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Raising Money from VCs

  • 06 Apr 2010
  • 7:00 PM - 9:30 PM
  • Emerging Enterprise at Foley Hoag, 1000 Winter Street, Suite 4000, Waltham, MA

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April 6, 2010

Raising Money from VCs

Meeting Overview

In spite of economic tough times, venture capital remains a viable source of growth capital for emerging companies. The raising of this money is one of the most critical and time consuming tasks for entrepreneurs. As the entrepreneur you may have a good idea that address a real need in a large and growing market, but will your business be funded? Tonight you will learn about raising money to build and grow your company. This session is designed to give entrepreneurs sound ideas as to how you should approach venture capital fundraising from initial rounds through follow-on capital.

Our panel of venture capital providers and entrepreneurs will guide the audience in the process of raising money, to understand what is important to investors now and in the next stages of company growth. They will talk about investments that are being made today and why, highlight what are the key considerations venture capital investors focus on that compels them to do the deal, and offer perspectives on investment trends emerging and opinions on what the early stage investment markets may look like in the coming year.

Our panelists will address these issues and provide insight about investor perspectives, due diligence, and the soft criteria regarding people, personality, and first impression in evaluating the team. They will talk about positioning your company to be attractive to the investor and identify critical milestones to gain a preferred access to the capital market providers.

Panel:

Frank J. Andrasco, Partner, Egan-Managed Capital www.egancapital.com

Frank has been working with early-stage technology companies since 2000. He is actively involved with Apparent Networks, HighRoads, Nexaweb, OnePIN, and Pyxis Mobile. Previously, Frank led Egan investments in Network Intelligence (acquired by EMC, NYSE:EMC), RAIDCore (acquired by Broadcom, NASDAQ:BRCM), Zeemote (acquired by Aplix), and Aptsoft (acquired by IBM, NYSE:IBM). He was also active with former portfolio company Top Layer Networks.

Before Egan, Frank spent more than 10 years designing and developing software, and managing software development teams. Prior to joining Egan-Managed Capital in 2001, Frank was a Senior Program Manager at Microsoft. Before Microsoft, Frank worked as a financial systems architect and later as a risk control officer at the International Finance Corporation (the private-sector investment arm of the World Bank Group). He was also a senior consultant with Price Waterhouse Management Consulting (now IBM Global Services). Prior to his work in financial services, Frank was a Systems Engineer at the National Aeronautics and Space Administration (NASA).

Frank is a graduate of University of Maryland with B.S. degrees in Computer Science and Finance. He earned his MBA from Harvard Graduate School of Business. Frank currently serves on the Executive Board of the MIT Enterprise Forum of Cambridge.


Dr. Alexei Erchak, Founder & CTO, Luminus Devices Inc. www.luminus.com

Dr. Alexei Erchak is the Founder and Chief Technology Officer of Luminus Devices, the manufacturer of PhlatLight® (Photonic Lattice light) LEDs, the brightest and most efficient commercially available LEDs in the world. Dr. Erchak pioneered the photonic lattice light-emitting diode platform on which PhlatLight is based. Dr. Erchak brings technical depth in semiconductor materials, semiconductor devices including lasers and LEDs, nano-fabrication technology, photonics, and optoelectronics. His technology was used to create the world's first LED DLP TVs, new LED-based front projectors, and LED back-lighting units for large-screen LCD TVs. PhlatLight is now being used in entertainment, architectural, medical, portable, and general lighting applications. Dr. Erchak currently manages strategy and business development at Luminus in addition to all aspects of intellectual property. He is also a member of the board of directors at Luminus.

Charley Lax, co-founder and Managing General Partner, GrandBanks Capital www.GrandBanksCapital.com

Mr. Lax focuses on early-stage investment in; Internet infrastructure, software and software services, security and storage applications, media technologies and services, financial technologies and services, and wireless technologies and services. He has raised and managed over $2.2 billion of venture capital investment funds over the last dozen years. His personal investment career includes investments in 42 portfolio companies, which have resulted in 31 exits thus far including 15 public companies, of which 10 achieved market caps in excess of $1 billion. Mr. Lax serves on the boards; Coradiant, Ember Corporation, OutStart and SilverRail Technologies. Additionally, Mr. Lax is a founding General Partner of SOFTBANK Venture Capital (Mobius Venture Capital) and SOFTBANK Capital Partners, and co-created Flatiron Partners of New York City. Prior to his career in venture capital, Mr. Lax worked for a series of software companies in marketing, product management and sales roles, including Phoenix Technologies Ltd., the BIOS developer.

Mr. Lax received his BS degree, magna cum laude, from Boston University (BU). He is secretary of BU's Alumni Council, member of its Executive Committee, and Advisory Board member to BU's Office of Technology Development - Ignition Award Program.

In 2001, Charley received the Alumni Award for Distinguished Service, gave the Class of 2001 Graduate School of Management commencement and in 2003, the BU Entrepreneurial Management Institute awarded him the Henry Morgan Award for outstanding contribution to the Institute. Mr. Lax sits on the President’s Council of the Franklin W. Olin College of Engineering.

Moderator:

Lawrence C. Grumer, Managing Director, Technology Associates & Alliances (TAA) www.taacorp.com

Larry is an expert in the commercialization of technology. He has launched seven companies, across wireless internet, web 3.0, mobile power sources, propulsion systems, software defined test and measurement, corporate marketing, and a 30-person engineering consultancy. He is a Phase 2 proposal Grant Reviewer for the National Science Foundation.

TAA is the management advisory and investment firm Larry formed in 1994 that commercializes and capitalizes technology for early-stage technology ventures and corporate spin-outs. He is Managing Partner of iVEST Partners LLC providing corporate development services, corporate finance advisory and investment banking affiliation. Larry is Chairman Emeritus of the Boston Entrepreneur’s Network and Forum Chairman of the EntreTech Forum (http://www.entretechforum.org). Larry received a BS in Engineering and an MBA with high distinction from Northeastern University. He has held a Top Secret clearance. Contact him at lgrumer@taacorp.com, 617-325-9852.

Boston ENET meetings are free for our members and $20 for non-members.

5:15 PM Pre-meeting Dinner
Bertucci's Restaurant
475 Winter St., (exit 27B off Route 128), Waltham, MA ("pay-as-you-go")

7:00 - 9:30PM Meeting Presentation
Note: Meeting at Bay Colony Office Park, Foley Hoag Emerging Enterprise Center, 1000 Winter Street, Suite 4000, Waltham, MA

Click here for directions.

Boston ENET meetings are free for our members and $20 for non-members.

5:15 PM Pre-meeting Dinner
Bertucci's Restaurant
475 Winter St., (exit 27B off Route 128), Waltham, MA ("pay-as-you-go")

7:00 - 10:00PM Meeting Presentation
Note: Meeting at Emerging Enterprise at Foley Hoag, 1000 Winter Street, Suite 4000, Waltham, MA

No reservations are necessary for either the meeting or dinner.