{"id":37,"date":"2023-03-08T16:38:10","date_gmt":"2023-03-08T16:38:10","guid":{"rendered":"https:\/\/virtuaresearch.com\/insights\/?p=37"},"modified":"2023-03-08T16:38:10","modified_gmt":"2023-03-08T16:38:10","slug":"are-professional-ceos-really-any-better-than-founder-ceos","status":"publish","type":"post","link":"https:\/\/virtuaresearch.com\/insights\/?p=37","title":{"rendered":"Are professional CEOs really any better than founder CEOs?"},"content":{"rendered":"\n<h2 class=\"mainsubhead\">Can a Founder CEO still take it all the way?<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f214243-a33a-454c-8cbb-709b06a0eaec_728x409.jpeg\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f214243-a33a-454c-8cbb-709b06a0eaec_728x409.jpeg\" alt=\"The Bobs\" width=\"546\" height=\"307\" title=\"The Bobs\"\/><\/a><\/figure>\n<\/div>\n\n\n<p>Before we jump in today, if you could indulge me with one simple question to ensure I keep the content crispy:<\/p>\n\n\n\n<p>Nice. Let\u2019s ride.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb05fd6d1-a18c-4d6e-b551-b8cb114070d4_500x282.gif\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_lossy\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb05fd6d1-a18c-4d6e-b551-b8cb114070d4_500x282.gif\" alt=\"Let's ride\" title=\"Let's ride\"\/><\/a><\/figure>\n<\/div>\n\n\n<p>The rise of the Professional CEO in tech is (seemingly) a major trend.<\/p>\n\n\n\n<p>Professional CEOs are those who have <strong>experience leading companies at scale<\/strong>, and a track record of success when it comes to attracting and mobilizing people to execute against audacious goals. They aren\u2019t founders, but instead have <strong>cut their teeth in the trenches<\/strong>, operating companies through <strong>organizational changes <\/strong>(cough: firing people) and <strong>economic uncertainties <\/strong>(cough: <a href=\"https:\/\/youtube.com\/clip\/UgkxEi9E3wQ1zoqE5rabjk572SUJ__gLlLJQ\">1987, 1992, 2001, 2008, 2020\u2026<\/a>)<\/p>\n\n\n\n<p>The shift to Pro CEOs is driven by the need for tech companies to remain competitive in an increasingly crowded market, while demonstrating a sleek financial profile to <strong>meet Wall Street\u2019s expectations<\/strong>.<\/p>\n\n\n\n<p><em><strong>While founders discover the goldmine, professional CEOs know how to get the most gold out.<\/strong><\/em><\/p>\n\n\n\n<p>Rather than assembling servers in a garage and subsisting on a Ramen diet for five years, Professional CEOs have successfully navigated the clay layers of middle management in big orgs.<\/p>\n\n\n\n<p>Or, said another way, <strong>they\u2019ve seen some shit.<\/strong><\/p>\n\n\n\n<p>The most famous <strong>professional<\/strong> (<strong>non-founder) CEOs<\/strong> include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Frank Slootman (Snowflake)<\/li>\n\n\n\n<li>Satya Nadalla (MSFT)<\/li>\n\n\n\n<li>Sundar Pichai (Google)<\/li>\n\n\n\n<li>Marissa Mayer (Yahoo)<\/li>\n\n\n\n<li>Tim Cook (Apple)<\/li>\n\n\n\n<li>Shantanu Narayen (Adobe)<\/li>\n\n\n\n<li>Ginni Rometty (IBM)<\/li>\n<\/ul>\n\n\n\n<p>I wasn\u2019t sure if this trend was a real thing, or something you just \u201chear about\u201d so I decided to compare random samples of IPOs on the NASDAQ and NYSE. I picked two three year periods: 2009 &#8211; 2011 vs 2019 &#8211; 2021.<\/p>\n\n\n\n<p><strong>And the results were surprising\u2026<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F156d4c33-90a3-41a6-9a2b-30d1e187720b_461x457.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F156d4c33-90a3-41a6-9a2b-30d1e187720b_461x457.png\" alt=\"\"\/><\/a><\/figure>\n<\/div>\n\n\n<p>First off &#8211; it\u2019s fun to go back in time and remember where you were in life when some of these companies IPO\u2019d. When Facebook went public in 2012, I was coming home from a college final, filling my tank with gas in the rain, and watching the price oscillate on my iPhone 4 (lol we\u2019re on the 14 now?)\u2026<\/p>\n\n\n\n<p>As you can see, 8 of the 15 IPOs above were helmed by founders. So the majority were founder led, but it wasn\u2019t a runaway lead.<\/p>\n\n\n\n<p>Now let\u2019s jump forward to more recent times:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc15b2e6-5683-48ce-b4a4-c37e35caa7b0_483x458.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc15b2e6-5683-48ce-b4a4-c37e35caa7b0_483x458.png\" alt=\"\"\/><\/a><\/figure>\n<\/div>\n\n\n<p>Based on this sample, <strong>it\u2019s an avalanche of founders<\/strong>.<\/p>\n\n\n\n<p><em><strong>WTF?<\/strong><\/em><\/p>\n\n\n\n<p>This <strong>runs completely contrary to the headlines<\/strong> about professional CEOs taking companies to <strong>the IPO promised lands<\/strong>.<\/p>\n\n\n\n<p>So why is this the case?<\/p>\n\n\n\n<p>What strikes me is that the professional CEOs on the list (specifically Frank Slootman and Dara Khosrowshahi) are household names. They garner a lot of press attention.<\/p>\n\n\n\n<p>To go one step further, I\u2019d venture to say non-founder (or \u201cprofessional\u201d) CEOs get more press headlines and occupy more airwaves than founders because:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>They are seen as more hardened, experienced, and reliable leaders, who\u2019s decision making should be <strong>studied <\/strong>and <strong>emulated<\/strong>.<\/li>\n\n\n\n<li>Non-founder CEOs have a track record of success in leading other companies, and have <strong>established relationships with the media and investors from those tenures<\/strong>, which makes them attractive to write about and <strong>safer bets<\/strong>.<\/li>\n\n\n\n<li>And most importantly, non-founder CEOs often <strong>have a more polished public image than founder CEOs<\/strong>, which can make them more appealing to the media. <strong>They know how the game is played<\/strong> and how to hold the public\u2019s attention, hopefully to the benefit of their stock price. In other words &#8211; it\u2019s <strong>kinda part of their job description<\/strong> to be a visible figurehead.<\/li>\n<\/ul>\n\n\n\n<p>Therefore, <strong>it\u2019s a self fulfilling prophecy<\/strong> that hiring a professional CEO gets you in the press more often. <strong>If perception is reality<\/strong>, they are brought in <strong>just as much for grey-haired perception as for actual leadership.<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Benchmarking performance<\/h2>\n\n\n\n<p>To take this one step further, I reached out to my friends at <strong><a href=\"https:\/\/www.virtuaresearch.com\/\">Virtua Research<\/a><\/strong> to benchmark the performance of Professional vs Founder CEOs.<\/p>\n\n\n\n<p>Here\u2019s the cohort we came up with for Founder led companies (all figures pulled in March 2023 and the average of the last four available fiscal quarters):<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F18644779-e4f3-4a8c-8af1-95d4879dc604_883x411.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F18644779-e4f3-4a8c-8af1-95d4879dc604_883x411.png\" alt=\"\"\/><\/a><figcaption class=\"wp-element-caption\">Source: Virtua Research, data as of March and average of last 4 quarters<\/figcaption><\/figure>\n<\/div>\n\n\n<p>And here\u2019s the cohort for Professional CEO led companies:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cb1360e-c674-4d40-8c37-7ad3c65dc3e8_886x411.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cb1360e-c674-4d40-8c37-7ad3c65dc3e8_886x411.png\" alt=\"\"\/><\/a><figcaption class=\"wp-element-caption\">Source: Virtua Research, data as of March and average of last 4 quarters<\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">Revenue Growth:<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F023f2f3f-6a27-41ce-aeb0-05a36288fdb5_1569x1000.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F023f2f3f-6a27-41ce-aeb0-05a36288fdb5_1569x1000.png\" alt=\"\" width=\"728\" height=\"464\"\/><\/a><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/virtuaresearch.com\/SAAS.html\">Virtua Research<\/a>, data as of March 2023 and average of last 4 quarters<\/figcaption><\/figure>\n<\/div>\n\n\n<p>Founder CEOs take the cake here. Over the past four quarters, their companies are growing at a faster clip than those of Professional CEOs.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87cf7453-8e01-4a8b-b07f-6e31aaeb31e8_1566x1000.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F87cf7453-8e01-4a8b-b07f-6e31aaeb31e8_1566x1000.png\" alt=\"\" width=\"728\" height=\"465\"\/><\/a><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/virtuaresearch.com\/SAAS.html\">Virtua Research<\/a>, data as of March 2023<\/figcaption><\/figure>\n<\/div>\n\n\n<p>As the line chart above shows, the gap used to be even wider, but is narrowing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Profit Margin:<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feb2d2c0e-7411-4cac-aeec-beaac081e834_1653x1000.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feb2d2c0e-7411-4cac-aeec-beaac081e834_1653x1000.png\" alt=\"\" width=\"728\" height=\"441\"\/><\/a><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/virtuaresearch.com\/SAAS.html\">Virtua Research<\/a>, data as of March 2023 and average of last 4 quarters<\/figcaption><\/figure>\n<\/div>\n\n\n<p>Founder led companies are torching +3x that of their professional CEO counterparts. The gap in losses is much wider than the gap in growth.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8a49f8c6-8205-4fbc-8fea-39bba22dd44a_1653x1000.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8a49f8c6-8205-4fbc-8fea-39bba22dd44a_1653x1000.png\" alt=\"\" width=\"728\" height=\"441\"\/><\/a><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/virtuaresearch.com\/SAAS.html\">Virtua Research<\/a>, data as of March 2023<\/figcaption><\/figure>\n<\/div>\n\n\n<p>But unlike revenue growth, it doesn\u2019t appear that the gap is closing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Market Cap:<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fca23a9ef-a2bf-4ee1-a3c6-24a3a665f10e_1653x1000.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fca23a9ef-a2bf-4ee1-a3c6-24a3a665f10e_1653x1000.png\" alt=\"\" width=\"728\" height=\"441\"\/><\/a><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/virtuaresearch.com\/SAAS.html\">Virtua Research<\/a>, data as of March 2023 and average of last 4 quarters<\/figcaption><\/figure>\n<\/div>\n\n\n<p>The tech universe is down collectively, but the cohort of founder led companies was hit the hardest, more than double that of professional CEOs.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F51e23a05-746b-4117-8805-8158232be67e_1578x1000.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F51e23a05-746b-4117-8805-8158232be67e_1578x1000.png\" alt=\"\" width=\"728\" height=\"462\"\/><\/a><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/virtuaresearch.com\/SAAS.html\">Virtua Research<\/a>, Data as of March 2023 and average of last four quarters<\/figcaption><\/figure>\n<\/div>\n\n\n<p>There isn\u2019t a real winner here, but rather a cohort that\u2019s <em><strong>losing less<\/strong><\/em><strong>.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion:<\/h2>\n\n\n\n<p>At the end of the day, Founder CEOs and Professional CEOs are differentiated in their approaches to running a company, and it shows up in the P&amp;L. It appears <strong>Founder led companies are growing faster, but Prof CEO led companies are more efficient.<\/strong><\/p>\n\n\n\n<p>And as a result, as the market has shifted from loving growth at all costs to wanting efficiency, Founder led companies have suffered a more drastic hit to market cap.<\/p>\n\n\n\n<p>It appears that Founder led companies are more aggressive about growth, and are <strong>more willing to invest cash in future projects that excite them<\/strong>, while Professional CEO\u2019s are more focused on a beautiful P&amp;L, and more pragmatic in incubating future engines for growth (\u201chow much will this cost???)<\/p>\n\n\n\n<p>At the end of the day, I am surprised by how many Founder led CEOs are still in charge of their companies.<\/p>\n\n\n\n<p>But I am much less surprised by how many Founder led CEOs are (still) saying \u201cDamn the Torpedoes\u201d and pushing for more growth. After all, it\u2019s that <strong>aggressive attitude<\/strong> that <strong>got them this far in the first place.<\/strong><\/p>\n\n\n\n<p><em>(Thanks again to my friends at Virtua and their powerful <a href=\"https:\/\/virtuaresearch.com\/SAAS.html\">lifecycle analysis tool<\/a>, which I use for all my SaaS benchmarking. You the real heroes.)<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">What I\u2019ve been reading:<\/h2>\n\n\n\n<p>There is an abundance of noise in AI right now.<\/p>\n\n\n\n<p>Through the Noise helps you make sense of the chaos and get to the heart of what\u2019s going on.<\/p>\n\n\n\n<p>Join 23,000+ creators, entrepreneurs and investors every Sunday.<\/p>\n\n\n\n<p>It\u2019s written by my friend Alex Banks, and I highly recommend.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/noise.beehiiv.com\/\">Subscribe to Through the Noise<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Quote I\u2019ve been pondering:<\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em><strong>\u201cWhat&#8217;s the point of being an outlaw when you got responsibilities?\u201d<\/strong><\/em><\/p>\n\n\n\n<p>-Jesse Pinkman, Breaking Bad<\/p>\n<\/blockquote>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Mostly archives<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.mostlymetrics.com\/p\/fp-and-a-fups\">FP&amp;A F\u2019 Ups<\/a> &#8211; a list of FP&amp;A boobytraps<\/p>\n\n\n\n<p><a href=\"https:\/\/www.mostlymetrics.com\/p\/how-much-dilution-is-normal?utm_source=%2Fsearch%2Fdilution&amp;utm_medium=reader2\">How much dilution is normal<\/a> &#8211; measuring typical dilution through the rounds<\/p>\n\n\n\n<p><a href=\"https:\/\/www.mostlymetrics.com\/p\/never-let-a-good-crisis-go-to-waste\">Never let a good crisis go to waste<\/a> &#8211; what\u2019s really happening with the tech layoffs<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Can a Founder CEO still take it all the way? Before we jump in today, if you could indulge me with one simple question to ensure I keep the content crispy: Nice. Let\u2019s ride. The rise of the Professional CEO in tech is (seemingly) a major trend. Professional CEOs are those who have experience leading&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-37","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=\/wp\/v2\/posts\/37","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37"}],"version-history":[{"count":4,"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=\/wp\/v2\/posts\/37\/revisions"}],"predecessor-version":[{"id":41,"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=\/wp\/v2\/posts\/37\/revisions\/41"}],"wp:attachment":[{"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}