTE network is supposed to be lit, covering 100 million people with Verizon's own fourth-generation network, and taking away much of Clearwire's marketing advantage.

Monday, June 28, 2010

U.S. Wireless Spectrum to Double?

The amount of wireless spectrum available in the United States would nearly double over the next 10 years as the federal government prepares to gradually auction 500 megahertz of federal and commercial spectrum.

In past decades, new spectrum auctions have been the foundation for potential assaults on industry structure, allowing new contestants to enter the market. Whether that will be the case in the forthcoming auctions remains to be seen.

Clearwire and Sprint have plenty of spectrum, while AT&T and Verizon Wireless are launching new Long Term Evolution networks that are far more spectrally efficient than the third generation networks they will supplement and then replace.

T-Mobile USA needs more 4G spectrum, but probably cannot afford to buy new licenses. The issue is whether any truly-new contestants are willing to take a chance on disrupting the business.

"Tokens" are the New "FLOPS," "MIPS" or "Gbps"

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